Vingt emplois dans la distribution chez Ignis Asset Management, à Londres et Glasgow, font l’objet d’une «étude» et pourraient être menacés, selon FundWeb. D’après un porte-parole cité par le site Internet : «Il y aura une consultation de deux semaines et certaines personnes se verront proposer de nouvelles fonctions chez Ignis et d’autres seront licenciées». Nick Pogmore, le responsable des alliances stratégiques au Royaume-Uni, a d’ores et déjà été remercié.

Legal and General Investment Management (LGIM) a publié au titre de 2011 un bénéfice d’exploitation en hausse de 14 % sur un an, à 234 millions de livres. Ce sont particulièrement les produits à forte marge qui ont attiré les investisseurs, selon Investment Week. A fin 2011, les encours sous gestion s'élevaient à 371 millions de livres, soit une hausse de 5 % comparé aux encours de 354 millions de fin 2010.

UBS a annoncé le 15 mars à l’occasion de la publication de son rapport annuel avoir révise en baisse de 74 millions de francs suisses son bénéfice net. La banque a pris en compte des événements connus après le 7 février 2012 et qui concernaient les résultats 2011. Le résultat par action non dilué et dilué est réduit de 0,02 franc (annoncé : 1,10 franc).La révision la plus importante concerne un accord conclu en mars 2012 avec un assureur monoline. Cet accord prévoit que certains contrats CDS (Credit Default Swap) sont remplacés par un paiement net au comptant. En conséquence, le produit du négoce d’Investment Bank en 2011 a été réduit de 167 millions de francs net. Le total des positions concernées représente presque 15 milliards d’actifs pondérés des risques selon Bâle III, selon la banque. La transaction est conforme à la stratégie de réduction de ces risques.A noter par ailleurs qu’en 2011, le manager le mieux payé de la banque a été Robert McCann, CEO Wealth Management Americas, qui a perçu près de 9,2 millions de francs suisses. Sergio Ermotti, patron de la banque depuis septembre, a touché 6,4 millions d’euros et l’ancien CEO Oswald Grübel, qui avait démissionné en septembre après le scandale du courtier londonien, a encore gagné 2,3 millions de francs. Le total perçu par le Group Executive Board (GEB) se monte à 70,1 millions de francs, après 91 millions en 2010.

Avec l’acquisition auprès de Clariden Leu (groupe Credit Suisse) de son pôle ILS (pour insurance-linked investments), LGT Group permet à l’encours de sa filiale LGT Capital Management d’augmenter de plus de 2 milliards de francs suisses son encours total, à quelque 22 milliards. La transaction, dont le montant n’a pas été dévoilé, doit être bouclée pour la fin du premier semestre.Avec l’ILS, LGT Capital Management reprend une équipe de gestion de dix personnes et quatre produits : Clariden Leu (CH) Cat Bond Fund, Clariden Leu (Lie) Cat Bond Fund, Clariden Leu (Lux) I - Cat Bond Fund, et Clariden Leu (Gue) ILS Plus Fund.

Il sera proposé aux actionnaires de la Société Générale, lors de l’assemblée générale le 22 mai 2012 de renouveler pour quatre ans les mandats d’administrateurs de Michel Cicurel et de Nathalie Rachou, administrateurs indépendants, et de nommer en qualité d’administrateur, également pour une durée de quatre ans, Thierry Martel et Yann Delabrière - qui serait nommé en tant qu’administrateur indépendant.Si ces résolutions sont adoptées par l’assemblée générale, le conseil d’administration comprendra 15 membres dont 13 nommés par l’assemblée générale et 2 élus par les salariés, précise un communiqué. Le nombre d’administrateurs indépendants sera de 10 sur les 13 administrateurs nommés par l’assemblée générale.Michel Cicurel est président du directoire de la Compagnie Financière Edmond de Rothschild et de la Compagnie Financière Saint-Honoré jusqu’en juin 2012 et administrateur indépendant de Société Générale depuis 2004, membre du comité des rémunérations et du comité des nominations et dugouvernement d’entreprise.Thierry Martel est directeur général de Groupama depuis 2011.Yann Delabrière est depuis 2007 président directeur général de Faurecia. Il est également administrateur de Cap Gemini.Nathalie Rachou a exercé de nombreuses fonctions au sein de la Banque Indosuez et de Crédit Agricole Indosuez. En 1999, elle a créé Topiary Finance Ltd., société de gestion d’actifs, basée à Londres. Par ailleurs, elle est conseiller du commerce extérieur de la France depuis 2001.

Suravenir, la filiale d’assurance-vie et de prévoyance du Crédit Mutuel Arkéa, a présenté ses résultats 2011 faisant état d’une collecte nette de 300 millions d’euros. L’encours d’assurance-vie enregistre une hausse de 1 % par rapport à l’année précédente, pour s’établir à 25 milliards d’euros. Dans le détail, la part des fonds en euros passe à 20,7 milliards, en hausse de 4,02 % tandis que la part des unités de compte se fixe à 4,3 milliards, en baisse de 12,24 %.Les primes d’épargne assurance-vie collectées en 2011 s’élèvent à 2,1 milliards d’euros contre 2,4 milliards d’euros en 2010, en baisse de 13 %. La part de marchénationale de Suravenir sur cette activité, en collecte brute, est de 1,7 % en hausse de 0,5 % par rapport à 2010. L’année 2011 enregistre une hausse des sorties de 21 %. Les sorties qui s’élèvent à 1,8 milliard d’euros en 2011 représentent 7,2 % de l’encours de début d’année, contre 6,2 % en 2010. Au titre de l’année 2011, Suravenir a enregistré un résultat net de 112 millions d’euros, en progression de 12 % par rapport à 2010. le chiffre d’affaires en recul de 12 % par rapport à 2010 atteint 2,3 milliards d’euros.

Amilton Asset Management devient l’actionnaire majoritaire de Swan Capital Management. La société de gestion spécialisée dans la gestion sous mandat et les fonds actions a pris 58 % du capital de Swan CM, dont l’activité principale est la multigestion dédiée aux clients professionnels, notamment les conseillers en gestion de patrimoine. Amilton AM, qui gère actuellement 120 millions d’euros portera ses actifs à 400 millions suite au rapprochement. Cette prise de participation n’est que la première étape d’une stratégie de développement mise en place par Amilton AM et qui se veut dynamique. Souhaitant «devenir à moyen terme une société de gestion indépendante de référence en France», Amilton AM s’appuiera sur la croissance organique de ses encours «avec la mise en œuvre d’une politique commerciale dynamique et l’arrivée de nouveaux gérants». La société de gestion entend également poursuivre sa stratégie de croissance externe en se rapprochant de sociétés de gestion aux expertises complémentaires, qu’elle souhaite intégrer au sein de sa structure.

Goldman Sachs a fait savoir immédiatement qu’il allait examiner les reproches et accusations de Greg Smith, qui a démissionné après avoir publiquement reproché aux dirigeants de l’entreprise de vouloir dévaliser les clients, rapporte The Wall Street Journal. Contrairement aux précédents incidents, où elle avait été cueillie à froid, la banque d’affaires s’est attachée tout de suite à minimiser l’incident. Dans une note au personnel, le chairman et CEO Lloyd C. Blankfein et le president Gary D. Cohn soulignent que Greg Smith n'était qu’un des 12.000 vice presidents parmi les 30.000 salariés du groupe. Et l’enquête a commencé immédiatement auprès des supérieurs hiérarchiques et des collègues de l’intéressé.

Le fonds de pension californien CalPERS a annoncé le 14 mars avoir fixé son taux d’actualisation à 7,5%, suivant en cela les recommandations de son comité spécialisé sur les retraites.Le taux d’actualisation avait été modifié il y a dix ans, passant de 8,25% à 7,75%. L’an dernier, le conseil d’administration avait décidé de maintenir ce taux à 7,75% en envisageant toutefois une révision cette année.CalPERS souligne dans un communiqué que l’environnement économique l’a contraint à prendre cette décision.

L’Agefi rapporte que le Groupe Bruxelles Lambert (GBL), la société d’investissement d’Albert Frère et de la famille canadienne Desmarais a cédé hier sa participation de 10,01% chez Arkema. GBL réalise une excellente opération, note le quotidien. Le produit net de la cession s'élève à 432 millions d’euros, soit environ deux fois l’investissement initial. La société empoche 220 millions d’euros de plus-value.

Selon L’Agefi, la Caisse des dépôts et consignations a annoncé avoir souscrit pour 300 millions d’euros d’actions de préférence de Gan Eurocourtage, filiale de l’assureur Groupama que celui-ci espère céder prochainement.

Trecento Asset Management lance les deux premiers fonds de sa gamme. La toute jeune société de gestion, qui a vu le jour en décembre 2011 (voir NewsManagers du 15/12/2011), a obtenu l’agrément pour deux FCP au format Ucits IV.Le premier, Trecento Market Neutral, est un fonds d’arbitrage actions visant à tirer profit à court terme des écarts de valorisation intra-sectorielle tout en neutralisant son exposition aux marchés actions. La performance de ce fonds est décorellée de l’évolution des marchés, via une stratégie active d’achats et de ventes d’actions européennes. Alors que la société de gestion avait prévu lors de son lancement (lire l’article du 15/12/2011) un objectif de performance de 7% à 10 %, celui-ci est désormais de 4%, le profil de risque du produit ayant diminué. Trecento Market Neutral est géré par Julien Bourret, ancien gérant de la poche pair-trade de fonds long/short de Sycomore Asset Management.Le deuxième, Trecento European Equities, est un fonds actions européennes dont le portefeuille est constitué d’entreprises de qualité, présentant des valorisations que l’équipe de gestion considère comme particulièrement attrayantes. Il a pour objectif d’offrir une performance supérieure à l’indice Stoxx Europe 600, via une stratégie active d’achats et de ventes sur les marchés des actions européennes. Franck Le Franc, précédemment gérant actions chez Neuflize puis Somangest en assure la gestion. CaractéristiquesNom : Trecento Market NeutralCode Isin : FR0011188317Frais de gestion :1,5 % TTCCommission de surperformance : 20 % TTC au-delà d’une performance supérieure à 4 %Durée de placement recommandée : 2 ansDroits d’entrée : 5 % TTC maximumDroits de sortie : 0 %Nom : Trecento European EquitiesCode Isin : FR0011188291 Frais de gestion : 2,5 % TTC Commission de surperformance : 20 % TTC de la surperformance du FCP par rapport à son indice de référence Durée de placement recommandée : 5 ans Droits d’entrée : 5 % TTC maximum Droits de sortie : 0 %Les deux FCP sont éligibles au PEA.

Récemment, indique Funds People, Allianz Global Investors (AGI) a fait enregistrer par la CNMV son Allianz Volatility Strategy (AVS) qui a trois ans d’ancienneté et qui a généré une performance de 9 % annuels avec une volatilité inférieure à 8 %. L’encours de ce produit luxembourgeois géré par Stefan Kloss est de 295 millions d’euros.

The three index providers MSCI, S&P Indices and FTSE on 13 March announced the creation of the first professional association for the index sector, the Index Industry Association (IIA).The IIA will operate as an independent, non-profit organisation with its own dedicated resources, representing all of its members worldwide from headquarters in New York. It will be open to membership by index provider firms throughout the world.The initial board of directors will be composed of representatives from the founding firms, MSCI, S&P Indices and FTSE, and representatives from members. A MD has yet to be appointed for the association.The IIA will focus on protecting intellectual property rights and cooperating with the relevant regulatory authorities worldwide to serve the sector and its clients.

In 2012, uncertainty in the euro zone may continue to disturb the IPO market, according to the “IPO Watch 2011” study by PwC. In the first few months of 2012, only a few operations, including the widely-reported Facebook IPO, will bring a regain of optimism in the market and a loosening of conditions which beset the market in late 2011. In France, the market was inactive in 2011, and 2012 does not appear much better. “The Paris market is relatively unattractive to investors. Unlike the United Kingdom, we do not have investments coming, for example, from pension funds, and language continues to be perceived as a real technical barrier. Business which launch in Paris are thus generally French businesses, and not foreign businesses, which limits the scale of the market compared with London,” says Philippe Kubisa, a partner at PwC specialised in capital markets. The beginning of the year 2011, which was highly positive for the European IPO market, was only a false start, according to the PwC study. Due to the slowdown in the euro zone, 2011 was marked by many large operations and many postponements. Despite a morose end to the year, th European IPO market rose 13% in volume and 1% in value (430 operations for a total of EUR26.5bn). The six largest operations in 2011 represented 60% of funds (EUR16bn), compared with 37% in 2010 (EUR9.6bn). In 2011, although Warsaw saw the largest number of IPOs, with 203, London remains the largest market in terms of the value of operations, with a cumulative total of more than half of the total value of all funds raised, at EUR14.1bn, although that represents only one quarter of all operatoins undertaken.

The International Organisation of Securities Commissions (IOSCO) on 14 March announced that it is launching a consultation on regulations applicable to ETF funds («Principles for the Regulation of Exchange Traded Funds»), which will review regulatory issues related to ETFs. The IOSCO document also proposes 15 principles on the basis of which the sector and regulators may evaluate the quality of regulations and pracrtices at firms, in three major areas: investor protection, proper functioning of markets, and financial stability. The principles proposed by IOSCO concern ETFs which are formatted as collective investment schemes (CIS), and do not apply to other ETPs which do not adopt this structure. The consultation is open to all interested parties until 27 June.

The CNMV has issued an operating license to the asset management firm Azora Gestión, whose assets total EUR712m, at three affilaites, Funds People reports.Azora was founded in 2003 by Concha Osácar and Ferndando Gumuzio, former Santander employees, and Eloy Dominguez-Adame, former CEO at Dragados. Osácar was the manager of the Banif Inmobiliario fund.With the arrival of Azora and the disappearance of GesLayetana and Bancaja Fondos, which have been absorbed by Bankia Fondos, the number of asset management firms registered with the CNMV now comes to 113.

With the acquisition of the ILS (insurance-linked investments) unit of Clariden Leu (Credit Suisse group), LGT Group is increasing total assets at its affiliate LGT Capital Management by more than CHF2bn, to about CHF22bn. The transaction, for a purchase price which has not been disclosed, will be completed by the end of first half.With ILS, LGT Capital Management acquires a management team with ten members and four products: Clariden Leu (CH) Cat Bond Fund, Clariden Leu (Lie) Cat Bond Fund, Clariden Leu (Lux) I - Cat Bond Fund, and Clariden Leu (Gue) ILS Plus Fund.

The Chinese State Administration of Foreign Exchange (SAFE) has issued quotas totalling USD1.68bn to holders of Qualified Foreign Institutional Investor (QFII) licenses, Z-Ben Advisors reports.Among the recipients of the quotas are the central banks of Thailand and South Korea, each of which has been allocated USD300m. The sovereign funds Korea Investment Company (KIC) and Kuwait Investment Authority (KIA) have received USD200m and USD300m quotas.Since the beginning of March, SAFE has awarded quotas totalling USD1.81bn to twelve QFII license holders.

US prosecutors on 14 March filed charges against two Swiss financial advisers: one former client adviser at UBS, and one independent adviser. Both are suspected of helping US taxpayers to evade taxes. The sums in question are estimated at USD138m for the former UBS employee, and USD129m for the independent adviser. According to the charges filed, both individuals reside in Switzerland, and have not been arrested. So far, two dozen Swiss finance professionals and a dozen US clients have been charged. 11 banks are being investigated by US prosecutors, including Wegelin bank, which has been charged.

Although it has already instituted thorough reforms of the US money markets, the SEC is planning more radical changes, including the introduction of a net asset value (NAV) float, which is a subject of grave concern on the part of professionals, the research agency Celent reports in a study of US money market reforms (Money Market Reform: The Uncertain Future of the Money Market Fund). “An NAV float would reduce the attraction for investors to buying and selling money market funds to zero, and would eventually wipe out a sector which has about USD2.7trn in assets,” says Scott Sullivan, senior analyst at Celent and author of the study, which also discusses other measures such as new reserve requirements and 30-day cooling-off periods for complete redemptions of funds. The proposals come as part of a larger initiative by the United States, the United Kingdom, the European Union and international regulators to avoid market turbulence of the kind which led to the demise of Lehman Brothers. Several decades were needed to bring into force the regulations which were in place before 2008, and the deployment of multiple reforms in a relatively short time may have the opposite of the desired effect, the study warns. The money market fund sector is essential to the good functioning of the economy. The money market provided up to 36% (25% currently) of short-term assets to the US economy. If investors decided to withdraw a significant portion of their short-term financing, which already brings only limited retursns, and whose costs are continuing to increase, liquidity would be reduced to a significant degree in very little time, Celent claims. Other unpredictable consequences could endanger economic growth.

The new consulting and research firm ETF Global Insight is soon to release a full range of data on the “exchange traded exposures” segment, Deborah Fuhr has told Newsmanagers.The former head of ETF research from BlackRock says the market needs an independent body in a position not only to gather information about assets and flows worldwide, but also to estimate earnings for all players in the segment, including asset managers, brokers, and index providers. The firm’s ambition is also to cover all firms which use ETFs, by region and type (pension funds, hedge funds and others).Fuhr and her two partners, Shane Kelly and Matthew Murray, are hoping to present a complete panorama of “exchange traded exposures,” which would include all products, including funds (ETF) as well as ETC and ETN products, “partnerships,” and other exchange-traded vehicles (ETV). All of these would be available on the firm’s website.In addition to monthly reports on the markets concerned, ETF Global Insight will publish special thematic reports, and may take on projects and studies for organisations or clients.

The California pension fund CalPERS on 15 March announced that it has set its discount rate at 7.5%, following a recommendation from its committee specialised in pensions. The actualisation rate was last modified ten years ago, from 8.25% to 7.75%. Last year, the board of trustees decided to maintain the rate at 7.75%, but planned to revise it this year. CalPERS says in a statement that the economic environment obliged it to take the decision.

State Street has announced that it has been retained by Volvar Asset Management, an independent French asset management firm specialised in systematic volatility strategies, to provice back-office services to two of its funds domiciled in France and Luxembourg. State Street will offer a post-market solution including depository banking and fund accounting services, as well as services to OTC and listed derivative products.

The British asset management firm M&G Investments has topped EUR2bn in assets in France, five years after opening the doors of its Paris office. “We are ahead of our plans,” Brice Anger, director of development for M&G in France, tells Newsmanagers, adding that the firm had assets of EUR1.5bn in France as of the end of 2011. “In this context, we are totally comfortable with our objective of EUR3bn in 2015,” he adds. The EUR2bn threshold was passed largely thanks to a dynamic start to the year for the firm, which had strong inflows, of an amount which remains confidential, after a year in 2011 which was relatively calm. Two products attracted subscriptions: the M&G Optimal Income and the M&G Global Dividend. These funds were particularly attractive to IFAs and mandated management through private banks. This success with retail clients has also allowed the firm to increase the proportion of assets under management in this category to 25% of assets at M&G in France, from 10% as of September 2010, when the French office topped EUR1bn in assets. The proportion of funds of funds has fallen in the meanwhile, from 60% to 50%, largely due to redemptions in 2011 from a US equities fund whose performance had suffered slightly. Institutional investors represent the remaining 25%. This year, in a less than promising environment in which new money is expected to be rare, Anger is planning to occupy the terrain on the bond market with the M&G Global Macro Bond Fund, which has recently received a sales license for France. In equities, he is planning to continue to push the M&G Global Dividend fund, and to highlight Asia and emerging market funds, which are expected to benefit from soft closings of some large funds on the market. The head of the French market is also planning to license an emerging market debt fund this year, and a private real estate fund, both products which already exist within the group. These will come as additions to the available product range in France, which now consists of 27 funds. M&G is planning to continue to rely on its six employees and one intern, and its partnership with the Compagnie Financière Jacques Coeur. This team may soon see the addition of a retail salesperson.

Amilton Asset Management has become the majority shareholder in Swan Capital Management. The asset management firm specialised in the mandated management of equity funds acquired a 58% stake in Swan CM, whose primary activity is multi-management serving professional clients, including wealth management advisers. Amilton AM, which currently manages EUR120m in assets, will increase its assets to EUR400m following the merger.The acquisition is only the first step in a development strategy deployed by Amilton AM, which aims to be dynamic. Amilton AM is hoping to “become an independent management firm of reference in France” in the mid-term, and will rely on organic growth to its assets “though the deployment of a dynamic sales policy and the arrival of new managers.” The asset management firm is also planning to continue its external growth strategy, through mergers with asset management firms with complementary areas of expertise, which it would integrate into its structure.

Allianz Global Investors has announced the appointment of Franck Dixmier as chief investment officer (CIO) for Europe for fixed income and insurance portfolio management activities. He is also a member of the European executive board at Allianz Global Investors, and CEO of Alianz Global Investors France. In 2008, he was appointed CEO of Allianz Global Investors France, in charge of investments, and then deputy CEO of AGI Global Investors France in 2010. Amine Benghabrit has been appointed director of sales at Allianz Global Investors France. Benghabrit joined Allianz Global Investors France in 2000. After serving in several roles in sales, he was head of sales for institutional clients, then Enterprise clients, and then became deputy director of sales in 2011.

Xavier d’Ornellas, who has been senior portfolio manager in the flexible unit at CCR AM (UBS group) for the past three years, on 1 March joined the asset management firm Amplégest as a manager in the flexible and dedicated funds operations.D’Ornellas will support Xavier Gandrille, chairman, in tactical allocation (see Newsmanagers of 17 January), and will also handle family offices, who will have two managers, one wealth engineer, and three private bankers, Arnaud de Langautier, CEO, explains to Newsmanagers.Pending “other announcements” in the relatively near future, Amplégest will continue its growth methodically, after recruiting two analysts for the long unit at Fabrice Revol, whose multi-cap fund now has over EUR100m in assets and a 5-year track record.Total assets now total about EUR400m, compared with about EUR375m one year ago (see Newsmanagers of 7 February 2011), of which EUR340m compared with EUR315m are in private wealth management.

The Spring 2012 conference of the Luxembourg investment fund association (ALFI) has demonstrated that the publication last month of proposed legislation laying out the terms ofhte so-called Facta law represent a genuine subject of concern for a growing number of players present in the asset management sector. But efforts to take this new legislation into account are laborious and remain partial, partly due to the unclarity which continues to surround some parts of the proposed legislation. Geoffroy Bazin, chief operating officer in the Investment Solutions division of BNP Paribas, declared at a round table on the subject that at the end of 2011, he had received only one request for information about the Facta law from a major asset management actor. Asset management firms are nonetheless beginning to be concerned about the problem, and major actors such as BNP Paribas and professional associations have made the Facta law a top priority. “Asset management firms will need to pay attention to the basic elements of the Facta law now, if they do not want to be overtaken later,” says Roger Exwood, head of product taxation for the EMEA region at BlackRock. BlackRock is planning to begin to actively communicate with distributors on the subject. Major players are considering enlarging their product ranges, and BNP Paribas is studying new ranges of services, which may concern registration, client identification or deductions. There are still many points to clarify, including “pass-through payment,” (payment from non-US sources), and the question of the treatment of sub-funds. These are complex questions for the intergovernmental approach, as the application of the Fatca law is slated to be undertaken by the US, British, German, Spanish and Italian governments, which adds further uncertainty about the legal and regulatory framework to be introduced. The European financial and asset management association (EFAMA), which claims that relaxations of the law are still possible, is actively working on the subject and is hoping to present its questions by mid-April.

Legal and General Investment Management (LGIM) has published operating profits for 2011 up 14% year on year, to GBP234m. High-margin products were particularly attractive to investors, Investment Week reports. As of the end of 2011, assets under management totalled GBP371m, up 5% compared with assets of GBP354m as of the end of 2010.