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19/08/2013

Nomination chez Deutsche Asset & Wealth Management

Deutsche Asset & Wealth Management a nommé Felipe Godard au poste de managing director et responsable de la gestion de fortune pour l’Amérique latine à compter du 1er octobre 2013.Felipe Godard sera basé à Genève et rattaché à Haig Ariyan et Chip Packard, co-responsables du pôle gestion de fortune Americas.Felipe Godard travaille actuellement chez Credit Suisse où il est responsable de l’investissement, des solutions et du conseil sur l’Amérique latine au sein de la banque privée.
19/08/2013
Fonds

EFG remanie son fonds actions européennes

EFG Asset Management a l’intention d’élargir l’univers d’investissement de son fonds actions européennes, le New Capital Dynamic European Equity, afin d’y inclure la Turquie et la Russie, rapporte Citywire. Le fonds de 32 millions de dollars est actuellement géré par Robin Milway.
Fonds
19/08/2013

UBS transforme son activité de gestion de fortune

L’érosion du secret bancaire suisse et les pertes subies par de nombreux clients en banque privée pendant la crise financière ont rendu les clients plus exigeants concernant les services fournis par les gestionnaires de fortune. Dans ce contexte, UBS transforme discrètement ses activités de gestion de fortune, note le Financial Times. « Nous devons transformer notre activité pour répondre aux besoins des clients », déclare Jürg Zeltner, le responsable de l’activité de gestion de fortune d’UBS hors Amérique. « Et ce qu’ils veulent est de la transparence, des idées d’investissement et de la performance ». Aussi UBS a placé au cœur de ses activités de gestion de fortune un « chief investment office » créé en 2011 et dirigé par Alexander Friedman.
19/08/2013

Plus de 200 licenciements après la reprise par UBP d'activités de Lloyds

La banque Lloyds, basée principalement à Eysins dans le canton de Vaud, va licencier plus de 200 employés sur 350 collaborateurs. Les directions de Lloyds et d’UBP ont annoncé la nouvelle le 16 août aux employés concernés, selon des informations de presse. La restructuration est la conséquence de la reprise d’une partie des activités de Lloyds par l’Union Bancaire Privée (UBP). UBP a annoncé fin mai le rachat de l’activité de banque privée internationale du groupe bancaire Lloyds. Au terme de la transaction, les avoirs sous gestion de la banque genevoise augmenteront de plus de dix milliards de francs.Le personnel menace de débrayer si aucune amélioration n’est apportée au plan social qui touche principalement les activités de back-office. Ils ont adressé un ultimatum jusqu'à mardi prochain.
19/08/2013

Le plan de sauvetage d'UBS touche à sa fin

L’opération StabFund de la Banque nationale suisse (BNS) pour sauver UBS touche à sa fin, rapporte L’Agefi suisse. La grande banque va pouvoir acquérir une partie des capitaux du fonds de stabilisation, celui-ci ayant remboursé dans son intégralité le prêt de 1,2 milliard de francs octroyé par la BNS. Le prix d’achat reste à déterminer. Fixé sur la base de la valeur des actifs se trouvant encore dans le portefeuille du StabFund, ce prix va faire l’objet d’une évaluation externe. Cet examen et l’exécution de l’option d’achat d’UBS devraient durer trois mois environ. A fin juin, la valeur brute du fonds de défaisance, qui réunit les actifs toxiques d’UBS remontant à la crise des «subprime» de 2008 aux Etats-Unis, se montait à près de 7,5 milliards de francs. Sur ce montant qui reste à préciser, la BNS percevra un milliard de dollars. L’institut d’émission monétaire et UBS se partageront le solde.
19/08/2013
Fonds

Un gérant de MainFirst chargé de redresser un fonds

Olgerd Eichler, co-responsable et gérant au sein de MainFirst Asset Management, s’est vu confier la tâche de redresser un fonds qui a souffert d’une chute de ses actifs, le MainFirst Germany Fund, rapporte Citywire. Le fonds investi sur les actions allemandes a eu jusqu’à 50 millions d’euros d’encours. Mais aujourd’hui, il n’a plus que 4 millions d’euros.
Fonds
19/08/2013

Deux boutiques allemandes concluent une alliance stratégique

Les deux boutiques de gestion allemandes,Veritas Investment, basée à Francfort, et Pall Mall Investment Management, basée à Hambourg, ont annoncé la semaine dernière le regroupement d’une partie de leur savoir-faire dans une nouvelle société holding qui devrait prendre en charge un certain nombre de fonctions.Il s’agit donc d’une alliance stratégique qui n’est toutefois pas assimilable à une fusion, souligne-t-on. Le rapprochement va permettre une mise en commun d’un certain nombre de fonctions comme la communication, le marketing et les achats.Les actifs sous gestion cumulés de la nouvelle société, Veritas Portfolio GmbH & Co KG, devraient s'élever à plus de 2 milliards d’euros.
19/08/2013

Interest in European equities recovers

Flows into Europe bond and equity funds hit six and 66 week highs during the second week of August as initial estimates from Eurostat confirmed the end of a recession that has gripped the European Union and Eurozone since the last quarter of 2011. For the week ending August 14, combined flows into Europe and Europe ex-UK regional equity funds exceeded USD2 billion, according to statistics from EPFR Global. At the country level Italy equity Funds posted their biggest weekly total in over a decade despite the fact Italy is one of four Eurozone economies that did not return to growth in the second quarter of 2013. One that did, France, continues to be viewed with skepticism: redemptions from France equity funds hit a 10 week high. Overall, EPFR global-tracked equity funds recorded net inflows of only USD1.26 billion. Chinese equity funds have seen a net outflow of over USD5bn. Bond Funds saw USD1.38 billion redeemed, while money market funds attracted USD6.53 billion with US funds accounting for the bulk of those inflows.
19/08/2013

Hennessee Hedge Fund index up in July

In July, the Hennessee Hedge Fund index rose 1.82%, bringing its gains since the beginning of the year to 6.91%. The Hennessee Long/Short Equity index gained 2.95% in July, and 11.22% since the beginning of the year. The Hennessee Emerging Market index, for its part, has gained 1.87% in the month, but only 3.42% since the beginning of the year.
19/08/2013

Two German boutiques form a strategic alliance

The two German asset management boutiques Veritas Investment, based in Frankfurt, and Pall Mall Investment Management, based in Hamburg, last week announced that they are pooling part of their expertise in a new holding company which will take responsibility for several functions, Citywire reports. This is a strategic alliance which cannot be likened to a merger, the firms say. Teaming up will allow the firms to share some functions, such as communications, marketing, and procurement. Cumulative assets under management by the new firm, Veritas Portfolio GmbH & Co KG, will total more than EUR2bn.
19/08/2013

More than 200 layoffs following UBP takeover of Lloyds activities

Lloyds bank, based primarily in Eysins in the Swiss canton of Vaud, is to lay off more than 200 of its 350 employees. The management at Lloyds and UBP made the announcement to affected employees on 16 August, according to reports in the press. The restructuring is the result of a takeover of part of the activities of Lloyds by Union Bancaire Privée (UBP). UBP announced at the end of May that it is acquiring the international private banking activities of the Lloyd’s banking group. At the conclusion of the transaction, assets under management by the Geneva-based bank will increase by over CHF10bn. Staff are threatening to strike if no improvement is made to the social plan, which primarily affects back-office activities. These employees have given the bank an ultimatum of next Tuesday.
19/08/2013

UBS bailout plan nearing its end

The StabFund operation by the Swiss National Bank (BNS) to bail out UBS is nearing its end, Agefi Switzerland reports. The major bank will be able to acquire a part of the capital of the stabilisation fund, as the fund has now fully paid off its loan of CHF1.2bn from the BNS. The purchase price has yet to be determined. The price will be subject to external valuation on the basis of the value of assets remaining in the portfolio of the StabFund. This examination and the exercise of UBS’ buy option are expected to take about three months. As of the end of June, the gross value of the bailout fund, which contains toxic UBS assets dating from the sub-prime crisis of 2008 in the United States, totalled nearly CHF7.5bn. Of this, the BNS will receive USD1bn. The issuing money market institution and UBS will share the rest.
19/08/2013

Franklin Templeton posts increase to assets in July

Franklin Templeton has seen an increase in its assets in July from USD815bn to USD834.1bn. One year previously, its assets totalled USD718.7bn. Assets in equity funds increased from USD224bn to USD234.1bn.
19/08/2013

BNY Mellon IM hires in Asia

BNY Mellon Investment Management is continuing to recruit personnel in Asia, with the addition of Stuart Guinness and Richard Collis, in Singapore and Hong Kong, respectively, Asian Investor reports. Guinness, who had previously worked at Credit Suisse Asset Management in Asia, has been appointed as managing director and head of products for mutual funds. Collis, who previously worked at MetLife in Asia, has also been appointed as managing director, in the newly-created position of head of development for insurance and retirement solutions for Asian investors.
19/08/2013

Assets up at Invesco in July

In July, Invesco has seen an increase in its assets under management of USD705.6bn, to USD729.4bn, an increase of 3.4%. Assets in equity funds have risen from USD321.4bn to USD339.8bn.
19/08/2013

Evercore Wealth recruits a strategist

The asset management firm Evercore Wealth Management, an affiliate of the Evercore advising group, has recruited Jewelle Bickford as senior strategies, the news agency Reuters reports. Bickford, who begins in her new role on Monday, 19 August, previously worked at GenSpring Family Offices. She will be based in New York. In her new role, Bickford will handle issues related to governance, impact investment and female clients. As of 30 June 2013, assets under management at Evercore Wealth totalled USD4.7bn.
19/08/2013

Italian funds post inflows since the beginning of the year

In first half, open-ended funds on sale in Italy recorded net inflows of nearly EUR31bn, according to the most recent statistics from Assogestioni, the Italian association of asset managers. In June alone, inflows totalled EUR2.8bn. Since the beginning of the year, inflows were driven by flexible funds (EUR16bn) and bond funds (EUR13.4bn). Equity funds, however, show slight losses, with -EUR757m. In June, the scenario is similar. As of the end of June, assets in Italian open-ended funds totalled EUR517bn.With the addition of closed and mandated funds, inflows since the beginning of the year total EUR38.363bn, and assets total EUR1.242bn. The largest subscriptions in June went to Intesa Sanpaolo (EUR826.4m) Banca Popolare (EUR721.1m) and Pioneer Investments (EUR603.7m). For outflows, BNP Paribas has seen redemptions of EUR362.8m. Franklin Templeton, which had shown strong inflows since the beginning of the year in Italy, has seen outflows of EUR358.9m.
19/08/2013

JP Morgan settles lawsuit with a pension fund

The bank JPMorgan Chase will pay USD23m as part of an out-of-court settlement of a lawsuit filed by stakeholders in a pension fund which accused JPMorgan of risking their money in Lehman Brothers, then on the brink of bankruptcy. The settlement, by which JPMorgan does not admit “any responsibility or reprehensible act,” was recorded before the weekend by a Federal court. This concludes a class action proceeding filed in 2009 by the Operating Engineers Pension Trust. The fund has accused JPMorgan, with whom it had a securities management agreement, of using its funds to guarantee a high-risk investment in loans from the Lehman Brothers investment bank, which was already on the brink of bankruptcy. “JPMorgan invested in two bond issues by Lehman Brothers at variable interest rates in the years 2007 and 2008, while Lehman is in increasing difficulty,” the text of the complaint had said, adding that Lehman then went bankrupt, “causing the plaintiffs the total loss of their investment.”
19/08/2013

Hermes and Northern Lights invest in a new hedge fund

Hermes BPK Partners, the alternative investment advising boutique of the BT Pension Scheme (USD2.6bn), and the US private equity firm Northern Lights Capital Group, have announced a second operation for their Accelerator fund, which invests in hedge funds in the startup phase, Financial News reports. The fund has invested in Altalis Capital Partners, a firm based in New York which specialises in long/short equities. Following the transaction, Altalia has assets of USD150m.
19/08/2013

AllianceBernstein acquires W.P. Stewart

AllianceBernstein, with USD444 billion in assets under management, will acquire W.P. Stewart, an equity investment manager that currently manages USD2 billion in U.S., Global and EAFE concentrated growth equity strategies for institutional and retail clients, primarily in the U.S. and Europe. Upon completion of the acquisition, W.P. Stewart’s investment services will be added to AllianceBernstein’s equity offering. W.P. Stewart’s team of seasoned investment managers will remain in place.To help ensure a smooth transition, founding partner William P. Stewart, an investor with nearly 60 years of industry experience, will stay on through the earlier of the end of this year or the close of the transaction, at which point he will retire from the firm.At the closing of the transaction, AllianceBernstein will pay W.P. Stewart shareholders USD12 per share in cash and will issue to W.P. Stewart shareholders transferable contingent value rights entitling the holders to an additional cash payment of USD4 per share if the assets under management in the acquired W.P. Stewart investment services reach USD5 billion on or before the third anniversary of the closing. W.P. Stewart currently has approximately 5 million shares outstanding.
19/08/2013

Colour returning to European markets

A return to «the good old days» is not on the cards yet, but Europe appears to be in recovery mode, according to the latest issue of The Cerulli Edge-Europe Edition. This confirms the rise in optimism in European investors observed in the latest Manager Survey of BofA Merrill Lynch."Allocators have turned bullish on Europe as quick as they have turned bearish on emerging markets and China,» commented Barbara Wall, director at Cerulli Associates. «They even like European banks-albeit on a selective basis. It is sensible to be cautious. Bottom-up stock picking will dominate a market that is still jittery."While allocators and active managers are more chipper about European stock prices, fund buyers are not fully on message. Equity flows are still outweighed by much larger flows to bond funds. Surprisingly, the most upbeat would appear to be Spanish investors, who poured EUR232.4 million (USD308 million) into local equity markets during the first five months of the year, notes Cerulli."It is difficult to predict when Europe’s love affair with bonds will fizzle out, but investors need to be disciplined as new issuances surge,» cautioned Yoon Ng, a Cerulli associate director. «The European high-yield market has grown fast-and flabby at the edges. Benchmark huggers face losses and liquidity constraints if outflows pick up. A strategic rethink may be necessary to avoid being caught out."Separately, Cerulli thinks that European real estate could be a strong investment theme over the next 12 months. British property equity funds report resurgent interest, particularly for portfolios focused on London and the South East. Even the German open-end property market seems on the mend.
19/08/2013

Fondaco SGR recruits a head of fund analysis

The Italian asset management firm Fondaco SGR has recruited Guiliano Anselmo as head of third-party fund analysis and control, Fondionine reports. He will join the multi-asset class strategies management team, led by Giulio Casuccio. Anselmo was previously head of manager selection at Polaris Sgr (which has since become Quaestio Capital). He has also worked at CAA sgr and Nextra.
19/08/2013

Switzerland and Germany step up their financial cooperation

Swiss banks will now have easier access to the German market. The two countries agreed before the weekend to intensify their cooperation in the area of cross-border financial services, under a convention, the Swiss federal finance department (DFF) has announced. Such a document had already been signed between Switzerland and Germany in 2011, as part of a bilateral agreement on withholding taxation. But this agreement was nullified when the agreement was rejected by the German Parliament. The new arrangements include two execution agreements between the financial supervisory authorities in the two countries, Finma in Switzerland and BaFin in Germany. Swiss banks will no longer need to have an affiliate in Germany in order to acquire new clients. The sale of Swiss funds in Germany will now be possible.
19/08/2013

New York firm launches a fund in Europe

The New York-based firm Miller/Howard Investments has launched an equity dividend strategy in Luxembourg, which represents its first incursion into Europe. The Miller Howard SICAV – Dividend Equity invests in US businesses. It will be managed by four managers: Jack Leslie, Lowell Miller, Bryan Spratt and Roger Young.
19/08/2013

Boutiques penalised by RDR

Small asset management firms members of the Investment Management Association have posted growth in their assets of 3.9% in 2012, which is below the growth rate for the sector of 7.9%, Investment Week reports, citing a new study by the association. This also represents a decline compared with 2011, when growth was 29% for boutiques, compared with 17% for the sector. The IMA suggests that the situation is related to the advent of the Retail Distribution Review, which is driving investors to prefer larger, better-established brands.
19/08/2013

Appointment at Deutsche Asset & Wealth Management

Deutsche Asset & Wealth Management has appointed Felipe Godard as managing director responsible for wealth management in Latin America, from 1 October 2013. Godard will be based in Geneva, and will report to Haig Aryan and Chip Packard, co-heads of the wealth management Americas unit. Godard currently works at Credit Suisse, where he is responsible for investment and advising solutions for private banking in Latin America.
19/08/2013

Unigestion obtains a license in Singapore

The Swiss asset management firm Unigestion has received a “Capital Markets Service License” from the Singapore market authority, strengthening its ambitions in Asia, according to a statement released on 14 August. “This license, officially received on 4 July 2013, considerably improves the range of products and services on offer from Unigestion, and its capacity of offer equities, private equity and hedge funds in Asia. It comes at a time when a growing number of institutional investors in Asia are seeking custom investment solutions,” a statement says. “We are delighted to have received this license from the Singapore authorities, at a time when we are pursuing the development of our presence in this key market. There are clear signs that Asian institutional investors are actively seeking solutions to allow them to diversify their asset allocations, and that they are particularly inclined to work with actors who have solid reputations and who are able to provide them with solutions that are specifically designed to meet their individual needs. We are convinced that with its innovative solutions based on risk management and its growing local presence, Unigestion is in a position to meet this demand,” says Fiona Frick, CEO of Unigestion, cited in the statement.
19/08/2013

Profits at Swiss Life Asset Managers up 16% in first half

The Swiss Life group on 14 August announced that sectoral profits for Swiss Life Asset Managers ncreased by 16% in first half to a total of CHF71m, boosted by rising commission revenues. In the first six months of 2013, the Swiss Life group earned CHF551m in revenues from fees and commissions (compared with CHF524m the previous year). This increase is due partly to an increase in earnings from Swiss Life Asset Managers and growth in unit-linked policies. Net inflows totalled CHF2.3bn, up 44% compared with net subscriptions in first half 2012, which contributed to growth in assets under management of 15%, to CHF24.1bn. Including mandates from Swiss Life, assets under management are up by only 1%, to CHF149.45bn. Non-annualised net earnings for the group total 2.4%, compared with 2.7% the previous year, “which represents excellent returns considering the unfavourable market parameters,” a statement says. Net profits for the group totalled CHF472m, which represents an increase of 29% compared with the previous year.
19/08/2013

Skagen extends investment universe for Vekst fund

As of 1 January 2014 Skagen will expand the investment mandate for its Skagen Vekst fund from 50% Norwegian to 50% Nordic. The 50% global part of the fund mandate remains unchanged. Broadening the Norwegian part of the investment mandate to include all Nordic stocks will enable the fund to include companies listed on the stock exchanges of Sweden, Denmark and Finland, as well as those in Norway.The fund’s benchmark will change from 50% OSEBX / 50 % MSCI All Country World index to 50% MSCI Nordic Countries All Cap index / 50% MSCI All Country World index to reflect the Nordic part of the mandate.Broadening the mandate will more than quadruple the number of investible stocks from 166 to 732.Separately, Skagen announces that it is to seek unit holder approval to improve the Vekst fee model at the same time as the fund’s investment mandate is changed. The proposal is to introduce a year end high water mark for the variable management fee, such that following periods when the fund’s value has fallen, it will not be able to charge a variable fee until the unit value at the previous high watermark, as per 31 December (in NOK) has been recovered.
19/08/2013

La Chine prévoit de lever des barrières aux investissements étrangers

Dans le cadre de l’instauration de nouvelles zones de libre-échange, ouvertes notamment dans la région de Shanghai, les autorités chinoises prévoient de lever certaines barrières législatives pesant sur les investissements étrangers. Les investissements directs étrangers en Chine ont chuté de 3,7% l’an dernier à 111,7 milliards de dollars, après avoir atteint un record de 116 milliards en 2011, mais ont progressé à 62 milliards au premier semestre 2013.

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