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12/06/2013

ESMA clarifies pay rules applicable to investment firms

P { margin-bottom: 0.08in; } The European Securities and Markets Authority (ESMA) has published guidelines on remuneration policies and practices which apply to relevant staff of investment firms, credit institutions and fund management companies when providing investment services, and to national securities regulators enforcing those rules. The guidelines strengthen investor protection by improving the implementation of the conflicts of interest and conduct of business provisions set out in the Markets in Financial Instruments Directive (MiFID) in the area of remuneration. “A root problem behind the selling of unsuitable financial products is the presence of financial incentive schemes, including target setting or performance management, that do not take into account the clients’ best interests. ESMA’s remuneration guidelines reinforce the MiFID provisions in this regard, and if correctly put in place by investment firms, avoid misleading incentives from the start,” Steven Maijoor, ESMA chair, said in a statement.
12/06/2013

Pioneer Investments recruits for European equity unit

P { margin-bottom: 0.08in; } Pioneer Investments has recruited two senior equity analysts, Martin Dolan and Michael Morris, as additions to the team dedicated to European equities, Citywire reports. Dolan will be responsible for the consumer staples sector. He previously worked at the Portuguese bank Espirito Santo, where he covered agribusiness and beverages in particular. Morris will be responsible for the materials sector. He previously served as head of a team of 12 analysts at JP Morgan Cazenove, specialised in construction and construction materials.
12/06/2013

RBC Investor & Treasury Services mandated by Polaris Investment

P { margin-bottom: 0.08in; } The services firm RBC Investor & Treasury Services, which belongs to the Canadian Royal Bank of Canada group, on 11 June announced that it has been appointed as global custodian for the fund management firm Polaris Investment SA. RBC will provide global custory, accounting, transfer agency, securities lending, treasury management, and collateral and risk management services. Polaris is the largest Italian platform domiciled in Luxembourg. Its assets under management total over EUR6bn, from institutional investors. Polaris also controls 100% of the Milan-based quantitative asset management firm Quaestio Capital Management.
12/06/2013

OFI AM appoints three directors

P { margin-bottom: 0.08in; } OFI AM on Tuesday, 11 June announced the appointment of three directors. Xavier Micel is promoted to director of corporate strategy and director of group projects. Stéphane Ciccardini becomes legal director, and Charles Soullard director of sales. Soullard and Michel will be members of the executive board at the group, a statement says. Michel worked in business banking at Deutsche Bank from 1996 to 2009, and for one year, in 2010, at the office of the president of the National Federal of French Mutuals (FNMF) before joining the office of the legal director at OFI in 2011. Soullard began his career at BNP Paribas in 1999, and then at CDC Ixis AM in 2011 before joining the OFI group in 2005. Ciccardini began his career in 2001 in Morocco in the Tax & Legal departments of major consulting firms (Ernst & Young and Deloitte & Touche) before joining the office of the legal director at the OFI group in 2003.
12/06/2013

Comgest posts strong inflows in Europe

P { margin-bottom: 0.08in; } Since the beginning of the year, Comgest has posted inflows especially in Europe, with subscriptions of about EUR600m, says Vincent Strauss, chairman of Comgest and head of management, at a press conference on 11 June. Comgest has also posted subscriptions to the Global/US unit. The Europe unit now has about EUR4bn in assets, compared with EUR3.2bn as of the end of 2012, and the Global/US unit has EUR1.5bn, compared with EUR1.2bn. This is a welcome development, says Strauss, as it helps to rebalance geographical regions. Meanwhile, the emerging markets unit, which continued to post inflows earlier in the year, has since seen significant redemptions. As a result, since the beginning of the year, Comgest shows outflows of about EUR150m, while assets under management remain stable at about EUR15.5bn. Citing the Global Equity strategy of Comgest, Strauss says that the growth in profits at Japanese firms is not yet a reality. Japan has strong GDP growth outlooks for 2013 and 2014 (48.3% and 19.3% according to Citigroup/Nomura), in comparison with emerging markets (14.5% and 11.3%) and the United States (7.4% and 11.3%), while the portfolios of major investors are often underweight on Japan.
12/06/2013

La Financière Tiepolo launches Tiepolo Europe Rendement

P { margin-bottom: 0.08in; } As announced by Newsmanagers in mid-May, La Financière Tiepolo this week announced the release for sale of the Tiepolo Europe Rendement fund. The fund, managed by Dominique Dequidt, invests in equities from countries of the European Community and other European countries (Switzerland, Norway, and others). It focuses on research into companies which have offered shareholders the best regular dividends and growth in past years. The fund will have a low turnover rate and will be composed of a maximum of 40 positions. Characteristics: ISIN code: FR0011465681 Management fees: net 2% Eligible for investment from PEA and life insurance policies
12/06/2013

Asset management firm fined by FCA

P { margin-bottom: 0.08in; } The British market authority, the FCA, has fined an asset management firm, Xcap Securities, GBP120,900 for failure to protect the assets of its clients. Between June 2010 and August 2011, the incriminated firm did not correctly separate the assets of clients from its own assets, and did not ensure exact accounting of the movements on client accounts.The total fine is calculated according to the average assets of clients and assets during the period of the regulation violation, at rates of 2% and 0.2%, respectively.
12/06/2013

Investors massively sell off assets in emerging markets

P { margin-bottom: 0.08in; } Currencies, equities and bonds from emerging markets on Tuesday underwent massive sales due to growing concerns on the part of investors about the prospects of a slowdown in the Federal Reserve’s bond purchasing programme, the Financial Times reports. Emerging market economies had been the primary beneficiaries of accommodating monetary policies on the part of central banks. The South African rand and the Brazilian real on Tuesday hit four-year lows against the US dollar, and the Indian rupee hit an all-time record low. The FTSE emerging markets index has lost 1.7%, and has lost more than 10% since May.
12/06/2013

Goldman Sachs AM signs a distribution agreement in Italy

P { margin-bottom: 0.08in; } The 40 sub-funds of the Sicav from Goldman Sachs Asset Management will be released on the Italian internet platform Online Sim, Bluerating reports. The range from Online Sim now includes 3,500 funds from 130 asset management firms.
12/06/2013

Schroders recruits from Wellington

P { margin-bottom: 0.08in; } The British firm Schroders has recruited Bogdan Popovici as a portfolio manager for global bonds. Popovici had previously worked at the US asset management firm Wellington Management, as a macro portfolio manager in the global rates and foreign exchange team. Before joining Wellington in 2011, Popovici worked at BlackRock Investment Management in the alpha strategies unit.
12/06/2013

Vanguard and Axa IM directors join IMA

P { margin-bottom: 0.08in; } The managing director of Vanguard, Thomas Rampulla, and the head of Axa IM UK, Irshaad Ahmad, have joined the board of directors at the IMA, the UK investment management association, bringing the total number of board members to 18, Investment Week reports. The board of directors already includes Will Nott, head of retail activities at M&G, the CEO of Threadneedle, Campbell Fleming, the CEO of Henderson, Andrew Formica, and the former CIO of Schroders, Alan Brown.
12/06/2013

Assets under management at Charles Stanley up by 15%

P { margin-bottom: 0.08in; } Assets under management and administration by the British firm Charles Stanley totalled GBP17.7bn at the end of the fiscal year ending on 31 March, up 14.9% compared with March 2012, according to statistics released by the firm on 11 June. Discretionary assets under management alone rose 28% to GBP6.4bn in the period. Pre-tax profits totalled EUR9.1bn, up 7% year on year.
12/06/2013

Internationalisation of boardrooms at European businesses remains limited

P { margin-bottom: 0.08in; } Only 5.6% of board members at the 50 largest European businesses in terms of market capitalisation come from emerging countries, while more than half of these firms earn at least 20% of their revenues in these markets, a new research by Axa Investment Managers reveals. Boards of directors and management at businesses remain highly European, or highly national. 84 per cent of board directors and 76 per cent of senior executives are European nationals. 66 per cent of boards are dominated (more than 50 per cent) by a single nationality. Three firms stand out with a board comprised of only one nationality. They are the Spanish bank BBVA, which earns 50% of its revenues in Latin America, far more than its domestic market (30%), the Swedish clothing store H&M, whose largest market is Europe (32%), while the second-largest is the United States (21%), and the Italian oil firm Eni, which earns 30% of its revenues in Europe and 30% in Italy. Analysis of the proportion of women across the EuroStoxx 50 reveals an hourglass effect: gender balance is high at the bottom of organisations (35 per cent of the workforce are women), decreasing when going up the hierarchy towards senior management (11 per cent of executive committees are female), but increasing again at board level (18 per cent women). Thirteen of the 50 companies have no female senior executive and none have a female CEO at the time of writing. This lack of female senior managers today may create a bottleneck for companies looking to attract women board directors in the future.
12/06/2013

La production industrielle augmente de 0,4% en avril en zone euro

La production industrielle de la zone euro a augmenté de 0,4% en avril par rapport à mars, alors que les économistes s’attendaient à une baisse. Le rythme de croissance a toutefois été freiné par une baisse de la production d'énergie et de produits de consommation durables. La production d'énergie des Dix-Sept a baissé de 1,5% par rapport à mars. Celle de produits de consommation durables (voitures, électroménager...) a diminué de 2,7% sur un mois. Sur un an, la production industrielle a baissé de 0,6% après une baisse révisée à 1,4% en mars, précise Eurostat.
12/06/2013

Mirabaud consolide sa position en Espagne

Mirabaud, l’entité suisse spécialisée dans les services bancaires aux particuliers, de gestion d’actifs et de courtage, annonce l’ouverture d’une succursale espagnole de Mirabaud Securities LLP. Cette nouvelle succursale consolidera toutes les opérations de courtage réalisées pour la clientèle institutionnelle actuellement prises en charge par Mirabaud Finanzas en Espagne.
12/06/2013

Alain Dubois quitte Lyxor

Le conseil de surveillance de Lyxor Asset Management a annoncé mercredi la nomination d’Inès de Dinechin comme président du directoire, à compter du 10 juin 2013. «Cette nomination fait suite à la décision d’Alain Dubois, président du directoire de Lyxor, de quitter prochainement Lyxor pour relever un nouveau défi professionnel à l'étranger», explique la filiale de la Société Générale dans un communiqué. Le mode de fonctionnement de la société et son modèle opérationnel demeurent inchangés par ailleurs, notamment les décisions et processus d’investissement qui restent sous la responsabilité des CIO Nicolas Gaussel et Lionel Erdely, sous la supervision d’Inès de Dinechin.
12/06/2013

Deutsche Bank pousse ses feux dans la gestion

Un an après avoir renoncé à vendre une partie de ses activités de gestion d’actifs, la banque allemande estime qu’elle pourrait battre son objectif de 1,7 milliard d’euros de résultat avant impôt en 2015 dans cette division. Celle-ci a réduit de 12% ses effectifs depuis septembre dernier.
12/06/2013

Carlyle vise haut dans l’immobilier

Citant des sources proches du projet, le quotidien indique que la société américaine de private equity souhaite engager cette année la levée d’un nouveau fonds immobilier, dont les actifs seraient situés aux Etats-Unis. Carlyle viserait un montant de quelque 4 milliards de dollars, espérant en premier lieu aller au-delà des 3 milliards du précédent fonds bouclé en 2007.
12/06/2013

MSCI relègue la Grèce au rang des marchés émergents

Le fournisseur d’indices a relégué hier la Grèce parmi les marchés émergents du fait du non respect de divers critères tenant à l’accessibilité du marché boursier local (notamment prêt-emprunt de titres ou vente à découvert). MSCI a en parallèle promu le Qatar et les Emirats Arabes Unis en tant que marchés émergents, catégorie de laquelle le Marco chute pour devenir «marché frontière».
12/06/2013

La Finra alerte sur les mutual funds alternatifs

Le régulateur américain de l’industrie de la gestion d’actifs a lancé une mise en garde à l’intention des investisseurs contre les risques associés aux fonds communs de placement dits alternatifs. Ces derniers reposent sur des stratégies et des combinaisons d’actifs plus exotiques que leurs homologues traditionnels. En mai, ces fonds géraient 176,2 milliards de dollars, contre près de 33 milliards par rapport à 2008. Cette note d’alerte intitulée «Les fonds alternatifs ne sont pas vos fonds communs de placement habituels» encourage les investisseurs à étudier les risques spécifiques de ces stratégies d’investissement, telles que les options et le levier. Un environnement de taux bas et des craintes sur les marchés actions ont poussé les investisseurs à rechercher des alternatives à plus haut rendement. Mais la Finra estime que certains de ces investissements alternatifs pourraient être moins liquides que ne le pense un petit investisseur individuel.
12/06/2013

BC Partners seul en course pour Springer Science

Selon Reuters, le fonds de private equity est le dernier candidat encore en lice pour le rachat de Springer Science+Business Media. Il aurait fait une offre valorisant l’éditeur allemand autour de 3,5 milliards d’euros. Ses propriétaires doivent prendre d’ici la fin de la semaine la décision de vendre le groupe ou de l’introduire en Bourse.
11/06/2013

Les marchés doutent des banques centrales

Nette correction ce mardi sur les marchés internationaux alors que les investisseurs s’interrogent sur l’évolution de la politique des banques centrales. La crainte d’une action surprise de la Fed lors de la prochaine réunion de son Comité de politique monétaire, les 18 et 19 juin, entretient la nervosité. Par ailleurs, la Banque du Japon a déçu les marchés en maintenant le statu quo monétaire.
Illustration: PHB

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