p { margin-bottom: 0.08in; } As of the end of 2010, the tier 1 ratio at Julius Baer totalled 23.8%, according to Basel II. In pro forma figures to reflect the tougher Basel standards which are in effect from 1 January 2011, the tier 1 ratio totalled about 22.6%.Given the increase in net profits (see Newsmanagers of 7 February), and the significant excess capital, the board of directors will propose at a general shareholders’ meeting on 7 April to pay a 50% increased dividend of 60 Swiss centimes per share.Julius Baer is also preparing an equity buyback program to extend to up to 5% of the publicly traded capitalisation, up to a maximum of CHF500m. This program will continue until the 2012 general shareholders’ meeting.

p { margin-bottom: 0.08in; } The UBS group on 8 February announced net profits of CHF7.2bn for the fiscal year 2010, compared with losses of Chf2.7bn the previous year. In fourth quarter 2010, net profits totalled CHF1.29bn, compared with CHF1.66bn in third quarter. For the year as a whole, the group has seen net outflows of over CHF14bn, but after a net improvement in fourth quarter, UBS is predicting a “noticeable” increase in net assets. The Wealth Management division has posted pre-tax profits in fourth quarter of CHF488m, compared with CHF492m the previous quarter. The Wealth Management Americas division has seen a pre-tax loss of CHF33m, compared with a loss of CHF47m in third quarter. Pre-tax profits for the Global Asset Management division totalled CHF135m, an increase of 18% compared with third quarter. Assets invested totalled CHF2.152bn as of 31 December 2010, compared with CHF2.18trn as of 30 September 2010. The depreciation of the US dollar and the euro against the Swiss franc more than offset positive market movements and net capital inflows. Of assets invested, CHF904bn were imputable to the Wealth Management & Swiss Bank division (of which CHF768bn were in Wealth Management), while CHF689bn belonged to Wealth Management Americas and CHF559bn to Global Asset Management.

The Swiss asset management firmUnigestion has recruited Tom Leavitt to the newly-created position ofhead of institutional clients. He also becomes a member of theexecutive board. Leavitt previously directed institutional activitiesat Fortis Investments, where he was also a member of the executiveboard. He previously served as CEO of ABN Amro Asset Management(North America).With the arrival of Leavitt, who willbe based in Geneva, Unigestion “is hoping to make all of itsinvestment solutions better known at institutional investors, and toposition itself more than ever as a partner that can offer solutionsadapted to the current concerns of each of its clients,” the firmsays.Unigestion, a specialist inalternative multi-management, manages EUR8.5bn in assets, largely forinstitutional clients (88%). The firm is commercially present inseveral countries of Europe, particularly France (24% of assets), theUnited Kingdom (20%), Germany (13%), Scandinavia (6%), and Benelux(2%).p { margin-bottom: 0.08in; }

p { margin-bottom: 0.08in; } The British investment management association (IMA) on 7 February announced in a statement that it would like to see the establishment of consistent regulations for markets in Europe as well as improved market data. In response to a consultation by the European Community about the MiFID directive, the wholesale director at the professional association, Guy Sears, says it is fundamental to take into account the particularities of various instruments. “The rules applicable to markets other than equities markets should be adapted to each instrument, and should not be based on equities markets,” Sears says. “We are in favour of proposals by the Commission to improve the quality of post-trade information on equities markets. The Commission should ensure that it has the power to introduce a general system of market data collection, even if the sector is still able to set up a solution of its own,” Sears also remarks. In the chapter on distribution and sales, the IMA says it is not in favour of the distinction between complex and simple products applicable to UCITS funds. According to the professional association, UCITS products are aimed at retail clients, and are subject to prudent risk management, with a separation of the roles of parties responsible for supervision and management of activities and assets, and as a result are non-complex vehicles by definition.

p { margin-bottom: 0.08in; } Asian Investor reports that Andrew Hudson has left his job as manager at GAM in Hong Kong. The alternative multi-management firm has confirmed the departure of Hudson, but offered no reasons for it. Assets under management at GAM totalled CHF53.8bn as of 30 September 2010.

p { margin-bottom: 0.08in; } Following the acquisition of BB&T Asset Management by Sterling Capital Management, the range of funds from BB&T Funds is changing names. As of 1 February, the range will become known as Sterling Capital Funds.

p { margin-bottom: 0.08in; } As it enters its tenth year, Sycomore Asset Management has launched an emerging markets equities fund, which will be managed by specialists based throughout the world. With this fund, the French independent asset management firm replicates the concept used for its Synergy Smaller Cities fund, a European product co-managed by six different management teams. The new fund, known as the UIS Synergy Emerging Markets, is divided into four mandates, each of which will be managed by an independent partner management firm, with the same investment philosophy as the French management firm: conviction-based value management. To invest in Brazil, Sycomore has selected Jardim Botânico, an asset manager based in Rio de Janeiro, which is 100% controlled by its founding partners, with USD200m in assets. For the Indian market, Quantum, an independent management firm based in Mumbai with assets under management of USD1.1bn, has been selected. To cover Asia, Sycomore has selected the Allard company, which is owned by its employees, and manages USD700m in Hong Kong. For Eastern Europe and Russia, the French management firm has engaged Avaron, a firm which already manages a portion of the Synergy Smaller Companies fund. The structure is based in Estonia, and manages EUR92m in assets. For this project, Sycomore will undertake the asset allocation and will handle all administative aspects. The fund, launched with EUR30m in assets, will be a sub-fund of the Sycomore Luxembourg Sicav, United Investors. Additions to the Sycomore range, which includes 11 funds, will not stop there. The asset management firm is also planning to launch a socially responsible fund focused on Europe, which will be managed by a former SRI analyst from Oddo & Cie, who was recruited in May 2010, and Cyril Charlot, one of its founding partners. In addition to stock-picking on the basis of environmental, social and governance criteria, the fund will offer a “sharing” share class. Sycomore now manages about EUR2bn, after two years in which net redemptions and subscriptions balanced out. Its client base remains largely institutional, with these investors representing 90% of the client base despite the recruitment of a specialist dedicated to IFAs and the launch of an asset allocation fund. The crisis has affected this business, explains Laurent Deltour, a partner at Sycomore, who hopes that these activities will pick up again in 2011. The international presence in Sycomore’s assets will remain limited, at 10%. The management firm has signed new partnerships, largely in Spain. But it also hopes to be able to increase assets in its United Investors Sicav, which is now composed of 6 sub-funds. This structure was founded in 2007, with the objective of bringing together independent value managers and distributors in Europe.

p { margin-bottom: 0.08in; } Banque Privée Edmond de Rothschild is opening the Swiss real estate market to institutional investors, with the forthcoming launch on 16 March of the first Swiss real estate Sicav, born of a partnership between the private bank and CB Richard Ellia-Pl Performance. The new fund, Edmond de Rothschild Real Estate Sicav-Swiss, will offer diversified exposure to residential and commercial real estate in the most dynamic regions of Switzerland. The fund aims to offer stable rental income from the majority of the portfolio. An added value approach with a value creation outlook will be applied selectively. The fund will be listed on the Swiss stock exchange (SIX). The subscription period will be open from 28 February to 10 March 2011, with a fundraising objective of CHF250m. TER has been set at 1% of total assets per year.

Tokyo Marine Asset Management, a Japanese asset manager with USD60bn of assets under management, and Governance for Owners, a UK-based shareholder advocacy group, are together launching the Japan Engagement Fund, according to the Financial Times.The fund aims to invest in 10 to 30 small to mid-cap Japanese companies, which are believed to have potential for value enhancement through better governance.

p { margin-bottom: 0.08in; } Rumours of an acquisition of the Actelion group were quashed on Monday, following an offensive last week by the British investment fund Elliott Advisors, which holds a stake of about 6% in the group. The activist fund on Friday demanded that Actelion’s CEO, Jean-Paul Clozel, and its chairman, Robert Cawthorn, immediately resign from the board of directors, and that the firm create a strategy committee. Elliott Advisors clearly estimated that the business could achieve better value in a sale operation. In its public rebuttal the same day, Actelion rejected the fund’s request, and revealed that it had a pipeline of promising products, with more than 10 products in an active examination stage. “The product range under development is one of the richest in the sector,” says Actelion.

Barings Asset Management has appointed Roberto Lampl as head of global emerging market equities with immediate effect. In the meantime, James Syme and Paul Wimborne will be leaving the firm. They are reported to join JO Hambro Capital Management (JOHCM).Roberto joined Baring Asset Management in March 2010 as head of Latin America equities. He joined from ING Investment Management where he managed the ING L Invest Latin America Equity Fund and co-managed the ING L Invest Emerging Market Equity Fund, for over five years.Mark Julio will continue to work with Roberto on the Global Emerging Market equity portfolios and Barings AM will be appointing a further portfolio manager to this team.

p { margin-bottom: 0.08in; } The US activist hedge fund Elliott Associates (USD17bn in assets) has increased its stake in the British road and rail transport firm National Express, in which the Spanish Cosmen family (founders of Alsa) control 17%, to 16.3%, Expansión reports. The market is now expecting a capital deal at National Express in the next few months, the newspaper adds. Elliott Associates entered the firm with a 5% stake in December 2009; its 16.3% stake is worth about GBP200m at current share prices.According to some investors, the Cosmen family and Elliott may join forces to split National Express. The family would retain the Spanish assets, while the British assets would be sold to a rival in the transport sector.

p { margin-bottom: 0.08in; } Agefi Switzerland reports that the management firm BBGI is extending its range of performance comparison instruments to private banking, with the creation of two indices, in euros and US dollars. In addition to these, the firm already has an index in Swiss francs, which has been operating for three years. “These new tools make it possible to cover virtually all client profiles, whether they be Swiss or international,” says Marjorie Théry of BBGI Group. “With more than half of assets under management coming from foreign clients, indices in the three benchmark currencies were indispensable in order to create a full picture of market reality.”

Le président américain a déclaré qu’il souhaitait abaisser le taux d’imposition des entreprises et dégager des recettes via la suppression de niches fiscales. Barack Obama a demandé le soutien du monde des affaires pour y parvenir. «Une autre obstacle que le gouvernement peut lever est la pesanteur du code des impôts des entreprises, avec l’un des taux les plus élevés du monde», a déclaré le locataire de la Maison blanche lors d’un discours à la Chambre de commerce américaine. Ce déplacement auprès du lobby du patronat américain participe de la tentative de recentrage de Barack Obama, qui doit composer avec une Chambre des Représentants contrôlée par les Républicains et une fine marge de manœuvre au Sénat depuis les élections de mi-mandat de novembre dernier. Lors du traditionnel discours sur l'état de l’Union, fin janvier, le président américain avait déjà évoqué la réduction de l’impôt sur les sociétés.

Comme l’a révélé NewsManagers hier, des mouvements interviennent chez HDF Finance. Eric Debonnet, responsable au sein de l’équipe de gestion du contrôle des risques et membre du comité d’investissement ainsi que deux autres gérants – un gérant long/short et un gérant taux – sont sur le départ. Ces dernières semaines, HDF Finance avait enregistré le départ de Christophe Chouard, responsable de la clientèle institutionnelle, puis l’arrivée de Pierre Lenders au poste de directeur général et de Joseph Naavem, un gérant de fonds de fonds long/short.

Barclays Wealth Managers est sur le point d’être renommé Barclays Investment Management, a indiqué à L’Agefi une source interne au groupe. La société de gestion ne confirme pas l’information. Reste qu’un peu plus d’un an après la vente de Barclays Global Investors à BlackRock, le groupe britannique veut repositionner le gestionnaire qu’il a conservé au sein de sa banque privée Barclays Wealth et lui permettre d’atteindre 70 milliards d’euros d’actifs sous gestion fin 2014.

Le crédit à la consommation a augmenté pour la troisième fois consécutive en décembre aux Etats-Unis, avec une hausse de l’encours total de crédit de 6,1 milliards de dollars, soit près de trois fois plus que les prévisions de marché, selon les chiffres publiés lundi par la Réserve fédérale. Le crédit revolving sur les cartes de crédit a augmenté de 3,5 milliards de dollars, le premier mois de hausse depuis août 2008.

Le nouveau Conseil de Régulation Financière et du Risque Systémique créé par la loi de régulation bancaire et financière du 22 octobre 2010 s’est réuni hier pour la première fois sous la houlette de la ministre de l’Économie. Ce Conseil a pour objectif d’améliorer la coopération entre les différentes autorités de régulation et de renforcer l’efficacité du dispositif de surveillance de la stabilité financière. «Avec ce comité, la France est l’un des tout premiers pays européens à se doter d’une véritable tour de contrôle pour surveiller les risques financiers» a souligné Christine Lagarde.

Tokio Marine Asset Management, le quatrième plus important gérant d’actifs nippon avec 5.000 milliards de yens sous gestion (45 milliards d’euros), et le britannique Governance for Owners s’allient pour lancer un fonds de 100 milliards de yens (900 millions d’euros), Japan Engagement Fund, qui investira dans 10 à 30 sociétés de croissance japonaises, de taille petite ou moyenne.

Lors d’une réunion avec le ministre brésilien des Finances Guido Mantega, le secrétaire américain au Trésor, Timothy Geithner, a affirmé que la sous-évaluation du yuan était un problème pour le Brésil, autant que pour les Etats-Unis, et a exhorté les dirigeants à «faire pression sur les Chinois pour corriger cette situation». Et Guido Mantega de rétorquer que le Brésil est «contre la manipulation des taux de change».

La Banque centrale européenne pourrait relever ses taux d’intérêt pour contenir l’inflation avant la fin de ses mesures de soutien à la liquidité, selon Yves Mersch, un des membres de son Conseil des gouverneurs. Les tensions inflationnistes, a-t-il souligné, sont à la hausse, principalement en raison de l’appréciation des prix des matières premières, contre laquelle la BCE est impuissante. «Mais elle sera obligée d’intervenir vigoureusement si ces hausses de prix infiltrent le système économique sous la forme d’effets de second tour, ce qui serait un danger à l’ancrage des anticipations inflationnistes», a précisé Yves Mersch.

La collecte d’actifs a atteint l’an passé le haut des objectifs fixés par la banque privée suisse, qui jouit d’une solide situation financière

Le hedge funds entend prendre moins de 5 % dans des sociétés en situation spéciale. Des fonds dédiés seront créés pour des participations activistes

Le hedge fund cherche à lever un fonds de 2 milliards de dollars pour prendre des tickets de moins de 5 % dans des sociétés en situation spéciale. Il veut aussi lancer des fonds dédiés à des prises de positions activistes (entre 5% et 20%): quatre cibles ont été identifiées en Europe.

La mise sous tutelle d'Amagerbanken devrait se traduire par des pertes pour certains déposants et porteurs de dette senior non sécurisée

Les investisseurs tablent sur une amélioration du marché des covered bonds périphériques et une légère dégradation dans les pays « core »

Le conseil en immobilier CB Richard Ellis vient de lancer une plate-forme pour faciliter les transactions sur les parts de fonds en Europe continentale

Les effets de l'inflation des matières premières agricoles sur les économies et les régimes émergents conduisent à des réallocations de portefeuille

Un « contre-sommet » sera organisé à Paris le 18 février en marge du G20 Finances. Il associera l'Inde, le Brésil, la Chine et la Russie

La bourse a décelé la présence de fichiers douteux sur les serveurs de Directors Desk, son pôle de communication des conseils d’administration