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22/04/2013
Gestion d'actifs

La France Mutualiste détient majoritairement de l'immobilier résidentiel dans Paris

Anne Mazzanti dans un article publié dans Option Finance numéro 1212 : L’immobilier, qui représente près de 16% de nos encours, est géré majoritairement en interne par une équipe de 23 personnes. Il constitue un élément important de notre patrimoine. Compte tenu de nos engagements à long terme, la mutuelle a en effet très tôt fait le choix d’investir en immobilier. Nous faisons partie des investisseurs institutionnels détenteurs d’une des plus fortes allocations en immobilier résidentiel dans Paris, certains immeubles bénéficiant d’une situation géographique privilégiée dans le centre de la capitale (7ème, 15ème, 17ème). Valorisé aujourd’hui à 1.2 milliard d’euros, notre parc immobilier comprend 3 300 lots pour une surface de 183 000m². La part de bureaux y représente 12% en valeur, contre 88% pour l’habitation résidentielle. Le montant des loyers atteint chaque année environ 50 millions d’euros. Notre exposition actuelle en immobilier devrait rester stable. Le pars immobilier est entretenu directement par la direction et le montant des travaux s'élève chaque année autour de 20 millions d’euros.
Gestion d'actifs
19/04/2013

Fidelity selects its new head for Italy

P { margin-bottom: 0.08in; } Francesca Martignoni will be the new head for Italy at the Fidelity group, according to leaks reported by Bluerating. Martignoni, currently head of marketing and corporate communications for Italy, will succeed Paolo Federici, who has been promoted to head for Southern Europe and Latin America and the US asset management firm. Martignoni joined Fidelity Worldwide Investment in 2007.
19/04/2013

Two new EMD funds from BlackRock

P { margin-bottom: 0.08in; } As announced by Newsmanagers on 15 April, BlackRock on 18 April announced the launch of emerging market bond sub-funds of its Luxembourg Sicav Barclays Global Funds, or BGF, the PGF Emerging Market Corporate Bond and BGF Emerging Market Investment-Grade Bond, which come as additions to a range that already includes the BGF Emerging Markets Bond and BGF Emerging Markets Local Currency Bond funds. The products are aimed at European investors.BlackRock in 2012 created a team of seven managers dedicated to emerging market debt, led by Sergio Trigo-Paz, who is co-manager of the two new funds, the first with Chris Kelly and Jane Yu, and the second with Kelly and Raphael Marechal. Before joining BlackRock in 2012, Trigo Paz had been chief investment officer for the management of emerging market bonds at FFTW, a partner firm at BNP Paribas Investment Managers, while Kelly, Marechal and Yu had been maangers in the emerging market debt team at FFTW.CharacteristicsName: BGF Emerging Markets Corporate Bond FundISIN code: LU0843229971 (A share class)Minimum investment: USD5,000 (or equivalent)Annual management fees: 1.5%Front-end fees: 5%Name: BGF Emerging Markets Investment Grade BondISIN: LU0843234039 (A share class)Minimum investment: USD5,000 (or equivalent)Annual management fees: 1.25%Front-end fee: 5%
19/04/2013

IOSCO consults on regulations of retail structured products

P { margin-bottom: 0.08in; } The International Organization of Securities Commissions (IOSCO) published on April 18 a consultation report on Regulation of Retail Structured Products, which analyses trends in the retail structured product market, and proposes a regulatory toolkit for IOSCO members. The retail structured products work responds to concern among IOSCO members about the regulatory challenges these products pose, particularly in the area of investor protection. The toolkit deals with various issues related to these products, including structuring and post-sale practices, as well as disclosure and marketing issues. The closing date for comments is Thursday 13 June 2013.
19/04/2013

UK asset management firms on the offensive

P { margin-bottom: 0.08in; } The British Investment Management Association (IMA) has decided to create a centre to help foreign asset management firms which would like to set up shop in London, rather than Dublin or Luxembourg, Investment Week reports. The professional association is responding to an initiative by Chancellor of the Exchequer George Osborne to improve the attractiveness of the United Kingdom to asset management firms. Among the measures taken are the discontinuation of a tax of funds, which is often cited as slowing the inflow of foreign firms to the UK. The director general of the IMA, Daniel Godfrey, has said that a working group would study the priority measures that may be passed within the next few weeks to capture billions of pounds in assets in UCITS funds domiciled in Ireland, but mostly sold to British investors, within the next few weeks.
19/04/2013

RDR “costs” two additional hours

P { margin-bottom: 0.08in; } According to a survey by Fundweb, the introduction of the new RDR legislation has extended the time required to process orders by advisers by two hours. The RDR imposes a back-check of information, and product providers are not all interpreting the new laws in the same way, which means that advisers have to work differently with each of them. Such is the opinion of Carl Lamb, managing director of Almary Green, Tom Kean, director of Thameside Wealth, and Gordon Crothers, managing director of Attain Wealth Management.
19/04/2013

Eastspring Investments creates an entity in Luxembourg

P { margin-bottom: 0.08in; } Eastspring Investments, the asset management unit of Prudential Corporation Asia, will create a Luxembourg entity in order to distribute its funds in Europe, according to Funds Europe. The Luxembourg regulator, the financial sector surveillance commission (CSSF), has issued a license for Eastspring Investments (Luxembourg). Henk Ruitenberg, former CEO of Eastspring Investments in Vietnam, has been transferred to Luxembourg as executive board member.
19/04/2013
Fonds

Deux nouveaux fonds d'obligations émergentes pour BlackRock

Comme annoncé par Newsmanagers le 15 avril, BlackRock a fait par le 18 avril du lancement des compartiments d’obligations émergentes de sa sicav luxembourgeoise Barclays Global Funds ou BGF, le BGF Emerging Market Corporate Bond et le BGF Emerging Market Investment-Grade Bond, qui viennent s’insérer dans une gamme comprenant déjà les fonds BGF Emerging Markets Bond et BGF Emerging Markets Local Currency Bond. Ces produits sont destinés aux investisseurs européens.BlackRock a constitué en 2012 une équipe de sept gérants dédiés à la dette émergente que dirige Sergio Trigo-Paz, qui co-gère les deux nouveaux fonds, le premier avec Chris Kelly et Jane Yu, le second avec Chris Kelly et Raphael Marechal. Avant de rejoindre BlackRock en 2012, Sergio Trigo-Paz était directeur des investissements pour la gestion des obligations émergentes chez FFTW, partenaire de BNP Paribas, tandis que Chris Kelly, Raphael Marechal et Jane Yu étaient gérants dans l'équipe dette émergente de FFTW.CaractéristiquesDénomination: BGF Emerging Markets Corporate Bond Fund :ISIN : LU0843229971 (part A)Minimum d’investissement : 5 000 USD (ou équivalent)Frais de gestion annuels : 1,5%Frais d’entrée : 5%Dénomination : BGF Emerging Markets Investment Grade Bond ISIN : LU0843234039 (part A)Minimum d’investissement : 5 000 USD (ou équivalent)Frais de gestion annuels : 1,25%Frais d’entrée : 5%
Fonds
19/04/2013

Eastspring Investments crée une entité au Luxembourg

Eastspring Investments, pôle gestion d’actifs de Prudential Corporation Asia, va créer une entité luxembourgeoise afin de distribuer ses fonds en Europe, selon Funds Europe. Le régulateur luxembourgeois, la Commission de Surveillance du Secteur Financier (CSSF), a accordé à la société un agrément pour Eastspring Investments (Luxembourg). Henk Ruitenberg, ancien CEO d’Eastspring Investments au Vietnam, a été transféré au Grand Duché en tant que executive board member.
19/04/2013

Bénéfice record pour DVAG en 2012

Le réseau de conseillers financiers Deutsche Vermögensberatung AG (DVAG), qui compte 37.000 collaborateurs à temps plein ou à temps partiel, a affiché pour l’an dernier un bénéfice net record de 184,8 millions d’euros, soit 8,1 % que l’année précédente sur un chiffre d’affaires en augmentation de 6,7 % à 1.185,8 millions d’euros.Dans le domaine des fonds d’investissement, DVAG a intermédié des souscriptions nettes de 1,9 milliard d’euros en 2012, dont 1,7 milliard au profit du partenaire DWS Investment (groupe Deutsche Bank). Cela porte l’encours total intermédié par DVAG à 16 milliards d’euros, soit une hausse de 8,1 % en un an.
19/04/2013

Hausse d’encours pour M.M. Warburg

A fin décembre, les actifs gérés par le groupe hambourgeois de banque privée M.M. Warburg &Co ressortaient à 44,4 milliards d’euros, soit une hausse d’environ 16 % sur les 38,1 milliards de fin 2011.Le bénéfice avant impôt du groupe a diminué pour sa part à 39,8 millions d’euros contre 43,6 millions pour l’année précédente.
19/04/2013

Valartis posts inflows of more than CHF90m in 2012

P { margin-bottom: 0.08in; } The Swiss Valartis group last year posted inflows of CHF929m, up 7.7% year on year, according to a statement released on 18 April. Assets under management rose 15% to CHF7.8bn, of which 86% come from private clients. The group has also returned to profitability, with net profits fo CHF10.2m in 2012, following losses of CHF19.5m in 2011. Valatris has also announced that its mid-term objective is for its assets under management to exceed CHF10bn by 2015.
19/04/2013

Michael Strobaek becomes CIO of Credit Suisse Private Banking & Wealth Management

P { margin-bottom: 0.08in; } Credit Suisse has announced that Michael Strobaek will join the bank as chief investment officer for the Private Banking & Wealth Management division, effective May 1, 2013. In addition to this role, he will head the newly established Investment Strategy and Research Group within the division. He will report to Robert Shafir, head Private Banking & Wealth Management Products. The Investment Strategy and Research Group is comprised of the global CIO Office, Research for Private Banking & Wealth Management, regional CIOs and additional groups within the division that produce complementary investment content. Giles Keating, head of research for Private Banking & Wealth Management, will assume the role of deputy head of the Investment Strategy and Research Group in addition to his current role. Research will partner closely with the CIO office on actionable ideas, while retaining the independence of process. Michael Strobaek joins Credit Suisse from a Swiss family office, where he was CEO and CIO. Prior to that, he spent 13 years at UBS in a number of senior positions, most recently head of investment Management for Wealth Management, and prior to that global head of Investment Solutions.
19/04/2013

Syz & Co takes a majority stake in Banca Albertini Syz

The Swiss banking group Syz & Co announced on April that it has increased to 64.3% its stake in the holding company of the Italian bank Banca Albertini Syz & C., of which it previously held 50% of the shares This operation was conducted by taking over the shares of two of Albertini’s Italian shareholders, Giampaolo Gamba and Ernesto Marelli, who are staying on as directors and continuing their present activity within the bank. Alberto Albertini retains the remaining 35.7% of the capital.Based in Milan and with offices in Rome, Bologna and Reggio Emilia, the Italian private bank Banca Albertini Syz & C. SpA was established as a result of the partnership initiated in January 2002 between Syz & Co and the Milanese group Albertini. With assets under management of CHF 3.3 billion, Banca Albertini Syz & Co specializes in high-end private banking for an Italian clientele.
19/04/2013

Promotion for Caroline Espinal-Vincent at Aberdeen

P { margin-bottom: 0.08in; } Caroline Espinal-Vincent is becoming regional marketing manager – Europe at Aberdeen Asset Management, and now oversees France and Benelux. Espinal-Vincent had since 2010 been head of marketing & communication for France, after being transferred for requests for proposals and credit analysis in London. The France marketing team has also grown with the recruitment of Angelina Puyo, marketing executive.
19/04/2013

One-time loss for BNY Mellon

P { margin-bottom: 0.08in; } Due to a write-down of USD854m due to a ruling on certain foreign tax credits, the Bank of New York Mellon Corporation has posted a loss for first quarter of USD266m, compared with net profits of USD622m in October-December, and USD619m in the corresponding period of last year. However, BNY Mellon is increasing its cash quarterly dividend to 15 cents per share, from 13 cents, for shareholders registered by 29 April.As of 31 March, assets under custody or administration totalled USD26.3trn, as three months previously. That represents an increase of 2% over the USD25.7trn of the end of March 2012. Assets under management, for their part, reached a record total of USD1.429trn, compared with USD1.386trn as of 31 December, and USD1.308trn one month previously. In first quarter, net subscriptions totalled USD40bn for long-term products, while net outflows totalled USD13bn for short-term products. Net inflows to long-term products boosted high demand from investors for liability-driven investments and bond funds.Management and performance commission revenues totalled USD822m, 4% less than in fourth quarter, and 10% more than in January-March 2012. One percentage point of the increase in annual terms is due to the purchase of the remaining 50% stake in Meriten Investment Management (formerly WestLB Mellon Asset Management). The decline compared with the fourth quarter of 2012 is due to a seasonal decline in performance commission revenues, and money market funds fee waivers.
19/04/2013

Morgan Stanley: Asset management assets remain stable

P { margin-bottom: 0.08in; } For first quarter 2013, the asset management unit of Morgan Stanley has posted a net profit of USD85m, compared with a loss of USD11m the previous quarter, and a profit of USD26m in January-March 2012. Before taxes, however, profits will total USD187m, compared with USD221m in October-December, and USD128m in the corresponding period of last year.As of the end of March, assets under management or supervision totalled USD341bn, compared with USD338bn as of 31 December, and USD304bn one year previously. In first quarter, the asset management unit posted net outflows of USD2.9bn, offset by net inflows of USD0.4bn from merchant banking.For its part, net profits for the global wealth management unit fell to USD255m, from USD267m the previous quarter, but up from USD198m in January-March 2012. Fee-based client account assets rose to USD631bn as of 31 March, compared with USD554m three months previously, and USD512bn as of the end of March 2012.Overall, Morgan Stanley has posted a net profit in January-March of USD1.003bn, compared with USD680m in October-December, and a loss of USD79m the previous year. For continued operations, net profits total USD1.614bn, compared with USD859 in the previous quarter, and USD202m for the corresponding period of last year.
19/04/2013

Record assets for Blackstone on 31 March

P { margin-bottom: 0.08in; } As of the end of March, assets under management by Blackstone reached a record total of USD218.21bn, which represents an increase of USD28.14bn, or 15%, in one year. Fee-earning assets under management, for their part, increased by 9% to USD170.95bn.Profits by GAAP standards totalled slightly over USD167.63m, compared with USD58.32m (+187%), while distributable earnings rose 134% compared with first quarter 2012, to USD378.83m. Dividend for the frist quarter is up 200%, to 30 cents per common unit.
19/04/2013

LaSalle IM granted an asset management license for South Korea

P { margin-bottom: 0.08in; } Asian Investor reports that LaSalle IM has obtained an asset management license for South Korea. It may now offer real estate funds, as well as investments in real estate operations. Real estate assets at LaSalle IM are valued at USD47.7bn. There has been strong demand on the South Korean market for real estate funds, particularly from institutional investors, the asset management firm says.
19/04/2013

Real estate investment division of M&G opens an office in Paris

P { margin-bottom: 0.08in; } Prupim, the division responsible for management of real estate investments for M&G Investments, on Thursday morning announced that it is opening an office in Paris, and making a recruitment in Frankfurt. The Paris team, which has been in place for one year, now occupies new premises in the centre of Paris, at 5 rue Royale in the 8th district. It is responsible for identifying the principal investment opportunities in France, Germany, Benelux and the Scandinavian countries, and of operating these properties. The most recent acquisitions in these countries had a total of EUR113.4m, bringing total assets under management in continental Europe to EUR848.9m. In Frankfurt, the appointment of Thomas Kächele to the position of associate director will allow Prupim to strengthen its personnel in Germany. The Prupim division of the M&G group has GBP17bn in assets under management. It is also entering investment management for retail and institutional clients other than M&G/Prudential Plc. Prupim will be renamed as M&G Real Estate by the end of June 2013.
19/04/2013

Caja España Fondos overhauls its product range

P { margin-bottom: 0.08in; } Funds People reports that Caja España Fondos will be adjusting its catalogue of funds by the end of first half, following the merger of two asset management firms, Caja Duero and Caja España. The CEO of Francisco Zuriarrain, with the assistance of Martin Huete as deputy CEO.The new entity has 36 employees, and assets of EUR2.180bn, managed by a group of six managers led by David Azcona (who joins from Caja España) as CIO.
19/04/2013

Jupiter benefits from rosy markets in first quarter

P { margin-bottom: 0.08in; } Assets under management at Jupiter rose by more than 10% in first quarter, to GBP29.1bn, according to an interim report published on April 18. This increase of nearly GBP3bn compared with the end of December 2012 is largely due to positive market effects of GBP2.66bn. Meanwhile, net inflows fell by 70% compared with the previous quarter, to GBP209m. This development is attributed to the rollout of RDR regulations on 1 January, which results in a slowing of inflows from independent financial advisers (IFAs). Jupiter has also announced that it expects to earn a profit of GBP16.5m, probably in second quarter, from the sale of its stake in the Cofunds platform to Legal & General. The proceeds will be used to reduce debt. The asset management firm has also announced that it is recruiting in Asia, with a former BlackRock employee, Peter Swarbreck in Hong Kong, as head of the Asia-Pacific region. Swarbreck had previously been managing director, responsible for Hong Kong at BlackRock, which he left in late 2012.
19/04/2013

Head of marketing at Hermes joins Henderson

P { margin-bottom: 0.08in; } Rob Page, the head of marketing at Hermes, is leaving the firm to join Henderson Global Investors, Investment Week reveals. He will become global head of marketing at the firm in July. He will be responsible for marketing, public relations and e-commerce for Europe and the United Kingdom. Page will report to Greg Jones, head of retail for Europe, the Middle East and Africa, and will work in close collaboration with Phil Wagstaff, head of global distribution for the brand and internal and external communications.
19/04/2013

Barclays overhauls management

P { margin-bottom: 0.08in; } The British bank Barclays, rocked by the Libor scandal, on 18 April announced the departure of the head of its investment banking division, Rich Ricci, as part of a larger overhaul of its management. “Subsequent to Barclays’ publication of the outcomes of its Strategic Review on 12 February, the bank has today announced changes to the senior management within Corporate and Investment Banking, Wealth and Investment Management, and Barclays’ business in the Americas,” Barclays says in a statement. The CEO of the wealth management division and executive chairman of Barclays in the United States, Tom Kalaris, will be leaving Barclays on 30 June. He will be replaced as head of wealth management by Peter Horrell, and as head of Barclays United States by Skip McGee. Ricci will also be leaving the group on 30 June, after being replaced as head of the finance and investment bank on 1 May by Eric Bommensath and Tom King, the bank says. The changes in the management of the group come following a presentation on 12 April of its strategic plan, which included at least 3,700 layoffs this year, and cutbacks to activities to make savings and restore its reputation.

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