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22/04/2013

Pay cut for BlackRock chief

P { margin-bottom: 0.08in; } Agefi reports that Laurence Fink, the head of BlackRock, made USD20.2m in 2012, down 7.5% compared with the previous year. The CEO of the asset management group earned a salary of USD500,000, a cash bonus of USD8.6m, USD10.9m in shares, and USD187,350 of compensation in other forms.
22/04/2013

Nelson Peltz increases stakes in Pepsico and Mendelez

P { margin-bottom: 0.08in; } Trian Fund, the activist hedge fund from Nelson Peltz, has announced that it has purchased additional shares in Pepsico and Mendelez. According to the Wall Street Journal, the fund now holds USD1.4bn of shares in Pepsico and USD1.3bn in shares in Mendelez. According to financial industry sources, Peltz is seeking to impose a merger of Pepsico (Frito-Lay, Tropicana and Quaker Oats) and Mendelez (Oreo and Cadbury).
22/04/2013

State Street AUM up 4.3% in first quarter

P { margin-bottom: 0.08in; } Assets under custody and administration at State Street as of the end of March totalled USD25.422bn, up 4.3% compared with fourth quarter 2012, according to figures released on 19 April.Assets under management by the US firm as of the end of March totalled USD2.176trn, compared with USD2.86bn one quarter previously, up 4.3% quarter on quarter.Commissions for services in first quarter increased 2.2% to USD1.2bn, due to the good performance of equity markets and higher trading volumes.Management commissions totalled USD263m, compared with USD260m in fourth quarter, a limited increase due to falling performance commissions.Net profits in first quarter totalled USD45m, compared with USD468m in fourth quarter 2012, and USD417m in first quarter 2012.
22/04/2013

Increase of nearly 4% in assets at OFI in first quarter

P { margin-bottom: 0.08in; } Vincent Ribuot, head of marketing and strategy, on 19 April announced that Ofi as of the end of March reached assets of EUR55.620bn, which represents an increase of EUR2.087bn, or 3.9%, compared with EUR53.533bn as of the end of December. One third of this increase comes from market appreciation, and two thirds from net subscriptions, of which 50% are to core products and 50% of less traditional products such as infrastructure.Three high yield horizon funds have been launched recently, one dedicated 2018 fund, one retail 2018 fund and one institutional fund, which have attracted EUR220m since their launch, and which still have good potential for short-term inflows.Ribuot also stated that about one quarter of total assets are subject to environmental, social and governance (ESG) criteria, and that assets in SRI-labelled investment total EUR5.6bn.Jean-Marie Mercadal, deputy CEO in charge of investment management, recommends investments in the current situation in equities (including European equities), high yield, convertibles, and for those who are inclined to take risks, government bonds from peripheral European countries.In the area of emerging market debt, Mercadal and Ribuot have announced that Ofi has recently launched a dedicated fund which invests in government and corporate bonds denominated in hard and local currencies, both investment grade or non-investment grade. The product is 50% managed internally, and the remaining 50% are outsourced to external specialist manageers who know internal local markets well.
22/04/2013

Muzinich recruits for Paris office

P { margin-bottom: 0.08in; } After more than ten years as part of the Edmond de Rothschild group, Sophie Debert-Pérat, who had most recently been head of sales for Switzerland and Belgium at the Edmond de Rothschild Paris group (Edrim) for fixed income and credit manafgement, structured management, absolute return management, long-only multi-management and alternative multi-management, is joining the Paris office of Muzinich & Co as director of institutional clients. Debert-Pérat will be more particularly responsible for developing relationships with Swiss and Belgian clients. The Paris office, led by Eric Pictet, now has 5 employees.
22/04/2013

Victoire Brasil Investimentos arrives in France

P { margin-bottom: 0.08in; } The Brazilian independent portfolio management firm Victoire Brasil Investimentos has retained Amadé Global Partners, a French TPM, to provide commercial development in France.The Latin American firm, founded in 2001, is known for its expertise on Brazilian equity markets, with nearly USD1bn in assets under management.It is now developing sales of its fund range to European institutional and private investors.It is not the first Brazilian asset management firm to enter the French market. Bradesco Asset Management, an affiliate of a major Brazilian bank, also began courting French investors a few months ago.
22/04/2013

Former UBS WM manager joins Azimut

P { margin-bottom: 0.08in; } Andrea Greco has left UBS Wealth Management in Italy to join Azimut Wealth Management, Bluerating reports. Previously, Greco had worked at Banca Mediolanum and Banca Cremonese.
22/04/2013

Assets in Asian funds to approach USD2trn

P { margin-bottom: 0.08in; } Assets in Asia ex Japan funds are expected to increase by 67% to a total of USD1.9trn by 2017, Asian Investor reports, citing figures from Cerulli Associates. Last year, assets rose 20% to USD1.140trn, a record.
22/04/2013

Lloyds may sell SWIP

P { margin-bottom: 0.08in; } Lloyds Banking Group is studying the possibility of selling its asset management affiliate Scottish Widows Investment Partnership, according to Financial News, citing a source familiar with the matter. The asset management firm has assets of GBP141.7bn.
22/04/2013

New hedge fund in Sweden

P { margin-bottom: 0.08in; } Former members of the Swedish real estate group Sanska have founded their own hedge fund, Crescit, which was launched in April, and raised SEK800m, largely from pension funds, the website Dagens Industri reports. The firm is led by Hans Biörck, former CFO of Skanska. The managers Jonas Granholm and Gustav Lundeborg both worked at managers of the real estate group’s pension fund. Lennart Grebelius, a Swedish billionaire, is also a shareholder. The fund will be concentrated on equity index derivatives.
22/04/2013

Schroders opens its Global Multi-Asset Income fund to retail investors

P { margin-bottom: 0.08in; } Schroders has added a share class in pounds sterling for retail investors to its offshore fund Global Multi-Asset Income, Investment Week reports. It is the first time that the firm has opened the fund to retail clients. The product has a one-year track record, and has received USD1bn in investment since its launch. It is managed by Aymeric Forest and Iain Cunningham.
22/04/2013

BNP Paribas merges fund ranges in Taiwan

P { margin-bottom: 0.08in; } BNP Paribas Investment Partners Taiwan is merging the Parvest and BNP Paribas L1 product ranges, Asian Investor reports. This will reduce the number of funds from 60 to 43, all under the name Parvest BNP. The funds which are not registered in Taiwan will be closed down. Products with the same investment theme will be merged.
22/04/2013

Cazenove plans to enter wealth management in Hong Kong

P { margin-bottom: 0.08in; } Cazenove Capital Management has asked the Hong Kong Securities and Futures Commission for licenses to launch investment advisory and asset management activities in the territory, Asian Investor reports.Cazenove is the subject of a takeover bid from Schroders.
22/04/2013

BlackRock recruits CM head in Asia

P { margin-bottom: 0.08in; } BlackRock has recruited Scott Greenberg from Morgan Stanley has its first head of global capital markets for Asia-Pacific, Asian Investor reports. Greenberg began in Hong Kong on 15 April, and reports to Steve Sterling.
22/04/2013

L’Espagne affiche un déficit public record dans la zone euro

Le déficit public a reculé de 4,2 à 3,7% du PIB dans la zone euro entre 2011 et 2012, selon les données publiées ce matin par Eurostat. Le déficit public de l’Espagne a été nettement supérieur aux prévisions en 2012. Il ressort à 10,6% du produit intérieur brut (PIB), ce chiffre prend en compte l’aide fournie à Madrid pour recapitaliser ses banques en difficulté. La Commission européenne prévoyait un chiffre de 10,2% et le gouvernement de Mariano Rajoy avait annoncé un chiffre de 7%. Le déficit public de la France s’est quant à lui bien établi à 4,8% du PIB en 2012. Le gouvernement français espère ramener le déficit à 3,7% en 2013 puis à 2,9% en 2014. L’Allemagne a affiché en 2012 un excédent public de 0,2%.
Photo: PHB
22/04/2013

La Banque Postale arrête l'incubation

Amlab, l’incubateur de jeunes sociétés de gestion, va disparaître. Ses parts dans Mandarine Gestion et Delta AM seront reprises en direct par LBP AM, qui entend les conserver. Le groupe semble prêt en revanche à céder ses 33% dans Thiriet Gestion, une ligne purement financière.
22/04/2013

Les remboursements de LTRO s'accélèrent

Les banques de la zone euro préfèrent rembourser la BCE plutôt que d’utiliser les liquidités prêtées. Près de 27% des montants empruntés auprès de l’institution dans le cadre de ses deux opérations de LTRO à 3 ans ont été remboursés. Les banques de la périphérie alimentent le mouvement.
22/04/2013

Vague de privatisations en vue à Londres

Le quotidien cite Mark Russell, le nouveau patron de Shareholder Executive, agence en charge de la gestion active des parts du gouvernement britannique dans des entreprises, selon lequel la moitié de son portefeuille de 21 sociétés pourrait être concernée par une privatisation partielle ou totale dans un délai de 5 à 8 ans. Une annonce concernant Urenco pourrait intervenir dès cette semaine selon le dirigeant.

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