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03/04/2013

MPL plans to recruit in Asia

P { margin-bottom: 0.08in; } The alternative management boutique Managing Partners Limited (MPL) has appointed Benjamin Lim as head of development for activities in Asia, Wealthadviser reports. Lim will be based in Singapore, and will report directly to Jeremy Leach, managing director of MPL. MPL is registered in the Cayman Islands, and has offices in Europe and Asia. Lim was previously chief marketing officer for Allianz Global Investors in Asia.
03/04/2013

USAA plans to offer actively-managed ETFs

P { margin-bottom: 0.08in; } USAA, the financial services firm created for US armed forces and State department personnel and families, has filed an application with the SEC for permission to sell actively-managed ETFs, IndexUniverse reports. The application is for 13 funds, several of which are dedicated to fixed income, but also including strategies that are currently highly popular, such as high-dividend equities and natural resources. USAA, which offers a range of in-house products including mutual funds, insurance policies and annuity contracts, becomes the most recent in a long series of firms which have sought to launch ETFs on the market at some time.
03/04/2013

Schroders completes acquisition of STW

P { margin-bottom: 0.08in; } In a statement to investors dated 2 April, the British firm Schroders has announced that its US affiliate Schroders US Holdings Inc has now completed its acquisition of the bond management firm STW Fixed Income Management (USD11.6bn in assets as of the end of December).The deal was announced three and a half months ago (see Newsmanagers of 18 December).
03/04/2013

Top management reshuffle at Legg Mason

Joseph A. Sullivan, Legg Mason’s newly-appointed president and chief executive officer, on 2 April announced the composition of the group’s new executive leadership team. Thomas P. Lenke, general counsel and head of governance, will be leaving the group, as is Ronald R. Dewhurst, head of global investment managers, who had been one of two internal candidates for the CEO role.Pete Nachtwey is confirmed as chief financial officer (CFO). He joined Legg Mason in 2011 from Carlyle Group, where he had been CFO. He will be responsible for finances, treasury, investor relations and global corporate communications.Terry Johnson, a veteran of Citigroup Asset Mangement, who joined Legg Mason in 2005, is promoted to head of global distribution, after serving in this position in the interim since October 2012. He had previously been head of international distribution.Thomas Merchand is promoted to general counsel. He had previously been corporate general counsel. He remains corporate secretary, responsible for the legal and compliance divisions.Legg Mason is also in the process of hiring an executive to lead an expanded Business and Product Development function. This person will be responsible for the Batterymarch, Brandywine Global, ClearBridge Inestments, Legg Mason Capital Managment, Legg Mason Global Equities Group, Permal, Royce & Associates and Western Asset Management brands.The United States and international product teams, the Legg Mason Global Asset Allocation platform and merger and acquisition activities will continue to be overseen by Jeff Nattans.As of the end of February, Legg Mason had assets under management of USD661bn.
03/04/2013

Omega Advisors earns returns of 9% in first quarter

P { margin-bottom: 0.08in; } The alternative management firm Omega Advisors in first quarter earned returns of 9%, following a highly satisfactory year in 2012, according to Institutional Investor. Last year, the asset management firm posted returns of 28%. Leon Cooperman, founder of the hedge fund, says he is still optimistic about US equities. The firm has USD7.7bn in assets under management.
03/04/2013

Operating profits up for asset management firms

P { margin-bottom: 0.08in; } In fourth quarter 2012, the average operating profits for the 17 asset management firms monitored by kasina rose by 225 basis points compared with third quarter, to 31.2%. However, seven of these asset management firms posted a decline of at least 50 basis points.According to the study, profits for asset management firms increased as assets rose and operating costs continued to fall, particularly in the area of compensation. In addition, this general increase in assets is largely due to market appreciation, at a time when more than half of asset management firms surveyed reported net outflows in October-December, in general (56%) and for mutual fund and ETF activities (64%).Among asset management firms which show considerably better results in fourth quarter, kasina cites AllianceBernstein and Cohen & Steers. Of the four “wirehouse” distributors, three posted an increase in their operating profits as well as to their net profits, with increases of 313 basis points compared with July-September, to 19.1%, and 260 basis points, to 13.8%, for net profits.kasina points out that, due to rising earnings per employee and a decline in compensation, operating and net profits at Morgan Stanley Wealth Management increased by 17%.
03/04/2013

ACPI IM plans to develop in South Africa

P { margin-bottom: 0.08in; } The London-based asset management firm ACPI Investment Managers has announced plans to increase its international presence, particularly on the South African market, Citywire reports. The firm has recruited two senior consultants, Colin Clark and Howard Walker, who will oversee development and recruitment of new employees.
03/04/2013

City Financial acquires OPM Fund Management

P { margin-bottom: 0.08in; } The City Financial group has acquired the asset management firm OPM Fund Management for an undisclosed sum. City Financial is continuing its growth stratgy, following the integration of its multi-asset class range in January this year, and the acquisition last October of the asset management activities of Eden Financial. City Financial will take over a range of funds with GBP75.2m in assets under management. As part of the acquisition, Tony Yousefian is joining City Financial, where he will continue to manage the EFA OPM Fixed Interest fund, and will become responsible for the management of the EFA OPM Property fund.
03/04/2013

Baring AM completes acquisition of Korean asset manager

P { margin-bottom: 0.08in; } Baring Asset Management (Barings) on 2 April announced that it has completed its acquisition of the Korean asset management firm SEI Asset Korea Ltd (SEIAK), announced last summer (see Newsmanagers of 2 August 2012). SEIAK from 28 March became Baring Asset Management Korea Limited.The acquisition considerably strengthens the presence of Barings in Korea. It is also a sign of Barings’ strong commitment to Asia, as Korea is the third-largest market in the region for asset management. The deal increases overall on-site assets at Barings to about USD7.4bn as of 28 February 2013.
03/04/2013

George Soros recruits former FSA chief

P { margin-bottom: 0.08in; } Lord Turner, who on 1 April ceased to serve as head of the Financial Services Authority (FSA), which itself ceased to exist on that date and is now supplanted by two distinct bodies, will be going to work for George Soros, the Sunday Times reports.The former head of the FSA on 1 April joined the Institute for New Economic Thinking (INET), a think tank owned by Soros. Lord Turner’s activities at the institute will be unpaid, the newspaper states.
03/04/2013

Falcon Private Bank closes acquisition of Clariden Leu Europe

P { margin-bottom: 0.08in; } As of 31 March, Falcon Private Bank Ltd concluded its acquisition of Clariden Leu (Europe) Ltd, which will become known as Falcon Private Wealth Ltd, headquartered in the Knightsbridge / London (see Newsmanagers of 5 October, 20120. The new firm will be subject to the British regulatory authority.Falcon Private Bank is owned by aabar Investments PJS.
03/04/2013

Financial sector employees will have to pass integrity tests

P { margin-bottom: 0.08in; } All candidates for employment in the financial sector the United Kingdom will be required to pass tests to evaluate their honesty, the Chartered Institute for Securities & Investment (CISI), an organisation of professionals active in wealth management and financial markets, announced on 2 April. Previously, only professionals who provide financial advice, or who are active in wealth and retail management, were required to pass tests of this type. Those who work in trading, mergers and acquisitions or derivative markets were not required to take them. The tests in question, introduced in late 2008, offer six test cases based on real situations. Out of 40,000 members of the CISI, only 7,300 at the most have taken the test. “In the past few years, there have been a lot of discussions about initiatives that can be taken to restore trust in financial services. … Today we are introducing a real change,” the director general of the CISI, Simon Culhane, has declared in a statement. The organisation is launching its first ever publicity campaign to support its effort to alter perceptions by the general public of a sector that has been severely tarnished by the financial crisis and repeated scandals.
03/04/2013

Jérôme Cahuzac n'a bénéficié d'aucune protection, affirme François Hollande

François Hollande a assuré que Jérôme Cahuzac, qui «a trompé les plus hautes autorités du pays», n’avait bénéficié d’aucune protection des autorités françaises et que toute la lumière serait faite sur ses malversations. S’exprimant lors d’une brève intervention télévisée, le chef de l’Etat a annoncé ou confirmé trois mesures à la suite des aveux de l’ex-ministre du Budget sur la détention d’un compte à l'étranger : le renforcement de l’indépendance de la justice, une lutte «impitoyable» contre les conflits entre intérêts privés et publics, l’interdiction de tout mandat public pour les élus condamnés pénalement pour fraude fiscale ou corruption.
03/04/2013

UnionBanCal cède son activité de fonds ouverts

Reuters croit savoir que le groupe basé à San Francisco a mis sur le marché son activité de mutual funds dénommée HighMark Funds. UnionBanCal estime que cette activité n’est plus de nature stratégique. Les vingt-quatre fonds logés au sein de HighMark disposent d’environ 8 milliards de dollars d’actifs, selon Lipper.
03/04/2013

Hausse du secteur des services en Chine

L’économie chinoise montre des signes croissants d’accélération et de rééquilibrage de sa croissance, avec une hausse de l’indice PMI officiel du secteur non manufacturier à 55,6 points au mois de mars, après 54,5 en février. Le même indice calculé par HSBC a également montré des signes d’accélération de l’activité dans le secteur des services, avec une hausse à 54,3 points en mars, après 52,1 en février.
03/04/2013

Défection pour Barclays outre-Manche

Le quotidien citant des sources proches croit savoir qu’Ajay Nagpal, responsable de l’activité de services aux fonds alternatifs au sein de la banque britannique, le prime brokerage, va rejoindre en juillet le hedge fund Millenium. Un nouveau départ de haut rang d’une banque vers la gestion alternative signe d’un transfert des pouvoirs au sein de la finance, selon le quotidien.
03/04/2013

L’opposition à Cerberus s’organise au Japon

La société américaine de private equity rencontre bien des difficultés à monter au capital de Seibu holdings, l’opérateur ferroviaire et groupe immobilier nippon. Cerberus veut grappiller par offre publique 4 points du capital pour atteindre 36,44%. Yoshiaki Tsutsumi, actionnaire direct avec 1% et indirect par le biais de NW Corp, a rejoint la direction pour s’opposer au projet.
02/04/2013

L’inflation a ralenti en Allemagne en mars

Selon l’estimation préliminaire publiée mardi par l’Office fédéral de la statistique, l’inflation a ralenti en Allemagne au mois de mars, se maintenant pour le troisième mois de suite sous l’objectif de 2% fixé par la Banque centrale européenne. La hausse des prix à la consommation a atteint en mars 1,4% sur un an, contre 1,5% en février, la plus faible depuis décembre 2010.
02/04/2013

Jérôme Cahuzac reconnaît un compte à l'étranger

L’ancien ministre du Budget a avoué mardi détenir un compte bancaire à l'étranger depuis environ 20 ans, ce qu’il avait toujours démenti jusqu’ici. Il a confirmé sur son blog, après une entrevue avec les juges d’instruction Roger Le Loire et Renaud Van Ruymbeke à sa demande, leur avoir confirmé l’existence de ce compte. Il ne précise pas dans quel pays. Jérôme Cahuzac a été mis en examen pour blanchiment de fraude fiscale, selon son avocat.
02/04/2013

Pier Luigi Bersani toujours opposé à une alliance avec le centre-droit

Le chef de file du centre-gauche en Italie, Pier Luigi Bersani, a réaffirmé son opposition à la formation d’une grande coalition avec le bloc de centre-droit dirigé par Silvio Berlusconi, assurant qu’un tel gouvernement ne serait pas crédible. Il a également rejeté l’appel du centre-droit en faveur de nouvelles élections.
02/04/2013

Accord sur les conditions de l'aide à Chypre

Les autorités chypriotes ont achevé leurs discussions avec les créanciers sur les conditions du plan de sauvetage, dont la première tranche sera versée en mai. Nicosie versera un intérêt de 2,5% sur les prêts accordés, les remboursements débutant dans 10 ans et étant étalés sur 12 ans. En outre, Harris Georgiades a été nommé ministre des Finances en remplacement de Michael Sarris, démissionnaire.
02/04/2013

Les commandes à l’industrie en forte hausse aux Etats-Unis

Le département du Commerce a fait état d’une hausse de 3% des commandes nouvelles reçues par les groupes industriels américains au mois de février, après une baisse de 1% en janvier. Les commandes de l’industrie aéronautique, sujettes à de fortes variations, ont stimulé l’indicateur global. Les commandes de l’aéronautique civile ont ainsi bondi de 95,1%.
02/04/2013

Le président italien donne dix jours aux «sages»

Les deux commissions d’experts formées par le président italien Giorgio Napolitano pour trouver une issue à la crise politique devront achever leurs travaux d’ici dix jours, ont annoncé mardi les services du chef de l’Etat. «La période adéquate devrait être de huit à dix jours», a indiqué le chef de l’Etat dans un communiqué diffusé sur le site de la présidence.
02/04/2013

Hausse de 7 % de l'encours de Steyler Bank

Plus ancienne banque solidaire d’Allemagne (1964), Steyler Bank a annoncé avoir enregistré une hausse de 7 % de son encours en 2012, à 397,4 millions d’euros.Son premier fonds offert au public, Steyler Fair und Nachhaltig - Aktien, a été lancé à l’automne 2012 et affiche un encours de 13,3 millions d’euros. La gestion en est assurée par la banque privée hambourgeoise M.M. Warburg.

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