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25/07/2013

New non-executive chairman for Legg Mason

P { margin-bottom: 0.08in; } The board of directors at Legg Mason Inc (USD645bn in assets as of 30 June) has elected Dennis M. Kass as non-executive chairman. He joined the board as a director in April 2013, and will continue to belong to the appointments and corporate governance committees, as well as the financial affairs and compensation committees.Kass retired in 2012 from his position as chairman of the asset management firm Jennison Associates, owned by Prudential Financial, after being elected as chairman and CEO of Jennison from 2003 to 2011.As non-executive chairman, Kass replaced W. Allen Reed, who had held the position since September 2012, and led the recruitment of a new CEO, Joseph A. Sullivan, in February 2013. Reed remains as director and chairman of the finance committee. He has been a director at Legg Mason since 2006.
25/07/2013

Profits down at comdirect

In January-June, pre-tax profits for the comdirect group (Commerzbank) fell to EUR41.9m, compared with EUR53.1m in the corresponding period of 2012, while net profits totalled EUR31.14m, compared with EUR39.53m, despite an increase in operating costs to EUR127.32m, compared with EUR112.35m, due to “growth investments,” Thorsten Reitmeyer, chairman of the managing board, states.Assets under administration by the B2C unit (comdirect bank) as of 30 June totalled EUR29.3bn, compared with EUR27.91bn six months earlier, while assets at the B2B unit (ebase) were up to EUR21.45bn, compared with EUR20.95bn.
25/07/2013

80% of Asian institutionals are avoiding ETFs

P { margin-bottom: 0.08in; } In Asia-Pacific, 83% of institutional and 88% of retail investors are not invested in ETFs, according to the findings of a survey carried out by Deutsche Asset & Wealth Management, cited by Asian Investor.Over the past year, the popularity of ETFs has been in free-fall. Last year, only 36.6% of institutionals and 64.3% of retail investors were avoiding these products. The reason for the disaffection is “counterparty risks” for institutions and “excessive fees” charged by brokers, for retail investors.
25/07/2013

bfinance recruits for asset management research team

P { margin-bottom: 0.08in; } The financial services consulting firm bfinance has announced the arrival of Roubesh Adaya, a specialist in bond markets, for its asset management research team. Adaya will be based in London. He will be responsible for the analysis of publicly-traded bond investment vehicles.
25/07/2013

Edmond de Rothschild and BBM Investimentos cooperate on Brazilian market

P { margin-bottom: 0.08in; } The Edmond de Rothschild group and BBM Investimentos have signed a strategic cooperation agreement for Brazil. The operation aims to develop opportunities in asset management on the Brazilian market, particularly serving pension funds. “Brazilian funds represent approximately USD300bn in assets under management, and are authorised to invest up to 10% of their assets in non-Brazilian assets. So far, investments in foreign assets are still very low,” a statement says.The first practical step in the strategic alliance will be to launch two Brazilian-registered feeder funds for the Edmond de Rothschild Europe Synergy fund, a European equity fund managed by Edmond de Rothschild Asset Management. The first fund will be dedicated to pension funds, while the second will be aimed at private banking clients.The two groups may subsequently consider creating a Brazilian equity fund managed by teams at BBM Investimentos and available worldwide (except in the United States) from teams at Edmond de Rothschild Asset Management, to international institutional investors.
25/07/2013

Lim Boon Heng is new chairman of Temasek

P { margin-bottom: 0.08in; } Singapore sovereign wealth fund Temasek has a new chairman, Finance Asia reports. Lim Boon Heng in this position replaces chairman S. Dhanabalan, who is retiring after 17 years at the helm of the institution. Like his predecessor, Lim is a former politician. He has served as a minister.
25/07/2013

Barclays recruits a big name from Credit Suisse

P { margin-bottom: 0.08in; } Vivian Chan, managing director and market leader for Greater China at Credit Suisse, where she stood out for the creation of an ultra-high net worth client portfolio in particular, is joining her former boss Didier van Daeniken, head of wealth management for Asia Pacific, Middle East & Africa, at Barclays. She will begin on 5 August in her new role as regional head of North Asia in the wealth & investment management division.
25/07/2013

Blackstone acquires 1,860 housing units in Madrid

P { margin-bottom: 0.08in; } The Magic Real Estate fund from Blackstone has won an auction for a portfolio of 1,860 housing units put up for sale by the Madrid municipal housing authority, EMVS. Tenants’ contracts are “protected” for ten years, Expansión reports.
25/07/2013

AllianceBernstein adds to its alterantive management team

P { margin-bottom: 0.08in; } Nina Tannenbaum, director of marketing & product management at Napier Park Value Fund, after serving in the alternative wealth management division of Blackstone Group, has been recruited by AllianceBernstein as managing director of alternative sales & client services.She will report to Joel R. Stevens II, senior managing director and head of institutional investments. She will aim to develop the alternative management product range at AllianceBernstein, which includes multi-asset strategies, proprietary hedge funds and closed-end drawdown funds.Tannenbaum will also be responsible for meeting complex client requests to integrate alternative products into their portfolios and risk profiles.
25/07/2013

Profits at Ameriprise Financial in first half up 40%

P { margin-bottom: 0.08in; } The parent company of asset management firms such as Columbia Management in the United States and Threadneedle in the United Kingdom, Ameriprise Financial, may have seen a decline of 4% in its net profits in second quarter compared with January-March, to USD321m from USD335m, but its net profits in first half, at USD656m compared with USD467m in January-June 2012, is up 40%.Pre-tax profits for the asset management unit in first half rose 31% year on year, to USD343m, compared with USD261m. Net outflows fell to USD7.844bn, from USD11.250bn in January-June last year, while assets as of 30 June stood at USD459.366bn, compared with USD466.487bn as of the end of March, and USd445.804bn one year previously.
25/07/2013

Noticeable increase in profits at Morningstar

P { margin-bottom: 0.08in; } For first half 2013, net profits at Morningstar totalled USD60.7m, or nearly 26.5% more than the USD48m in the corresponding period of last year, and as of 30 June, the group had liquidity of USD314.8m, compared with USD321.4m six months previously. Meanwhile, consolidated earnings in January-June totalled USd344.3m, 5.4% more than in the first six months of 2012.The quarterly report reveals that assets advised and under management for the investment advisory services unit as of 30 June were down to USD101.4bn, from USD138.1bn one year previously. This decline of 26.6% is due to a change in fourth quarter 2012 to services provided by Morningstar to an existing client, which reduced assets advised by USD45.9bn.However, assets under management and advisory to the retirement solutions unit increased as of the end of June to UDS55.9bn, compared with USD41.5bn, while the Morningstar managed portfolios unit had USD5.9bn, compared with USD3.9bn as of 30 June 2012.
25/07/2013

E*Trade swings in the red

P { margin-bottom: 0.08in; } Due to a one-time charge of USD142m related to the G1 Execution Services (G1X) unit for execution of retail orders, the broker E8Trade Financial Corp in second quarter saw a loss of USD54m, compared with a profit of USD40m in April-June 2010, the Wall Street Journal reports. Revenues fell 2.7% year on year, to USD440m.In a statement announcing its results, E*Trade states that it intends to sell G1X, with a committment to transfer a certain business volume to the buyer.
25/07/2013

Threadneedle sees lower redemptions than Columbia

P { margin-bottom: 0.08in; } The release of quarterly and first half results for Ameriprise Financial (see elsewhere in today’s Newsmanagers), the parent company of the two asset management firms Columbia Management and Threadneedle, reveals that the US affiliate in first half saw net redemptions of USD7.584bn, compared with USD10.523bn in January-June, while the British firm had only USD245m in net outflows, compared with USD2.176bn.However, this should be taken in context, since total assets at Threadneedle are far lower than at Columbia (they are equivalent to 37.9%): as of 30 June, with USD126.976bn, the British firm’s assets were down compared with 31 March (USd127.674bn) but up 9% compared with USD116.630bn as of the end of June 2012.At Columbia, assets as of 30 Jne 2013 totalled USD335.194bn, compared with USD341.327bn three months previously, and USD331.934bn one year previously.
25/07/2013

KraneShares: an ETF of winners out of Chinese 5-year plans

P { margin-bottom: 0.08in; } On 22 July, the New York-based asset management firm KraneShares, which has an office in Beijing, has launched the first of seven funds focused on China, for which it had applied for a license from the SEC. The product is the KraneShares CSI China Five Year Plan ETF (NYSE Arca ticker: KFYP; ISIN code: US5007672075), which in normal circumstances will invest at least 80% of its assets in shares of the CSI Overseas China Five-Year Plan Index of companies which are likely to benefit most from Chinese five-year plans.The fund has a total expense ratio of 0.68%. It is 35% invested in information technologies, 16% in discretionary consumer products, 14% in industrials, and 14% in ongoing consumer products.The two largest positions are Tencent Holdings (13.64%) and Baidu Com (11.41%).
25/07/2013
Gestion d'actifs

IRP Auto vient de retenir de nouveaux gérants

Epaulé par son consultant Insti 7, IRP Auto a procédé à la mise en concurrence de gérants sur la retraite complémentaire (500 millions d’euros sous gestion au total) : Lazard Frères Gestion a gagné le mandat Actions Zone Euro, HSBC AM a remporté le mandat obligataire (il gérait auparavant un mandat diversifié), Russell Investments France a gagné le mandat multigestion Actions Internationales. Il y a avait également un autre lot sur les Obligations. L’allocation d’actifs d’IRP Auto (sur la partie prévoyance) est d’environ 80/85% d’obligations, entre 15 et 20% d’actions et un peu de monétaire pour la trésorerie.
Gestion d'actifs
25/07/2013

Blackstone mise sur l’immobilier résidentiel espagnol

La mairie de Madrid a annoncé que le groupe américain lui avait acheté dix-huit lots d’habitations à loyers réglementés pour 125,5 millions d’euros. Blackstone contourne ainsi la Sareb, le fonds de défaisance chargé de céder les actifs à risque des banques espagnoles, pour racheter directement des actifs à des propriétaires en mal de liquidités comme les collectivités locales.
25/07/2013

Sanofi et Carlyle lorgnent des actifs de l'indien Elder

La filiale indienne du laboratoire français et la société américaine de private equity négocient selon Reuters chacune de leur côté la reprise de l’activité de formulation de l’indien Elder Pharmaceuticals pour 400 à 450 millions de dollars. Les génériques représentent 90% des ventes du secteur en Inde.
25/07/2013

SAC Capital dans la tourmente

Les autorités fédérales américaines pourraient bien selon des sources concordantes engager dès aujourd’hui des poursuites pénales à l’encontre du fonds alternatif fondé par Steven Cohen. Ce dernier échapperait pour l’instant à titre personnel à ces poursuites, étape clé dans une enquête ouverte il y a près de sept ans sur des soupçons de délits d’initiés.
25/07/2013

Lourde décollecte pour T.Rowe Price

Le gestionnaire d’actifs a publié une collecte nette négative à hauteur de 8 milliards de dollars au deuxième trimestre. Soutenu par un effet marché favorable, le montant des actifs sous gestion a reculé de 3,4 milliards à 614,0 milliards. Le résultat net du trimestre écoulé a toutefois progressé de 20%. Le gestionnaire a fermé en mai neuf de ses quinze centres d’accueil des investisseurs, se tournant davantage vers le téléphone et internet pour répondre à leurs besoins.
25/07/2013

La vente de Dexia AM reste en suspens

Dexia a annoncé hier avoir dénoncé l’accord de cession de sa filiale de gestion d’actifs au hongkongais GCS Capital. La banque espère encore parvenir à un accord d’ici au 30 juillet, alors que le prix arrêté en décembre pourrait poser problème.
24/07/2013

Société Générale à la conquête des institutionnels asiatiques

Société Générale a obtenu la semaine dernière la licence pour traiter des actions et des dérivés sur le marché coréen. Suite à cet agrément, Hikaru Ogata, patron de l’Asie du groupe français est confiant quant à la conquête de la clientèle institutionnelle en Corée. Les équipes commerciales ont d’ores et déjà pris contact avec les différentes institutions, rapporte Asian Investor. Hikaru Ogata souligne que ces dernières sont d’importantes structures, à l’image du fonds de pension NPS, qui ont de gros montants en cash à investir.
24/07/2013

Temasek a vendu sa participation dans Huaneng Renewables

Le fonds souverain singapourien Temasek Holdings a confirmé hier avoir vendu sa participation dans Huaneng Renewables, producteur d'énergies renouvelables coté à Hong Kong, la semaine dernière. La cession a rapporté 435,5 millions de dollars de Hong Kong, précise Finance Asia, soit 56 millions de dollars américains.

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