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09/10/2012

Alfred Berg takes over management of funds of funds

On 15 November, the Swedish group Länsförsäkringar, specialised in insurance, will be outsourcing the management of its funds of funds to Alfred Berg, the Scandinavian affiliate of BNP Paribas. These activities represent assets of SEK4.8bn. The fixed income and asset allocation team, led by Stefan Gothenby, will be responsible for managing the funds.
09/10/2012

BGAM launches platform to accomodate UCITs hedge funds

HedgeWeek reports that Bryan, Garnier Asset Management (BGAM) has recently launched the Bryan Garnier Umbrella Fund SICAV plc domiciled in Malta and managed by Paris-based BGAM. This platform aims to introduce a range of US hedge funds into the UCITS universe. The first US sub-fund to join the platform is Denver-based Madison Street Partners (USD175m in AUM), an equity long/short shop
09/10/2012

Investec opens office in Singapore

Investec Asset Management has opened an office in Singapore and installed Tobie van Heerden as head of institutional sales for South-East Asia and Korea, Asian Investor reports.
09/10/2012

SSgA Jacqueline Pang as head of CM for SPDR ETFs

State Street Global Advisors (SSgA) announced it has appointed Jacqueline Pang as the Head of Capital Markets for SPDR ETFs, Asia Pacific.Based in Hong Kong, Pang will be responsible for overseeing and driving SSgA’s exchange traded funds (ETF) global capital markets’ group activities.
09/10/2012

RBC IS gets mandate from Italian PF

The Fondo Pensione per il Personale della Banca di Legnano, the pension fund of Banca di Legnano’s staff, announced it has recently awarded a custody, portfolio valuation and depositary bank mandate to RBC Investor Services.
09/10/2012

AGI single-handedly posts inflows twice higher than the industry

In January-August, asset management firms belonging to the German BVI association for the sector posted net subscriptions of EUR7.85bn for their security funds. With EUR12.35bn going to Pimco, the Allianz Asset Management group alone posted inflows of EUR15.41bn.The other big winner in the first two thirds of the year is Union Investment (Co-operative banks), with net subscriptions of EUR2.37bn.However, the other two top actors in the sector show outflows, with net redemptions of EUR3.57bn for Deka (savings banks) and EUR3.82bn for Deutsche Bank.ETFs posted outflows, aside from products from ETFlab (Deka group), which posted net inflows of EUR427.6m: the other three major promoters belonging to the BVI have seen outflows of more than EUR800m each: EUR879.7m from iShares (BlackRok), EUR807.8m from db x-trackers (Deutsche Bank), and EUR802.2m from ComStage (Commerzbank).
09/10/2012

Record AUM for German asset management industry

As of the end of August, assets under management by companies belonging to the German BVI trade group totalled a new record of EUR1.93698trn, compared with EUR1.92624trn as of the end of July, and EUR1.76221trn one year previously.Net subscriptions totalled EUR4.39bn in August, compared with EUR6.69bn the previous month, to a total of EUR48.99bn in the first eight months of the year, compared with EUR13.13bn in January-August 2011.However, in the first eight months of the year, open-ended equity funds underwent net outflows of EUR5.9bn, while net redemptions total EUR3.72bn for garanteed funds and EUR1.73bn for money market funds. Open-ended bond funds, however, benefited from net subscriptions of EUR18.44bn.Institutional funds had inflows of a net EUR40.375bn, compared with EUR20.379bn for the corresponding period of last year. Mandates managed outside funds underwent net redemptions of EUR1.81bn in January-August, compared with EUR3.64bn in the first eight months of 2011.
09/10/2012

Deka Investment signs UN-PRI

On 8 October, Deka Investment GmbH, the central asset management firm for the German savings banks, announced that it has officially signed the United Nations Principles for Responsible Investment (UN PRI), which in practice it had been following for some time, says Victor Moftakhar, CEO.The complete range of open-ended funds from Deka already respects certain exclusionary criteria, such as a man on makers of cluster bombs. Since the beginning of 2012, Deka has also launched a range of sustainable development products, Deka-Nachhaltigkeit, in which financial and extra-financial criteria are taken into account together.Overall, assets in open-ended sustainable development funds at Deka total about EUR2bn.
09/10/2012

Hedge funds prudently return to Greece

A few intrepid hedge funds have tiptoed back to Greek government bonds, the Financial Times reports. A 10-year issue of reference by the country has seen its price more than double since the end of May, to slightly over EUR0.30. The rally was largely provoked by a promise on the part of Mario Draghi, chairman of the European Central Bank, to save the euro zone, and has been dominated by hedge funds, particularly funds based in New York. One of these is Third Point, the FT reports.
09/10/2012

Hedge funds up 2.9% in third quarter

The HFRI Fund Weighted Composite hedge fund index has gained 1.1% in the month of September, putting gains for third quarter at 2.9%, according to statistics from HFR.In the first nine months of the year, the index shows gains of 4.7%.In September, strategies related to equities generally progressed well, with the HFRI equity hedge index showing gains of 1.94%, and positive contributions from both growth and value strategies. The HFRI emerging markets index, for its part, earned returns of 3.1% in September.The Lyxor hedge fund index, for its part, has posted gains of 0.2% in September, while 11 Lyxor strategy indices finished the month with gains.
09/10/2012

BNY Mellon wins mandate from Allianz Global Investors

The global services specialist BNY Mellon has been mandated by Allianz Global Services (AGI) to provide data management and accounting services for discretionary mandates managed by AGI. AGI manages about EUR300bn in retail funds, dedicated funds and discretionary mandates. These discretionary mandates, which include international portfolios invested in securities and derivatives, will be taken over by BNY Mellon Service Kapitalanlage-Gesellschaft mbH.
09/10/2012

Janus opens office in Dubai

Janus Capital International Limited, the international arm of Janus Capital Group, announced the appointment of Meshal Jaber Al Faras, as head of the Middle East for Janus Capital’s international business, effective immediately.The firm has also opened a representative office in Dubai out of which Meshal will be based.Meshal comes to Janus with over 15 years of experience in the investment industry. Prior to joining Janus, he was Head of GCC Business Development at Royal Capital in Abu Dhabi. Before that, he was a Director at Natixis Global Associates and a spent a decade with the Kuwait Investment Authority. Meshal will report directly to Augustus Cheh, President of Janus Capital International.The new office in the Dubai International Finance Centre will service existing and new clients in the Middle East. The office opening marks the fifth for Janus in 2012, with offices opened to date this year in The Hague, Frankfurt, Paris, and Zurich.
09/10/2012

FSA plans to enforce rules for absolute return funds

The British Financial Services Authority (FSA) is planning to require of fund managers that information on absolute return funds contain warnings about the risks related to these funds, when their presentation implies that there are guaranteed returns or protection of capital, even though this is not necessarily the case.In its most recent quarterly consultation, published just before the weekend, the FSA announces that it would like to introduce additional information on absolute return and total return funds. “We have already in the past presented absolute return funds as a subject of potential concern, pointing out that clients may interpret the terms ‘absolute return’ and ‘total return’ as a guarantee of positive returns on their investments. We would like it to be absolutely clear to investors that their capital is at risk in these funds,” the FSA states.
09/10/2012

ETF price war: European retail market will be largely unaffected

If the ETF price war kicked off in the United States by management commissions being cut at Vanguard (which has also negotiated a reduction in index costs by leaving MSCI) ever crosses the Atlantic, it will be at the initiative of BlackRock, which is now in a comfortable position with MSCI, says Detlef Glow, of Lipper, cited in Handelsblatt. And if BlackRock manages to get MSCI to lower its prices, all European promoters who use indices from this provider will profit.However, there should be few illusions: retail investors in ETFs in Europe should hardly hope to profit in the near future from the price war now raging in the United States. Even if promoters manage to get a reduction in the fees charged by purveyors of indices, retail investors may never profit at all, as promoters are not obliged to pass on cost savings.
09/10/2012

Internal promotions at Tressis

Following the departure of Ángel de Molina (see Newsmangers of 4 October), Tressis has promoted Javier Monjardin as director of analysis, and Montserrat Formoso as director of management, thus dividing the responsibilities of the outgoing man, who has joined Santander Asset Management as director of market intelligence.
09/10/2012

Julius Baer: 80% of assets at Merrill Lynch will have been transferred by the end of 2013

The Julius Baer private bank on 9 October released an informational supplement on the integration of wealth management activities of Merrill Lynch outside the United States. Baer states that 80% of assets under management related to this transaction will have been transferred by the end of 2013.At an investor day in London, Julius Baer will also announce that job cuts related to the operation will represent 15% to 18% of staff, and that the cost-income ratio for international wealth management (IWM) activities will come in at about 70%.The impact of the transaction on per-share profits is expected to be neutral in 2014, but to favour an increase of 15% in 2015.As of the end of August 2012, assets under management at Julius Baer total CHF184bn, up CHF14bn, or 8%, compared with the end of December 2011.
09/10/2012

Yves Thieffry appointed as CEO of Société Générale Private Banking (Switzerland)

As announced by Newsmanagers on 3 August 2012, the management of Société Générale Private Banking has this year undergone a reorganisation. As a part of this process, the appointment of Yves Thieffry as CEO of Société Générale Private Banking (Switzerland) has recently been announced by the firm. Thieffry is responsible for the management and development of Societe Generale Private Banking (Suisse) SA and its subsidiaries. Yves Thieffry succeeds Guillaume Lejoindre, who becomes chairman of the board of directors of Société Générale Private Banking (Switerland) SA, replacing Jean-François Mazaud, head of the Société Générale Private Banking, who remains a member of the board of director in Switzerland and becomes its vice president.
09/10/2012

EFG Financial Products launches IPO

The Zurich-based banking group EFG International is launching an IPO process on the Swiss stock exchange for its unit dedicated to structured investment products. The subscription price for equities will total between CHF40 and CHF50, with the first day of listing scheduled for 19 October.The placement operation for EFG Financial Products, announced on 25 Sptember, will bring in CHF51m to CHF64m for EFG International. If the full greenshoe option is activated, the total will be in a range from CHF63m to CHF78m, the company announced in a statement on 8 October.The proceeds will have no impact on profits at EFG International, insofar as the entity placed on the stock market will continue to be fully consolidated within the group, a statement says. Tier 1 equity will be improved with the move, with a BRI total capital ratio up to about 17%.Once the IPO is complete, EFG International will still control at least 20% of capital in EFG Financial Products Holding, compared with about 58% currently. The stake will continue to be locked in for a 12-month period starting from the first day of trading.The deal is based on a basic offering of a maximum of 2,937,137 shares. EFG International will sell 1,270,472 at most of the existing shares it holds. Subscribers may profit from a greenshoe option of 293,713 shares at most, within 30 days from 19 October.The bookbuilding began on Monday, and will complete on 18 October at noon. The issue price will be set on Friday, 19 October, before the market opens. The initial capitalisation will total between CHF267m and CHF333m, with a float of 44%, or 49% with the greenshoe option.
09/10/2012

Lyxor cuts fees for money market ETF

Lyxor is for the third time in less than two months reducing management fees on its money market ETF, the Lyxor ETF Euro Cash, to 0.065%. The firm had already lowered its commission by 0.15% to 0.085% on 1 August, and to 0.075% on 3 September.
09/10/2012

AIFM: Netherlands becomes first country to adopt directive

The Netherlands became the first country to implement the AIFM directive, after approval of the law by Parliament, IPE.com reports. “With the new legislation, asset management firms based in the Netherlands may optimally apply a relaxation of tax rules in order to reduce unnecessary costs in existing fiscal and legal structures,” says Marco Frikkee, of KPMG.
09/10/2012

CNMV issues round of licenses

On 5 October, the CNMV issued sales licenses for Spain to the Bankinter Renta Fija Jade Garantizado, Ibercaja BP High Yield 2015-2 and Taltrack Alternative Investment funds.The Spanish regulator also issued licenses to the foreign-registered products Amundi Treso 3 mois and Treso Eonia ISR, to several sub-funds from iShares Germany (iShares Dax, Divdax, Dow Jones-UBS commodity Swap, EB Rexx Money Market, MDax, Stoxx Europe 600, and TecDax) , to Julius Baer Special Funds and to the LFP Credit Flexible International and LFP Rendement 2017 funds.
09/10/2012

Dutch pension funds will have to reduce benefits

More than 80% of pension funds based in the Netherlands will have to reduce their payments to pensioners for the first time from April next year, unless they can improve their financial situation by then, Financial Times Fund Management reports. The Netherlands central bank is requiring assets at pension funds to represent at least 105% of liabilities by the end of 2013. In order to achieve that objective, 81% of them will have to reduce benefits to current pensioners, according to the most recent available figures.
09/10/2012
Gestion d'actifs

Swiss Life sélectionne 3 gérants pour le lancement d'un fonds de fonds à destination des institutionnels

La société de gestion Swiss Life AM qui concourt au sein des mandats d’amLeague s’est impliquée dans la mise en place de portefeuilles investissables à destination des investisseurs institutionnels et a, pour ce faire, reçu l’agrément de l’Autorité des marchés financiers le 4 juillet, dernier. Le fonds de Swiss Life AM se réfère à un indice - l’indice SL amLeague actions euro TOP3 - qui est composé de trois asset-managers dont la gestion sous amLeague a été retenue et agrégée. En fonction des préférences de Swiss Life AM, une pondération fixe est attribuée à chacune des trois sociétés retenues : 4/9 pour la mieux considérée, 3/9 pour la suivante et 2/9 pour la dernière. Le trio est revu chaque fin de mois. Pour octobre, par ordre de préférence, Allianz GI, Dexia AM et Ecofi Investissements sont les trois sociétés retenues par Swiss Life AM.
Gestion d'actifs
08/10/2012

Vers un encadrement de la faillite des chambres de compensation

La Commission européenne pourrait promouvoir des règles sur le sauvetage et le démantèlement des chambres de compensation et des assureurs, alors que les régulateurs de la planète cherchent à éviter que les faillites aient des répercussions désastreuses sur les marchés financiers. Les services bruxellois ont annoncé avoir lancé une consultation sur le sujet.
08/10/2012

La BCE fermera son programme d'obligations sécurisées

La Banque centrale européenne (BCE) mettra fin début novembre, comme prévu, à son second programme d’achat d’obligations sécurisées même si elle a dépensé moins de la moitié des fonds qui lui étaient destinés, ont dit lundi des sources monétaires de la zone euro. Les obligations sécurisées sont garanties par des actifs, souvent immobiliers.
08/10/2012

La liste de candidats se resserre pour la Banque d’Angleterre

Le vice-gouverneur Paul Tucker paraît le mieux placé pour prendre la tête de l’institut d’émission britannique après le désintérêt exprimé par deux prétendants de poids. L’ancien responsable du service civil britannique, Gus O’Donnell, et l’économiste de Goldman Sachs Jim O’Neill, célèbre pour avoir inventé l’acronyme BRICs, ont en effet décliné le poste. La date limite de dépôt des candidatures était fixée à lundi matin.
08/10/2012

Aide européenne : Berlin soutient la position de l’Espagne

L’Espagne n’a pas besoin d’une nouvelle aide financière parce que ses problèmes sont imputables à son système bancaire et que le pays a déjà obtenu un prêt destiné à recapitaliser son secteur financier, a estimé lundi le ministre allemand des Finances. «L’Espagne fait tout ce qui est nécessaire, sur la politique budgétaire, sur les réformes structurelles. L’Espagne a un problème avec ses banques en raison des conséquences de la bulle immobilière des dernières années», a souligné Wolfgang Schäuble.
08/10/2012

Le Luxembourg disposé à accorder un délai à la Grèce

La Grèce fait beaucoup d’efforts pour résoudre la crise de sa dette et l’Eurogroupe la soutiendrait vraisemblablement s’il lui fallait plus de temps pour remplir ses objectifs de déficit, a déclaré lundi le ministre des Finances luxembourgeois, Luc Frieden. «Ce n’est pas à sens unique: cela exige de la part de la Grèce d’entreprendre et de poursuivre les réformes que le gouvernement a promises», a toutefois prévenu le responsable politique.
08/10/2012

Lisbonne présentera dans une semaine un budget 2013 «difficile»

Le gouvernement portugais présentera lundi prochain un projet de budget 2013 «difficile» qui devrait envoyer des «messages» pour la croissance et la création d’emploi tout en s’appuyant sur de fortes hausses d’impôts, a annoncé lundi le Premier ministre. Pedro Passos Coelho a également estimé que l’adjudication de dette de la semaine dernière était un bon signe pour l'économie, les entreprises et les banques.

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