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14/09/2012

Dexia and Pictet post inflows in Italy

In second quarter 2012, Dexia posted the largest net inflows in Italy, according to a quarterly report published by the Italian asset management association Assogestioni. The asset management firm, which will soon be sold, has posted EUR1.6bn in inflows between April and June, of which EUR1.59bn went to open-ended funds. In second place is another foreign group, Pictet, which has taken on EUR926m (entirely to open-ended funds). Third place goes to Poste Italiani, with EUR733m. These are followed by three foreign groups: Amundi (EUR722m), Franklin Templeton Invesments (EUR534m) and Axa (EUR419m).
14/09/2012

Two new members appointed to board of IMA

At its annual general conference on 12 September, the British Investment Management Association (IMA) appointed four new members to its board. They are Hugh Mullan, UK Managing Director at Fidelity Worldwide Investment, Mark Zinkula, chief executive officer at Legal & General Investment Management, Andrew Formic, chief executive at Henderson Global Investors, and Andrew Laing, deputy chief executive at Aberdeen Asset Management. Three members have left the board: Helena Morrissey, chief executive officer at Newton Asset Management, Alain Dromer, former CEO of Aviva Investors, and Bill Smith, chief executive officer at Lazard Asset Management.
14/09/2012

BNY Mellon transfers Pareto to Insight

For an undisclosed amount, Pareto Investment Management Ltd (GBP27bn in assets) will be acquired by Insight Invesmtent Management Ltd (GBP182bn). The two asset management firms are affiliates of BNY Mellon. The transaction is expected to be completed by 1 January 2013, pending approval by the regulator.Pareto is specialised in active and passive management of currency risks, and operates in the United Kingdom, the United States, Japan and Australia.
14/09/2012

Liontrust recruits for team dedicated to European equities

Liontrust Asset Management has recruited Samantha Gleave as an addition to its team dedicated to European equities, Investment Week reports. She joins the team as a manager, and will work with James Inglis-Jones and Gary West, with whom she previously worked in the 1990s at Fleming Investment Management. Gleave joins from Bank of America Merrill Lynch, where as an analysts, she covered European equities for seven years, particularly industrials.
14/09/2012

SAUL and LGIM extend partnership in LDI

The Superannuation Arrangements of the University of London (SAUL), the pension fund for the University of London, has announced that it has extended its partnership with Legal & General Investment Management (LGIM). The asset management firm will continue to provide the fund with liability-driven investment (LDI) services, a statement says. The two firms have been working together since 2001.
14/09/2012

Aviva rationalises its retirement product range

Aviva will be closing four of its products to new investors, as it estimates that they are redundant alongside the firm’s retirement product range, Investment Week reports.The products concerned are self-invested personal pensions (SIPP), and the Income Drawdown, Your Pension Protector and Crystallised Pension Plan programmes. All of these products will be closed on 23 November this year. But Aviva’s decision does not affect existing clients, who will have access to the same functionality for all products after that date.
14/09/2012

Lyxor to launch physical ETFs by year's end

Lyxor Asset Management (“Lyxor”) on 13 September has announced the launch of a range of physical replication ETFs by the end of 2012, beginning with ETFs based on bond indices. The move may be interpreted as a change in Lyxor’s strategy, which has always privileged synthetic replication, and which was defended tooth and nail throughout the controversy that raged over replication techniques last year. During that sometimes passionate debate, Lyxor defended synthetic replication, while Anglo-American firms such as BlackRock held by physical replication. The debate appears to be over now, but it may have driven some parties to reconsider their positions. At any rate, Lyxor does not hesitate to suggest that its product range deserved some revision. “In order to fully satisfy investor demand, Lyxor has decided to develop this approach, in order to offer its clients ‘the best of both worlds’ in the ETF universe,” Lyxor says in a statement. Regardless of the type of replication proposed, Lyxor ETFs will retain the same level of quality in terms of transparency, effectiveness (low tracking error) and liquidity, Lyxor says.
14/09/2012

Bruno Vanier creates an asset management firm

Bruno Vanier, a former fund manager at EDRAM, is preparing to launch his own asset management boutique specialised in emerging markets, Citywire Global can reveal. Gemway Assets will be partly owned by La Financière de l’Echiquier, which is reported to have acquired a 34% stake, according to reports in Citywire.
14/09/2012

Skandia IS loses money due to RDR

The Skandia Investment Solutions platorm (GBP34.2bn in assets under management) has posted a loss of GBP11.4m in 2011, due to the costs of preparing for compliance with Retail Distribution Review (RDR) regulations, Investment Week reports. Losses in 2010 totalled GBP15m.
14/09/2012

Swiss private management under pressure

A transformation of framework conditions in Swiss private management will result in net outflows of funds from foreign clients, which may run to CHF150bn to CHF200bn by 2016, particularly in the cross-border segment, according to a survey by the aeb/rolfes.schierenbeck.associates agency. These outflows are expected to represent 5-8% of cross-border assets under management, but as much as 25-35% of cross-border assets for a typical private management bank focused on European clients.The development will result in an average decline in the gross profit margins on assets of 15 to 20 basis points by 2016. This represents an enormous challenge for the cost/income ratio at private management institutions. Without compensation on the income side or a structural reduction in costs, the cost/income ratio (CIR) for a mid-sized bank with about CHF30bn in assets under management, half of which are cross-border assets originating from key Euorpean markets, may deteriorate by as much as 75% to 100%.
14/09/2012

Reyl opens a branch offices and declares ambitions

At an opening of its Zurich offices, the Reyl group has announced that it has set at goal of CHF5bn in assets under management by the end of the year, Agefi Switzerland reports. Assets under management have risen from CHF5.6bn as of the end of July to CHF5.9bn currently. The group is hoping to double its assets under management to over CHF10bn in three years.
14/09/2012

Matteo Perruccio leaves Hermes

Matteo Dante Perruccio has resigned from his position as CEO of Hermes BPK Partners, the fund of hedge fund firm 60% owned by Hermes Fund Managers, Financial News reports.
14/09/2012

M&G Investments appoints a head

The British asset management firm M&G Investments has appointed David Halfacre as head of development for partnerships, Fund Web reports. He previously worked at JPMorgan Asset Management, where he was vice president, in charge of development for strategic partnerships.
14/09/2012

Invesco recruits three SLI managers

In order to train a multi-asset class management team in Henley, near London, as a complement to the global team in Atlanta, Invesco Perpetual has recruited three managers from Standard Life Investments (SLI), Fundweb reports. They are David Millar, who had been investment director, multi-asset investing at SLI, Dave Jubb, who had been investment director, tactical asset allocation, and Richard Batty, who had been investment director, global investment strategist.To rebuild its multi-asset class team, SLI is transferring Ian Pizer, a member of the government bonds team, who will continue to manage the ARGBS government bond fund, while generating ideas for the Global Absolute Return Strategies fund (GBP12bn). He will report to Guy Stern, head of multi-asset fund management.Roger Sadewsky, co-manager of ARGBS, will continue to manage the fund, but will also join the strategic investment group. Neil Richardson will take charge of equity strategies in absolute return portfolios.Lance Philips, investment director for global equities, will be leaving SLI, and will be replaced by Steve Weeple, who will report to David Cumming, head of equities.
14/09/2012

Irish asset management continues international drive

The Irish Funds Industry Association (IFIA) will open representative offices in Shanghai, Frankfurt and Sydney, bringing the number of branch offices worldwide to ten, the professional association announced at its annual conference on 13 September.The association began its international offensive last year, with the opening of offices in the United States, in Atlanta, New York and Chicago, and in Europe and London. Since then, the IFIA has opened offices in Singapore, Tokyo and Hong Kong.According to the CEO of the association, Pat Lardner, “this all demonstrates the IFIA’s commitment to being present on all the major growth markets, in order to better promote Ireland as the ideal jurisdiction for investment funds distributed internationally. We would like to be available to assist asset managers to find the solutions, products and expertise that Ireland can offer in a constantly-changing international regulatory environment.”In other words, the asset management sector in Ireland clearly wishes to defend and strengthen its position in relation to continental European competition, and particularly in response to activism on the Luxembourg market, which has a strong presence on all major markets worldwide.
14/09/2012

Transfer at JP Morgan in Belgium

In a letter to clients, JP Morgan Asset Management Benelux has announced that Arnaud van der Elst is leaving his position in senior sales for Belgium & Luxembourg to become director of development at JP Morgan Private Banking in Belgium, on 1 October. Nicolas Deblauwe, country head Benelux, and Tom Vermeulen, senior sales, will handle his former responsibilities in the interim until he can be replaced.
14/09/2012

Skagen launches a fund of listed property companies

The Nordic asset manager Skagen will be launching a new equity fund – the global property fund Skagen m2. It is an actively managed global property fund that will invest in mispriced listed property companies around the world.Skagen m2 will be managed by Peter Almström, Michael Gobitschek and Harald Haukås. The new fund will be launched on 31 October 2012 and will be registered in the markets where the asset manager has marketing approval. The fund’s benchmark index will be MSCI ACWI Real Estate Net Return IMI, a global property index.Since Skagen was founded in 1993 it has only launched three equity funds.
14/09/2012

Matteo Perruccio quitte Hermes

Matteo Dante Perruccio démissionne de son poste de directeur général de Hermes BPK Partners, la société de fonds de hedge funds détenue à 60 % par Hermes Fund Managers, selon Financial News.
14/09/2012
Fonds

Aviva rationalise sa gamme de produits retraite

Aviva va fermer aux nouveaux investisseurs quatre produits dont elle estime qu’ils font double emploi dans l’offre retraite de la société, rapporte Investment Week.Les produits concernés sont les programmes SIPP (pensions individuelles d’investissement personnel), ainsi que les fonds Income Drawdown, Your Pension Protector et le Crystallised Pension Plan. Tous ces produits seront fermés le 23 novembre prochain. Mais la décision d’Aviva ne touche pas la clientèle existante qui aura accès après cette date aux mêmes fonctionnalités sur tous les produits.
Fonds
14/09/2012

Invesco recrute trois gérants de SLI

Pour former une équipe de gestion multi-classes d’actifs à Henley (près de Londres) qui soit le complément de celle, mondiale, d’Atlanta, Invesco Perpetual a recruté trois gérants de Standard Life Investments (SLI), rapporte Fundweb. Il s’agit de David Millar, qui était investment director, multi-asset investing chez SLI, de Dave Jubb, qui était investment director, tactical asset allocation, et de Richard Batty, qui était investment director, global investment strategist.Pour reconstituer l'équipe multi-classes d’actifs, SLI mute Ian Pizer, qui appartient à l'équipe obligations d’Etat et continuera de gérer le fonds d’obligations d’Etat ARGBS tout en générant des idées pour le fonds Global Abbsolute return Strategies (12 milliards de livres). Il sera subordonné à Guy Stern, head of multi-asset fund management.Roger Sadewsky, co-gérant du ARGBS, restera aux commandex du fonds mais rejoindra parallèlement le strategic investment group. Quant à Neil Richardson, il prendra en charge les stratégies actions au sein des portefeuilles de performance absolue. A noter par ailleurs que Lance Philips, investment director for global equities, va quitter SLI et sera remplacé par Steve Weeple, qui sera subordonné à David Cumming, head of equities.
14/09/2012

Nomination de nouveaux membres au conseil de l'IMA

A l’occasion de son assemblée générale annuelle qui s’est tenue le 12 septembre, l’association britannique des gestionnaires d’actifs (IMA) a désigné quatre nouveaux membres qui vont intégrer le «board».Il s’agit de Hugh Mullan, UK Managing Director chez Fidelity Worldwide Investment, Mark Zinkula, chief executive officer de Legal & Investment Management, Andrew Formica, chief executive chez Henderson Global Investors et Andrew Laing, deputy chief executive chez Aberdeen Asset Management. Trois membres ont quitté le board, Helena Morrissey, chief executive officer de Newton Asset Management, Alain Dromer, ancien chief executive d’Aviva Investors et Bill Smith, chief executive officer chez Lazard Asset Management.
14/09/2012

Liontrust renforce son équipe actions européennes

Liontrust Asset Management a recruté Samantha Gleave pour renforcer son équipe dédiée aux actions européennes, rapporte Investment Week.Elle rejoint l'équipe en tant que gérante et travaillera aux côtés de James Inglis-Jones et Gary West qu’elle a connaît déjà pour avoir travaillé avec eux à la fin des années 90 chez Fleming Investment Management.Samantha Gleave vient de chez Bank of America Merrill Lynch où, en tant qu’analyste, elle a couvert pendant sept annnées les actions européennes, et notamment les valeurs industrielles.
14/09/2012

SAUL et LGIM prolongent leur collaboration dans la gestion LDI

SAUL (The Superannuation Arrangements of the University of London), le fonds de pension de l’Université de Londres, annonce avoir reconduit son partenariat avec Legal & General Investment Management (LGIM). La société de gestion continuera de lui fournir des services de gestion sous contrainte de passif (LDI), précise un communiqué. Les deux sociétés travaillent ensemble depuis 2001.
14/09/2012

BNY Mellon reclasse Pareto chez Insight

Pour un montant non divulgué, Pareto Investment Management Ltd (27 milliards de livres d’encours) sera acheté par Insight Investment Management Ltd (182 milliards de livres). Les deux gestionnaires sont filiales de BNY Mellon. La transaction devrait être bouclée pour le 1er janvier 2013, sous réserve de l’accord du régulateur.Pareto se spécialise sur la gestion active et passive du risque de change et exerce ses activités au Royaume-Uni, aux Etats-Unis ainsi qu’au Japon et en Australie.
14/09/2012
Fonds

AmpegaGerling abaisse les frais pour un fonds monétaire

En réaction à la forte baisse des rémunérations sur le marché monétaire, AmpegaGerling Investment abaisse à compter du 1er octobre la commission de gestion du fonds monétaire Gerling Geldmarktfonds à 0,10 % contre 0,25 %, rapporte Fondsprofessionell.
Fonds
14/09/2012

First State ouvre un bureau en Allemagne

First State Investments International a annoncé jeudi l’ouverture d’un bureau de représentation à Francfort et le recrutement de David Gaschik en tant que responsable des ventes pour l’Allemagne.L’intéressé travaillait précédemment chez UBS Global Asset Management et UBS Wealth Management, en Allemagne, où il a occupé plusieurs postes, notamment celui de responsable de la distribution pour la gestion de patrimoine et de responsable clientèle banque privée. Au sein de First State, il est rattaché à Marc Bishop, directeur commercial Europe. First State est présent sur le marché allemand depuis 2001 et, aujourd’hui, ses fonds sont disponibles auprès de la plupart des grandes banques, indique un communiqué de presse. Parmi ses clients, la société australienne compte aussi des multi-gérants, des gérants de fonds de fonds, des family offices et des compagnies d’assurance.«Au cours des prochains mois, nous nous concentrerons sur le développement des relations avec nos clients en Allemagne et sur la prospection de nouveaux clients institutionnels, notamment en collaboration avec notre équipe dédiée à la dette des marchés émergents, dirigée par Helene Williamson et créée à l’automne 2011», commente Mark Lazberger, directeur général de First State Investments.L’ouverture de ce bureau à Francfort s’inscrit dans le cadre de sa stratégie d’expansion en Europe continentale de First State et fait suite à la création d’un bureau à Paris il y a quelques mois.
14/09/2012

Deuxième départ chez Hauck & Aufhäuser

La banque privée Hauck & Aufhäuser (H&A) a confirmé à Das Investment que Thomas Damschen, co-directeur général de Hauck & Aufhäuser Finance Consulting, a quitté l’entreprise avec effet immédiat, mais les raisons de ce départ n’ont pas été divulguées.L’intéressé quitte H&A deux jours après l’annonce de la démission de Michael Schramm, associé-gérant, dont il était réputé très proche. Thomas Damschen était responsable des solutions d’investissement institutionalisées, de la planification financière, des finances et du contrôle de gestion.
14/09/2012

Deka ne fusionnera pas avec LBB, mais…

Georg Fahrenschon, président de l’association allemande DSGV des caisses d’épargne et donc du conseil d’administration de DekaBank, a annoncé jeudi que l’audit du cabinet de consultants Roland Berger est très clair, rapporte le Handelsblatt. Il n’y aura pas de fusion complète de Deka, le gestionnaire central des caisses d’épargne, avec la Landesbank Berlin (LBB), un établissement qui appartient lui aussi aux caisses d’épargne: ce ne serait pas économiquement raisonnable.En revanche, il n’est pas question de se limiter à une simple coopération. Il y aura donc fusion, mais seulement dans certains domaines. La LBB est forte dans les relations avec les autres caisses d’épargne, l’immobilier et les activités de marché avec une offre importante de certificats. Il vient justement d’être décidé que Deka va se lancer dans les certificats…
14/09/2012

Bruno Vanier lance sa société de gestion

Bruno Vanier, ancien gérant d’Edram, s’apprête à lancer sa propre boutique de gestion spécialisée sur les marchés émergents, a appris Citywire Global. La société, Gemway Assets, sera en partie détenue par La Financière de l’Echiquier, qui aurait acquis 34 % du capital, selon les informations de Citywire.
14/09/2012
Fonds

iShares lance un ETF marchés frontière

Amorcé à plus de 11 millions de dollars, l’ETF iShares MSCI Frontier 100 Index Fund (acronyme NYSEArca: FM), créé le 12 septembre, a été admis à la négociation le 13 septembre. Il s’agit selon iShares du premier ETF répliquant l’indice MSCI Frontier Markets disponible sur le marché américain.Actuellement, cet indice couvre des valeurs des pays suivants : Argentine, Bangladesh, Croatie, Estonie, Jordanie, Kazakhstan, Kenya, Koweit, Liban, île Maurice, Nigeria, Oman, Pakistan Qatar, Roumanie, Serbie, Sri Lanka, Ukraine, Emirats arabes unis et Vietnam.Ce fonds est chargé à 0,79 %.
Fonds

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