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12/11/2012

Sam Mettrick reviens chez Henderson Global Investors

L’actuel directeur des alliances stratégiques d’Artemis, Sam Mettrick, va rejoindre en janvier son ancienne entreprise Henderson Global Investors (HGI) en tant que responsable des partenariats. Il sera en charge des relations avec les plateformes et les assureurs vie. Il avait quitté HGI en 2009 alors qu’il était sales director for partnerships chez Henderson New Star.
12/11/2012

Un ancien d'UBS rejoint Old Mutual Global Investors

L’ancien head of UK discretionary sales d’UBS Global Asset Management John Shepherd va rejoindre l'équipe commerciale d’Old Mutual Global Investors, rapporte Fundweb. Il a quitté la banque suisse le mois dernier après y avoir travaillé pendant 10 ans.
12/11/2012

GSAM recrute un ancien d’Aviva Investors

Goldman Sachs Asset Management a recruté Malcolm Mackenzie, l’ancien responsable des alliances stratégiques d’Aviva Investors, en tant que responsable des ventes conseillées, croit savoir Fundweb.co.uk. Il rejoindra la société en janvier.
12/11/2012

Nouveau départ de dirigeant chez F&C

Ed Morse, le responsable du développement de l’activité de trusts de F&C Investments, a quitté la société pour d’autres opportunités dans le secteur, rapporte Investment Week. Il s’agit du quatrième dirigeant à quitter F&C Thames River cette année, alors que l’actionnaire activité et nouveau président Edward Bramson remanie l’activité. Les autres à avoir quitté le groupe sont Mike Warren, Charlie Porter et Jeremy Charles.
12/11/2012

State Street renforce son pôle contributions définies au Royaume-Uni

Dans le cadre du développement de ses activités de plans d'épargne retraite à contribution définie au Royaume-Uni, State Street Global Advisors (SSgA) a recruté Nigel Aston comme managing director and head of UK defined contribution. Il est subordonné à la fois à Susan Raynes, senior managing director and head of UK, Middle East and Africa et à Fredrik Axsater, managing director and global head of defined contribution.Auparavant, Nigel Aston était business development director chez le fournisseur de données DCisions, chargé des ventes, du marketing, du suivi des relations commerciales de long terme ainsi que de la fourniture des produits et services.SSgA précise que son encours mondial dans le domaine des contributions définies se situe à 235 milliards de dollars.
12/11/2012

"Les hedge funds sont aujourd’hui dépassés"

Pierre Guillemin, directeur gestion diversifiée et actions de Swiss Life Asset Management, livre dans un entretien son allocation idéale pour un investisseur institutionnel. Il fait la part belle aux obligations, aux marchés émergents. En revanche, le monétaire et les hedge funds sont absents. Explications.
12/11/2012
Fonds

Le fonds souverain chinois perçoit une montée du protectionnisme en Occident

L’Agefi rapporte que le fonds souverain China Investment Corp (CIC) se concentrera davantage sur l’Asie pour contrer ce qu’il perçoit comme une montée du protectionnisme en Occident. Selon son PDG, Lou Jiwei, dans un entretien accordé à Reuters, une montée du protectionnisme est perceptible dans certains pays occidentaux tant dans le commerce que dans les investissements. Pékin observe une inquiétude croissante parmi les instances de régulation étrangères dès lors que CIC s’allie à des sociétés chinoises pour faire des acquisitions. «Nous éviterons les investissements dans des pays où nous ne sommes pas les bienvenus», prévient Lou Jiwei. En zone euro, le CIC juge l’industrie manufacturière européenne encore compétitive, il exclut en revanche d’investir dans les banques ou dans les dettes souveraines des pays les plus en difficulté, précise le quotidien.
Fonds
12/11/2012
Fonds

Bouclage d’un fonds de private equity en Afrique

Le principal fonds de private equity d’Afrique orientale, Catalyst Private Partners, a bouclé son premier tour de table la semaine dernière, avec 125 millions de dollars, rapporte le Financial Times. Les trois quarts des capitaux proviennent des institutions financières de développement dont la Banque européenne d’investissement.
Fonds
12/11/2012
Fonds

Dix fonds suédois épinglés pour leur comportement ”non éthiques”

Dix fonds suédois, dont ceux investis sur les marchés de croissance de Danske Bank et Carnegie et le fonds Kon-Tiki de Skagen, participent à des investissements, pour plus de 5 % de leurs encours, qui violent les lignes directrices de l’ONU, rapporte Realtid.se, qui cite Dagens Industri. C’est le résultat de l’analyse d’environ 130 fonds par Danica Pensions et Ethix en fonction des lignes directrices de l’ONU et de l’Union européenne sur l’environnement, les droits de l’homme, la corruption et le droit du travail.
Fonds
12/11/2012

Michel Cicurel sort du conseil de la Banque Privée Edmond de Rothschild

La Banque Privée Edmond de Rothschild a fait savoir que Michel Cicurel avait démissionné de son mandat d’administrateur de la Banque, rapporte L’Agefi suisse. Michel Cicurel avait quitté en mai dernier la présidence du directoire de la Compagnie financière Edmond de Rothschild Banque, Paris.
12/11/2012

iShares Suisse veut se renforcer auprès de la clientèle institutionnelle

iShares annonce le renforcement de son service de vente avec l’arrivée de Christian Obrist. Il sera chargé de suivre la clientèle institutionnelle, en particulier les caisses de pension. Basé à Zurich, il sera rattaché à Andreas Zingg, responsable de la société en Suisse alémanique.Christian Obrist dispose d’une expérience de huit années de vente à des clients institutionnels, dernièrement à Londres chez JP Morgan Chase Bank dans les produits fixed income.
12/11/2012

Le Credit Suisse fusionne ses pôles Private Clients et Private Banking en Suisse

Le groupe Credit Suisse va fusionner à compter du 1er janvier 2013 ses pôles Private Clients Switzerland et Private Banking Switzerland, selon le site finews qui a eu accès à une note interne. Le patron du nouvel ensemble, Wealth Management & Private Clients Switzerland, sera Christoph Brunner, qui avait en charge les clients privés en Suisse et qui était le chief operating officer de la banque privée.La mise en place de cette nouvelle structure va entraîner la suppression de 300 postes et permettre d'économiser 50 millions de francs suisses.
12/11/2012
Fonds

Un fonds de pension japonais modifie son allocation

Le fonds de pension des collectivités locales japonaises, le Chikyoren, a décidé de rapatrier en interne une partie de la gestion de son portefeuille qui sera moins investi en obligations gouvernementales, selon la base de données des fonds de pension japonais, rapporte Asian Investor.Un peu plus de 20% du portefeuille est désormais géré en interne contre moins de 8% en 2003. Les actifs sous gestion du Chikyoren, s'élevaient à 15.850 milliards de yen à fin mars 2012, soit environ 191,5 milliards de dollars.
Fonds
12/11/2012
Fonds

Federal Finance lance deux nouveaux fonds diversifiés

Federal Finance Gestion a annoncé le 8 novembre le lancement à destination des particuliers de deux nouveaux fonds de la gamme «Pluriel». Le ‘FCPI Pluriel Valeurs 2’ et le ‘FIP Pluriel Ouest 4’ qui soutient les PME régionales de Bretagne, Pays de la Loire, Centre et Ile de France.OTC Asset Management et Nextstage investiront 60% au minimum du portefeuille du FCPI dans des sociétés de croissance cotées, qui présentent selon Federal Finance Gestion des opportunités intéressantes. Le reliquat de 40% au maximum sera investi par l'équipe multigestion de Federal Finance Gestion dans l’ensemble des classes d’actifs sans aucun biais sectoriel. 123Venture et Nextstage investiront 60% au minimum du portefeuille du FIP dans des opérations de capital développement et de capital transmission dans des sociétés implantées au cœur des régions retenues, le reliquat étant investi comme précédemment. Principales caractéristiques Code ISIN (Part A) du FCPI Pluriel Valeurs 2 FR0011310663 Code ISIN (Part A) du FIP Pluriel Ouest 4 FR0011310655 Caractéristiques: Accessible dès 500€ (hors droits d’entrée) Minimum de souscription (Part A): 5 parts Valeur d’origine de la Part A : 100 € Période de souscription pour bénéficier des avantages fiscaux au titre de l’année 2012 (impôt sur le revenu 2012) : Jusqu’au 31 décembre 2012, 12h30 Valorisation : Semestrielle
Fonds
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

Ten Swedish funds spotted for their “unethical” behaviour

Ten Swedish funds, including funds which invest in growth markets from Danske Bank and Carnegie and the Kon-Tiki funds from Skagen, participate in investments equivalent to 5% of their assets which violate UN guidelines, Realtid.se reports, citing Dagens Industri. These are the results of an analysis of about 130 funds by Danica Pensions and Ethix according to UN and EU guidelines on the environment, human rights, corruption and labour rights.
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

Investors return to European equity funds

European investors in September returned to European equity funds, Lipper observes in its latest Fund Flash. Pan-European and euro zone equity funds on sale in Europe posted net inflows of EUR3.1bn, of which EUR1.3bn went to ETFs. The major beneficiaries of these flows were the Threadneedle European Select, BlackRock EuroMarkets and MainFirst Top European Ideas funds. That helped equity funds to return to net inflows in September, for the first time since March, with EUR4.6bn (of which EUR1.7bn were for ETFs). Although European equity funds were a pleasant surprise, inflows to equities were driven largely by global dividend funds (particularly from Pimco, DWS and M&G). High yield bond funds also continued to be popular, with net subscriptions of a net EUR7.6bn in September. Since the beginning of the year, these products have posted net inflows of nearly EUR40bn, and assets now total EUR180bn, compared with EUR62.8bn three years ago. Other best-sellers include emerging market debt funds, which have seen inflows of EUR4.5bn. Total inflows to bond funds came to EUR21.6bn in September. Balanced funds also had a good month in September, and posted net inflows of EUR3.8bn, Lipper notes. Allocation funds dominated inflows, with EUR3.4bn. In total, funds on sale in Europe (excluding money markets) in September posted net subscriptions of EUR28.9bn, their highest level since October 2010. Since the beginning of the year, they have had net inflows of EUR135.6bn.
12/11/2012

US debt worries investors

Despite assurances from Barack Obama, who was re-elected on 6 November as president of the United States, that “the best is yet to come,” investors remained attentive to problems still in suspense: US debt and difficulties in a euro zone emerging from the crisis. In this environment, money market funds posted inflows of over USD50bn in the week to 7 November, while bond funds posted net inflows of nearly USD10bn, according to estimates by EPFR Global. Since the beginning of the year, bond funds have attracted over USD400bn. Equity funds finished the week with inflows of USD1.12bn, while dividend funds attracted over USD900m, despite risks related to the development of tax legislation in the United States following the Obama victory. Funds dedicated to the financial sector posted inflows of nearly USD1bn in the week under review.
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

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.
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

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

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

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).

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