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07/02/2013

Handelsbanken acquires a UK wealth management firm

Sw Sweden’s Handelsbanken on February 6 announced the acquisition of British wealth and investment management company Heartwood whose assets under management total GBP1.5bn at the end of January 2013. The agreement will see Heartwood become a wholly-owned subsidiary of Handelsbanken, forming the foundation of its UK wealth management offering. The bank has also reported net profits for 2012 of SEK14.5bn, or about EUR1.7bn, up 18% over the previous year.
07/02/2013

HSBC Emerging Markets index goes monthly

On the basis of the GDP of the 16 largest emerging markets (Saudi Arabia, Brazil, China, South Korea, Egypt, United Arab Emirates, Hong Kong, India, Indonesia, Mexico, Poland, Czech Republic, Russia, Taiwan, Turkey and Vietnam), the HSBC Emerging Markets index (HSBC EMI) will move to a monthly, rather than quarterly, frequency, HSBC has announced. In January, the index rose to 53.9, from 53 in December. “This is the highest level since February 2012, which is a sign of real acceleration in growth in emerging markets,” the firm has stated, adding that the growth is particularly strong in the manufacturing sector, and in China, where the EMI growth rate is the most dynamic it has been for 2 years.
07/02/2013

Investors to keep up pressure on hedge funds

The hedge fund market is expected to see significant activity in 2013, with the return of major investors to the market, the offshore law firm Walkers states in its 2013 outlooks. The factors which may make for a more sombre outlook are regulatory requirements such as FATCA laws and the AIFM directive, which will increase the cost of activities in the alternative management sector.In this environment, Walkers estimates that major investors this year will continue to put pressure on hedge funds to make them cut commissions, maintain their efforts at transparency, and promote more flexible functioning in terms of liquidity. In other words, negotiating power will remain on the side of investors.According to the law firm, data from the Cayman Islands Monetary Authority show that monthly liquidity supply has increased from 35% of regulated funds in 2011 to 53% in 2012. Meanwhile, the percentage of funds which provide quarterly liquidity has fallen from 55% to 31%.At the same time, lock-up arrangements, which restrict access to funds in certain periods, are now less frequent, and 71% of funds no longer have limitations of this type.Another trend observed by Walkers is the increasingly frequent use of independent administrators, as 72% of new administrators, have one, compared with only 6% in 2011.
07/02/2013

Higher inflows for Pimco than all German asset management firms combined in 2012

Last year, net sales to German open-ended funds, excluding real estate funds, totalled EUR21.6675bn. The Allianz group alone had EUR27.0738bn in net inflows, of which EUR21.8024bn were for Pimco, which alone has taken on more capital than all German firms that provide statistics to the German BVI association of asset management firms put together.The other major firm to have posted net inflows is Union Investment (co-operative banks), with subscriptions of EUR3.1731bn.The other two major players had significant net outflows: Deka (savings banks) suffered net redemptions of EUR4.4782bn, and the asset management unit of Deutsche Bank has posted outflows of EUR3.1888bn.In ETFs, only ETFlab (Deka) has seen net subscriptions (EUR477.6bn). However, ComStage (Commerzbank), iShares (BlackRock), and db x-trackers (Deutsche Bank) show respective net outflows of EUR1.0068bn, EUR629.6m, and EUR573.9m in 2012.
07/02/2013

German asset management firms had EUR103bn in inflows in 2012

As of the end of 2012, total assets under management by German asset management firms came to EUR2.03668trn, compared with EUR1.78327trn one year previously. Of this increase of EUR257.41bn, net subscriptions accounted for EUR102.88bn, while market effects accounted for EUR151.53bn. Net inflows from institutionals totalled about EUR75bn, an all-time record, while retail inflows totalled EUR25bn (compared with outflows of EUR15bn in 2011).Statistics published by the German BVI association of asset management firms on 6 February reveal that institutional funds (Spezialfonds) had a volume of EUR981.58bn as of the end of December, compared with EUR964.58bn twelve months previously, while open-ended funds had gained only EUR729.66bn, compared with EUR723.44bn, and that mandates outside of funds totalled EUR325.44bn, compared with EUR322.15bn.As to open-ended funds, bond products saw net inflows of EUR31.92bn, compared with net outflows of EUR5.8bn in 2011, while equity funds posted net outflows of EUR4.62bn, compared with EUR2.2bn. Net redemptions from guaranteed funds totalled EUR4.61bn, compared with EUR2.56bn the previous year, and money market funds saw outflows of EUR3.14bn, compared with net subscriptions of EUR0.98bn in 2011.Thomas Richter, director general of the BVI, said that negotiations with US authorities succeeded in convincing them to award the status of “deemed-compliant” to German open-ended funds, meaning that they are deemed to comply with FATCA laws.
07/02/2013

Banca Monte dei Paschi di Siena details losses due to derivative trading

Banca Monte die Paschi di Siena yesterday announced that the final amount of losses due to derivative trading is estimated at EUR730m as of the end of 2012, Agefi reports. The Alexandria product, structured with the Japanese bank Nomura, led to EUR308m in losses, while the Santorini product, created in collaboration with Deutsche Bank, lost EUR429m. The third incriminated product, Nota Italia, created with JPMorgan, had a negligible impact. For the first nine months of 2012, Monte dei Paschi has reported a cumulative net loss of EUR1.66bn, the newspaper reports.
07/02/2013

Good quarterly results for asset management at Credit Suisse

The private banking and wealth management division at Credit Suisse between October and Deceber 2012 has posted pre-tax profits of CHF911m, compared with profits of CHF467m in fourth quarter 2011, as net inflows totalled CHF6.8bn. The Wealth Management Clients unit posted net inflows of CHF2.9bn, as pre-tax profits totalled CHF238m, up 11% compared with third quarter 2011. The Asset Management unit, for its part, earned pre-tax profits of CHF183m, and net inflows totalled CHF2.5bn. For last year as a whole, the private banking and wealth management division earned pre-tax profits of CHF3.7bn, compared with CHF2.9bn last year. For 2012 as a whole, the group has reported net profits of CHF1.48bn, compared with CHF1.95bn in 2011.
07/02/2013

Cramer bank sells 52% of its stake in Cramer AM

The Cramer & Cie Bank, an affiliate of the Geneva-based Norinvest Holding (NIH), will eventually sell 52% of its stake in Cramer Asset Management SA (CAM) to current minority shareholders, NIH announced on 6 February. CAM, based in Lugano, is a collective capital investment manager licensed by Finma. It curreently manages the funds of the Pegaso Capital SICAV, based in Luxembourg. Alongside partly divesting from CAM, Cramer bank is planning to create its own SICAV infrastructure in Luxembourg. “The intention of the partis is to continue their current collaboration to develop Asset Management services for Banque Cramer & Cie SA,” a statement says.
07/02/2013

CHF8.6bn net inflows in 2012 for Vontobel

Net inflows at Vontobel totalled CHF8.6bn in the fiscal year 2012, compared with CHF8.2bn the previous year, according to a statement released on 6 February. Assets under management at Vontobel as of the end of December totalled CHF150bn, compared with CHF139.4bn at the end of first half 2012, an increase of 14%. Wealth management contributed 67% of the group’s pre-tax net profits, Vontobel states. Consolidated net profits for Vontobel were up 15% to CHF150.6m, of which CHF75.5bn were from wealth management activities. Vontobel also states that at its next general shareholders’ meeting, shareholders will vote on a proposed election to the board of directors of Dominic Brenninkeyer and Nicolas Oltramare. The two men will replace the outgoing Ann-Kristin Achleitner and Philippe Cottier, who have declined to seek new terms for personal reasons, after many years of activity on the board.
07/02/2013

Good quarterly results for asset management at Credit Suisse

The private banking and wealth management division at Credit Suisse between October and December 2012 has posted pre-tax profits of CHF911m, compared with profits of CHF467m in fourth quarter 2011, as net inflows totalled CHF6.8bn.The Wealth Management Clients unit posted net inflows of CHF2.9bn, as pre-tax profits totalled CHF238m, up 11% compared with third quarter 2011. The Asset Management unit, for its part, earned pre-tax profits of CHF183m, and net inflows totalled CHF2.5bn.For last year as a whole, the private banking and wealth management division earned pre-tax profits of CHF3.7bn, compared with CHF2.9bn last year. For 2012 as a whole, the group has reported net profits of CHF1.48bn, compared with CHF1.95bn in 2011.
07/02/2013

SEB may part with fund managers

At SEB, other departures may follow that of Peter Norhammar, manager of the SEB Sverigefond and the SEB Swedish Focus Fund, following a decision to transition the funds to quantitative management, Affärsvärlden reports. Other funds may be affected by the changes, including the Global chans/risk and Stiffelsefond Utland funds. Thor Udenaes, Henrietta Theorell, Hans Johnsson and Magnus Högström are cited by the newspaper as having worked on the latter funds. Their future at the firm is thus in question.
07/02/2013

Safe awards USD1.2bn in QFII quotas

In January, the Chinese State Administration of Foreign Exchange (SAFE) issued qualified foreign institutional investor (QFII) quotas for an additional USD500m and USD700m, respectively, to the sovereign wealth funds Abu Dhabi Investment Authority (ADIA) and the Kuwait Investment Authority (KIA). This brings their total quotas to USD1bn each, Asian Investor notes.Meanwhile, SAFE has also awarded “primo-quotas” of USD300m to ABS Asset Management and Hillhouse Capital Management, USD200m to CDH Investment and Genesis Asset Managers, USD150m to JP Morgan Asset Management Taiwan, USD100m to EFG Bank, USD60m to Public Mutual, and USD50m to Uni-president Assets Management Corp.
07/02/2013

Coverage rate for pension funds continues to rise

The average coverage rate for the liabilities of US corporate pension funds rose by 4.9 percentage points in the month of January, to a total of 81.2%, its highest level since March 2012, according to BNY Mellon. In the month under review, assets in pension funds increased by 3%, due to the strength of the stock markets, which gained more than 5% in the United States and other international developed markets. Liabilities fell by 3.2%, as the discount rate increased by 24 basis points to 4.13% for businesses rated Aa.
07/02/2013

Raiffeisen Capital Management registers two funds in Switzerland

Raiffeisen Capital Management is now offering two additional funds to Swiss investors. The Austrian asset management firm has received a sales licence for the Raiffeisen-Europa-HighYield fund (ISIN code AT0000796529) and the Raiffeisen 337 – Strategic Allocation Master I, a tactical risk allocation product (ISIN code: AT0000A090G0).
07/02/2013

NYSE Euronext agitates for more transparency

In the interests of greater transparency on the financial markets and improvements to governance, the market operator NYSE Euronext has called on the SEC to shorten the deadline for announcement of stakes in companies for investors with over USD100m in assets to two days, from 45 currently.
07/02/2013

Commodity hedge funds have lost 20% of their assets

Commodity hedge funds lost at least 20% of their assets last year, due to significant redemptions from investors in the wake of poor returns, the Financial Times reports. On average, commodity hedge funds lost 3.7% in 2012, according to a Newedge index. It is the largest decline since the creation of the index 10 years ago.
07/02/2013

Rumours of restructuring boost share price of Man Group

Agefi reports that the share price for the asset management firm Man Group rose 4.8% to 95.1 pence per share after UBS announced that its new CEO would be announcing significant strategic changes at a presentation of annual results on 28 February. A sale of the firm remains a possibility, UBS adds.
07/02/2013

Hedge funds made 1.61% in January

For last month, the hedge funds that make up the Dow Jones Credit Suisse Core Hedge Fund Index posted average returns of 1.61%, compared with 0.99% in December.All seven strategies showed gains, with the best two being long/short equity (+2.14%) and event-driven (+2.05%).
07/02/2013

ETF assets remain over USD2trn

Both the BlackRock Institute and the ETFGI agency founded by Deborah Fuhr on 5 February estimated that global assets in ETPs as of the end of January totalled a record of USD2.045trn and USD2.050trn, respectively, above the USD2trn threshold, which was passed on 18 January (see Newsmanagers of 28 January).Net subscriptions in January totalled USD40.2bn according to BlackRock, and USD37.3bn, according to ETFGI, compared with USD37.8bn (for both houses) in December, and USD33.5bn or USD34.5bn in the corresponding month of 2012.According to BlackRock, net subscriptions in Europe in January reached an 18-month high of USD6.6bn.ETFGI finds that iShares at the end of January remained the top ETP provider in the world, with USD798.5bn in assets, or a market share of 39%, followed by SPDR ETF (State Street Global Advisors), with USD347.3bn and 16.9% of the market, and Vanguard, with USD265.5bn, and a market share of 13%. This means that the three firms had a total of USD1.41trn in assets under management as of the end of January, or 68.9% of the total. In other words, the other 206 providers each have a market share of less than 4%.
07/02/2013

Mergers and acquisitions in China at their lowest level in five years

In 2012, mergers and acquisitions in China reached their highest levels in five years. According to the most recent statistics released by PwC, they fell by 28% in value and 23% in volume. However, the value of Chinese investments abroad reached a record of USD65.2bn. As in 2011, Japan remains the most active foreign investor in the area of mergers and acquisitions in China, despite a decline of 30%, exacerbated by the Daioyu/Senkaku islands crisis. The United States and Europe, however, continue to be the source of the largest transactions in terms of value.
07/02/2013

Jupiter adds to Merlin product range

Jupiter is adding to its Merlin product range with the launch of the Merlin Real Return, a fund domiciled in Luxembourg. The portfolio is primarily invested in international equities and bonds, via a fund of fund structure, Investment Week states. The minimal investment for the product, which is aimed at institutional investors, is GBP10m. Management fees total 0.75%. The currency of the fund is the euro, but Jupiter is also offering shares denominated in US dollars and pounds sterling.
07/02/2013

Perial recrute un responsable du développement de la clientèle investisseurs institutionnels

Le groupe Perial vient de recruter Jean-Luc Guillermou pour prendre en charge la direction du développement de la clientèle investisseurs institutionnels au côté de Frédéric Crot, membre du conseil de surveillance du groupe, plus spécialement dédié à la clientèle des « family-office ». La nouvelle recrue aura également la responsabilité de la ligne de produits « Commerces », avec Jean-Christophe Antoine, directeur immobilier du groupe et directeur général de la société de gestion Perial Asset Management, indique un communiqué.Par ailleurs, Jean-Luc Guillermou intègre le comité de direction du groupe. Auparavant, l’impétrant travaillait depuis 1991 chez CNP Assurances où il a occupé le poste de responsable financier du service immobilier, puis, à partir de 1995, de directeur des investissements immobiliers et enfin, à compter de 2006, de directeur des investissements non cotés, en charge des investissements immobiliers en private equity et en infrastructures.
07/02/2013
Fonds

Le groupe Vaillance et Adequity lancent un support à échéance

Le groupe Vaillance et Adequity, filiale de Société Générale, ont annoncé le 6 février le lancement d’Autocall Euro Stoxx 2013, un nouveau support à échéance visant à profiter de l’évolution de l’indice Euro Stoxx 50. Ce nouveau produit est destiné principalement aux clients du cabinet Vaillance Courtage, c’est-à-dire aux chefs d’entreprise et aux professions libérales (médecins, avocats, etc...).Autocall Euro Stoxx 2013 permet aux épargnants de s’exposer au marché actions par le biais d’une indexation à l’échéance à la performance positive ou négative de l’indice de référence des valeurs européennes, l’Euro Stoxx 50®. Le remboursement du produit Autocall Euro Stoxx 2013 est conditionné à l’évolution de l’Indice Euro Stoxx 50® dividendes non réinvestis (l’investisseur ne bénéficiera pas des dividendes détachés par les valeurs le composant). Cette solution a pour objectif de verser un gain fixe plafonné de 7,25% par année écoulée (hors frais et fiscalité applicable au cadre d’investissement) dès que le niveau de l’indice est stable ou hausse par rapport à son niveau initial à l’une des dates de constatations annuelles. Le support est ouvert à la souscription du 25/01/2013 au 24/06/2013 et Vaillance Courtage en assure sa distribution de manière exclusive.Principales caractéristiques :Code ISIN : FR0011383744Objectif d’investissement : Un objectif de gain fixe plafonné à 7,25% par année écoulée si l’Indice Euro Stoxx 50 a enregistré une performance positive ou nulle à l’échéance (soit un taux de rendement annuel de 5,86%).Période de souscription Du 25/01/13 au 24/06/2013Date d'émission 25/01/2013Date d'échéance : 05/07/2021Durée de placement recommandée : 8 ans Eligibilité à l’assurance vie : Oui Valeur nominale : 1000 eurosCommission de souscription/rachat : Néant
Fonds
07/02/2013
Fonds

Omnes Capital investit dans le groupe Eyssautier

Omnes Capital (anciennement Crédit Agricole Private Equity), via les fonds LCL Expansion et Omnes Expansion, a annoncé le 6 février qu’il investissait dans le groupe Eyssautier dans le cadre d’une opération de MBO (management buy-out), aux côtés du management du groupe.Créé en 1935 par la famille Eyssautier, le groupe est aujourd’hui le leader français des courtiers spécialisés en assurance maritime. En 2012, le groupe a enregistré un chiffre d’affaires de près de 10 millions d’euros réparti sur les différentes branches de l’assurance maritime et comptait une cinquantaine de salariés répartis entre Paris, Marseille et Athènes.
Fonds
07/02/2013
Fonds

Aerofund II entre au capital d'un sous-traitant aéronautique

Aerofund II, le fonds géré par ACE Management, et l’IRDI (Institut Régional de Développement Industriel Midi-Pyrénées Aquitaine) entrent à parité au capital de Groupe ARM, sous-traitant aéronautique, qui vient de réaliser une levée de fonds de 4,5 millions d’euros. Oseo participe également via la mise en place d’un Contrat Développement Participation. Cette opération est notamment destinée à financer l’acquisition de la société familiale MGA basée à Villeneuve-sur-Lot, indique le groupe.
Fonds
07/02/2013

Midi Capital a collecté 24 millions d'euros en 2012

La société de gestion Midi Capital a annoncé une collecte de 24 millions d’euros en 2012 (11 millions d’euros à l’IR et 13 millions d’euros à l’ISF), en croissance de 5% par rapport à 2011, ce qui porte l’encours sous gestion de la société à 120 millions d’euros.L’an dernier, Midi Capital a lancé deux nouveaux Fonds d’Investissement de Proximité et le Mandat de Gestion Club Deal 2012. Elle a ainsi engagé 21 millions d’euros et financé 10 nouvelles PME. La société compte aujourd’hui 65 participations, réalisant un chiffre d’affaires de plus d’1 milliard d’euros et employant 8 500 personnes.En 2013, Midi Capital dispose de nombreux projets autour de l’entreprise et de son financement (plateforme de crowdfunding, création d’un Club Entreprise, création d’un FCPR grand public, etc.), indique un communiqué.
07/02/2013
Fonds

Le groupe Vaillance commercialise un produit sans garantie en capital

Jusqu’au 24/06/2013, le cabinet de gestion de patrimoine Vaillance commercialise Autocall Euro Stoxx 2013, un support à échéance sans garantie en capital, visant à profiter de l’évolution de l’indice Euro Stoxx 50.Elaboré avec Adequity, le département des produits dérivés sur actions et indices de Société Générale Corporate & Investment Banking, le produit qui repose sur un titre de créance permet aux épargnants de s’exposer au marché actions par le biais d’une indexation à l’échéance à la performance positive ou négative de l’indice Euro Stoxx 50. Le remboursement du produit est conditionné à l’évolution de l’indice (dividendes non réinvestis). Le produit verse un gain fixe plafonné de 7,25% par année écoulée dès que le niveau de l’indice est stable ou en hausse par rapport à son niveau initial à l’une des dates de constatations annuelles fixées. Afin de bénéficier d’une protection en cas de baisse de l’Indice jusqu’à -25%, l’investisseur limite ses gains en cas de forte hausse des marchés actions (Taux de Rendement Annuel maximum de 7,07%). Caractéristiques : cf. doc ci joint.
Fonds
07/02/2013
Fonds

Le taux de couverturte des fonds de pension reste orienté à la hausse

Le taux de couverture moyen des engagements des fonds de pension d’entreprise américains a progressé de 4,9 points de pourcentage au mois de janvier pour s'établir à 81,2%, son plus haut niveau depuis mars 2012, selon BNY Mellon. Durant le mois sous revue, les actifs des fonds de pension se sont accrus de 3%, grâce à la vigueur des marchés boursiers qui ont progressé de plus de 5% aux Etats-Unis et sur les autres marchés internationaux des pays développés. Les engagements ont diminué de 3,2%, le taux d’actualisation augmentant de 24 points de base à 4,13% pour les entreprises notées Aa.
Fonds
07/02/2013

La Société Générale annonce la finalisation de la cession de TCW

Société Générale a annoncé le 6 février la finalisation le même jour de la cession de sa participation dans TCW à Carlyle Group et à la direction de TCW. Cela fait suite à l’obtention de tous les accords requis. Comme annoncé le 9 août 2012, cette transaction s’inscrit dans le plan de transformation du groupe Société Générale. Les conditions financières de l’opération, qui restent inchangées, ne sont pas rendues publiques. L’augmentation du ratio Core Tier 1 Bâle 2.5 du groupe liée à cette cession est de 17 points de base. Dans le référentiel Bâle 3, elle devrait se situer à 14 points de base.
07/02/2013

Banca Monte dei Paschi di Siena détaille les pertes liées aux opérations sur dérivés

Banca Monte dei Paschi di Siena a annoncé hier que le montant définitif des pertes relatives à des opérations sur dérivés était estimé à 730 millions d’euros à la fin de l’année 2012, rapporte L’Agefi. Le produit «Alexandria» structuré avec la banque japonaise Nomura a accasionné 308 millions d’euros de pertes et «Santorini», monté avec Deutsche Bank, 429 millions. Le troisième produit incriminé, «Nota Italia», noué avec JPMorgan, a eu un impact négligeable. Pour les neuf premiers mois de 2012, Monte dei Paschi a fait état d’une perte nette cumulée de 1,66 milliard, précise le quotidien.

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