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31/05/2013

Martin Currie wins a mandate from an Australian pension fund

P { margin-bottom: 0.08in; } The Australian pension fund AvSuper has awarded a mandate to the Martin Currie group, based in Edinburgh, to provide management of an allocation dedicated to global emerging markets, Citywire reports. It is the fifth mandate to be won by Martin Currie on the Australian market. The aviation fund AvSuper Fund will invest in a mandate managed by the head of emerging markets at Martin Currie, Kim Catechis, and the portfolio manager Andrew Ness. The amount of the mandate has not been disclosed. The Global Emerging Markets team at Martin Currie (6 people) manage about USD1bn in assets.
31/05/2013

Neuberger Berman signs a distribution agreement in Italy

P { margin-bottom: 0.08in; } Neuberger Berman Europe has signed a distribution agreement in Italy with Skandia Vita, a life insurance platform, Bluerating reports. Three new funds from the US firm will be available to subscribers to insurance policies: Neuberger Berman Short Duration High Yield Bond Fund, Neuberger Berman China Equity Fund, and Neuberger Berman US Real Estate Securities Fund.
31/05/2013

Private wealth: up 7.8% in 2012, according to BCG

P { margin-bottom: 0.08in; } The 13th annual Global Wealth Report from Boston Consulting Group (BCG) finds that last year, private wealth increased by 7.8%, to USD135.5trn, after increases of 3.6% in 2011, and 7.3% in 2010. The acceleration of the increase is primarily due to the positive evolution of share prices in second half.The number of millionaire households in US dollars reached 13.8 million at the end of last year, 0.9% of the total number. The highest density of billionaires is in Qatar, with 143 households out of 1,000.The BCG also finds that offshore wealth in 2012 increased by 6.1%, to USD8.5trn. It is expected to increase “modestly” to USD11.2trn as of the end of 2017, due to intense pressure by tax authorities.Wealth managers are facing reduced growth and profitability in the next five years, and are expected to take measures to react. Growth is moving to developing markets, clients are becoming more demanding, regulations are becoming stricter, margins are shrinking, and business is becoming increasingly complex.As a result, wealth managers are expected to move to high-growth markets, where there are a significant percentage of high net worth clients. They will have to offer targeted solutions, industrialize their operations, and strive for lean front-to-back business processes.
31/05/2013

RobecoSAM and S&P Dow Jones unveil a new line of indices

RobecoSAM and S&P Dow Jones Indices on May 30 announced the launch of the Dow Jones Sustainability Diversified Indices Family (DJSI Diversified Family). The new offering provides investors with a family of indices designed to have risk/return characteristics similar to standard global equity benchmarks, but with significantly greater representation to more sustainable companies.The DJSI Diversified Family follows the same construction approach used in standard benchmark index families. It covers 26 developed market and 20 emerging market countries and replicates the regional and sector allocation of the S&P Global LargeMidCap Index while taking sustainability performance into account. Companies’ sustainability profiles are evaluated using RobecoSAM’s proprietary Corporate Sustainability Assessment (CSA) methodology.The DJSI Diversified index family includes Dow Jones Sustainability World Diversified Index Dow Jones Sustainability World Developed Diversified Index Dow Jones Sustainability Emerging Markets Diversified Index Dow Jones Sustainability Europe Diversified Index Dow Jones Sustainability North America Diversified Index Dow Jones Sustainability Asia Pacific Diversified Dow Jones Sustainability Emerging Markets Plus Diversified Index Dow Jones Sustainability World Developed ex Korea Diversified Index
31/05/2013

Harwood launches a multi-manager activity

P { margin-bottom: 0.08in; } The founder of Skandia Best Ideas, Alan Durrent, and the former multi-manager from F&C and Architas Richard Philbin have teamed up to launch the new multi-manager activity from Harwood. Durrant will be CEO of the new activity, which will be a part of the Harwood Capital group. Philbin will be chief investment officer. Harwood Multi Manager, which has yet to receive regulatory approval, is planning to launch a series of multi-manager funds, which will be subject to a very strict volatility budget.
31/05/2013

Artemis hires a head for retail distribution

P { margin-bottom: 0.08in; } Artemis Investment Management has hired Richard Pursglove as head of retail from September this year. Strengthening Artemis’ existing sales team and reporting to Artemis’ head of asset gathering, Dick Turpin, he will be responsible for the future development and delivery of Artemis’ retail distribution strategy. Richard Pursglove had been head of UK third party distribution at Goldman Sachs Asset Management since October 2011.
31/05/2013

UBS Wealth Managers recruits four advisers for British market

P { margin-bottom: 0.08in; } UBS Wealth Managers has recruited four client advisers for wealth management on the British market, Finews repors. Matt Hoyne joins UBS in Edinburgh, from Lloyds. Simon Pearson and Richard Walker will be added to teams in Manchester. They had previously worked for Lloyds and Brown Shipley, respectively. Lastly, Carl Tremlin joins from Lloyds Mayfair Private Banking, and will work in London, serving clients in the South of England. The recruitments come in a favourable context for UBS on the British market, particularly in areas outside London. Assets under management by UBS Wealth Managers have increased by 50% in the past four years.
31/05/2013

ESMA approves EIU as a credit rating agency

P { margin-bottom: 0.08in; } The European Securities and Markets Authority (ESMA) has formally approved the registration of the Economist Intelligence Unit (EIU), based in the United Kingdom, as a credit rating agency (CRA) under Article 16 of the CRA Regulation. The registration takes effect from 3 June 2013. There are currently 20 registered and two certified CRAs in the EU. Amongst the 20 registered CRAs, three operate under a group structure, totalling 16 legal entities in the EU, which means that the total number of CRA entities registered in the EU is now 33.
31/05/2013

US private equity converts to European standards

P { margin-bottom: 0.08in; } The French association of investors for growth (AFIC) on 30 May issued a statement welcoming the adoption on the same date by the US private equity asspciations of European standards for reporting and evaluation of stakes. These standards are now globally applicable. The standards laid out by the International Private Equity and Venture Capital Valuation Guidelines Board (IPEV) have been officially adopted by the U.S. National Venture Capital Association (NVCA) and the Private Equity Growth Council (PEGCC), the organisations which include the major players in private equity in the United States. These standards, developed by French, British and European private equity associations (AFIC, BVCA and EVCA) are already shared by more than 40 national private equity associations in Europe, Asia, Africa, Oceania, and Canada. These are now also adopted by the largest private equity market in the world: the United States. “This step shows both the need to adopt common standards for all of the private equity industry, which is now largely converted by international investors who need a reference and a consistent means of evaluation between countries and continents. It is also a sign of the growing influence of Europe in matters of accounting benchmarks which are appropriate for private equity, while retaining their compatibility with US GAAP and IFRS standards,” the AFIC says in a statement.
31/05/2013

Cambridge Associates develops in Singapore

P { margin-bottom: 0.08in; } The branch of Cambridge Associates in Singapore has received a license from the monetary authority MAS to offer capital market services, which will allow it to offer local clients complete outsourcing of their asset selection and allocation processes, Asian Investor reports. The firm has also opened a second office in Singapore.
31/05/2013

Santander sells 50% stake in asset management arm

The private equity investors Warburg Pincus and General Atlantic will acquire 50% of the holding company for the asset management arm of Santander, Santander Asset Management (EUR152bn), for slightly over EUR1.023bn, which corresponds to nearly 1.35% of assets. The transaction, which is expected to be closed by the end of the year, will bring the Spanish group net capital gains of EUR700m, Santander says in a statement releaed on Thursday evening.Santander AM is present in eleven countries : Germany, Argentina, Brazil, Chile, Spain, Luxembourg, Mexico, Poland, Portugal, Puerto Rico and the United Kingdom. Its two major markets by assets under management are Spain, with EUR45.4bn, and the United Kingdom, with EUR24.4bn.
31/05/2013

Sallfort launches a private banking service for those aged under 40

P { margin-bottom: 0.08in; } Sallfort Privatbank is launching its private banking service, “Private Banking Reloaded.” It is an offer aimed at young high net worth clients aged under 40, according to finews. It will be led by Mike Bauer, head of private banking, and Patrick Liotard Vogt, primary shareholder and chairman of the social network “AsmallWorld,” himself aged under 30. The Reloaded range will offer a selection of services including asset management, direct investments and coaching and advising in the creation of businesses.
31/05/2013

Gottex launches a joint venture in New Zealand

P { margin-bottom: 0.08in; } The alternative asset management firm Gottex has founded a joint venture with the New Zealand firm Staples Rodway Asset Management Ltd (SRAM). The joint venture will be active in New Zealand under the name Gottex AR Funds Ltd (GSRF) and will offer multi-asset investment products to New Zealand investors seeking diversified international investment exposure, Gottex announced in a statement on May 30. Guy Holroyd is the managing director of GSRF, and the existing SRF International Capital Growth Fund, established in 2011, is being folded into the joint venture and rebranded as the Gottex SR Multi-Asset Global Fund. Bill Landes, senior managing director and CIO of Gottex Multi Asset business, will be closely involved in the management of the fund. The creation of the entity represents a further step in the development strategy of Gottex in Asia, and follows the announcement earlier in May of a new partnership with Astmax in Japan. SRAM is part of the Stables Rodway group, an association of six independent accounting firms through New Zealand, providing businesses and individuals with accounting advice and business related services. As of 31 March 2013, assets under management by Gottex totalled USD6.4bn.
31/05/2013

Sparinvest launches MMF with Haitong

P { margin-bottom: 0.08in; } The Danish firm Sparinvest is preparing to launch the Sparinvest-Haitong Money Market RMB fund in August with Haitong Securities. It will be a money market fund denominated in yuan, whose management will be provided by Haitong International (USD10bn in Hong Kong), Citywire reports.The CEO of Sparinvest, Per Noesgaard, has also stated that by the end of the year, the Danish business will legally become a subsidiary of its Luxembourg office. He also states that due to cost reductions, net profits will double this year from EUR8.8m in 2012.
31/05/2013

Brazil's Victoire Brasil Investimentos releases a fund in France

P { margin-bottom: 0.08in; } The Brazilian asset management firm Victoire Brasil Investimentos is launching its first fund in France, Victoire Brasil Select Funds UCITS, which invests in Brazilian equities. The Luxembourg-registered product will be available from Amadé Global Partners, a third party marketer with whom the Latin American structure has teamed up to develop on the French and Spanish markets. Victoire Brasil Select Funds UCITS, which is actively-managed, offers exposure to Brazilian equity markets. The investment universe is composed of all shares listed in Brazil without constraints as to sector, style or cap size. The portfolio, with assets of nearly EUR54m as of 30 March, is concentrated on 20 mid-sized companies. Victoire Brasil Investimentos, founded in 2004, is 100% owned by the team and manages over EUR800m as of 28 March 2013. The structure is not the first Brazilian asset management firm to enter France. Bradesco Asset Management, an affiliate of a major Brazilian bank, has also been serving French investors for several months.
31/05/2013

Two former managers from Janus join Arrowpoint Partners

P { margin-bottom: 0.08in; } Brian Schaub and Chad Meade, who have recently left Janus Capital Group (Newsmanagers of 14 May 2013), have joined the alternative asset management firm Arrowpoint Partners, based in Denver, as Janus is, and co-founded by their former colleague David Corkins, the news agency Bloomberg reports. The two managers will concentrate on investment opportunities in corporate small and midcaps, their area of expertise. At Janus, they had managed two of the best funds from the firm, the Triton fund (USD4.9bn under management) and the Venture Fund (USd2.3bn in assets under management). Assets under management at Arrowpoint total about USD2.2bn.
31/05/2013

Russell recruits for fiduciary solutions

P { margin-bottom: 0.08in; } As a result of growing and expanding demand for fiduciary solutions (i.e. investment outsourcing) among corporate defined benefit plans, non-profits and healthcare systems, Russell is shifting two long-time Russell employees to new leadership roles in the company’s U.S. fiduciary solutions business, which has served clients for more than 30 years. Lisa Schneider, who has worked at Russell for 25 years, has been named to the role of managing director, non-profits and healthcare systems. To fill her former role, 25-year Russell veteran Bruce Clarke has been promoted to managing director, client service. Schneider is charged with developing the suite of investment strategies, products and reporting tools for Russell’s non-profit and healthcare system clients and prospects.Clarke is responsible for oversight of all national client service strategies and initiatives and leads the service team in the delivery of strategic advice, implementation solutions and administrative services to Russell’s investment management clients.
31/05/2013

Sabadell takes over private banking activities of Lloyds TSB in Miami

P { margin-bottom: 0.08in; } After the acquisition of the branches of Lloyds TSB in Spain, Banco Sabadell has acquired the onshore private banking activity of the British firm in Miami, Funds People reports. This will allow Sabadell to increase its assets managed by its international branch in Miami to USD5bn, and assets managed by the group in Florida to USD12bn, with Sabadell United Bank.
31/05/2013

HSBC plans to develop in Asia

P { margin-bottom: 0.08in; } HSBC Global Asset Management (HSBC GAM) has made two promotions on its Asian equity team: Sanjiv Duggal, who manages the largest Indian equity fund on the planet, the GIF Indian equity fund, with USD3.2bn, becomes head of the Indian and Asian equity unit. The senior portfolio manager Viresh Mehta has also been promoted to head of equities for the Indian market at HSBC GAM. The team dedicated to Indian equities is expected to be reinforced. The HSBC group has also announced that its prime brokerage team in Asia-Pacific would like to double its assets in hedge funds in the next 12 months. According to AsiaHedge, HSBC is the largest hedge fund administrator in the region.
31/05/2013

DWS to adopt German funds from Sal. Oppenheim

P { margin-bottom: 0.08in; } According to Citywire, most German-registered funds from Sal. Oppenheim will be transferred to another Deusche Bank affiliate, DWS, while the Luxembourg-registered products will retain the Sal. Oppenheim brand name. Fondsprofessionell also reports that Amelie Harms was on 1 May promoted to director of wealth management for retail clients at Sal. Oppenheim, after four years as head of customer services at Oppenheim Fonds Trust (OPFT).
31/05/2013

Profits and assets under management up at RBC

P { margin-bottom: 0.08in; } Net profits for the wealth management unit of the Royal Bank of Canada (RBC) in the second quarter of its 2012/2013 fiscal year, ending on 30 April, totalled CAD225bn, up CAD13m or 6% compared to last year, resulting from net sales and capital appreciation, and higher transaction volumes, according to a statement released on 30 May. Compared to last quarter, net income was down CAD8 million or 3%, as higher average fee-based client assets was more than offset by the seasonality of performance fees recognized primarily in the first and third quarters. Assets under management as of the end of April totalled CAD370bn, up 5% compared with the previous quarter, and 15% compared with the previous year. Long-term assets, which as of the end of April totalled CAD124.1bn, are up 22% since March 2011. Assets under administration as of the end of April totalled CAD605bn, up 2% compared with the previous quarter, and 8% year on year. Investor & Treasury Services net income was CAD67 million compared to a net loss of CAD121 million a year ago. Excluding certain items related to RBCIS, net income of CAD98 million increased CAD17 million or 21%, largely due to improved results in RBCIS and incremental earnings related to our additional 50% ownership, which were partially offset by lower funding and liquidity revenue. Compared to last quarter, net income was down CAD13 million or 16%. Excluding the restructuring charge this quarter, net income increased CAD18 million or 23%, reflecting improved results in RBCIS.
31/05/2013

SIX Financial Information wins a new client

P { margin-bottom: 0.08in; }SIX Financial Information has won SuperDerivatives as new client, a global leader for cloud-based real-time market data, derivatives technology and valuation services for the financial and commodity markets. SuperDerivatives relies on SIX’s real-time pricing data for its market data platform, DGX.
31/05/2013

HSBC Global AM compte se développer en Asie

HSBC Global Asset Management (HSBC GAM) vient de procéder à deux promotions au sein de son équipe actions asiatiques. Sanjiv Duggal, qui gère le plus gros fonds d’actions indiennes de la planète, le GIF Indian Equity fund avec 3,2 milliards de dollars, devient responsable du pôle actions indiennes et asiatiques.En outre, le gérant de portefeuille senior, Viresh Mehta, a été promu responsable actions pour le marché indien au sein de HSBC GAM. L'équipe dédiée aux actions indiennes devrait être renforcée.Le groupe HSBC a par ailleurs indiqué que son équipe de prime brokerage en Asie-Pacifique souhaitait doubler ses actifs de hedge funds au cours des douze prochains mois. Selon AsiaHedge, HSBC est le plus important administrateur de hedge funds dans la région.
31/05/2013

Cambridge Associates se développe à Singapour

La succursale de Cambridge Associates à Singapour vient d’obtenir auprès de l’autorité monétaire MAS une licence pour offrir des services de marchés de capitaux qui vont lui permettre de proposer à ses clients locaux une externalisation complète de leur processus de sélection et d’allocation d’actifs, rapporte Asian Investor.La société vient par ailleurs d’ouvrir un second bureau à Singapour.
31/05/2013
Fonds

Vanguard lance un fonds obligataire UK

Vanguard lance au Royaume-Uni le Vanguard U.K. Short-Term Investment Grade Bond Index Fund, un fonds indiciel exposé aux obligations en livres sterling de maturité courte notées investment grade. L’indice de référence cible du fonds est le Barclays Global Aggregate 500MM U.K. Non-Government 1-5 Year Float Adjusted Bond, le sous-indice en livres sterling de l’indice Barclays Global Aggregate Float Adjusted Bond Index.Le fonds affiche un taux de frais sur encours de 0,20 %.Vanguard complète ainsi son offre en obligations libellées en livres sterling, qui se compose désormais de 6 fonds.
Fonds
31/05/2013

Harwood lance une activité multi-manager

Le créateur de Skandia Best Ideas, Alan Durrant, et l’ancien multi-manager de F&C et Architas ont fait cause commune pour lancer la nouvelle activité multi manager de Harwood.Alan Durrant sera directeur général de la nouvelle activité qui fera partie du groupe Harwood Capital. Richard Philbin en sera le chief investment officer. Harwood Multi Manager, qui doit encore obtenir le feu vert réglementaire, envisage de lancer une série de fonds multi-manager qui seront assujettis à un budget de risque de volatilité très strict.
31/05/2013

Artemis recrute un patron pour sa distribution retail

Head of UK third party distribution chez Goldman Sachs Asset Management (GSAM) depuis octobre 2011, Richard Pursglove va rejoindre au 1er septembre Artemis Investment Management comme head of retail. Il sera subordonné à Dick Turpin ,head of asset gathering, et sera responsable du développement ultérieur ainsi que de la mise en œuvre de la stratégie d’Artemis en matière de distribution retail dans un environnement marqué par l’introduction de la réglementation RDR.
31/05/2013

Martin Currie remporte un mandat auprès d'un fonds de pension australien

Le fonds de pension australien AvSuper a attribué un mandat au groupe Martin Currie, basé à Édimbourg, pour la gestion d’une poche dédiée aux marchés émergents globaux, rapporte Citywire. Il s’agit du cinquième mandat remporté par la société de gestion sur le marché australien.Le fonds dédié à l’aéronautique AvSuper Fund investira dans un mandat piloté par le patron des marchés émergents de Martin Currie, Kim Catechis, et le gérant de portefeuille Andrew Ness. Le montant du mandat n’a pas été dévoilé. L'équipe Global Emerging Markets de Martin Currie (6 personnes) gère environ 1 milliard de dollars.
31/05/2013

UBS Wealth Managers recrute quatre conseillers pour le marché britannique

UBS Wealth Managers a recruté quatre conseillers clientèle pour la gestion de fortune sur le marché britannique, rapporte Finews. Matt Hoyne rejoint UBS à Édimbourg en provenance de Lloyds. Simon Pearon et Richard Walker seront rattachés aux équipes de Manchester. Ils travaillaient auparavant pour Lloyds et Brown Shipley respectivement. Enfin, Carl Tremlin vient de Lloyds Mayfair Private Banking et travaillera à Londres, auprès de la clientèle du sud de l’Angleterre. Ces recrutements interviennent dans un contexte favorable pour UBS sur le marché britannique, notamment dans les régions hors de Londres. Les encours gérés par UBS Wealth Managers y ont augmenté de 50 % au cours des quatre dernières années.
31/05/2013

Le Santander vend 50 % de sa gestion pour 1,35 % de l’encours

Les capital-investisseurs Warburg Pincus et General Atlantic vont acquérir 50 % de la société holding du pôle gestion du Santander, Santander Asset Management (152 milliards d’euros), présent dans onze pays*, pour un peu plus de 1.023 millions d’euros, ce qui représente presque 1,35 % de l’encours. Cette opération, qui doit être bouclée avant la fin de l’année, se soldera pour le groupe espagnol par une plus-value nette de 700 millions d’euros, indique le Santander dans un communiqué publié jeudi soir.Les deux principaux marchés de Santander AM par les actifs sous gestion sont l’Espagne, avec 45,4 milliards d’euros, et le Royaume-Uni, avec 24,4 milliards d’euros. * Allemagne, Argentine, Brésil, Chili, Espagne, Luxembourg, Mexique, Pologne, Portugal, Porto Rico et Royaume-Uni.

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