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08/09/2011

Temasek invests USD2.8bn in China's CCB bank

The Singapore sovereign wealth fund Temasek announced earlier this week in a document submitted to the Hong Kong stock exchange that it has acquired about one third of Bank of America Merrill Lynch’s stake in China Construction Bank, valued at about USD2.8bn. The deal brings Temasek’s stake in the Chinese bank to 8.1%, up from 6.27% previously.
08/09/2011

Deka Immobilien acquires a property in Vienna

The Austrian developer IC Projektentwicklung has sold the BIZ 2 office building (18,500 square metres) in Vienna to the German firm Deka Immobilien GmbH for an undisclosed sum. The property will be added to the portfolio of the open-ended fund WestInvest ImmoValue, which is reserved for institutional investors.As of the end of July, Deka Immobilien Investment and its sister company WestInvest managed a atotal of EUR22bn in open-ended real estate funds.
08/09/2011

Metzler releases two non-benchmarked equities funds

Metzler Asset Management has announced that at the end of August it received a sales license from BaFin (Germany) and the FMA (Austria) for two Irish-registered funds specialised in equities, with concentrated portfolios of 30 positions. The products have no benchmark index, and are unconstrained in matter of portfolio construction.The first of the two, Metzler European Concentrated Growth (IE00B5T6MG33), invests primarily in high-quality large caps whose growth potential has been underestimated by the market, and which have limited exposure to the economic cycle.The second, Metzler European Small and Micro Cap (IE00B5M17487), focuses in European small and midcaps, mostly companies with capitalisation sizes of under EUR500m, with a maximum of EUR1bn.In both cases, the front-end fee and management commission are set at 5% and 1.8%, respectively.
08/09/2011

Schroders continues recruitments of sales staff in Germany

Frankfurt-based Schroders Investment Management is continuing to recruit in Germany. It has recently announced the recruitment of Bianca Eleonore Käs, educated as an economist, as a sales assistant in charge of wholesale clients (funds of funds and wealth managers) in Germany and Austria. She will report to Alexander Prawitz, director of distribution. Käs previously worked for a financial adviser.The recruitment follows those of Daniela Euchner as sales assistant for sales of open-ended funds in Germany (see Newsmanagers of 1 August), who joins the firm from Hartford Life; Alexander Wiss, as director of sales for retail, intermediaries, and regional banks in central Germany (see Newsmanagers of 8 July), and Tania Engel (ex American Express), who joined the firm as COO (see Newsmanagers of 5 July).
08/09/2011

Tobias Schmidt becomes chairman of the management board at Feri EuroRating Services

Helmut Knepel, the longstanding manager of the German ratings agency Feri EuroRating Services (MLP group), is leaving his position as chairman of the management board, to become chairman of the supervisory board. He will be replaced by Tobias Schmidt, who had already been a member of the management board since 2008, and who joined Feri more than 12 years ago.As has been planned for a long time, Eberhard Weiß, a very longstanding shareholder in Feri, will be leaving his role as a board member, but will remain as an adviser to the business. He will be replaced by Matthias Klöpper, who is also a management board member at the parent company, Feri Finance AG.Feri EuroRating Services (50 employees, about 1,000 clients), which has recently received a European ratings agency license from BaFin (see Newsmanagers of 9 May), is enlarging its board of directors (Geschäftsführung). Wolfgang Kubatzki, director of the real estate unit, will be joined on the board by Axel D. Angermann (economic research unit), and Daniel Burgmann (operations unit).
08/09/2011

Alliance Trust recruits a manager from Schroders

The Alliance Trust group has recruited Jürgen Lanzer as a portfolio manager in its international equities team, led by Ilario Di Bon. He will begin in his new role in early October.Lanzer, who will be based in London, was previously at Schroders, where he had been since 2007. He had previously worked at UBS, with his new boss, Di Bon.
08/09/2011

Record subscriptions for Asian ETPs

According to the weekly newsletter from Deutsche Bank, ETPs (ETFs, ETCs and ETNs) in Asia last week posted net subscriptions of USD4bn, the highest level of the year. Inflows were particularly strong in Japan, South Korea and China, with demand focused on equity products, primarily those investing in the most developed countries of the continent.
08/09/2011

Amundi Italy gets a new CIO

Amundi SGR, the Italian asset management firm of Amundi, has appointed Simone Facchinato as chief investment officer (CIO) and head of the investment team in Milan. He replaces Roberto Dopudi, who becomes deputy head international client in the Institutional Investment Solutions management team at the firm’s parent company, Amundi SA, in Paris. Facchinato joined CAAM SGR, a joint venture of Crédit Agricole and Banca Intesa, in 2006, as head of Financial Engineering. Since December 2007, he has served as head of marketing at Crédit Agricole Asset Management SGR, and then at Amundi SGR. In Italy, Amundi managed assets of EUR25bn as of the end of March.
08/09/2011

An alternative management boutique shuts down

The Netherlands and London-based alternative management boutique Aethra Asset Management, founded in 2008 by two former ABN Amro managers, has had to close down its funds and return the money to investors, as inflows were not at expected levels, Financial News reports. The funds affected include a long-only European equity fund, an absolute return fund, and a global macro hedge fund.
08/09/2011

BlackRock appoints a managing director

BlackRock has announced that Mark Taborsky has been appointed as managing director and senior manager in the multi-asset client solutions (BMACS) division, focusing on fiduciary solutions aimed at institutionals. Taborsky was previously executive vice president at Pimco. As of 30 June, the BMACS division of BlackRock managed USD126bn in assets, of which USD50bn were in fiduciary mandates.
08/09/2011

Raiffeisen poaches a portfolio manager from East Capital

András Szálkai joined at the beginning of August the Emerging Markets Equities team at Raiffeisen Capital Management. He will be applying his experience primarily to cover Central Europe on Angelika Millendorfer’s team. András Szálkai was a fund manager at Vontobel Asset Management in Vienna for several years, and then changed to the Portfolio Management Team at East Capital in Stockholm and Vienna in 2006.
08/09/2011

Changes at the top at iShares

iShares, the ETF arm of BlackRock, has a new global head, Mark Wiedman. He replaces Mike Latham, who becomes chairman of the entity, a newly-created position, according to reports in the US and UK press which have been confirmed by BlackRock.Latham will remain a member of the operational committee at BlackRock and co-head of its San Francisco office.Wiedman was previously head of strategy at BlackRock.According to the UK and US press, citing an internal memo, the change is a result of a desire on the part of Latham to reduce his day-to-day responsibilities, and the frequency with which he travels, in order to take on a more strategic role at iShares.
08/09/2011

Pimco adds to active equities management team

Three former managers from Thornburg Investment Management make up the third active equity management team at Pimco (Allianz group) to be recruited since the launch of its equities platform in April 2010. The team includes Brad Kinkelaar and Cliff Remily, who become executive vice presidents and global equity portfolio managers, and Matt Burdett, who is appointed vice president and research analyst. The three will all be based at Pimco’s headquarters in Newport Beach.The US asset manager on 7 September also announced the appointment of Neel Kashkari as Head of Global Equities. Kashkari, a managing director, joined Pimco in December 2009 and previously served as Head of New Investment Initiatives.Active strategies in the area of equities at Pimco account for more than USD4bn in assets. The unit employs five senior portfolio managers, nine research analysts, six traders and six product managers.
08/09/2011

Bank of America will not change pay scales for wealth management unit

David Darnell, the new COO of Bank of America (BofA), has told the heads of the wealth management unit, which includes Merrill Lynch, that he intends to preserve the pay scales for financial advisers as they are, and to retain senior management in their current positions, the Wall Street Journal reports.The new right-hand man of CEO Brian Moynihan has said in several conference calls that advisers will continue to earn a percentage on the commissions they generate, and that they will continue to be rewarded for achieving certain asset-based goals.
08/09/2011

Copper market has taken a direction not foreseen by JPMorgan and BlackRock

The Wall Street Journal reports that JP Morgan Chase and BlackRock have told US regulators that copper production outstripped demand last year. In October last year, however, the firms submitted applications for licenses to launch the first physical ETFs trading the metal in the United States, claiming that a shortage in supply and growing demand would lead to rising prices.
08/09/2011

HSBC launches an emerging markets ETF

HSBC has launched a physical replication ETF dedicated to emerging markets on the London Stock Exchange (LSE).The HSBC MSCI Emerging Markets ETF replicates the performance of the MSCI Emerging Markets index, which includes the largest caps in emerging markets including Brazil, Russia, China and India.
08/09/2011

Strong increase in ETF trading on NYSE Euronext in August

Last month, with the increased market volatility, the European markets of NYSE Euronext posted an average of 14,658 on-book trades of ETFs, 90.7% more than in August 2010. As a result, the number of trades in the first eight months of 2011 are now up 10.6% compared with January-August last year. The previous all-time record for trading activity, set in May 2010, with 295,888 trades, was beaten by far, with a total of 337,862 trades.The average trading volume per transaction in August came out to EUR618.2m, 108% higher than in August 2010. For January-August, the total comes to EUR14.2bn, while the previous record in January 2008 was EUR14.8bn.As of 31 August, total assets in all ETFs listed in European markets of NYSE Euronext totalled EUR126bn, 6.8% more than one year previously.On 31 August, these markets had 572 ETF funds, listed 670 times. Since the beginning of 2011, 131 ETFs have been launched, of which 103 were primary listings, and 28 were secondary listings.The average spread for all ETFs listed in August was 28.5 basis points.
08/09/2011

Alceda recruits Manuela Fröhlich

The former head of the German and international sales support team at F&C Asset Management, Manuela Fröhlich, has concluded the sabbatical which she bagan in November 2010. On 1 October, she will join the new London office of the Luxembourg-based Alceda Fund Management (EUR4.5bn in assets under administration) as managing director, head of global fund sales. In this role, she will be in charge of development for an international network of third-party distributors for open-ended funds from Alceda.
08/09/2011

La Suisse résiste à l’ultimatum américain

Démentant des informations du Tagesanzeiger, le gouvernement helvète a affirmé n’avoir livré aucune donnée relative à des clients américains détenant des comptes en Suisse, résistant à une injonction des Etats-Unis. «Nous ne donnerons pas d’autres détails sur les négociations en cours», a déclaré la ministre des affaires étrangères Micheline Calmy-Rey.
08/09/2011

Terra Firma à la charge

De sources concordantes, la société de private equity dirigée par Guy Hands aurait engagé une procédure devant la justice britannique pour obtenir la publication de documents concernant la valorisation d’EMI à l’occasion de son combat perdu au bénéfice de Citigroup en février dernier pour le contrôle de l’éditeur musical.

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