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11/01/2011

Société Générale Securities Services nomme un directeur adjoint des marchés émergents

Société Générale Securities Services (SGSS) annonce la nomination de Philippe Huerre au poste de directeur adjoint des marchés émergents. Il travaillera en étroite collaboration avec Ramy Bourgi, directeur des marchés émergents. Philippe Huerre, qui était depuis 2004 directeur des services conservation clientèle détail chez SSGS, aura pour mission «de consolider la position de leadership de SGSS sur les marchés émergents, dans lesquels SGSS fournit des services titres pour les investisseurs domestiques et internationaux», indique un communiqué. Rappelons qu’en 2010, SGSS a élargi sa présence géographique dans les Etats du Golfe grâce à un accord commercial signé avec National Bank of Abu Dhabi.
11/01/2011
Fonds

Invesco Perpetual lance un fonds de rendement sur les actions asiatiques

Invesco Perpetual envisage de lancer un fonds de rendement sur les actions asiatiques. Le fonds, géré par Stuart Parks et Tim Dickson, investira principalement en Asie et en Australasie (hors Japon). La Chine et Hong Kong devraient se voir attribuer les pondérations les plus importantes, la Corée, l’Australie et l’Inde occupant des positions moins importantes.Le fonds vise un rendement du dividende supérieur de 20% à l’indice MSCI Asie Pacifique hors Japon. Les frais d’entrée s'élèvent à 5%, les frais de commission étant de 1,5% par an.
Fonds
11/01/2011

Aviva Investors se renforce en Asie

Après avoir lancé un pôle immobilier il y a deux ans, le groupe britannique Aviva Investors vient de recruter Manish Singhai et Kevin Talbot pour développer ses activités actions et obligations en Asie à partir de Singapour, rapporte Aviva Investors. Manish Singhai a été nommé chief investment officer pour les actions tandis que Kevin Talbot rejoint le groupe en tant que chief investment officer pour le fixed income.Manish Singhai, qui a passé une dizaine d’années chez AllianceBernstein, a lancé en 2008 un hedge fund market neutral dédié à l’Asie hors Japon, Arjava Capital, qu’il vient de fermer. Kevin Talbot travaillait précédemment chez ANZ Private Bank à Singapour.
11/01/2011

Bordier & Cie obtient une licence bancaire à Singapour

La banque privée suisse Bordier & Cie ouvre une filiale à Singapour, indique Le Temps. Elle est placée sous la responsabilité d’Evrard Bordier, associé depuis le 1er janvier, qui s’installe sur place. L’implantation locale a reçu lundi sa licence de «merchant bank» de la part de l’autorité de régulation, la Monetary Authority of Singapore. L’effectif devrait être porté à 20 employés d’ici la fin de l’année.Bordier & Cie, dont l’encours sous gestion avoisine 9,5 milliards de francs suisse, prévoit que sa filiale gère un milliard de francs au terme de la première année d’exercice. Pour atteindre cet objectif, la banque va proposer aux clients de Bordier International Bank & Trust (BIBT), une entité domiciliée aux îles Turques-et-Caïques (territoire britannique d’outre-mer aux Caraïbes) spécialisée dans la gestion privée offshore, d’y déplacer leurs avoirs, qui s’élèvent à plus d’un demi-milliard de francs.
11/01/2011

Credit Suisse diffère plus largement les bonus

Credit Suisse durcit ses règles sur les bonus, note l’Agefi. La banque helvète a abaissé de 125.000 à 50.000 francs (40.000 euros) le seuil au-delà duquel les bonus de ses salariés feront l’objet d’un paiement différé au titre de l’année 2010. Les employés sous le grade de «director» recevront l’intégralité de leur variable en actions, ajoute le quotidien.
11/01/2011
Fonds

Raiffeisen lance un fonds indiciel avec Pictet

Associé depuis plusieurs années avec Vontobel dans la gestion et la distribution des fonds de placement, Raiffeisen Suisse a choisi la banque privée Pictet & Cie pour se lancer dans les fonds indiciels, en raison de l’importance de son portefeuille d’actifs gérés dans ce domaine, soit 22 milliards de francs suisses.C’est le segment des actions suisses qu’ont choisi les deux banques partenaires, précise Le Temps. Leur choix s’est porté sur l’indice SPI et ses 220 titres. Les partenaires envisagent le lancement d’un fonds similaire à la mi-2011. En attendant, Raiffeisen compte lever 100 millions de francs pour son fonds helvétique.
Fonds
11/01/2011

SSgA boucle l’acquisition de BIAM

State Street Global Advisors, la division de State Street Corporation spécialisée dans la gestion d’actifs, vient de boucler l’acquisition de Bank of Ireland Asset Management (BIAM) annoncée en octobre 2010, pour environ 57 millions d’euros (lire article du 25 octobre 2010)."Cette acquisition apporte à State Street de nouveaux clients et employés basés à Dublin et des actifs gérés couvrant la gestion actions fondamentale, les taux, le monétaire, l’allocation d’actifs, l’immobilier et fonds de gestion équilibrés. Le montant total des actifs sous gestion de BIAM au 31 décembre 2010 est estimé à environ 26 milliards d’euros. L’acquisition permet en outre à SSgA d’améliorer la gamme de solutions en gestion d’investissements et d’accroitre globalement sa présence en Irlande où l’entreprise sert les investisseurs institutionnels depuis 15 ans. La nouvelle entité, State Street Global Advisors Ireland Limited, devient le dixième centre d’investissement international de SSgA gérant les actifs de nos clients», précise un communiqué de presse.
11/01/2011

European insurance supervisory body holds first meeting

p { margin-bottom: 0.08in; } The new European regulatory body for the insurance and pension fund sectors (EIOPA, formerily CEIOPS), which on 10 January held its first meeting, is planning to quadruple its staff (currently 28) by 2013, and to supervise the enactment of Solvency II standards, Les Echos reports. The name of the president of the agency will be revealed in the next few days.
11/01/2011

Funds avoid crisis-stricken countries in Euro zone

p { margin-bottom: 0.08in; } Johannes Müller, a bond expert at DWS (Deutsche Bank), says that the fund management firm of the Deutsche Bank group has long had a rule against investment in Portuguese bonds, and that it now prefers short-term bonds issued by Greece to Portuguese government bonds, the Frankfurter Allgemeine Zeitung reports. Union Investment (German co-operative banks), for its part, states that it has taken the occasion of low yields and high prices to reduce its exposure to Portuguese mid- and long-term bonds.At Pimco, Andrew Balls, head of portfolio management for Europe, says that the firm is concerned for the wider Euro zone, beyond the next six to twelve months, because some states may have difficulty in adhering to their multiple-year long austerity programmes. If one or more Euro zone countries is late in its repayments, it could trigger a banking crisis for all of Europe.Schroders says that it is extremely pudent: the British asset management firm is overweight in bunds, underweight in French government debt, and has no exposure to government bonds from peripheral countries of the Euro zone, according to David Scammel, a manager of British and European bond funds.
11/01/2011

Bordier & Cie granted a banking license in Singapore

p { margin-bottom: 0.08in; } The Swiss private bank Bordier & Cie has opened an affiliate in Singapore, Le Temps reports. It will be led by Evrad Bordier, a partner since 1 January, who will be based in Singapore. The location on Monday received its merchant banking license from the regulatory authority, the Monetary Authority of Singapore. Personnel will be increased to 20 people by the end of the year. Bordier & Cie, whose assets under management total about CHF9.5bn, is planning to have CHF1bn in assets under management at the affiliate by the end of its first year of operations. To achieve this goal, the bank will offer clients of Bordier International Bank & Trust (BIBT), an entity domiciled in the Turk and Caicos Islands, a British territory in the Caribbean, specialised in offshore private management, the opportunity to transfer their assets, which total nearly CHF500m.
11/01/2011

Axa IM develops a real estate risk index

p { margin-bottom: 0.08in; } A survey conducted by Schleus Marktforschung between 20 November and 10 December, which spoke to 156 institutional investors with total assets of EUR156bn, has provided Axa Investment Managers Germany with knowledge with which it has developed a real estate risk index that will now be regularly calculated, on a scale from 0 for no risk to 100 for maximal risk. In its first edition, the risk level stands at 38.The first survey has also found that institutional investors have widely differing conceptions of the concept of risk. Frank Richter, head of institutional business Germany & Austria at Axa IM, says that nearly one quarter of respondents say the largest risk is losing assets or revenues, while 18% say that it is failing to achieve objectives, and 16% say risk is largely a measure of chance. However, 47% of specialists surveyed say that direct investment in real estate carries low or very low risk, while 23% say so for indirect investment in real estate. Axa IM says that this reflects current problems for open-ended real estate funds, many of which are now closed to redemptions (with assets of about EUR25bn), in liquidation (three funds), and/or have been forced to announce depreciation in the value of shares.
11/01/2011

UCITS Alternative index up 1.86% in 2010

p { margin-bottom: 0.08in; } The global “Ucits Alternative Index,” published by the company of the same name, gained 1.07% in December and 1.86% over the year as a whole, compared with 9.27% in 2009. The best-performing strategies in December were commodities and CTA, which gained 2.73% and 2.66%, respectively. But for the year as a whole, commodities strategies have lost 2.10%, following gains of nearly 6% in 2009. CTA, for their part, finished the year with gains of only 0.01%, compared with 0.88% in 2009. The big winners for the year were event-driven (+4.47%) and fixed income (+4.15%).
11/01/2011

Hedge funds post net inflows of USD13bn in November 2010

p { margin-bottom: 0.08in; } According to data from TrimTabs and BarclayHedge cited by La Tribune, the hedge fund industry attracted USD13bn in net subscriptions in November 2010. Long/short equity funds collected USD2.5bn, while CTA funds (futures trading) saw net redemptions of EUR3.9bn.
11/01/2011

Hedge funds earned 11.6% in 2010

p { margin-bottom: 0.08in; } The hedge fund industry earned net inflows of USD13bn in November, according to estimates by TrimTabs Investment Research and BarclaysHedge. It is the fifth consecutive month of inflows, and the largest amount since February 2010. 2011 brings bright outlooks for the sector, says the president and founder of Barclayshedge, Sol Waksman, in a statement, adding that “hedge funds earned returns of 11.6% in 2010, and investors are continuing to place capital in them.” Pension funds will certainly turn to their services, in light of the low returns available on the markets. Long/short equities funds attracted USD2.5bn in the month under review, the highest amount for any alternative strategy. Event-driven funds attracted USD2.2bn, while emerging funds took in USD1.8bn. Bond funds continued the growth observed in previous months, with inflows of USD1.9bn. CTA funds, however, saw outflows of USD3.9bn in November, the first in nine months, but this was apparently due to redemptions from a single fund. Funds of funds, for their part, took in USD473m. Vincent Deluard, executive vice president in charge of research at TrimTabs, estimates that about 50% of hedge fund managers will earn commissions for performance achieved in 2010. That’s better than the 32% who did so in 2009 or the 16% in 2008, but far off the record level fo 90% in 2006.
11/01/2011

USD70bn in inflows to hedge funds in 2010

Hedge funds attracted USD70 billion through net positive asset flows in 2010 – total size of industry exceeded USD1.65 trillion for the first time since September 2008, according to Eurekahedge. They posted double-digit growth in 2010 and outperformed underlying markets – up 10.86% for the year. Japanese hedge funds posted best annual return in 5 years, up 6.79% in 2010.
11/01/2011

Raiffeisen launches a tracker fund with Pictet

p { margin-bottom: 0.08in; } Raifeissen Switzerland, which for several years has been partnered with Vontobel for the management and distribution of investment funds, has selected the private bank Pictet & Cie to launch its first tracker fund, due to the size of its portfolio of assets managed in this area, totalling CHF22bn. The Swiss equities segment was selected by the partner banks. Their choice fell on the SPI index of 220 shares. The partners are planning to launch a similar fund in mid-2011. Meanwhile, Raifeissen is planning to raise CHF10m for its Swiss fund.
11/01/2011

Fidelity renews its contract with BP America

p { margin-bottom: 0.08in; } Fidelity Investments has announced that it has renewed its contract with BP America, an affiliate of the BP group, for a 5-year term. Under the contract, the management firm will continue to provide services to the corporate retirement savings plan for the business for a total of 95,000 employees.
11/01/2011

Blake Grossman leaves BlackRock

In an internal memo signed by CEO Larry Fink which has been confirmed by sources familiar with the matter, BlackRock has announced the departure of Blake Grossman, who had been vice-chairman for slightly over a year, since the acquisition by BlackRock of Barclays Global Investors (BGI), which Grossman had led. The acquisition of BGI for USD15.2bn was concluded in December 2009 (see Newsmanagers of 2 December 2009).Grossman is not expected to be replaced as BlackRock vice president. However, on 10 January, Grossman’s name was still on the list of members of the global executive committee.p { margin-bottom: 0.08in; }
11/01/2011

Morningstar parts with Tao Huang

p { margin-bottom: 0.08in; } Tao Huang, COO for Morningstar since 1990, will be leaving the company at the end of January. He is also leaving his position as head of IT, corporate sales and the affiliate Logical Information Machines (LIM), acquired in 2009.Morningstar says that Huang will not be replaced as COO. Responsibility for IT will be taken over by Jow Mansueto, chairman and CEO, while corporate sales will be overseen by Scott Cooley, CFO, and LIM will be moved into the data division of Morningstar, led by Elizabeth Kircher.
11/01/2011

Société Générale Securities Services appoints a deputy director of emerging markets

p { margin-bottom: 0.08in; } Société Générale Securities Services (SGSS) has announced the appointment of Philippe Huerre as deputy director of emerging markets. He will work in close collaboration with Ramy Bourgi, director of emerging markets. Huerre, who since 2004 had been director of retail client custody services at SGSS, will aim to “consolidate the leading position of SGSS in emerging markets, where SGSS provides securities services to domestic and international investors,” a statement says. In 2010, SGSS extended its geographical presence into the Gulf states, through a commercial agreement with the National Bank of Abu Dhabi.
11/01/2011

Morgan Stanley spins off proprietary trading unit

p { margin-bottom: 0.08in; }Morgan Stanley has announced that it has reached an agreement with the employees of its in-house quantitative proprietary trading unit Process Driven Trading (PDT), whereby PDT employees will acquire certain assets from Morgan Stanley and launch an independent advisory firm at the end of 2012. Morgan Stanley will have the option to acquire a preferred stake in the new entity, to be known as PDT Advisors. It is expected the full PDT team, which comprises approximately 60 employees globally, will join the independent firm.During the two-year transition period, PDT will remain a part of Morgan Stanley and continue to manage Firm capital as it has historically. PDT will also build out its infrastructure and its third-party investment business during this period.
11/01/2011

Harbinger analyst to launch his own firm

Lawrence M. Clark Jr left Harbinger Capital Partners where he was a senior analyst and a partner to launch his own hedge fund, The Wall Street Journal writes. This departure comes as Harbinger in recent years has evolved from a diversified hedge-fund firm to one which looks more like a private-equity firm. Assets have declined from about USD26 billion in 2008 to USD6.4 billion in November.
11/01/2011

SG Private Banking interested in wealth management in North America

p { margin-bottom: 0.08in; } Agefi reports that Société Générale Private Banking is planning to open a long-term location in the United States. The bank is finalising plans for a brokerage and banking services platform based in New York, and aimed at US domestic high net worth clients. “Pending approval from the necessary authorities, we are hoping to begin our activities in the next few months,” says Daniel Truchi, director of the platform, cited by the newspaper. The platform will be complementary with the activities of Rockefeller Financial Services, a management firm dedicated to family offices based in New York and in which the bank has controlled a 37% stake since 2008.
11/01/2011

Aviva Investors builds presence in Asia

p { margin-bottom: 0.08in; } After launching a real estate unit two years ago, the British Aviva Investors group has recruited Manish Singhai and Kevin Talbot to develop its Asian equities and bond activities from Singapore, Aviva Investors reports. Singhai has been appointed chief investment officer for equities, while Talbot joins the group as chief investment officer for fixed income. Singhai, who spent 10 years at AllianceBernstein, in 2008 launched a market neutral hedge fund dedicated to Asia ex Japan, Arjava Capital, which has recently been closed. Talbot previously worked at ANZ Private Bank in Singapore.
11/01/2011

Invesco Perpetual launches an Asian income equities fund

p { margin-bottom: 0.08in; } Fundstrategy reports that Invesco Perpetual is planning to launch an income fund focused on Asian equities. The fund, managed by Stuart Parks and Tim Dickson, will invest largely in Asia and Australia (ex Japan). The fund aims for returns from dividends equivalent to 120% of the MSCI Asia Pacific ex Japan index.
11/01/2011

East Capital renames AGI funds

p { margin-bottom: 0.08in; } The Swedish asset management firm East Capital has renamed two funds managed by Asia Growth Investors, an asset manager specialised in Asia, also based in Stockholm, which it acquired last year (see Newsmanagers of 17 June 2010). From 1 January, the AGI China East Asia Fund has become the East Capital China East Asia Fund, while the AGI China Fund becomes known as the East Capital China Fund. The change of names has no impact on the investment strategy of the funds, which remains the same, says Karine Hirn of East Capital on the website of the Scandinavian asset management firm. The two funds are exposed to China, where the China East Asia Fund has a slightly broader universe than the other fund. The products are managed by the same team, which has recently been enlarged.
11/01/2011

Hermès/LVMH: minority shareholder defence organisation will appeal AMF decision

p { margin-bottom: 0.08in; } The French Association for the Defence of Minority Shareholders (ADAM) will appeal a decision by the French financial market regulator, the Autorité des marchés financiers (AMF), to grant a special dispensation to the usual takeover regulations for family shareholders in Hermès defending themselves against LVMH. Colette Neuville, president of ADAM, has told Reuters that she will file the appeal by Monday, 17 January. The appeal does not come as a surprise, as the ADAM president had already stated on several occasions that she opposed any exceptions under the law. “The appeal will be filed within six days, as regulations stipulate,” says Neuville, adding that the six-day period counts from last Thursday, when the AMF granted its clearance to Hermès. Neuville, who challenges the “reclassification” arguments used by the AMF, claims that the case “poses the problem of the value of regulated information” published by the Hermès directors, who had always claimed in the documents they supplied to the regulator and to the market that there were no shareholders who singularly or collectively controlled the capital of the company.
11/01/2011

ICI unveils plan for liquidity bank

The Investment Company Institute presented regulators with a proposal that would form a liquidity bank to help stabilize money-market funds during a market panic, according to The Wall Street Journal. The proposed bank wouldn’t backstop a fund that collapsed on its own. Instead, it would seek to prevent the damage from spreading to other funds.
11/01/2011

SEC charges hedge fund

The Securities and Exchange Commission has filed civil charges against the co-founder of hedge fund Trivium Capital Management and three others persons, accusing them of trading on inside information regarding Google and other companies as part of its investigation into Galleon Group, the Financial Times writes.The US regulator alleged that Trivium, its co-founder Robert Feinblatt and analyst Jeffrey Yokuty made USD15m in profits by trading ahead of Google and Polycom’s earnings reports and before private equity takeovers of Hilton and Kronos were announced.
11/01/2011

Guaranteed funds attracted a net total of EUR2.1bn in 2010

p { margin-bottom: 0.08in; } Despite average losses of 0.9%, according to Ahorro Corporación, Spanish guaranteed funds, with EUR2.1bn, were the only category aside from equities funds (EUR500m), to post net subscriptions in 2010, Cinco Días reports. And of the 124 new funds launched in Spain last year, 61 were guaranteed products.Assets in guaranteed funds increased by EUR1.6bn to total EUR48.5bn as of the end of the year. Meanwhile, assets managed by bond funds fell over the year as a whole by EUR27.5bn (of which EUR20.9bn were net outflows), to a total of EUR52.6bn as of 31 December.

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