Mirabaud renforce ses activités d’asset management en Suisse avec la création, en janvier 2014, d’une nouvelle structure au sein du Groupe : Mirabaud Asset Management (Suisse) S.A., selon un communiqué publié le 14 novembre. Disposant d’administrateurs indépendants mais détenue intégralement par la future holding du Groupe, Mirabaud SCA, elle-même sous contrôle des six associés actuels du groupe Mirabaud, cette société servira de plateforme à la gestion d’actifs et la distribution de placements collectifs, ainsi qu’au service de sa clientèle institutionnelle.La création en Suisse d’une structure distincte pour chapeauter les activités d’asset management de la banque constitue une étape importante dans la stratégie de croissance de Mirabaud et dans sa volonté d’organiser son activité par lignes de métiers : une gouvernance qui permet d’aligner l’entité suisse sur celles du reste du Groupe, lui donnant les moyens de répondre au mieux aux attentes d’une clientèle privée et institutionnelle de plus en plus exigeante.Regroupant l’ensemble des activités de gestion d’actifs et de distribution de fonds en Suisse, cette nouvelle entité sera placée sous la direction de Lionel Aeschlimann, Associé-gérant, qui dirigera ainsi en Suisse une équipe de 45 professionnels ; la ligne de métier asset management comptant en tout, avec les entités de Londres, Paris, Madrid, Luxembourg et Montréal, près de 90 collaborateurs.« La création de cette nouvelle structure illustre notre détermination à poursuivre notre stratégie de développement de l’asset management initiée depuis trois ans. Une démarche importante, dans l’optique de servir une clientèle de plus en plus pointue selon les standards du monde institutionnel, notamment en termes de gouvernance. Le renforcement d’une ligne de métier-clé pour la croissance de notre Groupe nous permettra de consolider la marque Mirabaud Asset Management et de continuer à attirer des talents au sein de notre institution », souligne Lionel Aeschlimann.Mirabaud annonce par ailleurs qu’au Luxembourg, sa société de gestion Mirabaud Asset Management (Europe) S.A. s’est vu accorder l’autorisation AIFM de la part des autorités de surveillance luxembourgeoises (CSSF). Elle facilitera la distribution de fonds non UCITS dans l’ensemble de l’Union européenne, typiquement les fonds alternatifs du Groupe Mirabaud.

Le groupe suisse Gutenberg a indiqué jeudi dans un communiqué vouloir renoncer à ses activités bancaires «dès que possible». La banque privée Gutenberg souhaite se concentrer sur la seule gestion de fortune. L'établissement zurichois s’est empressé de préciser que sa décision n’a aucun lien avec le différend fiscal avec les Etats-Unis mais qu’elle résulte d’une pression réglementaire croissante et coûteuse et d’un environnement de marché devenu trop difficile pour les petites banques privées.

Les actifs sous gestion de Julius Baer s’inscrivaient à 249 milliards de francs suisses à fin octobre 2013, en progression de 31% par rapport au 31 décembre 2012 (189 milliards de francs), a indiqué le groupe suisse dans un communiqué publié le 15 novembre.Cette forte hausse est due pour partie à l’intégration de 48 milliards de francs suisses liés à l’acquisition en cours des activités internationales de Merrill Lynch.Outre l’impact de l’acquisition, la croissance des actifs sous gestion est due à la collecte et à l’effet marché positif, deux évolutions qui ont été atténuées par un effet devises négatif lié à la vigueur du franc suisse contre la plupart des grandes devises à l’exception de l’euro.Julius Baer ne publie pas de données chiffrées, mais précise que la collecte nette, tirée par les souscriptions dans les marchés de croissance et en Allemagne, n’a que très modestement progressé depuis les niveaux atteints au premier semestre.La marge brute est revenue à 97 points de base sur les dix premiers mois de l’année, contre 102 points de base au premier semestre. Le coefficient d’exploitation s’est inscrit à 71,7% sur dix mois contre 69,3% au premier semestre.

La clientèle de Partners Group reste très intéressée par le marché de la dette privée. L’entreprise a indiqué le 14 novembre avoir reçu pour plus de 800 millions de dollars de promesses de capital pour investir dans ce domaine.Ces promesses de capital concernent le programme interne de «Private Market Credit Strategies» avec un accent sur le capital étranger de rang prioritaire et les mandats pour de la dette privée, des stratégies clés dans le secteur des investissements, précise la société dans un communiqué. Le managing director et co-head private debt, Juri Jenker, indique que Partners Group a procédé cette année à des investissements très intéressants dans la dette privée et a déjà réalisé plus de 40 crédits pour ses clients sur les neuf premiers mois

La société de gestion indépendante Unigestion, dont les actifs sous gestion s'élèvent à 10,4 milliards d’euros, a annoncé le 14 novembre le dernier investissement réalisé par le fonds Unigestion-Ethos Environmental Sustainability, son fonds de fonds dédié au développement durable.L’engagement dans le fonds Armstrong South East Asia Clean Energy Fund, qui investit dans des projets d’énergie renouvelable et d’efficience énergétique en Asie du Sud-Est, permettra aux investisseurs d’accéder à des opportunités dans le secteur de l’énergie propre sur les marchés émergents de cette région.Cet investissement, le septième réalisé par le fonds Unigestion-Ethos Environmental Sustainability, témoigne du souci permanent d’Unigestion d’identifier et d’investir dans les segments les plus prometteurs du secteur du développement durable et reflète sa conviction que ce dernier surperformera les autres secteurs de l’économie mondiale sur le long terme.

Vanguard Asset Management on November 14 announced reductions to the Total Expense Ratios (TERs) on 22 Irish-domiciled mutual funds. These changes will affect the EUR, USD, CHF and JPY share classes across a range of equity and fixed income mutual funds (see here). In addition, the TER for the Vanguard FTSE Emerging Market ETF, (which is listed on the London Stock Exchange, SIX Swiss Exchange and NYSE Euronext Paris and Amsterdam) will be reduced from 0.45% to 0.29%.The changes for the mutual fund range and Vanguard FTSE Emerging Market ETF will take effect from the 3 December, 2013.As of 31 October, 2013 Vanguard held USD67.7 billion in total European assets under management (AUM) and recently its ETF range surpassed USD3.0 billion in assets.

The alternative UCITS fund sector has posted net inflows of EUR3.2bn in third quarter from single managers, according to statistics from MondoAlternative. Inflows to funds of funds, for their part, have totalled EUR93m. Assets under management in these funds totalled EUR109bn as of the end of September 2013, compared with EUR103.7bn as of the end of June 2013. Long/short equity and equity market neutral strategies were in most demand, with inflows of EUR2.3bn and EUR986m, respectively. As of the end of September, the most important strategies were fixed income, with assets of EUR30.3bn, long/short equity, with EUR16.3bn, and equity market neutral with EUR9.6bn. According to statistics from MondoAlternative, as of the end of August 2013 there were 12 UCITS platforms which managed more than EUR11.4bn in UCITS hedge funds. The most popular structure is Universal Investment Platform, which has EUR3.6bn, followed by Merrill Lynch Investment Solutions Platform (EUR1.9bn) and Schroder GAIA Platform (EUR1.8bn). Alternative UCITS platforms in the first eight months of the year have posted growth in assets of 10.9%. The performance of single managers has totalled 0.94% in third quarter, while funds of funds totalled 1.46%.

The Financial Stability Board (FSB) published on November 14 its third annual Global Shadow Banking Monitoring Report. The report includes data from 25 jurisdictions and the euro area as a whole; these jurisdictions represent about 80% of global GDP and 90% of global financial system assets. For the first time the report also incorporates estimates from a hedge fund survey by the International Organization of Securities Commissions (IOSCO).The report finds that, on a broad estimate, the assets of non-bank financial intermediaries (excluding those of insurance companies, pension funds and public financial institutions) grew by USD5 trillion in 2012 to reach USD71 trillion. Non-bank financial intermediaries represent on average about 24% of total financial assets, and are equivalent to about half of banking system assets and 117% of GDP. These patterns have been relatively stable since the crisis.

At a time when the Italian asset management firm Anima is preparing to hold its IPO, Bluerating observes that most funds on sale from the structure show disappointing returns. For example, since the beginning of 2013, Anima Fix Emergenti has lost nearly 8%, and Anima Obbligazionario Emergente has lost 7.3%. From November 2012 to the present, all Anima funds invested in emerging markets have lost money for their clients. Over three years, the results are the same.

Renaissance Asset Managers has announced that it has registered its Luxembourg fund range in Italy at InvestmentEurope’s Fund Selector conference in Milan, Investment Europe reports. The range includes the following funds: Global Emerging Market Yield, Sub-Saharan, Pan-Africa, Frontiers et Russia Equity Allocation. The range of funds based in Dublin is also expected to be registered soon.

Inflows to German funds have totalled EUR59.3bn in the first nine months of the year, including EUR49.2bn for institutional funds alone, according to the most recent statistics from the German asset management association (BVI). Institutional funds had not succeeded in attracting such a sum since 1998, when inflows over nine months totalled EUR47.2bn. Open-ended funds, for their part, posted net inflows of EUR16.1bn, while mandates saw redemptions totalling a net EUR6bn. For institutional funds, insurance companies represent 40% of assets (EUR1.036trn). In the first nine months of the year, inflows from insurers totalled EUR28.2bn, more than half of total subscriptions. Retirement institutions, for their part, have attracted EUR8.9bn. In the month of September alone, institutional funds have posted inflows of EUR4.2bn, of which EUR2.1bn were for insurers alone. In the open-ended fund segment alone, diversified funds attracted EUR9.4bn over nine months, compared with EUR9.2bn for bond funds. However, equity funds have posted outflows of EUR3.8bn over nine months.

Bill Sung has resigned from his positoin as chief investment officer at Absolute Asia Asset Management, and will be leaving the firm at the end of the year, Citywire Global reports. Sung has already been replaced as CIO by François Théret, former head of global emerging market equities at Natixis Global Asset Management in Paris.

Russell Investments has recruited David Vickers in London for the team which oversees its multi-asset class fund, Citywire Global reports. Vickers joins from Sarasin,where he was lead portfolio manager in the balanced assets unit. Vickers will be responsible for strategy for the Russell Investments Multi-Asset Growth fund, with EUR2.2bn in assets.

The independent asset management firm Unigestion, whose assets under management total EUR10.4bn, on 14 November announced the most recent investment by the Unigestion-Ethos Enviromental Sustainability fund, its fund of funds dedicated to sustainable development. The engagement of the Armstrong South East Asia Clean Energy Fund, which invests in renewable energy and energy efficiency projects in South-East Asia, will allow investors to access opportunities in the clean energy sector on emerging markets in the region. The investment, the seventh by the Unigestion-Ethos Environmental Sustainability fund, is a sign of Unigestion’s ongoing care to idenitfy and invest in the most promising segments in the sustainable development sector, and reflects its conviction that this sector will outperform the other sectors of the global economy over the long term.

Union Bancaire Privée has recruited two analysts as additions to its team dedicated to Turkish equities. They will work in collaboration with Eli Koen, manager of the UBAM Turkey equity fund, Citywire reports. Ozgur Goker is joining UBP from the investment bank Yapi Kredi Yatirim Menkul Degerler, where he was an analyst. Mark Soryano had previously served at JP Morgan, also as an analyst.

International fund groups are making further inroads into Spain and Italy as investors lobby for access to third-party funds, according to the fourth quarter issue of The Cerulli Edge-Europe Edition. «Investors are demanding third-party funds like never before,» commented Barbara Wall, a Cerulli director. «Industry figures suggest that foreign funds are approaching EUR50 billion as investors switch from domestic products to global, emerging markets, and multi-asset funds."In Spain, non-domestic managers currently have around 30% of the whole market. Independent financial advisors (EAFI) are keen to play up their non-tied status and are certainly attracting high-net-worth clients. That has been enough to tempt foreign groups to woo them directly. With advised assets of around EUR15 billion, the independent channel has some way to go before it can significantly influence fund distribution in Spain, but Cerulli believes the clout of the EAFI sector is understated by industry and regulatory assets under advice figures.Like Spain, Italy’s independent intermediary channel is attracting the attentions of international fund groups. Products that are selling in Italy include asset allocation, absolute return, and, most recently, equity income products. Alternatives are also doing well.

Korea Investment Corporation (KIC) has signed an agreement in principle with the Russian sovereign fund RDIF (Russian Direct Investment Fund) to create a cross-border platform which would make co-investments in private equity, Asian Investor reports. Two two sovereign funds have engaged to finance the platform initially with up to USD250m each. Assets under management at KIC total about USD65bn, while the Russian fund has USD10bn.

Swiss Life Banque Privée on 14 November announced the appointment of Simon Elbaz, director of the Wealth Management department, as a member of the executive board at the private bank. Elbaz, 55, has been directing the Wealth Management department at Swiss Life Banque Privée since December 2008. He began his career in 1987 as Deputy Director of La Compagnie Financière Edmond de Rothschild. From 2006 to 2008, he joined Decia Paris as Head of Institutional Client Sales.

At the end of October 2013, Julius Baer Group’s assets under management (AuM) amounted to CHF 249 billion, an increase of 31% from the CHF 189 billion at the end of 2012, according to a statement published this morning. This includes approximately CHF 48 billion from Merrill Lynch’s International Wealth Management (IWM) business outside the US, which Julius Baer is in the process of acquiring, of which CHF 29 billion were booked on the Julius Baer platforms and paid for. Total client assets grew by 23% to CHF 341 billion.Outside the acquisition impact, the increase in AuM in the first ten months of 2013 was driven by net new money and a positive market performance, partly offset by a negative currency impact due to the strengthening of the Swiss franc against most leading currencies, not including the euro. Net new money continued to be driven by net inflows from the growth markets and from the local business in Germany, while the inflows from the cross-border European business were balanced by outflows from tax regularisations of legacy assets.The Group’s gross margin in the first ten months of 2013 declined to 97 basis points (bps), compared to 102 bps in the first half year of 2013. The cost/income ratio for the first ten months of 2013 was just above the 71.7% achieved for the full year 2012, up from 69.3% in the first half of 2013.

Mirabaud is strengthening its asset management business in Switzerland with the creation of a new entity - Mirabaud Asset Management (Suisse) SA - in January 2014. This company will have independent directors but will be wholly-owned by the Group’s future holding company, Mirabaud SCA, which in turn will be supervised by the Mirabaud Group’s six current partners. It will provide asset management and collective investment services as well as serving institutional clients. «The creation of a separate structure to oversee the bank’s asset management activities in Switzerland is an important part of Mirabaud’s growth plans and marks a major step forward in its strategy of organising its activity into business lines. The governance structure will bring the Swiss entity into line with the rest of the Group, enabling it to better meet the increasingly complex demands of its private and institutional clients», according to a statement published on November 14. The new entity will house all of Mirabaud’s asset management and fund distribution activities in Switzerland. It will be run by Lionel Aeschlimann, a managing partner, who will head a team of 45 top professionals in Switzerland. Along with its entities in London, Paris, Madrid, Luxembourg and Montreal, the asset management business line boasts nearly 90 staff members. «This new structure reflects our commitment to pursuing the asset management growth strategy we have been implementing for the past three years. It is an important step forward, designed to ensure we can meet our clients’ increasingly high standards, in particular in terms of governance. Ultimately, by strengthening this business line, which is key to our Group’s growth, we will be able to consolidate the Mirabaud Asset Management brand and continue to attract talent to our bank,» explained Lionel Aeschlimann in a statement. Mirabaud also announced that its subsidiary Mirabaud Asset Management (Europe) SA is about to be awarded an AIFM licence by Luxembourg’s financial regulator, the CSSF. The AIFM authorisation was introduced under new European regulations drawn up in the wake of the recent financial crisis. It will facilitate the distribution of non-UCITS funds - mainly hedge funds - to professional investors in Europe. Mirabaud Asset Management (Europe) SA, which inherited the Mirabaud Group’s pioneering capabilities in alternative investment management, will be able to use its AIFM authorisation to offer its alternative investment products throughout the European Union.

Pavilion Energy, an energy firm owned by the Singapore sovereign fund Temasek, on 14 November announced that it has acquired 20% of three natural gas installations in Tanzania for USD1.3bn. The liquified natural gas from the Tanzanian project will provide another source for Asian markets, Pavilion explains in a statement. The acquisition, which remains subject to the approval of the authorities and shareholders in Ophir, is the first major investment to aim to form a diversified portfolio of natural gas sources in order to meet demand from Asia for clean energy, Pavilion adds. The development of natural gas in Tanzania has gigantic potential, not only for Pavilion Energy but also for Singapore and Asia, the chairman of Pavilion, Hassan Marican, says in a statement. The first gas deliveries are scheduled for 2020. The three natural gas installations, known as Tanzania Blocs 1, 3 and 4, are currently 60% owned by the British BG Group and 40% by its partner Ophir Energy. They are estimated to contain about 15 trillion cubic feet (28 billion cubic metres) at a shallow depth across Tanzania. According to the most recent official statistics (March 2013) published on its website, assets under management at Temasek total SGD215bn, or about EUR128bn. Africa, Central Asia and the Middle East represent 2% of its total investments.

Berkshire Hathaway, the company of Warren Buffett, has bought a USD3.7bn stake in ExxonMobil, in a vote of confidence in a company which has underperformed compared with its smaller rivals, the Financial Times reports. The acquisition was partly financed by the sale of USD500m in shares in ConocoPhillips, Exxon’s competitor. Buffett has also reduced his stake in GlaxoSmithKline and increased his stake in Davita Healthcare Partners.

The European Securities and Markets Authority (ESMA) has published a Discussion Paper setting out its initial views on the implementing measures it will have to develop for the new Market Abuse Regulation (MAR).MAR aims to enhance market integrity and investor protection. It will achieve this by updating and strengthening the existing market abuse framework, by extending its scope to new markets and trading strategies, and by introducing new requirements.The closing date for responses is Monday 27 January 2014.

ETFs are increasingly occupying independent investors in Germany, according to a survey conducted in October by V-Bank in partnership with manager magazin. Nearly half of respondents to the survey say they have a maximum of 15% ETFs in their portfolios. But for about 40% of professionals surveyed, the proportion of ETFs represents 20% or more of their assets. The survey fins that the proportion of ETFs in the portfolio depends largely on the size of the companies: the larger the company is, the smaller the proportion of ETFs. The survey also finds that nearly 40% of participants are planning to increase the proportion of ETFs in their allocation in the next six months. About 86% of asset managers say that ETFs are a part of their allocation.

M&G has reported steady inflows for the three months to the end of September 2013. Total net inflows for the quarter were GBP5.1 billion, taking the cumulative total since the start of the year to GBP8.9 billion.In retail, M&G’s European businesses continue to be the main engine of growth. During the first nine months of the year, net fund flows from Europe reached GBP6.4 billion, an 82 per cent increase over the same period in 2012. Total net retail inflows for the quarter were GBP1.1 billion and for the year-to-date amount to GBP5.9 billion, being 4 per cent lower than at the same stage in 2012, which was itself a record year. Retail funds under management (FUM) increased by 24 per cent year-on-year to GBP64.5 billion at 30 September 2013. Of this, FUM from European clients total GBP22.1 billion, up from GBP12.3 billion at 30 September 2012 and now account for over a third of total retail FUM.M&G Optimal Income and M&G Global Dividend remain the best sellers.The institutional business posted net inflows of GBP4.0 billion during the third quarter, resulting in total net inflows for the year of GBP3.0 billion. Total FUM have risen to GBP242.2 billion at the end of September 2013, up 12 per cent year on year. Over the same period, external client assets increased by 19 per cent to GBP124.3 billion; net inflows contributed 14 percentage points of this growth with the remaining 5 percentage points attributable to market movements. Prudential’s Asia asset management business, Eastspring Investments ended the quarter with funds under management (FUM) of GBP59.7 billion, up 7 per cent over the same time last year. FUM from external parties rose by 12 per cent to GBP18.5 billion, benefiting from third party net inflows of GBP2.0 billion (2012: GBP1.0 billion) in the first nine months.

Rothschild Wealth Management (UK) Limited has recruited the private bankers Paolo Lenzi and Francesca Speroni, Bluerating reports, citing Magstat. The two previously worked at Morgan Stanley.

Henderson Global Investors has acquired 100% of the equity of Australian and London-based alternative investment manager H3 Global Advisors. The exact terms of the deal were not disclosed.H3 specialises in active and enhanced commodities strategies and, managing approximately USD342 million on behalf of institutional and retail clients. The group was founded in 1996. Henderson manages USD123 billion (as at 30 September 2013) of assets.

The British firm Charles Stanley on 14 November announced at a publication of its results for the half that it has acquired the boutique specialised in passive management Evercore Pan Asset Capital Management. Charles Stanley will acquire 100% of the company, including the stake held by co-founder John Redwood and the 68% held b the US investment firm Evercore Partners. Redwood, chairman of the investment board at the firm, as well as CEO Christopher Aldous, have joined Charles Stanley in the wake of the acquisition. Assets under management at Evercore as of the end of October totalled GBP593m. The firm, which continued to show losses last year and which was near the breaking point this year, was expected to be “immediately profitable” following the acquisition, which will be accompanied by some savings measures, Charles Stanley says. Charles Stanley in the first half of its year to 30 September earned pre-tax profits of nearly GBP5m, up 44% compared with the first half of last year. Its assets under management as of the end of September totalled GBP18.5bn, comapred with GBP17.7bn as of 31 March 2013.

Les prix à la consommation en zone ont enregistré leur plus faible progression en quatre ans au mois d’octobre. Selon Eurostat, la hausse des prix est de 0,7% sur un an. C’est la première fois depuis février 2010 que l’inflation passe sous la barre de 1%. Elle reste bien inférieure à l’objectif de la BCE, qui vise une inflation légèrement inférieure mais proche de 2%.