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28/03/2012

SGSS et Orient Capital coopèrent dans la tenue de registre

Société Générale Securities Services (SGSS) et Orient Capital ont annoncé la signature d’un accord de partenariat grâce auquel Orient Capital offrira aux clients émetteurs de SGSS sa gamme de services de gestion de la relation investisseurs, reconnue dans l’industrie des Titres.SGSS souligne avoir choisi Orient Capital «pour sa capacité à fournir des services de gestion de la relation investisseurs de grande qualité, basés sur son service d’analyse de registre (SRA) et sa plate-forme propriétaire en ligne, «miraqle ®". En fournissant ce service innovant à ses clients émetteurs français, SGSS leur propose une information plus détaillée et une analyse plus fine de leurs actionnaires, notamment l’actionnariat étranger».
28/03/2012

La Française AM prend 20 % du capital de Trecento AM

La Française Asset Management a pris une participation de 20 % dans le capital de la société de gestion entrepreneuriale française Trecento Asset Management. La Française AM apporte 15 millions d’euros à la jeune structure. Cette participation a été effectuée à travers la filiale de la Française «Nouvelles Expertises et Talents (NEXT)», spécialisée dans l’incubation et de l’amorçage dirigée par Nicolas Duban.La gamme de fonds de Trecento AM comprend pour le moment deux fonds : Trecento Market Neutral, un fonds d’arbitrage actions et Trecento European Equities, un fonds actions européennes. La société de gestion qui a été créée fin 2011 est présidée par Alice Lhabouz, ancienne gérante actions chez Turgot Asset Management après avoir travaillé plusieurs années en tant que gérante privée pour Meeschaert. Julien Jérémie, ancien directeur général associé de la banque d’affaire Croissance Partenaires, en assure la direction générale.
28/03/2012

La cession de la société de gestion coréenne SEI est imminente

La vente de la société de gestion coréenne SEI Asset Korea pourrait être bouclée dans les tout prochains jours, selon Asian Investor. Parmi les candidats potentiels figurent des acteurs locaux ainsi que des poids lourds internationaux comme BNY Mellon.Les actifs sous gestion de SEI Asset Korea s'élevaient à environ 7 milliards de dollars à fin février 2012.
28/03/2012

John Mack, l'ex-patron de Morgan Stanley, conseiller senior de KKR

Le groupe de capital investissement KKR vient de nommer John Mack, l’ancien patron de Morgan Stanley, en qualité de conseiller senior, rapporte Bloomberg.John Mack a quitté la présidence de Morgan Stanley fin 2011 après avoir été le CEO de la banque de 2005 à 2010.
28/03/2012

Gottex retrouve la rentabilité opérationnelle

La société de gestion alternative Gottex Fund Management a fait état pour l’exercice 2011 d’une perte nette, après minoritaires, de 2,5 millions de dollars, à comparer à une perte de 3 millions de dollars l’année précédente. Toutefois, la société a retrouvé la rentabilité opérationnelle, avec un bénéfice d’exploitation de 0,7 million de dollars contre une perte de 5 millions en 2010.Selon un communiqué publié le 27 mars, les actifs sous gestion s'élevaient à fin décembre 2011 à 7,34 milliards de dollars contre 8,26 milliards de dollars à fin décembre 2010, soit un recul de 11% d’une année sur l’autre. Cette évolution est due pour l’essentiel à la conjugaison de trois facteurs : une décollecte nette de 240 millions de dollars, ainsi que les impacts négatifs du marché (340 millions) et des devises (250 millions). Plus de 90% des actifs sous gestion de Gottex sont d’origine institutionnelle. La société se dit prudemment optimiste pour 2012. Gottex souhaite se développer aux Etats-Unis et en Asie et n’exclut pas de tirer parti des opportunités de croissance non organiques, partenariats ou acquisitions pour augmenter ses actifs sous gestion.
28/03/2012
Fonds

Catella Fonder lance trois fonds en Suède

Catella Fonder a fait une demande à l’autorité suédoise des marchés pour trois nouveaux fonds qu’il gérera pour le compte d’ICA Banken, rapporte Investment Europe. Les fonds seront pilotés par Ola Mårtensson.
Fonds
28/03/2012
Fonds

La Commerzbank lance 12 ETN à Francfort

Depuis lundi, la plate-forme électronique Xetra de la Deutsche Börse cote 135 produits sur son segment réservé aux ETN, avec l’introduction de 12 de ces produits (de droit allemand) lancés par la Commerzbank. Il s’agit d’ETN à effet de levier de 3 et 4 en long et en short sur les indices SGX Nikkei 225 Index Future, le Hang Seng Index future et le HSCEI Future (actions H).La liste des nouveaux ETN est disponible en annexe.
Fonds
28/03/2012
Fonds

Lyxor aligne 4 nouveaux ETF de matières premières sur Xetra

Quatre nouveaux ETF luxembourgeois de matières premières ont été admis à la négociation le 26 mars sur le segment XTF de la plate-forme électronique Xetra (Deutsche Börse), dont la cote compte ainsi désormais 952 références. Ces produits sont proposés par Lyxor Asset Management (groupe Société Générale).Caractéristiques :Dénomination : Lyxor ETF Broad Commodities Optimix TRBenchmark: S&P Commodities Curve Momentum Beta+ TR TMISIN: LU0721447596TFE : 0,35 %Dénomination : Lyxor ETF Broad Commodities Optimix TRBenchmark: S&P Commodities Optimix TR TMISIN: LU0721447919TFE : 0,35 %Dénomination : Lyxor ETF S&P GSCI Aggregate 3 Months ForwardBenchmark: S&P GSCI 3-Month Forward Capped Sector Equal Weight Composite IndexISIN: LU0721447083TFE : 0,35 %Dénomination : Lyxor ETF S&P GSCI Aggregate Inverse 1 Month ForwardBenchmark: S&P GSCI Inverse 1-Month Forward Capped Sector Equal Weight Composite Index Total ReturnISIN: LU0721446606TFE : 0,40 %
Fonds
28/03/2012

Peter Schwicht va prendre la tête de JPMAM Europe

Le patron de JPMorgan Asset Management Allemagne (15 milliards de dollars), Peter Schwicht, est promu CEO de JPMAM Europe/Moyen-Orient/Afrique à Londres, en remplacement de Jamie Broderick, dont le départ à la fin de cette année a été annoncé récemment (lire Newsmanagers du 14 mars). Peter Schwicht est actuellement responsable non seulement de l’Allemagne mais de l’Autriche, de la Suisse, de l’Europe de l’Est et de la Scandinavie.Dès lors, Christoph Bergweiler devient le nouveau directeur général de JPMAM pour l’Allemagne où il est pour l’instant responsable de la distribution retail pour les fonds offerts au public. Il a un poste de managing director et fait partie de la direction générale depuis 2008. Dans ses nouvelles fonctions, Christoph Bergweiler sera subordonné à Peter Schwicht, en sa qualité de CEO EMOA, et à Massimo Greco, qui sera à l’avenir le responsable des activités retail en Europe et qui est actuellement patron de JPMAM pour l’Italie.
28/03/2012
Fonds

Les Italiens retrouvent de l’appétit pour les fonds obligataires

Les fonds obligataires commercialisés en Italie ont enregistré en février des souscriptions nettes de 1,468 milliard d’euros, alors qu’ils avaient subi des rachats nets de 736 millions en janvier et de 8,8 milliards d’euros sur l’ensemble de l’année 2011, selon les dernières statistiques d’Assogestioni, l’association italienne des professionnels de la gestion.Il s’agit de la seule catégorie de fonds à avoir collecté en février. Les fonds actions accusent en effet notamment des sorties nettes de 679 millions d’euros et les fonds monétaires, de 1,583 milliard d’euros. Au total, les fonds ouverts commercialisés en Italie voient sortir en février des rachats nets de 1,671 milliard d’euros. En ajoutant les fonds dédiés, la gestion collective italienne subit une décollecte nette de 1,703 milliard d’euros. Avec les gestions sous mandat, le solde se creuse encore un peu plus, à -2,729 milliards d’euros. En termes de sociétés de gestion, Poste Italiane affiche la plus forte collecte, avec 7,350 milliards d’euros, tandis que dans le même temps, Credit Suisse voit sortir un total de 7,277 milliards d’euros. Cela s’explique en réalité par le fait que la poste italienne rapatrie en interne la gestion des investissements liés aux assurances de Poste Vita, selon les informations de Il Sole – 24 Ore. Hormis ce transfert, Generali se distingue avec une collecte de 389 millions d’euros. De l’autre côté du spectre, Intesa Sanpaolo voit sortir 1,044 milliard d’euros et Ubi Banca, 918,7 millions.
Fonds
28/03/2012
Fonds

Amundi commercialise ses premiers ETF en Espagne

Le 23 mars, le régulateur espagnol (CNMV) a enregistré les cinq premiers ETF du français Amundi destinés à la commercialisation en Espagne, les Amundi ETF Euro Stoxx 50, MSCI Europe, MSCI Nordic, MSCI Spain et S&P 500 (lire Newsmanagers du 7 février). Laure Peyranne, en poste à Madrid depuis 2008, initialement chez Société Générale Asset Management, puis chez Amundi, prend le titre de Head of ETF Client Relationships, Iberia and LATAM.
Fonds
28/03/2012
Fonds

Edram distribue le fonds Asia Leaders en Espagne

Expansión rapporte qu’Edmond de Rothschild Asset Management (Edram) commercialise en Espagne un fonds de grandes capitalisations asiatiques présentant un bon potentiel pour figurer parmi les leaders sur leurs marchés respectifs à moyen et long termes. Il s’agit du fonds Asia Leaders lancé le 26 octobre 2011 (lire Newsmanagers du 14 novembre). La commission de gestion est fixée à 2 % et le gestionnaire facture 15 % de la surperformance par rapport à l’indice MSCI AC Far East.
Fonds
28/03/2012

German government backs off planned financial transaction tax

Agefi reports that the German government has decided that a proposed tax on financial transactions would not at all be what it had proposed to the European Commission, and which the French government had wanted to institute rapidly. The German finance minister, Wolfgang Schäuble, claims that Germany needs to “try other things,” and will meet with his 26 EU counterparts on Friday in Copenhagen to discuss these. Schäuble would like to combine taxation and regulatory initiatives to meet both financial and prudential objectives.
28/03/2012

Investors in DebiSelect fund have lost their money

A notice from the German fund manager DebiSelect has confirmed investors’ fears: the value of their shares, initially EUR115m, has fallen 90%, Handelsblatt reports. There will be no payments of interest or capital redemptions for the next four and a half years.DebiSelect admits that instead of investing in a diversified portfolio, concentrated its investments on the low-cost energy provider TelDaFax, which has gone bankrupt. It will be years until TelDaFax’s renewable energy projects are completed, and this is only if buyers are found to take over the business.The CEO of DebiSelect, Josef Geltinger, has recently resigned, and left the management of the firm to the lawyer Werner Klumpe, who says he has found no signs of the potential buyer claimed to exist by his predecessor, nor any trace of the payments that the buyer was said to have made.
28/03/2012

LBO funds rediscover IPOs

Agefi reports that Blackstone and Bain Capital are preparing an initial public offering for Michaels Stores, six years after buying the business for USD6bn, relaying reports in several sources. JPMorgan Chase, Goldman Sachs, Barclays Capital and Deutsche bank are already reported to have been mandated to handle the operation, and the IPO documents may be submitted to authorities as soon as next week. The IPO may reawaken the appetites of investors, and also of funds, form whom the stock markets are again becoming a means of exit from private equity investments, Agefi adds.
28/03/2012

Commerzbank releases 12 ETNs in Frankfurt

Since Monday, the Xetra electronic trading platform from Deutsche Börse has listed 135 products in its ETN segment, with the introduction of 12 such products registered in Germany from Commerzbank. These are ETNs with a leverage of 3 or 4 in long and short versions based on the SGX Nikkei 225 Index Future, the Hang Seng Index future and the HSCEI Future (H shares). The list of new ETNs is available as an attachment.
28/03/2012

Lyxor lists 4 new commodities ETFs on Xetra

Four new Luxembourg-registered commodities ETFs were on 26 March admitted to trading on the XTF segment of the Xetra electronic trading platform from Deutsche Börse. The listings now include 952 products. The new products are from Lyxor Asset Management (Société Générale group).CharacteristicsName: Lyxor ETF Broad Commodities Optimix TRBenchmark: S&P Commodities Curve Momentum Beta+ TR TMISIN: LU0721447596TER: 0.35%Name: Lyxor ETF Broad Commodities Optimix TRBenchmark: S&P Commodities Optimix TR TMISIN: LU0721447919TER: 0.35%Name: Lyxor ETF S&P GSCI Aggregate 3 Months ForwardBenchmark: S&P GSCI 3-Month Forward Capped Sector Equal Weight Composite IndexISIN: LU0721447083TER: 0.35%Name: Lyxor ETF S&P GSCI Aggregate Inverse 1 Month ForwardBenchmark: S&P GSCI Inverse 1-Month Forward Capped Sector Equal Weight Composite Index Total ReturnISIN: LU0721446606TER: 0.40%
28/03/2012

IOSCO launches a consultation on management of fund liquidity risks

The technical committee of the international organisation of securities commissions (IOSCO) on 27 March launched a consultation on the management of liquidity risks for collective investment vehicles. The document lays out a series of principles for professionals and regulators, which would provide a way to evaluate the quality of practices on the part of regulators and professionals in the area of liquidity risk management for open-ended funds.
28/03/2012

Peter Schwicht replaces Jamie Broderick as head of JPMAM EMEA

The head of JPMorgan Asset Management Germany (USD15bn), Peter Schwicht, has been promoted to the position of CEO of JPMAM Europe/Middle East/Africa in London, replacing Jamie Broderick, whose departure at the end of this year was recently announced (see Newsmanagers of 14 March). Schwicht is currently head not only of Germany but also of Austria, Switzerland, Eastern Europe and Scandinavia.Christoph Bergweiler will now become the new CEO of JPMAM for Germany, where he is currently responsible for retail distribution of open-ended funds. Bergweiler will report to Schwicht, as CEO EMOA, and to Masimo Greco, who will become head of retail activities in Europe, and who is currently head of JPMAM in Italy.
28/03/2012

Gottex returns to operating profits

The alternative management firm Gottex Fund Management has reported a net loss for the 2011 fiscal year, taking minority interests into account, of USD2.5m, compared with a loss of USD3m the previous year. However, the firm has returned to operating profits, with a positive operating profit of USD0.7m, compared with a loss of USD5m in 2010. According to a statement published on 27 March, assets under management as of the end of December 2011 totalled USD7.34bn, compared with USD8.26bn at the end of December 2010, a decline of 11% year on year. This development is largely due to the conjunction of three factors: net outflows of USD240m, negative market impact of USD340m, and negative forex effects of USD250m. More than 90% of assets under management at Gottex are institutional in origin. The firm had previously stated that it was optimistic for 2012. Gottex would like to develop in the United States and Asia, and has not ruled out participating in non-organic growth opportunities, partnerships or acquisitions to increase its assets under management.
28/03/2012

La Française AM acquires 20% stake in Trecento AM

La Française Asset Management has acquired a 20% stake in the capital of the entrepreneurial asset management firm Trecento Asset Management. La Française AM is investing EUR15m in the young firm. The stake has been acquired via the La Française affiliate “Nouvelles Expertises et Talents (NEXT),” which is specialised in incubation and seed capital, and is led by Nicolas Duban.The range of funds from Trecento AM currently includes two funds: Trecento Market Neutral, an equities arbitrage fund, and Trecento European Equities, a European equities fund. The asset management firm was founded in late 2011.The firm is led by Alice Lhabouz, former equity manager at Turgot Asset Management, who previously spend several years as private manager at Meeschaert. Julien Jérémie, former deputy CEO of the business bank Croissance Partenaires, is its CEO.
28/03/2012

SGSS and Orient Capital cooperate in keeping of registries

Société Générale Securities Services (SGSS) and Orient Capital have announced that they have signed a partnership agreement, by which Orient Capital will offer SGSS securities issuer clients its range of investor relationship management services, known throughout the securities industry. SGSS states that it has selected Orient Capital “for its ability to provide investor relationship management services of a high quality, based on its registry analysis service (SRA) and its proprietary online platform, “miraqle ®.” By providing this innovative service to its French issuer clients, SGSS offers them more detailed information and more refined analysis of their shareholders, including foreign shareholders.”
28/03/2012

Philippe Lecomte joins La Française AM

La Française AM on Tuesday confirmed the arrival of Philippe Lecomte as a member of its teams. Newsmanagers anticipated this news following the announcement of his departure from Schroders Investment Management, where he had been CEO. He joins the firm as CEO of La Française AM Finance Services and La Française AM International, in charge of institutional clients and international development. Lecomte will be based in Paris, and will join the firm in April 2012, and will be a member of the executive board at La Française AM.The arrival coincides with a development in the organisation of the French asset management firm. “We have decided to put the direction of institutional activities in France and international development under the same managerial responsibility. Philippe’s experience serving French and international institutional clients fully meets our objectives,” says Patrick Rivière, CEO of La Française AM.Meanwhile, La Française AM has also confirmed that it will be appointing Nicolas Duban, who had previously handled development of institutional activities in France at La Française AM, as president of NexT AM, New Expertise and Talent, its affiliate specialised in acquiring stakes in small businesses, in an announcement which Newsmanagers had also anticipated.
28/03/2012

Matmut board member joins OFI

Franck Dussoge is joining the OFI group, where he will serve as chairman of the board at OFI Mandates, an affiliate dedicated to the management of mandated institutional assets, replacing Maxime de Chayla, who will be appointed as deputy CEO of OFI Asset Management. Dussoge joins from the Matmut group, a shareholder in OFI Asset Management with a 34% stake, where he spent 5 years on the board in charge of accounting and finances. His arrival follows the recent departure of Thierry Callault, who had been deputy CEO of OFI AM, and who will be replaced by de Chayla and Jean-Marie Mercadal. At Matmut, Dussoge will be succeeded by Nicolas Gomart, who is leaving OFI Asset Management, where he had been deputy CEO. The appointments will take effect on 1 June 2012. OFI AM, owned by Matmut and Macif, had EUR49.6bn in assets under management as of the end of February.
28/03/2012

Sale of Korean asset management firm SEI is imminent

The sale of the Korean asset management firm SEI Asset Korea may be completed in the next few days, according to Asian Investor. Among the potential candidates are local actors and international heavyweights such as BNY Mellon. Assets under management at SEI Asste Korea totalled about USd7bn as of the end of February 2012.
28/03/2012

Philippe Lecomte joins La Française AM

La Française AM on Tuesday confirmed the arrival of Philippe Lecomte as a member of its teams. Newsmanagers anticipated this news following the announcement of his departure from Schroders Investment Management, where he had been CEO. He joins the firm as CEO of La Française AM Finance Services and La Française AM International, in charge of institutional clients and international development. Lecomte will be based in Paris, and will join the firm in April 2012, and will be a member of the executive board at La Française AM. The arrival coincides with a development in the organisation of the French asset management firm. “We have decided to put the direction of institutional activities in France and international development under the same managerial responsibility. Philippe’s experience serving French and international institutional clients fully meets our objectives,” says Patrick Rivière, CEO of La Française AM. Meanwhile, La Française AM has also confirmed that it will be appointing Nicolas Duban, who had previously handled development of institutional activities in France at La Française AM, as president of NexT AM, New Expertise and Talent, its affiliate specialised in acquiring stakes in small businesses, in an announcement which Newsmanagers had also anticipated.
28/03/2012

State Street confidence index up in March

Globally, the State Street Investor Confidence Index for March 2012 rose to 91.6, up 5.0 points from February’s revised level of 86.6. The increase was driven by North American investors, whose confidence rose 8.7 points to 89.5. The outlook of European investors was similarly improved, rising 5.4 points to 100.6 from a revised February reading of 95.2. Among Asian institutional investors, sentiment declined slightly, down 2.2 points from a revised February reading of 96.7 to end at 94.5.“This month we saw a significant curtailment of the selling that institutional investors have been engaged in since late 2011,” commented Harvard University professor Kenneth Froot, who developed the index. “Indeed we observed net buying of equities by real money investors in the week ended March 19th. As mentioned in past commentaries, institutions have been content to play the role of liquidity provider over much of the recent rally, taking the other side of non-institutional trades. This month they have engaged in more liquidity-taking behavior, adding further to core equity positions.”
28/03/2012

EDRAM releases Asia Leaders fund in Spain

Expansión reports that Edmond de Rothschild Asset Management (EDRAM) is releasing an Asian large caps fund in Spain, investing in firms which have good potential to rank among the leaders in their respective markets in the mid- to long-term. The Asia Leaders fund was launched on 26 October 2011 (see Newsmanagers of 14 November). Management commission is 2%, and the management firm charges 15% on performance exceeding the MSCI AC Far East index.
28/03/2012

CNMV registers first five ETFs from Amundi in Spain

On 23 March, the Spanish regulatory authority (CNMV) registered the first five ETF funds from the French firm Amundi for sale in Spain. The products are the Amundi ETF Euro Stoxx 50, MSCI Europe, MSCI Nordic, MSCI Spain and S&P 500 (see Newsmanagers of 7 February). Laure Peyranne, who has been based in Madrid since 2008, initially at Société Générale Asset Management, and then at Amundi, becomes Head of ETF Client Relationships, Iberia and LATAM.

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