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17/03/2014

Citi wins a mandate from East Capital

P { margin-bottom: 0.08in; } Citi Investor Services has announced that it has won a mandate from the East Capital group to provide customer services includes fund custody and administration for the recently-launched China A-Shares Fund, a sub-fund of the East Capital (Lux) SCA Sicav-SIF. Citi Investor Services thus strengthens an already well-established relationship with the emerging market and frontier market specialist asset management firm.
17/03/2014

Assets up in February for AllianceBernstein, Franklin, Invesco and Legg Mason

P { margin-bottom: 0.08in; } The months are lining up for large US asset management firms. According to preliminary data, their assets continued to increase in february. AllianceBernstein has posted an increase of 2.9% to its assets under management, to USD458bn as of the end of February, compared with USD455bn at the end of january. This increase was driven both by positive market effects and a net inflow whose total has not been revealed. Franklin Templeton and Invesco have not been left behind. The former saw an increase in its assets of 2.9% month on month to USD882.2bn, while the latter posted an increase in assets under management of 3.4% to USD791.2bn at the end of February.Finally, Legg Mason posted an increase of 2,19% to its asset under management to USD695 bn at the end of february, compared to USD679.9 bn at the end of january.
17/03/2014

Appointment at Sal. Oppenheim

P { margin-bottom: 0.08in; } The private bank Sal. Oppenheim, based in Cologne, has announced the recruitment of Ulrich Hähner as its new head of institutional management, which will advise family offices and charities. Hähner previously worked at J. Safra Sarasin Deutschland as head of the Cologne office, in charge of dedicated solutions and assistance to charities and high net worth families throughout Germany. The bank has also combined its services dedicated to private and institutional clients within a the banking unit, which is now led by Nicolas von Loeper, a board member. The grouping will allow the bank to respond more easily to the growing interest of institutional investors in these illiquid assets, a statement says.
17/03/2014

DBS buys the Asian private banking business of Societe Generale

P { margin-bottom: 0.08in; } Singapore’s DBS Bank said Monday it had agreed to buy the Asian private banking business of French lender Societe Generale in Singapore and Hong Kong, as well as selected parts of its trust business, for USD220 million.This represents approximately 1.75% of assets under management based on Societe Generale Private Banking Asia’s (SGPB Asia) assets under management of USD12.6 billion (SGD16.0 billion) as of 31 December 2013. The transaction «will accelerate DBS’ ambition of becoming a leading wealth manager in Asia, effectively increasing DBS’ high net worth assets under management by more than 20%,» according to a press release.SGPB Asia clients will have access to DBS’ universal banking platform including retail, corporate and investment banking. At the same time, DBS’ clients will have access to Societe Generale Private Banking’s offering in Europe as well as Societe Generale’s Corporate & Investment Banking solutions. In addition, Societe Generale’s clients will have access to DBS Private Bank’s offering in Asia. The purchase price is subject to adjustments based on the net asset value and assets under management of the business as at completion of the transaction. DBS will fund the purchase price out of its internal cash resources.The transaction is expected to be completed in the last quarter of 2014.
17/03/2014

Allianz Dynamic Commodities launched

P { margin-bottom: 0.08in; } Allianz Global Investors Luxembourg has recently launched the AGIF - Allianz Dynamic Commodities fund. The product aims to bring benefits to the investor from the evolution of the prices of the major commodities (fossil fuels, industrial metals, precious metals, soft commodities, etc.). The management team may use derivatives of the RCM Active Commodity index. Characteristics ISIN: LU0542493225 Currency: euro Fees: 5%
17/03/2014

UBS manipulated the Hibor rate

P { margin-bottom: 0.08in; } Brokers at UBS attempted to manipulate the Hibor interbank lending rate (Hong Kong Interbank Offered Rate) between 2006 and 2009, according to a statement released on 14 March by the Hong Kong monetary authority (HKMA), after an investigation. Of nine banks, failures were found only at the top Swiss bank. Over 100 internal messages form several brokers at UBS mention requests to adapt the interest rates with the express objective of manipulating the Hibor. The surveillance authority did not, however, find evidence of collusion between banks, it says in its statement. The investigation found that UBS did not communicate to the authority that it had found fraudulent conduct on the part of its employees when it learned of it. This is “unacceptable,” HKMA says. The surveillance authority also found significant shortfalls in the internal control system at UBS and in governance as regards the process of setting the HIBOR rate.
17/03/2014

Man CEO sees pay triple

P { margin-bottom: 0.08in; } The CEO of Man Group, Emmanuel Roman, saw his income more than triple last year, to USD3.4m, after the profits and share price at the hedge fund firm rose for the first time since 2009, Bloomberg reports. Roman earned USD1m and bonuses estimated at USD2.3m. In 2012, he made USD1m, but no bonus.
17/03/2014

Axa IM appoints Tim Gardener as global head of institutional client group

Axa Investment Managers announced last thursday the appointment of Tim Gardener as global head of the firm’s new institutional client group, formed to reflect the asset manager’s focus on the investment needs of distinct client groups. Lisa O’Connor, currently European head of consultant relations, succeeds Tim Gardener as global head of consultant relations.Tim Gardener will lead the development of the firm’s offering and approach to institutional clients, including insurance companies, pension funds, and sovereign wealth funds. Elodie Laugel, previously head of solutions development in Axa IM’s multi asset client solutions team, has been appointed deputy head of the institutional client group. The global consultant relations team, led by Lisa O’Connor, is an integral part of the institutional client group. The institutional client group is one part of Axa IM’s wider client group of 250 professionals led by Laurent Seyer. The division is in charge of developing the asset manager’s proposition by client segment (institutional, retail and wholesale), while coordinating and monitoring marketing and client relationship activities.
17/03/2014

Italian asset management association pushing for an individual savings account

P { margin-bottom: 0.08in; } Assogestioni, the Italian association of asset management professionals, hopes that the announcement that the new Renzi government plans to usher in a “remodelling” of the tax regime applied to investment instruments, with the exception of Italian and European government bonds, will lead to the introduction of new forms of incentives to long-term savings, a statement released on Friday says. The desire of Assogiestioni is that it will be an opportunity to introduce individual savings plans in Italy.
17/03/2014

UBS sharply increased its bonuses in 2013

P { margin-bottom: 0.08in; } The UBS group has sharply increased its bonuses due to the solid performance earned in 2013. The allocation to variable pay increased in the space of one year from CHF2.5bn to CHF3.2bn, according to the UBS management report published on 14 March. An increase of 28% is due to the fact that premiums were slashed after the Libor interest rate manipulation scandal. The CHF3.2bn dedicated to bonuses corresponds to net profits earned by the large bank last year (CHF3.17bn). The head of UBS, Sergio Ermotti, last year saw a sharp increase in his income. He made CHF10.7m, up from CHF8.9m in 2012. The CEO is, however, not the highest-paid head of a Swiss bank. The head of the investment bank, Andrea Orcel, made CHF11.4m.
17/03/2014

“Our ambition is to increase the percentage of institutional investors to 50% of our clients”

Neuflize OBC Investissements, led by Stéphane Corsaletti, has been in the midst of a discreet revolution which last year resulted in a merger of five asset management firms and an overhaul of its product range. This gives the firm a reason to raise its ambitions, as it has already brought in USD3bn in 2013, and would like to increase its market share further with institutional investors. To achieve this, NOBC Investissements has recruited two senior convertible bond managers, in a key asset classes for both clients and the asset management firm.
17/03/2014

Ram Bhavani opens a Sicav to outside investors

P { margin-bottom: 0.08in; } The investor Ram Bhavnani is seeking to gain permission from the Spanish regulator, the CNMV, for his Evolution Investment Siav, which currently manages his personal wealth, to be made available both to institutional and to retail investors, Cotizalia reports. This is a revolution on the Spanish market, since it is the first time that such a vehicle has been granted a way to issue multiple share classes, with some dedicated to retail and others to institutional investors. As part of the move, Bhavani has placed the Sicav under the care of Banco Madrid and the financial advising firm Cross Cpaital, which acts as manager and depository. His objective si to rival Warren Buffet, the iconic head of Berkshire Hathaway, who has a similar vehicle to manage his personal wealth while remaining open to outside investors.
17/03/2014

Funds dedicated to markets seen as vulnerable to tensions with Russia struggle

P { margin-bottom: 0.08in; } Another agitated week in Europe due to tensions with Russia over Ukraine led to caution from investors. Europe equity funds took in fresh money for the 37th straight weeks during the week ending March 12. But the USD131 million they absorbed was the smallest amount since that run began, according to data from EPFR Global. Fund groups dedicated to markets seen as vulnerable to tensions with Russia struggled, with Germany and UK equity funds again posting outflows. France equity funds took in fresh money for the fourth time in the past six weeks, and flows so far this year suggest that the Netherlands may have replaced France as investors’ candidate for the ‘sick man of Europe” although recent data and forecasts suggest that the Eurozone’s fifth largest economy is pulled out of a nearly two-year recession.Overall, equity funds absorbed another USD3.1 billion during the week ending March 12, while bond funds took in USD3.4 billion. Flows into money market funds totaled USD7.8 billion, the bulk of which flowed into Europe and Japan MM Funds.
17/03/2014

Axa IM teams up with BP2s to distribute funds in Latin America

P { margin-bottom: 0.08in; } BNP Paribas Securities Services and Axa Investment Managers have extended their partnership to fund distribution support services in Latin America. This was made possible as BNP Paribas joined the regional National Securities Clearing Corporation (NSCC) compensation platform as a fund member The main Latin American brokers will have access to various fund ranges from Axa IM. “Latin America, which is now more available, is a priority market for us. With this strengthened partnership, we are now offering our Offer to meet Needs Everywhere (ONE), a complete customer service system which is already deployed in Europe and Asia, on the entire Latin American market,” says Joseph Pinto, chief operating officer at AXA IM.
17/03/2014

Latin American investors have a growing appetite for foreign investments

P { margin-bottom: 0.08in; } Investors in Latin America are increasingly hungry for foreign investments, and international asset management firms should see this as an opportunity to get a foothold in the region, a study carried out by BNP Paribas Securities Services in partnership with Sagalink finds. This market represents 4% of assets under management worldwide. With over USD1.071trn in assets under management and 7,500 investment funds, Brazil is the largest fund market in the region, and the sixth-largest in the world. Chile, Colombia, Mexico and Peru are also interesting markets. The study also finds that the Latin American investor market is becoming increasingly sophisticated, in terms of the internationalisation of investment structures. UCITS are being created by local asset management firms to be sold locally and abroad, and new products are being launched, including real estate and venture capital funds. In order to enter the Latin American market, BP2S and Sagalink recommend a custom approach based on the business model of the asset mangement firm, the selected market and the target client segment in question.
17/03/2014

Ukraine costs top Russian fortunes USD6.6bn

P { margin-bottom: 0.08in; } The ten wealthiest Russians have lost about USD6.6bn, or 4.7% of their cumulative wealth, according to an estimate published by Wealth-X, following a fall of more than 11% on the Micex index in the week of 3 March due to rising tensions between Ukraine and Russia. Alisher Usmanov, the richest Russian in the country, with interests in the mining, telecommunications and sporting industries (including a stake of more than 30% in the Arsenal football club), is reported to have lost USD1.7bn after a turbulent week on the markets, which brought his wealth down to USD18.3bn from USD20bn previously. Another billionaire, Vladimir Potanin, chairman of Interros, one of the largest investment companies in the country, lost about USD2bn, which brought his wealth to USD10.4bn.
17/03/2014

AGF Investments posts inflows of USD1bn to emerging markets and global mandates

P { margin-bottom: 0.08in; } European and British invetors are increasingly focusing on emerging markets and international strategy mandates, according to the Canadian asset management firm AGF Investments, Investment Advisor reports. In the past 12 months, AGF posted inflows of USD1bn to strategies including British pension funds (Local Authority Pension Funds West Midlands and Lancashire County Pension Fund, which manage a total of over USD24bn). In December 2013, AGF Investments launched the AGF Global Core Equity Fund and AGF Emerging Markets All Cap Equity Fund on the firm’s UCITS platform, which makes it possible to sell strategies in the countries of the European Union and Asia.
17/03/2014

UniCredit to sell or hold IPO for Pioneer Investments

UniCredit aims to sell or hold an initial public offering for its asset management firm Pioneer Investments, at a price of EUR2-3bn, as part of an asset sell-off programme, the Financial Times reports, citing sources close to the bank. The move may come next year. UniCredit, which announced a record loss of EUR14bn last week, had already tried to sell Pioneer four years ago, but dropped the plans shortly after the arrival of Federico Ghizzoni as CEO. A source familiar with the matter explains that the bank pulled out of talks with the French firm Amundi four years ago under political pressure.
17/03/2014

BlackRock controls 5.2% of UniCredit

P { margin-bottom: 0.08in; } BlackRock controls 5.246% of UniCredit, Bluerating reports, citing the most recent statistics from Consob, the Italian regulator. The stake is distributed between various funds of the US financial group, and dates from 7 March. As of the end of January, BlackRock already controlled 5% of the Italian bank.
17/03/2014

M&G has over EUR8bn in assets under management in Italy

P { margin-bottom: 0.08in; } In 2013, M&G Investments saw an increase in its assets under management from a level of EUR4.3bn to EUR8.1bn, Bluerating reports. “M&G has finished its best year in Europe, and that also applies to Italy, which is now the second-largest country in Europe after the United Kingdom,” says Matteo Astolfi, director of M&G in Italy.
17/03/2014

DeAWM recruits a JPMorgan AM veteran in Asia

P { margin-bottom: 0.08in; } Ken Tam, previously head of JP Morgan Asset Management in Northern Asia, has joined Deutsche Asset & Wealth Management (DeAWM) in Asia, to serve in the same role at the German firm, Asian Investor reports, citing sources familiar with the matter. According to the website, Tam, who spent 20 years at JP Morgan AM, including 7 years as head for Northern Asia, will at DeAWM be responsible for activities dedicated to retail and institutional clients in the region.
17/03/2014

Société Générale en passe de céder à DBS sa banque privée en Asie

Société générale est en passe de céder au groupe bancaire singapourien DBS Group Holdings ses activités de banque privée en Asie pour environ 250 millions de dollars (180 millions d’euros), ont indiqué le 14 mars à Reuters des sources proches du dossier. Un accord entre les deux établissements pourrait être annoncé dès ce lundi, ont ajouté ces sources.Ni la Société générale ni le groupe DBS n’ont souhaité commenter ces informations. En janvier, des sources avaient indiqué que DBS était en discussions avancées avec la Société Générale pour reprendre la filiale de banque privée du groupe français en Asie.
17/03/2014

BNY Mellon closes two funds

P { margin-bottom: 0.08in; } The US asset management firm BNY Mellon has closed two funds, following a steep fall in their assets under management, Citywire Global reports. The first vehicle concerned is the BNY Mellon Evolution Global Alpha, launched in 2006 as a multi-asset class absolute return strategy, which had GBP6m (EUR7.18m) at its closing. The second fund is the BNY Mellon Latin America Infrastructure, launched in 2010, which had about GBP1m (EUR1.2m) at its closing date.
17/03/2014

Old Mutual GI unveils three new multi-asset funds

P { margin-bottom: 0.08in; } Old Mutual Global Investors is extending its product range. As announced in late 2013 (see Newsmanagers of 23 December 2013), the asset management firm made the launch of three new multi-asset class funds for its Foundation product range, co-managed by John Venture, head of multi-management, Stewart Cowley, chief investment officer for fixed income, and Paul Simpson, head of British equities, FT Adviser reports. The three products will invest exclusively in funds from Old Mutual exposed to equities and bonds. According to the website, the objective for the funds is to earn returns 3% to 5% above inflation with an investment horizon of 5 to 10 years.
17/03/2014

UBS sets aside CHF1.6bn for legal and regulatory risks

P { margin-bottom: 0.08in; } The Swiss group UBS in 2013 increased its allocation for provisions for legal expenses and regulatory actions by CHF190m, to CHF1.62bn, according to the annual report published on 14 March. The firm is exposed to a series of lawsuits, class actions, legal procedures and government investigations, and the scale of the legal risks may be substantial, the report says. In the Libor maipulation scandal, UBS announced in 2012 that it would be required to pay CHF1.4bn in restitution and fines to the US, British and Swiss authorities. In the United States, the major bank has signed a “non-prosecution agreement” with the US Department of Justice. UBS Securities Japan CO has also pleaded guilty to the charge of electronic fraud over the manipulation of certain guide interest rates, UBS says in its annual report.
17/03/2014

Norwegian fund inflows driven by fixed income funds

P { margin-bottom: 0.08in; } In February, funds on sale in Norway posted net inflows of NOK29.7bn, according to the local investment fund association, Verdipapirfondenes forening (VFF). Inflows were driven by fixed income funds, with net sales of NOK32.5bn. However, equity funds and diversified funds saw outflows of NOK3.1bn. The month was dominated by institutional investors, which invested a net total of NOK28.5bn.
17/03/2014

Le Club de Paris invite l'Argentine à venir négocier sa dette

Les pays créanciers de l’Argentine réunis au sein du Club de Paris l’ont officiellement invitée à venir négocier fin mai les modalités de remboursement de ses arriérés de dette, selon la secrétaire générale du Club. Buenos Aires a présenté le mois dernier des propositions pour le remboursement de cette dette de quelque 9,5 milliards de dollars dont elle a cessé d’assurer le service depuis son défaut de 2002.
17/03/2014

La Fed fait les affaires du Trésor américain

La Réserve fédérale américaine a transféré 79,6 milliards de dollars au Trésor en 2013. La banque centrale a pour usage de restituer les intérêts perçus sur son programme d’achats d’actifs. Ces intérêts sur les Treasuries et les titres hypothécaires (MBS) se sont montés à 90,4 milliards l’an dernier. En 2012, les transferts avaient atteint un record de plus de 88 milliards en raison des profits réalisés par la Fed lors de son opération Twist qui consistait à arbitrer les parties courtes et longues de la courbe des taux américaine.
17/03/2014

La Cades a émis 3 milliards de dollars

La Caisse d’amortissement de la dette sociale a émis 3 milliards de dollars d’obligations 3,375% mars 2024 au prix de 99,64%. L’opération, qui a suscité une forte demande, offre un rendement de 73,6 points au-dessus du T-Note américain à 10 ans (2,75%). La Cades a précisé que le placement a été réalisé auprès de 50 investisseurs du monde entier, dont 51% venant d’Asie. Avec cette opération, la Cades aura levé l'équivalent de 12,2 milliards d’euros depuis le 1er janvier sur un programme d'émission de dette court, moyen et long terme de l’ordre de 24 à 27 milliards d’euros.
17/03/2014

Madrid prépare sa réforme fiscale

Un rapport d’experts propose une diminution de l’impôt sur le revenu et une baisse du taux de l’impôt sur les sociétés de 30% à 25% puis à 20%. Ces recommandations doivent servir de base au projet de réforme fiscale que la vice-présidente du gouvernement Soraya Saenz de Santamaria présentera en juin au Parlement. La dette espagnole atteignait fin 2013 un plus haut historique de 93,9% du PIB selon la Banque d’Espagne. Le gouvernement attendait ce ratio à 94,2% et estime qu’il culminera à 101% en 2015 et 2016.

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