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23/10/2012

CM-CIC Securities et Afrifocus Securities signent un partenariat

CM-CIC Securities a annoncé la semaine dernière avoir signé avec Afrifocus Securities, le deuxième courtier indépendant d’Afrique du Sud, un accord de recherche international. CM-CIC Securities offrira à ses clients la recherche en valeurs sud-africaines d’Afrifocus Securities aux Etats-Unis, au Canada et en Europe tandis que Afrifocus Securities distribuera les produits de recherche de CM-CIC Securities en Afrique du Sud. Une base de données financières et macroéconomiques commune ainsi qu’un format unique seront mis en place afin d’homogénéiser l’ensemble des études, précise un communiqué. Afrifocus Securities couvre 50 valeurs cotées sur le Johannesburg Stock Exchange (JSE), essentiellement dans les secteurs Banque, Finance et Matières Premières, avec une expertise forte sur les Small & Mid Caps. CM-CIC Securities complète ainsi son offre sur les ressources naturelles : mines, métaux, pétrole et gaz. En élargissant sa couverture à l’Afrique du Sud, la société souhaite créer un réseau de brokers africains. Il s’appuiera sur ses partenaires Afrifocus Securities et BMCE Capital Bourse présent au Maroc, ainsi que dans une quinzaine pays d’Afrique (Tunisie, Cote d’Ivoire, Bénin, Mali...) via Axis Capital, Actibourse, Bank of Africa, etc.
23/10/2012
Fonds

Record d'encours pour les hedge funds

Au 30 septembre, les actifs gérés par les hedge funds ont atteint un nouveau record de 2.190 milliards de dollars, un record éclipsant celui de fin mars. L’encours a augmenté ainsi de 80 milliards de dollars durant le troisième trimestre et de 183 milliards depuis le début de l’année, selon les calculs d’Hedge Fund Research (HFR).Les souscriptions nettes ont représenté 10,6 milliards de dollars en juillet-septembre et 31 milliards sur les neuf premiers mois de l’année.Cependant, malgré ces résultats, HFR estime que si les souscriptions se poursuivent au même rythme durant le dernier trimestre, 2012 affichera les rentrées nettes les plus faibles depuis 2009, année où les investisseurs ont sorti en net 131 milliards de dollars des hedge funds.L’indice composite pondéré des hedge funds de HFR, le HFRI Fund Weighted Composite Index, a enregistré pour le troisième trimestre une hausse de 3 %, de sorte que l’effet performance a généré une augmentation d’environ 70 milliards de dollars du volume des encours.Dans le détail, HFR indique que la stratégie relative value arbitrage a collecté en net 12,6 milliards de dollars au troisième trimestre, portant le total des rentrées nettes à 35 milliards pour les trois premiers trimestres et l’encours à 586 milliards fin septembre… soit le même total que la stratégie equity hedge qui a subi des sorties nettes de 5,2 milliards de dollars en juillet-septembre.
Fonds
23/10/2012

APG supprime 800 emplois

APG, la société de gestion des fonds de pension néerlandais gérant 314 milliards d’euros, prévoit de supprimer 800 emplois sur les quatre prochaines années, rapporte IPE.com. Sur les 200 postes éliminés par an, 120 le seront par le biais d’un «turnover naturel» et les 80 qui restent via des licenciements. APG compte 4.155 employés, dont 3.850 à plein temps.
23/10/2012

Abante recrute le directeur de la recherche d'Ibercaja Gestión

Alberto Espelosín, directeur de la recherche d’Ibercaja Gestión et gérant depuis le lancement du fonds multi classes d’actifs Ibercaja Alpha, rejoint Abante Asesores où il gérera un fonds similaire qui doit être lancé dans les prochaines semaines, indique Funds People.
23/10/2012

Pictet compte renforcer son pôle banque privée à Hong-Kong

Pictet & Cie Europe S.A. indique avoir obtenu une licence bancaire pleine de la Hong-Kong Monetary Authority (HKMA) et annoncé le 24 septembre l’ouverture officielle de sa succursale locale. Le groupe helvétique sert des clients à Hong-Kong depuis 1986.Claude Haberer, head of Asia-Pacific de Pictet Wealth Management, a indiqué au South China Morning Post que cette succursale ne pratiquera aucune activité de banque de détail ou de banque des entreprises : elle a été ouverte pour desservir une clientèle croissante de millionnaires de Chine continentale. La banque privée de Pictet n’accepte de clients en Asie qu'à partir de 3 millions de dollars américains. Elle va recruter des banquiers privés qui devront justifier d’au moins 15 ans de pratique et «qui aient une vision de long terme».
23/10/2012

Safra demande le retrait des actions B de Sarasin

Le groupe Safra, qui détient depuis le 19 octobre 99,47 % des actions B de Banque Sarasin, demande ce 23 octobre que les titres résiduels de cette classe de parts soient annulés. Ils seront retirés de la cote de SIX Swiss Exchange.
23/10/2012

UBS : Guy Phillips passe de la banque d'investissement à la gestion de fortune

Guy Phillips, jusqu’alors directeur du «global consumer & retail» au sein de la banque d’investissement d’UBS, travaillera désormais dans la gestion de fortune du groupe bancaire suisse. Il sera responsable de l'équipe des family offices dans les pays émergents, précise finews.ch. L’ancien poste de Guy Phillips sera repris par Nick Hassall.
23/10/2012

BNY Mellon renforce son activité corporate trust en Allemagne

Justifiant de dix ans d’expérience dans le domaine des corporate trusts chez BNP Paribas Securities Services, Christopher Meitzner rejoint BNY Mellon comme senior relationship manager pour l’activité de corporate trust en Allemagne, Autriche et Suisse. Il sera subordonné à Thomas Brand, head of Investment Services de BNY Mellon pour l’Allemagne.Chris Strakosh demeure sales manager pour les corporate trusts.
23/10/2012
Fonds

Certains fonds immobiliers en liquidation tardent à rembourser outre-Rhin

L’agence berlinoise Scope constate que les gestionnaires des fonds immobiliers offerts au public en cours de liquidation ne sont généralement pas pressés de rembourser leurs porteurs, à l’exception peut-être de KanAm : la décision de liquider le KanAm US grundinvest a été annoncée en septembre 2010 et, depuis lors, la totalité du portefeuille a pu être revendue. Parallèlement, KanAm a déjà reversé 463 millions d’euros aux porteurs de parts, soit 84,5 % de l’encours.En revanche, note Scope, le DEGI Europa et le Morgan Stanley P2 Value n’ont jusqu'à présent rembourser que 421 millions et 300 millions d’euros, respectivement, ce qui ne représente qu’environ un tiers de leurs encours, alors que deux des trois années de liquidation sont déjà révolues.En ce qui concerne le SEB ImmoInvest, qui pesait quelque 6 milliards d’euros, les remboursements effectués depuis l’annonce de la liquidation en mai 2012 se limitent à 20 % (1,2 milliard).Scope relève enfin que, pour plusieurs fonds, le quotient des remboursements se situe entre 0 et 10 %. Le TMW Immobilien Weltfonds et le Axa Immoselect, par exemple, n’ont pas commencé à rembourser leurs porteurs parce qu’ils doivent commencer par désintéresser les créanciers qui leur avaient fourni le levier pour leurs acquisitions. De plus, ils n’ont pas encore vendu assez d’actifs pour commencer à restituer de l’argent aux souscripteurs.
Fonds
23/10/2012

Sanlam Investment acquiert le bermudien P2 International

La société de gestion Sanlam Investment Management vient de prendre une participation majoritaire dans la firme d’investissement basée aux Bermudes P2International, rapporte FundWeb.Cette acquisition permettra aux clients de Sanlam d’avoir accès à des stratégies d’obligations et d’actions internationales. De son côté, P2International pourra développer ses activités en Afrique, en Asie, en Europe et au Moyen-Orient.
23/10/2012
Fonds

Source s'adjuge 24% de la collecte d'ETP en septembre

Le fournisseur d’ETP Source a indiqué qu’il s'était adjugé 24% de la collecte nette en Europe au mois de septembre, soit le taux le plus élevé parmi les acteurs européens de ce marché, selon Investment Europe.Les investisseurs ont alloué plus de 5 milliards de dollars dans des ETP en septembre, une progression de 5% d’un mois sur l’autre.
Fonds
23/10/2012

La Deutsche Bank se renforce en gestion de fortune à Londres

Le pôle gestion de fortune de la Deutsche Bank à Londres vient de recruter deux chargés de clientèle, Matthew Garnham et Corin George, rapporte Investment Europe.Tous deux seront chargés de développer la clientèle fortunée de la banque à la City.Matthew Garnham travaillait précédemment chez Lombard Odier, Corin George chez Coutts.
23/10/2012

Lyxor offers France and Italy govies ETFs

On the Paris platform from NYSE Euronext, Lyxor Asset Management has listed two French-registered “risk balanced” ETFs, replicating MTS indices of French and Italian sovereign debt for one to three years.The funds are the LYXOR ETF MTS 1-3Y France Government Bond C-EUR (FR0011313733) and LYXOR ETF MTS BTP 1-3y Italy Government Bond C-EUR (FR0011313741), which each charge 0.165%.
23/10/2012

Ossiam launches Ossiam ETF World Minimum Variance

As announced by Newsmanagers last week, the asset management firm Ossiam has made an addition to its smart beta product range, with the launch of a new ETF yesterday, based on a minumum variance strategy for international equities from developed markets.The ETF replicates the performance of the strategy index Ossiam World Minimum Variance Index NR (Net dividends reinvested), whose objective is to deliver the performance of a selection of the most liquid equities of the S&P Global 1200® Index NR2, weighted so as to minimise the volatility of the portfolio.The fund, Ossiam ETF World Minimum Variance NR (acronym WOMV; ISIN code LU0799656698), is listed on NYSE Euronext Paris, Borsa Italiana in Milan, and Deutsche Börse in Frankfurt, where it becomes the 1,005th fund on the XTF segment of the Xetra electronic platform. It will be listed in London on 29 October.The ETF has a TER of 0.65% per year, with total assets under management of EUR15.7m as of 18 October 2012.
23/10/2012

Sanlam Investment acquires Bermuda's P2 International

The asset management firm Sanlam Investment Management has acquired a majority stake in the Bermuda-based investment firm P2 International, Fund Web reports.The acquisition will allow clients of Sanlam to have access to international bond and equity strategies. For its part, P2 International may develop its activities in Africa, Asia, Europe and the Middle East.
23/10/2012

Strong growth in ETFs since 2008

Allocations to ETFs have increased by nearly 6 percentage points since 2008, according to estimates by Cerulli (“The Cerulli Edge-Managed Accounts Edition.”).The proportion of ETFs in portfolios increased from 2.8% in 2008 to 8.7% as of the end of second quarter 2012. Assets under management in ETFs now total about USD1.16trn, compared with USD532bn as of 2008. In managed accounts, ETFs total USD220bn, compared with USD39bn previously.The study also finds that there is an increased need for due diligence, insofar as a greater number of managers are now offering actively-managed ETFs. Cerulli also points out that a growing number of broker-dealers now have ETF strategists responsible for helping advisers develop tactical strategies for their clients’ portfolios.
23/10/2012

BNY Mellon scales up corporate trust activities in Germany

With 10 years of experience in the area of corporate trusts at BNP Paribas Securities Services, Christopher Meitzner is joining BNY Mellon as senior relationship manager for corporate trust activities in Germany, Austria and Switzerland. He will report to Thomas Brand, head of investment services at BNY Mellon for Germany.Chris Strakosh remains as sales manager for corporate trusts.
23/10/2012

Investors unite against greenhouse gas emissions

A group representing investors including British charities and pension funds is planning to target 350 FTSE companies identified as slow to enact measures to reduce their greenhouse gas emissions, Financial Times Fund Management reports. The investors are focusing on companies in the utilities and mining industries.
23/10/2012

Deutsche Bank scales up wealth management in London

The wealth management unit at Deutsche Bank in London has recruited two client advisers, Matthew Garnham and Corin George, Investment Europe reports.Both will be responsible for developing high net worth banking clients in the City.Garnham previously worked at Lombard Odier, while George joins from Coutts.
23/10/2012

Record dividend payments in third quarter

Payments of dividends in the United Kingdom totalled GBP23.2bn in third quarter, up 10.4% compared with last year, according to statistics from Capita Registrars, Money Marketing reports.For the year as a whole, dividends may total a record GBP78.6bn, while the previous pre-crisis record was GBP77bn.
23/10/2012

AIMA favours depository passports

The International Alternative Management Association (AIMA) has announced that it favours a depository passport for UCITS-compliant funds, in its response to a consultation on the UCITS V directive. It approves of the majority of the contents of the proposals.In a statement released on 22 October, the association observes that the development assumes a harmonisation fo requirements related to the depository function, and lays out a series of recommendations, including requirements for depository establishments.The association also invites European institutions to bring its requirements for remuneration and depository regimes into line with the requirements laid out in the AIFM directive, which will come into force in July 2013.Andew Baker, CEO of AIMA, says “we feel that the time has come to have a frank discussion about the introduction of a depository passport. Such a passport would provide more competition and choice for managers and investors, and would eliminate a significant barrier to the single market. Without this passport, there is a risk of a lack of competition in the depository sphere, and as a result, an increase in systemic risk.”
23/10/2012

RDR regulations may eliminate the smallest clients

Nearly two thirds of independent financial advisers estimate that one of the consequences of RDR regulations which will come into force in early 2013 in the UK will be that it will eliminate some retail clients, Fund Web reports. With the introduction of the new rules, portfolios of less than GBP50,000 will no longer be profitable, advisers claim, according to a survey undertaken by Allianz Global Investors of 166 IFAs.The survey also finds that 60% of advisers consider it inevitable that their product range will change, while 36% predict that their services to more modest clients will decline, 16% predict that they will no longer serve clients of this type, and 6% are unsure.About 14% of participants in the survey say that they have raised their prices for the most modest clients, while 13% say they will maintain their level of service to these clients, even if that decision entails losses.
23/10/2012

UBS: Guy Phillips moves from investment banking to WM

Guy Phillips, who had previously been head of global consumer & retail at the UBS investment bank, will now work in wealth management at the Swiss banking group. He will be responsible for the family offices team in emerging markets, Finews reports. Phillips’ former position will be taken over by Nick Hassall.
23/10/2012

Partners Group organises financing for takeover of Douglas Holding

Swiss-based Partners Group has announced that it has led a financing operation for an acquisition of the Douglas group. Partners Group acted as the mandated lead arranger for mezzanine financing for a takeover bid presented by Beauty Holding Three (a subsidiary of Advent Capital) to shareholders in Germany’s Douglas Holding, the private investment group announced on 22 October.
23/10/2012

S&P offers new EM equity index

With the S&P Smit 40, S&P Dow Jones Indices is launching a new index which will cover equities in four emerging markets: South Korea, Mexico, Indonesia and Turkey, Das Investment reports. It will include only companies whose market capitalisation is over USD1bn, and for which the daily trading volume is at least equal to USD5m over the past three months. The index will include the ten largest companies from each country.UniCredit has already acquired the license for the index.
23/10/2012

Record assets in hedge funds

As of 30 September, assets under management in hedge funds totalled a new record of USD2.19trn, beating the previous record set in March. Assets increased by USD80bn in third quarter, and USD183bn since the beginning of the year, according to statistics from Hedge Fund Research (HFR).Net subscriptions totalled USD10.6bn in July-September, and USd31bn in the first nine months of the year.However, despite these results, HFR estimates that if subscriptions continue at the same pace in fourth quarter, 2012 will have the lowest net inflows since 2009, a year when investors actually pulled out a net USD131bn from hedge funds.The HFRI Weighted Composite Index in third quarter posted an increase of 3%, meaning that performance effects generated an increase of about USD70bn in asset volumes.In detail, HFR states that the relative value arbitrage strategy posted a net inflow of USD12.6bn in third quarter, bringing total net inflows to USD35bn in the first three quarters of the year, and assets to USD586bn as of the end of September. This is the same total as for the equity hedge strategy, which has seen net outflows of USD5.2bn in July-September.
23/10/2012

Source accounts for 24% of ETP inflows in September

ETP provider Source has announced that it accounted for 24% of net inflows in Europe in the month of September, the highest rate among European actors in this market, according to Investment Europe.Investors allocated more than USD5bn to ETPs in September, an increase of 5% month on month.
23/10/2012

APG announces 800 job cuts

APG, a Netherlands-based asset management firm with EUR314bn in assets under management, is planning to lay off 800 employees in the next four years, IPE.com reports. Of the 200 jobs to be eliminated each year, 120 will be through “natural turnover,” while the remaining 80 will be layoffs. APG has 4,155 employees, of whom 3,850 are full-time.
23/10/2012

Abante nabs Ibercaja Gestión's head of research

Alberto Espelosín, director of research at Ibercaja Gestión and manager of the multi-asset class fund Ibercaja Alpha since its launch, is joining Abante Asesores, where he will manage a similar fund which will be launched in the next few weeks, Funds People has announced.
23/10/2012

Pictet develops private banking in Hong Kong

Pictet & Cie Europe S.A. has announced that it has been granted a full banking license by the Hong Kong Monetary Authority (HKMA), and on 24 September announced the official opening of its local branch office. The Swiss group has been serving Hong Kong clients since 1986.Claude Haberer, head of Asia-Pacific at Pictet Wealth Management, tells the South China Morning Post that the branch will not practice any retail or corporate banking activities: it was opened to serve the growing base of millionaire clients in continental China. The Pictet private bank accepts Asian clients only with USD3m in assets or above. It will recruit private bankers with at least 15 years of experience, “who have a long-term vision.”

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