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01/02/2013

Deutsche Bank : plongeon du bénéfice de la gestion d'actifs

Pour l’ensemble de 2012, la division gestion d’actifs et de fortune (AWM) de la Deutsche Bank affiche un bénéfice avant impôt 160 millions d’euros contre 942 millions bien que le chiffre d’affaires ait augmenté à 4.466 millions d’euros contre 4.277 millions.Au quatrième trimestre, AWM affiche une perte avant impôt de 260 millions d’euros contre des bénéfices de 116 millions pour juillet-octobre et de 211 millions pour la période correspondante de 2011, le chiffre d’affaires revenant à 1.100 millions contre respectivement 1.232 millions et 1.172 millions.La perte de 260 millions d’AWM est imputable à des dépréciations de 202 millions d’euros sur Scudder, à 90 millions de dépréciations liées à l’informatique ainsi qu'à des charges liées à des contentieux.De fait, le coefficient d’exploitation (cost-income ratio) d’AWM est ressorti à 123 % en octobre-décembre, ce qui a détérioré cet indicateur à 96 % pour l’ensemble de 2012 contre 77 % pour l’année précédente.Le groupe Deutsche Bank accuse pour sa part une perte de 2.153 millions d’euros pour le quatrième trimestre, ce qui réduit son bénéfice net à 665 millions d’euros pour 2012 contre 4.326 millions pour l’ensemble de l’année précédente.
01/02/2013

Banco Leonardo veut se renforcer dans la banque privée

Banco Leonardo, qui a annoncé le 30 janvier une hausse de 20% de son résult opérationnel à 29 millions d’euros, a aussi manifesté son intention de mettre les bouchées doubles dans la banque privée, rapporte Les Echos. Parmi les activités qui ont le plus progressé, la division gestion de fortune a augmenté de 21 % le montant de ses actifs sous gestion, à 6 milliards d’euros, dont 87 % en Italie, où Banco Leonardo revendique désormais le rang de « premier acteur de banque privée indépendant ».
01/02/2013

Résultats contrastés pour la gestion d'actifs du Santander

Pour 2012, la gestion de fonds d’investissement du Santander a dégagé un bénéfice net part du groupe de 59 millions d’euros, en progression de 3,9 %, tandis que celle de fonds de pension produisait 10 millions d’euros, soit 3,1 % de moins qu’en 2011.A l'échelon du groupe, le bénéfice net de l’an dernier a plongé de 22 % à 2.205 millions d’euros après affectation de 18,8 milliards aux provisions pour les risques immobiliers.
01/02/2013

Deutsche Bank: asset management profit collapses

For 2012 as a whole, asset and wealth management (AWM) at Deutsche Bank posted pre-tax profits of EUR160m, compared with EUR942m, while earnings were up to EUR4.466bn from EUR4.277bn.In fourth quarter, AWM posted pre-tax losses of EUR260m, compared with profits of EUR116m in July-October, and EUR211m in the corresponding period of 2011, while earnings totalled EUR1.1bn, compared with EUR1.232bn and EUR1.172bn, respectively.Losses of EUR260m in AWM are due to impairments of EUR202m for Scudder, EUR90m in write-downs related to IT, and costs associated with lawsuits.The cost-income ratio for AWM totalled 123% in October-December, which deteriorated this indicator to 96% for 2012 as a whole, from 77% for the previous year.The Deutsche Bank group, for its part, has posted net losses of EUR2.153bn in fourth quarter, which reduces its net profits to EUR665m for 2012, compared with EUR4.326bn for the previous year.
01/02/2013

Appointment at VP Bank

The board of directors at VP Bank has appointed Alfred Moeckli as chief executive officer (CEO) from 1 May. Moeckli takes up a position which had been shared in the interim since July 2012 by Siegbert Näscher, chief financial officer (CFO), and Juerg Sturzenegger, chief operating officer (COO), according to a statement released on 31 January. Moeckli had previously been CEO of the Zweiplus ag bank in Zurich, a position he had held since 2010. He also held various positions at Falcon Private Bank, Tradejet, INIVEST and the Swissquote bank. He also belonged to the board of directors at Zweiplus bank. Näscher and Sturzenegger will both return to their previous roles as CFO and COO.
01/02/2013

BlackRock controls 5% of UniCredit

BlackRock has increased its stake in UniCredit to 5.03%, to become the second-largest shareholder in the Italian bank, overtaking Aabar, Il Sole – 24 Ore reports. The stake corresponds to 20 funds from the US firm. Foreign shareholders now represent 25% of capital in UniCredit, compared with 15% for Italian firms.
01/02/2013

Banco Leonardo plans to build presence in private banking

Banco Leonardo, which on 30 January announced a 20% increase in its operating profits, to EUR29m, has also announced plans to intensify its involvement in private banking, Les Echos reports. Among the activities which have progressed most, the wealth management division gained 21% in assets under management, to EUR6bn, of which 87% are in Italy, where Banco Leonardo now claims a place as the largest independent private banking actor.
01/02/2013

Norron hires former Catella manager

The Swedish asset management firm Norron has recruited Stefhan Klang as head of sales for its funds, Fondbranschen reports. Klang had previously been CEO of the fund activity at Catella. Norron has SEK1.8bn under management in 5 funds.
01/02/2013

Australia's Easton Investments buys stake in AAM Advisory

The Melbourne-based asset management firm Easton Investments has acquired a 19.9% stake in the Singapore-based consulting firm AAM Advisory, Asian Investor reports. Easton Investments would like to develop its activities in Singapore, and in the next twelve months is aiming for advised assets of SGD1bn, and assets under management of SGD300m. AAM Advisory, which provides advisory services to high net worth expatriate clients in Singapore, has advised assets of over SGD250m.
01/02/2013

WisdomTree launches actively-managed bond ETF

New York-based asset management firm WisdomTree on 31 January announced the launch of an actively-managed ETF which will invest in global corporate bonds, the WisdomTree Global Corporate Bond Fund (Nasdaq ticker: GLCB), which will be sub-advised by Western Asset Management Company (Legg Mason group), like the WisdomTree Emerging Markets Corporate Bond Fund (EMCB).The portfolio will mainly be composed of investment-grade bonds, and the objective will be to keep duration within a range of 2-10 years. Exposure to non-US securities will be hedged for currency risks.The total expense ratio is 0.45%.
01/02/2013

Strong inflows in December for French-registered equity and bond funds

In December 2012, statistics from Europerformance show net inflows to all families of French-registered bond and equity funds, with EUR130.03bn for the former, and EUR461.95bn for the latter. Overall, these net subscriptions have not prevented a few major variations in some categories. In the bond asset class, net outflows totalled EUR138.14m for funds invested in the euro zone, or EUR54.27m for international bond funds. However, high yield bond funds have posted strong inflows EUR371.65m. For equity funds, the scenario has been similar. Net infows totalled EUR461.95 in one month, but Asia-Pacific and international equity funds have contributed strongly, with inflows of EUR173.66m and EUR205.95m, respectively, while funds invested in Europe and the US market have seen net outflows of EUR141.05bn and EUR41.10bn. Money market funds have seen outflows of EUR16.42bn, with net outflows of EUR15.171bn from regular treasury funds alone. Net redemptions from French-registered OPCVM products in December totalled EUR16.74bn. Lastly, in terms of performance, all categories of funds have posted returns, excepting international treasury funds (-4.78%), funds of bonds denominated in US dollars (-2.64%), and Middle East North Africa equity funds (-0.91%).
01/02/2013

BlackRock now controls 8% of Manchester United

The asset management giant BlackRock has announced that it now controls 8% of capital in the English football club Manchester United, with 3.3 million shares. The FC held its IPO on the New York stock exchange in August last year, Investment Week reports.
01/02/2013

Blackstone affiche un bénéfice distribuable en hausse de 48 %

Au titre de 2012, Blackstone déclare un «bénéfice économique net» de 1995,3 millions de dollars contre 1.539,2 millions pour l’année précédente. (+ 30 %). Le bénéfice distribuable s’est accru encore plus vite, gonflant de 48 % à 1.033,9 millions contre 696,7 millions.Quant à l’encours total, il ressortait fin décembre à un montant record de 210, 22 milliards de dollars contre 166,23 milliards un an plus tôt. Les actifs donnant lieux à commissions représentaient pour leur part 167,9 milliards de dollars contre 136,8 milliards au 31 décembre 2011, dont 43,5 milliards contre 37,8 milliards pour la division «hedge fund solutions» qui affichait des actifs totaux de 46,1 milliards de dollars contre 40,5 milliards.Blackstone précise que les souscriptions nettes dans le domaine des encours rémunérés se sont montées à 2,4 milliards de dollars pour l’ensemble de l’an dernier .
01/02/2013

Tassement du bénéfice d'Invesco pour 2012

Le bénéfice net d’Invesco Ltd est ressorti pour 2012 à 776,7 millions de dollars, ce qui représente un fléchissement de 0,6 % sur l’année précédente.Le gestionnaire d’Atlanta a fait état le 31 janvier d’un encours au 31 décembre qui s’est accru de 62,4 milliards de dollars ou de 10 % sur un an, à 687,7 milliards de dollars, sachant que les souscriptions nettes ont chuté presque de moitié à 12,5 milliards de dollars contre 24,5 milliards.
01/02/2013
Fonds

WisdomTree lance un ETF obligataire à gestion active

Le gestionnaire new yorkais a annoncé le 31 janvier le lancement d’un ETF à gestion active qsui investira en obligations d’entreprises du monde entier, le WisdomTree Global Corporate Bond Fund (acronyme sur le Nasdaq : GLCB) qui sera «sub-advised» par Western Asset Management Company (groupe Legg Mason), comme le WisdomTree Emerging Markets Corporate Bond Fund (EMCB).Le portefeuille sera au minimum composé d’oçbligations de catégorie investissement et l’objectif consiste à maintenir la duration à l’intérieur d’une fourchette de 2-10 ans. L’exposition aux titres non américains sera couverte du risque de change.Le taux de frais sur encours se situe à 0,45 %.
Fonds
01/02/2013

Sensible expansion pour NExT AM l'an passé

Filiale externalisée il y a un an par La Française AM, NExT AM, dirigée par Nicolas Duban affichait fin décembre 17 participations pour un encours de plus de 4 milliards d’euros (+ 10 % en un an) tandis que le FCP contractuel NExT Invest, lancé en mars 2011 et qui a été doté de 110 millions d’euros, affiche une performance 2012 de 5.42% : une valorisation de l’amorçage «qui répond aux attentes en conjuguant une gestion prudente et une valorisation à terme des prises de participation au capital».En 2012, NExT AM a cédé cinq participations Pythagore, Klimek Advisor, Debory Eres, Métropole Gestion et La Financière de la Cité. Toutes ont été cédées aux animateurs et actionnaires de ces structures. Parallèlement, quatre gestionnaires ont démarré l’an dernier leur activité avec le soutien de NExT AM : Trecento AM, Cedrus AM, Swell AM et Flornoy et associés.Dans le cadre du déploiement de sa plateforme de moyens et de services, NExT AM a signé en 2012 de nombreux partenariats avec notamment BNP Paribas Securities Services, CM-CIC Securities, Newedge, Hedgeguard, Active Asset Allocation (AAAiC). «Tous ces partenariats ayant pour vocation de faciliter le développement des jeunes sociétés en disposant d’accord privilégié en matière de dépositaire, valorisateur, logiciel dédié ou modèles d’allocation d’actifs», précise un communiqué.Enfin, NExT AM s’engage dans la voie du partenariat sous forme de «fee sharing» avec Twenty First Capital, lors du lancement du FCPR Infra Green.
01/02/2013

Forte expansion pour AMG en 2012

A fin décembre, l’encours du groupe Affiliated Managers Group (AMG) ressortait à 432 milliards de dollars contre 327,46 milliards annoncés un an auparavant. L’augmentation des actifs sous gestion est attribuable pour 30,1 milliards à des souscriptions nettes.Le bénéfice net s’est inscrit pour sa part à 174 millions de dollars 164,9 millions pour 2011.
01/02/2013

Strong increase in assets for pension funds

According to a Towers Watson survey, assets in pension funds in the 13 largest countries in the world in this area (Australia, Brazil, Canada, France, Germany, Hong Kong, Ireland, Japan, the Netherlands, South Africa, Switzerland, the United Kingdom and the United States) increased by 8.9% last year, to a total of USD29.754trn as of the end of 2012, equivalent to 78.3% of GDP, compared with 72.2% one year previously, but 78.8% as of the end of 2007.In the past ten years, assets in defined contribution funds increased by an average of 7.8% per year, while defined-benefit funds grew by 6.6% per year.The largest markets are the United States, Japan and the United Kingdom, with 56.6%, 12.5% and 9.2% of total assets covered by the study, respectively, while the increase in 2012 was 10%, 0.5% and 9.9%.As of the end of December, the average allocation in the seven largest markets (95% of the 13 countries), Australia, Canada, Japan, the Netherlands, Switzerland, the United Kingdom and the United States, was 47.3% to equities, 32.9% to bonds, 1.2% to cash, and 18.6% to other assets.
01/02/2013

Assets under management stable at Brewin Dolphin

Assets under management at Brewin Dolphin as of the end of 2012 totalled GBP26bn, virtually unchanged compared with the end of September, according to statistics released on 31 January. The quarter finished with zero net inflows, but a positive market effect of GBP100m. Quarterly profits totalled GBP67.85m, up 13.7% compared with fourth quarter 2011, but down 5% compared with third quarter 2012, due to a reduction in trail commissions as part of preparation for RDR regulations, which came into force on 1 January this year.
01/02/2013

Fidelity recruits a head of retail sales for UK

Fidelity has recruited Russell Lancaster, currently head of sales at RSA Group, as director of retail sales for the United Kingdom. He will begin in March, and will report to Ben Waterhouse, director of UK sales.
01/02/2013

BNP Paribas SS extends product range in UK

Six months ahead of the introduction of the AIFM directive (23 July), BNP Paribas Securities Services has announced the launch of custody and depository services on the British market, Funds People reports.James McAleenan, head of BNPP SS in the United Kingdom, says adapting to the directive is not a simple process, and represents a major challenge for the sector, as legislation requires that new infrastructure and new distribution networks be set up.
01/02/2013

Strong inflows to fixed income UCITS-compliant funds

In 2012, assets in UCITS-compliant hedge funds increased by 20%, to a record EUR140bn. Bond products attracted 56% of net subscriptions, with EUR13.2bn, followed by macro strategies, with EUR5.8bn and 24.7%, according to the Swiss firm Alix Capital, which calculates the Alternative UCITS indices.The three biggest winners in single strategies posted strong gains in their assets under management last year, as assets for Standard Life Investments in this area rose 59.8% year on year, to nearly EUR17.44bn, while assets at GAM were up 41.2% to EUR12.53bn, and assets at M&G more than doubled (+107.3%), to EUR10.8bn.The top three providers of UCITS-compliant bond funds were M&G, Pimco (+74.2%, to EUR10.1bn), and GAM (+42.4%, to EUR9.4bn), while for long/short equity products, the top actors were BlackRock (+29.1%, to EUR2.2bn), Exane Asset Management (-31.6%, to EUR2.1bn), and Man Investments (+13.2%, to EUR1.6bn).In macro strategies, BNY Mellon has nearly doubled its assets (+94.9%), to EUR9.9bn, which represents more than seven times the assets for the second-largest firm in the category, Aquila Capital, which has EUR1.4bn.
01/02/2013

Barclays, HSBC, Lloyds and RBS banks will be required to reimburse SMBs

The British Financial Services Authority (FSA) on 31 January announced that the British banking group Barclays, HSBC, Lloyds and RBS would be required to reimburse small and mid-sized businesses to whom they abusively sold certain complex financial products. The FSA has reviewed 173 sales of products to hedge against variations in interest rates, and concluded that over 90% of them contravened regulatoins on at least one point. The four banks have pledged to review each individual case and reimburse clients where necessary. “Small businesses will now see the results of our study and bank will study their individual cases. When a reimbursement is due, the businesses will find themselves in the position they would have been in if there had not been an abusive sale,” Martin Wheatlet, one of the directors of the FSA, pledged in a statement. As a part of the case, the FSA on 29 June last year reprimanded the four largest banks in the country. They have not received a financial sanction, but have agreed to mend their ways, cease to sell the most complex products, and to reimburse SMBs where necessary. The banks had poorly informed clients about costs, did not ensure that clients understood the risks associated with products, or sold them excessive protection for their needs. Other banks active in the United Kingdom, such as Allied Irish Bank, Bank of Ireland, Clydesdale and Yorkshire Bank (National Australia Bank group), Co-operative bank, Northern Bank and the British affiliate of the Spanish bank Santander, are still subject to FSA investigations for the same practices.
01/02/2013

Record AUM for UK funds

As of the end of 2012, asses under management by funds domiciled in the United Kingdom for the first time topped GBP650bn, with GBP658bn, compared with GBP576bn one year previously, according to statistics from the Investment Management Association (IMA).Retail net subscriptions, for their part, totalled GBP13.7bn, compared with GBP18.1bn the previous year. Of this total, net inflows to bond products totalled GBP5.6bn, compared with GBP3.4bn for equity products,a nd GBP2.6bn for mixed funds.Net subscriptions to funds domiciled overseas totalled a new record of GBP3.3bn in 2012, compared with GBP3.1bn the previous year. Assets in these funds as of the end of December totalled GBP50.46bn, compared with GBP42.62bn one year previously.
01/02/2013

Strong improvement in performance of APG

Fondsnieuws reports that the Netherlands pension fund APG has announced in an internal memo that its performance in 2012 totalled between 13.7% and 16.9%, which is considerably higher than the 3.3% in gains for ABP.APG has already announced that it will be reducing its benefits by 0.5% from April.
01/02/2013

Contrasting results for asset management at Santander

In 2012, the management of investment funds at Santander earned net profits of EUR59m, up 3.9%, while profits for pension funds were EUR10m, 3.1% less than in 2011.Groupwide, net profits last year were down 22% to EUR2.205bn, after EUR18.8bn in write-downs for real estate risks.
01/02/2013

Very good start to the year for JP Morgan AM

For JP Morgan Asset Management, the year 2012 is starting out under a good sign in Europe. Inflows in the first weeks of the year totalled about USD2bn in Euorpe, Karine Szenberg, CEO of JPMorgan Asset Management France, announced on 31 January at the asset management firm’s annual press conference.“2013 started with fanfare,” Szenberg said, adding that inflows went to credit, somewhat to emerging market equities, and the remainder to European equities. Last year, the Paris office of JP Morgan Asset Management posted net subscriptions totalling USD1.2bn.“Inflows are once again going to high-risk assets,” says David Shairp, a strategist in the Global Multi Asset Group at JP Morgan AM, who remains “prudently optimistic” about 2013. “Europe is still in intensive care, but the situation has stabilised, and we can’t rule out good surprises,” he said, observing that inflation is still far from posing a problem.In the area of emerging markets, Pierre-Yves Bareau, director of emerging market management at JPMAM, estimates that high yield should be targeted instead of investment grade, with close attention to the signatures, and local interest rates, as well as idiosyncratic issuers in frontier markets such as Sri Lanka, the Dominican Republic and Nigeria.Richard Titherington, head of emerging market equity management at JPMAM, says that an examination of valuations argues in favour of an increase in exposure to emerging market equities, where profits have recovered along with outperformance. However, Titherington warns, “outlooks for better returns also present the risk of higher volatility.”
01/02/2013

Strong growth in assets and profits at Blackstone

For 2012, Blackstone has announced net economic income of USD1.9953bn, compared with USD1.5392bn the previous year (+30%). Distributable earnings increased more sharply, up 48% to USD1.0339bn, from USD696.7m.Total assets as of the end of December reached a record USD210.22bn, up from USD166.23bn one year previously. Fee-earning assets under management, for their part, totalled USD167.9bn, compared with USD136.8bn as of 31 December 2011, of which USD43.5bn, compared with USD37.8bn, were for the hedge fund solutions division, which has total assets of USD46.1bn, compared with USD40.5bn.Blackstone states that net subscriptions to fee-earning AUM totalled USD2.4bn for last year as a whole.
01/02/2013

Profits at Invesco down in 2012

Net profits at Invesco Ltd in 2012 totalled USD776.7bn, which represents a 0.6% decline compared with the previous year. The Atlanta-based asset management firm on 31 January reported assets as of 31 December up by USD62.4bn, or 10%, year on year, to USD687.7bn, while net subscriptions fell by nearly half to USD12.5bn, from USD24.5bn.
01/02/2013

Noticeable expansion for NExT AM in 2012

NExT AM, an affiliate spun off from La Française AM last year, led by Nicolas Duban, as of the end of December held 17 stakes with total assets of over EUR4bn (+10% year on year), while the contractual FCP NExT Invest, launched in March 2011, which already had assets of EUR110m, in 2012 posted returns of 5.42%; this is a seed valuation “which meets expectations by combining prudent management and a valuation of acquisitions of stakes in capital over the long term.”In 2012, NexT AM sold five stakes in Pythagore, Klimek Advisor, Debory Eres, Métropole Gestion and La Financière de la Cité. All of these were sold to management and shareholders in the businesses. Meanwhile, four asset management firms began their activities last year with the support to NExT AM: Trecento AM, Cedrus AM, Swell Am and Flornoy et associés.Lastly, NExT AM has agreed to a fee sharing partnership with Twenty First Capital, to launch the Infra Green FCPR fund.

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