La société de gestion alternative Gottex Fund Management a fait état pour l’exercice 2011 d’une perte nette, après minoritaires, de 2,5 millions de dollars, à comparer à une perte de 3 millions de dollars l’année précédente. Toutefois, la société a retrouvé la rentabilité opérationnelle, avec un bénéfice d’exploitation de 0,7 million de dollars contre une perte de 5 millions en 2010.Selon un communiqué publié le 27 mars, les actifs sous gestion s'élevaient à fin décembre 2011 à 7,34 milliards de dollars contre 8,26 milliards de dollars à fin décembre 2010, soit un recul de 11% d’une année sur l’autre. Cette évolution est due pour l’essentiel à la conjugaison de trois facteurs : une décollecte nette de 240 millions de dollars, ainsi que les impacts négatifs du marché (340 millions) et des devises (250 millions). Plus de 90% des actifs sous gestion de Gottex sont d’origine institutionnelle. La société se dit prudemment optimiste pour 2012. Gottex souhaite se développer aux Etats-Unis et en Asie et n’exclut pas de tirer parti des opportunités de croissance non organiques, partenariats ou acquisitions pour augmenter ses actifs sous gestion.
Le groupe britannique Man a annoncé le 27 mars le lancement d’un portail online dédié aux investisseurs dans des comptes gérés.Le nouveau système, Clarus, offre aux investisseurs davantage de transparence dans leurs investissements sous-jacents. Il permet notamment aux clients de visualiser leur exposition aux facteurs de risque sous-jacents dans leurs comptes gérés et plus largement l’exposition agrégée de leurs comptes gérés au sein de leur portefeuille. Parmi les informations proposées par Clarus figurent également la performance, la décomposition de la performance, l’attribution de performance, la valeur en risque, avec l’analyse des sensibilités aux taux de change, aux matières premières, aux actions et aux taux d’intérêt. Les actifs sous gestion de Man au sein de comptes gérés s'élèvent actuellement à 8 milliards de dollars.
Gary Shaughnessy, le patron de l’activité retail de Fidelity, quitte la société, rapporte Investment Week. Il est remplacé par Hugh Mullan, l’actuel chief operating officer pour l’Europe, qui prendra ses nouvelles fonctions début avril. Gary Shaughnessy devient directeur général de l’activité assurance vie britannique de Zurich. Il travaillera sous la direction de David Sims, CEO de Zurich Global Life en Europe.
Money Marketing rapporte que le patron d’Aviva Investors, John Clougherty, serait sur le point de quitter la société.Le groupe avait annoncé en janvier une réduction de 12% de ses effectifs, pour l’essentiel à Londres. Aviva Investors devrait rester actif dans les secteurs du fixed income, de l’immobilier et de la multi-classe classes d’actifs.
John Clougherty, le directeur général de l’activité de fonds britanniques d’Aviva Investors, a quitté la société, rapporte Investment Week. «Nous procédons à des changements dans l’organisation de notre activité vie au Royaume-Uni. John Clougherty a décidé que le temps était venu de poursuivre d’autres opportunités (…)», selon un porte-parole d’Aviva cité par le site Internet. Fin janvier, le groupe a annoncé la suppression de 160 emplois, rappelle Investment Week.
Céline Crestaux-Desplanche prend la responsabilité du pôle Asset Management au sein de la direction immobilière de Perial Asset Management (Perial AM), annonce mardi la société de gestion, qui précise qu’il s’agit d’une création de poste. Elle aura notamment la responsabilité de la stratégie de valorisation et de relocation des actifs immobiliers, de la gestion du patrimoine immobilier et des relations avec les locataires ainsi que la gestion des risques tant locatifs qu’immobiliers, précise un communiqué. Elle assurera également le management du pôle composé de 8 collaborateurs et la gestion des relations avec les experts immobiliers, les observateurs et partenaires externes.Céline Crestaux-Desplanche a rejoint la direction comptable puis la direction juridique du groupe Perial en 2002. En 2003, elle devient asset manager en charge plus précisément de la relocation au sein de Perial AM.
La Française AM a confirmé mardi l’arrivée dans ses équipes de Philippe Lecomte, une information que nous avions anticipée après l’annonce de son départ de Schroders Investment Management France dont il était directeur général. Il rejoint la société en tant que directeur général de La Française AM Finance Services et La Française AM International en charge de la clientèle institutionnelle et du développement international. Basé à Paris, il intègrera la structure au cours du mois d’avril 2012 et sera membre du comité exécutif de La Française AM.Cette arrivée coïncide avec une évolution de l’organisation de la société de gestion française. "(…) Nous avons ainsi décidé de placer la Direction «institutionnel France» et le développement international sous la même responsabilité managériale. L’expérience de Philippe Lecomte auprès de la clientèle institutionnelle française et à l’international répond pleinement à nos objectifs», commente Patrick Rivière, directeur général de La Française AM.Parallèlement, La Française AM confirme qu’elle confie à Nicolas Duban, qui assurait jusqu’à présent la responsabilité du développement Institutionnel France au sein de La Française AM, la présidence de NExT AM, Nouvelles Expertises et Talents, sa filiale de prises de participations, une information que nous avions également déjà annoncée.
Société Générale Securities Services (SGSS) et Orient Capital ont annoncé la signature d’un accord de partenariat grâce auquel Orient Capital offrira aux clients émetteurs de SGSS sa gamme de services de gestion de la relation investisseurs, reconnue dans l’industrie des Titres.SGSS souligne avoir choisi Orient Capital «pour sa capacité à fournir des services de gestion de la relation investisseurs de grande qualité, basés sur son service d’analyse de registre (SRA) et sa plate-forme propriétaire en ligne, «miraqle ®". En fournissant ce service innovant à ses clients émetteurs français, SGSS leur propose une information plus détaillée et une analyse plus fine de leurs actionnaires, notamment l’actionnariat étranger».
La Française Asset Management a pris une participation de 20 % dans le capital de la société de gestion entrepreneuriale française Trecento Asset Management. La Française AM apporte 15 millions d’euros à la jeune structure. Cette participation a été effectuée à travers la filiale de la Française «Nouvelles Expertises et Talents (NEXT)», spécialisée dans l’incubation et de l’amorçage dirigée par Nicolas Duban.La gamme de fonds de Trecento AM comprend pour le moment deux fonds : Trecento Market Neutral, un fonds d’arbitrage actions et Trecento European Equities, un fonds actions européennes. La société de gestion qui a été créée fin 2011 est présidée par Alice Lhabouz, ancienne gérante actions chez Turgot Asset Management après avoir travaillé plusieurs années en tant que gérante privée pour Meeschaert. Julien Jérémie, ancien directeur général associé de la banque d’affaire Croissance Partenaires, en assure la direction générale.
La Liechtensteinische Landesbank (LLB) a finalement accusé une baisse de 86% de son bénéfice en 2011 à 15,4 millions de francs suisses, contre 108,5 millions un an plus tôt, selon les résultats définitifs publiés le 27 mars. Dans sa première estimation, la banque avait dit s’attendre à un bénéfice de 15 millions de francs.La collecte nette s’est élevée en 2011 à 600 millions de francs contre 2,7 milliards de francs l’année précédente. Les actifs s'établissaient fin décembre à 48,1 milliards de francs contre 49,8 milliards à fin décembre 2010.
John Clougherty, CEO of the British fund activities of Aviva Investors, is leaving the firm, Investment Week reports. “We are making changes to the organisation of our life insurance activities in the United Kingdom. John Clougherty has decided that the time had come to pursure other opportunities,” a spokesperson for the firm says, cited by the website. At the end of January, Aviva Investors announced that it was laying off 160 employees, Investment Week reports.
The Liechtensteinische Landesbank (LLB) has reported an 86% decline in its net profits in 2011, to CHF15.4m, compared with CHF108.5m one year earlier, according to the final results published on 27 March. In its initial estimates, the bank had projected profits of CHF15m. Net inflows in 2011 totalled CHF600m, compared with CHF2.7bn the previous year. Assets as of the end of December totalled CHF48.1bn, compared with CHF49.8bn as of the end of December 2010.
Agefi reports that the German government has decided that a proposed tax on financial transactions would not at all be what it had proposed to the European Commission, and which the French government had wanted to institute rapidly. The German finance minister, Wolfgang Schäuble, claims that Germany needs to “try other things,” and will meet with his 26 EU counterparts on Friday in Copenhagen to discuss these. Schäuble would like to combine taxation and regulatory initiatives to meet both financial and prudential objectives.
Philippe Desfossés, directeur de l’ERAFP dans Option Finance numéro 1164: Face aux difficultés de prévoir l'évolution des taux d’intérêt dans cinq ou dix ans, nous allons proposer à notre conseil d’administration d’axer davantage nos placements vers les actifs réels, en premier lieu vers les infrastructures.
Expansión reports that Edmond de Rothschild Asset Management (EDRAM) is releasing an Asian large caps fund in Spain, investing in firms which have good potential to rank among the leaders in their respective markets in the mid- to long-term. The Asia Leaders fund was launched on 26 October 2011 (see Newsmanagers of 14 November). Management commission is 2%, and the management firm charges 15% on performance exceeding the MSCI AC Far East index.
On 23 March, the Spanish regulatory authority (CNMV) registered the first five ETF funds from the French firm Amundi for sale in Spain. The products are the Amundi ETF Euro Stoxx 50, MSCI Europe, MSCI Nordic, MSCI Spain and S&P 500 (see Newsmanagers of 7 February). Laure Peyranne, who has been based in Madrid since 2008, initially at Société Générale Asset Management, and then at Amundi, becomes Head of ETF Client Relationships, Iberia and LATAM.
Catella Fonder has filed an application with the Swedish market authority for three new funds which it would manage for ICA Banken, Investment Europe reports. The funds would be managed by Ola Mårtensson.
The Chinese regulator, the CSRC, has granted permission for Harvest and Huatai-PineBridge to list ETFs based on the CSI 300 index in Shenzhen and Shanghai, respectively. Z-Ben Advisors remarks that these are the first cross-market ETFs in China, which will provide investors added ways to conduct arbitrage. After preparing the products for years, and given the support of regulators and the position of the two providers of the new products, Harvest and Huatai-PineBridge are expected to be able to bring in very high inflows in the initial launch period.
Kazuhiko Asakawa, the head of the Japanese asset management firm AIJ Investment Advisors, who is suspected of having lost USD1.3bn of clients’ money, on Tuesday confessed to falsifying the performance figures for his funds in order to conceal losses, the Wall Street Journal reports. However, he denies having wanted to deceive his clients, and adds that no money went into his own pocket.
The Swiss financial market, and particularly wealth management, is confronting some major challenges, the director of the Swiss federal financial market surveillance authority (FINMA) Patrick Raaflaub, stated on 27 March at the institution’s annual conference. Although wealth management is working to defend its leading international position, the establishment of a strategy based on quality has become necessary, at three levels: financial establishments need to offer quality services, politicians need to work to optimise economic and regulatory conditions, and at the end of the chain, FINMA needs to work to ensure “attentively and integrally” that these requirements are adhered to in its day-to-day surveillance efforts. The surveillance authority aims to ensure the smooth functioning of the Swiss financial market and the protection of clients, says Raaflaub. To this end, FINMA must be able to rely on legal bases that allow it to act adequately at the place and time it deems necessary. Far from an obstacle in the eyes of the director of FINMA, regulations “create the required conditions for the Swiss financial market to be able to continue a strategy focused on quality.” “Switzerland is behind many other countries,” says Raaflaub. “Facilitating or tolerating tax evasion by foreigners is not in any way a sustainable business model. That’s why FINMA is in favour of orienting the financial markets to declared assets and increased exchange of information in the areas of surveillance and taxation.” he says.
A notice from the German fund manager DebiSelect has confirmed investors’ fears: the value of their shares, initially EUR115m, has fallen 90%, Handelsblatt reports. There will be no payments of interest or capital redemptions for the next four and a half years.DebiSelect admits that instead of investing in a diversified portfolio, concentrated its investments on the low-cost energy provider TelDaFax, which has gone bankrupt. It will be years until TelDaFax’s renewable energy projects are completed, and this is only if buyers are found to take over the business.The CEO of DebiSelect, Josef Geltinger, has recently resigned, and left the management of the firm to the lawyer Werner Klumpe, who says he has found no signs of the potential buyer claimed to exist by his predecessor, nor any trace of the payments that the buyer was said to have made.
Since Monday, the Xetra electronic trading platform from Deutsche Börse has listed 135 products in its ETN segment, with the introduction of 12 such products registered in Germany from Commerzbank. These are ETNs with a leverage of 3 or 4 in long and short versions based on the SGX Nikkei 225 Index Future, the Hang Seng Index future and the HSCEI Future (H shares). The list of new ETNs is available as an attachment.
Globally, the State Street Investor Confidence Index for March 2012 rose to 91.6, up 5.0 points from February’s revised level of 86.6. The increase was driven by North American investors, whose confidence rose 8.7 points to 89.5. The outlook of European investors was similarly improved, rising 5.4 points to 100.6 from a revised February reading of 95.2. Among Asian institutional investors, sentiment declined slightly, down 2.2 points from a revised February reading of 96.7 to end at 94.5.“This month we saw a significant curtailment of the selling that institutional investors have been engaged in since late 2011,” commented Harvard University professor Kenneth Froot, who developed the index. “Indeed we observed net buying of equities by real money investors in the week ended March 19th. As mentioned in past commentaries, institutions have been content to play the role of liquidity provider over much of the recent rally, taking the other side of non-institutional trades. This month they have engaged in more liquidity-taking behavior, adding further to core equity positions.”
The technical committee of the international organisation of securities commissions (IOSCO) on 27 March launched a consultation on the management of liquidity risks for collective investment vehicles. The document lays out a series of principles for professionals and regulators, which would provide a way to evaluate the quality of practices on the part of regulators and professionals in the area of liquidity risk management for open-ended funds.
The alternative management firm Gottex Fund Management has reported a net loss for the 2011 fiscal year, taking minority interests into account, of USD2.5m, compared with a loss of USD3m the previous year. However, the firm has returned to operating profits, with a positive operating profit of USD0.7m, compared with a loss of USD5m in 2010. According to a statement published on 27 March, assets under management as of the end of December 2011 totalled USD7.34bn, compared with USD8.26bn at the end of December 2010, a decline of 11% year on year. This development is largely due to the conjunction of three factors: net outflows of USD240m, negative market impact of USD340m, and negative forex effects of USD250m. More than 90% of assets under management at Gottex are institutional in origin. The firm had previously stated that it was optimistic for 2012. Gottex would like to develop in the United States and Asia, and has not ruled out participating in non-organic growth opportunities, partnerships or acquisitions to increase its assets under management.
The head of JPMorgan Asset Management Germany (USD15bn), Peter Schwicht, has been promoted to the position of CEO of JPMAM Europe/Middle East/Africa in London, replacing Jamie Broderick, whose departure at the end of this year was recently announced (see Newsmanagers of 14 March). Schwicht is currently head not only of Germany but also of Austria, Switzerland, Eastern Europe and Scandinavia.Christoph Bergweiler will now become the new CEO of JPMAM for Germany, where he is currently responsible for retail distribution of open-ended funds. Bergweiler will report to Schwicht, as CEO EMOA, and to Masimo Greco, who will become head of retail activities in Europe, and who is currently head of JPMAM in Italy.
Poste Italiane is in the process of bringing the management of investments related to Poste Vita life insurance policies in-house, Il Sole – 24 Ore reports. In February, the firm brought on board more than EUR7bn in assets, reducing a mandate to Credit Suisse. This strategy will be continued, and will affect other asset management firms. The objective is to increase assets with the goal of an IPO for Posta Italiana or a part of the group.
Société Générale Securities Services (SGSS) and Orient Capital have announced that they have signed a partnership agreement, by which Orient Capital will offer SGSS securities issuer clients its range of investor relationship management services, known throughout the securities industry. SGSS states that it has selected Orient Capital “for its ability to provide investor relationship management services of a high quality, based on its registry analysis service (SRA) and its proprietary online platform, “miraqle ®.” By providing this innovative service to its French issuer clients, SGSS offers them more detailed information and more refined analysis of their shareholders, including foreign shareholders.”
La Française AM on Tuesday confirmed the arrival of Philippe Lecomte as a member of its teams. Newsmanagers anticipated this news following the announcement of his departure from Schroders Investment Management, where he had been CEO. He joins the firm as CEO of La Française AM Finance Services and La Française AM International, in charge of institutional clients and international development. Lecomte will be based in Paris, and will join the firm in April 2012, and will be a member of the executive board at La Française AM.The arrival coincides with a development in the organisation of the French asset management firm. “We have decided to put the direction of institutional activities in France and international development under the same managerial responsibility. Philippe’s experience serving French and international institutional clients fully meets our objectives,” says Patrick Rivière, CEO of La Française AM.Meanwhile, La Française AM has also confirmed that it will be appointing Nicolas Duban, who had previously handled development of institutional activities in France at La Française AM, as president of NexT AM, New Expertise and Talent, its affiliate specialised in acquiring stakes in small businesses, in an announcement which Newsmanagers had also anticipated.