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19/06/2012

L'Union Financière de France crée une direction du développement

L’Union Financière de France annonce la création d’une direction du développement, confiée à Philippe Gragé. La nouvelle division aura pour mission, en premier lieu, de développer une politique de recrutement ambitieuse (300 recrutements par an) et d’accompagner la réussite des entrants grâce à un parcours de formation au métier de conseiller en gestion de patrimoine.
19/06/2012

MFS se développe à l'étranger

Lors de la présentation du nouveau logo le 18 juin, le CEO Robert Manning a annoncé que le gestionnaire américain MFS Investment Management (280 milliards de dollars d’encours) a l’intention d’ouvrir deux nouveaux centres de gestion, l’un à Hong-Kong, l’autre à São Paulo, rapporte Funds People. Il est aussi prévu d’ouvrir un bureau de vente en Australie.
19/06/2012

S&P abaisse les notes d'AllianceBernstein

L’agence Standard & Poor’s (S&P) a annoncé vendredi qu’elle abaisse les notes long terme et court terme d’AllianceBernstein (400 milliards de dollars fin mai) à respectivement A+ et A-1 contre AA- et A-1+, avec perspective négative.Cette dégradation est imputable d’une part à des remboursements nets persistants qui réduisent les recettes d’exploitation et d’autre part à la déformation des portefeuilles avec des encours obligataires qui représentent plus de la moitié du total et qui seraient à risque si les marchés de la dette venaient à se dégrader. La perspective négative est liée aux performances décevantes des produits de grandes capitalisations, qui pourrait provoquer une poursuite des sorties.En revanche, S&P reconnaît que le profil de risque financier d’AllianceBernstein est sain.
19/06/2012

Julius Baer négocie avec Bank of America pour Merrill

Le 19 juin, la banque privée suisse Julius Baer Group (178 milliards de francs d’encours fin avril) a indiqué dans un communiqué laconique être en pourparlers avec Banf of America au sujet des activités internationales de gestion de fortune de Merrill Lynch à l’international (hors Etats-Unis, précise bien le communiqué).Cependant, compte tenu du fait que ces discussions n’en sont qu'à leur stade initial, leur résultat «est entièrement ouvert».
19/06/2012
Fonds

Axa PE lève 8 milliards de dollars

Le capital-investisseur Axa Private Equity a indiqué lundi à Londres avoir levé 8 milliards de dollars, notamment auprès d’institutionnels comme des fonds de pension, pour acquérir des participations dans des entreprises que les banques malmenées par la crise seront obligées de revendre, rapporte le Handelsblatt. Initialement, Axa PE ne visait que la moitié de cette somme, mais la demande s’est avérée étonnamment forte. Selon le capital-investisseur, les banques devront vendre entre 40 milliards et 50 milliards de dollars de participations ces deux prochaines années pour renforcer leurs bilans.
Fonds
19/06/2012

Assurance vie : MMA voit fondre la collecte nette de moitié

Covéa dévoilera jeudi ses comptes 2011 à Paris, rapporte L’Agefi. Le troisième pôle du groupe d’assurance, MMA, devrait publier des résultats en amélioration de 159 millions d’euros, contre 144 millions en 2010. L’assurance vie a cependant pâti de la crise des dettes souveraines mais aussi du retournement du marché en France. La collecte nette aurait ainsi fondu de moitié à un peu plus de 300 millions d’euros. La collecte brute en assurance vie reculerait quant à elle de 18% à 19%, contre 14% pour l’ensemble du marché français.
19/06/2012
Fonds

Le fonds Agregator Capital se lance en Bourse

Suite à l’enregistrement de son document de base par l’Autorité des marchés financiers (AMF), le fonds d’investissement Agregator Capital, porté par plus de 400 dirigeants, va s’introduire prochainement sur le marché réglementé de NYSE Euronext à Paris, en fonction des conditions de marché, indique Agregator dans un communiqué publié le 19 juin.
Fonds
19/06/2012

Edrim releases Millésima 2018 in Spain

The CNMV has announced that on 15 June it issued a sales license for Spain to the French-registered fund EdR Millésima 2018 from Edmond de Rothschild Investment Managers (see Newsmanagers of 12 June). It is a target-date bond product which aims to capture the potential offered by the credit markets currently.
19/06/2012

UBS Global AM lists four more ETFs in Germany

Deutsche Börse has announced that it has admitted four ETFs from UBS Global Asset Management to trading on the XTF segment of its Xetra electronic trading platform, which replicate strategy indices developed by Hedge Fund Research. The Irish-registered products track the Equity Hedge, Event Driven, Macro CTA and Relative Value Arbitrage indices. With these funds, the XTF segment now lists 983 products.Characteristics Name: UBS ETFs plc – HFRX Equity Hedge Index SF (EUR) A-accISIN code: IE00B76VD289TER: 1.50%Name: UBS ETFs plc – HFRX Event Driven Index SF (EUR) A-accISIN code: IE00B76VD396TER: 1.50%Name: UBS ETFs plc – HFRX Macro CTA Index SF (EUR) A-AccISIN code: IE00B76VD404TER: 1.50%Name: UBS ETFs plc – HFRX Relative Value Arbitrage Index SF (EUR) A-AccISIN code: IE00B76VD511TER: 1.50%
19/06/2012

Barclays reshuffles European fund range

Barclays has announced an overhaul of its range of European funds, under the UCITS IV directive. French Premier Barclays clients will have an extended range of investments available to them, including all GlobalAccess sub-funds of the Irish SICAV Barclays Multimanagers, and some sub-funds of the Luxemburg Sicav Barclays Funds. Some management expertise will also be grouped together through mergers and absorptions of French-registered funds into sub-funds of the Barclays Funds Luxembourg Sicav, with the objective of offering investors a unified product range throughout Europe, with larger portfolio sizes, mutualising total costs for sub-funds, and authorising better management of them. These operations will proceed from 13 to 20 July 2012.Aside from its range of French-registered funds, developed for local and specific solutions, Barclays is making two international Sicav funds available to its French Premier clients (Global Access, an Irish Sicav, and Barclays Funds, a Luxembourg Sicav), offering 40 sub-funds denominated in GBP, USD, JPY and EUR, which are actively managed and cover the major international asset classes.
19/06/2012

GLG releases a UCITS-compliant financial sector hedge fund

The British firm GLG Partners, an affiliate of Man Group, has obtained a sales license from the Irish central bank to release GLG Financials Alternative, a sub-fund of the Sicav GLG Investments VI plc, launched on 30 March 2012, but which continues a long/short financial sector strategy launched in May 2002 with an absolute return objective and returns of 9.71% per year, at a time when the MSCI World Financials index has lost 2.6%, to retail and institutional clients.The fund is managed by David Sanders, with the assistance of Stephen Holliday and Erkin Adylov. The fund is now also available in Germany and Austria.CharacteristicsName: GLG Financials AlternativeISIN codes:Retail: IE00B73DP106Institutional EUR: IE00B771GJ57Minimal subscription:Retail: EUR1,000Institutional: EUR100,000AMC (retail): 2.75%Performance fee: 20%
19/06/2012

UBS launches first ETF of US infrastructure firms

SIX Swiss Exchange has announced that UBS has become the first Swiss asset management firm to launch an ETF of shares in US infrastructure companies, replicating the MSCI USA Infrastructure index.The Irish-domiciled, physical replication product, whose base currency is the US dollar, is available in an A (retail) distribution share class (US dollars and Swiss francs), and an I (institutional and ultra-high net worth private client) share class in US dollars. The market makers are UBS and Commerzbank.CharacteristicsName:UBS (Irl) ETF plc - MSCI USA Infrastructure (USD) A-disUBS (Irl) ETF plc - MSCI USA Infrastructure (USD) A-disUBS (Irl) ETF plc - MSCI USA Infrastructure (USD) I-dTER: 0.65%
19/06/2012

Hedge fund closures at their highest levels in two years

In first quarter, 232 hedge funds were liquidated, according to statistics from Hedge Fund Research. This is the highest level observed since first quarter 2010, when 240 hedge funds were closed down.The trend has been compensated by an increase in new fund launches (304), which have brought assets in the sector to USD2.13trn.Hedge Fund Research has also recorded 64 closures of funds of hedge funds, and 34 creations.In the first five months of the year, the HFRI Fund Weighted Composite index has gained 2.54%.
19/06/2012

IIF calls for new approach to shadow banking

The Institute of International Finance (IIF) on 18 June issued a report “Shadow Banking”: A Forward-Looking Framework for Effective Policy” calling for a new policy approach to non-bank financial activities sometimes described as “shadow banking”. The IIF focused on the potential benefits and risks of these activities and the most appropriate use of risk mitigation tools. The IIF Report suggests that any policy framework be based on three stages of action: first, the identification of relevant activities and collection of relevant information about them, second, an assessment of whether they could pose systemic risk, and third, if risks are identified, the use of risk mitigation tools.
19/06/2012

max.xs recruits three people

The German financial services provider max.xs has announced that it has recruited Christian A. Kratochwil as director of institutional sales. Kratochwil has 13 years of experience in investment banking, largely in financial markets and asset management. He was most recently a partner at IO Capital Partners, in charge of institutional sales, product development, and portfolio management. Dirk Wechmann has also joined max.xs as PR/communications manager; he was previously a public relations consultant for the RedRobin agencies, in charge of Strategic Public Relations and achtung!, and several financial sector budgets.The customer service unit has also been strengthened with the arrival of Romina Jones, previously an assistant at Citigroup and MainFirst.
19/06/2012

Felix Ronner (ex UBS) joins Reuss Private

The independent wealth management firm Reuss Private has announced that Felix B. Ronner, former CEO of UBS, has become a senior partner and head of products at the firm.
19/06/2012

Private investments highly sought after in times of turbulence

Professional investors are increasingly seeking investments in the private market segment, meaning private debt, private equity, direct investment in real estate and investment in infrastructure, the Swiss Funds Association (SFA), the organisation representing the Swiss investment fund and asset management sector, reports. “Currently, volumes in private markets represent, in the private debt segment alone, more than 30% of the approximately EUR160bn invested in third-party capital,” the association reports in a statement published on 18 June.Swiss and German investors are nonetheless increasingly moving into investment portfolios composed of mortgages and corporate debt from top-calibre businesses. According to the SFA, this development is due to the fact that government bonds and investments in financial sector businesses, once considered safe, are increasingly risky.Hans-Jörg Baumann, chairman and CEO of Swiss Capital Alternative Investments, and also president of the commission which includes promoters of alternative investments within the SFA, says that the government bond and financial sector investment segments have the highest growth rates over time periods of more than 10 years, but that they are currently undergoing some re-rating.
19/06/2012

Julius Bär confirms interest in BofA private banking operation

Julius Baer on 19 June confirmed in a statement that it is in talks to acquire the private banking activities of Bank of America (BofA) outside the United States. The division, inherited from the Merrill Lynch investment bank taken over by BofA at the height of the financial crisis, manages USD90bn ina ssets.Due to the early stage of talks, the outcome is still entirely open, the bank says in a statement.According to some sources, UBS, Credit Suisse and Wells Fargo are also said to be interested in the acquisition.
19/06/2012

UBP AM launches dividend fund in Italy

UBP Asset Management, which belongs to Union Bancaire Privée, has launched its new European equity fund, UBAM – Europe Equity Dividend Plus+, a sub-fund of the Luxembourg Sicav UBAM, in Italy, FondiOnline reports.
19/06/2012

GLG plans to close down European equity long/short strategy

GLG is planning to close the GLG European Equity Alternative fund to new investors, Investment Week reports. The fund, launched barely one year ago, at last reading had assets of USD760m, compared with USD735m at the end of May (see Newsmanagers of 11 June 2012). The fund will undergo a soft closing when it reaches USD1bn, and will then be closed more definitively at USD1.25bn.
19/06/2012

BBVA AM gets back Mar Matilla from Efama

After three years as a senior adviser at the European fund and asset management association (EFAMA), Mar Matilla is rejoining the asset management unit of BBVA as head of innovation and product management, in charge of product development for various BBVA fund sales networks, Funds People reports. She previously worked at Quality Funds, a BBVA entity. She now joins the product team led by Maria Taboada Fernandez de Navarrete.
19/06/2012

Chinese regulator planning huge wave of liberalisation

The Chinese securities commission (CSRC) has announced that it is planning to liberalise access to Qualified Foreign Institutional Investment (QFII) licenses, which would involve lowering the required operational experience for insurance companies and pension funds with long-term investment plans from five years to two years. According to Z-Ben Advisors, the CSRC is also said to be planning to extend eligibility to the inter-bank bond market, index futures and margin trading.The regulator is also planning to relax the requirements for mutual fund sales licenses; it is planning to restitute sales licenses previously issued to certain firms which no longer are licensed due to administrative sanctions against them in the past three years.The CSRC is planning to launch a consultation with professionals in the sector on reforms to regulations applicable to fund management firms: it is hoping to incite managers to launch more fixed income products, in order to increase the proportion of total assets in the industry in these funds to 50%.
19/06/2012

JP Morgan head plans to launch a hedge fund

Deepak Gulati, currently head of proprietary international equity trading activities at JP Morgan, is planning to leave the group and launch a hedge fund, the news agency Bloomberg reports. According to Bloomberg, Gulati is not expected to launch his project before next year. Gulati is said to be leaving the firm with at least part of his team, which includes 20 traders.
19/06/2012

Losses in May for several alternative strategies

Of 13 hedge fund strategies regularly monitored by the Edhec-Risk Institute, 10 saw losses in May, with the heaviest lsoses (5.83%) for funds specialised in emerging markets. However, funds specialised in short-selling earned returns of 7.23%, but they were the only ones, along with emerging markets (-0.4%) to post a loss for the first five months of the year (-5.9%). The largest gains in January-May were for distressed securities (4.6%) and convertible arbitrage (4.2%).
19/06/2012

MFS develops abroad

At a presentation of its new logo on 18 June, CEO Robert Manning has announced that the US asset management firm MFS Investment Management (USD280bn in assets) is planning to open two new fund management centres, one in Hong Kong, and one in São Paulo, Funds People reports. The firm is also planning to open a sales office in Australia.
19/06/2012

S&P cuts ratings for AllianceBernstein

The ratings agency Standard & Poor’s (S&P) on Friday announced that it is lowering the long-term and short-term ratings for AllianceBernstein (USD400bn as of the end of May) to A+ and A-1, respectively, from AA- and A-1+, with a negative outlook.The ratings downgrade is due partly to ongoing net redemptions, which have reduced operating revenues, and on the other hand to distortion of portfolios, with bond assets representing more than half of the total, so that they would be at risk if debt markets were to deteriorate. The negative outlook is due to the disappointing performance of large cap products, which may lead to a continuation of outflows.However, S&P recognizes that the financial risk profile of AllianceBernstein is healthy.
19/06/2012

Trian fund acquires 5.1% stake in Lazard bank

The US investment fund Trian Fund Management on 18 June announced that it has amassed a stake of about 5.1% in the French-American bank Lazard, to become one of the bank’s largest shareholders. Trian, which has acquired 6.3 million ordinary shares in Lazard, claims in a statement that the bank is a top-calibre global financial services business with a high-value brand. The Lazard model, based on commissions, is positioned to naturally profit from long-term financial market trends. Trian supports the new strategic plan at Lazard, unveiled on 27 April, which focuses on increasing margins, and estimates that Lazard shares are significantly undervalued.
19/06/2012

KKR acquires Prisma Capital Partners

Agefi reports that the private equity firm KKR is acquiring the fund of hedge fund management firm Prisma Capital Partners, for an undisclosed amount. Prisma CP, founded by three partners from Goldman Sachs, has USD7.8bn in assets under management, 90% of them institutional. The acquisition is a symptom of a larger desire on the part of private equity firms to diversify their activities, the newspaper remarks.
19/06/2012

Swedish asset management firms count cost of funds

Several Swedish asset management firms have decided to calculate the “Normanbeloppet,” or the cost of a fund in Swedish crowns for an investor who saves SEK1,000 per month for ten years, Dagens Industri reports. Amf Fonder, Folksam LO Fond, Handelsbanken Fonder, Nordea Fonder, SEB Fonder and Skandia Fonder have done so. However, East Capital Asset Management and Carnegie Fonder have no plans to do so. The “Normanbeloppet” is intended to provide some transparency about the cost of a fund, and to allow comparison. But many asset management firms think the figure is unuseful and tends to confuse matters.
19/06/2012

Credit Suisse recruits a Wegelin veteran

Sandro Bund, director of institutional sales at the Swiss private bank Wegelin for Germany and Austria, is joining Credit Suisse as director of financial institutions in the asset management unit of Credit Suisse Germany in Frankfurt, Institutional Money reports, relayed by Finews. Bund will report directly to Henning Busch, CEO for asset management at Credit Suisse for Germany and Austria.Before joining Wegelin, Bund was responsible for key accounts in Boston and Munich at State Street Global Advisors (SSgA) from 2001 to 2009.

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