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05/02/2013
Gestion d'actifs

Sicav Emergence est en train de finaliser un deuxième compartiment

Au sein du premier compartiment de la sicav Emergence, Emergence Performance Absolue, le fonds d’incubation lancé par le pôle de compétitivité Finance Innovation, un placement devrait être décidé en comité d’investissement dans les jours qui viennent, rapporte L’Agefi. Selon nos informations, il pourrait s’agir de la société de gestion Eperam. L’incubateur envisage aussi d’ouvrir une poche annexe pour maintenir un guichet en gestion alternative. Plus important, Emergence est en train de finaliser un deuxième compartiment pour environ 70 millions d’euros. Il privilégiera les fonds investissant en actions ou en quasi-fonds propres (convertibles, etc.).
Gestion d'actifs
05/02/2013
Gestion d'actifs

Coface a sélectionné une société de gestion pour intégrer et centraliser sa gestion d'actifs

Amundi a été retenu par la Coface pour intégrer et centraliser sa gestion d’actifs. Le process de sélection des candidats pour ce projet au caractère très transversal s’est révélé long et complexe. Dans un premier temps, une soixantaine de sociétés ont répondu à la pré-alerte lancé en mai 2012 par bfinance, qui conseille la Coface dans la définition de ses besoins, la conduite de l’appel d’offres et le déploiement de la solution retenue. Puis, 25 sociétés ont été présélectionnées et au final dix ont remis une offre, avec, selon la nationalité des candidats, français, anglo-saxons, allemands, suisses ou encore luxembourgeois, différents types de véhicules juridiques proposés pour recueillir l’ensemble des actifs de la Coface. L’organisme d’assurance-crédit et de gestion des garanties publiques va donc pouvoir commencer le déploiement de la première phase de son chantier stratégique de centralisation de sa gestion de portefeuille. Amundi sera en effet chargé d’apporter des services opérationnels et de conseil à la Coface dans le pilotage centralisé et la mise en ??uvre intégrée de ses placements sur l’ensemble de son périmètre international. La seconde phase du chantier démarrera dès février avec le lancement de différents appels d’offres pour sélectionner les gérants qui intègreront la plateforme pilotée par Amundi.
Gestion d'actifs
04/02/2013

Les risques restent élevés en Espagne

Selon le Fonds monétaire international, les risques pour l’économie espagnole et son secteur financier restent élevés, même si des progrès majeurs ont été accomplis jusque là pour mettre en œuvre les réformes du secteur financier. La Commission européenne, de son côté, a estimé que le pays ne devait pas relâcher ses efforts pour remettre en ordre son secteur bancaire.
04/02/2013

Etats-Unis : hausse moins forte que prévu des commandes à l’industrie

Les commandes à l’industrie américaine ont progressé de 1,8% en décembre, un chiffre moins bon que prévu, selon des chiffres publiés lundi par le département du Commerce. Cette statistique est parfois présentée comme un baromètre de la volonté d’investir des entreprises. Hors transports, les commandes à l’industrie ont progressé de 0,2% après une baisse de 0,2% en novembre.
04/02/2013

Détente des relations commerciales entre l’UE et les Etats-Unis

L’Union européenne a levé lundi les restrictions qu’elle faisait peser sur l’importation de plusieurs viandes américaines, une décision constituant le premier pas vers un accord de libre-échange qui concernerait près de la moitié de la production mondiale. Cette décision constitue le premier pas vers un accord de libre-échange qui concernerait près de la moitié de la production mondiale.
04/02/2013

Madrid prépare une triple adjudication

Le Trésor espagnol compte émettre jeudi entre 3,5 milliards et 4,5 milliards d’euros d’obligations. L’adjudication comprendra trois types d’obligations, arrivant à maturité le 31 mars 2015, le 31 janvier 2018 ou le 31 janvier 2029, et respectivement assorties de coupons à 2,75%, 4,5% et 6%.
04/02/2013

BTG Pactual closes its macro hedge fund to new investors

The Global Emerging Markets and Macro (GEMM) hedge fund has announced to investors that it will no longer accept new capital, and that it has already refused about EUR500m in assets since the beginning of the year, the news agency Reuters reports. Since its inception in 2009, assets in the fund have increased strongly, and now total about EUR5bn. The head of asset managemnt at BTG, Steve Jacobs, says that reopening the fund has not been ruled out, but that it will remain closed “indefinitely». Last year, GEMM earned returns of 28% which makes it one of the best-performing funds in the world.
04/02/2013

Barclays: Planned departures of CFO and legal director

Barclays yesterday announced that its chief financial officer, Chris Lucas, and its legal director, Mark Harding, will be resigning voluntarily, Agefi reports. The two men will remain in place until their successors are appointed, the bank added in a statement. It states that a search for these replacements is underway.
04/02/2013

Barclays head foregoes bonus

The CEO of the British bank Barclays, Antony Jenkins, who was appointed last year following the departure of Bob Diamond due to the Libor scandal, on 1 February announced that he would not be claiming a bonus for the year 2012. “Last year was clearly very hard for Barclays and its shareholders,” and “I have concluded that it would be inappropriate on my part to receive a bonus for 2012 under these circumstances,” he explained in a statement. The widely-practised form of remuneration in the City is regularly subject to indignation on the part of the British public, due to the sometimes exceptionally large amounts paid to some financiers. The various scandals which have recently affected British banks have made bonuses even more unpopular in times of austerity.
04/02/2013

Troy limits access to income fund

The asset management firm Troy Asset Management has announced that it will limit access to the Troy Income Fund, due to the continuing rise of its assets under management, Money Marketing reports. The manager of the fund, Francis Brooke, is spending an increasing amount of time in meetings with clients. These meetings are legitimate, but are gradually increasing the time needed to manage the fund. From 1 May, minimal investment in the fund will be increased from GBP1,000 to GBP250,000, while front-end fees will now be set at 5%. This is the second time that Troy has decided to limit access to the fund, whose assets under management total GBP930m.
04/02/2013

Coutts appoints BNY Mellon for Irish fund administration

BNY Mellon has announced that it has been selected by the British firm Coutts as administrator for its new Irish-registered, UCITS-compliant Coutts multi-asset funds.Services include settlement for derivatives, the production of KIIDs, daily reporting on performance, and hedging of share classes.
04/02/2013

Three partners appointed at Baillie Gifford

The Scottish asset management firm Baillie Gifford has announced the appointment of three new partners as of 1 May: Spencer Adair, investment manager in the Global Alpha team, Kathrin Hamilton, director of the Clients Department in charge of North American clients, and Graham Laybourn, director of Legal and Regulatory Risk.With the retirement of Angus McLeod, director of the Clients Department for Asia and the Middle East, the number of partners as of 1 May will total 39.Baillie Gifford has also announced that its assets as of the end of December totalled GBP85bn, and that the firm has 752 employees.
04/02/2013

“My roadmap could be summed up in two words: development and industrialisation”

Stéphane Müller, who in mid-January was appointed as chairman of the boards at Federal Finance, which include two asset management firms, Federal Finance Gestion and Schelcher Prince, arrives with precise objectives, which are expected to make the firm better known abroad, soon to include Asia and South America. The business insider, who had previously been head of Suravenir Assurances, the insurance affiliate of Crédit Mutuel Arkéa, is planning to rationalise the group.
04/02/2013

Longevity risks oblige ABP to reduce benefits

The pension fund for public employees in the Netherlands, ABP, with 2.8 million members, on 1 February confirmed that a reduction of benefits by 0.5% planned for this year will be applied from 1 April 2013, as the increased life expectancy for the Dutch has reduced the coverage rate to 96% as of the end of 2012 (compared with 97% as of the end of September), below the 104.3% required by the legislator.Henk Brouwer, chairman, has also announced that if coverage rates do not improve, benefits may be reduced by approximately a further 1.6% in 2014.Assets increased by EUR35bn in 2012 to EUR281bn, due to returns of 13.7%, representing EUR34bn. But liabilities were revised upwards by EUR29bn in one year, to USD292bn. With interest rates virtually unchanged, the revision is almost entirely imputable to the most recent projections by the Netherlands Statistical Office (CBS) about the longevity of the population. This means that ABP will be required to pay out pensions for a longer time, and concretely, that liabilities will increase by 1.8 percentage points as a result of this fact.
04/02/2013

Assets in funds managed by BBVA in Spain contract

Preferring to emphasize sales of savings accounts rather than investment funds, BBVA in 2012 saw a decline of 2.5% in assets in its funds in Spain, to EUR19.116bn as of the end of December, Funds People reports.In the rest of the world, assets under management in investment funds rose 13%, to EUR22.255trn, while assets in pension funds increased by 16.3% to EUR71.743bn, and the volume of portfolio management mandates for clients increased 6.95 to EUR13.652bn.Last year, the BBVA group saw a 45.3% decline in its net profits, to EUR1.676bn.
04/02/2013

Axa IM replaces its head of institutional sales for Germany

Axa Investment Managers on 1 February recruited Jörg Schomburg to replace Frank Richter, who has left the business, as head of institutional sales for Germany. Schomburg had since 1999 been at Allianz Global Investors (AGI), where he had since 2007 directed the institutional sales team.
04/02/2013

Warburg Invest recruits head of portfolios

Matthias Reimer, who was head of portfolio management for guaranteed funds and multi-asset class strategies in the wealth management unit of DWS (Deutsche Bank group), is joining Warburg Invest (EUR14.8bn in assets), Das Investment reports.At his new employer, Reimer will direct the portfolio engineering team, which includes multi-asset class strategies and the development of custom investment strategies for private clients.
04/02/2013

Four promotions in asset allocation at Putnam

Following the departure of Jeff Knight, head of the global asset allocation (GAA) team, Putnam Investments on 1 February announced the appointment with immediate effect of four co-heads for the strategy, for which the asset manager has a total of 13 employees, and assets of about USD10bn.The four new co-heads, who joined Putnam between 1998 and 2000, will retain their current responsibilities, and will “work in close cooperation” with Walter C. Donovan, CIO.James Fetch will remain as head of portfolio construction and risk management, while Robert Kea will continue to direct top-down analysis, Robert Schoen remains responsible for equities, and Jason Vaillancourt remains head of the global macro approach.
04/02/2013

Amundi aims for USD100bn in assets in Asia

The asset management firm Amundi, who is celebrating 30 years of presence in Hong Kong, is aiming for USD100bn in Asia “in the next fie years,” according to CEO Yves Perrier, Les Echos reports. The asset management firm currently has USD70bn, out of just under USD1trn in assets under management worldwide (EUR711bn as of 30 September). “Among the asset management firms present in Asia, whether they be foreign or local, Amundi has one of he most complete personnel teams, and we have room to grow everywhere to increase our presence,” Perrier says.
04/02/2013

Assets under management at Legg Mason down

The US asset management firm Legg Mason has reported assets under management of USD648.9bn for the third quarter of its 2012-2013 fiscal year, ending on 31 December, compared with USD650.7bn as of the end of September, according to statistics released on 1 February. Outflows in the quarter totalled USD7.5bn, and were only partially offset by a positive market effect of USD5.7bn, while assets under management have nonetheless risen 3% compared with their levels at the end of December 2011. Legg Mason has announced that outflows from equities totalled USD8.3bn, while outflows from bonds totalled USD6.8bn. Money market funds, however, attracted USD7.6bn in fourth quarter. As of 31 December, assets under management consisted 57% of bonds, compared with 22% for equities. 60% of clients are American. Legg Mason finished the quarter to the end of December with a net loss of USD453.9m, or USD3.45 per share, compared with net profits of USD80.8m, or USD0.60 per share in the quarter to the end of September, and USD28.1m, or USD0.20 per share in fourth quarter 2011. Losses in the quarter under review are due to charges for depreciation of intangible assets totalling USD734m.
04/02/2013

Assets and profits up at Franklin Templeton

As of 31 December, Franklin Resources, which is known as Franklin Templeton Investments, had assets under management of USD781.8bn (see Newsmanagers of 14 January), which represented an increase of USD31.9bn, or 4%, in the first three months of fiscal 2013, due to market effectss of USD24.8bn, and USD8.7bn due to the acquisition of K2Advisors (see Newsmanagers of 6 November 2012).Compared with October-December 2011, assets have increased by USD111.5bn, or 17%, largely due to USD94bn in market effects and USD13.6bn in net subscriptions.Net profits for the California-based asset management firm in the first quarter of its fiscal year ending on 30 September 2013 totalled USD516.1m, compared with USD492.1m in July-September, and USD480.8m in the corresponding period of 2011.
04/02/2013

Cécile Imbert leaves Prigest

After eight years at Prigest, Cécile Imbert left the firm ten days ago. The fund manager, who had worked alongside Matthieu Rollin on the Prigest Europe and Prigest US funds for three years, will not be replaced, Christian Cambier, CEO of the asset management firm, has told Newsmanagers. However, the departure of the manager will result in a reorganisation. “Rollin and I will now work as a pair,” the manager explains, while unlike in the case of Imbert, “there will not be a two-headed management structure, but instead management with a head.” In practice, Rollin will have control of Prigest Europe and Prigest USA, while ValFrance and Prigest Pacifique will be led by Cambier. The departure of Imbert comes at a time when Prigest has seen a reduction in assets in its equity funds. Alongside Valfrance, the flagship fund from the asset management firm, which has net assets of only EUR170m, the US fund has only EUR27m, and the Europe fund has only EUR38m in assets under management, while the Pacific fund has EUR52m. As part of the changes, the question of merging the France fund and the European fund has been raised. “That would depend on the major shareholder, SwissLife Banque Privée,” Cambier says, suggesting that the merger between the asset management firm and its shareholder may come more rapidly than expected, justifying the choice not to replace the manager. In June 2011, SLBP announced that it had acquired a 25% stake in the capital of Prigest, stating that its “engagement” would eventually result in a wedding. The big step has been set for “two years from now,” but SLBP could increase its stake to 51% within a shortened time.
04/02/2013

Operating profits at Ameriprise up 11% in fourth quarter

Pre-tax operating profits for the asset management unit of the US group Ameriprise Financial totalled USD141m in fourth quarter, up 11% compared with third quarter 2011, according to statistics released by the group. Assets under management at Columbia Management and Threadneedle as of the end of 2012 totalled USD455bn, up 5% compared with the end of December 2011. Assets under management at Threadneedle have incerased 12% to USD128bn, while Columbia assets have risen by a more limited 1%. The asset management unit finished the year with outflows of USD3.9bn, largely due to net redemptions totalling USD3.6bn to institutional clients.
04/02/2013

UBS plans to scale up wealth management in China

“China, one of the largest markets for UBS, will continue to be a central part of our strategy,” the chairman of the board of directors at UBS, Axel Weber, has announced on his first visit to China in the position he has held since last year, China Daily reports. With this in mind, UBS will continue to develop its wealth management activities in China, where the group is hoping to become one of the largest wealth management firms. Worldwide, wealth management represents about 50% of the UBS portfolio. This percentage is clearly much smaller in China, where investable assets last year showed double-digit growth.
04/02/2013

Short-selling: ESMA publishes recommendations and exemptions

The European Securities and Markets Authority (ESMA) has published its final Guidelines and a Feedback Statement on the exemption for market making activities and primary market operations under the Short Selling Regulation. The Guidelines will be translated into all the official EU languages and will be applicable two months after the translations are published.ESMA will publish on its website the lists of those entities who have been granted exemptions without further details on the financial instruments and markets, with this latter information being available to national authorities.
04/02/2013

OFI AM launches two target date funds

OFI Asset Management has announced the launch of two 2018 target date credit funds. OFI High Yield 2018 and OFI Haut Rendement 2018 are both French-registered FCP funds, investing in high yield corporate bonds. The investment universe is composed of bonds issued in euros, larley from companies in OECD member countries in the case of the first fund. The second fund is diversified over issues from emerging countries in currencies other than the euro. Characteristics OFI High Yield 2018 ISIN codes: C share class: FR0011398809 • C/D share class: FR0011412584 Management fees: 0.50% TER Front-end fees: maximum 5%, including taxes Withdrawal penalty: 5% until 31 December 2012, 4% until 31 December 2014, 3% until 31 December 2015, 2% until 31 December 2016, 1% until 31 December 2017, and no charge after that until maturity of the fund
04/02/2013

Axa Real Estate raises EUR209m for its Caesar fund

AXA Real Estate Investment Managers has announced that its Italian regulated subsidiary AXA REIM SGR has raised EUR209 million at the close of the Caesar Fund. This exceeds the target equity set out when Caesar was officially launched with a first close of EUR118 million in March 2012 and gives a total potential fund size of around EUR420 million once fully invested.AXA Real Estate, supported by the full capabilities of its parent company AXA IM in Italy, raised the money from 13 Italian institutional investors that have committed to invest alongside AXA Insurance companies, which represent around 20% of the total commitment. Caesar is a regulated closed ended fund for institutional investors and will target investments in well let “CORE” office buildings. The Fund aims to provide an annual average net dividend distribution of over 5.5%2 on capital invested, once the investment phase is completed, and a 9%2 IRR net of fees.The Fund will seek investments in eurozone countries and the United Kingdom and will have a particular focus on investments on France, Germany and United Kingdom for the first 12 months, while maintaining a watching brief on opportunities in Benelux. No single investment will exceed 15% of the Fund’s target portfolio value. AXA Real Estate plans to complete the investment phase of the Fund in the next 24 months, at which time, under the Italian law for regulated funds, it will have the option to reopen the Caesar for further subscriptions. The Caesar Fund will be managed by AXA REIM SGR in Italy and will benefit from the expertise and resources of AXA Real Estate’s European real estate investment and asset management platform.

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