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19/02/2013

UBS AM adds to passive management product range in UK

UBS Asset Management will be adding to its passive management product range in the UK, with the first product in a new range aimed at retail investors, Investment Week reports. The vehicle will be a British bond fund, whose launch is scheduled for the beginning of second quarter. After that, the product range will include both equity and bond products. The new funds come as additions to the available active strategies.
19/02/2013

ADIA may buy a hotel portfolio from RBS

The Abu Dhabi sovereign fund ADIA is very seriously considering buying a portfolio of 42 Marriott hotels owned by RBS, the SWF Institute reports. The cost of the transaction would be about GBP640m.
19/02/2013

Edmond de Rothschild to found a private bank in London

merc Edmond de Rotschild will create a private merchant bank in London, which will open in spring, according to reports in the Financial Times. The project is being led by Richard Briance, UK head of Rothschild. He will advise business owners, family offices and high net worth private clients on deals, strategies and investment opportunities. The bank will be named Edmond de Rothschild Private Merchant Banking, and received a license from the Financial Services Authority last month.
19/02/2013

New head of distribution appointed at Barings

Baring Asset Management on February 18th announced the appointment of Angus Woolhouse as global head of distribution, based in London and effective immediately. He is replacing George Harvey, who will be retiring from the City at the end of April after over 14 years at the firm. He reports to David Brennan, Barings’ chairman and chief executive.Angus Woolhouse has over 20 years’ international experience in the asset management industry and has held a number of senior leadership roles within the sector, at firms including Gartmore, Invesco and HSBC Asset Management. Most recently he has been a strategic adviser to several international asset management firms.He is responsible for global sales, client relationship and business development across all channels.
19/02/2013

Barclays wealth management overhauls its product range

The wealth management unit at Barclays has called off plans to introduce an administration commission for companies that offer funds when their products are recommended for the portfolios of private clients, Investment Week reports. Wealth management at the British group has also cut back the number of funds available on its shopping list for discretionary portfolio management. Barclays has reduced the perimeter for its selection to a list of 100 funds from 50 providers, compared with 400 funds previously.
19/02/2013

WH Ireland acquires Seymour Pierce wealth management

The Irish group WH Ireland on 18 February announced the acquisition of the wealth management activities of Seymour Pierce, which have been under legal administration since last month. The transaction price is GBP25,000, a statement says. Assets under management for wealth management clients at Seymour Pierce total about GBP270m. The acquisition will allow WH Ireland to increase its assets under management by about 15%.
19/02/2013

Natixis sells off its CCIs for over EUR12bn

Natixis on 17 February announced at a publication of its annual results that it is selling off cooperative investment certificates (CCI) to the co-Within the savings unit 9asset management, insurance and private banking) at Natixis, growth remains dynamic in asset management, particularly in the United States, and the context in 2012 is expected to have been difficult overall for life insurance activities. Gross net proceeds from asset management are up 17% compared with fourth quarter 2011, at EUR437m (+13% at constant rates). The acquisition of McDonnell in the United States is being finalised, and will develop the group’s expertise in fixed income and municipal bond products (EUR10bn in assets under maoperative banks and savings banks, for a total of EUR12.1bn. At the conclusion of the operation, Natixis would pay a one-time distribution of EUR2bn, or EUR0.65 per share. Good results for asset management Assets under management totalled EUR591bn as of 31 December 2012, compared with a level of EUR570bn as of 30 September 2012, due to net outflows of -EUR2.2bn, currency effects of -EUR6bn, perimeter effect of +EUR15.5bn (primarily the acquisition of McDonnell) and market effects of +EUR13.6bn. Net inflows were positive to the tune of EUR4.5bn in the United States in 2012.
19/02/2013

Fidelity extends UK allocation fund range

In the United Kingdom, Fidelity is now offering the profiled allocation funds Fidelity Multi Asset Open Defensive, Fidelity Multi Asset Open Adventurous and Fidelity Multi Asset Open World, which bring the Fidelity Multi Asset Open multi-asset class product range, including the Strategic and Open Growth funds, to five.The funds are managed by the multi manager team, including James Bateman (head of Multi Manager & Multi Asset Portfolio Management) as well as the portfolio managers Ayesha Akbar and Eugene Philalithis. Recently, the asset manager has decided to rename the Fidelity MultiManager Growth Fund, managed by Akbar, in the Fidelity Multi Asset Open Growth and Fidelity MultiManager Balanced Fund, managed by Philalithis, in the Fidelity Multi Asset Open Strategic fund.The new Defensive fund will be 50% invested in bonds, 25% in cash, 15% in equities, 5% in commodities and 5% in REITs, while the Adventurous fund will be 75% invested in equities, 15% in commodities, and 10% in REITs. Lastly, the Open World fund may hold up to 100% equities.
19/02/2013

RLAM launches two global high yield funds

Royal London Asset Management on 18 February announced two new funds which aim to meet the growing demand of investors for strategies that generate revenues in the speculative grade category. The two new vehicles, in UCITS IV format, will be domiciled in Dublin, and will be available in the United Kingdom from 27 February. The Royal London Global High Yield fund aims for annual returns 1% higher than its benchmark, the BoAML BB-B Global Non-Financial High Yield Constrained Index. The Royal London Short Duration Global High Yield Fund, for its part, aims for annual returns 2% higher than those of its benchmark index, the Libor 3-month index, while maintaining a duration of near two months.
19/02/2013

FI investors are optimistic, but sentiment is more muted for HY

European fixed-income investors were swept up on a wave of New Year enthusiasm in Fitch Ratings’ latest quarterly investor survey conducted between 4 and 31 January.Respondents turned much more positive on the prospect for eurozone sovereigns as well as for banks. Sentiment was more muted on non-financial corporates. Investors voted the high-yield sector their most favoured investment choice, while simultaneously signalling significant concerns about fundamental credit conditions. Survey participants are not expecting a rapid rise in the inflation rate. This stance is reflected in respondents’ views on the direction and pace of evolution of bond yields. Yields are at historical lows and for the first time in history, the safest core country government bonds have had prolonged negative real yields along the curve to 10 years. This reflects low inflation anticipation, monetary easing (US, UK and Japan) and the overall risk-off environment during most of the last three years, fuelling flight to quality.
19/02/2013

Consolidation in the asset management sector to continue in Europe

About 85% of asset management professionals estimate that fund closures and consolidation in the sector in Europe will continue, according to a survey undertaken by Cerulli Associates and the Platforum for the European Fund Platform Group (FPG). More precisely, 42% of participants in the survey estimate that the number of funds in Europe will decline a further 15% to 20% in Europe by the end of the year, while 20% to 30% of the sample predict a decline of as much as 20% to 30% [sic]. In the period from 2008 to 2011, closures of open-ended funds totalled an average of 1,743 per year, with an exception for the year 2009, when 2,037 funds were closed. The study also predicts that assets will be concentrated at a few major players. Two thirds of fund platforms (67%) estimate that over 60% of assets will be controlled by only 10 fund managers by 2015. 60% of fund managers predict an evolution of this type. Only 33% of fund actors predict such a scenario, however. The study sample includes 70 companies, including fund buyers (13%), fund vendors (51%), fund distribution platforms (26%), and a few professional associations (10%).
19/02/2013

Henderson recruits for Benelux sales team

After working at Rabobank Amsterdam, ABN Amro Asset Management and ABN Amro Private Banking, Douglas Barker is joining the Benelux sales team at Henderson Global Investors, Fondsnieuws reports. Barker will report to Erik van de Weele, with whom he will be responsible for assisting distribution partners.
19/02/2013

Credit Suisse launches a platform for external asset managers

In a few weeks, Credit Suisse will be offering an online platform for external asset managers (EAM), according to the website finews. In Switzerland, the external asset management segment represents 2,200 to 3,600 businesses, according to estimates, with about CHF600bn in assets. Credit Suisse has business relationships with about 1,700 external asset managers, with about CHF90bn in assets. In an increasingly regulated environment, with the ongoing erosion of margins and general pressure on costs, external activities are expected to evolve. Many players in this segment will have trouble continuing their activities independently, Credit Suisse predicts. Hence the coming initiative, which will allow participants to exchange information, research and investments ideas through a dedicated infrastructure.
19/02/2013

Swiss stock exchange lists Lyxor gold mining ETF

Since 18 February, the Swiss SIX exchange has listed a new, UCITS-compliant, Luxembourg-registered ETF of equities in gold mining companies, launched by Lyxor Asset Management, and replicating the MSCI AWI Gold with EM DR 18% Group Entity Capped Index. For emerging market gold mining shares, the fund invests via depositary receipts.The fund, in US dollars (ISIN code: LU0854423927) charges 0.50%.
19/02/2013

Syz & Co adds Japanese equities to product range

Syz Asset Management is now offering management of Japanese equities as part of its range of institutional strategies. To implement this strategy, the institutional asset management arm of the Swiss banking Group Syz & CO has recruited Joël Le Saux, a Japanese market specialist. Offered to institutional investors in the form of segregated mandates, this expertise will also be accessible to a broader public via the Oyster Japan Opportunities fund, which will thus be managed by Syz Asset Management. This new asset class strengthens the Syz & CO Group’s expertise in international equities and is an addition to the 17 strategies already available.In addition to management of segregated accounts, Joël Le Saux will be taking over management of the Oyster Japan Opportunities fund, which until now was entrusted to the asset management company Morant Wright of London. Unlike the orientation towards mainly domestic small- and medium-sized companies that had prevailed until now, Joël Le Saux’s management will be more agnostic in terms of style, sectors and market capitalization. His “bottom-up” approach focuses on undervalued companies, while taking into account the Japanese and global economic environment. The portfolio will be more balanced between domestic-oriented stocks and international exporting companies.Joël Le Saux joins Syz Asset Management with 17 years’ experience of the Japanese market. He joined UBP in Geneva in 2011, where he was a “product specialist” and analyst for funds investing in Japan.
19/02/2013

Orix acquires Robeco

Japan’s Orix is acquiring approximately 90.01% of the equity in Robeco from Rabobank, for EUR 1,935 million, according to a statement published on Tuesday morning. Closing of the transaction is subject to legal and regulatory approvals, which are expected to be completed within six months. The amount is approximately 1,1 % of Robeco’s AUM of EUR189bn.Part of the agreement is a strategic alliance between Rabobank and Orix. This includes Rabobank retaining a 9.99% share in Robeco, and continuing to cooperate in maintaining and expanding the asset manager’s business platform. The Japanese group will allocate treasury stock to Rabobank as part of the acquisition price, and as a result Rabobank becomes a shareholder of Orix. Also, Orix and Rabobank have agreed that Robeco’s banking activities, which are only based in the Netherlands, will be transferred to Rabobank with Robeco retaining its client service relations. «The financial market has drastically changed since the financial crisis and Orix believes that it is necessary to pursue a new business model by combining finance with related services in a strategy called «Finance + Services.» As one of the measures to drive this strategy, Orix has been seeking to build its presence in the global asset management industry in recent years, as evidenced by the 2010 purchase of Mariner Investment Group in the U.S.», according to a press release.
19/02/2013

Reuss Private licensed as securities broker

The wealth management firm Reuss Private has received permission from the Swiss federal financial regulator, Finma, to launch securities brokerage activitis, Agefi Switzerland reports. Reuss has more direct access to financial markets, which will allow it to extend its range of services. “The status of securities broker will help us to continue our growth,” says Adriano Lucatelli, director and partner at Reuss Private, which presents itself as an “independent wealth management firm for discerning clients.”
19/02/2013

Nomination d'un nouveau responsable de la distribution chez Barings

Baring Asset Management (Barings) a annoncé le 18 février la nomination d’Angus Woolhouse en qualité de responsable mondial de la distribution, avec effet immédiat. Angus Woolhouse, qui sera basé à Londres, remplace à ce poste George Harvey, qui part en retraite fin avril après 14 ans au sein de la société.Angus Woolhouse travaillait dernièrement en tant que conseiller en stratégie auprès de plusieurs grands gestionnaires d’actifs internationaux, après avoir occupé divers postes de responsabilité chez Gartmore, Invesco et HSBC AM..
19/02/2013

Edmond de Rothschild va créer une banque privée à Londres

Edmond de Rothschild va créer une banque d’affaires privée à Londres qui devrait voir le jour au printemps, selon les informations du Financial Times. Le projet est piloté par Richard Briance, le patron britannique de Rothschild. Il vise à fournir des conseils aux propriétaires d’entreprises, family offices et individus fortunés sur des opérations, stratégies et possibilités d’investissement. La banque sera dénommée Edmond de Rothschild Private Merchant Banking et a obtenu un agrément de la part de la Financial Services Authority le mois dernier.
19/02/2013
Fonds

La Mutuelle d'Ivry - La Fraternelle (MIF) confie un mandat de gestion à Prim' Finance

La Mutuelle d’Ivry - La Fraternelle (MIF) vient de confier la gestion de sa poche matières premières à la société de gestion Prim’ Finance, spécialisée dans ce domaine. L’univers d’investissement couvre les métaux industriels, les métaux précieux et les énergies. Les matières premières agricoles n’ont pas été retenues.Le fonds contractuel dédié gère plus de 20 millions d’euros et est piloté par Benjamin Louvet, associé-gérant de Prim’ Finance. Cette poche représente un peu moins de 1 % des encours totaux de La Mutuelle d’Ivry - La Fraternelle, précise un communiqué.
Fonds
19/02/2013
Fonds

Un nouvel ETF de Lyxor sur Euronext Paris

NYSE Euronext a annoncé le 18 février l’admission à la négociation sur NYSE Euronext Paris d’un nouvel ETF de droit français de Lyxor Asset Management, le LYXOR ETF MTS SPA. Ce fonds réplique l’indice MTS Spain Gvt Index (All-Mat). Il est chargé à 0,165 %.
Fonds
19/02/2013
Fonds

Eaton Vance Management enlève son nom des fonds conseillés par Parametric

Eaton Vance Management (groupe Eaton Vance) a annoncé qu’il supprimera à partir du premier mars la marque Eaton Vance d’une série de fonds conseillés par sa filiale Parametric. Il s’agit des produits suivants : Eaton Vance Parametric Structured Emerging Markets Fund, Eaton Vance Parametric Tax-Managed Emerging Markets Fund, Eaton Vance Parametric Structured International Equity Fund, Eaton Vance Parametric Tax-Managed International Equity Fund, Eaton Vance Parametric Option Absolute Return Fund, Eaton Vance Parametric Structured Absolute Return Fund, Eaton Vance Parametric Structured Commodity Strategy Fund et Eaton Vance Parametric Structured Currency Fund.
Fonds
19/02/2013
Fonds

Banca Fideuram lance un fonds obligataire éthique

Banca Fideuram a lancé le fonds obligataire durable Fonditalia Ethical Investment, rapporte Bluerating. Le portefeuille est investi dans des obligations d’Etats qui sont attentifs aux thèmes sociaux et environnementaux, en parts de fonds de microcrédit et en fonds de commerce équitable et solidaire. Enfin, Banca Fideuram versera une partie des commissions à une association pour la lutte contre la sclérose en plaques.
Fonds
19/02/2013

Reuss Private autorisé à faire du courtage de valeurs

Le gestionnaire de fortune Reuss Private a obtenu le feu vert de l’Autorité fédérale de surveillance des marchés (Finma) pour lancer une activité de courtage de valeurs, rapporte L’Agefi suisse. Reuss a ainsi un accès plus direct aux marchés financiers, ce qui lui permet d’étendre sa palette de prestations de service. «Le statut de courtier en valeurs nous aidera à poursuivre notre croissance», a déclaré Adriano Lucatelli, directeur et associé de Reuss Private, qui se présente comme un «gestionnaire de fortune indépendant destiné à une clientèle exigeante».
19/02/2013

Ethos proteste contre la prime de départ pour Daniel Vasella

Suite à la confirmation par Daniel Vasella à la télévision alémanique des détails de la clause de non-concurrence qui le lie à Novartis, la Fondation Ethos modifie ses recommandations de vote du 5 février 2013 pour l’assemblée générale de Novartis du 22 février 2013.Constatant que le conseil d’administration du groupe pharmaceutique a une responsabilité directe dans l'établissement du contrat de Daneil Vasella, Ethos recommande de voter contre le quitus proposé au point 2 de l’ordre du jour. En outre, Ethos exige également une annulation volontaire de ce contrat et la restitution à la société de tout montant déjà perçu.Dans l'émission de SRF «Tagesschau» du 15 février, Daniel Vasella a confirmé recevoir une rémunération annuelle de 12 millions de francs pendant six ans s’il ne travaille pas pour la concurrence. Ce contrat prend effet dès le retrait du président du conseil d’administration le 22 février 2013. La rémunération totale pourrait donc atteindre 72 millions de francs.
19/02/2013

Le groupe nippon Orix acquiert Robeco pour 2 milliards d'euros

Le groupe nippon ORIX, Rabobank et Robeco ont annoncé le 19 février l’acquisition par Orix d’environ 90.01% du capital de Robeco détenu par Rabobank pour un montant de 1,93 milliard d’euros, soit un prix représentant environ 1,06% des encours. Les modalités de l’accord prévoient une «alliance stratégique» entre Rabobank et Orix qui stipule que Rabobank maintient une participation de 9,99% dans Robeco et poursuit sa coopération avec Robeco. Rabobank devient par ailleurs actionnaire d’Orix par le biais d’une allocation de titres comprise dans le prix d’acquisition. Orix et Rabobank sont en outre convenues que les activités bancaires de Robeco qui sont exclusivement basées aux Pays-Bas seront transférées au sein de Rabobank. Avec cette acquisition, Orix souligne qu’il entend mener une nouvelle stratégie, imposée par la crise financière, qu’il a intitulé «Finance + Services». Dans le cadre de stratégie, Orix développe ses activités dans le secteur de la gestion d’actifs, comme l’a déjà montré l’acquisition en 2010 de Mariner Investment Group aux Etats-Unis. Les actifs sous gestion de Robeco s'élevaient fin décembre à 189 milliards d’euros, en progression de 26% par rapport à fin décembre 2011. La collecte nette s’est inscrite à 18,4 milliards d’euros.
19/02/2013

Henderson renforce son équipe commerciale Benelux

Douglas Barker rejoint l'équipe ventes Benelux d’Henderson Global Investors, après avoir travaillé chez Rabobank Amsterdam, ABN Amro Asset Management et ABN Amro Private Banking, rapporte Fondsnieuws.L’intéressé sera subordonné à Erik van de Weele, avec lequel il sera chargé du suivi des partenaires de distribution.
19/02/2013
Fonds

Fidelity élargit sa gamme britannique de fonds d'allocation

Au Royaume-Uni, Fidelity propose désormais les fonds d’allocation profilés Fidelity Multi Asset Open Defensive, Fidelity Multi Asset Open Adventurous et Fidelity Multi Asset Open World, qui portent à cinq la gamme multiclasses d’actifs Fidelity Multi Asset Open comprenant déjà le Strategic et le Open Growth.Ces fonds sont gérés par l'équipe multigestion (multi manager) comprenant James Bateman (head of Multi Manager & Multi Asset Portfolio Management) ainsi que les gérants de portefeuille Ayesha Akbar et Eugene Philalithis. Récemment, le gestionnaire a decidé de rebaptiser le Fidelity MultiManager Growth Fund géré par Ayesha Akbar en Fidelity Multi Asset Open Growth et le Fidelity MultiManager Balanced Fund de Eugene Philalithis enFidelity Multi Asset Open Strategic.Dans le détail, le nouveau Defensive sera investi à 50 % en obligations, 25 % en cash, 15 % en actions, 5 % en matières premières et 5 % en REIT, tandis que le fonds Adventurous aura 75 % d’actions 15 % de matières premières et 10 % de REIT. Enfin, le fonds Open World pourra détenir 100 % d’actions.
Fonds

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