La banque britannique Barclays, secouée par le scandale du Libor, a annoncé le 18 avril le départ du patron de sa division de banque d’investissement, Rich Ricci, dans le cadre d’un remaniement plus large de sa direction. «A la suite de la publication le 12 février de sa revue stratégique, la banque a annoncé aujourd’hui des changements au sein de la direction de la banque de financement et d’investissement (CIB), de la gestion de fortune et de Barclays aux Etats-Unis», indiqué Barclays dans un communiqué.Le directeur général de la division gestion de fortune et président exécutif de Barclays aux Etats-Unis, Tom Kalaris, quittera Barclays le 30 juin. Il sera remplacé à la tête de la gestion de fortune par Peter Horrell et à la tête de Barclays aux Etats-Unis par Skip McGee.Rich Ricci quittera également le groupe le 30 juin après avoir été remplacé dès le 1er mai à la tête de la banque de financement et d’investissement par Eric Bommensath et Tom King, a précisé la banque.Ces changements au sein de la direction du groupe interviennent après la présentation le 12 février de son plan stratégique qui prévoit au moins 3.700 suppressions d’emplois cette année et la remise à plat de ses activités afin de réaliser des économies et de restaurer sa réputation.

Comme annoncé par Newsmanagers le 15 avril, BlackRock a fait par le 18 avril du lancement des compartiments d’obligations émergentes de sa sicav luxembourgeoise Barclays Global Funds ou BGF, le BGF Emerging Market Corporate Bond et le BGF Emerging Market Investment-Grade Bond, qui viennent s’insérer dans une gamme comprenant déjà les fonds BGF Emerging Markets Bond et BGF Emerging Markets Local Currency Bond. Ces produits sont destinés aux investisseurs européens.BlackRock a constitué en 2012 une équipe de sept gérants dédiés à la dette émergente que dirige Sergio Trigo-Paz, qui co-gère les deux nouveaux fonds, le premier avec Chris Kelly et Jane Yu, le second avec Chris Kelly et Raphael Marechal. Avant de rejoindre BlackRock en 2012, Sergio Trigo-Paz était directeur des investissements pour la gestion des obligations émergentes chez FFTW, partenaire de BNP Paribas, tandis que Chris Kelly, Raphael Marechal et Jane Yu étaient gérants dans l'équipe dette émergente de FFTW.CaractéristiquesDénomination: BGF Emerging Markets Corporate Bond Fund :ISIN : LU0843229971 (part A)Minimum d’investissement : 5 000 USD (ou équivalent)Frais de gestion annuels : 1,5%Frais d’entrée : 5%Dénomination : BGF Emerging Markets Investment Grade Bond ISIN : LU0843234039 (part A)Minimum d’investissement : 5 000 USD (ou équivalent)Frais de gestion annuels : 1,25%Frais d’entrée : 5%

Eastspring Investments, pôle gestion d’actifs de Prudential Corporation Asia, va créer une entité luxembourgeoise afin de distribuer ses fonds en Europe, selon Funds Europe. Le régulateur luxembourgeois, la Commission de Surveillance du Secteur Financier (CSSF), a accordé à la société un agrément pour Eastspring Investments (Luxembourg). Henk Ruitenberg, ancien CEO d’Eastspring Investments au Vietnam, a été transféré au Grand Duché en tant que executive board member.

P { margin-bottom: 0.08in; } Assets under management at Jupiter rose by more than 10% in first quarter, to GBP29.1bn, according to an interim report published on April 18. This increase of nearly GBP3bn compared with the end of December 2012 is largely due to positive market effects of GBP2.66bn. Meanwhile, net inflows fell by 70% compared with the previous quarter, to GBP209m. This development is attributed to the rollout of RDR regulations on 1 January, which results in a slowing of inflows from independent financial advisers (IFAs). Jupiter has also announced that it expects to earn a profit of GBP16.5m, probably in second quarter, from the sale of its stake in the Cofunds platform to Legal & General. The proceeds will be used to reduce debt. The asset management firm has also announced that it is recruiting in Asia, with a former BlackRock employee, Peter Swarbreck in Hong Kong, as head of the Asia-Pacific region. Swarbreck had previously been managing director, responsible for Hong Kong at BlackRock, which he left in late 2012.

P { margin-bottom: 0.08in; } Rob Page, the head of marketing at Hermes, is leaving the firm to join Henderson Global Investors, Investment Week reveals. He will become global head of marketing at the firm in July. He will be responsible for marketing, public relations and e-commerce for Europe and the United Kingdom. Page will report to Greg Jones, head of retail for Europe, the Middle East and Africa, and will work in close collaboration with Phil Wagstaff, head of global distribution for the brand and internal and external communications.

P { margin-bottom: 0.08in; } The British bank Barclays, rocked by the Libor scandal, on 18 April announced the departure of the head of its investment banking division, Rich Ricci, as part of a larger overhaul of its management. “Subsequent to Barclays’ publication of the outcomes of its Strategic Review on 12 February, the bank has today announced changes to the senior management within Corporate and Investment Banking, Wealth and Investment Management, and Barclays’ business in the Americas,” Barclays says in a statement. The CEO of the wealth management division and executive chairman of Barclays in the United States, Tom Kalaris, will be leaving Barclays on 30 June. He will be replaced as head of wealth management by Peter Horrell, and as head of Barclays United States by Skip McGee. Ricci will also be leaving the group on 30 June, after being replaced as head of the finance and investment bank on 1 May by Eric Bommensath and Tom King, the bank says. The changes in the management of the group come following a presentation on 12 April of its strategic plan, which included at least 3,700 layoffs this year, and cutbacks to activities to make savings and restore its reputation.

P { margin-bottom: 0.08in; } As announced by Newsmanagers on 15 April, BlackRock on 18 April announced the launch of emerging market bond sub-funds of its Luxembourg Sicav Barclays Global Funds, or BGF, the PGF Emerging Market Corporate Bond and BGF Emerging Market Investment-Grade Bond, which come as additions to a range that already includes the BGF Emerging Markets Bond and BGF Emerging Markets Local Currency Bond funds. The products are aimed at European investors.BlackRock in 2012 created a team of seven managers dedicated to emerging market debt, led by Sergio Trigo-Paz, who is co-manager of the two new funds, the first with Chris Kelly and Jane Yu, and the second with Kelly and Raphael Marechal. Before joining BlackRock in 2012, Trigo Paz had been chief investment officer for the management of emerging market bonds at FFTW, a partner firm at BNP Paribas Investment Managers, while Kelly, Marechal and Yu had been maangers in the emerging market debt team at FFTW.CharacteristicsName: BGF Emerging Markets Corporate Bond FundISIN code: LU0843229971 (A share class)Minimum investment: USD5,000 (or equivalent)Annual management fees: 1.5%Front-end fees: 5%Name: BGF Emerging Markets Investment Grade BondISIN: LU0843234039 (A share class)Minimum investment: USD5,000 (or equivalent)Annual management fees: 1.25%Front-end fee: 5%

P { margin-bottom: 0.08in; } Due to a write-down of USD854m due to a ruling on certain foreign tax credits, the Bank of New York Mellon Corporation has posted a loss for first quarter of USD266m, compared with net profits of USD622m in October-December, and USD619m in the corresponding period of last year. However, BNY Mellon is increasing its cash quarterly dividend to 15 cents per share, from 13 cents, for shareholders registered by 29 April.As of 31 March, assets under custody or administration totalled USD26.3trn, as three months previously. That represents an increase of 2% over the USD25.7trn of the end of March 2012. Assets under management, for their part, reached a record total of USD1.429trn, compared with USD1.386trn as of 31 December, and USD1.308trn one month previously. In first quarter, net subscriptions totalled USD40bn for long-term products, while net outflows totalled USD13bn for short-term products. Net inflows to long-term products boosted high demand from investors for liability-driven investments and bond funds.Management and performance commission revenues totalled USD822m, 4% less than in fourth quarter, and 10% more than in January-March 2012. One percentage point of the increase in annual terms is due to the purchase of the remaining 50% stake in Meriten Investment Management (formerly WestLB Mellon Asset Management). The decline compared with the fourth quarter of 2012 is due to a seasonal decline in performance commission revenues, and money market funds fee waivers.

P { margin-bottom: 0.08in; } For first quarter 2013, the asset management unit of Morgan Stanley has posted a net profit of USD85m, compared with a loss of USD11m the previous quarter, and a profit of USD26m in January-March 2012. Before taxes, however, profits will total USD187m, compared with USD221m in October-December, and USD128m in the corresponding period of last year.As of the end of March, assets under management or supervision totalled USD341bn, compared with USD338bn as of 31 December, and USD304bn one year previously. In first quarter, the asset management unit posted net outflows of USD2.9bn, offset by net inflows of USD0.4bn from merchant banking.For its part, net profits for the global wealth management unit fell to USD255m, from USD267m the previous quarter, but up from USD198m in January-March 2012. Fee-based client account assets rose to USD631bn as of 31 March, compared with USD554m three months previously, and USD512bn as of the end of March 2012.Overall, Morgan Stanley has posted a net profit in January-March of USD1.003bn, compared with USD680m in October-December, and a loss of USD79m the previous year. For continued operations, net profits total USD1.614bn, compared with USD859 in the previous quarter, and USD202m for the corresponding period of last year.

P { margin-bottom: 0.08in; } As of the end of March, assets under management by Blackstone reached a record total of USD218.21bn, which represents an increase of USD28.14bn, or 15%, in one year. Fee-earning assets under management, for their part, increased by 9% to USD170.95bn.Profits by GAAP standards totalled slightly over USD167.63m, compared with USD58.32m (+187%), while distributable earnings rose 134% compared with first quarter 2012, to USD378.83m. Dividend for the frist quarter is up 200%, to 30 cents per common unit.

P { margin-bottom: 0.08in; } Prupim, the division responsible for management of real estate investments for M&G Investments, on Thursday morning announced that it is opening an office in Paris, and making a recruitment in Frankfurt. The Paris team, which has been in place for one year, now occupies new premises in the centre of Paris, at 5 rue Royale in the 8th district. It is responsible for identifying the principal investment opportunities in France, Germany, Benelux and the Scandinavian countries, and of operating these properties. The most recent acquisitions in these countries had a total of EUR113.4m, bringing total assets under management in continental Europe to EUR848.9m. In Frankfurt, the appointment of Thomas Kächele to the position of associate director will allow Prupim to strengthen its personnel in Germany. The Prupim division of the M&G group has GBP17bn in assets under management. It is also entering investment management for retail and institutional clients other than M&G/Prudential Plc. Prupim will be renamed as M&G Real Estate by the end of June 2013.

P { margin-bottom: 0.08in; } Caroline Espinal-Vincent is becoming regional marketing manager – Europe at Aberdeen Asset Management, and now oversees France and Benelux. Espinal-Vincent had since 2010 been head of marketing & communication for France, after being transferred for requests for proposals and credit analysis in London. The France marketing team has also grown with the recruitment of Angelina Puyo, marketing executive.

P { margin-bottom: 0.08in; } Asian Investor reports that LaSalle IM has obtained an asset management license for South Korea. It may now offer real estate funds, as well as investments in real estate operations. Real estate assets at LaSalle IM are valued at USD47.7bn. There has been strong demand on the South Korean market for real estate funds, particularly from institutional investors, the asset management firm says.

P { margin-bottom: 0.08in; } Funds People reports that Caja España Fondos will be adjusting its catalogue of funds by the end of first half, following the merger of two asset management firms, Caja Duero and Caja España. The CEO of Francisco Zuriarrain, with the assistance of Martin Huete as deputy CEO.The new entity has 36 employees, and assets of EUR2.180bn, managed by a group of six managers led by David Azcona (who joins from Caja España) as CIO.

P { margin-bottom: 0.08in; } The Swiss Valartis group last year posted inflows of CHF929m, up 7.7% year on year, according to a statement released on 18 April. Assets under management rose 15% to CHF7.8bn, of which 86% come from private clients. The group has also returned to profitability, with net profits fo CHF10.2m in 2012, following losses of CHF19.5m in 2011. Valatris has also announced that its mid-term objective is for its assets under management to exceed CHF10bn by 2015.

P { margin-bottom: 0.08in; } Credit Suisse has announced that Michael Strobaek will join the bank as chief investment officer for the Private Banking & Wealth Management division, effective May 1, 2013. In addition to this role, he will head the newly established Investment Strategy and Research Group within the division. He will report to Robert Shafir, head Private Banking & Wealth Management Products. The Investment Strategy and Research Group is comprised of the global CIO Office, Research for Private Banking & Wealth Management, regional CIOs and additional groups within the division that produce complementary investment content. Giles Keating, head of research for Private Banking & Wealth Management, will assume the role of deputy head of the Investment Strategy and Research Group in addition to his current role. Research will partner closely with the CIO office on actionable ideas, while retaining the independence of process. Michael Strobaek joins Credit Suisse from a Swiss family office, where he was CEO and CIO. Prior to that, he spent 13 years at UBS in a number of senior positions, most recently head of investment Management for Wealth Management, and prior to that global head of Investment Solutions.

The Swiss banking group Syz & Co announced on April that it has increased to 64.3% its stake in the holding company of the Italian bank Banca Albertini Syz & C., of which it previously held 50% of the shares This operation was conducted by taking over the shares of two of Albertini’s Italian shareholders, Giampaolo Gamba and Ernesto Marelli, who are staying on as directors and continuing their present activity within the bank. Alberto Albertini retains the remaining 35.7% of the capital.Based in Milan and with offices in Rome, Bologna and Reggio Emilia, the Italian private bank Banca Albertini Syz & C. SpA was established as a result of the partnership initiated in January 2002 between Syz & Co and the Milanese group Albertini. With assets under management of CHF 3.3 billion, Banca Albertini Syz & Co specializes in high-end private banking for an Italian clientele.

P { margin-bottom: 0.08in; } The US asset management firm Polen Capital is opening its flagship fund US Growth to European investors, Citywire Global can reveal. The US version of the fund has been in existence since 1989. It invests in large businesses with solid balance sheets and sustainable returns on invested capital. The European fund, based in Dublin, will be co-managed by Dan Davidowitz and the manager, Damon Ficklin, who have been working together since 2005.

On 10th April 2013 the French pension fund FRR launched a limited request for proposals with a view to selecting providers to manage active management mandates investing in French and European small-cap equities.This contract will comprise two lots : one lot will seek exposure to European small-cap equities for an overall indicative amount of 500 million euros.A second lot, aimed entirely and solely at small and mid-cap French equities, will provide an overall indicative amount of 300 million euros for investment.Managing a highly diversified asset portfolio of more than 37 billion euros as at the end of March 2013, the FRR wishes to underline its role as an experienced long-term investor serving and thereby increasing its impact on the real economy through these investments via even greater exposure to European, including in particular French, small and medium sized enterprises.For this purpose, the FRR wishes to consider a variety of investment modes (management with or without style bias, opportunistic management …).Interested management companies have until 12.00 noon Paris time on 17th May 2013, to deliver their replies to the FRR in accordance with the terms of the consultation rules.All of the documentation relating to this request for proposals is available via the special platform www.achatpublic.com/accueil/frr/medias/index.php or via the FRR’s website www.fondsdereserve.fr.

P { margin-bottom: 0.08in; } The ETF provider iShares is launching 5 ETFs based on factors, IndexUniverse reports. Three of them each have initial capital of USD100m, provided by a pension fund, the Arizona State Retirement System. The other two are the first incursion of the ETF provider into active management. The funds on offer are the iShares MSCI USA Momentum Factor Index Fund (NYSEArca: MTUM), iShares MSCI USA Size Factor ETF (NYSEArca: SIZE) and iShares MSCI USA Value Factor ETF (NYSEArca: VLUE), based on the MSCI USA index. The two actively-managed funds are the iShares Enhanced U.S. Large-Cap ETF (NYSEArca: IELG) and the iShares Enhanced U.S. Small-Cap ETF (NYSEArca: IESM).

P { margin-bottom: 0.08in; } As announced slightly over six months ago (see Newsmanagers of 3 October), Vanguard on 18 April abandoned MSCI indices as a benchmark for eight of its US equity ETFs, in favour of CRSP indices. Overall, the move will affect a total of 22 ETFs, including six international equity funds which replicate FTSE indices, and 16 US equity funds which will adopt CSRP indices. All tickers will remain unchanged.Index Universe has reported that two of the eight funds will be changing names. They are the Vanguard Mega Cap 300 Value ETF (NYSE Arca acronym: MGV), which becomes the Vanguard Mega Cap Value ETF, and now replicates the CRSP U.S. Mega Cap Value Index, and the Vanguard Mega Cap 300 Growth ETF (MGK), which is also dropping the “300” from its name, and now replicates the CRSP U.S. Mega Cap Growth Index.The Vanguard Value ETF (VTV) now uses the CRSP U.S. Large Cap Value Index, while the Vanguard Growth ETF (VUG) trackes the CRSP U.S. Large Cap Growth Index.The Vanguard Mid-Cap Growth ETF (VOT), Vanguard Mid-Cap Value ETF (VOE), Vanguard Small-Cap Growth ETF (VBK) and Vanguard Small-Cap Value ETF (VBR) replicate the corresponding CRSP indices.

P { margin-bottom: 0.08in; } Francesca Martignoni will be the new head for Italy at the Fidelity group, according to leaks reported by Bluerating. Martignoni, currently head of marketing and corporate communications for Italy, will succeed Paolo Federici, who has been promoted to head for Southern Europe and Latin America and the US asset management firm. Martignoni joined Fidelity Worldwide Investment in 2007.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Daniel Truchi, who was active for more than 20 years in Asia, before heading global private management at Société Générale, based in Paris, is opening a multi-family office in Geneva, Agefi Switzerland reports. Truchi explains to the newspaper that he prefers Geneva to Singapore “for the expertise of the people, the unrivalled sophistication of systems in Switzerland, and the culture of private banking, which inspire true confidence in the future of the financial centre.” Truchi, originally from Bordeaux, who will primarily serve Asian and European high net worth clients, admits that he could have gone “back to basis in private management” in Singapore, but “it is more difficult to be an independent manager there than in Switzerland,” he says. In Singapore, “regulations have become rigid, and the creation of an asset management firm is more restrictive in terms of licenses and organisation.”

P { margin-bottom: 0.08in; } As of the end of December, assets under management by the Hamburg-based private banking group M.M Warburg & Co. totalled EUR44.4bn, an increase of about 16% over EUR38.1bn as of the end of 2011.Pre-tax profits for the group, for their part, fell to USD39.8m from USD43.6m the previous year.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } The financial advising network Deutsche Vermögensberatung AG (DVAG), which has 37,000 full- or part-time employees, has posted record net profits for last year of EUR184.8m, 8.1% more than the previous year, on revenues up 6.7% to EUR1.1858bn.In the area of investment funds, DVAG intermediated net subscriptions totalling EUR1.9bn in 2012, of which EUR1.7bn benefited its premium partner, DWS Investment (Deutsche Bank group). This brings total assets intermediated by DVAG to EUR16bn, an increase of 8.1% year on year.

P { margin-bottom: 0.08in; } Of the 13 strategies regularly monitored by the Edhec-Risk Institute, only dedicated short bias posted losses in March (-1.90%) and for first quarter (-6.7%). It was also the only strategy to post an average annual loss since January 2011 (-1.3%), and its Sharpe ratio is negative (-0.39). The Sharpe ratio for funds of funds is also negative (-0.04).The best returns in March were for distressed securities, with 1.68%, and a gain of 4.4% for first quarter as a whole, the only category with a Sharpe ratio of over 1 (1.07). However, the best returns for first quarter were for long/short equity, with 5.1%.

Funds People rapporte que Caja España Fondos aura ajusté son catalogue de fonds d’ici à la fin du premier semestre, suite à la fusion des deux sociétés de gestion de Caja Duero et de Caja España. Le directeur général est Francisco Zuriarraín assisté de Martin Huete comme DGA.La nouvelle entité compte 36 personnes et affiche un encours de 2.180 millions d’euros confié à une équipe de six gérants dirigée par David Azcona (qui vient de Caja España) comme CIO.

Francesca Martignoni sera la nouvelle responsable pour l’Italie du groupe Fidelity, selon des indiscrétions recueillies par Bluerating. Actuellement responsable du marketing et de la communication d’entreprise pour l’Italie, elle succédera à Paolo Federici, promu responsable pour l’Europe du Sud et de l’Amérique latine de la société de gestion américaine.Francesca Martignoni a rejoint Fidelity Worldwide Investment en 2007.

Du fait d’un redressement de 854 millions de dollars lies à un jugement sur certains crédits d’impôt à l'étranger, Bank of New York Mellon Corporation a affiché pour le premier trimestre une perte de 266 millions de dollars contre des bénéfice nets de 622 millions pour octobrze-décembre et de 619 millions pour la période correspondante de l’an dernier. Cependant, BNY Mellon augmente son dividende trimestriel en numéraire à 15 cents par action contre 13 cents pour les actionnaires enregistrés au 29 avril.Au 31 mars, les actifs sous conservation ou administration se situaient à 26.300 milliards de dollars, comme trois mois plus tôt. Cela représente une progression de 2 % sur les 25.700 milliards de fin mars 2012. L’encours sous gestion s’inscrivait pour sa part à un montant record 1.429 milliards de dollars contre 1.386 milliards au 31 décembre et 1.308 milliards un an auparavant. Au premier trimestre, les souscriptions nettes ont porté sur 40 milliards de dollars pour les produits de long terme tandis que les sorties nettes atteignaient 13 milliards pour ceux de court terme. Les rentrées nettes pour les produits de long terme ont profité d’une demande élevée d’investissements sous contrainte de passif (liability-driven) et de fonds obligataires.En ce qui concerne les recettes de commissions de gestion et de performance, elles se sont situées à 822 millions de dollars, soit 4 % de moins qu’au quatrième trimestre et 10 % de plus que pour janvier-mars 2012. La hausse en glissement annuel s’explique pour un point de pourcentage par l’acquisition du reliquat de 50 % dans Meriten Investment Management (anciennement WestLB Mellon Asset Management). La baisse par rapport au trimestre précédent s’explique par un tassement saisonnier des recettes de commissions de performance et de sacrifices tarifaires plus importants sur les fonds monétaires.

Pour le premier trimestre 2013, le pôle gestion d’actifs de Morgan Stanley affiche un bénéfice net de 85 millions de dollars contre une perte de 11 millions le trimestre précédent et un bénéfice et 26 millions pour janvier-mars 2012. Avant impôt toutefois, le bénéfice se situe à 187 millions de dollars contre 221 millions en octobre-décembre et 128 millions pour la période correspondante de l’an dernier.A fin mars, les encours sous gestion ou supervision ressortaient à 341 milliards de dollars contre 338 milliards au 31 décembre et 304 milliards un an auparavant. Au premier trimestre, le pôle gestion d’actifs a subi des sorties nettes de 2,9 milliards de dollars, compensés par des entrées nettes de 0,4 milliard provenant du «merchant banking».Pour sa part, le bénéfice net du pôle gestion de fortune (global wealth management) diminue à 255 millions de dollars contre 267 millions le trimestre précédent, mais augmente par rapport aux 198 millions de janvier-mars 2012. L’encours générateur de commissions a gonflé à 631 milliards de dollars au 31 mars contre 554 milliards trois mois plus tôt et 512 milliards fin mars 2012.Au total, Morgan Stanley a enregistré pour janvier-mars 2013 un bénéfice net de 1.003 millions de dollars contre 680 millions pour octobre-décembre et une perte de 79 millions. Pour les seules activités conservées, le bénéfice net se situe à 1.614 millions contre 859 millions pour le trimestre précédent et 202 millions pour la période correspondante de l’an dernier.