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03/04/2012

Henderson Property ouvre un bureau en Suède

Henderson Global Investors a annoncé le 2 avril l’ouverture d’une antenne dédiée à l’immobilier en Suède avec le recrutement de Johan Aström en qualité de responsable de l’immobilier basé à Stockholm.Ce recrutement marque la volonté de Henderson Property de développer ses activités dans les pays nordiques et de profiter de la dynamique créée par l’acquisition récente d’un centre commercial en Suède.Johan Alström travaillait précédemment en tant que gérant pour Nordic Real Estate Partners.
03/04/2012

Forte progression de la collecte pour Valartis

Le groupe Valartis, qui a poursuivi l’an dernier la mise en œuvre du recentrage de ses activités sur la gestion de fortune dédiée à la clientèle privée haut de gamme et aux investisseurs institutionnels, a fait état d’une multiplication par quatre de sa collecte nette à 862 millions de francs suisses contre 220 millions de francs l’année précédente.Malgré des effets marchés et devises négatifs pour un montant de 304 millions de francs, les actifs sous gestion ont progressé à 6,8 milliards de francs à fin décembre 2011 contre 6,3 milliards de francs un an plus tôt.En raison d’éléments exceptionnels liés à la restructuration, le groupe a néanmoins terminé l’exercice sur une perte consolidée de 17,2 millions de francs. Valartis, qui a réduit ses coûts de 7% l’an dernier, entend poursuivre ses efforts de rationalisation pour asseoir durablement son nouveau modèle de croissance.
03/04/2012

Recul de la collecte et des résultats pour Banque Privée Edmond de Rothschild

Le groupe Banque Privée Edmond de Rothschild a vu son bénéfice net reculer de 16,6% en 2011, à 125,1 millions de francs suisses, contre 149,9 millions de francs un an plus tôt, selon un communiqué publié le 3 avril. La collecte nette s’est élevée à 3,2 milliards de francs suisses, contre 6,5 milliards de francs en 2010. En raison de l’impact négatif des marchés et de la faiblesse du dollar et de l’euro par rapport au franc suisse, les actifs sous gestion ont toutefois légèrement diminué pour s’inscrire fin 2011 à 91,4 milliards de francs contre 92,7 milliards à fin décembre 2010.
03/04/2012

La gestion d'actifs chinoise dans le rouge en 2011

L’an dernier, le secteur de la gestion d’actifs chinoise, touché par une baisse de 22% de l’indice de la Bourse de Shanghai, a subi une perte cumulée de plus de 500 milliards de RMB, soit plus de 79 milliards de dollars, rapporte Asian Investor. Dix-huit sociétés de gestion ont enregistré des pertes de plus de 10 milliards de RMB, entre autres AMC avec une perte de 43,7 milliards de RMB, devant E Fund (34,7 miliards) et Harvest (28,7 milliards).Les statistiques précisent que 812 mutual funds sur 970 ont terminé l’année dans le rouge, notamment les fonds actions (314,7 milliards de RMB) et les fonds diversifiés (152,3 milliards de RMB). Le plus gros mutual fund chinois, Harvest CSI 300 LOF, dont les actifs sous gestion s'élèvent à un peu plus de 27 milliards de RMB (au 29 mars), a perdu 7,35 milliards de RMB.Seuls les fonds monétaires et les fonds garantis ont été bénéficiaires l’an dernier, avec un bénéfice cumulé de 5,8 milliards pour les premiers et de 25,6 milliards pour les seconds.
03/04/2012

Janus Capital s'implante en Suisse

Janus Capital qui ouvre un bureau à Zurich a recruté Thomas Henauer directeur de la distribution pour la Suisse. Thomas Henauer est subordonné désomais à thomas Döring, head of sales for German speaking Europe. Thomas Henauer était director, head of sales financial institutions chez Clariden Leu (banque privée intégrée depuis le 2 avril dans le groupe Credit Suisse).
03/04/2012
Fonds

UBP lance un fonds d'action pan-européen

Rob Jones, un ancien de Threadneedle arrivé il y a une vingtaine de mois comme co-head of European equity, a été chargé par Union Bancaire Asset Management (UBAM), filiale d’UBP, de gérer le nouveau UBAM Equity Europe Dividend + qui visera un rendement annuel de 10 % sur des périodes glissantes de 5 ans en utilisant une stratégie de covered calls pour réduire la volatilité et augmenter les revenus, rapporte CityWire.Le fonds aura un portefeuille concentré d’environ 22 lignes, des titres sélectionnés pour la soutenabilité de leurs dividendes. L’objectif est de générer une performance de 5 % annuels pour le portefeuille action, l’exposition aux dérivés devant fournir l’appoint pour produire un gain net d’environ 6 %.
Fonds
03/04/2012

Début d'année difficile pour les introductions en Bourse

L’activité s’est animée en mars mais sur l’ensemble du premier trimestre, les introductions en Bourse ont permis de lever seulement 16,2 milliards de dollars, soit le plus bas montant observé depuis 2009, selon des statistiques communiquées par Bloomberg. Au dernier trimestre 2011, les introductions en Bourse avaient représenté un montant de 28,8 milliards de dollars et au premier trimestre 2011, le montant des introductions avait atteint 48,4 milliards de dollars.Renaissance Capital relève que les opérations d’introduction en attente aux Etats-Unis sont proches de leur plus haut niveau depuis plus de dix ans.On a toutefois observé ces dernières semaines un regain d’activité aux Etats-Unis, en Asie et en Europe. Aux Etats-Unis, neuf sociétés ont levé 1,4 milliard de dollars durant la semaine au 30 mars.
03/04/2012
Fonds

La performance des fonds dette émergente manque de persistance

La performance des fonds de dette émergente est hétérogène et manque de persistance, selon une nouvelle étude de Fitch Ratings. Ainsi, seulement 11 % des fonds restent dans le premier ou deuxième quartile de performance sur les deux périodes 2005-2008 et 2008-2011. Pire, environ 20 % des fonds sont descendus du premier quartile au dernier quartile (et vice versa) sur ces mêmes périodes."Le manque de consistance dans la performance reflète les difficultés des gérants de fonds à adapter le style et l’exposition à des changements de régimes sur les marchés : les fonds de dette émergente restent un «beta play"", commente Manuel Arrive, director senior au sein de l’équipe Fund and Asset Manager Rating de Fitch.Les fonds de dette émergente ont enregistré des souscriptions nettes de 28 milliards de dollars en 2011 et de 13 milliards de dollars sur les deux premiers mois de 2012, ce qui a porté les encours sous gestion du secteur à 279 milliards de dollars fin février 2012. Les fonds devises locales ont attiré environ 64 % des flux en 2011. Les fonds indiciels dominent le secteur, tandis que les fonds rendement absolu représentent seulement 3 % des encours totaux. Mais Fitch s’attend au lancement de davantage de fonds multi-stratégies ou spécialisés.
Fonds
03/04/2012

EFG Private Bank nomme un responsable de la banque privée

EFG Private Bank, la filiale britannique d’EFG International, a nommé Daniel Gerber au poste de Managing Director et Head of Private Banking, avec effet au 2 juillet 2012. Daniel Gerber siègera au comité de direction et au conseil d’administration d’EFG Private Bank, selon un communiqué publié le 2 avril.Il sera rattaché à Anthony Cooke-Yarborough, le CEO de la filiale d’EFG International pour le Royaume-Uni et les Iles anglo-normandes, qui chapeaute EFG Private Bank, EFG Harris Allday et EFG Independent Financial Advisers.Daniel Gerber a précédemment occupé le poste de Chief Executive Officer de Julius Baer International à Londres.
03/04/2012
Fonds

M&G confie un fonds pan-européen à Phil Cliff

Le britannique M&G Investments annonce que Phil Cliff, un ancien de Threadneedle qui a rejoint la société en janvier, est chargé désormais de la gestion du M&G Pan European Dividend Fund. Il remplace Richard Halle, qui va pouvoir à présent se concentrer sur la gestion de portefeuilles d’actions européennes value ainsi que sur les fonds M&G European Strategic Value Fund et M&G Pan European Dividend Fund.Au 29 février, le M&G Pan European Dividend Fund affichait un encours de 27,07 millions d’euros.
Fonds
03/04/2012

GM controls 7% of capital in PSA Peugeot Citroën, AMF reports

The US auto maker general Motors now controls 7% of capital and 5.78% of voting rights in PSA Peugeot Citroën, the French financial market authority (AMF) reported on 2 April. The AMF reports that GM acquired the position via a subscription to 20.4 million shares in a capial increase at Peugeot, and an off-market acquisition on the same date, of nearly 4.4 million shares from the French auto maker. Peugeot announced in late February that it was forming a strategic alliance with GM, which would have called for an entry into its capital of 7% and a capital increase of EUR1bn.
03/04/2012

FINRA investigates ETNs

Following a loss of 29% in one day for the Velocity Shares Daily 2x Long VIX Short-Term ETN from Credit Suisse, the Financial Industry Regulatory Authority (FINRA) has announced that it is investigating the entire ETN segment, the Börsen-Zeitung reports.
03/04/2012

UBP launches a pan-European equity fund

Rob Jones, formerly of Threadneedle, who joined Union Bancaire Asset Management (UBAM), an affiliate of UBP, 20 months ago as co-head of European equity, has been appointed by the firm to manage the new UBAM Equity Europe Dividend +, which will pay an annual return of 10% over a sliding 5-year period, using a covered call strategy to reduce volatility and increase revenues, Citywire reports. The fund will have a concentrated portfolio of about 22 positions, on securities selected for the sustainability of their dividends. The objective will be to generate returns of 5% per year for the equity portfolio, while exposure to derivatives is expected to bring in a net gain of about 6%.
03/04/2012

Chinese asset management shows losses in 2011

Last year, the Chinese asset management sector, affected by a 22% drop on the Shanghai stock exchange, underwent cumulative losses of over RMB500bn, or over USD79bn, Asian Investor reports. 28 asset management firms have posted losses of over RMB10bn, including AMC, with losses of over RMB43.7bn, E Fund (RNB34.7bn), and Harvest (RMB28.7bn). Statistics reveal that 812 mutual funds out of 970 finaished the year with losses, including equity funds (RMB314.7bn) and diversified funds (RMB152.3bn). The largest Chinese mutual fund, Harvest CSI 300 LOF, whose assets under management total slightly over RMB27bn (as of 29 March), has lost RMB7.35bn. Only money market and guaranteed funds posted gains last year, with cumulative gains of RMB5.8bn for the former and of RMB25.6bn for the latter.
03/04/2012

Council of Institutional Investors elects a board member from CalPERS

The board of directors at the US pension fund and foundation council CII (Council of Institutional Investors) has elected Anne Simpson as a member of its board. Simpson has worked for the Californian pension fund CalPERS since 2009 as director of corporate governance. She worked to promote corporate governance at the International Corporate Governance Network (ICGN) and the World Bank. She is a visiting professor at Yale.
03/04/2012

Morningstar launches new indices used by BNP Paribas

For new structured bank notes from BNP Paribas, Morningstar is providing three Ultimate Stock-Pickers indices, the Ultimate Stock-Pickers, Ultimate Stock-Pickers Target Volatility 7 and Ultimate Stock-Pickers Target Volatility 10, for which the French bank has acquired a license.Morningstar in April 2009 began to study quarterly portfolios, purchases and sells by 26 star managers, the “ultimate stock-pickers.” The shares selected are then subjected to independent research by Morningstar in order to determine a conviction score; the shares with the best results are added to the index.The volatility 7 and 10 indices are constructed in the same way, but with an effort to control volatility by transferring from and to positions on cash in order to maintain standard deviations at 7 and 10, respectively. These indices are rebalanced on a monthly basis.
03/04/2012

BBVA launches its 16th Solidez guaranty fund

The CNMV on 30 March issued a license for the BBVA Solidez XVI BP fund, a product which is set to mature on 28 December 2015, and which guarantees a redemption of 110.473% of its net asset value as of 27 April 2012, which represents an annual return of 2.75%.Subscriptions are open until 27 April; returns are lower than for the BBVA Solidez XV, which pays 3%.CharacteristicsName: BBVA Solidex XVI BP, FIISIN code: ES0110017003Minimal subscription: EUR50,000Front-end fee: 5%Management commission: 0.85%Penalty for early withdrawal: 1%
03/04/2012

Cost of fund distribution rises

Of EUR60bn taken on by the European fund sector in 2011, EUR32bn were paid out to distributors, a significant increase over the previous year, according to a study by Cerulli Associates (2012 European distribution dynamics), cited by Financial Times Fund Management. Cerulli finds that 69.2% of gross commissions paid out for European money market funds were paid back to distributors. The proportion is 58.2% for bond funds, and 54.1% for equity funds.
03/04/2012

JP Morgan and Source offer exposure to volatility

JP Morgan and Source on 2 April announced the launch of the J.P. Morgan Macro Hedge Dual TR Source ETF. The fund, denominated in euros, aims to allow qualified investors exposure to volatility in a financially advantageous way. This is the second ETF of the J.P. Morgan Macro Hedge range, which already includes the J.P. Morgan Macro Hedge US TR Source ETF fund, launched in February, whose assets under management now total over USD200m. The J.P. Morgan Macro Hedge Dual TR Source ETF is listed on the London Stock Exchange, in euros. It is licensed for sale in Austria, Finland, France, Germany, Ireland and Italy (for institutional investors only), Luxembourg, the Netherlands, Norway, Sweden, and the United Kingdom. J.P. Morgan Macro Hedge indices seek not only to profit from increases in volatility during periods of market tension, but also to generate positive performance when market conditions are less agitated. The J.P. Morgan Macro Hedge Dual TR adopts long and short positions on the volatility of US equities, depending on market conditions. But in cases of extreme tension on the US market, there is also a way to take 25% exposure to the volatility of European equities. Major characteristics of the product Name of product J.P Morgan Macro Hedge Dual TR Source ETF ISIN code IE00B675BN95 Bloomberg code MHDU LN Trading currency of fund EUR / EUR Management fees 0.25% per year* Listed on London Stock Exchange (LSE) Name of index J.P. Morgan Macro Hedge Dual TR Bloomberg ticker for index JPMZMHHT Index UCITS status Yes Domicile Ireland
03/04/2012

Performance of emerging market debt funds lacks persistence

Emerging market debt funds’ performance has been heterogeneous and shows a lack of persistency, according to Fitch Ratings. Only 11% of funds stay in first or second quartile performance in both the periods 2005-2008 and 2008-2011. Worse, around 20% of funds moved from top quartile to bottom quartile (and vice versa) over the same periods. «The lack of consistency in performance reflects fund managers’ difficulties in adapting style and exposure to changing market regimes: EMD funds investments remain a beta play,» says Manuel Arrive, senior director in Fitch’s Fund and Asset Manager Rating team. Flows to emerging market debt funds have been solid in 2011 attracting USD28bn (and USD13bn for the first two months of 2012), pushing the sector’s assets under management to USD279bn as at the end of February 2012, according to Fitch. Local currency funds attracted about 64% of the flows in 2011. Emerging market debt benchmarked funds dominate the sector, with absolute return funds representing just 3% of total assets under management. Fitch expects to see more multi-strategy funds (absolute return or blended currency) or specialised corporate funds being launched in the next few months.
03/04/2012

M&G puts Phil Cliff in charge of a pan-European fund

M&G Investments announces that Phil Cliff, who joined M&G in January 2012 from Threadneedle, assumes management of the M&G Pan European Dividend Fund as of Monday.His appointment frees up the incumbent manager Richard Halle, who has been managing both the M&G European Strategic Value Fund and the M&G Pan European Dividend Fund, to concentrate full time on his European value portfolios.The M&G Pan European Dividend has EUR27,07 million assets under management as of 29 February 2012.
03/04/2012

Bond funds attracted more than EUR12bn in February

According to the most recent statistics from Morningstar, long-term funds domiciled in Europe in February posted net inflows of EUR15bn. Bond funds attracted the largest net subscriptions, with EUR12.54bn, the largest inflows for funds of this type since January 2010. Asset allocation and convertible bond funds also posted significant subscriptions, with EUR1.8bn and EUR68m, respectively. Equity funds have seen net redemptions of EUR189m, while money market funds had outflows of EUR13.36bn. Morningstar says investors are showing some pessimism about the markets, avoiding equity funds specialised on markets perceived as a risk (Europe, the United Kingdom, the United States), while the most popular equity funds are those focused on emerging markets and Asia. As of the end of February, BlackRock leads the rankings of the 10 largest asset management firms in terms of assets under long-term management, with EUR133bn, followed by UBS (EUR132bn) and Franklin Templeton (EUR109bn).
03/04/2012

ETFs have become inevitable for fund selectors

A survey of 354 fund buyers (186 global fund selectors in Europe and South Africa, and 168 wealth managers in the United Kingdom) by Market Intelligence Citywire on behalf of SPDR ETF (State Street Global Advisors) in November 2011 finds that 51.7% of respondents use ETFs to obtain tactical exposure to specific markets, while 21% use them as modular core/satellite allocation blocs, and 16.8% see them as core portfolio instruments. 17% of fund selectors have over 20% of their assets invested in ETFs, while only 16% are not invested in ETFs.
03/04/2012

SRI remains a niche

Socially responsible investment remains a niche, and is not yet becoming mainstream, Financial Times Fund Management claims in an article on the subject. “There is a gap between the walk and the talk,” says Raj Thamotheram, president of the Network for Sustainable Financial Markets. One of the telling signs is a lack of sell-side research that integrates environmental, social and governance (ESG) factors. Will Oulton, European head of socially responsible investment at Mercer, says one of the major challenges asset management firms face is getting consistent high quality ESG data on companies or sectors that is useful for investment decisions.
03/04/2012

BlackRock appoints a head of sales from JPMAM

Luis Martín, who had belonged to the sales team at J.P. Morgan Asset Management in Spain, has joined BlackRock as director of retail and institutional sales for the Iberian market, Funds People reports.Martín will report to Armando Senra, CEO of BlackRock Iberia and Latin America, and Dominik Rohe, head of retail and institutional in the same regions.BlackRock manages about USD49bn in the Iberian peninsula and Latin America. The group has recently confirmed the appointment of Alex Hoctor-Duncan as head of retail for Europe, the Middle East and Africa, replacing Maarten Slendebroek, who has moved to Jupiter (see Newsmanagers of 2 April).
03/04/2012

Henderson Property opens an office in Sweden

Henderson Global Investors on 2 April announced that it has opened an office dedicated to real estate in Sweden, with the recruitment of Johan Aström as head of real estate, based in Stockholm. The recruitment marks a desire on the part of Henderson Property to develop its activities in Scandinavian countries and to profit from the dynamic created by the recent acquisition of a shopping centre in Sweden. Aström had previously worked as a manager at Nordic Real Estate Partners.
03/04/2012

Deka recruits a head from Frankfurter Sparkasse

The board of directors at DekaBank (central asset management firm for the German savings banks) on 2 April appointed Georg Stocker as a board member. He will be responsible for distribution to savings banks and treasuries, and succeeds Hans-Jürgen Gutenberger, who is retiring. From 2004, Stocker had been a member of the board at the Frankfurter Sparkasse, and became its vice president in 2009.
03/04/2012

Promotion for Stefan Hartl at BNP Paribas Germany

On 2 April, BNP Paribas Germany announced that Stefan Hartl, head of external distribution at BNP Paribas Investment Partners in Germany, has been promoted to the position of managing director of the wealth management-key clients unit at BNP Paribas.Hartl, who had previously worked at Schroders, where he had been responsible for German institutional clients, replaces Pascal Gundrich, who is now in charge of assisting wealth management key accounts at BNP Paribas in Luxembourg.
03/04/2012

DekaBank head dismissed immediately

In a nine-line statement, the DSGV federation of German savings banks on 2 April announced that it is immediately relieving Franz S. Waas of his responsibilities as a member and chairman of the board at DekaBank, the second-largtest German asset management firm. The savings banks now control the entirety of capital in the firm, in which the Landesbanken had held half until last year. The decision, taken the day before a press conference at Deka to announce results, is officially motivated by the fact that “the necessary relationship of confidence no longer existed, due to a lawsuit over additional bonuses filed by the party in relation to his first term in the position, in 2008-2009.” The board of directors at DekaBank has appointed Oliver Behrens as interim chairman of the board.
03/04/2012

Tradewinds faces a headwind

Tradewinds Global Investors, an affiliate of Nuveen Investments, has seen a further setback with the departure of its chief investment officer, David Iben, Pensions & Investments reports. Fundamentals improved at Tradewinds last year, thanks to a net inflow of USD13bn. But with the departure of Iben, Nuveen will have a lot of trouble putting an exit strategy at Tradewinds into practice, as the firm has debts of over USD4bn, after an LBO in 2007.

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