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27/10/2011

Franklin Templeton Italia reshuffles sales department

Franklin Templeton Italia is creating two major units in its commercial direction, one of them dedicated to institutions, and the other to retail distribution. The institutions unit will be headed by Antonio Gatta, who joined Franklin Templeton in 2007 and is already in charge of the wealth management and managed solutions professional areas for institutional clients and pension funds, foundations, asset management firms and insurers. He will now also serve funds of funds, unit-linked and structured products. The team has recently been enlarged with the arrival of Gian Mario Castellani, who had previously been at Axa Investment Managers. Another recruitment is planned for managed solutions. The retail distribution unit will be led by Amir Kuhdari, who has also been at Franklin since 2007. He will be in charge of distribution for the Franklin Templeton Investment Funds Sicav to financial adviser networks and banks, which currently represent 65% of assets for Franklin Templeton in Italy. The team has also gained the addition of Serenella Arpia and Giacomo Cavallucci.
27/10/2011

SAC hopes to restore reputation

SAC Capital, the USD14bn hedge fund of Steve Cohen, has discreetly ceased to invest in its former employees’ hedge funds, according to the Financial Times, citing sources familiar with the matter. The decision, taken in 2008, is one of the changes SAC has made in order to restore its reputation, at a time when it is suspected of insider trading. Among other changes, Cohen has also reduced direct contacts with corporate heads and Wall Street analysts and brokers.
27/10/2011

Profits up at Morningstar

In the first nine months of this year, net profits at Morningstar Inc totalled USD70.4m, compared with USD62.9m in the corresponding period of 2010, on earnings up 17% to USD472.8m. Excluding acquisitions and forex effects, earnings rose 10.8%.In third quarter 2011, however, Morningstar shows net profits of USD21.4m, compared with USD24.7m in July-September 2010, despite a 14.5% incrase in its earnings, to USD160.1m.In the Investment Management unit, which includes all activities related to asset management, for which at least 60% of revenues comes from asset-based commissions, assets advised and under management in the Investment Consulting operation as of 30 September totalled USD128.1bn, 21.2% higher than one year previously.Assets advised and under management by the Retirement Solutions division total USD36.3bn, compared with USD31.6bn as of 30 September 2010.Lastly, for the “Morningstar Managed Portfolios” division, assets under management have increased by about USD300m in one year, to a total of USD2.8bn as of 30 September.
27/10/2011

Profits down at Ameriprise

In third quarter 2011, Ameriprise Financial saw a decline in its net profits to USD271m from USD346m in July-September last year, with the obtraction due to a one-time charge of USD106m.By GAAP accounting standards, the asset management business unit at Ameriprise, which includes the British asset management firm Threadneedle and the US firm Columbia Management, earned pre-tax profits of USD97m, compared with USD104m in third quarter 2010.The affiliate Threadnnneedle had USD96bn in assets as of the end of September, compared with USD102bn one year earlier; it has seen net outflows of USD0.8bn in the quarter under review, with net redemptions of USD1.2bn to retail clients, and institutional net subscriptions of USD1.4bn. In third quarter of last year, Threadneedle had net subscriptions of USD1.1bn.At Columbia, assets as of 30 September totalled USD325bn, compared with USD347bn one year previously. Net outflows in third quarter totalled USD4.8bn, compared with USD4.1bn in July-September 2010.
27/10/2011

Revenues up 4% for Axa’s asset management

Axa’s Asset Management revenues were up 4% to Euro 2,443 million for the first nine months, mainly driven by higher performance fees and real estate transaction fees at AXA IM as well as higher research fees at AllianceBernstein. Assets Under Management were down Euro 59 billion versus December 31, 2010 at Euro 837 billion: �� Net flows of Euro -33 billion comprised of: - Euro -35 billion at AllianceBernstein, primarily from institutional clients, - Euro +2 billion at AXA IM, mainly driven by Euro +3 billion on Money Market, Euro +2 billion at AXA Private Equity and Euro +2 billion at AXA Framlington, partly offset by Euro -1 billion on Fixed Income and Euro -4 billion at AXA Rosenberg. �� Market impact: Euro -20 billion mainly at AllianceBernstein. �� Forex impact: Euro -2 billion as a result of the slight depreciation of the USD versus the Euro
27/10/2011

Assets under management fall again at AllianceBernstein

Assets under management at AllianceBernstein (Axa group) totalled USD402bn as of 30 September, down 12.8% compared with 30 June, and 15.8% (more than USD75bn) compared with the end of September 2010, the firm announced in a statemwnt on 26 October. As of the end of August, assets were down USD53bn compared with the end of December 2010. In terms of institutional assets (USD224.1bn), net outflows in third quarter totalled USD9bn, compared with nearly USD15bn in second quarter. In retail (USD109.8bn), net outflows totalled USD4.4bn, compared with USD2bn in second quarter. In the private client segment (USD68.1bn), redemptions totalled USD2bn, compared with USD26bn one quarter earlier. In total, outflows have totalled USD15.4bn, compared with USD19.5bn. Net profits distributable to shareholders for third quarter thus totalled USD90.98m, compared with USD114.14m for second quarter.
27/10/2011

Vulpes IM hires a manager from Fidelity

The alternative management firm Vulpes Investment Management, based in Singapore, has recruited a former manager from Fidelity, Martin Shenfield, as senior portfolio manager. Shenfield will be in charge of managing the Testudo Fund, which invests in publicly-traded and non-publicly traded equities, commodities and bonds.
27/10/2011

Falcon Private Bank aims for CHF20bn in assets under management

The Falcon Private Bank is hoping to top CHF20bn in assets under management by the end of next year, due to a repositioning of the bank to focus on high net worth clients in China, Agefi Switzerland reports. Assets under management at the bank, which is indirectly owned by the sovereign fund IPIC, based in Abu Dhabi, currently total about CHF12bn. “We are now actively profiling ourselves to investors with CHF2m to CHF20m from China, Russia, Kazakhstan, Scandinavia and of course the Middle East,” Heiner Weber, head of commercial development at the private bank, tells the newspaper.
27/10/2011

New products take 6 to 9 months in gestation

Nearly 60% of asset management firms dedicate at least nine months to launching a new product, according to an annual survey recently published by Cerulli (“Cerulli Quantitative Update : Retail Products and Strategies 2011.”) From the time of initial conception of the product and its effective launch, 53% of managers take six to nine months, while a minority (6%) manage to bring out a product in the space of three to six months. Managers are under sales pressure to launch new products as soon as possible, and these new products often sustain strong inflows. But nonetheless, 29% of asset managers spend nine to twelve monhs developing products, and 12% of respondents need a year or more. The two longest stages in the development of products are research and defining the product, on one hand, and regulatory approval on the other. Nearly 75% of managers estimate that the complexity of a product is the most influential factor in their development projects. According to Cerulli, this observation is related to the current trend for alternative products, with more than 25% new products under development in the alternative sphere.
27/10/2011

Universal recruits a head for its real estate unit

Marcos J. Joos, who had been head of portfolio management for institutional real estate funds at Commerz Real, where he had been responsible for EUR2.7bn in assets, was recruited on 1 October by Universal-Investment as director of management for the real estate portfolio.He will be in charge of transaction management, asset management, financing and liquidity management.Universal-Investment has recently been licensed by BaFin to launch and administer real estate funds (see Newsmanagers of 20 October), and is planning to specialise in institutional funds.
27/10/2011

Carmignac Gestion recrute chez BlackRock

Carmignac Gestion vient d’annoncer le recrutement de Kai Volkmann au poste de responsable pour le marché allemand. Cette nomination fait suite au départ de John Korter (lire NewsManagers du 26.10.2011). Le nouveau «country head» de la société de gestion parisienne prendra ses fonctions en janvier 2012 et dirigera le nouveau bureau que Carmignac Gestion a prévu d’ouvrir à Francfort. Kai Volkmann était jusqu'à présent responsable des ventes retail pour l’Allemagne au sein de BlackRock, poste qu’il a occupé pendant sept ans. Après son récent départ, ses fonctions ont été confiées à ancien supérieur, Andrej Brodnik, qui est head of retail business pour l’Allemagne, l’Autriche et l’Europe de l’Est chez BlackRock.
27/10/2011

Carmignac Gestion hires a new head for Germany

Carmignac Gestion has hired Kai Volkmann as head of country Germany. This recruitment follows John Korter’s departure (see NewsManagers of 26.10.2011). The new «country head» of the French asset manager will take his position from January 2012. He will head the new office Carmignac plans to open in Frankfurt. «His principal objective will be to further develop the firm’s relations with financial distributors in Germany, under the responsibility of Davide Fregonese, global head of sales and marketing. A strong local presence and its unique experience will help Carmignac Gestion reinforce the service to existing and new clients in the country, in keeping with its long term commitment to such a strategic market», according to the asset manager. Before joining Carmignac Gestion, Kai Volkmann was head of retail sales for Germany at BlackRock. He brings more than 10 years of experience in the asset management sector, including 4 years with JPMorgan Fleming Asset Management.
27/10/2011

Brandes to distribute funds in Spain

Antonio Banda, former CIO of Bankinter, and Jorge Claveria, former manager of the hedge fund Aneto, have convinced Brandes Investment Patners, to allow them to sell their products in Spain to pension funds, insurers and all types of institutional investors, Cotizalia reports.The value products which will be offered in Spain will be sub-funds of an Irish-registered Sicav. The central offices of Brandes in Europe are located in Geneva.
27/10/2011

Crédit Agricole merges Bankoa and Mercagestión

The Spanish asset management firms Bankoa Gestión and Mercagestión, both owned by Crédit Agricole, have been merged to create Crédit Agricole Mercagestión, Funds People reports.The structure is led by Tomás Ubiría Zubizarreta, CEO of Bankoa Gestión (which is 95% controlled by Crédit Agricole’s regional bank of the Pyrénées Gascogne provinces), while the chief investment officer is Javier Hoyos Oyarzabl, who had previously held the same position at Bankoa.Bankoa most recently announced assets of EUR252m (+20% since the beginning of January), while assets under management at Mercagestión totalled EUR51m.In Spain, Crédit Agricole also owns Amundi Iberia, whose assets as of the end of September totalled EUR370m and were down 30.1% since the beginning of the year.
27/10/2011

Assets under management at BBVA down

As of the end of September, the BBVA group announced assets of EUR20.22bn in investment funds, and EUR16.47bn in pension funds on the Spanish market, compared with EUR22.32bn and EUR16.81bn as of the end of December 2010.For the rest of the world, assets in funds and investment companies totalled EUR18.14bn, while pension funds had EUR57.13bn, compared with EUR19.67bn and EUR61.95bn.The quarterly report states that the asset management firm BBVA Asset Management had assets worldwide of EUR70.53bn as of the end of September. For investment funds, the firm had a market share of 16.8% in Spain, and 22.5% in Mexico.Net profits at BBVA in the first nine months of the year have contracted by 14% compared with January-September 2010, at EUR3.14bn. As of 30 September, the cost-income ratio has deteriorated to 48.5% from 41.6% one year previously.
27/10/2011

Outflows continue from Italian funds

Open-ended funds on sale in Italy in September had net outflows of EUR4.7bn, according to the most recent statistics from Assogestioni, the Italian association of asset managers. Since the beginning of the year, they have seen outflows of EUR13.8bn. In this environment, assets fell from EUR436.8bn as of the end of August to EUR424bn as of the end of September, of which 61% were invested in foreign-registered products. In September, all asst classes showed losses. The heaviest outflows were from bond funds (-EUR1.3bn), equity funds (EUR1.1bn) and money market funds (-EUR1bn). With the addition of mandates and closed funds, the Italian asset management industry as a whole has seen net outflows of EUR6bn. Assets as of the end of September totalled EUR950bn (of which 49% were in funds), compared with EUR971.8bn as of the end of August. Among the few groups to have seen inflows in September were Poste Italiane (+EUR247.7m), Finanziaria (EUR50.9m), and Mediolanum (+EUR30.5m). At the other extreme, companies with the heaviest redemptions were Pioneer (-EUR2bn), BNP Paribas (-EUR650m), and Ubi Banca (-EUR649m).
27/10/2011

AllianceBernstein loses a mandate

The British pension fund Highland County Council has withdrawn a management mandate from AllianceBernstein for an equities allocation of GBP200m, though the firm retains another smaller mandate, the website IPE reports. AllianceBernstein is reported to have lost the equities mandate due to highly mediocre performance.
27/10/2011

Aberdeen AM recruits a development specialist

Aberdeen Asset Management has recruited a development specialist, who will be wholly dedicated to the long-only multi-manager fund range. This range has over GBP10bn in assets (as of 31 August). Aidan Upton had previously worked at Architas as an investment development manager.
27/10/2011

Asset management in Asia may double in size by 2015

The Asia ex Japan asset management sector may double in size by 2015, to a total of as much as USD4trn in assets under management, according to a study by Cerulli on behalf of Citi and Mirae Asset, Asian Investor reports. Assets have nearly doubled since 2006, to EUR1.17trn, but this growth has been related primarily to performance. In 2009 and 2010, mutual funds saw a net outflow. Verulli estimates that the growth of ETFs, especially in China, may significantly leverage growth in assets under management in Asia. Currently, Hong Kong is the largest market in the region, with USD28bn in assets under management. ETFs of the Asia-Pacific ex Japan region as of the end of April represented total assets of nearly USD60bn.
27/10/2011

BarCap launches a new range of hedge fund indices

With the Manager Access Indices, Barclays Capital (BarCap) has launched a range of investable indices which aim to provide instruments to measure a liquid exposure to certain specific hedge fund strategies. The first product in the series will focus on long/short strategies.Each of the indices allows for exposure to a single hedge fund strategy, and direct exposure to a manager. The objective is to list managed accounts on several specialised managed account platforms, rather than traditional hedge funds, which makes it possible to extend the universe for components of the index, and provides access to at least weekly liquidity.Anthony Lazanas, managing director, index, portfolio and risk solutions at BarCap, says that the new range of indices allows investors access to funds which use specific investment strategies, while also benefiting from the transparency and diversification of multiple managed accounts platforms.Arik Ben Dor, director, quantitative portfolio strategy group, says that the methodology used to construct the indices is based on the ability to identify consistent performance of funds, with a proprietary measurement tool. The weighting mechanism overweights funds which are the most likely to sustainably outperform their counterparts, with a system of constraints which aims to limit the risks of concentration and fat tails.
27/10/2011

White-label product launches hit a sharp slowdown in Germany

Since 30 June, the private bank Hauck & Aufhäuser (H&A) and its partner, Portfolio Consulting, have counted only five launches of private label funds on the German market. According to the authors of the quarterly study “Der Private Label Fonds Markt,” this phenomenon is due to the fact that the new law on investment funds which came into force on 1 July has slowed down the process of getting a license from the German regulatory authority, BaFin.In the first nine months of 2011, there were 57 fund liquidations and 21 launches, which reduced the total of 943 genuinely active funds (compared with 979 as of the end of December 2010), with total assets of EUR42.9bn, compared with EUR46.5bn as of the end of June.The major promoters on the market are Universal, with 166 funds and total assets of EUR5.9bn for this activity, and IP Concept/DZ Bank, with 126 products and nearly EUR9.43bn. This year, the two most active asset management firms have been Universal, with six launches, and H&A, with 4 new products.The depository banks with the largest numbers of clients in the private label category are DZ Privatbank with EUR9.37bn and 125 funds, and H&A, with EUR4.56bn and 166 funds.The average size of a private-label fund as of the end of September came out to EUR45.5m, compared with EUR47.3m as of the end of June. But the largest product in this class has EUR2.5bn in assets.
27/10/2011

Universal recrute un patron pour son pôle immobilier

Marcos J. Joos, qui dirigeait la gestion de portefeuilles pour les fonds immobiliers institutionnels de Commerz Real, où il avait la responsabilité de 2,7 milliards d’euros, a été recruté le 1er octobre par Universal-Investment comme directeur de la gestion du portefeuille immobilier.Il sera ainsi responsable de la gestion des transactions, de la gestion d’actifs, des financements et de la gestion des liquidités.Universal-Investment a tout récemment obtenu l’agrément de la BaFin pour le lancement et l’administration de fonds immobiliers (lire Newsmanagers du 20 octobre) et compte se spécialiser sur les fonds institutionnels.
27/10/2011

Carmignac Gestion recrute chez BlackRock

Carmignac Gestion vient d’annoncer le recrutement de Kai Volkmann au poste de responsable pour le marché allemand. Cette nomination fait suite au départ de John Korter (lire NewsManagers du 26.10.2011). Le nouveau «country head» de la société de gestion parisienne prendra ses fonctions en janvier 2012 et dirigera le nouveau bureau que Carmignac Gestion a prévu d’ouvrir à Francfort. Kai Volkmann était jusqu'à présent responsable des ventes retail pour l’Allemagne au sein de BlackRock, poste qu’il a occupé pendant sept ans. Après son récent départ, ses fonctions ont été confiées à ancien supérieur, Andrej Brodnik, qui est head of retail business pour l’Allemagne, l’Autriche et l’Europe de l’Est chez BlackRock.
27/10/2011

Baisse des actifs gérés par le BBVA

A fin septembre, le groupe BBVA affichait un encours de 20,22 milliards d’euros en fonds d’investissement et de 16,47 milliards en fonds de pension, sur le marché espagnol, contre respectivement 22,32 milliards et 16,81 milliards fin décembre 2010.Pour le reste du monde, l’encours des fonds et sociétés d’investissement ressortait à 18,14 milliards d’euros et celui des fonds de pension à 57,13 milliards, contre respectivement 19,67 milliards et 61,95 milliards à la fin de l’année dernière.Le rapport trimestriel précise que la société de gestion BBVA Asset Management affichait à l'échelon mondial 70,53 milliards d’euros fin septembre. Elle avait pour les fonds d’investissement des parts de marché de 16,8 % en Espagne et de 22,5 % au Mexique.Le bénéfice net du BBVA pour les neuf premiers mois de l’année accuse une contraction de 14 % par rapport à janvier-septembre 2010, à 3,14 milliards d’euros. Au 30 septembre, le coefficient d’exploitation de l'établissement s'était détérioré à 48,5 % contre 41,6 % un an auparavant.
27/10/2011

Crédit Agricole fusionne Bankoa et Mercagestión

Les sociétés de gestion espagnoles Bankoa Gestión et Mercagestión appartenant au Crédit Agricole ont été fusionnées sous le nom de Crédit Agricole Mercagestión, rapporte Funds People. Cette structure est dirigée par Tomás Ubiría Zubizarreta, le directeur général de Bankoa Gestión (contrôlée à 95 % par la Caisse regionales Pyrénées Gascogne), tandis que le directeur des investissements est Javier Hoyos Oyarzabl, qui occupait deja ce poste également ches Bankoa.En dernier lieu, Bankoa affichait 252 millions d’encours (+ 20 % depuis début janvier) tandis que les actifs gérés par Mercagestión se situaient à 51 millions.Crédit Agricole dispose aussi en Espagne d’Amundi Iberia, dont l’encours se situait fin septembre à 370 millions d’euros et a ainsi diminué de 30,1 % depuis le début de l’année.
27/10/2011

Santander : 3 milliards d'euros d'actifs immobiliers à vendre

La banque Santander cherche à céder 3 milliards d’euros d’actifs fonciers et immobiliers en Espagne à des investisseurs étrangers, indique le Financial Times. Deux des acheteurs potentiels, des fonds immobiliers appartenant à Cerberus et Morgan Stanley, demanderaient des rabais si importants que la banque ne devrait pas boucler la transaction avant la fin de l’année de peur de dégrader ses ratios de fonds propres.
27/10/2011

Brandes va distribuer des fonds en Espagne

Antonio Banda, ancien CIO de Bankinter et Jorge Claveria, ancien gérant du hedge fund Aneto, ont convaincu Brandes Investment Partners de les autoriser à distribuer ses produits en Espagne auprès des fonds de pension, des assureurs et de tous types d’investisseurs institutionnels, revèle Cotizalia.Les produits value qui seront commercialisés en Espagne feront partie des compartiments d’une sicav de droit irlandais. La centrale de Brandes en Europe est située à Genève.
27/10/2011

Falcon Private Bank vise 20 milliards de francs d’actifs sous gestion

La banque privée Falcon Private Bank espère atteindre la barre des 20 milliards de francs en actifs sous gestion d’ici la fin de l’année prochaine grâce à son repositionnement, axé notamment sur la clientèle high net worth de la Chine, rapporte L’Agefi suisse. Les actifs sous gestion de la banque, détenue indirectement par le fonds souverain IPIC d’Abu Dhabi, s’élèvent actuellement à environ 12 milliards de francs. «Nous nous profilons aujourd’hui activement auprès d’investisseurs détenant entre 2 et 20 millions de francs issus de Chine, de Russie, du Kazakhstan, de la Scandinavie et bien entendu du Moyen-Orient», précise au quotidien Heiner Weber, responsable du développement commercial de la banque privée.
27/10/2011

Reyl AM veut développer ses activités à Zurich

Le pôle Asset Management de Reyl & Cie prévoit d’afficher un milliard de francs suisses d’actifs sous gestion à Zurich d’ici à 2013, indique le CEO de Reyl AM, Thomas de Saint Seine dans un entretien à L’Agefi suisse. Dans cette perspective, Reyl AM vient d’ouvrir une succursale à Zurich. Les actifs sous gestion du groupe s’élèvent actuellement à 4,5 milliards de francs suisses, dont 1,8 milliard pour Reyl AM.
27/10/2011
Fonds

123Venture lance un FIP

123Venture vient de lancer le FIP 123Patrimoine, axé sur le marché de la dépendance/santé, plus particulièrement sur le financement des EHPAD (Etablissement d’Hébergement pour Personnes Agées Dépendantes). Ce marché est structurellement en croissance compte tenu du vieillissement de la population et du déficit d’offres, précise un communiqué. Le FIP s’inscrit dans la lignée des fonds précédents axés sur le financement de sociétés détenant des actifs tangibles (immobilier d’exploitation). Le FIP 123Patrimoine est accessible dès 1.000 euros de souscription.
Fonds

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