Le gestionnaire de fortune en ligne Nutmeg, dont Schroders est l’un des actionnaires, a recruté Scott Eblen au poste de directeur produits («chief product officer»), rapporte Citywire. L’intéressé, diplômé de Princeton, a précédemment travaillé pendant six ans chez Google.

La société de hedge funds Brevan Howard a fait la paix avec son ancien trader vedette Chris Rokos et a accepté de l’aider à monter sa propre société, mettant fin à une bataille juridique qui menaçait de se transformer en procès ultra médiatisé, rapporte le Financial Times. L’an passé, Chris Rokos, l’un des co-fondateurs de Brevan Howard en 2002, avait entamé une procédure contre son ancien employeur pour supprimer une clause de non concurrence de cinq ans dans son contrat. Mercredi, les deux parties ont annoncé qu’elles s’étaient mises d’accord, que Chris Rokos allait lancer sa société de gestion et que son premier fonds serait opérationnel en début d’année prochaine. Brevan Howard a ajouté qu’il prenait une participation financière dans la nouvelle entité, et soutenait sa création.

p { margin-bottom: 0.1in; line-height: 120%; } The British asset management firm Royal London Asset Management (RLAM) on 21 January announced the recruitment of Trevor Greetham to the newly-created position of head of multi-asset. He will join RLAM in April and will manage a team of multi-asset specialists tasked with managing existing assets and developing new asset allocation solutions both for retail and institutional clients. He will report to Piers Hillier, the new chief investment officer at RLAM. Greetham joins from Fidelity Worldwide Investment, where he was Asset Allocation Director since 2006, responsible for implementing tactical investment decisions across a wide range of institutional and retail funds, including the Fidelity Multi Asset Strategic Fund. His departure from Fidelity was also announced by the British press on 20 January. Before working at Fidelity, Greetham was director of asset allocation for Merrill Lynch.

Man Group has announced that it has completed the previously announced acquisition of Silvermine Capital Management, a Connecticut-based leveraged loan manager with USD3.8 billion of funds under management as of 30 November 2014. The deal, of an amount of USD70m, was announced on December 17, 2014. With the transaction now completed, Silvermine will be integrated into Man GLG, and will complement Man GLG’s existing credit business. Silvermine’s team will remain in place under the leadership of two of the firm’s founders, G. Steven Kalin and Richard F. Kurth, who will continue to work alongside the other co-founders Aaron Meyer and Jonathan Marks.

Global asset manager Russell Investments and Integral Development Corp., a FX technology company, announced on Wednesday the launch of Russell FX Network (RFX Network), a new end-to-end trading solution for the buy-side community for netting, execution and allocation of foreign exchange transactions. RFX Network is designed to help institutional investors including asset managers obtain currency exchange rates that seek to minimize tracking error with respect to the rates published by WM/Reuters.

p { margin-bottom: 0.1in; line-height: 120%; } The new Convictions AM has arrived. Nicolas Duban, its CEO since July 2014, had since his arrival declared a desire to give a new breath of life to the asset management firm. After several months of gestation, “Convictions AM version 2.0” is ready for rollout. Convictions AM is now foregrounding two major concepts, which are likely to contribute to the generation of returns: on the one hand, multi-strategy management, which aims for an optimal combination of diverse and complementary strategies. On the other hand, picking strategy takes the form of type or specialist funds, contracts on indices, direct positions, etc., which are identified as best reflecting the selected strategies. In order to better articulate these concepts, Convictions AM has established partnerships, firstly with Morningstar for the selection and analysis of funds, and for the implementation of strategy picking. Convictions AM has also added to its capacity for reflection, with the creation of a board of experts which includes some big names. With this new architecture, Convictions AM is adding to its fund range, with the launch of three investment solutions: Convictions MultiBonds and Convictions MultiEquities, in partnership with Morningstar, and Convictions Open Futures. These three funds each have initial capital of EUR15m. The firm is also working on a strategy to unite all asset classes, including alternative asset classes such as real estate and private equity. In the future, Convictions AM plans to put energy into partnerships, with the deployment of a strategy called “Allied Convictions Asset Managers,” which allies asset management firms and talented managers, actively participating in the consolidation of the sector as this new phase of open architecture opens, and by potentially opening to investor partners who wish to participate in the process at the asset management firm. Convictions AM stabilised its assets at about EUR300m, distributed between four major client groups: institutional investors and businesses, family offices, independent financial advisers (IFAs), and lastly, distributors and buyers (private banks). Convictions AM also plans to develop international markets, which currently represent 15% of assets. Duban thus hopes to transform the firm with a new business plan and success story, which would allow the asset management firm to return to or approach its asset levels in the past.

p { margin-bottom: 0.1in; line-height: 120%; } Assets under management which generate commissions fro the wealth management unit at Morgan Stanley rose 13% in fourth quarter 2014 compared with the fourth quarter of the previous year, according to statistics released by the bank on 20 January. Net inflows for the quarter totalled a record USD20.8bn. Pre-tax profits for the unit rose to USD736m from USD715m one year previously. For Investment Management, assets under management or supervision as of the end of December totalled USD403bn, compared with USD377bn on eyear previously. The only net inflows totalled USD3.5bn. The quarter finished with pre-tax losses of USD6m, after profits of USD331m for fourth quarter 2013. For the year as a whole, the wealth management unit has posted pre-tax profits of USD2.98bn, compared with USD2.6bn in 2013, while the investment management unit has earned pre-tax profits down sharpy to USD664m, compared with USD1bn the previous year.

According to the results of a pan-European survey on income investing conducted for J.P. Morgan Asset Management, retail investors need instruction on this subject. The asset manager surveyed nearly 5000 individual investors with significant investable assets and found 67% claimed to be seeking some form of income, yet 52% could not correctly explain the meaning of the term «income investing». Among those who say they are not currently investing in income, the majority (61%) would like to know more about how they can generate income in their portfolios.Across Europe, just over half of investors are seeking a combination of income and growth. A third (33%) focus on seeking growth (particularly in the Netherlands, Sweden, the United Kingdom and Belgium), versus just 13% focused on generating income (all in Italy). French, German, Spanish and Swiss investors have a combination of these two objectives. French, German and Swiss investors are the most familiar with the subject of investment oriented to generating income.Investors tend to prefer equities and bank savings accounts for their income-generating investments, while mutual funds are popular in Germany, Italy, the Netherlands and Sweden. Bank savings accounts are popular in Switzerland and the United Kingdom. France leads for insurance products (life insurance). Italian, Swedish and British investors are most likely to reinvest the income generated by their investments, while French and Swiss investors are more likely to place this income in cash. Lastly, German and Swiss investors prefer to spend the income generated.

p { margin-bottom: 0.1in; line-height: 120%; } Axa Real Estate Investment Managers has announced the appointment of Charles Daulon du Laurens as European head of sales, and Julien Conte as head of European equity sales. Du Laurens will be responsible for fundraising in Europe and the Middle East for the full range of products from Axa Real Estate, including equity and debt ranges. He will be based in Paris, and will report to Isabelle Scemama, head of funds group, and Dennis Lopez, chief investment officer. He joined AXA Real Estate in 2012 as head of investor relationships in the real asset finance department. Meanwhile, Conte has been promoted to head of European equity sales, and will report to Du Laurens. Conte joined Axa Real Estate in 2003. He served as senior manager in the fund management and corporate finance departments, and more recently served as sales director for France and the markets of Southern Europe.

Nikko Asset Management has re-hired Naoki Kamiyama as chief strategist, the Tokyo-based asset manager announced. He will deliver his strategic insights and solutions in a wide range of asset classes to institutional and retail clients. He will also sit as a member of the company’s global investment committee. As a veteran strategist with 30 years of experience in the securities and asset management industries, Naoki Kamiyama previously spent more than five years working at Nikko Asset Management and its predecessor firms, until 2000. After that, he worked for Merrill Lynch Japan Securities as chief strategist, in addition to serving at Goldman Sachs, Morgan Stanley and Deutsche Securities.

British investors allocated a larger proportion of their assets to low-cost products in the five years to the end of December 2013, according to a study by Vanguard Asset Management («Costs matter: Are UK investors voting with their feet?”).The study states that in the five years to 31 December 2013, low-cost funs dedicated to equities attracted 112% (GBP129bn) of total inflows in the period, while low-cost funds represented 52% (GBP118bn) of the total for bond funds.Several factors have contributed to this development: the impact of RDR regulations, the transition to defined-contribution pension plans, and an uncertain market environment with modest outlooks for returns.The study shows that the majority of investors invested in less costly funds, with the trend more marked for equities. The cost of an investment in an actively-managed fund also remained stable in the period, while the cost of an investment in a passive strategy was significantly reduced. According to data from Morningstar, fees as a proportion of assets fell from 0.55% to 0.35% for a passively-managed equity fund between 2009 and 2013, and from 0.48% to 0.18% for a bond fund of the same type.

p { margin-bottom: 0.1in; line-height: 120%; } High yield issues in the Europe, Middle East and Africa (EMEA) region surpassed those in the United States in the past two years, according to a study of high-yield corporate bond issues released recently by the financial ratings agency Moody’s. However, the rising number of less well-rated issuers and the fragmentation of the high yield market in the EMEA region may expose the region to more debt risk than in North America in 2015. In particular, three factors may create a more volatile environment for high yield issues in the EMEA region: low macroeconomic growth in Europe, geopolitical risks in the Middle East and Europe, and an escalation of international sanctions against Russia.

La Banque centrale européenne a laissé jeudi ses taux directeurs inchangés, avec un taux de la facilité de dépôt à -0,20% et un refi à 0,05%, comme l’attendait le consensus des analystes. «D’autres mesures seront annoncées à 14h30», selon le communiqué de la BCE, à l’occasion de la conférence de presse traditionnelle de son président Mario Draghi. La BCE devrait dévoiler les détails d’un programme d’achat de dette souveraine (QE) en zone euro.

JPMorgan Asset Management a enregistré une collecte nette équivalente à 1,8 milliard de dollars (1,55 milliard d’euros) en France en 2014. La filiale de la banque américaine a attiré 1,4 milliard de dollars d’argent frais en provenance de la clientèle institutionnelle et 0,4 milliard auprès des particuliers. Fin 2014, les encours pour la France s'élevaient à 8,2 milliards de dollars, dont 5 milliards pour les institutionnels et 3,2 milliards pour le retail.

Son président, Mario Draghi, a annoncé le lancement d'un QE de 60 milliards d'euros d'achats d'obligations par mois au moins jusqu'à fin septembre 2016.

La Banque nationale suisse (BNS) et la Banque populaire de Chine (PBOC) ont signé un protocole d’accord relatif à la conclusion d’accords de compensation en renminbis. La PBOC a en outre décidé d’étendre le programme-pilote d’investisseur institutionnel étranger qualifié en renminbis (ou RQFII) à la Suisse, octroyant à cette dernière un quota de 50 milliards de yuans. En juillet 2014, la BNS et la PBOC avaient passé un accord de swap d’un montant maximal de 150 milliards de yuans.

Douglas Braunstein et James Woolery, anciens cadres de JPMorgan, ont fondé Hudson Executive Capital, un hedge fund qui entend coopérer avec les responsables des sociétés où il investit. 250 millions de dollars ont déjà été collecté auprès de 14 dirigeants et anciens dirigeants. Hudson Executive n’est pas le premier à se présenter comme «constructif» ; on compte déjà sur le marché ValueAct Capital Management et Blue Harbour Group.

La France et l’Autriche proposent de relancer les travaux sur une taxe sur les transactions financières en marge des prochaines réunions de l’Ecofin et de l’Eurogroupe, a annoncé mercredi le ministre français des Finances, Michel Sapin. «Nous reprenons une nouvelle initiative, qui est une initiative entre la France et l’Autriche», a dit le ministre lors de la séance des questions au gouvernement à l’Assemblée nationale. «Nous avons envoyé une lettre à nos partenaires», a-t-il ajouté. Reçus la semaine dernière à Bercy, les acteurs financiers de la Place de Paris ont réitéré «leur opposition totale et leur incompréhension face à une telle initiative», la Fédération bancaire française jugeant que cette taxe serait «contraire aux intérêts de l'économie française, des entreprises, des investisseurs et de la Place de Paris». L’idée d’une TTF élargie a été relancée par François Hollande début janvier.

Le directoire de la Banque centrale européenne (BCE) a proposé un programme d’achats d’obligations d’un montant de 50 milliards d’euros par mois à compter du mois de mars, rapporte Reuters, qui cite une source de la zone euro. La durée du programme fait également l’objet de conjectures. Selon le Wall Street Journal, il durerait au moins un an, tandis que Bloomberg rapporte qu’il s’achèvera fin 2016. La BCE, qui s’exprimera jeudi à l’issue de sa réunion mensuelle de politique monétaire, s’est refusée à tout commentaire. Au rythme de 50 milliards d’euros mensuels pendant un an, le montant de ce plan d’assouplissement quantitatif (QE) atteindrait 600 milliards au total, un montant conforme à la moyenne des prévisions des analystes. S’exprimant depuis le Forum économique mondial de Davos, le secrétaire général de l’OCDE Angel Gurria a exhorté la BCE à ne pas fixer de limite de montant ni de temps, jusqu'à ce que l'économie et l’inflation de la zone euro repartent.

La filiale de gestion d’Axa a nommé Stéphane Janin responsable du développement réglementaire international, basé à Paris (lire aussi page 19). Dans le cadre de ce nouveau poste, Stéphane Janin devra développer la stratégie d’Axa IM en fonction de thèmes réglementaires, accompagner la mise en conformité et gérer les relations avec les autorités internationales. Stéphane Janin était directeur des affaires internationales auprès de l’Association française de gestion financière (AFG).

Le fonds spéculatif Macro de Fortress a perdu 7,64% la semaine dernière, selon une lettre à ses clients dont Reuters a pu prendre connaissance, sans donner de raisons. De son côté, le hedge fund BlueCrest aurait fermé le portefeuille de trading de l’un de ses traders sur forex, selon le Financial Times. D’autres fonds d’arbitrage ont été touché, comme Comac Capital, qui aurait perdu 8%, et Everest Capital, qui aurait fermé son plus gros fonds, selon Bloomberg.

Durement éprouvée depuis la crise de la zone euro de 2011, la société de gestion a réorganisé son capital et son offre de fonds.

L'élection de dimanche en Grèce devrait consacrer le parti Syriza qui prône une restructuration de la dette, détenue par ses partenaires européens.

Le stock total de prêts hypothécaires en Pologne atteignait 82 milliards d’euros à fin novembre dernier, dont 37% libellés dans la devise suisse.

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La banque centrale du Canada a surpris hier en annonçant une baisse de 25 pb de son taux qui était à 1% depuis 2010. Elle s’inquiète des conséquences pour l'économie de la baisse des prix du pétrole et redoute une diminution des investissements dans le secteur énergétique.

La banque centrale se dit inquiète des conséquences que pourrait avoir la baisse du prix du pétrole sur l'économie du pays.

Sir Roger Carr, l’ancien patron du groupe d'énergie Centrica et actuel président de BAE Systems, considère que la proposition faite par le premier ministre britannique David Cameron d’augmenter les salaires dans les entreprises en raison de la baisse du pétrole était inapplicable. «Qu’arrivera-t-il si le prix du pétrole augmente ?», s’est demandé Roger Carr, très écouté dans les milieux d’affaires, dans un entretien à la chaîne.

Le hedge fund Brevan Howard a gagné plus de 400 millions de dollars après avoir annulé ses positions pariant sur la chute du franc suisse peu de temps avant la décision de la Banque nationale suisse d’abandonner le cours plancher de la monnaie helvétique, ont indiqué trois sources au quotidien américain. Les encours du fonds, qui gère 30 milliards de dollars, auraient progressé de 2% depuis le début de l’année.

Denis Faller, associé-gérant de Rothschild & Cie Gestion, va quitter la présidence de Rothschild HDF Investment Solutions au cours du mois de février. Il restera néanmoins senior advisor de la structure.