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28/09/2009

iShares launches nine ETFs

From this Monday, the London Stock Exchange (LSE) will list nine new iShares ETFs from Barclays Global Investors, including four non-financial sector fixed income products, and five capitalisation version of equities funds. The new listings bring the number of bond ETFs from iShares on sale in Europe to 40; these funds carry a management commission of 0.20%, Investment Week reports. The new funds include the iShares Barclays Euro Corporate Bond ex-Financials, Barclays Euro Corporate Bond ex-Financials 1-5, Barclays Euro Corporate Bond 1-5 and iBoxx Corporate Bond ex-Financials. The five equities products replicate the MSCI Emerging Markets, S&P 500, MSCI World, MSCI Europe and MSCI Japan indexes.
28/09/2009

Launch of Sustainable Value Creation initiative

In January 2010, the initiators of the Sustainable Value Creation Initiative (SVC) will publish the results of a questionnaire-based survey of governance and sustainable creation of value at the 100 largest firms traded on the Nasdaq OMX market in Stockholm, and the 74 businesses of the Oslo Børs Benchmark Index. The survey is a part of the SVC project, which is now supported by a group of 13 Swedish investors with assets of SEK3.8trn, and by 9 Norwegian investors with NOK2.5trn in assets. It was officially launched on 8 September. The Swedish underwriters of SVC are Andra AP-fonden (AP2), DnB NOR Asset Management, Fjärde AP-fonden (AP4), Folksam, Första AP-fonden (AP1), Meta Asset Management, Nordea Investment Funds, SEB, Skandia Liv, SPP, Swedbank Robur, Church of Sweden and Tredje AP-fonden (AP3). The Norwegian sponsors are Alfred Berg, DnB NOR/Vital, Folketrygdfondet, KLP, Nordea, the ministry of industry, Odin, Statoil Kapitalforvaltning and Storebrand.
28/09/2009

Banks promoting funds again

With interest rates at very low levels, Spanish banks are mostly dropping their campaigns to promote savings accounts, which are now too costly, Expansión reports. By the end of the year, they will begin making efforts to capture client savings with investment funds. The pioneers in this area are Ibercaja, La Caixa, Banif and GesBankinter. In two years, about EUR90bn have been withdrawn from funds and placed in savings accounts. But since the beginning of the year, withdrawals from savings accounts have totalled EUR10bn, and in August, funds saw net subscriptions of EUR282m.
28/09/2009

ING sells wealth management activities in Australia and New Zealand

The ING group announced on 25 September that it has sold its wealth management and life insurance activities in Australia and New Zealand to its partner ANZ. By the terms of the agreement, ING will sell its 51% stakes in ING Australia and ING New Zealand to ANZ, which will become the sole owner of these activities. The proceeds of the operation total EUR1.1bn, putting the net profits for ING as estimated by the firm itself at EUR300m. The debt ratio for the firm will thus be improved by 345 basis points. ING will continue to be present in Australia via ING Direct, ING Investment Management, ING Wholesale Banking and ING Real Estate, which are not affected by the operation.
28/09/2009

HSBC moves CEO seat to Hong Kong

Les Echos reports that the banking giant HSBC has made a huge step in the direction of Asia, with the transfer of its CEO, Michael Geoghegan, to Jong Kong. “There is a major movement [in the global economy] from west to east,” explained Stephen Green, president of the bank, on Friday. “The crisis is accelerating this movement.” HSBC will continue to be domiciled in London.
28/09/2009

BlackRock will remain BlackRock, says spokesman

Brian Beades, a spokesman for BlackRock, has told Mutual Fund Wire that the question of the new name after its acquisition pf Barclays Global Investors has been confronted. Rather than BlackRock Global Investors, the directors of the firm have chosen to retain the name of BlackRock, in order to avoid confusion with the BlackRock Global Funds line of products. However, BlackRock will retain the iShares name for ETFs developed at the offices of BGI.
28/09/2009

Charles Schwab recruits a head of ETFs

Dustin Lewellyn, who was head of ETFs at Northern Trust until the firm pulled out of the sector after one year, has been recruited by Charles Schwab to direct its new ETF activities. The first product was launched in January, and replicates the Dow Jones U.S. Total Stock Market index. In July, Charles Schwab launched three ETF funds based on FTSE indexes (Developed ex-U.S., Developed Small Cap ex-U.S. Liquid, and All-Emerging), and six funds that track Dow Jones indexes for the United States (Broad Stock Market, Large Cap Total Stock Market, Large Cap Growth Total Stock Market, Large Cap Value Total Stock Market Mid Cap Total Stock Market and Small Cap Total Stock Market), according to ETF Data Base. According to ETF.com, Charles Schwab has since applied for licenses to launch nine more index-based ETF funds.
28/09/2009

Goldman Sachs makes massive recruitments in asset management

Goldman Sachs will hire up to 200 staff across all regions in an attempt to establish a dominant position as one of the world’s leading asset managers, said Marc Spilker to the Financial Times in his first interview since being appointed co-head of the bank’s investment management business in June 2008. Goldman has USD820bn under management.
28/09/2009

BBVA makes comfortable gains on sale of its branch locations

On Friday, the BBVA announced that it would earn gross capital gains of EUR830m on its sale of 948 branch locations for EUR1.15bn to Tree Inversiones Immobiliarias, a firm managed by RREEF, the real estate and alternative management affiliate of Deutsche Bank. The sale-and-lease-back operation will additionally allow BBVA to change up to 27% of the locations concerned at its discretion. For this transaction, RREEF has obtained the financial support of Banca March and Area.
28/09/2009

City: Hedge fund exodus begins

The largest UK hedge fund manager, Brevan Howard (USD27bn in assets), has launched a search for an office large enough for at least 100 people in Geneva or Nyon, which could be the first sign of a massive exodus of financial groups from London, the Sunday Times reports. In June, the CEO of Brevan Howard claimed that the planned European hedge fund directive would make it impossible for them to continue their activities in London. In addition, moving to a country with lower taxes would save them millions. Brevan Howard has 100 employees in Switzerland, out of 240 total personnel.
28/09/2009

Permira acquires Just Retirement

The board at Avalon Acquisitions, a new firm controlled by funds from Permira Advisers, and the independent directors of Just Retirement Holdings, on Friday agreed to the terms of a takeover agreement by which the private equity firm will acquire the pension fund. The transaction will be undertaken at a price of 76 pence per share, or one share in Avalon for ten shares in Just Retirement. This represents a premium of 9.4% over the closing price for the shares on 24 September; the acquisition price totals EUR229.6m. Avalon has additionally agreed to increase capital in Just Retirement by GBP25m. If shareholders in Just Retirement universally participate in the share exchange program, they will control about 31.3% of Avalon, before the capital increase, while the remainder would continue to be held by Permira funds.
28/09/2009

Co-founder of Philip Martin joins F&C

Money Marketing reports that the co-founder of Nucleus, Philip Martin, has been appointed “head of proposition” for retail activities at F&C. Martin was director of development at Nucleus, the investment platform for independent financial advisers (IFAs) which he co-founded in 2006 and left this June.
28/09/2009

Aviva Investors recruits a manager from Fortis

Simon Blundell, head of investment grade credit at Fortis Investments/ABN Amro Asset Management, has been recruited as a senior portfolio manager at Aviva Investors. He will join the active bond fund management team, and will be in charge of several portfolios of corporate bonds. He will report to Mark Wauton, head of credit.
25/09/2009

EFG International muscle son état-major pour l'Asie

Jeudi, EFG International a annoncé le recrutement de Nigel Sze comme directeur général adjoint pour la région Asie-Pacifique et directeur de la banque privée à Hong-Kong. Il était précédemment directeur pour l’Asie du segment des particuliers haut de gamme chez Citi Global Wealth Management.Dans ses nouvelles fonctions, Nigel Sze sera subordonné à Robert Chiu, président exécutif, et à Albert Chiu, directeur général.En Asie, EFG International emploie environ 400 personnes, dont plus de 160 client relationship officers.
25/09/2009

InverCaixa élague sa gamme

Après avoir repris les fonds de Morgan Stanley, InverCaixa procède actuellement à la suppression des doublons dans sa gamme de fonds ; la société de gestion de La Caixa compte également fermer les fonds dont les encours sont trop faibles. Elle changera aussi les noms de certains produits, de manière à ce qu’ils correspondent mieux au contenu des fonds, rapporte Funds People.InverCaixa a enregistré depuis le début de l’année des souscriptions nettes de 450 millions d’euros et sa part de marché à fin août était de 7,67 % contre 6,91 % fin 2008.
25/09/2009

BNP Paribas Securities Services remporte un mandat au Maroc

BNP Paribas Securities Services annonce avoir été choisi par CDG Capital pour lui fournir des services de conservation globale d’actifs non marocains. «Cette collaboration a pu se réaliser grâce aux récentes évolutions de la loi marocaine permettant de transférer des placements hors du Maroc», précise un communiqué. CDG Capital, filiale du groupe Caisse de Dépôt et de Gestion, est l’une des principales banques d’investissement du Maroc.
25/09/2009

ANZ se renforce dans la gestion de fortune

Australia and New Zealand Banking Group va acquérir la participation de 51 % d’ING Groep dans leur joint venture d’assurance vie et de gestion de fortune en Australie et en Nouvelle Zélande pour 1,1 milliard d’euros en cash, rapporte le Wall Street Journal.
25/09/2009

Standard Life remporte un mandat de 230 millions d'euros

Standard Life Investments a annoncé avoir été choisi par Länsförsäkringar, groupe de bancassurance suédois détenu par ses clients, pour gérer un portefeuille d’obligations d’entreprises européennes de 230 millions d’euros.Les actifs seront gérés dans le cadre de la Sicav Standard Life Investments’ European Corporate Bond Fund, dont s’occupe Craig MacDonald.
25/09/2009

Julius Baer n'est plus dans la course pour ING Asie

Le groupe suisse Julius Baer n’est plus dans la course pour les actifs asiatiques de banque privée d’ING, ce qui fait de HSBC le favori pour reprendre les actifs concernés, ont déclaré 24 septembre à Reuters des sources au fait de la situation. ING aurait reçu jusqu'à cinq offres pour tout ou partie de ses actifs dans la banque privée, dont une offre sur la totalité, soit les filiales suisse et asiatiques, proche des deux milliards de dollars. Le singapourien DBS Group serait également sur les rangs. ING, Julius Baer, HSBC et DBS se sont refusé à tout commentaire.
25/09/2009

Richard Katz nouvel administrateur chez UBP

Selon L’Agefi suisse, l’Assemblée générale extraordinaire de l’Union Bancaire Privée, qui s’est tenue le 2’ septembre à Genève, a élu Richard Katz en tant qu’administrateur. Richard Katz exerce dans les métiers de la banque et de la finance internationale depuis plus de 40 ans avec de nombreux succès à son actif, notamment en qualité de Directeur de N. M. Rothschild & Sons à Londres de 1977 à 1993, et de Directeur opérationnel de Rothschild Italia S.p.A. à Milan, depuis sa fondation en 1989 jusqu’en 1992.
25/09/2009
Fonds

Ethos et des fonds de pension s'attaquent aux rémunérations des dirigeants

L’actionnaire activiste Ethos et huit fonds de pension suisses ont lancé jeudi une nouvelle campagne pour autoriser les actionnaires à limiter les rémunérations des dirigeants dans les grandes sociétés suisses, rapporte le Wall Street Journal. Ainsi, Ethos a déposé une résolution pour avoir un mot à dire sur les rémunérations (say on pay) pour les assemblées générales d’Holcim, de Swiss Reinsurance et de Zurich Financial Services. Aargauische Pensionskasse, Luzerner Pensionskasse, Pensionskasse Post et Pictet Funds SA soutiennent cette résolution.
Fonds
25/09/2009

Prudential REI recrute une équipe d'UBS Global AM

Prudential Real Estate Investors (PREI) annonce avoir recruté une équipe de trois professionnel qui géraient les fonds d’UBS Global Asset Management, l’objectif étant de développer la plate-forme d’immobilier commercial au Royaume-Uni et de lancer une gamme de fonds immobiliers britanniques destinés aux investisseurs institutionnels locaux.Les nouveaux arrivants sont Paul Dennis-Jones, qui rejoint en tant que directeur et sera gérant de portefeuille senior pour la nouvelle stratégie axée sur le Royaume-Uni. De son côté, Charles Crowe, également directeur, sera responsable des transactions. Enfin, Andrew Grigson, qui sera vice president, assurera les fonctions de directeur marketing et sera chargé des relations investisseurs.
25/09/2009

State Street sélectionné par un fonds basé en Irlande

State Street a annoncé qu’il avait été choisi par le gérant institutionnel australien QIC pour fournir des services de conservation et d’administration de fonds dédiés à sa nouvelle structure domiciliée en Irlande qui va proposer son fonds jusqu’ici uniquement distribué en Australie, Global Fixed Interest (GFI) Alpha Fund.

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