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16/04/2012

Deutsche Bank planning to redeploy its asset management activities

According to sources familiar with the matter cited by Financial Times Deutschland, Anshu Jain, future co-chairman of the board at Deutsche Bank from May, is planning to reshuffle the bank, merging the remaining asset management unit into the investment bank. Asset management last year missed its pre-tax profit target of EUR1bn by EUR233m. Once non-DWS activities in Germany and Europe have been sold off, assets will drop to EUR165bn, from EUR540bn. The premise of the investment banking/asset management merger is the appointment of the investment banker Michele Faissola as head of asset management, and the transfer of db x-trackers (ETFs) from investment banking to asset management.
16/04/2012

Switzerland plans to toughen regulations for hedge funds

Switzerland is preparing to impose tougher regulations on its hedge fund sector, and may become one of the strictest countries in this area, the Financial Times reports. The rules would affect Swiss investors, who are major clients of the global hedge fund industry. Foreign asset management firms who do not comply with the new requirements could be required to refund billions of Swiss francs. The rules, which have been proposed by the Federal Council and must now be debated by the Swiss parliament, aim to bring Switzerland into compliance with European hedge fund regulations, and to go beyond those regulations in some areas.
16/04/2012

Strong growth for UBS private banking in the United States

In March and early April, the Swiss group UBS has recruited 12 brokers from Bank of America Merrill Lynch and Morgan Stanley Smith Barney, Finews reports. These brokers join the firm along with the assets of their clients, totalling about USD2bn. As of the end of 2011, the wealth management unit at UBS was the fourth-largest broker in the United States, with 7,000 advisers and assets under management totalling USD754bn.
16/04/2012

Asset levels at the four major firms diverge in March

As of the end of March, assets under management by Invesco and Legg Mason respectively totalled USD672.8bn and USD643.3bn, compared with USD667.6bn and USD638bn one month earlier, while assets at Franklin Templeton and AllianceBernstein were down to USD725.7bn from USD727.4bn, and to USD419bn from USD424 bn.However, all of the major asset management firms as of the end of first quarter posted a higher level of assets than as of 31 December 2011. The largest increase in absolute terms is USD55.4bn for Franklin Templeton, followed by Invesco (USD47.5bn), Legg Mason (USD16.3bn) and AllianceBernstein (USD13bn).
16/04/2012

Goldman Sachs fined USD22m

The Securities and Exchange Commission (SEC) on Thursday, 12 April announced that Goldman Sachs will be required to pay a fine of USD22m. The fine from the US regulator is for inadequately segregating analysts and traders from clients. USD11m will be payable to the SEC, while the other USD11m will go to the Financial Industry Regulatory Authority (FINRA), Hedgeweek reports.
16/04/2012

Outflows from JP Morgan in first quarter

The Asset Management unit at JP Morgan Chase has seen net redemptions in the first three months of this year of USD8bn, according to quarterly results from the US bank published on Friday. This is due to net outflows of USD25bn from money market products, which were not wholly offset by USD17bn in net subscriptions to long-term products (i.e. excluding money markets).In the past twelve moths, however, asset management at JP Morgan Chase has seen net inflows of USD45bn.As of the end of March, assets under management at the bank totalled USD1.4trn, an increase of 4% compared with the previous year. Assets under administration total USD2trn, an increase of 6%.Net earnings totalled USD2.4bn, a decline of USD36m, or 1%, compared with the previous year. Net profits are down 17% to USD386m.
16/04/2012

Paris-based asset management firm fined by AMF

The reporter for the AMF College has fined the GSD Gestion company EUR500,000, its chairman and CEO, Jacques Gautier EUR100,000, and its CEO, Thierry Gautier, EUR50,000, Agefi reports. The fine also carries a reprimand. The parties are accused of failing to respect their professional obligations in the sale of EMTN, whose value collapsed when the Icelandic bank Landsbanki went bankrupt in 2008.
16/04/2012

Over USD100bn in inflows to long-term products in first quarter

Long-term funds in the United States in first quarter attracted a net total of USD106.3bn, according to the most recent mutual fund statistics from Morningstar.US equity funds continued to lose ground, with net outflows in the quarter of USD20.9bn for large cap funds.However, mid-term bond funds and high yield bond funds in first quarter posted total net inflows of USD304.4bn.Money market funds, for their part, have posted net redemptions totalling USD114bn in first quarter, a level not seen since second quarter 2010.
16/04/2012

Hausse des actifs sous gestion de Franklin Templeton

Les actifs sous gestion de Franklin Templeton s’inscrivaient fin mars 2012 à 725,7 milliards de dollars contre 727,4 milliards de dollars au 29 février 2012 et 670, 3 milliards de dollars à fin décembre 2011, selon un communiqué publié par la société. A fin mars 2011, les actifs sous gestion atteignaient 703,5 milliards de dollars.Les actifs sous gestion des fonds actions s’élevaient fin mars à 299,9 milliards de dollars contre 270, 2 milliards de dollars fin décembre mais 308,9 milliards de dollars à fin mars 2011.Du côté obligataire, les actifs sous gestion s’établissaient fin mars à 316,5 milliards de dollars contre 297,7 milliards de dollars fin décembre et 275,2 milliards de dollars un an plus tôt.
16/04/2012

Tiger Management supports former head of Norwegian sovereign fund

Julian Robertson of Tiger Management will support the new hedge fund managed by Knut Kjær former head of the Norwegian sovereign fund, the Financial Times reports. Last year, the hedge fund acquired Trient, an asset management firm, with Dag Løtveit, former head of strategic allocation for Norges Bank Investment Management. Tiger has invested in the capital of the new Trient fund in exchange for a share in the revenues.
16/04/2012

Assets in US ETFs up

According to State Street Global Advisors (SSgA), assets under management by ETFs domiciled in the United States as of the end of March totalled USD1.9trn, 14% more than as of the end of December, the Wall Street Journal reports. Bond ETFs have attracted one third of the USD52.1bn in net subscriptions.
16/04/2012

Temasek buys a stake in China's UCBC for USD2.5bn

Agefi reports that Temasek is continuing its acquisitions in China. The Singapore sovereign fund will be buying a bloc of 3.55 million shares in the Industrial & Commercial Bank of China (ICBC) traded on the Hong Kong stock exchange from Goldman Sachs for about USD2.5bn (EUR1.9bn).
16/04/2012

Assets in sovereign funds continue increase unabated

According to estimates from the Preqin consultancy, assets under management by sovereign funds as of the end of March totalled about USD4.62trn, compared with USD3.98trn one year earlier, USD3.59trn as of the end of March 2010, USD3.22trn as of the end of March 2009, and USD3.05trn as of the end of March 2008.The most recent Preqin newsletter finds that 57% of sovereign funds invest in private equity, 46% in the form of investment commitments to funds and 11% via direct investments.The study also finds that propensity to invest in private equity clearly increases with size: 83% of funds with assets of over USD250bn have already invested in private equity, while only 55% of those with total assets of USD10bn to USD49bn have done so, and 25% of those with under USD1bn.The five sovereign funds which invest most in private equity funds have total assets of over USD2.2trn. The largest of these is the Abu Dhabi Investment Authority (ADIA) with USD627bn, of which 2% to 8% are invested in private equity. The Kuwait Investment Authority (USD296bn) has an allocation to private equity of 10%.
16/04/2012

Improving economic outlooks bring a smile to managers' faces

Managers are highly optimistic due to signs of an improvement in conjuncture, according to a recent survey by SEI. The majority of managers responding to the survey (78%) are optimistic about their growth outlooks in the next three years, and show a level of confidence unprecedented since the financial crisis. The reasons for managers’ prevalent optimism include the strength of the brand they are defending (32%, up from 19%), positive market outlooks (24%), good levels of resources, and the strength of their development strategies (21%).
16/04/2012

KKR plans to buy and merge diamond operations of Rio Tinto and BHP

According to reports in the Sunday Times relayed by Handelsblatt, a spokesperson for KKR on Sunday declined to comment on reports that the private equity firm is planning to acquire and merge the diamond operations of Rio Tinto and BHP Billiton, and that it has already retained a consultant in connection with the plans.
16/04/2012

Former EIM chairman returns

Jan Frogg, former chairman of the executive board at the fund of fund firm SIM, has returned at a new company, Sayan Capital, where he will aim to raise money for hedge funds, according to reports in Financial News.
16/04/2012

Investec drops Williams de Broë brand

Following the acquisition by Investec Group of Evolution Securities, which owned the Williams de Broë brand, the wealth management firm founded in 1869 will be changing names. Williams de Broë will be known as Investec Wealth and Investment from August, Investment Europe reports.
16/04/2012

Lazard recruits a big name from Sabadell

Sergio Miguez, chief investment officer for absolute returns at BanSabadell Inversión, is joining the Spanish team of the British firm Lazard, led by Manuel Sas Salvador (formerly CEO of Banco Urquijo), as director of wealth management, Funds People reports.This is the third recruitment of a high-level employee since the beginning of 2012 at Lazard, following those of Borja Fernández-Galiano (formerly director of third-part fund sales at N+1 Syz) and Francisco Quintano (former head of equities at BNP Paribas Spain).
16/04/2012

Banesto sells receivable debts at a profit

In first quarter, Banesto sold personal and consumer credit worth EUR1.2bn and EUR216m, respectively, to an investment fund and a bank whose names have not been disclosed, for a gain of EUR128m, Funds People reports. The gain has been set aside for provisions, as required by the minister of the economy.
16/04/2012

Saxo Bank founds a Sicav in Spain

The Danish Saxo Bank has registered the creation of Saxo Invest, a Luxembourg Sicav which will allow for sales of funds from the group’s for asset management boutiques, Sirius Kapitalforvaltning, CPH Capital, Global Evolution and Capital Four, to Spanish investors, with the CNMV, Funds People reports.
16/04/2012

New ETFs in Italy

The ETF platform from State Street Global Advisors has launched 15 new physical replication products on the Milan Stock Exchange, Bluerating rpeorts. Among these are the SPDR S&P 500 ETF, the SPDR S&P Euro Dividend Aristocrats ETF, and the SPDR S&P US Dividend Aristocrats ETF.Lyxor on 16 April also launched the Lyxor ETF S&P500 VIX Futures Enhanced Roll, an ETF which provides exposure to volatility, Bluerating adds.
16/04/2012

Une société de gestion parisienne épinglée par l'AMF

Le rapporteur du Collège de l’AMF a requis 500.000 euros d’amende à l’encontre de la société GSD Gestion, 100.000 euros à l’encontre de son PDG, Jacques Gautier et 50.000 euros à l’encontre de son DG Thierry Gautier. L’amende serait assortie de blâme. Il leur est notamment reproché de n’avoir pas respecté leurs obligations professionnelles lors de la vente d’EMTN dont la valeur a fondu avec la faillite de la banque islandaise Landsbanki en 2008.
16/04/2012

TA Associates entre au capital de Zadig & Voltaire

Le quotidien avance que la «griffe française glam-rock» est «en passe de réussir sa conquête de l’Ouest» par le biais, outre des ouvertures de boutiques outre-Atlantique, de l’entrée à son capital du fonds américain TA Associates. Ce dernier prendra 30% du capital, une opération valorisant la société fondée, détenue et dirigée par Thierry Gillier à 380 millions d’euros.
16/04/2012

Carlyle peaufine les détails de son IPO

Reuters croit savoir que la société américaine de private equity entend récolter début mai à l’occasion de son introduction en Bourse entre 701,5 et 762,5 millions de dollars. Ce qui représente une mise sur le marché de 11% du capital, à raison de 30,5 millions de titres écoulés au sein d’une fourchette indicative attendue de 23 à 25 dollars.
16/04/2012

Blackstone se renforce dans l’immobilier industriel aux Etats-Unis

Le groupe australien Dexus Property Group a indiqué avoir cédé à des entités du fonds Blackstone Real Estate Partners VII 65 de ses actifs immobiliers industriels pour 770 millions de dollars. Le groupe australien entend procéder à un rachat de titres grâce au produit de cette vente. Blackstone de son côté a d’ores et déjà récolté plus de 10 milliards de dollars pour son nouveau fonds dédié à l’immobilier.
16/04/2012

Les propriétaires de Manchester United relancent un projet d'IPO

La famille Glazer chercherait à lever 600 millions de livres, l’équivalent de près de 730 millions d’euros, en mettant 25% à 30% du club de football britannique à la Bourse de Singapour, ce qui le valoriserait jusqu'à deux milliards de livres, a rapporté dimanche le Sunday Times. Ce projet a déjà été étudié par le passé.
16/04/2012

Pékin donne plus de souplesse au yuan

A la grande satisfaction du FMI, la banque centrale chinoise a annoncé ce week-end le doublement de la bande de fluctuation du yuan. Une première depuis 2007.
16/04/2012

KKR veut faire briller le diamant

Le journal dominical britannique, qui ne cite pas ses sources, avance que la société américaine de private equity travaille avec un conseiller à une opération de rachat et de fusion des activités de diamant de BHP Billiton et de Rio Tinto. Les deux groupes miniers souhaitent se défaire de cette activité jugée non stratégique.

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