P { margin-bottom: 0.08in; }A:link { } BlackRock is planning to cut about 300 jobs, equivalent to nearly 3% of staff, the asset management firm announced to its employees on Monday, the Financial Times reports. The objective is to remove the least well-performing employees. The group will meanwhile continue to recruit, and expects to have more employees by the end of the year than it does currently. Layoffs will affect all levels of the organisation.

P { margin-bottom: 0.08in; } Lyxor Asset Management (“Lyxor”) on 18 March announced that it is scaling up its commercial presence in Europe, with the appointment of Véronique Parizet as director of sales for French- and German-speaking Europe. Parizet will be based in Paris, and will report to Christophe Baurand, global director of sales.Parizet will be responsible for the commercial development of Lyxor serving all clients based in French- and German-speaking Europe (France, Belgium, Luxembourg, Monaco, Germany, Austria and Switzerland).“Her long experience with institutional clients will allow Parizet and her team to strengthen Lyxor’s position in these countries for its complete product range: alternative management, ETFs and passive management, multi-asset management and structured management,” a statement from Lyxor says.After beginning her career at the Banque du Louvre (now HSBC Group), Parizet in 1995 joined the BNP Paribas group, first in the insurance company BNPP-Paribas Cardif. In 2006, she joined BNP Paribas Investment Partners, where she served in several roles in the sales team. Before joining Lyxor, she was director of sales for major institutional clients in France.Following the appointment, the organisation fo the sales team has been structured as follows: Frédéric Bordas has been appointed as director of sales for asset management in France. Bordas and his team are based in France and report to Parizet. Julien Martin has been appointed as director of sales for asset management in Belgium, Luxembourg, Monaco and French-speaking Switzerland. Martin and his team are based in Paris, and report to Parizet. Effective immediately, Oliver Stahlkopf, director of sales for asset management in Germany, Austria and German-speaking Switzerland, based in Frankfurt, and his team, will report to Parizet.All ETF sales teams for this geographical region will also now report to Parizet.

P { margin-bottom: 0.08in; } Frankfurt-based SEB Asset Management on 15 March completed the sale of a diversified real estate portfolio with 137,200 square metres in property, in a total of 11 properties located in Germany, for about EUR420m, or 95% of its book value, to Dundee International REIT, in a transaction which was announced more than a month ago (see Newsmanagers of 6 February).The German asset management firm has also announced that it has sold the office property Andel Park B in Prague, which had been in the portfolio of SEB InnoInvest, to a fund managed by GLL Real Estate Partners GmbH.Since the most recent distribution of EUR145m on 28 December (see Newsmanagers of 11 December). SEB AM has sold 13 properties, for a total of EUR710m.

P { margin-bottom: 0.08in; } Despite returns of about 12% last year, the coverage rate for German pension funds deteriorated considerably in 2012, largely due to a 140 basis point decline in the discount rate, to 3.35%, Towers Watson Germany finds in its study entitled “German Pension Finance Watch Jahresrückblick 2012.” However, Towers Watson points out that beginning in January 2013, the discount rate has risen back to 3.7%, which may be the first sign that the situation is normalising.The decline in the discount rate triggered a revaluation of liabilities for Dax companies at the end of December, from EUR259bn to EUR317bn, and for MDax companies from EUR34bn to EUR41bn. These correspond to respective coverage rates of 57.9% and 43.9% as of the end of 2012, compared with 65.6% and 48.9% as of the end of 2011, with dedicated reserves of EUR183.8bn, compared with EUR169.6bn for Dax companies, and EUR18.1bn compared with EUR16.1bn for MDax companies.

P { margin-bottom: 0.08in; } Asset managers have increased their marketing and professional ethics spending dedicated to social networks by more than 60% between 2011 and 2012, according to a study by Cerulli Associates, published in the March issue of “Cerulli edge-US Asset Management Edition.” More precisely, marketing recruitments increased 62% year on year, at a time when recruitments in compliance rose 76%. More than half of asset managers currently have a person to deploy their social network strategy. Responsibilities devolved to social networks are generally in the marketing departments, with 32% in marketing and corporate communications, 32% in digital strategy, and 26% in a marketing and retail communications unit.

P { margin-bottom: 0.08in; } The billionaire John Paulson has announced that he has no plans to move his residence to Puerto Rico, denying reports in the Financial Times (Newsmanagers of 12 March).The alternative asset management firm released a statement to this effect, stating that Paulson was planning investments in Puerto Rican real estate, and that he had visited the island, but that he had no plans to establish a permanent residence there.

P { margin-bottom: 0.08in; } The three largest asset management firms control more than half of the EUR300bn in assets which pass via platforms in Germany, Italy, Sweden and the Netherlands, according to Financial Times Fund Management, citing data from the Platforum. In France and Spain, the percentage is 40%, while in Switzerland and Austria, the proportion is two thirds. In the United Kingdom alone the percentage is low, at about 24%. In this environment, it is difficult for small asset management firms to attract business, FTfm suggests.

P { margin-bottom: 0.08in; } Italy’s Generali has announced that its group board of directors is now complete, following the recruitment of a CIO and a COO.Generali has recruited the Singapore native Nikhil Srinivasan, group CIO for Allianz Investment Management (see Newsmanagers of 29 November 2010) as group chief investment officer (CIO). Srinivasan joined the Allianz group in 2003.Carsten Schildknecht, who on 31 March will leave his position as chairman of the supervisory board at Sal. Oppenheim (where he will be replaced by the head of DWS, Wolfgang Matis), and who had been global COO of the asset and wealth management (AWM) division for Germany at Deutsche Bank, will join Generali on 1 April as COO.The two appointments have yet to be approved by the board of directors at Assicurazioni Generali.

P { margin-bottom: 0.08in; } Dario Prunotto, currently head of private banking at the UniCredit group, may be leaving the bank to join Banca Esperia, ilmonde.it reports. The bank was created as a joint venture of Mediobanca and Mediolanum, led by Andrea Cingoli.

P { margin-bottom: 0.08in; } Duri Prder, a former private banker at Vontobel, will take over as director of Lienhardt & Partner Privatbank Zürich, finews reports. He will begin in his position as CEO designate and managing partner on 1 June. After a period as a board member, in 2014 he will become CEO for all of the bank’s activities. Prader succeeds Markus Graf, who had been director of the bank for 17 years. Graf will continue to collaborate with the bank, and will be responsible for key accounts and special projects.

P { margin-bottom: 0.08in; }A:link { } The hedge fund firm SAC Capital, with USD15bn in assets under management, on Monday warned investors that a payment of USD614m to settle civil insider trading suits will not prevent further legal action by regulators, the Financial Times reports. In a 20-minute telephone conference with clients, Tom Conheeney, chairman of SAC, called the agreement “an important first step,” but added that he didn’t want to give the impression that everything was settled.

P { margin-bottom: 0.08in; } Guido Giubergia, chairman and deputy director of Ersel, has left his position as chairman of the corporate governance committee at Assogestioni, the Italian association of asset managers. The Italian website Bluerating cites divergences in point of view as a factor in the decision. Following the move, Mario Vicinanza (of the Arca group) will co-ordinate the management committee until a new chairman can be found for the governance committee.

P { margin-bottom: 0.08in; } Buyers, sellers and platforms for European funds estimate that the MiFID II directive will have the most significant impact of all upcoming regulations, according to a survey by Cerulli Associates and the Platforum on behalf of the European fund platform association FPG (Fund Platform Group).It is followed by UCITS IV for fund buyers and platforms, and Solvency II for fund sellers.The MiFID II and UCITS IV directives have also been identified as the regulations that will have the most significant impact in the future on fund buyers and sellers’ potential to generate revenue. Professionals on platforms, for their part, estimate that the AIFM directive will have a more marked impact on revenue.

P { margin-bottom: 0.08in; }A:link { } Asset management firms are up in arms against European plans to enforce a maximum 1:1 ratio of bonus to salary for fund managers, the Financial Times reports. The plans, which would also require up to 60 per cent of the variable pay element to be deferred and largely paid in units of the funds the asset manager runs, focus on Ucits. Some executives of asset management firms are concerned that it will lead to job losses. The parliament’s main parties support inserting the curbs into a year-old reform proposal for Ucits funds, the Financial Times reports. All political blocs are expected to support the limit in a formal vote on Thursday.

P { margin-bottom: 0.08in; } First State Investments is said to have ceased actively selling its Asia Pacific Leaders fund, whose assets under management total about GBP7.4bn, Investment Week reports. First State has asked wealth managers no longer to place large bets on the fund, which it is planning to close to new investors in the next few months. In the five years to 1 March, the Asia Pacific Leaders fund earned returns of 73.4%, compared with an average return of 50.7% for the IMA Asia Pacific ex Japan sector.

P { margin-bottom: 0.08in; } The British asset management firm Milton Group is planning to launch a series of British equity funds, after seeing a strong increase in its assets under management last year, Investment Week reports. Assets under management by Milton Group, previously known as MAM Funds, last year rose 7.2% to GBP1.79bn. The group, which had posted a pre-tax loss of GBP0.4m in 2011, returned to profitability last year, with profits of GBP0.9m. The new strategies planned will be dedicated to British small and mid cap equities.

P { margin-bottom: 0.08in; } The largest UK asset management firms are beginning to focus on growth in dividends, the Financial Times observes. Schroders and Jupiter Fund Management this month announced major increases in dividends, while F&C Asset Management and Henderson Global Investors have said that they are seeking to accentuate growth strategies, with the objective of rewarding investors.

P { margin-bottom: 0.08in; } The London-based Swede Gustaf Lindskog has left Soros Fund Management to join GLG Partners, the Swedish website realtid.se reports. He had previously worked for Highbridge.

P { margin-bottom: 0.08in; } Man Group is to limit cash bonuses for its top executives to 250 per cent of salary, the Financial Times reports. Non-cash awards at Man in the future are to be subject to a mandatory three- to five-year deferral period and subject to clawback arrangements. Man also said it would be paying no bonuses at all to its top executives for their performance in 2012. Peter Clarke, former CEO of Man, will receive no bonus for 2012, while the share price of the firm has lost 20%. He will also receive no golden farewell. The new CEO, Emmanuel Roman, will receive no bonus either for his work last year as chief operating officer.

P { margin-bottom: 0.08in; }A:link { } According to reports in the Sunday Times relayed by IFAonline, more than 20 fund managers are preparing to submit bids to acquire 315 bank branches which RBS is being required to sell. They will have until Thursday to do so. Among the potential buyers are Schroders, Invesco, Henderson and F&C.

Le fonds souverain libyen est dans les « limbes », selon Mohsen Derregia, son patron, rapporte Les Echos. Chargé de superviser l’audit du fiasco du fonds sous l'ère Kadhafi, de le remettre sur les rails et le restructurer, il a été remercié par le Premier ministre, officiellement faute de résultats. Celui qui aura tenu moins d’un an à ce poste, a expliqué à l’agence Reuters que « tout retard dans la restructuration du portefeuille et dans les démarches légales pour obtenir réparation auprès des banques nous coûte des centaines de millions de dollars ». En effet, la Libyan Investment Authority (LIA) a certes 60 milliards de dollars, ce qui en fait, devant l’Algérie, le premier fonds par la taille du continent africain, mais certains de ses placements recèlent de fortes moins-values, voire ne valent plus rien. Le fonds va devoir hiérarchiser ses objectifs : stabilisation du budget, épargne pour les générations futures, développement local… Le remplacement brutal de Mohsen Derregia à la tête de LIA par l’adjoint du gouverneur de la banque centrale tendrait à montrer que cette dernière reprend la main et que l’objectif de stabilisation prend le dessus.

Le Fonds monétaire international a recommandé lundi à la Banque nationale suisse (BNS) de mettre en place des taux d’intérêt négatifs sur les réserves excédentaires qu’elle détient. «Dans le cas d’une nouvelle pression à la hausse exercée sur le franc suisse, le FMI est d’avis que la BNS devrait introduire des taux d’intérêt négatifs sur les réserves excédentaires des banques commerciales» auprès de la banque centrale, affirme le FMI dans un communiqué publié sur le site du ministère suisse des Finances. Un porte-parole de la BNS a rappelé que la Banque centrale se dit depuis longtemps prête à prendre de nouvelles mesures si nécessaire, dont l’introduction de taux d’intérêt négatifs. Le FMI a en outre jugé que la BNS avait raison de maintenir le taux plancher de l’euro à 1,20 franc, imposé depuis septembre 2011, afin de limiter l’appréciation de la devise suisse, devenue une valeur refuge à la suite de la crise de la zone euro.

Le Trésor italien prépare le lancement en avril d’une nouvelle tranche de son emprunt obligataire réservé aux particuliers, qui avait remporté l’an dernier un succès inattendu, croit savoir Reuters. L’Italie avait levé 27 milliards d’euros l’an dernier, à partir de trois tranches de ce prêt à quatre ans indexé sur l’inflation.

La Suisse prévoit de présenter d’ici le milieu de l’année un projet de réforme de la fiscalité s’appliquant aux entreprises, a indiqué au Parlement le ministre des Finances Eveline Widmer-Schlumpf. La Commission européenne a dénoncé les largesses accordées aux multinationales en matière d’impôt. La réforme, dont les contours n’ont pas été précisés, entrerait en vigueur en 2018.

Le sentiment des promoteurs immobiliers s’est dégradé en mars, revenant à son plus bas niveau en cinq mois en raison de tensions dans la chaîne d’approvisionnement et de hausse de coûts, montre l’enquête mensuelle de la fédération NAHB. L’indice NAHB/Wells Fargo du marché du logement est revenu à 44 contre 46 en février. Il ressort ainsi à son plus bas niveau depuis octobre.

Les investissements directs étrangers en Chine ont rebondi de 6,3% sur un an, à 8,21 milliards de dollars au mois de février, selon les chiffres publiés ce matin par le ministère du commerce chinois. Il s’agit de la première hausse depuis neuf mois, mais ils restent en baisse de 1,5% en janvier-février, à 17,5 milliards. Les investissements non-financiers se sont eux envolés de 147%, à 18,4 milliards.

Le géant de la gestion d’actifs a annoncé hier à ses employés que 300 postes seront supprimés, soit 3% de ses effectifs. Son président Robert Kapito, a précisé que le groupe «revoit son organisation en déplaçant certaines responsabilités et en déplaçant certains postes dans des endroits différents», mais «même avec ces changements, nous aurons plus d’employés à la fin de l’année qu’aujourd’hui».

Le dollar néo-zélandais chutait ce matin à 82,42 contre le billet vert après que le ministre des Finances, Bill English, a indiqué que la devise était surévaluée, mais que le gouvernement ne pouvait rien faire. Le FMI estimait hier à 15% cette surévaluation. Le dollar australien se renforçait de son côté de 0,2% contre billet vert à 1,0387, suite aux propos de Philip Lowe, directeur adjoint de la RBA, défendant les bienfaits d’une devise forte.

Nicosie et l'Eurogroupe essaient d'amender le plan de sauvetage de l'île, difficile à adopter en l'état

Le fonds de pension canadien CPP Investment Board se tourne actuellement vers l’Inde pour trouver de nouvelles opportunités d’investissement notamment dans la construction d’infrastructures, les investissements en Chine étant plus difficile à trouver, selon un entretien accordé au journal par son président Mark Wiseman. Il estime ainsi que la Chine laisse peu d’opportunités pour les partenaires étrangers.