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14/11/2013

Franklin Templeton recruits a head of sales for alternatives in Europe

Franklin Templeton Investments has hired Peter Vincent as head of alternatives sales, Europe, a newly-created position. He worked at Fauchier Partners for seven years where he was responsible for institutional business development and client relations in the UK and Ireland.Reporting to Hammond, managing director, Europe, Mr. Vincent is responsible for new business development of the group’s alternative products in Europe. Based in London, he will work closely with the existing European distribution teams to support the growth of Franklin Templeton’s alternative products.Commenting on the new hire, Jamie Hammond said: “We see growing interest in alternative products throughout the region (…). There are some exciting opportunities ahead and we are well-positioned for alternatives sales growth both in the traditional institutional market as well as within the wealth management channel.”
14/11/2013

BinckBank takes over Fundcoach from SNS Bank

The fund platform Fundcoach (30,000 clients, EUR600m) will be sold to Binckbank by SNS Bank, a statement dated 12 November has announced. The acquisition brings assets at BinckBank to more than EUR1bn. The transaction is expected to be completed by second quarter 2014, pending permission from the Bank of the Netherlands (DNB). The acquisition of Fundcoach comes ahead of a prohibition on commissions in the Netherlands from 1 January 2014.
14/11/2013

Equity mutual funds post large inflows in October

US equity funds have posted net inflows of USD10.5bn in October, the highest in one month since January 2013, according to the most recent monthly statistics from Morningstar for mutual funds. International equity funds have also posted a solid month, with inflows of USD12.2bn. Morningstar observes, however, that since the beginning of the year, equity funds have posted significant inflows for only the third time since the beginning of the year. Tis means that the large turnover expected at the beginning of the year did not materialise. Since the beginning of the year, equity funds post net outflows of USD15.3bn, compared with ouutflows of USD131.5bn for 2012 overall. Bond funds, for their part, have posted substantial outflows, starting with taxable bond funds, which finished October with redemptions totalling USD8.1bn, while municipal bond funds showed outflows of USD5.4bn. Since the beginning of the year, municipal bonds show outflows of USD43.9bn, while taxable bonds show inflows of only USD32.7bn. Vanguard tops the rankings of providers in October, with net inflows of USD6bn for all asset classes, with subscriptions of USD2.1bn for the Vanguard Total Stock Market Index Fund. The market share for Vanguard totals 17.5%, compared with 15.6% three years ago. However, the market share for American Fuds has fallen to 10%, compared with 12% three years ago, with Pimco at 5.1%, off a peak of 6.1% at the end of 2012.
14/11/2013

Leon Wagner joins Trilogy Capital

The former chairman of Golden Tree Asset Management, Leon Wagner, has joined the Connecticut-based alternative asset management firm Trilogy Capital, according to a letter to investors viewed by Bloomberg. Wagner’s company, LWPartners, will merge with Trilogy. The new firm will be renamed as TrilogyLWP, and Wagner will be “chairman” of the firm. Assets under management at Trilogy total about USD450m.
14/11/2013

Natixis wants to generate more than half its revenue abroad in asset management

Natixis wants to develop asset management with an objective of EUR75bn in new net inflows by end-2017, mainly generated in international markets, according to the new strategic plan. Natixis’ objective for 2017 is to generate more than half its revenue in international markets compared with an estimate of 44% in 2014. The division wants to pursue its international expansion with the development of its US platform via an investment in new range of expertise and access to new distribution channels, improved distribution in dynamic areas (Asia, LatAm, Middle East) via organic growth and the setting up of local partnerships, and finally an increase in headcount of around 500 FTEs, mainly outside France. As of end of Septembre, Natixis has assets under management of EUR619bn. Half of AUM are located outside Europe. BPCE, which owns Natixis, has also announced that in the period it is aiming for EUR900m in cost savings and EUR795m in additional revenue strategies between its invesment banking affiliate Natixis and the networks of the group. BPCE is betting on a common equity tier one ratio of over 12% “by 2017 at the latest,” a leverage ratio of over 3% over the entire period 2014-2017, and a return on equity (ROE) for core professions at Natixis of 12%.
14/11/2013

BNPP IP merges two Netherlands funds

The BNP Paribas Small Companies Netherlands (EUR35m) and BNP Paribas Netherlands (EUR250m) funds will be merged by BNP Paribas Investment Partners, Fonds Nieuws has announced, relaying reports in Morningstar, which has placed the products under watch. The two funds were inherited from Fortis Investments and ABN Amro Asset Management. The first was rated “neutral” and the second “negative.”
14/11/2013

Unigestion selected to manage a fund from IST investment foundation

Unigestion, a Swiss asset management firm with EUR10.4bn in assets under management as of the end of September, has been selected to manage a fund of Swiss equities from the IST Investment Foundation for employee retirement planning, it has announced in a statement. Unigestion will be responsible for managing the new “IST2 Aktien Schweiz Minimum Varianz” fund. IST, the largest Swiss independent investment foundation, manages retirement planning capital totalling about EUR4.7bn, on behalf of 519 private and Swiss public savings banks.
14/11/2013

Deka Immobilien invests in Brussels

The German firm Deka Immobilien has announced that for about EUR30m, it has acquired a 3,800 square metre office property in rue Nerviens in the Europe district of Brussels, from the insurer KBC. The property will be added to the portfolio of the open-ended real estate fund reserved for institutional investors WestInvest ImmoValue.
14/11/2013

Henderson recruits for Scandinavian investors and Benelux

Marc Peterzens, head of Nordics at State Street Global Advisors (SSgA), has been recruited as head of institutional business for the Nordics and Benelux by Henderson Global Investors (HGI). He will be based in London and will report to Nick Adams, head of EMEA institutional.
14/11/2013

Skandia recruits a Julius Baer veteran

Skandia has recruited the former executive director of Julius Baer, Stuart Clark, as head of research for investment solutions, Money Marketing reports. In his new role, Clark will be responsible for research for the new Select range. In addition to Julius Baer, Clark has also worked at Merrill Lynch Wealth Management, UBS and BDO Investment Management. Last month, the vice chairman of Old Mutual Wealth, Peter Mann, announced that the new Select range would probably be named Wealth Select, and not Skandia Select, as initially planned.
14/11/2013

Departures continues from SWIP

Scottish Widows Investment Partnership has confirmed the departure of Calum Bruce, a senior manager in its real estate team, Financial News reports. This is the fifth departure of an investment professional from the firm, which is currently in a sale phase, in five months. Bruce has joined Ediston Real Estate. SWIP is being wooed by Macquarie and Aberdeen Asset Management.
14/11/2013

Bedlam AM closes its doors

Bedlam Asset Management has moved to close its business after the departure of its chief investment officer Ian McCallum led to fears of mass redemptions.This departure resulted in an automatic review both by large investors and by one consulting firm, whose clients account for over 40% of Bedlam’s AUM."As a result of the change, that consultant revised the recommendation on Bedlam to ‘sell’. Many clients are not allowed to invest with managers with such a rating, whether warranted or not. The result is that a considerable net outflow is expected, whilst potential new clients are almost certain to delay any investment decision. The consequences would be a material fall in fee income, with resultant losses at an unacceptable level. Thus although the reception from existing clients to recent performance has been universally good, and that from prospective investors better than for several years, the company now has almost nochance of achieving a sustainable critical mass», according to a statement.
14/11/2013

Profits up at Liontrust

Liontrust has published an increase of 326% to its adjusted pre-tax profits for the six months to 30 September, at GBP3.8m. This was driven by an increase of 66% in earnings and an increase in inflows.
14/11/2013

La France signe avec les Etats-Unis l'accord de coopération fiscale

Pierre Moscovici, le ministre de l’Economie et des Finances, a signé avec l’ambassadeur des Etats-Unis d’Amérique en France l’accord de mise en œuvre de la loi Fatca (Foreign Account Tax Compliance Act) visant à développer l’échange automatique d’informations comme nouveau standard mondial pour lutter contre la fraude fiscale internationale. Le ministère précise que «la France continuera d’œuvrer pour faire en sorte qu’un projet multilatéral et réciproque d’échange automatique d’informations, sur un champ de revenus et d’actifs financiers aussi large que Fatca, voie le jour au niveau européen et au niveau mondial».
14/11/2013

L'Irlande ne demandera pas de ligne de précaution

Le premier ministre irlandais, Enda Kenny, a confirmé devant son Parlement que le gouvernement ne demandera pas la mise en place d’une ultime ligne de crédit de précaution lors de la sortie du pays, mi-décembre, du programme de soutien de l’Union européenne.
14/11/2013

Les prix ont baissé de 0,1% en France en octobre

Les prix à la consommation ont reculé en France en octobre de 0,1%. Il s’agit de leur deuxième repli consécutif après la baisse de 0,2% du mois de septembre. Sur un an, les prix à la consommation n’augmentent plus que de 0,6%, le rythme le plus faible depuis novembre 2009.
14/11/2013

La reprise balbutie en zone euro

Le PIB de la zone euro n’a progressé que de 0,1% entre juillet et septembre par rapport au trimestre précédent, a annoncé Eurostat, l’office européen des statistiques. Un rythme plus faible que le chiffre de 0,3% enregistré au deuxième trimestre, période qui marquait la fin de la récession dans la zone euro après six trimestres dans le rouge. Les économistes interrogés par Reuters prévoyaient en moyenne une croissance à 0,2% d’un trimestre sur l’autre.
Illustration: PHB
14/11/2013

La BCE pourrait acheter des actifs pour relancer l'inflation

La Banque centrale européenne pourrait commencer à acheter des actifs ou ramener son taux de dépôt en territoire négatif si nécessaire afin de porter l’inflation au niveau de l’objectif fixé par la banque centrale, a déclaré au Wall Street Journal Peter Praet, membre du directoire de la BCE. « La capacité de bilan de la banque centrale peut être utilisée. Ceci inclut des achats directs que toute banque centrale est en mesure de réaliser », a-t-il expliqué.
14/11/2013

GIC s’intéresse à l’immobilier de Manhattan

Le fonds souverain de Singapour fait selon le quotidien partie d’un consortium emmené par le promoteur Related Companies devant mettre la main sur le siège de Time Warner. Un nouveau signe de l’intérêt des fonds souverains pour l’immobilier new-yorkais. Le montant de la transaction pourrait dépasser 1,3 milliard de dollars, dont 400 millions environ pour GIC.
14/11/2013

Des hedge funds lorgnent Fannie Mae et Freddie Mac

Les deux agences américaines de refinancement du crédit hypothécaire restent un boulet pour Washington. Selon un document de présentation consulté par le quotidien, un groupe de gestionnaires alternatifs et de sociétés de private equity proposent une solution. Les investisseurs mettraient 50 milliards de dollars sur la table pour reprendre des actifs de Fannie Mae et Freddie Mac. Selon un représentant du Comité bancaire du Sénat, les obstacles politiques sont nombreux, à commencer par l’impopularité des hedge funds. Un représentant du Trésor assure que le fait d’assurer des crédits abordables ne pouvait pas être garanti par, selon le quotidien, «des fonds de Wall Street cherchant à gagner de l’argent».
14/11/2013

Les excédents allemands sont sur la sellette

La Commission européenne se penche sur les raisons et les risques que font courir les excédents records de l’Allemagne sur la zone euro, seize pays sur dix-huit présentant des déséquilibres macroéconomiques. Bruxelles maintient cependant que la zone euro est sur la bonne voie.
14/11/2013

Xavier Rolet envisage la poursuite de la consolidation

Dans un entretien, le directeur général du London Stock Exchange assure qu’il n’y aura de la place à terme que pour quatre ou cinq opérateurs boursiers internationaux. Dont un ou deux en Europe. Le rôle des chambres de compensation ira grandissant, et le LSE a son mot à dire en la matière selon son dirigeant. Le LSE a publié hier des résultats semestriels conformes aux attentes.
14/11/2013

Dubai World rembourse ses dettes

Le quotidien croit savoir que le bras financier du conglomérat, Istithmar, souhaite céder le complexe hôtelier Atlantis sur la fameuse Palm Island ainsi que la société de services liée Palm Utilities afin de récolter des fonds pour respecter une échéance de dette en septembre 2015. La holding publique Investment Corp of Dubai viserait Atlantis.

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