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16/08/2012

Robeco to target Latin America from Miami

The Netherlands-based asset management firm Robeco will open an office in Miami in the United States to strengthen its presence in Latin America, Investment Europe reports. The campaign will be directed from the Madrid office, led by Javier García de Vinuesa, who already oversees clients and products in Latin America. The office will be opened after summer, with fewer than five staff in Miami.
16/08/2012

Aberdeen assets down in April-June

Despite an increase of GBP600m in second quarter (the third quarter of its fiscal year, ending on 30 September 2012) in its assets in equities, to GBP93.5bn, Aberdeen Asset Management has seen a decline in its assets in the period under review of GBP2bn in its total assets under management, to GBP182.7bn.However, the Scottish asset management firm took in a gross GBP8.79bn, and a net GBP305m, with net inflows to high-margin products, which offset net redemptions from less lucrative products. Overall, net subscriptions in April-June are expected to generate an additional GBP15m in annual commission revenues. However, in the first nine months of the current fiscal year, Aberdeen has seen net redemptions of GBP74m, compared with GBP379m for the half ending on 31 March.
16/08/2012

M&G lead for retail inflows in second quarter

The asset management firm M&G has beat out its competition in retail sales in second quarter, according to a report by Pridham published by Fundscape, Fund Web reports. Activities at M&G, and several other actors including Invesco Perpetual, Fidelity and Kames, were driven by sales of bond products. Net inflows for the quarter at M&G totalled GBP1.3bn, while gross inflows totalled GBP2.9bn. They are followed by BlackRock, with total net retail sales of GBP566.8m, Standard Life Invesments with a total of GBP478m, BNY Mellon (GBP420m), and Kames (GBP258m).
16/08/2012

Satisfactory half for Standard Life Investments

Standard Life Investments has reported net inflows of GBP0.6bn in first half for its activities dedicated to clients external to the group, according to a statement released on 14 August. Assets under management in this activity now total GBP74.3bn, compared with GBP71.8bn as of the end of December 2011. The lead product line from Standard Life, GARS (Global Absolute Return Strategies), has continued to grow in first half, and now totals over GBP17bn. Pre-tax operating profits totalled GBP68m in first half, compared with GBP67m one year previously.
16/08/2012

Net outflows of GBP2.1bn for Henderson in first half

Assets under management at Henderson Global Investors as of 30 June 2012 totalled GBP63.6bn, compared with GBP64.3bn at the beginning of 2012, according to an interim report published by the asset management firm. The half finished with net outflows of GBP2.1bn, which completely offset positive market and currency effects totalling GBP1.4bn. In first half, institutional redemptions totalled nearly GBP1.2bn, while at the same time, outflows from the retail unit of only GBP110m in first quarter accelerated yo GBP792m in second quarter. Operational margin increased, however, to 36.8%, compared with 36.1% in first half 2011, and 36.3% in 2011 overall.
16/08/2012

Barings strengthens its EMEA equities team

Ghadir Abu Leil-Cooper, head of the EMEA Equity Team at Baring Asset Management, is receiving reinforcement: the British asset management firm on 16 July recruited Mike Levy as senior investment manager for Europe, Middle East and Africa (EMEA) equities. Levy had previously been manager of an international and emerging markets equity fund, including the EMEA region, at AllianceBernstein. He also managed frontier markets equity portfolios focused on Africa. He had previously been an analyst at Alliance Capital Management.
16/08/2012

SWIP promotes William Low to director of equities

After joining Scottish Widows Investment Partnership (SWIP) in April 2011 from BlackRock, William Low has been director of the global equities team at the Scottish asset management firm. He has now been promoted to director of equities, replacing Andrew November, who has held the position since August 2010, Fudweb reports. November has been appointed to the newly-created position of investment propositions director, and will be in charge of developing SWIP’s product range aimed at clients of the Lloyds Banking group.
16/08/2012

Schroders releases a fourth multi-asset class fund

The German and Austrian regulatory authorities have granted sales licenses to the new Schroder ISF Global Multi-Asset Income fund, the fourth multi-asset class product in the series, Schroders announced on 15 August. With the Luxembourg-registered fund, launched on 18 April (see Newsmanagers of 19 April and 7 June), the British asset management firm is aiming for a “sustainable” distribution of 5% per year, which will be paid on a quarterly basis for shares in euros, and monthly for US dollar-denominated shares. The fund is managed by Aymeric Forest.The portfolio may contain 10% to 50% equities, and 25% to 90% bonds, but may also include derivatives, REITs or ETFs, and positions on currencies. The objective is to preserve stable returns with total volatility of 7% to 12%.CharacteristicsName: Schroder ISF Global Multi-Asset IncomeISIN codes: LU0757360960 (A, EUR hedged, distribution)LU0757360457 (A, EUR hedged, capitalisation)LU075735995 (A, USD, distribution)LU0757359368 (A, USD, capitalisation)Front-end fee: Maximum 4%Management commission: 1.25%
16/08/2012

Pimco strengthens its Benelux sales team

Pimco has appointed Phil Michels of Schroders as account manager for the Benelux region, Investment Europe reports. He will be based in Schiphol. The recruitment aims to extend growth at Pimco in wealth management into the Benelux countries, as well as distribution networks for the retail market.
16/08/2012

Carl Icahn invests USD3bn with his son Brett

The US millionaire Carl Icahn has given USD3bn to two managers, including his son Brett Icahn and David Schechter, the news agency Bloomberg reports. Icahn junior and Schechter will invest the capital in stocks with market capitalisations of USD750m to USD10bn. The two managers have already managed about USD300m for Icahn Enterprises, whose assets under management total about USD24bn. Icahn junior joined his father’s business 10 years ago as an analyst. Schechter has been working for Icahn senior since 2004, following a period at Citigroup.
16/08/2012

Fitch updates its bond fund ratings criteria

The financial ratings agency Fitch Ratings on 14 August announced that it is updating its criteria for ratings of bond funds. The analysis framework remains unchanged, and Fitch estimates that the process of updating the previous table, released on 16 August 2011, will not result in modifications to the ratings of the various types of bond funds concerned.
16/08/2012

ETF activity on Euronext declines in July

In July, the daily volume of “on-book” trades of ETFs on the European bourses of NYSE Euronext came in at EUR239.7m, compared with EUR257.7m in June, and the total decline in volumes in July is 2.6% compared with the previous month, to EUR5.3bn. Compared with July 2011, average daily trading volumes have fallen 45.9%.However, block trades totalled EUR741.5m last month, up 1.1% ompared with EUR733.4m in June, which represents 14.1% of total trading volumes, compared with 13.5% the previous month.The median spread fell to 29.7 basis points, compared with 31.15 basis points in June.
16/08/2012

4% increase in assets under management at GAM in first half

The wealth management firm GAM on 14 August announced a 4% increase in its assets under management in first half 2012, to CHF111.1bn, compared with CHF107.0bn as of the end of December 2011. “This growth primarily reflects a decline on the market of CHF2.9bn, positive currency effects (CHF0.3bn), and appreciation of currencies (US dollar, pound sterling) against the Swiss franc, which offset the falling euro,” GAM says in a statement. Meanwhile, net inflows totalled CHF0.9bn, compared with CHF0.6bn in first half 2011 and redemptions in second half 2011. Net operating profits totalled CHF70.2bn, compared with CHF100.4bn, while pre-tax profits totalled CHF87.1m (CHF124.7m), which corresponds to a decine of 30% in both cases.
16/08/2012

Good first half for Banque cantonale de Genève

Assets under management and administration at the Banque cantonale de Genève (BCGE) increased in first half by CHF0.4bn, to a total of CHF18.5bn, according to a statement released on 14 August. The BCGE says in a statement that its “commercial and financial solidity” allowed it to earn gross profits of CHF70.2m, up 26.3% compared with first half 2011, and a net profit, after a write-down of provisions for general banking risks, of CHF36.5m (+31.56%).
16/08/2012

DekaBank has a new permanent chairman

Since the dismissal of Franz Waas on 2 April, Oliver Behrens has been serving as interim chairman of the managing board at DekaBank. He now becomes vice-chairman of the board (a newly-created position), and will report to Michael Rüdiger, who has been appointed by the board of directors as chairman of the managing board.Rüdiger, who will be joining the firm “as soon as possible,” had previously been CEO for Central Europe at Credit Suisse, in charge of private banking, asset management and investment banking.The board at the central asset management firm for the German savings banks, which is now complete, includes, in addition to the chairman and vice-chairman, Friedrich Oelrich, Matthias Danne and Georg Stocker (who began in the position on 1 August). As of the end of June, Deka had EUR88.4bn in assets in open-ended securities funds, EUR21bn in open-ended real estate funds, EUR50bn in institutional securities funds, EUR1.73bn in institutional real estate funds, and EUR10.74bn in securities mandates.
16/08/2012

Raiffeisen completes integration of Notenstein

The Raiffeisen group, which has recently acquired Notenstein Banque Privée, in second quarter posted growth of 4.3% in its profits, to CHF354m, compared with CHF340m in first quarter 2011, the group has announced in a statement released on 16 August.Assets under management have risen to CHF169.8bn as of the end of June, compared with CHF145.9bn as of the end of December 2011.The acquisition of Notenstein Banque Privée SA, which has nearly CHF21bn in assets under management, “undeniably strengthens the abilities of the Raiffeisen group in investment operations,” the group says in a statement. The acquisition by Notenstein Banque Privée SA by Raiffeisen Switzerland “proceeded as planned.” After limited redemptions by clients from funds, Notenstein has been posting net subscriptions and signing up new clients again since June.
16/08/2012

Fortune SG denies pressuring its employees

Z-Ben Advisors reports that Fortune SG (a joint venture of the Société Générale and Bao Steel groups) is denying reports in the local media that the Chinese asset management firm is requiring all of its employees to join an automatic investment plan in which they subscribe to shares in the money market fund Fortune SG Cash Box Money Market Fund, in an effort to boost assets under management.According to Fortune SG, all investments made by personnel in the fund were made voluntarily. However, the Fortune SG product has seen massive subscriptions in the fourth quarter of the past five years running, and then significant redemptions in the following quarter. It is not unusual for Chinese fund management firms to seek to increase their assets in fourth quarter to improve their end-of-year rankings.
16/08/2012

Moody's cuts long-term ratings for Julius Baer

The ratings agency Moody’s on 15 August announced that it is lowering the long-term rating of Julius Baer to A1, from A3 previously. It has also reduced the financial solidity rating for the firm to C+ from B-. Moody’s explains in a statement that the decision comes due to an announcement by the Swiss bank that it has acquired the wealth management activities of Merrill Lynch outside the United States, and to increasing pressure on traditional private banking activities in Switzerland, which will require firms in the sector to revise their model based on offshore centres.
16/08/2012

Four new QFII licenses issued

Since early July, the Chinese regulator (CSRC) has issued four new Qualified Foreign Institutional Investor (QFII) licenses, to BOC Group Life Assurance, Nan Shan Life Insurance, Hall Capital Partners and the Board of Regents of the University of Texas System. The new licenses bring the total number of QFII license holders to 176 as of 14 August, Z-Ben Advisors reports.
16/08/2012

Nicolas Picard rejoint Amundi

Nicolas Picard a quitté CPR Asset Management, où il était gérant actions européennes et émergentes, après y avoir travaillé pendant 15 ans, pour rejoindre Amundi, la maison mère de la société de gestion, selon les informations de Citywire. Il aurait intégré l’équipe d’épargne salariale.Contacté par Newsmanagers, Amundi précise que cette mutation interne a eu lieu il y a environ 6 mois.
16/08/2012

BNP Paribas SS remporte un contrat de conservation auprès d'EFG Bank

La banque privée suisse EFG Bank a nommé BNP Paribas Securities Services en qualité de conservateur local et international sur plusieurs marchés, y compris l’Australie et la Nouvelle Zélande.EFG Bank devient ainsi le troisième client de BNP Paribas SS sur le marché australien où le groupe propose ses services de conservation depuis mai 2012. Les actifs sous conservation d’EFG Bank s'élèvent à environ 3 milliards de dollars.
16/08/2012

Forte croissance de l'activité de Fidelity dans le secteur des retraites

Fidelity Investments a annoncé avoir collecté au premier semestre 25,2 milliards de dollars sur des plans de retraite à contributions définies, un montant en augmentation de 36% par rapport au premier semestre 2011.Il s’agit d’un des meilleurs résultats semestriels enregistrés au cours des cinq dernières années, souligne Fidelity Investments dans un communiqué.
16/08/2012

Robeco va cibler l’Amérique latine via Miami

La société de gestion néerlandaise Robeco va ouvrir un bureau à Miami, aux Etats-Unis, afin de renforcer sa présence en Amérique latine, rapporte Investment Europe. Cette offensive sera pilotée depuis le bureau de Madrid, dirigé par Javier García de Vinuesa, qui supervise déjà les clients et les produits en Amérique latine. Le bureau devrait être inauguré après l’été avec moins de cinq personnes initialement.
16/08/2012

Progression de 4% des actifs sous gestion de GAM au premier semestre

Le gestionnaire de fortune GAM a annoncé le 14 août une augmentation de 4% au premier semestre 2012 de ses actifs sous gestion à 111,1 milliards de francs suisses, contre 107,0 milliards de francs suisses à fin décembre 2011. «Cette croissance reflète surtout la hausse du marché de 2,9 milliards de francs suisses, des effets de change positifs (0,3 milliard de francs suisses), l’appréciation de devises (dollar, livre) contre le franc suisse, ce qui a compensé la baisse de l’euro», précise GAM dans un communiqué.En outre, la collecte nette s’est élevée à 0,9 milliard de francs suisses, contre 0,6 milliard de francs suisses au premier semestre 2011 et des rachats au second semestre 2011.Le bénéfice net s’est inscrit à 70,2 millions de francs suisses contre 100,4 millions de francs suisses, le bénéfice avant impôts ressortant à 87,1 millions de francs suisses (124,7 millions de francs suisses), ce qui correspond à une baisse de chaque fois 30%.
16/08/2012

Bon semestre pour la Banque cantonale de Genève

Les fonds gérés et administrés de la Banque Cantonale de Genève (BCGE) ont augmenté au premier semestre de 0,4 milliard de francs suisses pour s'établir à 18,5 milliards de francs suisses, selon un communiqué publié le 14 août.La BCGE souligne dans son communiqué sa «solidité commerciale et financière», qui lui permet de dégager un bénéfice brut de 70,2 millions de francs suisses, en progression de 26,3% par rapport au premier semestre 2011 et un bénéfice net, après versement aux réserves pour risques bancaires généraux, de 36,5 millions de francs suisses (+31,56%).
16/08/2012

Moody's baisse la note long terme de Julius Baer

L’agence Moody’s a annoncé le 15 août un abaissement de la note long terme de Julius Baer à A1 contre Aa3 précédemment. Elle a aussi réduit la note de solidité financière à C+ contre B-. Moody’s explique dans un communiqué que cette décision est liée à l’annonce par la banque suisse de l’acquisition des activités de gestion de fortune de Merrill Lynch hors des Etats-Unis et aux pressions croissantes qui touchent les activités traditionnelles de banque privée en Suisse qui vont notamment obliger les établissements du secteur à revoir leur modèle basé sur les centres offshore.
16/08/2012

Fortune SG "solliciterait amicalement" ses salariés

Z-Ben Advisors rapporte que Fortune SG (filiale commune des groupes Société Générale et Bao Steel) dément l’information publié par les médias locaux selon laquelle le gestionnaire chinois exigerait de tous ses salariés qu’ils adhèrent au plan d’investissement automatique pour souscrire des parts du fonds monétaire Fortune SG Cash Box Money Market Fund et en gonfler l’encours.D’après Fortune SG, tous les placements effectués par le personnel dans le fonds l’ont été sur une base volontaire. Néanmoins, ce produit Fortune SG a connu des souscriptions massives au quatrième trimestre des cinq dernières années, puis des remboursements importants le trimestre suivant. Il n’est pas inhabituel que les sociétés de gestion de fonds chinoises cherchent à gonfler leurs encours du quatrième trimestre pour améliorer leur classement de fin d’année.
16/08/2012

Raiffeisen réussit l'intégration de Notenstein

Le groupe Raiffeisen, qui a récemment racheté Notenstein Banque Privée, a enregistré au premier semestre une progression de son bénéfice de 4,3% à 354 millions de francs suisses, contre 340 millions au premier semestre 2011, a annoncé le groupe dans un communiqué publié le 16 août. Les actifs sous gestion ont progressé à 169,8 milliards de francs suisses à fin juin contre 145,9 milliards de francs à fin décembre 2011.L’acquisition de Notenstein Banque Privée SA, qui gère près de 21 milliards de francs d’actifs, renforce «incontestablement la compétence du groupe Raiffeisen dans les opérations de placement», souligne le groupe dans son communiqué. La reprise de Notenstein Banque Privée SA par Raiffeisen Suisse «s’est déroulée comme prévu». Après avoir connu des retraits limités de fonds de la clientèle, Notenstein enregistre à nouveau depuis juin des souscriptions nettes et l’arrivée de nouveaux clients.
16/08/2012

Robeco collecte 17 milliards d’euros au premier semestre

Robeco Group, la filiale de gestion d’actifs de Rabobank, a enregistré au premier semestre 2012 des souscriptions nettes de 17 milliards d’euros, ce qui est supérieur au total collecté - 7,6 milliards d’euros - sur l’ensemble de l’année 2011. «Les souscriptions nettes des clients institutionnels ont été fortes, provenant notamment des Pays-Bas, portant ainsi la proportion d’actifs gérés pour le compte d’institutionnels à 51 % contre 46 % au premier semestre 2011", explique un communiqué diffusé mardi.Les encours sous gestion ont ainsi progressé à 179 milliards d’euros au 30 juin, contre 150 milliards d’euros fin 2011.Malgré cela, le bénéfice net a reculé à 97 millions d’euros contre 105 millions d’euros fin juin 2011.Commentant ces résultats, Roderick Munsters, CEO de Robeco Group, a déclaré : "(…) La hausse de 19% des encours est soutenue par de solides souscriptions nettes, ainsi que par l’attractivité de nos stratégies. Nous sommes donc confiants en cette période où Robeco travaille étroitement avec Rabobank sur la revue stratégique de notre activité». Pour mémoire, Rabobank passe en revue toutes les options pour sa filiale de gestion d’actifs, y compris une cession.
16/08/2012

Baisse du bénéfice de la gestion d'actifs du Santander

Pour le premier semestre, Santander Asset Management a généré un bénéfice net de l’ordre de 32 millions d’euros, soit 28,6 % de moins que pour la période c orrespondante de 2011 et l’encours a diminué de 1 % sur fin décembre à 137,5 milliards d’euros, dont 107 milliards pour les fonds d’investissement et les fonds de pension, 7 milliards pour les portefeuilles dédiés et les mandats institutionnels ainsi que 23 milliards d’euros de mandats de gestion pour d’autres entités du groupe Santander.Le rapport semestriel précise que la gestion traditionnelle représentait fin juin environ 134 milliards d’euros, dont 85 % pour quatre pays (Brésil, Royaume-Uni, Espagne et Mexique), tandis qu’en gestion «non traditionnelle» (fonds immobiliers, hedge funds et private equity), le volume restait stable à 3,5 milliards.Pour sa part, Funds People a annoncé le 8 août que Santandar AM envisage de créer à Francfort une succursale pour la gestion de portefeuilles et le conseil en investissements.

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