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30/03/2012

Bénéfice record pour la DVAG

Le prestataire de services financiers Deutsche Vermögensberatung AG (DVAG) a fait état le 29 mars d’un bénéfice net de 171,1 millions d’euros pour 2011, ce qui représente un gonflement de 14 % sur 2010 et un montant record pour l’entreprise, qui compte 37 ans d’existence. La DVAG emploie à présent plus de 37.000 conseillers à temps plein ou à temps partiel.Le chiffre d’affaires a progressé pour sa part de 4,3 % à 1,11 milliard d’euros et le président du directoire Reinhard Pohl a précisé que «depuis la crise financière, le nombre de clients s’est accru du 2 millions, à désormais plus de 5,9 millions».Le rapport annuel précise que la DVAG avait intermédié à la fin de l’an dernier 5,6 % des encours de la société de gestion DWS (Deutsche Bank) dont elle distribue les produits. Fin 2010, cette proportion était de 4,9 %.
30/03/2012
Fonds

PrivatBank élargit sa gamme de fonds d'actions

Expansión rapporte que PrivatBank vient de lancer le fonds de fonds Privat Fondos Global, un produit actions dont le portefeuille sera investi dans une proportion de 70 à 100 % en fonds de gestionnaires internationaux. La commission de gestion est de 1%.D’autre part, le gestionnaire a mis sur le marché Privat Salud, qui investit dans les principales sociétés du secteur de la santé, avec au moins 70 % du portefeuille placé» aux Etats-Unis. Son benchmark est le MSCI World Health Care USD et il est chargé à 1,5 %.Enfin, PrivatBank a élargi l’univers de son Privat Fondo Bolsa Europea, d’abord concentré sur la zone euro, à la Suisse et au Royaume-Uni.Ces trois produits s’adressent prioritairement aux investisseurs professionnels.
Fonds
30/03/2012

Les services d’UBS pour les gérants indépendants restructurés en Suisse

UBS restructure son segment d’activité des services destinés aux gérants de fortune indépendants, rapporte Le Temps. Quelque 40 postes seront supprimés dans l’unité baptisée UBS Global FIM, qui compte près de 300 collaborateurs en Suisse, a indiqué jeudi la banque, confirmant une information parue sur le site alémanique Finews.ch.Le nombre d’emplois supprimés correspond à une réduction nette d’environ 12% des effectifs de cette unité en Suisse, a précisé un porte-parole d’UBS. Car, «de nouvelles fonctions ont aussi été créées, comme celles de conseiller à l’investissement ou de spécialiste des risques et processus», a-t-il précisé. Pour faire face à l'évolution de l’environnement réglementaire, les gérants de fortune indépendants ont besoin de recourir à de nouveaux services. Les services destinés aux «financial intermediaries», ou FIM dans le jargon, seront désormais assurés par une équipe unifiée, a expliqué la banque. En tout, l’unité UBS Global FIM emploie 400 personnes à travers le monde. Les gérants de fortune indépendants qui travaillent avec UBS gèrent près de 75 milliards de francs, selon Finews.ch.
30/03/2012

Forte hausse du bénéfice de RLAM

Lors de la présentation de ses comptes pour 2011, le groupe d’assurances Royal London a indiqué jeudi que le bénéfice d’exploitation de sa filiale de gestion d’actifs Royal London Asset Management (RLAM) est ressorti à 34 millions de livres contre 25 millions pour 2010.Au 31 décembre, l’encours total de RLAM se situait à 46,2 milliards de livres, dont 2,3 milliards provenant de l’acquisition de Royal Liver en cours d’année (au 1er juillet), contre 42,2 milliards un an plus tôt.
30/03/2012

Produits d'investissement : Barclays en tête des plaintes

Selon les données de la FSA britannique citées par Fundweb, c’est Barclays qui a reçu le plus de plaintes au sujet de ses produits d’investissement au second semestre 2011. La banque a reçu 3.284 plaintes de la part des clients, suivi de Santander UK (1.956 plaintes) et Woolwich Plan Managers (1.575 plaintes).
30/03/2012

Fred Moore quitte Newton

Fred Moore quitte Newton, l’une des boutiques de gestion de BNY Mellon, annonce la société dans un communiqué. Il abandonne par la même occasion le secteur de la gestion d’actifs.Il sera remplacé par Raj Shant en tant que gérant principal du Newton European Higher Income Fund, un fonds uniquement commercialisé au Royaume-Uni. Ce dernier, arrivé chez Newton en 2002, est «investment leader» du département actions européennes. Il est aussi gérant principal de la stratégie Newton Continental European et gère à la fois des portefeuilles actions institutionnels et retail. Tom Beevers restera co-gérant du fonds.
30/03/2012
Fonds

Les souscriptions nettes des fonds UK au plus haut depuis août

Pour février, les rentrées nettes des fonds domiciliés et commercialisés au Royaume-Uni ont atteint 1,81 milliard de livres contre 1,18 milliard pour janvier et 2,48 milliards pour le mois correspondant de 2011. Il s’agit néanmoins du montant le plus élevé depuis août, souligne l’Investment Management Association IMA.Au 29 février, l’encours total de ces fonds représentait 615,4 milliards de livres contre 593,2 milliards au 31 janvier et 586,1 milliards douze mois plus tôt.Pour ce qui concerne les fonds domiciliés hors du Royaume-Uni, les souscriptions nettes sont ressorties en février à 387,7 millions de livres contre des sorties nettes de 282,6 millions en janvier et des rentrées nettes de 302,8 millions pour février 2011. Quant aux actifs gérés, ils totalisaient 36,2 milliards de livres contre 34,7 milliards un mois auparavant et 33,6 milliards fin février 2011.
Fonds
30/03/2012

Bonnfinanz a enfin trouvé son nouveau patron

Michael Rentmeister, qui a quitté la société fin décembre pour devenir président du directoire d’OVB Holding en remplacement de Wilfried Kempchen, est finalement lui-même remplacé comme président du directoire du distributeur de produits financiers Bonnfinanz par Ulrich Mitzlaff. Ce dernier vient du groupe Allianz où il était en dernier lieu directeur du département opérationnel «management/international distribution».
30/03/2012
Fonds

Syz & Co lance un fonds Ucits géré par l'américain Scout

Le groupe bancaire suisse Syz & Co lance Oyster US Selection, un compartiment de sa Sicav luxembourgeoise géré par Scout Investments, un spécialiste de la gestion en actions américaines basé à Kansas City dans le Missouri.Conforme aux normes Ucits, le fonds est investi sur les actions américaines en combinant une analyse «bottom-up» avec un complément «top-down» destiné à anticiper les changements dans les cycles économiques, explique Syz & Co dans un communiqué diffusé jeudi. Il réplique la stratégie en actions américaines lancée par Scout en 2006 et gérée par Patrick Dunkerley.Le fonds, qui est pour le moment limité uniquement à une clientèle institutionnelle, devrait prochainement être enregistré dans plusieurs pays européens et asiatiques pour devenir accessible au public.Caractéristiques : Date de la première VNI: 29 mars 2012Liquidité: QuotidienneInvestissement minimum: USD/EUR/GBP/CHF: 100 000, SGD: 1 millionCodes ISIN:OYSTER US Selection USD2 : LU0747343753OYSTER US Selection CHF2 : LU0747343837OYSTER US Selection EUR2 : LU0747343910OYSTER US Selection GBP2 : LU0747344058OYSTER US Selection SGD2 : LU0747344132OYSTER US Selection I USD2 : LU0747344215OYSTER US Selection I CHF2 : LU0747344306OYSTER US Selection I EUR2 : LU0747344488OYSTER US Selection I GBP2 : LU0747344645OYSTER US Selection I SGD2 : LU0747344991
Fonds
30/03/2012

Fidelity vend sa gestion de fonds en Inde à L&T Finance

Fidelity Worldwide Investments a finalement vendu ses filiales indiennes FIL Fund Management Pvt et FIL Trustee Co pour un montant non divulgué à L&T Finance Ltd, filiale du groupe Larsen & Toubro, d’après Mutual Fund Wire. Au 31 décembre, l’encours des fonds indiens de Fidelity représentait 1,8 milliard de dollars (lire Newsmanagers du 31 janvier).Fidelity Worldwide conserve son centre de back-office et de technologie à Gurgaon (1.500 salariés) ainsi que sa filiale de private equity, Fidelity Growth Partners India, de même qu’une équipe locale de recherche actions.Les activités de gestion de fonds indiens de Fidelity ont été déficitaires chaque année depuis l’ouverture en 2004 alors que le volume total du marché indien des fonds quintuplait depuis 2003 à 134 milliards de dollars.
30/03/2012

Hausse de l'encours de Liontrust

Au 27 mars, l’encours total de Liontrust Asset Management ressortait à 1,55 milliard de livres, dont 1,1 milliard pour le retail au Royaume-Uni et 395 millions pour la clientèle institutionnelle, contre 1,34 milliard un an auparavant.Les souscriptions nettes ont augmenté à 146 millions de livres durant l’exercice (dont 106 millions pour les produits retail) contre 81 millions, et les recettes de commissions de performance se sont établies à 1,4 million de livres contre 1,3 million en 2010-2011 et 3,4 millions en 2009-2010.
30/03/2012
Fonds

Baisse de l'encours des fonds espagnols en mars

Au 23 mars, les actifs gérés par les fonds espagnols ressortaient à 134,63 milliards d’euros, d’après VDOS, relayé par Funds People. Cela correspond à une baisse de 498 millions d’euros depuis le début du mois, dont 33 millions imputables à l’effet de marché et 464 millions de remboursements nets.
Fonds
30/03/2012
Fonds

March Gestión lance un fonds d'actions d'entreprises familiales

Javier Pérez Fernandez et José Antonio Méndez Roth, qui gèrent déjà le Vini Catena et le March Global, ont été chargés par March Gestión de piloter ensemble The Family Businesses Fund, un fonds d’actions internationales qui investira uniquement dans des entreprises dites familiales, rapporte Funds People, relayant Expansión.Pour satisfaire aux critères, les sociétés doivent être contrôlées à au moins 25 % par une seule famille et avoir parmi leurs dirigeants au moins un représentant impliqué dans la gestion de l’entreprise. De plus, il faut qu’il y ait une volonté de transmettre la propriété de la société à la génération suivante.Afin de compléter ses connaissances dans le domaine des entreprises familiales, March Gestión a passé un accord de coopération avec la IE Business School.Le nouveau fonds est déjà enregistré pour être commercialisé en Espagne, en Italie et au Luxembourg. Il est prévu de solliciter un agrément aussi pour l’Autriche, la Suisse et le Royaume-Uni.
Fonds
30/03/2012

Very good start of the year for hedge funds

After their second worst year ever in 2011, hedge funds had their task set out for them in January: not to miss the rally. This mission appears to have been accomplished, as they are now about to publish record quarterly gains for first quarter, the Financial Times observes. According to Hedge Fund Research, the average fund has gained 5% since the start of the year. Some are doing better, such as the manager Philippe Jabre, whose flagship multi-strategy fund has gained 16% as of mid-March. CQS, from Michael Hintze, has posted returns of 15.5% for his fund.
30/03/2012

Interest in ETFs based on alternative-weighted indices increasing

Demand from European investors for ETFs based on new forms of indices has increased from 29% to 39% over the past year, the new edition of the Edhec European ETF Survey, undertaken in partnership with Amundi, reveals. This indicates growing interest in alternative-weighted indices.In terms of future use, a majority of the 174 European ETF investors surveyed (63%) indicate that they intend to increase their allocation to ETFs in the future. While investors are using ETFs more heavily for dynamic strategies and specific sub-segment exposure than in the past, the main use of ETFs remains long-term buy-and-hold investing in broad market indices. ETFs are mainly used as beta or asset allocation tools. Finally, on the subject of regulations, the study finds that industry communication on the risks of ETFs has led to the counterparty risk of physical ETFs being underestimated. As a result, investors think that full physical replication (a positive score of 2.28 out of 3) is less risky than synthetic replication (1.41 out of 3) in terms of counterparty risk.
30/03/2012

UBS restructured services for independent managers in Switzerland

UBS is restructuring its activities serving independent wealth managers, Le Temps reports. About 40 jobs will be cut in the UBS Global FIM banking unit, which includes over 300 employees in Switzerland, the bank announced on Thursday, confirming reports on the website Finews.ch.The number of jobs lost corresponds to a net reduction of about 12% to personnel in the unit in Switzerland, a spokesperson for UBS states. “New positions have also been created, such as investment advisor and risk and processes specialist,” the spokesperson added.In order to confront a changing regulatory environment, independent wealth managers need to use new services. Services aimed at financial intermediaries, or FIM, are now provided by a single team, with about 400 people worldwide. Independent wealth managers who work with UBS manage nearly US75bn, Finews.ch reports.
30/03/2012

HFR and Morningstar sign a strategic distribution agreement

US-based Hedge Fund Research (HFR) and Morningstar on 28 March signed a strategic distribution agreement by the terms of which subscribers to the institutional investment analysis platform Morningstar Direct will be able to acquire licenses for alternative investment content from HFR, including the HFRX and HFRI hedge fund indices, the hedge fund database and analysis of the alternative management industry.Morningstar Direct includes global data and content from Morningstar on investments, with analysis tools to interpret financial information to optimise investment ideas and communicate clearly and comprehensively. Over 1,700 businesses worldwide subscribe to the service, and the number of users has recently topped 6,000.
30/03/2012

Convictions AM adds to team and product range

Convictions Asset Management is preparing to launch a new fund. Convictions Classic will be a global bonds fund, “investing about 90% in bonds and 10% in equities,” Philippe Delienne, chairman of the French asset management firm, announced on Thursday. An AMF license for the product is pending. Its launch coincides with the creation of a defensive mandate, “Mandat Classic.”The asset management firm has also announced the recruitment of Elodie Deville as head of partner relationships. Before joining Convictions AM, the 29-year old woman had been responsible for partner relationships in the south of France at Alienor Capital.
30/03/2012

CVC Capital Partners recruits a former PAI Partners manager

The investment fund CVC Capital Partners (CVC) has recruited Bertrand Meunier as managing partner and a member of its PE board, effective immediately. He will be based in London, and will have global responsibility, including for the newly-created consumer goods sector. He will also oversee the development of the business in France. Meunier had previously served as chairman of the Partner Committee and head of the sector teams at PAI Partners, where he started in 1982.
30/03/2012

BlackRock recruits a specialist from Axiom

Luiz Soares, who joined Axiom International Investors in 2000, and who had most recently been responsible for about USD1bn in emerging markets assets, has been recruited as managing director of the fundamental emerging markets equities team at BlackRock, which has USD2.5bn in assets under management. In addition, he has been appointed as a portfolio manager for BlackRock Emerging Markets Fund, Inc. (MDDCX).He will be based in New York, and will report to Chris Leavy, CIO fundamental equity (Americas). He will also work in close collaboration with Sam Vecht, head of the EMEA equities team in London, Andrew Saxcan, head of the Asian equities team in Hong Kong, and Will Landers, head of the Latin American equities team, in Princeton.
30/03/2012

Avenir Finance: asset management did well in 2011

Avenir Finance has reported earnings of EUR34.32m in 2011, up more than 27% compared with 2010, and a net profit of EUR0.60m (+114% compared with the previous year). In asset management, earnings totalled EUR21.81m last year, compared with EUR14.61m in 2010 (+49%).Operating profits totalled EUR2.51m, compared with EUR1.24m in 2010 (+102%). The asset management firm, specialised in asset allocation and absolute return, has taken on more than EUR40m in second half 2011, a statement says.Avenir Finance is now aiming for earnings in 2013 of EUR55m, and of EUR88m in 2015, with a 15% profit margin, compared with 3% in 2011.A dividend of EUR0.15 per share will be proposed at the general shareholders’ meeting.
30/03/2012

Scandinavia leads sustainability rankings

The rankings of OECD countries on the basis of 53 sustainability indicators (including areas such as the environment, transparency, health, and education) undertaken by Petercam places Scandinavia and Switzerland at the top of the rankings. Norway has ceded the top place in the sustainability rankings to Sweden due to the latter’s higher score in the areas of health and education. France remains in 13th place in the rankings, with good results in the areas of the environment, carbon emissions and the climate change index. However, in the area of economics, it has relatively weak results in terms of its competitive position, public debt levels and budget deficit, a statement says. Meanwhile, among the various changes in the rankings, Iceland, one of the first victims of the credit crisis, has finished in fourth place. Canada, for its part, has lost three places, due to having withdrawn from the Kyoto Protocol. At the bottom of the rankings, the countries of Southern Europe continue to earn mediocre sustainability ratings. Meanwhile, the “what do you get for your tax money?” index, which calculates how much a taxpayer pays for sustainiability in a given country, places Switzerland at the top of the rankings, with results approaching those of Scandinavian countries in terms of education, the environment, and healthcare, although citizens enjoy a lower rate of taxation.
30/03/2012

Record profits at DVAG

The financial services provider Deutsche Vermögensberatung AG (DVAG) on 29 March reported net profits of EUR171.1m for 2011, representing an increase of 14% compared with 2010, and a record amount for the business, which has been in existence for 37 years. DVAG now employs over 37,000 full or part-time advisers.Earnings, for their part, increased 4.3% to EUR1.11bn, and the chairman of the board, Reinhard Pohl, claims that “since the financial crisis, the number of clients has increased by 2 million, and now total over 5.9 million.”The annual report states that DVAG at the end of last year intermediated 5.6% of assets at the asset management firm DWS (Deutsche Bank), whose products it distributes. At the end of 2010, it accounted for 4.9% of these assets.
30/03/2012

Franklin Templeton aims to double assets in Germany

Richard Berben, CEO of Franklin Templeton for Germany, has announced that he is aiming to double the volume of assets under management (EUR14.8bn as of end-January) in fice years, and that he is planning to make the firm one of the top five providers in the country, the Frankfurter Allgemeine Zeitung reports.Currently, Franklin Templeton ranks sixth, far behind BlackRock, with EUR28.3bn in its iShares ETF funds alone, not counting its other funds. Franklin Templeton, which arrived in Germany at the same time as Fidelity, initially lagged behind its US rival, and then outpaced it, as Fidelity fell back to EUR8.9bn in assets.Berben does not plan any absolute return funds, but has not ruled out the possibility that Franklin Templeton may launch wealth management funds.
30/03/2012

Bonnfinanz finds its new head at last

Michael Rentmeister, who left the firm at the end of December to become chairman of the managing board at OVB Holding, replacing Wilfried Kempchen, has at last been replaced in turn as chairman of the board at the financial product distributor Bonnfinanz by Ulrich Mitzlaff. Mitzlaff joins from the Allianz group, where he had most recently been director of the operational management/international distribution department.
30/03/2012

ETFs confuse the message about market volatility

Vix futures may send misleading signals about the anticipated behaviour of the markets, due to the use of ETF and ETN products by investors, the Financial Times suggests. Trading volumes for Vix futures on the CBOE rose 85% this month compared with last month. But that increase is largely thought to be a result of the rising popularity of ETF and ETN products, the newspaper says. For volatility traders, the largest concern is that imbalances in futures on the Vix will have an impact on the S&P options market used by investors to hedge their risks.
30/03/2012

March Gestión launches a fund of shares in family-owned businesses

Javier Pérez Fernandez and José Antonio Méndez Roth, who are already the managers of the Vini Catena and March Global funds, have been entrusted with the joint management of the Family Business Fund, an international equities fund which will invest solely in family-owned businesses, by March Gestión, Funds People reports, relaying Expansión.In order to meet the criteria for the fund, firms need to be at least 25% controlled by a single family, and have at least one family member involved in the management of the firm. In addition, there needs to be an intention to hand down the business to the following generation.As a complement to its knowledge of the area of family businesses, March Gestión has signed a cooperation agreement with the IE Business School.The new fund is already registered for sale in Spain, Italy and Luxembourg. Licenses will also be applied for in Austria, Switzerland and the United Kingdom.
30/03/2012

PrivatBank extends its range of equity funds

Expansión reports that PrivatBank has launched the Privat Fondos Global fund of funds, an equity product whose portfolio will be investd 70% to 100% in funds from international asset management firms. The management commission is 1%.Meanwhile, the asset management firm has also released Privat Salud, which invests in the major firms in the healthcare sector, with at least 70% of the portfolio invested in the United States. Its benchmark is the MSCI World Health Care USD, and the fund charges 1.5%. Lastly, PrivatBank has extended the universe for its Privat Fondo Bolsa Europea, which is initially concentrated on the euro zone, to include Switzerland and the United Kingdom.The three products are aimed primarily at professional investors.
30/03/2012

Credit Suisse: US tax controversy reportedly concerns 650 clients

The US request to Credit Suisse for administrative assistance with fiscal matters concerns 650 actions involving clients of the bank, Agefi Switzerland reports. This number of cases – which does not necessarily correspond to the number of clients concerned – was featured in the first 2012 budget supplement for Switzerland, approved on Wednesday by the Federal Council. The government states that this is the basis for additional spending of CHF4.7bn on labour related to processing the requests concerning Credit Suisse clients. Switzerland has a global agreement with the US government to settle cases at Credit Suisse and ten other banks.
30/03/2012

Syz & Co launches a UCITS fund managed by US firm Scout

The Swiss banking group Syz & CO is releasing the Oyster US Selection, a sub-fund of its Luxembourg-domiciled Sicav, managed by Scout Investments, a specialist in US equities management based in Kansas City, Missouri. In line with UCITS standards, the fund in US equities combines bottom-up analysis with a top-down overlay, aiming to anticipate changes in economic cycles, Syz & Co explains in a statement released on Thursday. It replicates the US equities strategy released by Scout in 2006, managed by Patrick Dunkerley. Currently restricted to institutional investors only, the fund is set to be registered shortly in several European countries and Asia. Characteristics Date of first net asset value: 29 March 2012 Liquidity: Daily Minimal investment: USD/EUR/GBP/CHF100,000; SGD1m ISIN codes: OYSTER US Selection USD2 : LU0747343753OYSTER US Selection CHF2 : LU0747343837OYSTER US Selection EUR2 : LU0747343910OYSTER US Selection GBP2 : LU0747344058OYSTER US Selection SGD2 : LU0747344132OYSTER US Selection I USD2 : LU0747344215OYSTER US Selection I CHF2 : LU0747344306OYSTER US Selection I EUR2 : LU0747344488OYSTER US Selection I GBP2 : LU0747344645OYSTER US Selection I SGD2 : LU0747344991

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