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04/02/2010

Cap sur les matières premières pour les grandes banques françaises

Les banques françaises cherchent à développer leurs activités de marché dédiées aux matières premières, observe la Tribune, qui précise qu’il s’agit d’un marché d’une taille mondiale d’environ 15 milliards de dollars, essentiellement destiné aux entreprises qui veulent se couvrir contre les fluctuations du pétrole, de l’or ou d’autres matières premières. Les trois principales banques françaises visent à terme un tiers de leurs revenus provenant des investisseurs institutionnels et gérants de fonds, alors qu'à ce jour, 75 % sont réalisés avec les entreprises à la Générale, 90 % chez BNP Paribas, ajoute le quotidien. Pour accompagner leur développement, les banques françaises vont recruter des traders en 2010, notamment aux Etats-Unis et en Asie, de quelques poignées jusqu'à plusieurs dizaines pour les plus ambitieuses.
04/02/2010

Lazard tombe dans le rouge en 2009

Selon Les Echos, les performances de Lazard se sont améliorées au second semestre. Mais la banque d’affaires a revu ses méthodes de rémunération, ce qui l’a contrainte à publier des pertes de 142 millions de dollars sur le dernier trimestre et de 130 millions sur l’année pour un chiffre d’affaires en baisse de 5% par rapport à 2008, à 1,6 milliard de dollars. Lazard relève que sur la seconde moitié de l’année, les revenus du conseil ont augmenté de 38% et ceux de la gestion d’actifs de 54%. Les actifs sous gestion sont en hausse de 42% par rapport à 2008 à 129,5 milliards de dollars.
04/02/2010
Fonds

L'encours d'ETFX dépasse 350 millions de dollars

ETF Securities a indiqué que sa plate-forme dédiée aux ETF d’actions, ETF Exchange (ETFX), a franchi au 20 janvier la barre des 350 millions de dollars. ETFX a été lancée l’an dernier (lire notre article du 7 avril 2009).
Fonds
04/02/2010

Baisse de la collecte nette de Royal London AM

Royal London Asset Management a vu ses souscriptions nettes chuter de 20 % à 589 millions de livres sur les 12 mois au 31 décembre l’année dernière, indique Investment Week.
04/02/2010

Barclays n'a pas informé les clients du changement de catégorie de risque des fonds

Barclays a reconnu ne pas avoir informé ses clients après avoir augmenté la catégorie de risque d’un certain nombre de fonds, révèle Money Marketing. Mi-2007, la banque avait introduit un nouveau système d'évaluation de l’appétit au risque des clients et dans le même temps réévalué tous les produits qu’elle conseillait conformément au nouveau système.
04/02/2010

Nouveau CIO chez Banque Profil de Gestion

Selon L’Agefi suisse, Banque Profil de Gestion, l’ex-SBP, qui a changé son nom et son identité visuelle en fin d’année dernière, a nommé hier Patrizio Merciai au poste de Chief Investment Officer. Le nouveau responsable des investissements occupait la fonction de directeur de la gestion de patrimoine chez Merrill Lynch Bank (Suisse) SA.
04/02/2010

Le patron de SAM démissionne

Sander van Eijkern a démissionné de son poste de CEO de SAM et du comité exécutif (management board) de Robeco, le groupe auquel appartient SAM, le 1er février, en raison de «divergences de vues concernant la stratégie future de Robeco», selon un communiqué du 3 février. Ses fonctions chez SAM, société de gestion dédiée à l’investissement responsable, seront reprises par Stephanie Feigt et Michael Baldinger, respectivement directeur des investissements et directeur global des clients et du marketing de SAM, en attendant la nomination d’un successeur. Leni Boeren représentera SAM au comité exécutif de Robeco, tandis que les responsabilités de Sander van Eijkern en tant que membre de cette instance seront assumées par les cinq autres membres. En revanche, Sander van Eijkern reste membre du conseil de surveillance de la filiale Transtrend de Robeco.
04/02/2010

Un départ chez Man Investments

Après avoir passé 16 mois chez Man Investments, Philippe Gougenheim quitte la société où il occupait le poste de gérant de portefeuilles senior. Il a notamment contribué à l’idée du produit AHL + Gold qui devrait être lancé début février. Son remplacement n’a pas été mentionné.
04/02/2010

Andrew Balls va gérer cinq fonds supplémentaires chez Pimco

Le gérant de Pimco Andrew Balls se voit confier la gestion de cinq fonds obligataires européens supplémentaires, rapporte Fondsprofessionell. Il s’agit des fonds suivants : Allianz Pimco Euro Rentenfonds, Allianz Pimco Europazins, Allianz Pimco Europa Renten T, Adirenta et Adiropa. L’encours total de ces produits représente 1,5 milliard d’euros.
04/02/2010

TIAA-CREF compte délocaliser en Inde

Abby Cohen, porte-parole de TIAA-CREF, a confirmé que le fonds de pension a l’intention de délocaliser certaines des fonctions de traitement de back-office en Inde, ce qui devrait affecter moins d’une centaine de postes aux Etats-Unis, rapporte Mutual Fund Wire. Un contrat correspondant a été signé avec Tata Consultancy.
04/02/2010

Nomination chez GLG Partners

Le gestionnaire d’actifs GLG Partners LP vient de nommer Raffaele Costa co-responsable du marketing mondial (co-head of Global Marketing). Agé de 40 ans, l’impétrant travaillera en collaboration avec Emmanuel Roman, co-CEO de la société, afin d'élaborer et d’exécuter la stratégie produits et distribution de la société de gestion spécialisée dans les hedge funds.
04/02/2010

Alcentra remanie son équipe dirigeante

Paul Hatfield, actuel directeur des investissements (CIO) et responsable des activités américaines d’Alcentra, est promu directeur des investissement monde (global CIO), basé à Londres. L’intéressé avait rejoint la société de gestion en 2003 en tant que gérant de portefeuilles des fonds CLO européens. Il endossera ses nouvelles fonctions en avril 2010. Pour le remplacer, Julian Colville, directeur du développement, et Ron Grobeck, gérant de portefeuilles US senior, ont été nommés co-responsables de l’activité américaine. En Europe, Simon Perry est de son côté promu directeur du développement de la zone Europe, Moyen-Orient et Afrique hors Japon. Alcentra, société de gestion détenue à 91 % par BNY Mellon, gère un encours de 18 milliards de dollars. Elle se spécialise dans les marchés de dette à haut rendement.
04/02/2010

2010 will be a good year for Asian equities, according to BlackRock

BlackRock predicts that Asian equities will benefit in 2010 from a rebound in US investors’ appetite for Asian exports, from improving results for Asian businesses, and the relative health of Asian consumer spending. “In 2010, Asian equities will continue to be positively oriented, but their performance will probably be lower than last year, and will depend more centrally on the health of corporate profits than on valuations,” the management firm predicts in a recent statement. China will continue to dominate the region. “We remain optimistic about Chinese equities in 2010. Results at Chinese businesses will continue to increase, as exports improve, consumer spending rises and new measures on the part of the authorities are announce to stimulate the economy. We prefer shares of the discretionary consumer sector, but stock-picking will play a vital role this year,” says Jing Ning, manager of the BlackRock Global Funds (BGF) China Fund.
04/02/2010

Neuberger Berman builds presence in Asia

The management firm Neuberger Berman announced on 2 February that it has appointed Jason Henchman as chief operating officer, and Chris Gunns as head of consultant relations for the Asian region. Both will be based in Hong Kong in their new positions. Henchman was previously head of legal affairs and compliance at Legg Mason. Gunns was regional manager for institutional distribution and development of activities at ING Investment Management Asia Pacific. As of 31 December 2009, assets under management at Neuberger Berman totalled over USD173bn.
04/02/2010

Feri: Union Investment was the best management firm in 2009

The quarterly rankings by Feri EuroRating Services released on 31 December 2009 give top honours to Union Investment as the best management firm in the period, though it finished in fourth place in the rankings released at the end of 2008: the proportion of funds rated A and B at Union (German co-operative banks) was 62% (50 out of 80), compared with about 48% twelve months earlier. The improvement was largely in bond management, where 64% of funds were well-rated, compared with 31%. Feri EuroRating Services states that Threadneedle is in second placve, with 52%, followed by State Street (48%). Deka Investment (German savings banks), with 45/103 and 43%, and BlackRock, in fifth place with 49%, also managed to make the top 10 for last year. Fidelity takes fourth place, with 46.5%. Among the “small” management firms (between 8 and 24 funds rated), Vitruvius remains the number one, with 88.9% of its funds well-rated, followed by StarCapital, with 87.5%, and Baring AM, with 71.4%.
04/02/2010

Kiener scandal: Barclays and HSBC face legal action

Klaus Nieding, a lawyer at the Protect Invest Alliance, has told Handelsblatt that he is preparing lawsuits against Barclays and HSBC on behalf of investors who have lost as much as EUR30m due to the fraud perpetrated by Helmut Kiener, the German “mini-Madoff.” Kiener has been in custody since late October. Kiener’s hedge funds K1 Invest and K1 Global attracted more than EUR500m in investments, and the Wurzburg prosecutor’s office accuses Kiener of defrauding Barclays and BNP Paribas of EUR280m. Barclays issued a certificate based on the performance of the K1 Global Fund, while HSBC Geneva was the commissioner for one of Kiener’s companies.
04/02/2010

ING products urgently need a fresh start

ING Investment Management manages EUR414bn, of which EUR137bn are in Europe, and EUR1bn in Germany, Handelsblatt reports. Since mid-2009, the manager has reprofiled itself as an independent boutique, similar to BNY Mellon Asset Management, and according to the firm’s head of European strategy, Jan Straatment, performance is beginning to improve. But according to rankings by Feri EuroRatings, ING IM is far down in the rankings of major fund managers. Only two of the 36 funds ING offers in Germany have a higher-than-average rating, the worst result for any manager in its class.
04/02/2010

Andrew Balls to manage five more funds at Pimco

The Pimco manager Andrew Balls will be put in charge of the management of five more European bond funds, Fondsprofessionell reports. The funds are the following: Allianz Pimco Euro Rentenfonds, Allianz Pimco Europazins, Allianz Pimco Europa Renten T, Adirenta, and Adiropa. Total assets in these funds add up to EUR1.5bn.
04/02/2010

ETFX volumes top USD350m

ETF Securities has announced that its platform dedicated to equities ETFs, ETF Exchange (ETFX), on 20 January passed USD350m in trading volume. ETFX was launched last year (see Newsmanagers of 7 April 2009).
04/02/2010

Skandia to gradually shut down its private banking network

“For strategic reasons,” Skandia (Old Mutual group) will gradually reduce the number of independent financial advisors it employs in Spain, which the market is interpreting as a sign that the business will be making an orderly exit from its private banking activities, despite the denials of José Ramón Morso, head of Skandia for Europe, Expansión reports. Skandia employs between 20 and 30 advisors. Skandia Global Funds and Skandia Seguros de Vida will not be affected by the group’s withdrawal from wealth management.
04/02/2010

Managers reduce cash allocation

According to the most recent edition of the Fund Barometer by Lipper, the major Spanish asset management firms reduced their allocation to the risk-free asset, cash, to an average of 18.92% of their portfolios in January, compared with 20.19% in December, Cinco Días reports. This is the lowest level since June 2008, three months before the Lehman bankruptcy. Professionals increased their exposure to equities (to 41.6% from 41.1%), and to bonds (to 36.39%, up from 35.6%). 92.3% of managers surveyed say that their management firm will launch new products in the next six months, while 71.4% estimate that most new funds launched this year will be guaranteed funds.
04/02/2010

La FSA pénalise un gérant de BlueBay

Mercredi, la Financial Services Authority (FSA) a annoncé avoir retiré son agrément à Simon Treacher, un gérant de fonds senior au sein de l'équipe marchés émergents du gestionnaire alternatif BlueBay Asset Management. L’intéressé -au nom prédestiné- a falsifié des données émanant de courtiers entre août et octobre 2008, provoquant un sinistre pour les investisseurs de l’ordre de 650.000 dollars. Cette somme a été entièrement remboursée aux souscripteurs par Blue Bay.En plus de son interdiction professionnelle, Simon Treacher, qui a entre-temps été licencié par BlueBay, a été condamné à 140.000 livres d’amende. Il a bénéficié d’un abattement de 30 % sur le mondant la pénalité pour avoir accepté une transaction au stade initial de la procédure.
04/02/2010

Managers underestimate the impact of proposed AIFM directive

According to a survey by BDO of British managers, the planned AIFM directive does not appear to be a central concern of actors in the hedge fund industry. When asked to identify major risks in 2010, only 3% of managers mentioned the directive now being debated by the European parliament. In the opinion of managers, the foremost risk in 2010 is a potential lack of investors, mentioned by 42% of respondents, while market volatility takes second place. Another major risk, mentioned by 10% of respondents, is the danger of a talent drain in the industry.
04/02/2010

Spain wants stricter rules for foreign hedge funds

Spain, which currently holds the EU’s rotating presidency, wants foreign hedge funds and private-equity funds that market their services in the European Union to make their annual report available to investors and regulators as well as be subject to close scrutiny by a regulator that shares information with EU authorities, says the Wall Street Journal, citing a legislation drafted by the Spanish government. The foreign-funds clause has been one of the more contentious aspects of the EU’s controversial Alternative Investment Fund Managers legistlation, adds the newspaper.
04/02/2010

Top French banks in commodities push

French banks are seeking to develop their activities in markets dedicated to commodities, La Tribune observes, adding that these markets represent a global total of about USD15bn, much of it from businesses seeking to protect themselves against fluctuations in the price of oil, gold, and other commodities. The three largest French banks are aiming to eventually earn up to one third of their revenues from institutional investors and fund managers, while currently, 75% is earned from businesses at Société Générale, and 90% at BNP Paribas, the newspaper states. To accompany this development, French banks will hire traders in 2010, many of them in the United States and Asia. Some firms will recruit a few talented managers, while the more ambitious will hire dozens.
04/02/2010

TIAA-CREF plans move to India

Abby Cohen, spokesperson for TIAA-CREF, has confirmed that the pension fund is planning to move some of its back-office processes to India. The move will affect fewer than 100 jobs in the United States, Mutual Fund Wire reports. An outsourcing contract has been signed with Tata Consultancy.
04/02/2010

Franklin Templeton extends bond product range

The German and Austrian authorities have granted sales licenses for the Templeton Euro Money Market Fund, a sub-fund of the Luxembourg Sicav FTIF, which was launched on 23 October, and which had assets as of the end of December of EUR23.4m. The fund, managed by John Beck, has the lowest risk levels of any bond product from Franklin Templeton. The management firm has also announced that the strategy of the Templeton Euroland Bond Fund has been modified, and that the new name of the sub-fund is Templeton Euro Government Bond. The majority of the portfolio will now be invested in Euro zone government bonds. The reorientation is accompanied by a 0.15 percentage point cut to management commissions, to 0.50%, effective from 30 November.
04/02/2010

Baring Global Agriculture Fund granted a sales license

Barings announced on Wednesday that its thematic equities fund focused on soft commodities, the Baring Global Agricuture Fund (GBP139m as of 12 January), has been granted a sales license in France (see Newsmanagers of 14 January). The fund is managed by Jonathan Blake, like the Baring Global Resources fund (EUR735m in assets as of the end of 2009). the Global Agriculture Fund was launched on 15 January 2009, and showed returns of 43.7% as of 31 December.
04/02/2010

New appointment at GLG Partners

GLG Partners, the asset manager, has announced the appointment of Raffaele Costa as the co-head of marketing. He will work alongside Emmanuel Roman, the firm’s co-CEO, to develop and execute GLG’s global product and distribution strategy.
04/02/2010

Net inflows down at RLAM

Royal London Asset Management has seen a 20% fall in net subscriptions, to GBP589m in the 12 months up to 31 December last year, Investment Week reports.

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