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06/02/2012

Comgest veut se développer en Asie

La société de gestion Comgest basée à Paris vient de recruter son premier responsable du développement en Asie, Robert James, rapporte Asian Investor.Robert James, précédemment responsable du développement du pôle institutionnel chez First State, a rejoint Comgest en début d’année en tant que managing director et responsable du développement pour l’Australasie. Il sera basé à Hong Kong et rattaché à Philippe Lebeau, responsable mondial du développement basé à Paris.
06/02/2012

Rogge Global Partners s’implante à Genève

Rogge Global Partners ouvre un bureau à Genève, rapporte L’Agefi suisse. Le spécialiste londonien du fixed income, avec 49 milliards de dollars d’actifs sous gestion, forme un joint venture avec la société française de marketing financier Alfi Partners, active depuis peu à Genève. «A notre niveau d’actifs sous gestion, nous pensons que le seul moyen de développer encore le business est de couvrir de nouveaux marchés. C’est pourquoi nous avons décidé d'étendre notre présence aux marchés européens francophones, en Suisse romande, en France, en Belgique et au Luxembourg», explique dans un entretien à L’Agefi suisse, Olaf Rogge, le créateur de la société, un ancien de Lombard Odier.
06/02/2012

Raiffeisen se sépare de ses clients américains

Le groupe bancaire Raiffeisen, auprès duquel 220 Américains ont déposé 58 millions de francs, a décidé de se séparer de tous ses clients ayant un lien avec les Etats-Unis, a indiqué le patron de Raiffeisen, Pierin Vincenz, dans un entretien au SonntagsBlick. Le numéro trois des établissements suisses a pris cette décision l’automne dernier. Pierin Vincenz explique que le groupe n’a jamais axé son activité sur ce type de clientèle et qu’il n'émet d’ailleurs aucun contrat bancaire en anglais. Seulement 3% de la clientèle de Raiffeisen est étrangère. Quant aux affaires non américaines reprises à la banque privée Wegelin et regroupées désormais sous le nom de Notenstein, elles comptent 30% de clients européens et 70% de clients suisses.
06/02/2012

Le bénéfice de Julius Baer a chuté d'un cinquième en 2011

Le bénéfice net ajusté du groupe Julius Baer s’est contracté de 21 % l’an dernier à 401 millions de francs, alors que le bénéfice net «sous-jacent», hors l’accord fiscal avec l’Allemagne qui s’est traduit par une charge de 65 millions de francs, s’est tassé de 10 % à 452 millions. Quant au bénéfice net aux normes IFRS, il a chuté de 27 % à 258 millions de francs.Le coefficient d’exploitation (cost-income ratio) s’est détérioré à 68 % contre 65,4 %, du fait surtout de la nette appréciation du franc suisse.Concernant les actifs sous gestion, ils ressortaient fin décembre à 170 milliards de francs, soit sensiblement au même niveau que douze mois plus tôt. De fait, Julius Baer a bien enregistré des rentrées nettes de 10 milliards de francs, mais ces souscriptions ont été presque totalement neutralisées par les effets négatifs de marché et de change.Le Conseil d’Administration proposera à l’assemblée générale annuelle du 11 avril 2012 un dividende ordinaire inchangé de 0,60 franc par action, soit un montant total de 118 millions de franc. Il s’y ajoutera un dividende spécial de 0,40 franc par action, soit au total 79 millions de francs «afin de restituer directement une partie des capitaux excédentaires aux actionnaires et de profiter de la législation fiscale actuelle en Suisse», précise un communiqué.En outre, Julius Baer compte lancer un nouveau programme de rachat d’actions portant sur 500 millions de francs, à réaliser sur les deux prochaines années.
06/02/2012

Départ du patron des petites capitalisations de Pictet

Aylin Suntay, responsable des petites capitalisations chez Pictet Asset Management, vient de quitter la société où elle sera restée une dizaine d’années, rapporte Citywire.Son ancien collègue Bill Barker a repris ses fonctions. Elle était l’un des co-gérants du fonds Pictet Small Cap Europe, également responsable des investissements en Europe du Sud. Alain Caffort, qui a récemment quitté Groupama Asset Management pour rejoindre Pictet, a repris la gestion du fonds dédié aux petites capitalisations aux côtés de Oliver Knobloch et Bill Barker.
06/02/2012
Fonds

TPG boucle son premier fonds chinois

La société d’investissement TPG a annoncé lundi 6 février avoir réuni 4 milliards de yuans (485 millions d’euros) d’engagements fermes sur l’un de ses deux fonds chinois, lui permettant ainsi d’effectuer un premier bouclage, rapporte L’Agefi.TPG prend ainsi une longueur d’avance sur Blackstone, Carlyle, Goldman Sachs et Morgan Stanley qui ont également annoncé leur intention de lever des fonds libellés en yuans, précise le quotidien.
Fonds
06/02/2012

State Street GM recrute un patron pour les portfolio solutions EMOA

John Minderides, qui était managing director et global head of transition management chez JP Morgan, rejoint State Street Global Markets comme head of portfolio solutions pour l’Europe, le Moyen-Orient et l’Afrique. Basé à Londres, il sera subordonné à Nicholas Bonn, executive vice president, qui est promu pour sa part global head of portfolio solutions, une activité qui regroupe la gestion de transition et le négoce d’actions.
06/02/2012
Fonds

Aberdeen freine les souscriptions pour deux fonds marchés émergents

Selon plusieurs médias britanniques, Aberdeen Asset Management a demandé aux CGPI de retirer de leur liste de recommandations et d’arrêter la promotion de ses fonds marchés émergents offshore (6 milliards de livres) et onshore (2,7 milliards) à partir du 1er avril. Le gestionnaire envisage des mesures complémentaires comme l’augmentation des commissions ou la fermeture des souscriptions pour certaines classes de parts.Les souscriptions nouvelles sont déjà gelées pour les comptes séparés dont le montant a par ailleurs été plafonné.Aberdeen indique vouloir éviter la suspension complète des souscriptions mais souligne qu’il s’agit de protéger la performance et d'éviter que les fonds ne soient confrontés à des problèmes de liquidité sur certains de leurs investissements.
Fonds
06/02/2012

EFG International nomme un nouveau CEO pour l'Asie du Sud-Est

EFG Bank, filiale d’EFG International en Asie, a nommé Kong Eng Huat au poste de chief executive officer des activités à Singapour et en Asie du Sud-Est. Basé à Singapour, il sera également membre du comité de direction d’EFG Bank en Asie.Kong Eng Huat a précédemment dirigé les activités de Wealth Management pour la région Asie du Sud et du Sud-Est de Merrill Lynch International Bank.
06/02/2012

British pension funds increase emergency reserves by 20%

The use of backup assets, or liquid assets which could be used in case of need to weather a bankruptcy of the corporate sponsor or an insufficient coverage level, by British pension funds increased 20% in the year 2011-2012, and are now used by about 900 funds, up from 750 previously, according to statistics from the Pension Protection Fund (PPF).The PPF statistics also show that pension funds in the UK are tending to pull back from British equities somewhat in favour of international equities. The proportion of portfolios invested in UK equities now totals 52.7%, while exposure to international equities has risen by 7 percentage points since 2008 to 46.2%.Pension funds are clearly showing a growing interest in private equity; the percentage investing in private equity has risen from 0.7% two years ago to 1.2%.
06/02/2012

EFG International appoints CEO for South-East Asia

EFG Bank, an affiliate of EFG International in Asia, has appointed Kong Eng Huat as chief executive officer for activities in Singapore and South-East Asia. Be will be based in Singapre, and will also be a member of the board of directors at EFG Bank in Asia. Kong was previously director of Wealth Management activities for the South and South-East Asian regions at Merrill Lynch International Bank.
06/02/2012

Comgest plans to develop in Asia

The asset management firm Comgest, based in Paris, has recruited its first head of development for Asia, Robert James, Asian Investor reports.James, previously head of development for the institutional unit at First State, joined Comgest earlier this year as managing director and head of development for Australia. He will be based in Hong Kong, and will report to Philippe Lebeau, global head of development based in Paris.
06/02/2012

Capital increase at Wisdom Tree

The ETF management firm Wisdom Tree (47 ETFs, USD13.9bn in assets) on 3 february set the price of its public share offering of over 14.36 million shares at USD5.61 per share, for a total of USD80.6m. The offer includes 1 million shares offered by the firm, and 13.36 million shares owned by current shareholders, among them CEO Jonathan Steinberg and chairman Michael Steinhardt.A greenshoe option for over 2.15 million shares held by current shareholders has also been provided for a period of 30 days.
06/02/2012

M&G assets in France top EUR1.6bn

Brice Anger, director of development at M&G Investments in France, has told Investment Europe that assets at the British asset management firm in France total over EUR1.6bn (the same level as eight months ago; see Newsmanagers of 5 May 2011). The Paris team now has seven members, and M&G offers 26 funds in France.
06/02/2012

Marie-Jeanne Missoffe leaves SPGP

Marie-Jeanne Missoffe is leaving SPGP. The Cap Grande Europe fund which she manages will be entrusted to Philippe Joly, who is already manager of the Sélection Action Rendement fund, which invests in European large caps. Missoffe’s fund, which was hit by its high exposure to the countries of Eastern Europe and now has only EUR3.3m in assets, will be absorbed into Joly’s fund, whose net assets under management are EUR25.5m.
06/02/2012

Profits down at Julius Baer in 2011

Adjusted net profits for the Julius Baer group contracted by 21% last year, to CHF401m, while underlying net profits, excluding a taxation agreement with Germany that resulted in a CHF65m charge, fell 10% to CHF452m. Net profits by IFRS accounting standards fell 27%, to CHF258m.The cost/income ratio has deteriorated to 68% from 65.4%, largely due to the appreciation of the Swiss franc. Assets under management as of the end of December totalled CHF170bn, generally the same level as twelve months previously. Julius Baer has posted net inflows of CHF10bn, but these subscriptions have been nearly entirely offset by negative market and currency effects.The Board of Directors will propose an unchanged ordinary dividend at the general shareholders’ meeting on 11 April 2012 of CHF0.60 per share, for a total of CHF118m. In addition, there will be a special dividend of CHF0.40 per share, totalling CHF79m, “in order to directly refund some excess shareholder capital and to take advantage of current Swiss tax legislation,” according to a press release.Julius Baer is also planning to announce a new share repurchase program totalling CHF500m, to be completed in the next two years.
06/02/2012

Head of small caps at Pictet leaves her job

Aylin Suntay, head of small caps at Pictet Asset Management, has left the firm where she spent 10 years, Citywire reports. Her former colleague Bill Barker has assumed her duties. Suntay had been one of the co-managers of the Pictet Small Cap Europe fund, and head of investments for Southern Europe. Alain Caffort, who recently left Groupama Asset Management to join Pictet, has taken over the management of the fund dedicated to small caps, alongside Oliver Knobloch and Barker.
06/02/2012

State Street GM recruits a head for EMEA portfolio solutions

John Minderides, who had been managing director and global head of transition management at JP Morgan, has joined State Street Global Markets as head of portfolio solutions for Europe, the Middle East and Africa. He will be based in London, and will report to Nicholas Bonn, executive vice president, who for his part becomes global head of portfolio solutions, an activity which includes transition management and equity trading.
06/02/2012

Church of England doubles investments in hedge funds

The Church of England has more than doubled its exposure to hedge funds in the past two years, according to reports in the Financial Times. About 10% of its GBP5.5bn portfolio is invested in hedge funds, compared with 4% at the beginning of 2009.
06/02/2012

“Frontier markets represent only 0.2% of investments in equity funds”

The asset management firm Silk Invest, founded in 2008, is specialised in investment in frontier markets. Currently, the structure managers about EUR100m, of which 55% are for institutionals, and 45% for private investors. Zin Bekkali, CEO and CIO of Silk Invest, explains to Newsmanagers what the attraction of investing in frontier markets is.
06/02/2012

Legg Mason launches a fund of hedge funds

Legg Mason Global Asset Management has launched a multi-stratgy bond fund of hedge funds, entitled Permal Hedge Strategies Fund, Hedge Week reports. The fund is managed by Javier Dyer, and will have 20 to 40 positions.The new product will use several bond strategies, with flexible asset allocation, and investments in emerging market debt, long/short bonds, event-driven strategies and global macro. The manager may use funds from both systematic and discretionary managers, in order to limit volatility.
06/02/2012

Van Eck preparing seven new ETF funds

The New York-based asset management firm Van Eck Global has notified the SEC of plans to launch seven new ETF funds, Mutual Fund Wire reports.The new products are the following:Emerging Markets US$ High Yield Bond ETF,Fallen Angel US$ Bond ETF,Global Fallen angel Bond ETF,Global High Yield Bond ETF,Global High Yield US$ Bond ETF,International High Yield Bond ETF andInternational US$ High Yield Bond ETF.
06/02/2012

Oppenheimer launches a multi-strategy fund

OppenheimerFunds has announced the launch of the Oppenheimer Global Multi Strategies fund. The multi-strategy fund is based on a quantitative and fundamental approach, in order to generate returns by isolating market performance (market neutral) which is uncorrelated to more traditional strategies. The product is managed by Caleb Wong.
06/02/2012

Heavy losses for main Harbinger fund in 2011

Due to a depreciation of nearly 60% for an investment in LightSquared, the main hedge fund from Harbinger Capital Partners saw losses of 47% last year, the Wall Street Journal reports. This loss resulted in a decline in total assets at the management firm to USD4bn as of the end of 2011, compared with a peak of USD26bn at the end of 2008.
06/02/2012

iShares preparing two emerging markets bond ETFs

BlackRock has notified the SEC that it plans to launch two iShares ETF funds of emerging market bonds, one of them corporate bonds, the iShares Emerging Market Corporate Bond Fund, and the other high yield bonds, the iShares Emerging Markets High Yield Bond Fund, the Börsen-Zeitung reports. The two funds physically replicate Morningstar indices.
06/02/2012

iShares offers five ETFs of commodity producers

On 2 February, the NYSE-Arca platform admitted five more ETFs from iShares (BlackRock) to trading. They are equity products replicating MSCI indices covering producers of commodities worldwide. All of them charge 0.30%.The funds are as follows:- iShares MSCI Global Agriculture Producers Fund (acronyme NYSEArca: VEGI)- iShares MSCI Global Energy Producers Fund (FILL)- iShares MSCI Global Select Metals & Mining Producers Fund (PICK)- iShares MSCI Global Gold Miners Fund (RING) and- iShares MSCI Global Silver Miners Fund (SLVP)
06/02/2012

RBC GAM offers four bond products on the US market

RBC Dexia Asset Management on 2 February announced that it is launching four bond funds, sub-advised by BlueBay Asset Management. The products (one of which is based on emerging markets corporate debt, one on emerging markets bonds, one on convertibles, and one on high yield), will be available to institutional investors and high net worth private clients in the United States. The minimal investment is USD1m.
06/02/2012

15% of asset management firms are in the process of merging

Since the absorption of Gesduero by Caja España Fondos, the number of fund management firms in Spain has fallen by 114. Of this total, 15% are currently in the process of merging, Funds People reports. Most of these candidates for mergers are logically affiliates of savings banks (cajas de ahorro).Currently, 55% of asset management firms are owned by financial institutions (banks and savings banks), 38% are independent, and 7% are owned by insurance companies.
06/02/2012

Aberdeen soft-closes two emerging markets funds

Several British media sources are reporting that Aberdeen Asset Management has asked IFAs to remove its offshore (GBP6bn) and onshore (GBP2.7bn) emerging markets funds from their lists of recommendations and to cease promoting these funds from 1 April. The asset management firm is also considering further measures, such as increasing commissions, or discontinuing subscriptions to some share classes.Net subscriptions are already frozen for segregated accounts, and the size of these accounts has been capped.Aberdeen says it is hoping to avoid to completely suspending subscriptions, but emphasizes that the objective is to protect performance and prevent the funds from confronting liquidity problems with some of their investments.
06/02/2012

Education is the key to asset managers' success

Asset managers who do not hesitate to dedicate effort to educating in-house research teams at their broker-dealers are better positioned to attract and retain more assets, according to a research undertaken by Cerulli Associates. At least half of sales of mutual funds and mandates are supported by lists of recommendations by house teams at broker-dealers. In 2008, this percentage was only 31%. Hence the attraction for managers of continuing to supply research teams with appropriate documentation. “Cerulli esimates that holding personal meetings with analysts specialised in due diligence at broker-dealers represents an optimal use of managers’ time,” says Bing Walders, director at Cerulli Associates. This means that increased attention to education is crucial for managers. “A manager has no excuse if he is removed from a managed account platform because he is incapable of providing product information, or because a due diligence team is not correctly informed about his investment process, says Pat Newcomb, senior analyst at Cerulli.

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