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08/10/2009

BNP Paribas: le Luxembourg souscrira à l’augmentation de capital

Selon L’Echo, le Luxembourg va participer à l’augmentation de capital de BNP Paribas, à l’issue de laquelle il détiendra 1 % du capital. Il va vendre une partie de ses droits de souscription préférentiels et, avec les rentrées, souscrira de nouvelles actions. Il emboîte ainsi le pas à la Belgique, qui a annoncé la semaine dernière qu’elle participerait à l’augmentation de capital de 4,3 milliards destinée à rembourser les 5,1 milliards injectés durant la crise par l’Etat français.
08/10/2009
Fonds

T. Rowe Price lance sa première stratégie obligataire absolute return

La société de gestion T. Rowe Price vient d'étendre sa gamme obligataire en lançant une stratégie Global Fixed Income Absolute Return, disponible par le biais de sa sicav domiciliée au Luxembourg ou d’un compte séparé. La T. Rowe Price Funds sicav- Global Fixed Income Absolute Return Fun est en cours d’homologation pour être distribuée notamment au Danemark, en Estonie, en Finlande, au Luxembourg, aux Pays-Bas, en Norvège, en Suisse et au Royaume-Uni et attend l’autorisation pour les autres juridictions dans lesquelles la sicav est enregistrée.La stratégie se propose de délivrer de la performance absolue positive dans tous les cylces de marché au moyen de sources d’alpha diversifiées, une gestion prudente de la liquidité et un contrôle des risques rigoureux. Elle sera pilotée par Ian Kelson, gérant de portefeuille global fixed income.Les actifs sous gestion fixed income de T. Rowe Price s'élevaient au 30 juin dernier à 89,6 milliards de dollars.
Fonds
08/10/2009

Piteuse bavure pour Invesco

Une semaine après la publication du communiqué réglementé (lire notre dépêche du 1er octobre), Invesco a reconnu une erreur de virgule : sa participation dans MAN n’est pas montée le 11 septembre à 10,42 %, mais à 1,04 %, rapporte la Börsen-Zeitung.
08/10/2009

GSAM renforce son équipe commerciale

Hendrik Pfiester a rejoint au 1er octobre Goldman Sachs Asset Management (GSAM) Allemagne comme executive director sous la direction de Michael Gruener, directeur de la distribution. Auparavant, Hendrik Pfiester a travaillé chez Nomura International à Londres, chez DZ Bank à Francfort et New York et chez Union investment à Francfort.Michael Gruener a rappelé que l’ambition de GSAM est de compter d’ici à cinq ans parmi les cinq premiers gestionnaires d’actifs étrangers en Allemagne.
08/10/2009

Sauren Fonds-Research augmente son effectif d'un quart

Sauren Fonds-Research AG, filiale du groupe de gestion Sauren (1,8 milliard d’euros d’encours dans 12 fonds de fonds), a recruté Sascha Schuster chez Carlson Fund Management ; l’intéressé avait auparavant travaillé pour DWS (groupe Deutsche Bank). L'équipe de Sauren Research est en quelque sorte le laboratoire à idées de Sauren pour la gestion des fonds de fonds (ses quatre membres sont eux-mêmes gérants) et pour la notation de gérants de fonds. Les quatre membres de Sauren Research, que rejoint Sascha Schuster, constituent l'état-major du groupe : il s’agit d’Eckhard Sauren, Ansgar Guseck, Matthias Weinbeck et Hermann-Josef Hall.
08/10/2009

Axa IM va offrir ses fonds via Calastone

Axa Investment Managers au Royaume-Uni a signé un accord avec Calastone, aux termes duquel ses fonds – qui incluent la gamme Axa Framlington - seront disponibles via le réseau mondial de transactions de Calastone.
08/10/2009

Evli Bank acquiert la gestion d'actifs finlandaise de Carnegie

Evli Bank a signé un accord mercredi pour l’acquisition des activités de gestion d’actifs de Carnegie en Finlande (Carnegie Kapitalförvaltning Finland Ab). Ainsi les 15 membres de l'équipe de Carnegie ainsi que les six fonds seront transférés à la banque finlandaise. Cela permettra à cette dernière d’accroître ses encours sous gestion de plus de 800 millions d’euros à 5 milliards d’euros et de se renforcer dans le domaine des fonds de pension.Dans le même temps, Evli a noué un accord de coopération sur le long terme concernant la représentation et la vente des fonds internationaux de Carnegie.
07/10/2009

PrimeFundSolutions granted a new-old license

The Luxembourg financial sector surveillance commission (CSSF) and the ministry of Finance have granted a license for PrimeFundSolutions to provide banking, custody and administration services to funds of hedge funds and regulated funds of hedge funds in Luxembourg from 1 October. Before the nationalisation of the entities of the Fortis group in 2008, PrimeFundSolutions was authorised under a license granted to the former Fortis Bank Luxembourg (now BGP BNP Paribas). PrimeFundSolutions in Luxembourg is now an indirect affiliate of Fortis Bank (Nederland) N.V. PrimeFundSolutions kicked off its new activities in Luxembourg on Thursday last week, with Claude Noesen as CEO.
07/10/2009

HSBC has found a buyer for its Paris headquarters

Agefi reports that HSBC has selected an investor as the buyer of its offices on the Champs-Elysées in Paris under a sale and leaseback operation. The offices will be sold for EUR300-400m, the newspaper reports.
07/10/2009

Birth rate for new asset managers unaffected by crisis

The crisis appears not to have had a significant impact on the rate at which new asset management firms are being founded. Since the beginning of the year, 24 firms have been created, and the net number of new firm creations is nearly 10, 15 other applications for licenses have been submitted, meaning that by the end of the year, the number of new firms is likely to increase from 10 to about 15. The position of the major French management firms is likely to be strengthened by two major merger operations now underway. Two French groups rank in the global top ten, while four place among the top 20 firms. Meanwhile, efforts at many groups to rationalise product ranges and to realise economies of scale will lead to a significant reduction in the number of funds on offer, for OPCVM, Sicav as well as FCP funds. In nine months, about 400 OPCVM funds have been closed down. Last year, the profitability of the sector fell, but not as much as expected. Margins stabilised to an average of about 185 in 2008, compared with 24% last year.
07/10/2009

Barack Obama nabs Mary Miller from T. Rowe Price

The asset management firm T. Rowe Price (USD315.6bn in assets as of the end of June) has welcomed the news that Mary J. Miller has been nominated by president Barack Obama to become deputy Secretary of the Treasury for financial markets. If she is confirmed by the Senate to take on the role, T. Rowe Price would have to find a new head of its fixed income division, a position which Miller has held for five years.
07/10/2009

Urdang takes over a team from Capmark

BNY Mellon Asset Management has announced that it has created a new bonds unit within its real estate activities, with the recruitment of an eight-member team from Capmark Investments LP. Urdang, which manages USD1.5bn in publicly-traded real estate shares in Urdang Securities Management and USD2.5bn in private real estate at Urdang Capital Management, becomes the nondiscretionary sub-advisor to Capmark Investments for capmark Structured Real Estate Partners, LP and Capmark VII-CRE, Ltd. The two funds were created in 2006 and had initial capital of USD1.1bn and USD1bn, respectively, from investment commitments from institutional investors.
07/10/2009

Bank of America relaunches Merrill Lynch Wealth Management

Bank of America has announced the re-launch of the Merrill Lynch Wealth Management brand. The bank is also introducing «Affluent Insights Quarterly,» a new Merrill Lynch Wealth Management survey of the values, financial priorities and concerns of affluent Americans, the challenges and opportunities they currently face and their aspirations for the future. For those respondents indicating they needed assistance structuring or restructuring their portfolios, 42% felt they needed guidance on how to move back into the investment markets following the recent economic recession.
07/10/2009

US Bancorp acquires operations from Fiduciary Management

The mutual fund administration and accounting services of Fiduciary Management Inc., which represent USD8bn in assets under administration, have been acquired for an undisclosed amount by US Bancorp Fund Services. The transaction will allow Fiduciary Management to concentrate on asset management activities in the strict sense.
07/10/2009

Julius Baer buys ING Bank (Switzerland) for 0.9% of assets

Julius Baer Group announced on Wednesday morning that it is buying ING Bank (Switzerland) and its affiliates in Monaco and Jersey for CHF520m (EUR344m), of which CHF170m of surplus capital. The firm has assets of CHF15bn, which will mean an increase of 10% to assets under management at Julius Baer on behalf of retail investors, and will “double is presence” in Geneva. In total, assets at Julius Baer will increase to CFH160bn (as of the end of August). Adjusted for the surplus capital, Julius Baer is paying a price for ING Bank equivalent to 0.9% of its assets. ING Bank Switzerland employs 310 people (including 80 relationship officers), and will be integrated into Bank Julius Baer, which will generate per-tax synergies of CHF35m per year. The acquisition will be neutral in terms of estimated profits per share (EPS) in 2010, and will bring a strong increase in those profits from 2011. ING says the transaction will generate net capital gains of EUR150m, and will free up about EUR200m in capital. The transaction will close in first quarter 2010.
07/10/2009

ING to sell private bank to Julius Baer

StartFragment--> According to the Financial Times, ING is set to announce on Wednesday the sale of its Swiss private banking operations to Julius Baer for around USD500m.
07/10/2009

French collective management industry on the road to recovery

After a year in 2008 when counters were rolling steadily backwards, the first eight months of this year have brought a significant comeback for global volumes of assets under management. Assets managed by management firms on the French market have increased by EUR183bn (7.8%) in this period. Three quarters of this growth is a result of French-registered OPCVM funds (+11%), while one quarter is thanks to a 4% increase in assets managed under mandates (including foreign-registered OPC funds), according to data from the AMF and estimates for mandates by the AFG as of the end of August. After a decline of EUR225bn in 2008, net assets at French-registered OPCVM funds, which have increased by EUR138bn, totalled EUR1.383trn as of the end of August. This development is 45% due to inflows and 55% due to market effects. Even excluding money market funds, the contribution of net inflows has been positive, amounting to about 15%, compared with 85% for market effects.
07/10/2009

Sal. Oppenheim priced one third lower than previous estimates

According to sources familiar with the matter, the activities of Sal. Oppenheim to be taken over by Deutsche Bank may be worth only EUR1bn, though a price of EUR1.5bn was previously being mentioned for the Luxembourg-based firm stripped of its investment bank, the Frankfurter Allgemeine Zeitung reports. This is due to the fact that tier one equity at Sal. Oppenheim is said to have fallen to EUR1.8bn from EUR2.1bn in spring, due to losses on loans, the firm’s stakes (particularly in Arcandor), and its securities portfolio. The transaction may be completed by the end of the month. Family shareholders at Sal. Oppenheim will retain about 25% of the bank, which will limit its activities to family offices, open-ended funds, institutional funds, charities, and foreign affiliates. It is not yet known if stakes held by the owning families will be involved in the transaction: this is particularly true of custody activities at BHF-Bank and for funds of funds from Oppenheim Private Equity Partners.
07/10/2009

EU: Europe needs to triple spending on green research

The European Commission estimates that Europe should spend EUR50bn more on research between 2010 and 2020 to develop technologies needed to combat climate change, Les Echos reports. This would mean virtually tripling investment levels, which would increase from EUR3bn to EUR8bn per year. The Commission points out that this funding could come from both the public and private sector, on both the national and the European levels.
07/10/2009

Credit Suisse launches its first ETF backed by physical gold

On Tuesday, Credit Suisse announced that the Xmtch ETF on Gold, an ETF fund backed by physical gold denominated in US dollars with shares hedged for currency risks in Swiss francs and Euros (Xmtch II on Gold - hedged CHF and Xmtch II (CH) on Gold - hedged EUR) have been admitted to trading on the Swiss stock exchange. The product is the first ETF of the Xmtch range based on precious metals; it invests in physical gold without the use of derivative instruments. The investment objective is to replicate returns on the preciousl metal on the open market. One share is backed by one ounce of gold. Management commission is 0.30% for the US dollar-denominated product, and 0.35% for shares in Euros and Swiss francs.
07/10/2009

Sarasin predicts that market rally will last

In the most recent edition of its Investment Perspectives, Sarasin bank claims that, despite an accelerating recovery of many indices, concerned central banks and political leaders are choosing to further loosen conditions on the money market. Sarasin is now predicting that the rising trend on global stock markets will continue despite recent advances, as investors will not settle for the near-zero returns on liquidities. In other words, central banks’ hesitance “to end stimulus measures is also helping to improve investor sentiment.” Guy Monson, chairman of the investment committee at Sarasin, says the bank is currently privileging a tactical approach due to risks of unprecedented falls.
07/10/2009

Threadneedle recruits a managing director from Lazard AM

Kris Haber, who was most recently managing director, global alternative investments at Lazard Asset Management, will join the UK asset management firm Threadneedle in mid-November as global head of hedge fund activities and head of North America. He will be based in New York, and will report to Crispin Henderson, CEO of Threadneedle.
07/10/2009

One in four managers will have to merge to survive

Gonzalo Rengifo, CEO of Pictet Funds for the Iberian peninsula and Latin America, says the natural selection process is winnowing down asset management providers in Spain, Expansión reports. Experts estimate that at least EUR150m-EUR200m will be needed for a firm to survive the crisis, and 25 out of 96 management firms in Spain do not meet this criterion, according to Inverco. Small firms will be the first to be affected in the concentration process, followed by independent management firms owned by financial groups. So far, the merger deals may be counted on one hand: Nordkapp (Banco de Valencia) has bought Gestifondo, Banca Privada of Andorra has bought the management firm Interdin, and recently, Syz & Co has entered the capital of the management firm N+1. Santander and Caiza Tarragona, for their part, have announced that they are seeking a buyer for their asset management affiliate, but unsuccessfully so far.
07/10/2009

HSBC launches emerging markets index

As announced a month ago (see Newsmanagers of 4 September, HSBC on Tuesday launched the new HSBC Emerging Markets Index (HSBC EMI), which covers guiding indicators of the performance of emerging market economies. Backtesting reveals that the index rose from 50.3 in second quarter to 55.3 in third quarter, which represents the largest increase in production and services in emerging markets since second quarter 2008, while the lowest point, at 43.8, was in second quarter 2008, before a slight increase to 44.2 in first quarter 2009. The EMI index is based on data from 5,000 issuers of corporate bonds located in 13 countries (South Africa, Brazil, China, South Korea, India, Israel, Mexico, Poland, the Czech Republic, Singapore, Taiwan, and Turkey). The basis is Purchasing Managers’ Indexes (PMI) calculated by Markit.
07/10/2009

Two recruitments at Ignis AM

Ignis Asset Management has appointed both Barry Sturgeon and Daniel Haylett, who join Ignis from M&G and Hartford respectively, to the position of business development consultant in the business. The pair will report to Nick Pogmore, the recently-appointed head of strategic alliances.
07/10/2009

Henderson strengthens its sales force

Henderson Global Investors (HGI), which on 9 April acquired New Star Asset Management Group, has announced that it has recruited Simon Hellenbrand, who was previously director of UK retail sales at New Star, as director of UK sales. Hillenbrand, who joins the firm today, will report to Mark Skinner, head fo pan-European retail distribution, who will also oversee Greg Jones, who will join HGI only in early December, as head of retail distribution for continental Europe. He was most recently managing director of international activities at New Star. HGI has also announced the recruitment of James Bowers as head of UK and institutional product. Bowers will report to Stewart Cazier, director of retail business development. Bowers, who joins HGI today, assumes a role similar to positions he held at Aviva Investors and NPI.
07/10/2009

Les sociétés de gestion vont réduire les bonus

La plupart des sociétés de gestion vont réduire les bonus d’au moins un dixième, tandis que les gestionnaires ayant le moins bien performé vont les couper de plus de 30 % au début de l’année prochaine, selon une étude de PRPi Consulting citée par Financial News.

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