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25/04/2013

Fidéas Capital s'ouvre aux CGPI

Fidéas Capital, spécialiste de la multigestion et de la gestion par le risque dont la clientèle est essentiellement composée d’investisseurs institutionnels et d’investisseurs français et internationaux, a annoncé qu’elle élargissait son champ de distribution aux CGPI. Dans ce cadre, la société lance Betamax Services, une solution globale de construction de portefeuille d’unités de compte à risque modéré afin de pallier la baisse de rendement des fonds en euros. L’offre est un outil de construction d’allocations appuyé sur le FCP Betamax et un panel de fonds sélectionnés.
25/04/2013

Les actionnaires de Citigroup appouvent le plan de rémunération de la direction

Les actionnaires de Citigroup ont approuvé à plus de 90% la mouture pour 2012, dont un package de 11,5 millions de dollars pour le nouveau directeur général Michael Corbat qui a succédé à Vikram Pandit, rapporte L’Agefi. Les sociétés de conseil aux actionnaires ISS Proxy Advisory Services et Glass Lewis & Co ont recommandé un vote favorable même si cette dernière a souligné dans un rapport préparé pour l’assemblée générale qu’il existait encore une «déconnexion» entre la rémunération des dirigeants et la performance. En assemblée générale, les actionnaires n’ont pas caché leur exaspération face à l'évolution du cours de Bourse. L’action n’a progressé que de 6,3% depuis un reverse split en mai 2011
25/04/2013

Gestion d'actifs : réductions de bonus à géométrie variable

A l’heure où les députés européens veulent aussi limiter les bonus des gérants d’actifs, ces derniers ont vu leur prime variable enregistrer cette année «un recul de 15 % à 30 % par rapport à l’an passé, indique dans L’Agefi Hebdo Nadia Tortel, associée du cabinet Singer & Hamilton. Les fixes n’ont pas évolué». Les situations sont diverses. En gestion benchmarkée, le salaire fixe pour 5 ans d’expérience se situe à 70.000 euros, avec un bonus à 30 % de la rémunération. Pour la gestion absolute return, le salaire fixe pour 5 ans d’expérience est en moyenne de 75.000 euros, le bonus à 50 à 80 % du fixe annuel. La multigestion rémunère en moyenne à 70.000 euros après 5 ans d’activité, avec un bonus situé entre 10 et 20 % du salaire. La tendance de ces trois catégories de gérants est à la baisse en ce qui concerne le montant du bonus.Pour le commercial, les structures françaises à Paris paient en moyenne 70.000 euros après 5 ans, le bonus se situant à 40 %, avec une tendance à la stagnation ou la baisse, note Singer & Hamilton. Les structures anglo-saxonnes offrent un meilleur salaire à 5 ans d’expérience, en moyenne à 100.000 euros, avec un bonus en moyenne à 40 % du salaire annuel, également en stagnation ou en baisse.
25/04/2013

Comgest Allemagne renforce sa distribution

Depuis le 1er avril, Andreas Franz a rejoint Comgest Deutschland GmbH à Düsseldorf comme investor relations manager. Il a ainsi le même titre qu’Oliver Hausemann, et partage avec ce dernier la responsabilité du suivi des investisseurs institutionnels ainsi que des clients wholesale et retail en Allemagne. La clientèle autrichienne continuera d’être servie par Dieter Wimmer, également investor relations manager.Andreas Franz vient de la Hamburgische Sparkasse (Haspa) où il a passé 17 ans, en dernier lieu comme analyste valeurs mobilières pour les fonds d’investissement offerts au public.Au 31 décembre, Comgest gérait 15,5 milliards d’euros.
25/04/2013

Legg Mason increases dividend by 18%

P { margin-bottom: 0.08in; } The board of directors at Legg Mason Inc has announced a quarterly dividend of 13 cents per ordinary share, payable on 8 July to shareholders registered on 11 June. That represents an increase of 18% compared with the previous quarterly dividend.As of 31 March, assets totalled USD665bn.
25/04/2013

Inflows continue for Italian funds

P { margin-bottom: 0.08in; } In March, open-ended funds on sale in Italy recorded net inflows of EUR5.3bn, after raising EUR4.5bn in February, the most recent statistics from Assogestioni, the Italian association of asset managers, reveal. Since the beginning of the year, Italian funds have attracted slightly over EUR13bn. In March, inflows were driven by flexible funds (EUR2.4bn) and bond funds (EUR2.6bn), two categories which have been doing well since the beginning of the year. However, equity funds posted light net outflows of EUR131m. In terms of fund domicile, foreign-registered funds continue to account for the lion’s share, with EUR4.8bn in March, and EUR11.2bn in first quarter. With the addition of closed funds and mandated management, net inflows in March totalled EUR7.3bn. Assets under management in open-ended funds totalled EUR504bn, while assets in collective and mandated management totalled EUR1.225trn. Assogestioni notes that asset levels have set a new record for the fifth consecutive month. Lastly, in terms of businesses, Generali and Intesa have posted the strongest inflows in March, with EUR1.4bn and EUR1.1bn, respectively. Franklin Templeton comes next, with EUR1.041trn. Among the few firms to post redemptions, BNP Paribas stands out with EUR227m, as does Montepasci, with EUR139.4m.
25/04/2013

iShares integrates FundSettle

P { margin-bottom: 0.08in; } Fondsnieuws reports that iShares (BlackRock) has become the first ETF promoter to be admitted to the FundSettle automated trading platform from Euroclear. Initially, 50 ETFs will be available, out of 150 products that iShares offers in the Netherlands. As Leen Meijaard, head of sales for iShares in the Europe, Middle East and Africa region points out, however, these 50 products cover the vast majority of demand from distributors. Lieven Libbrecht, director investment funds product development at Euroclear, has not ruled out the possibility that other ETF issuers will list their products for trading on FundSettle.
25/04/2013

EFG Private Bank fined for failures in its anti-money laundering controls

P { margin-bottom: 0.08in; } The Financial Conduct Authority (FCA) has fined EFG Private Bank GBP4.2 million, or approximately EUR5million, for failing to take reasonable care to establish and maintain effective anti-money laundering (AML) controls for high risk customers. «The failings were serious and lasted for more than three years», the FCA underlines.As part of a thematic review of how UK banks were managing money laundering risk in higher risk situations, the Financial Services Authority (FSA) visited EFG Private Bank, the UK private banking subsidiary of the EFGI Group, a global private banking group, based in Switzerland, in January 2011. That visit and further investigation caused serious concern to the FSA. The investigation found that EFG had not fully put its AML policies into practice. Of particular concern was that 17 of 36 reviewed customer files, opened between December 2007 and January 2011, contained customer due diligence that highlighted significant money laundering risks, but insufficient records of how the bank’s senior management had mitigated those risks. Of these 17 files, the FSA found that the risks highlighted in 13 files related to allegations of criminal activity or that the customer had been charged with criminal offences including corruption and money laundering. EFG settled at an early stage of the investigation and qualified for a 30% discount on its fine. Without the discount the fine would have been GBP6 million.
25/04/2013

Institutionals account for 24.7% of assets in European funds

The third annual study from Cerulli Associates of sales of mutual funds in Europe (European Distribution Dynamics 2013: Navigating a Fragmented Marketplace) has found that assets are distributed among distribution channels with 38.4% for captive/affiliate networks, 36.8% for third parties, and 24.7% for direct/institutional distribution, with a proportion of more than 50% of assets in France in this area, which is expected to grow in the rest of Europe.The study also finds, unsurprisingly, that the United Kingdom and the Netherlands are the two most promising markets for promoters of pension funds in the next five years, while Germany, Italy and the Scandinavian countries finish close behind them. All of these markets are expected to become more popular with institutional clients.In France, captive asset management firms such as Amundi and BNPP IP control most retirement assets, thus managers with SRI capacities are likely to gain market share. Small asset management firms such as Ecofi Investissements have already received several mandates by playing on this specialty. Less experienced asset maangement firms may try their luck with family offices, which are more comprehensive with respect to funds that have shorter track records, and which have some propensity to privilege investment philosophy.The study was carried out on the basis of six surveys of 103 fund management firms with total assets of EUR2.8trn. It included data for the French, German, Italian, Spanish and British markets.
25/04/2013

Henderson extends its multi-asset product range

P { margin-bottom: 0.08in; }A:link { } Henderson Global Investors is preparing to add two new funds to its risk-graduated range of multi-asset solutions, led by Bill McQuaker, Investment Week reports. They are the Core 4 Income and Core 6 Income & Growth funds.
25/04/2013

Profits up at Morningstar

P { margin-bottom: 0.08in; }A:link { } For first quarter 2013, Morningstar Inc has posted earning up 5% compared with January-March 2012, to USD168.9m, while its operating profits rose 33.4% to USD40.6m. Net profits, for their part, totalled USD29.6m, compared with USD20.1m for the corresponding period of last year.Assets advised and managed by the Investment Advisory Services unit fell ot USD96.7bn as of 31 March, compared with USD147.9bn one year previously, due to the internalisation of a USD12.9bn mandate by a client, and a change in objectives for another mandate of USD46.9bn. Aside from these transfers, assets increased 9.8% in this division.Assets advised and managed by the Retirement Solutions unit totalled USD51.9bn as of the end of March, compared with USD38.5bn one year previously, while assets at Morningstar Managed Portfolios totalled USD5.3bn, compared with USD3.6bn as of 31 March 2012.Operating profits for the Investment Management division totalled USD16.4m in first quarter, down 5% compared with the corresponding period of last year.
25/04/2013

New head for institutional distribution at Swisscanto

P { margin-bottom: 0.08in; } As of 1 July, Thomas Breitenmoser will become head of institutional distribution and a member of the board of directors at Swisscanto Asset Management. He will be responsible for distributing Swisscanto funds to third parties, managing relationships with clients based in Switzerland who have placed mandates with the asset management firm, and the Austrian, German and Luxembourg markets.Breitenmoser has spent more than six years at JPMorgan Asset Management, the last three as head of institutional clients in Switzerland.
25/04/2013

Franklin Templeton launches a new Sicav in Italy

P { margin-bottom: 0.08in; } Franklin Templeton is launching the Franklin Templeton Strategic Allocation Funds Sicav, which offers institutional and retail investors a range of four funds of funds, in Italy, Bluerating reports. The range, which is licensed for sale in Italy, comes in addition to the Franklin Templeton Investment Funds Sicav, which has been available in Italy since 1995, and which has 76 sub-funds. The funds of the new Sicav are mostly invested in equities according to their risk profiles.
25/04/2013

Bankinter wants to increase assets contributed by its network by 56%

P { margin-bottom: 0.08in; } An objective has been set by Bankinter for assets intermediated by its bank branch network in the next three years at EUR7bn, compared with EUR4.5bn currently, which would represent an increase of 56%, Funds People reports.The network, led by César González Rodríguez, currently includes 478 specialist advisers. There were 1,100 of them at the end of 2008, and the reshuffle has reduced personnel to 300, but the bank has begun recruiting more qualified specialists, with the intention of recruiting people who will be likely to bring in EUR250m in assets each.Newly-recruited personnel will benefit from Bankinter’s logistics and resources (IT systems, Open Finance network, legal services, risk management, human resources), but will not bre required to sell exclusively products from the bank, and may also offer, among others, funds from foreign asset mangement firms available on the Allfunds Bank platform. Branch advisers also, unlike private bankers, are not bound by a minimum threshold of EUR1m in financial savings.
25/04/2013

Assets under management at BCV up 6%

P { margin-bottom: 0.08in; }A:link { } The Banque cantonale vaudoise (BCV) has reported a 6% increase in its assets under management in first quarter, to CHF86.4bn, according to a statement released on 25 April. Net inflows totalled CHF1.3bn.
25/04/2013

Assets under management at Gottex down

P { margin-bottom: 0.08in; }A:link { } Assets generating commissions at Gottex Fund Management were down 9% in first quarter 2013 to USD6.4bn, compared with USD7bn as of the end of December, according to a statement released on 24 April. This decline is related to outflows (slightly over USD800m), partly offset by a net inflow of USD150m in Asia, as well as the acquisition of a majority stake in Frontier Investment Management, and a positive market effect. Assets under management in first quarter fell by 5.9% to USD5.59bn, due to net outflows of USD265m. Assets at the services specialist affiliate Luma GSS as of the end of March totalled USD0.77bn, down due to the impact of a net outflow of USD300m, and a negative currency effect of USD20m, which subscriptions (USD20m) and positive market effects (USD20m) were not enough to offset.
25/04/2013

EFG International liquidates its stake in Financial Products

P { margin-bottom: 0.08in; } On 24 April, EFG International has announced that on the previous evening it completed its sale of its remaining stake of 20.25% in EFG Financial Products to Notenstein Private Bank, an affiliate of Raiffeisen Switzerland. The transaction totalled CHF70.2m (1.35 million shares at CHF53 each). Notenstein becomes the largest shareholder in EFG Financial Products, with 22.75%, after the four founders, who jointly control 25.30% of capital.As a result, the representatives of EFG International on the board of directors of EFG Financial Services, John Williamson, Giorgio Pradelli and Frederick Link, have resigned from their positions.According to the local press, EFG Financial Products will in second quarter becomes known as Leonteq, Swiss Investment Engine. The new name is derived from the Latin name of edelweiss (leontopodium), with the suffix “teq” to indicate its technological aspect.On the Swiss stock exchange (SIX), the ticker for EFG Financial Products (FPHN) will be replaced by that of Leonteq, LEON.
25/04/2013

Assets under management at SLI up 7% in first quarter

P { margin-bottom: 0.08in; } Assets under management at Standard Life Investments (SLI), which includes the asset management business of the UK insurer Standard Life, in first quarter increased by 7%, or GBP11.4bn, to a record GBP179.1bn, benefiting from strong flows and market movements, according to figures announced at the publication of an interim report for the Standard Life group. Third party AUM increased by GBP7.4bn or 9% to GBP90.4bn and now accounts for over 50% of total Standard Life Investments AUM . Net inflows for the quarter totalled GBP3bn, compared with GBP1.1bn in first quarter 2012. SLI continued to diversify geographically with 43% of third party net inflows from outside of the UK including net flows from US of GBP0.6bn Assets under administration by the Standard Life group, for their part, have posted a 7% increase, to GBP223.1bn. The insurance group has also announed that it will be recruiting in Asia, with the addition to 30 to 40 people in sales and back office for retirement and investment products, mostly in Hong Kong, as well as in Singapore and Dubai, Asian Investor reports. The group is working in close collaboration with its asset management affiliate, SLI, which is also dedicating substantial resources to the Asian region. The insurer would like to distribute a larger number of SLI products, of which only 12 are on sale in Hong Kong, out of a range of 300 funds, mostly Luxembourg Sicavs.
25/04/2013

LGIM sets up “client strategy” team

P { margin-bottom: 0.08in; } Chris de Marco, who had been principal investment consultant at AON Hewitt and managing director, head of insurance and pension solutions sales at HSBC, is joining Legal & General Investment Management (LGIM) in the newly-created position of head of client strategy, where he will lead an equally new team, with the mission of designing integrated de-risking solutions. The new recruit will report to Aaron Meder, global head of solutions.The team will also include Matthew Webb (ex BDO) as solutions strategist, and Toby Baldwin, who has been tranferred from the product strategy and development team.
25/04/2013

Wealth management at Barclays turns a profit, assets up

P { margin-bottom: 0.08in; }A:link { } The Wealth and Investment Management unit at the Barclays group has earned a pre-tax profit of GBP60m, down 43% compared with first quarter 2012, the UK banking group announced in a publication of its quarterly results. Assets of high net worth clients as of the end of March totalled GBP200bn, compared with GBP186bn as of the end of December 2012.
25/04/2013

Promotions for Alastair Gunn and Chris Watt at Jupiter

P { margin-bottom: 0.08in; }A:link { } From 1 May 2013, Chris Watt, who joined Jupiter Asset Management in 1999, will be promoted to manager of Jupiter Growth & Income Fund (GBP368m), and the Jupiter UK Alpha Fund (GBP15m), replacing Philip Matthews, who is joining Schroders (see Newsmanagers of 18 April), to replace Richard Buxton, who is moving to Old Mutual Global Investors. Since January 2007, Watt had been the manager of the Jupiter Responsible Income Fund (GBP50m).Jupiter Asset Management has also appointed Alastair Gunn, who joined in 2007 as co-manager of the Jupiter Distribution Fund (GBP294m), to take over management of the Jupiter High Income Fund (GBP549m) as of 1 July 2013. The fund is currently managed by Anthony Nutt, who will be retiring at the end of this year.
25/04/2013

Comgest Germany recruits for sales

P { margin-bottom: 0.08in; }A:link { } On 1 April, Andreas Franz joined Comgest Deutschland GmbH in Düsseldorf as investor relations manager. He holds the same position as Oliver Hausemann, and shares responsibility with him for maintaining relationships with institutional investors and wholesale and retail clients in Germany. Austrian clients will continue to be served by Dieter Wimmer, also an investor relations manager.Franz joins from Hamburgische Sparkasse (Haspa), where he spent 17 years, most recently as a securities analyst for open-ended investment funds.As of 31 December, Comgest had EUR15.5bn in assets under management.
25/04/2013

Triodos Groenfonds absorbs BNP Paribas Groen Fonds

P { margin-bottom: 0.08in; } On 31 May, assets in the SRI fund BNP Paribas Groen Fonds (NL0006294209, EUR175m as of the end of March), the former ABN Amro Groen Fonds, will be absorbed into the Triodos Groenfonds (EUR469m), BNP Paribas Investment Partners (BNPP IP) and Triodos Investment Management announced on 24 April.BNPP IP states that green investments in the Netherlands are no longer a core professional area. This is an area which is highly local and specialised, which does not allow BNPP IP to continue to manage the fund in an optimal manner, whereas with the transfer to Triodos, shareholders will be able to be confident that their assets are in good hands.Funds from Triodos Investment Management as of the end of December had assets of EUR2.2bn.
25/04/2013

Henderson acquires one third of 90 West Asset Management

P { margin-bottom: 0.08in; }A:link { } Henderson Global Investors has announced that it has acquired 33% of the Australian asset management firm 90 West Asset Management, specialised in natural resources globally, Funds People reports. The two businesses have also signed an exclusive distribution agreement.
25/04/2013

Bankinter veut augmenter de 56 % l'encours apporté par son réseau

L’objectif d’actifs intermédiés par le réseau d’agences d’ici à trois ans a été fixé par Bankinter à 7 milliards d’euros, contre 4,5 milliards actuellement, ce qui représente un gonflement de 56 %, rapporte Funds People.Dirigé par César González Rodríguez, le réseau comprend actuellement 478 conseillers spécialisés. Ils étaient 1.100 fin 2008, et la réorganisation a fait chuter l’effectif à 300 personnes, mais la banque a commencé d’embaucher des spécialistes plus qualifiés, avec l’intention de recruter des personnes susceptibles d’apporter chacune 250 millions d’euros d’encours.Les personnels nouvellement embauchés bénéficient de l’intendance de Bankinter (système informatique, réseau Open Finance, services juridiques, gestion du risque, ressources humaines) mais ne sont pas tenus de vendre uniquement des produits de la banque et peuvent entre autres proposer des fonds de gestionnaires étrangers disponibles sur la plate-forme Allfunds Bank. En outre, les conseillers en agence, contrairement aux banquiers privés, ne sont pas tenus par le plancher d’un million d’euros d'épargne financière.
25/04/2013
Fonds

Le Triodos Groenfonds absorbe le BNP Paribas Groen Fonds

Au 31 mai, les encours du fonds ISR BNP Paribas Groen Fonds (NL0006294209, 175 millions d’euros fin mars), l’ancien ABN Amro Groen Fonds, sera absorbé par le Triodos Groenfonds (469 millions d’euros), ont annoncé le 24 avril BNP Paribas Investment Partners (BNPP IP) et Triodos Investment Management.BNPP IP précise que les investissements «verts» aux Pays-Bas ne font plus partie de son cœur de métier. Il s’agit d’un domaine qui est très local et spécialisé, ce qui ne permet pas à BNPP IP de continuer à gérer ce fonds de manière optimale tandis qu’avec le transfert à Triodos, les porteurs de parts pourront être certains que leurs actifs sont en de bonnes mains.Les fonds de Triodos Investment Management affichaient fin décembre un encours de 2,2 milliards d’euros.
Fonds
25/04/2013
Fonds

Franklin Templeton sort une nouvelle sicav en Italie

Franklin Templeton lance en Italie la Sicav Franklin Templeton Strategic Allocation Funds, qui offre aux investisseurs institutionnels et particuliers une gamme de quatre fonds de fonds, rapporte Bluerating. Autorisée à la vente en Italie, cette offre vient s’ajouter à la Sicav Franklin Templeton Investment Funds déjà distribuée en Italie depuis 1995 et qui compte 76 compartiments.Les fonds de la nouvelle sicav sont plus ou moins investis en actions en fonction de leur profil de risque.
Fonds
25/04/2013

Banca Leonardo distribue 34 millions d'euros de dividende

La banque d’investissement privée et indépendante Banca Leonardo, dont l’assemblée générale s’est tenue en début de semaine à Milan, a approuvé les résultats financiers du groupe au 31 décembre 2012, ainsi qu’une distribution de 0,12 euro par action ordinaire pour un montant total de 34 millions d’euros. La mise en paiement est intervenue à compter d’hier.Le groupe propose une gamme complète de services en « Investment Banking » en Europe, ainsi qu’en « Private Banking » en Italie et en France.
25/04/2013

Nouveau patron pour la distribution institutionnelle de Swisscanto

Au 1er juillet, Thomas Breitenmoser deviendra directeur de la distribution institutionnelle et membre de la direction générale de Swisscanto Asset Management. Il sera responsable de la distribution auprès de tiers des fonds Swisscanto, du suivi des clients établis en Suisse ayant confié des mandats à la société de gestion, ainsi que des marchés autrichien, allemand et luxembourgeois.L’intéressé vient de passer plus de dix ans chez JPMorgan Asset Management, ces trois dernières années comme directeur de la clientèle institutionnelle en Suisse.
25/04/2013

EFG International liquide sa participation dans Financial Products

Le 24 avril, EFG International a annoncé avoir bouclé la veille la cession de sa participation résiduelle de 20,25 % dans EFG Financial Products à Notenstein Private Bank, filiale de Raiffeisen Suisse. Cette transaction a porté sur 70,2 millions de francs suisses (1,35 million de titres à 52 francs l’unité). Notenstein devient ainsi le plus important actionnaire d’EFG Financial Products, avec 22,75 %, derrière les quatre fondateurs, qui contrôlent ensemble 25,30 % du capital.En conséquence les représentants d’EFG International au conseil d’administration d’EFG Financial Products, John Williamson, Giorgio Pradelli et Frederick Link, ont démissionné de leur mandat.Selon la presse locale, EFG Financial Products prendra au second semestre le nom de Leonteq, Swiss Investment Engine. Le nouveau nom est dérivé de l’appellation latine de l'édelweiss (leontopodium) avec le suffixe «teq» pour l’aspect technologique.Sur la Bourse suisse (SIX), l’acronyme d’EFG Financial Products (FPHN) sera remplacé par celui de Leonteq, LEON.

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