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10/04/2012

BNY Mellon recrute une directrice de la stratégie Asie-Pacifique

Jane Caire, head of business management chez ING Investment Management, a été recrutée comme head of strategy & development, product & marketing pour le pôle investment management de BNY Mellon. Sobordonnée à Alan Harden, Asia-Pacific CEO de BNY Mellon Investment Management, elle sera basée à Hong-Kong.
10/04/2012

"Nous ne nous sommes pas soumis au dogme de la gestion sous contrainte de passif"

La Caisse de Prévoyance des agents de la Sécurité Sociale et assimilés (CAPSSA) gère environ un milliard d'euros à la manière d'un fonds de fonds et avec des performances enviables. Son directeur général, Jean-Pierre Mottura, bénéficie d'une grande liberté en matière d'allocation, avec en contrepartie des contrôles a posteriori particulièrement stricts. Cela a permis de tenter des expériences probablement impossibles dans d'autres maisons.
10/04/2012

Fed plans to toughen regulations for money market funds

In a speech on Monday, Ben Bernanke, chairman of the Federal Reserve, claimed that it is necessary to adopt additional measures to increase the resilience of money market funds, since this stability is important for the stability of the entire US financial system, the Wall Street Journal reports. He added that the risk of panic is the result of a combination of redemptions from funds with fixed net asset values, and a situation in which investors are extremely hostile to taking risks and the lack of an explicit capacity to absorb losses, all topics which remain a matter of concern, he added.
10/04/2012

“We are not subject to the dogma of asset-liability management”

The retirement planning entity for social security personnel (CAPSSA) manages almost EUR1bn as a fund of fund, with enviable results. Its CEO, Jean-Pierre Mottura, has a lot of freedom in asset allocation, but faces strict a posteriori controls. This has allowed for types of experiment that would be impossible at other complementary insurance firms.
10/04/2012

Regulatory approval for two funds from Rothschild & Cie

Das Investment reports that the Swiss regulator has granted sales licences for Switzerland to the R2016 and R Focus Corporate 2016 funds from Rothschild & Cie Gestion. A similar license has been applied for from the German BaFin.
10/04/2012

Aegon licensed to manage pension funds in Spain

The Boletín Oficial del Estado (Official Gazette) has published a decision by the Director general of insurance and pension funds (DGSFP) authorising Aegon España to manage pension funds in Spain, Funds People reports.
10/04/2012

BNY Mellon recruits a head of strategy for Asia-Pacific

BNY Mellon has appointed Jane Caire to the newly created role of head of strategy & development, product & marketing for investment management in the Asia-Pacific region. Based in Hong Kong, she will report to Alan Harden, Asia-Pacific CEO of BNY Mellon Investment Management.Jane Caire joins BNY Mellon from ING Investment Management where she was most recently head of business management.
10/04/2012

Arrow Investment Advisors recruits an ETF specialist

Arrow Investment Advisors has announced the recruitment of Joseph Cunningham, an ETF specialist, as director of capital markets at the US firm. He had previously worked at ProShares Advisors, as Director of Institutional ETF Order Flow, Mutual Fund Wire reports.
10/04/2012

Azimut records inflows in a challenging market

The Italian asset management firm Azimut has posted net inflows in March of EUR308.1m, while the Italian fund industry as a whole shows outflows, Il Sole – 24 Ore reports. Since the beginning of the year, inflows total EUR609.3m. The Italian firm has been successful with its renminbi fund and its cat bond fund, as well as with its growth abroad.
10/04/2012

Natixis GAM launches an international equities fund

Natixis Global Asset Management (GAM) has launched an international equities fund from Gateway Investment Advisers. The Gateway International Fund aims to earn long-term returns similar to those of the MSCI EAFE index, with a reduced risk level. The fund invests in a diversified portfolio of 200 to 400 international equities. Based on market capitalisation, the fund includes representative allocations to six indices: ASX/S&P 200 (Australia), Euro Stoxx 50 (Europe), Hang Seng (Hong Kong), Nikkei 225 (Japan), SMI (Switzerland) and FTSE 100 (United Kingdom).
10/04/2012

Bankinter Gestión launches a guaranteed fund based on Eurostoxx 50

On 30 March, the Spanish regulator CNMV has registered the Bankinter Eurostoxx 50 Garantizado fund, which aims on the one hand to guarantee initially invested capital at maturity (on 30 November 2015), and on the other hand to deliver a return which will depend on the performance of the Eurostoxx 50 index in the meanwhile. In the worst case, there will be no additional return, and in the best case, the return will be equivalent to 6.50% per year, depending on a 60% participation rate in gains limited to 42% during the period of reference. From 8 May (subscriptions will close on 7 May), the portfolio will be invested in bonds denominated in euros rated at least A-, with a maturity similar to that of the fund. Characteristics Name: Bankinter EuroStoxx 50 Garantizado, FI ISIN code: ES0159142001 Front-end fee: 5% Management commission: 1.27% Early withdrawal penalty: 3%
10/04/2012

Hedge fund closures and openings accelerate

The number of hedge fund closures appears to be on the decline in recent years, Hedge Fund Research reports. Despite a slight increase in 2011 to 755 from 743 in 2010, the research firm points out that this level remains far below an all-time peak in 2008, at 1,471 closures. HFR also points out that 1,113 funds were created last year, up from 935 in 2010, compared with a record of 1,197 in 2007, Agefi notes.
10/04/2012

Julius Baer recruits in Hamburg

The Hamburg branch of Bank Juilus Baer Europe (opened in 2006) has moved into new, larger offices, and its director, Sven Nykamp, has announced that six new employees have been recruited from 1 April, finews reports. Further recruitments are planned in the mid-term if business volume continues to increase at the same pace.
10/04/2012

HSBC Germany: depository uni9t has doubled in size in 5 years

As of the end of March, the volume of assets under administration by HSBC in Germany for the first time topped EUR70bn, which means that assets have more than doubled in five years, a press statement says, adding that this growth has been entirely organic, Fonds Professionell reports. Christiane Lindenschmidt, director of HSBC Securities Services Germany, is planning to make the firm one of the winners from the inevitable concentration process soon to come on the German depository banking market, which has unaccountably not yet begun.
10/04/2012

SG Alpha launches a fund dedicated to Ukraine

The hedge fund SG Alpha, specialised in emerging Europe, has launched a hedge fund dedicated to Ukraine, HFM Week reports. The SG Alpha Ukraine Fund started up on 2 April with capital of USD10m from European institutional investors. The firm hopes to reach USD100m in two years. The founder of SG Alpha, Steffen Gruschka (formerly of Deutsche Bank) has been investing in Ukraine for over 10 years. The new fund will provide a way to benefit from highly favourable share prices and a potential free trade agreement between Ukraine and the European Union.
10/04/2012

Jefferies sets up shop in Dubai

Jefferies has announced the opening of an office in the Dubai International Financal Centre (DIFC). George Azar will be the managing director and senior executive officer of the Dubai office. Azar previously worked at Union Bancaire Privée, where he was CEO of the Qatar office and managing director for Dubai. Also from Union Bancaire Privée, Imrad Ahmed joins Jefferies as senior vice president and adviser of the wealth management unit at Jefferies.
10/04/2012

Nikko AM joins ICI Global association

The US asset management firm Nikko Asset Management has joined the international organisation ICI Global, a recent emanation of the US financial asset management association ICI. Nikko AM becomes the first Asian firm in the asset management sector to join ICI Global. The members of the ICI association and its affiliated members represent total assets under management of at least USD16.380trn in UCITS and mutual funds.
10/04/2012

Centrum Bank reshuffles management

The Liechtenstein-based Centrum Bank has announced the arrival of two specialists from Clariden Leu in management positions in Vaduz and the bank’s Zurich affiliate. Pending permission from the regulator (FMA), Sandro Schmid, head operations, IT & services at Clariden, will become director of the new corporate centre at the head office in Liechtenstein from this summer. In Switzerland, Centrum Bank is parting with CEO Marck Zahn and head of private banking Christian Müri, who will be replaced by Yusuf Savmaz from 1 April. Savmaz becomes both CEO of Centrum Bank (Switzerland) and group head wealth management. Savmaz had most recently been head of tax & estate planning at Clariden Leu.For the 2011 fiscal year, Centrum Bank has reported net profits of CHF2.5m, comapred with CHF5.7m in the previous year, when profits were boosted by a CHF3.5m increase in provisioning. Operating profits declined by only 5%, to CHF62.6m. As of the end of December, total assets were down by 5% in one year, to CHF8.29bn, due to a decline in equity prices and adverse currency effects. However, Centrum Bank last year posted net inflows of CHF321m, compared with net outflows of CHF283m in 2010.
10/04/2012

Olivier Maestracci joins Neuflize OBC

Neuflize OBC has recruited Olivier Maestracci as deputy director of institutional clients and external distribution. Maestracci, formerly of Invesco, who has also served a brief stint at Financière de l’Echiquier, will join Robert Vela, also deputy director, with whom he worked for four years at Europerformance in the early years of the last decade.
10/04/2012

Touchstone acquires 16 funds from FTAM

Touchstone Investments has announced that it has acquired 16 funds from Fifth Third Asset Management (FTAM), which had been part of the mutual fund product range from the US firm. Assets in the funds will be integrated into Touchstone funds in third quarter, once the transaction is completed.
10/04/2012

Another setback for DWS hydroelectric power fund

As of the end of February, no subscribers had signed up to the closed-end fund DWS Access Wasserkraft (see Newsmanagers of 3 November 2011), which leaves the asset management firm of the Deutsche Bank group unable to comply with a new deadline of 20 March (the deadline hd previously been set at the end of November, and then at the end of December) to publish a complementary prospectus stating that the start-up of the fund is postponed by four months until 20 July, Fonds Professionell reports. If by this new date, DWS is still unable to provide at least EUR25m in capital, the legal structure of the fund will be dissolved. Management will be outsourced to the Austrian firm enso hydro, which has begun to construct a portfolio with small Norwegian firms.
10/04/2012

Odey AM parts with banking analyst

The London-based alternative asset management firm Odey Asset Management, which acquired something of a reputation due to its bets on the banking sector during the financial crisis, has parted with its senior banking sector analyst, Ben Lambert. Lambert, who joined the firm led by Crispin Odey in 2007, resigned last week, the Reuters news agency reports. Odey has confirmed the resignation of Lambert, but declined to comment. Assets under management at Odey total about USD6bn. Since its inception, Odey has ranked as one of the best hedge funds in the sector.
10/04/2012

La Grèce adjuge aujourd'hui un milliard d'euros de bons à 6 mois

La Grèce adjuge aujourd’hui même un milliard d’euros de bons à six mois pour refinancer une précédente émission, a fait savoir vendredi l’agence de la dette. Les adjudications de bons du Trésor sont la seule source de financement de la Grèce sur le marché. Athènes doit refinancer 3,6 milliards d’euros de bons à trois et six mois arrivant à échéance en avril.
10/04/2012

Egan Jones dégrade la note des Etats-Unis

L’agence de notation américaine Egan Jones a dégradé vendredi la note des Etats-Unis à AA en raison de la croissance rapide de la dette rapportée au PIB. Elle avait déjà abaisse d’un cran le pays en juillet dernier, à AA+, quinze jours avant que S&P, l’un des trois «grandes» agences, ne prive les Etats-Unis de leur triple A.
10/04/2012

La BCE inonde les banques portugaises

Le montant emprunté par les banques portugaises a progressé de 18% en mars par rapport à février pour atteindre la somme record de 56,3 milliards d’euros, a annoncé lundi la banque centrale lusitanienne. Le précédent record de 49,1 milliards datait d’août 2010.
10/04/2012

Washington gèle les salaires de trois grands patrons

Le Trésor américain a annoncé que la rémunération totale des directeurs généraux d’AIG, General Motors et Ally Financial sera gelée cette année pour le deuxième exercice consécutif, faute pour ces groupes d’avoir fini de rembourser les aides exceptionnelles reçues de l’Etat.
10/04/2012

L’inflation chinoise est plus marquée que prévu

Les prix à la consommation ont augmenté de 3,6% sur un an en mars en Chine, contre une progression de 3,3% attendue par les analystes. Sur un mois, la hausse est de 0,2%. Mais l’impression que le ralentissement de l’activité économique a remplacé l’inflation comme sujet de préoccupation numéro un de Pékin a été renforcée par le fait que les prix à la production ont baissé de 0,3% le mois dernier (contre -0,2% attendu).
10/04/2012

Ben Bernanke souhaite une surveillance des fonds monétaires

Le président de la Réserve fédérale américaine a mis l’accent sur les risques de crise des fonds monétaires sur l’économie globale. «De nouvelles étapes pour accroître la résistance des fonds monétaires sont importants pour la stabilité globale de notre système financier et nécessite une attention très sérieuse» a ainsi indiqué Ben Bernanke dans un discours prononcé hier soir.
10/04/2012

Erratum

Allen & Overy n’a pas conseillé PSA sur la vente de son siège parisien, comme indiqué par erreur dans notre édition du 6 avril, mais l’acquéreur de l’immeuble, Ivanhoe Cambridge. C’est Gide Loyrette Nouel qui épaulait le constructeur.
10/04/2012

Le cuivre attire les spéculateurs

Les positions longues spéculatives sur le prix du cuivre ont progressé pour la douzième semaine d’affilée à la date du 6 avril, à 18.642 contrats futures en net, selon les statistiques de la CFTC. Un pari sur la poursuite du redressement économique aux Etats-Unis. A l’inverse, les positions longues nettes sur l’or ont reculé de près de 10% à 118.185 contrats.

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