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12/11/2012

Le FSI incité à investir dans Petroplus

Alors que le fonds souverain de l'État libyen a exprimé un intérêt pour reprendre des raffineries à l’occasion de la liquidation de Petroplus, «notre Fonds stratégique d’investissement pourrait intervenir à ses côtés comme partenaire minoritaire dans des projets rentables», a estimé hier Arnaud Montebourg, le ministre du Redressement productif, au JDD.
12/11/2012

L’AMF épingle à nouveau Fival et ses dirigeants

Le représentant du Collège de l’AMF a demandé le 9 novembre devant la Commission des sanctions l’interdiction de l’activité de conseil en investissement pour la société Fival et au moins 200.000 euros d’amende. Pour ses dirigeants, il a requis l’interdiction de l’activité de gestion de portefeuille et de conseil pendant dix ans ainsi qu’au moins 100.000 euros d’amende. Un salarié pourrait écoper d’au moins 60.000 euros. Il est reproché à l’équipe d’avoir fait du démarchage pour une obligation alors que c’était interdit. Elle n’aurait pas donné à son sujet une information, claire, exacte et non-trompeuse, ni révélé un conflit d’intérêt, ni vérifié que l’obligation était adaptée au profil des clients et à leurs souhaits. Fival (qui n’a plus d’agrément) et ses dirigeants ont déjà été épinglé par l’AMF en novembre.
12/11/2012

Les femmes boycottées par la City

Selon une enquête d’Astbury Marsden, un cabinet de recrutement spécialisé dans les services financiers, publiée par le Financial Times, seulement un poste sur cinq à des niveaux expérimentés et seulement 6% des postes de direction seraient tenus par une femme à la City de Londres. Le trading de matières premières et le courtage rassemblerait des hommes dans une proportion de respectivement 91% et 84%.
12/11/2012

Hong Kong en berne sur les IPO

La place de Hong Kong aurait reculé au cinquième rang des fonds levés par les introductions en Bourse, après le Nasdaq, le Nyse, Tokyo and Kuala Lumpur, avec un montant de seulement 6,2 milliards de dollars depuis le début de l’année, contre 70 milliards levés en 2010, selon des chiffres Dealogic relayés par le Financial Times. En cause selon le journal, des inquiétudes sur la performance et la gouvernance des sociétés cotées à Hong Kong.
12/11/2012

Gerald Harlin, CFO of Axa, becomes president of CFP Forum

The European CFO Forum, which includes the chief financial officers of the major European insurance groups, and which defends their interests, particularly on the regulatory front, on 9 November announced the appointment of the chief financial officer of the Axa group, Gerlad Harlin, as president of the association. He will succeed Oliver Bäte, CFO of the Allianz group, who has been called to serve in other responsibilities at the Allianz group from 1 January 2013.
12/11/2012

Marlborough confirms IFSL acquisition

On Friday, UFC Fund Management, the parent company of Marlborough Fund Managers, finally confirmed that it has acquired Investment Fund Services Limited (IFSL) from BNP Paribas Securities Services UK for GBP800m (see Newsmanagers of 8 November). Fundweb states that the agreement states that BNP Paribas will continue to provide fund accounting and middle office services for IFSL funds.
12/11/2012

Threadneedle tops the most recent Pridham Report

The top place for retail inflows in the UK in third quarter goes to Threadneedle, according to the most recent rankings by Pridham. Better outlooks on the part of investors for Europe favoured a regain of interest in European equity funds, particularly from Threadneedle. Net inflows at Threadneedle in third quarter totalled GBP643.5m, according to the Pridham Report, followed by Standard Life Investments (GBP568.1m) and BNY Mellon (GBP416m). They are followed by M&G with net inflows of GBP411.5m, Kames (GBP381.8m) and Axa IM (GBP345.1m).
12/11/2012

Sam Mettrick returns to Henderson Global Investors

The current director of strategic allicances at Artemis, Sam Mettrick, will in January rejoin his former company Henderson Global Investors as head of partnerships. He will be responsible for relationships with life insurance platforms. He left HGI in 2009, at a time when he was sales director for partnerships at Henderson New Star.
12/11/2012

Former UBS head joins Old Mutual Global Investors

The former head of UK discretionary sales at UBS Global Asset Management, John Shepherd, will join the sales team at Old Mutual Global Investors, Fundweb reports. He left the Swiss bank last month, after 10 years there.
12/11/2012

GSAM recruits a veteran of Aviva Investors

Goldman Sachs Asset Management has recruited Malcolm Mackenzie, former head of strategic alliances at Aviva Investors, as its head of advised sales, Fundweb.co.uk reports. He will join the firm in January.
12/11/2012

Another director leaves F&C

Ed Morse, head of development for trust activities at F&C Investments, has left the firm to pursue other opportunities in the sector, Investment Week reports. He is the second director to leave F&C Thames River this year, since the activity shareholder and new chairman Edward Bramson has taken over the activity. The others who left the group are Mike Warren, Charlie Porter and Jeremy Charles.
12/11/2012

State Street adds to its defined contributions unit in the United Kingdom

As part of a development of its defined contribution retirement savings plans in the United Kingdom, State Street Global Advisors (SSgA) has recruited Nigel Aston as managing director and head of UK defined contribution. He will report both to Susan Raynes, senior managing director and head of UK, Middle East and Africa, and Fredrik Axsater, managing director and global head of refined contribution. Aston had previously been business development director at the data provider DCisions, in charge of sales, marketing, monitoring of long-term commercial relationships, and provision of products and services. SSgA states that its global assets in the area of defined contributions total USD235bn.
12/11/2012

Barclays reviews AM operation

Investment Week reports that Barclays has recruited Rory Tobin, the former head of iShares International, to work with David Semaya, former head of wealth management for the United Kingdom and Ireland at the British bank, to undertake a strategic reexamination of the remaining asset management unit. The two managers will be responsible for determining whether Barclays should retain, merge, or close it. Tobin left iShares in 2010 when Barclays Global Investors was acquired by BlackRock.
12/11/2012

GSAM recruits a big name from Aviva Investors

Malcolm Mackenzie, who has recently left Aviva Investors, where he was head of strategic alliances, is joining Goldman Sachs Asset Management as head of advisory sales, Fundweb reports. He will join his new employer in January, to lead a team of nine people, and to develop third-party distribution in the United Kingdom, under the leadership of Richard Pursglove.
12/11/2012

Global ETF market remains highly concentrated

As of the end of October, iShares (BlackRock), with USD695.42bn, accounted for 42% of the global ETF market, with USD58.74bn in net subscriptions since the beginning of the year, the ETFGI agency led by Deborah Fuhr finds.Counting the USD245.66bn and a 14.8% market share for SPDR ETF (State Street Global Advisors), which had inflows of USD15.87bn, and USD232.87bn at Vanguard (for 14.1% of the market) and USD30.44bn in net inflows, the top three providers account for 70.9% of the global market.In other words, the 183 other issuers share the remaining 39.1% of the market, and none has a share of more than 4%. The fourth-largest player is PowerShares (Invesco) with USD59.88bn and 3.6% of the market, followed by db x-trackers (Deutsche Bank) with USD45.7bn and 2.8%, despite net outflows of USD189bn. Lyxor (Société Générale) is in sixth place, with USD37.44bn and a market share of 2.3%, partly thanks to USD155m in net subscriptions.The global ETF market as of 31 October represented a volume of USD1.655trn, in 3,313 ETFs listed 7,546 times on 54 stock markets, issued by 176 providers. Including other ETFs, total assets came to USD1.852trn. By comparison, the respective values as of 31 December 2011 were USD1.355trn and USD1.526trn.
12/11/2012

British managers top European rankings, according to Feri

As of 30 September, Threadneedle, Schroders and Aberdeen have competed for the top rankings for European management established by the German agency Feri EuroRating Services, which take into account the percentage of funds which receive top ratings (A or B) out of the total number of funds on sale in each of the following seven countries: Germany, Austria, France, Italy, the United Kingdom, Sweden and Switzerland.Threadneedle finishes first in Germany, Austria, Italy and the United Kingdom for the “25 funds or more” category, and in Sweden for the 8-24 fund category.Schroders received good rankings for 25+, with four second places in Sweden, Italy, Austria and Germany, and two third places, in France and the United Kingdom, and one fourth place finish in Switzerland. Aberdeen, which is top in France, takes second place in Switzerland and the United Kingdom in over 25 funds, and places well in the 8-24 fund category in Sweden, Italy and Germany.In the 25+ category, the top French firm in France is Covea Finance, in 4th place, while the second is Lazard AM, in nineth place. The top two in the 8-24 category are DNCA Finance and Comgest.
12/11/2012

Credit Suisse merges its Private Clients and Private Banking units in Switzerland

The Credit Suisse group will from 1 January 2013 merge its Private Clients Switzerland and Private Banking Switzerland units, according to the website finews, which has obtained an internal memo. The head of the new unit, Wealth Management & Private Clients Switzerland, will be Christoph Brunner, who had been responsible for private clients in Switzerland, and who had been chief operating officer of the private bank. The establishment of this new structure will lead to the loss of 300 jobs and will bring savings of CHF50m.
12/11/2012

A Japanese pension fund modifies its allocation

The pension fund for Japanese municipal authorities, Chikyoren, has decided to bring a considerable proportion of its portfolio management in-house. It will invest less in government bonds, according to the Japanese pension fund database, Asian Investor reports. Slightly over 20% of the portfolio is now managed internally, compared with less than 8% in 2003. Assets under management at Chikyoren totalled JPY15.850trn as of the end of March 2012, equivalent to about USD191.5bn.
12/11/2012

Partners Group equities placed at 183 francs each

An increase in the publicly-traded capital at Partners Group, announced last week, has been enacted as part of an accelerated book building procedure. The price of the equities released by the founders and major shareholders Marcel Erni, Alfred Gantner and Urs Wietlisbach has been set at 183 francs, and 3.3 million equities have been placed at this unit price, the group announced in a statement released on 9 November. The issue price range was previously set at between 180 nd 185 Swiss francs. The offer attracted a lot of interest worldwide, and was subscribed double, Partners Group states. Partners Group had previously announced that its founders and major shareholders will free up 300 million Swiss francs for direct investment in collaboration with clients. Several current and potential shareholders also expressed an interest for a capital increase. The firm may now invest at least CHF300m.
12/11/2012

iShares Switzerland recruits for institutional sales

iShares has announced that it has recruited Christian Obrist for its sales department. He will be responsible for managing relationships with institutional clients, particularly pension funds. He will be based in Zurich, and will report to Andreas Zingg, head of the firm in German-speaking Switzerland. Obrist has eight years of experience in sales to institutional clients, most recently in London at JP Morgan Chase Bank in fixed income products.
12/11/2012

Aberdeen exports EMD fund to the United States

The US affiliate of Aberdeen Asset Management on Friday announced the launch of the Aberdeen Emerging Markets Debt Fund (acronym for A share class: AKFAX) on the US market. The fund may invest in all segments of emerging market debt, hard or local currencies, and government or corporate bonds.The new fund launch explicitly represents a desire on the part of the Scottish asset management firm to strenghthen its presence on the US market.
12/11/2012

Morgan Stanley poursuit “Chip” Skowron en justice

Après avoir obtenu en mars la condamnation de Joseph «Chip» Skowron III à lui verser 10,2 millions de dollars, Morgan Stanley a déposé le 31 octobre une autre plainte contre l’ancien managing director du gestionnaire alternatif FrontPoint Partners, à l’époque filiale de la banque, pour avoir commis des délits d’initiés, rapporte The Wall Street Journal.Morgan Stanley réclame cette fois plus de 65 millions de dollars supplémentaires parce qu’il a dû verser 33 millions de dollars afin d’obtenir l’arrêt des poursuites par la SEC, en sus des 32 millions de dollars perçus par Chip Skowron à l’époque des faits. Entre-temps, FrontPoint a été revendu à son management pour une fraction de son pris d’achat de 404 millions de dollars ; le gestionnaire alternatif semble avoir depuis lors cessé son activité.
12/11/2012

United States will not implement Basel III in early 2013

The US authorities on 9 November announced that they will be calling off plans to begin to implement the new international standards known as Basel III in the United States from next January. Many banking establishments have expressed concerns about being subjected to definitive regulations of capital levels from 1 January 2013, without having had enough time to understand or change their systems as necessary, a brief statement from the Fed explains. The statement, which was also made on behalf of the other two financial system surveillance agencies, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC), adds that the authorities in June published three draft regulations to implement Basel III. But due to the volume of comments received, and the wide variety of opinions expressed in the period defined for this uprpose, the authorities estimate that none of the draft regulations will be in place by 1 January 2013.
12/11/2012

Retrocession fees may present risks for Swiss banks

The repayment of retrocession fees to clients who have an asset management agreement with a bank, if applied retrospectively and to all banks in Switzerland, could lead to significant one-off provisions, Fitch Ratings says.In a test case involving UBS AG, the Zurich High Court decided in January 2012 that banks should reimburse retrocession fees to clients with whom they have an asset management agreement, unless those fees had been received for genuine distribution services. The Swiss Supreme Court confirmed the ruling on 1 November 2012.Although the ramifications are not yet clear, this landmark case could set a precedence for all banks in Switzerland to repay retrocessions relating to discretionary mandates services, bringing the banks’ standards in line with the rules for Swiss independent financial advisors’ and many other jurisdictions, says the rating agency. The amount of fees to be reimbursed to claimants is still being determined by the Zurich High Court. At this stage, the magnitude of the impact is difficult to assess. «We believe it is likely to vary considerably from bank to bank depending on the proportion of funds and other investment products affected», according to Fitch. «Without a long look-back period, client reimbursements should be manageable for the Swiss banks with large private banking operations. To offset some of the lost revenue, we expect the banks to adjust their management fee structures to maintain gross margins broadly similar to current levels, which is around 90bp-110bp of assets under management».
12/11/2012

Two chairmen appointed to ESMA standing committees

The boards of supervisors at the European Securities Markets Authority (ESMA) on 9 November announced the appointment of two new chairmen for its standing committees. The standing committee in charge of the investment management unit will be led by Gareth Murphy, director of markets at the Irish central bank. Among the other appointments, Gérard Rameix, chairmen of the French Autorité des marchés financiers (AMF), will be in charge of the standing committee responsible for the Corporate Finance unit. Jean-Paul Servais, chairman of the Belgian Financial Markets and Services Authority (FMSA), has been appointed to a new term in his position has chairman of the standing committee in charge of intermediaries and investor protection. Jean Guill, CEO of the Luxembourg Commission de surveillance du secteur financier (CSSF), has been reappointed as chairman of the Review Panel.

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