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09/10/2012

Source nabs Samaran from Man Investments

A senior member of the product structuring and financing group at Man Investments in Switzerland, Nicolas Samaran, has been appointed head of investment content at Source (EUR11.5bn in AUM at end-September).Samaran will have responsibility for the search and selection for new and innovative investment content from external providers and report to Peter Thompson, head of distribution and strategy.
09/10/2012

Rathbones acquires 20% stake in a financial adviser

Rathbone Brothers has acquired a 19.9% stake in Vision Independent Financial Planning, a financial advising company, and its sister company, Castle Investment Solutions, for GBP2m. The specialist in wealth management is planning to acquire all of the two entities by 2015, Investment Week reports.
09/10/2012

Paradigm launches asset management operation

The Paradigm group is planning to launch an asset management operation which will include the fund product range from Paradigm, discretionary fund management services, and model portfolios.The firm is currently in the process of recruiting an investment team to manage third-party fund mandates.
09/10/2012

Natixis GAM recruits two

Natixis Global Asset Management has recruited two people for its international products unit, Investment Europe reports. James Beaumont joins from Standard Life Investment, and becomes head of product consulting and solutions, durable portfolio consultant. Catherine Morat joins from Wellington Management. She becomes head of the product marketing team. Both will be based in London.
09/10/2012

Norwegian Oil Fund purchases shopping mall near Sheffield

The Norwegian Government Pension Fund Global, the former Oil Fund, has bought 50% of the UK shopping centre Meadowhall, near Sheffield, for GBP348m.The stake was purchased from a joint venture between London & Stamford Properties and Green Park Investments. The transaction, completed on 6 October, values the entire asset at GBP1.525 billion pounds, including debt.
09/10/2012

Fidelity planning to merge two multi-management funds

Fidelity Worldwide Investments is proposing to merge two multi-management funds, the Fidelity MultiManager Balanced Portfolio and Fidelity MultiManager Income Portfolio, Fund Web reports.More precisely, the first fund, whose assets under management total GBP3m, will be integrated into the second, which has a 50% exposure to growth assets (equities, commodities and real estate), and 50% to value securities (bonds).The merger is pending the approval of shareholders and supervisory authorities.
09/10/2012

BNY Mellon wins mandate from Allianz Global Investors

The global services specialist BNY Mellon has been mandated by Allianz Global Services (AGI) to provide data management and accounting services for discretionary mandates managed by AGI. AGI manages about EUR300bn in retail funds, dedicated funds and discretionary mandates. These discretionary mandates, which include international portfolios invested in securities and derivatives, will be taken over by BNY Mellon Service Kapitalanlage-Gesellschaft mbH.
09/10/2012

Janus opens office in Dubai

Janus Capital International Limited, the international arm of Janus Capital Group, announced the appointment of Meshal Jaber Al Faras, as head of the Middle East for Janus Capital’s international business, effective immediately.The firm has also opened a representative office in Dubai out of which Meshal will be based.Meshal comes to Janus with over 15 years of experience in the investment industry. Prior to joining Janus, he was Head of GCC Business Development at Royal Capital in Abu Dhabi. Before that, he was a Director at Natixis Global Associates and a spent a decade with the Kuwait Investment Authority. Meshal will report directly to Augustus Cheh, President of Janus Capital International.The new office in the Dubai International Finance Centre will service existing and new clients in the Middle East. The office opening marks the fifth for Janus in 2012, with offices opened to date this year in The Hague, Frankfurt, Paris, and Zurich.
09/10/2012

Deka Investment signs UN-PRI

On 8 October, Deka Investment GmbH, the central asset management firm for the German savings banks, announced that it has officially signed the United Nations Principles for Responsible Investment (UN PRI), which in practice it had been following for some time, says Victor Moftakhar, CEO.The complete range of open-ended funds from Deka already respects certain exclusionary criteria, such as a man on makers of cluster bombs. Since the beginning of 2012, Deka has also launched a range of sustainable development products, Deka-Nachhaltigkeit, in which financial and extra-financial criteria are taken into account together.Overall, assets in open-ended sustainable development funds at Deka total about EUR2bn.
09/10/2012

Hedge funds prudently return to Greece

A few intrepid hedge funds have tiptoed back to Greek government bonds, the Financial Times reports. A 10-year issue of reference by the country has seen its price more than double since the end of May, to slightly over EUR0.30. The rally was largely provoked by a promise on the part of Mario Draghi, chairman of the European Central Bank, to save the euro zone, and has been dominated by hedge funds, particularly funds based in New York. One of these is Third Point, the FT reports.
09/10/2012

Cyrille de Montgolfier appointed head of European and institutional affairs at AXA

AXA on 8 October announced the appointment of Cyrille de Montgolfier as director of European and institutional affairs for the group. De Montgolfier, previously head of the Central and Eastern European region, replaces Jérôme Hamilius, who has decided to leave the group. In his new role, he will report to Denis Duverne, deputy CEO of the Axa Group.Jef Van In is taking over as director of the Central and Eastern European region. These new responsibilities come in addition to his current responsibilities as CEO of AXA Bank Europe. In both cases, he reports to Jacques de Vaucleroy, CEO for the Northern, Central and Eastern European region, and international head of life, savings, retirement and health insurance activities.The two appointments will take effect from 15 October 2012.
09/10/2012

BNY Mellon builds up in Asia

BNY Mellon on Monday announced it has appointed Navin Suri as Asia-Pacific (APAC) Head of Intermediary Distribution to spearhead the expansion of the company’s distribution partnerships in the region. He will be responsible for developing and managing the build out of the APAC intermediary sales strategy and distribution channel network and relationships, mainly new partnerships with consumer banks, private banks and family offices, insurance and pension providers, securities companies, IFAs and other financial intermediaries.Based in Hong Kong, Suri will report into Alan Harden, CEO for BNY Mellon’s APAC investment management business, and to PeterPaul Pardi, BNY Mellon’s head of global distribution, based in London. Suri joins BNY Mellon’s APAC Investment Management Executive Committee and BNY Mellon’s APAC Operating Committee.Suri joins BNY Mellon from ING Investment Management where he was MD and CEO for the firm’s business in India.
09/10/2012

Alfred Berg takes over management of funds of funds

On 15 November, the Swedish group Länsförsäkringar, specialised in insurance, will be outsourcing the management of its funds of funds to Alfred Berg, the Scandinavian affiliate of BNP Paribas. These activities represent assets of SEK4.8bn. The fixed income and asset allocation team, led by Stefan Gothenby, will be responsible for managing the funds.
09/10/2012

BGAM launches platform to accomodate UCITs hedge funds

HedgeWeek reports that Bryan, Garnier Asset Management (BGAM) has recently launched the Bryan Garnier Umbrella Fund SICAV plc domiciled in Malta and managed by Paris-based BGAM. This platform aims to introduce a range of US hedge funds into the UCITS universe. The first US sub-fund to join the platform is Denver-based Madison Street Partners (USD175m in AUM), an equity long/short shop
09/10/2012

Investec opens office in Singapore

Investec Asset Management has opened an office in Singapore and installed Tobie van Heerden as head of institutional sales for South-East Asia and Korea, Asian Investor reports.
09/10/2012

SSgA Jacqueline Pang as head of CM for SPDR ETFs

State Street Global Advisors (SSgA) announced it has appointed Jacqueline Pang as the Head of Capital Markets for SPDR ETFs, Asia Pacific.Based in Hong Kong, Pang will be responsible for overseeing and driving SSgA’s exchange traded funds (ETF) global capital markets’ group activities.
09/10/2012

PriorNilsson launches Swedish equity fund

PriorNilsson Fonder, a Swedish asset management firm which manages two hedge funds, is launching a Swedish equity fund, Fondbranschen reports. The management firm is hoping to attract investors with active management and competitive fees (1% management fees).
09/10/2012

RBC IS gets mandate from Italian PF

The Fondo Pensione per il Personale della Banca di Legnano, the pension fund of Banca di Legnano’s staff, announced it has recently awarded a custody, portfolio valuation and depositary bank mandate to RBC Investor Services.
09/10/2012

Internal promotions at Tressis

Following the departure of Ángel de Molina (see Newsmangers of 4 October), Tressis has promoted Javier Monjardin as director of analysis, and Montserrat Formoso as director of management, thus dividing the responsibilities of the outgoing man, who has joined Santander Asset Management as director of market intelligence.
09/10/2012

AIFM: Netherlands becomes first country to adopt directive

The Netherlands became the first country to implement the AIFM directive, after approval of the law by Parliament, IPE.com reports. “With the new legislation, asset management firms based in the Netherlands may optimally apply a relaxation of tax rules in order to reduce unnecessary costs in existing fiscal and legal structures,” says Marco Frikkee, of KPMG.
09/10/2012

CNMV issues round of licenses

On 5 October, the CNMV issued sales licenses for Spain to the Bankinter Renta Fija Jade Garantizado, Ibercaja BP High Yield 2015-2 and Taltrack Alternative Investment funds.The Spanish regulator also issued licenses to the foreign-registered products Amundi Treso 3 mois and Treso Eonia ISR, to several sub-funds from iShares Germany (iShares Dax, Divdax, Dow Jones-UBS commodity Swap, EB Rexx Money Market, MDax, Stoxx Europe 600, and TecDax) , to Julius Baer Special Funds and to the LFP Credit Flexible International and LFP Rendement 2017 funds.
09/10/2012

Dutch pension funds will have to reduce benefits

More than 80% of pension funds based in the Netherlands will have to reduce their payments to pensioners for the first time from April next year, unless they can improve their financial situation by then, Financial Times Fund Management reports. The Netherlands central bank is requiring assets at pension funds to represent at least 105% of liabilities by the end of 2013. In order to achieve that objective, 81% of them will have to reduce benefits to current pensioners, according to the most recent available figures.
09/10/2012
Gestion d'actifs

Swiss Life sélectionne 3 gérants pour le lancement d'un fonds de fonds à destination des institutionnels

La société de gestion Swiss Life AM qui concourt au sein des mandats d’amLeague s’est impliquée dans la mise en place de portefeuilles investissables à destination des investisseurs institutionnels et a, pour ce faire, reçu l’agrément de l’Autorité des marchés financiers le 4 juillet, dernier. Le fonds de Swiss Life AM se réfère à un indice - l’indice SL amLeague actions euro TOP3 - qui est composé de trois asset-managers dont la gestion sous amLeague a été retenue et agrégée. En fonction des préférences de Swiss Life AM, une pondération fixe est attribuée à chacune des trois sociétés retenues : 4/9 pour la mieux considérée, 3/9 pour la suivante et 2/9 pour la dernière. Le trio est revu chaque fin de mois. Pour octobre, par ordre de préférence, Allianz GI, Dexia AM et Ecofi Investissements sont les trois sociétés retenues par Swiss Life AM.
Gestion d'actifs
08/10/2012

Vers un encadrement de la faillite des chambres de compensation

La Commission européenne pourrait promouvoir des règles sur le sauvetage et le démantèlement des chambres de compensation et des assureurs, alors que les régulateurs de la planète cherchent à éviter que les faillites aient des répercussions désastreuses sur les marchés financiers. Les services bruxellois ont annoncé avoir lancé une consultation sur le sujet.
08/10/2012

La BCE fermera son programme d'obligations sécurisées

La Banque centrale européenne (BCE) mettra fin début novembre, comme prévu, à son second programme d’achat d’obligations sécurisées même si elle a dépensé moins de la moitié des fonds qui lui étaient destinés, ont dit lundi des sources monétaires de la zone euro. Les obligations sécurisées sont garanties par des actifs, souvent immobiliers.
08/10/2012

La liste de candidats se resserre pour la Banque d’Angleterre

Le vice-gouverneur Paul Tucker paraît le mieux placé pour prendre la tête de l’institut d’émission britannique après le désintérêt exprimé par deux prétendants de poids. L’ancien responsable du service civil britannique, Gus O’Donnell, et l’économiste de Goldman Sachs Jim O’Neill, célèbre pour avoir inventé l’acronyme BRICs, ont en effet décliné le poste. La date limite de dépôt des candidatures était fixée à lundi matin.
08/10/2012

Aide européenne : Berlin soutient la position de l’Espagne

L’Espagne n’a pas besoin d’une nouvelle aide financière parce que ses problèmes sont imputables à son système bancaire et que le pays a déjà obtenu un prêt destiné à recapitaliser son secteur financier, a estimé lundi le ministre allemand des Finances. «L’Espagne fait tout ce qui est nécessaire, sur la politique budgétaire, sur les réformes structurelles. L’Espagne a un problème avec ses banques en raison des conséquences de la bulle immobilière des dernières années», a souligné Wolfgang Schäuble.
08/10/2012

Le Luxembourg disposé à accorder un délai à la Grèce

La Grèce fait beaucoup d’efforts pour résoudre la crise de sa dette et l’Eurogroupe la soutiendrait vraisemblablement s’il lui fallait plus de temps pour remplir ses objectifs de déficit, a déclaré lundi le ministre des Finances luxembourgeois, Luc Frieden. «Ce n’est pas à sens unique: cela exige de la part de la Grèce d’entreprendre et de poursuivre les réformes que le gouvernement a promises», a toutefois prévenu le responsable politique.
08/10/2012

Lisbonne présentera dans une semaine un budget 2013 «difficile»

Le gouvernement portugais présentera lundi prochain un projet de budget 2013 «difficile» qui devrait envoyer des «messages» pour la croissance et la création d’emploi tout en s’appuyant sur de fortes hausses d’impôts, a annoncé lundi le Premier ministre. Pedro Passos Coelho a également estimé que l’adjudication de dette de la semaine dernière était un bon signe pour l'économie, les entreprises et les banques.

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