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28/03/2012

Peter Schwicht replaces Jamie Broderick as head of JPMAM EMEA

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.
28/03/2012

IOSCO launches a consultation on management of fund liquidity risks

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.
28/03/2012

Catella launches three funds

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.
28/03/2012

EDRAM releases Asia Leaders fund in Spain

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.
28/03/2012

CNMV registers first five ETFs from Amundi in Spain

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.
28/03/2012

Man Group creates a website for managed accounts

The British Man group on 27 March announced that it has created an online tool for investors in managed accounts. The new system, Clarus, offers investors more transparency for underlying investments. It allows clients to view their exposure to underlying risk factors for their managed accounts, and more generally the overall exposure of their managed accounts within their portfolios. Among the information offered through Clarus are performance, performance breakdown, sources of performance, risk value, with analysis of sensitivity to exchange rates, commodities, equities and interest rates. Assets under management at Man in management accounts currently total USD8bn.
28/03/2012

Head of Aviva Investors reportedly preparing to leave the firm

Money Marketing reports that the head of Aviva Investors, John Clougherty, is about to leave the firm. The group announced in January that it is cutting back its staff by 12%, largely in London. Aviva Investors will remain active in the fixed income sector, real estate and multi-asset classes.
28/03/2012

Gary Shaughnessy leaves Fidelity

Gary Shaughnessy, the head of retail activities at Fidelity, is leaving the firm, Investment Week reports. He becomes CEO of the British life insurance activities of Zurich. He will report to David Sims, CEO of Zurich Global Life for Europe.
28/03/2012

John Clougherty leaves Aviva Investors

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.
28/03/2012

Profits down 8% at LLB in 2011

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.
28/03/2012

TCI takes on Indian government in court

The Children’s Investment Fund has started a legal action against the Indian government, which it accuses of breaching international treaties in connection with the fund’s investment in Coal India, the Financial Times reports. This is a further volley in a battle by the activist investor with the board of directors at Coal India, in which it holds a stake of over 2%. The government controls 90% of the firm. The asset management firm accuses the Indian government of ordering Coal India to sell its assets below the market value, and to stand in the way of its development.
28/03/2012

Italians return to bond funds

Bond funds on sale in Italy in February posted net subscriptions of EUR1.468bn, where they had seen net redemptions of EUR736m in January and EUR8.8bn in the year 2011 overall, according to the most recent statistics from Assogestioni, the Italian association of asset managers. This is the only category of funds to have posted inflows in January, as equity funds saw net outflows of EUR679m, and money market funds had outflows of EUR1.583bn. Overall, open-ended funds on sale in Italy posted net redemptions in February of EUR1.671bn. With the addition of dedicated funds, Italian collective management has seen net outflows of EUR1.703bn. With mandated management, the total is even lower, with outflows of EUR2.729bn. In terms of asset management firms, Poste Italiane has seen the largest inflows, with EUR7.350bn, while at the same time, Credit Suisse has seen outflows totalling EUR7.277bn, This is actually due to the fact that Poste Italiane has brought the management of investments related to its Poste Vita insurance offerings in-house, according to reports in Il Sole – 24 Ore. Excluding this transfer, Generali stands out with inflows of EUR389m, At the other end of the spectrum, Intesa Sanpaolo has seen outflows of EUR1.0544bn, and Ubi Banca has seen outflows of EUR918.7m.
28/03/2012

British managers want a less constraining MiFID directive

The British investment management association (IMA) claims that a consultation by the European Securities Markets Authority (ESMA) on the classification of alternative investment funds has needlessly been too constrictive in some areas. The recommendations do not offer enough flexibility to integrate the very wide variety of vehicles covered by the directive. The association points out that the current plans stipulate that an alternative investment fund is not allowed to outsource both its portfolio management and its risk management, even though these practices are commonly undertaken together and cannot easily be separated. Another subject of concern which needs clarification is the ambiguity surrounding the status of alternative investment fund managers: are they allowed to hold a MiFID license, or do they need to abandon their MiFID licenses as soon as they become alternative investment fund managers?
28/03/2012

Intox Tobin

N’écoutant que ses principes, la France s’est dotée cet hiver d’une taxe sur les transactions financières. A l’origine, il s’agissait au niveau du G20 de s’inspirer de la taxe Tobin, censée toucher les transactions de changes dans le monde entier, dans le but de financer le développement et lutter contre le réchauffement climatique. Le G20 l’a rejetée. Les thuriféraires de la taxe ont donc voulu l’appliquer en Europe seulement. Les Européens n’en ont pas voulu non plus. Paris et Berlin sont restés ses seuls partisans. Par une auto-intoxication très française, Paris a cru fin de créer seule la sienne, étroitement assise sur les transactions sur actions des grosses capitalisations et destinée non pas à financer les causes de développement durable mais prosaïquement à boucher les trous du budget. Berlin était censé suivre. Mais le ministre des Finances Wolfgang Schäuble vient de déclarer ce que chacun savait déjà, sauf au sommet de l’Etat français : sa mise en œuvre était vouée à l'échec dans une Europe hostile à l’idée. Une foule de problèmes techniques, assiette, taux, traitement des produits dérivés, n’était pas tranchée ni sans doute même soluble. La France sera donc le seul pays à avoir créé une telle taxe suite à la crise financière et porté atteinte au développement de son propre marché financier. De bons esprits «avancés» s’en réjouissent sans doute. Les zélateurs de la City peuvent les féliciter. Ils n’ont pas de meilleurs alliés.
28/03/2012

Starwood grandit dans les centres commerciaux outre-Atlantique

Le quotidien croit savoir de sources anonymes que Starwood Capital s’apprête à mettre la main sur une participation de contrôle portant sur sept centres commerciaux aujourd’hui détenus par Westfield Group. Le montant de la transaction serait voisin d’un milliard de dollars. Le quotidien ne précise pas la localisation de ces actifs.
28/03/2012

Opération mains propres pour le Libor

Il s’agit de restaurer une totale confiance envers le taux interbancaire, a indiqué au quotidien la patronne de l’association britannique des banques (BBA), Angela Knight. Sous le coup d’enquêtes des autorités à travers le monde sur des soupçons de manipulation des taux, la BBA met en œuvre un comité composé de banques (dont Credit Suisse, Barclays ou HSBC) et de l’opérateur CME afin de proposer d’ici le milieu de l’été des mesures, concernant par exemple le renforcement des codes d’éthique ou de nouveaux contrôles statistiques. Le comité rencontrera notamment des représentants de la FSA, de la Banque d’Angleterre et du Trésor.
28/03/2012

Les industriels américains échappent au collatéral pour les swaps

La Chambre des représentants a voté hier en faveur d’une exemption pour les utilisateurs non financiers de swaps des exigences de collatéral contenues dans le Dodd-Frank Act. MillerCoors et Constellation, qui utilisent des dérivés pour se couvrir face à la volatilité des prix des matières premières, avaient plaidé pour une telle mesure. Approuvée lors d’un vote bipartisan, elle doit désormais recueillir l’aval du Sénat.
28/03/2012

KKR s’offre les services de «Mack The Knife»

Kohlberg Kravis Roberts & Co a nommé l’ancien patron de Morgan Stanley John Mack au poste de conseiller senior. Surnommé «Mack the Knife», il avait abandonné en 2010 le rôle de directeur général à James Gorman mais continuait d’assister la banque pour des opérations majeures. Rev Worldwide, une société de services de paiement, l’a également recruté en tant qu’administrateur.
27/03/2012

L’Irlande organisera son référendum sur le pacte budgétaire le 31 mai

A l’occasion d’une réunion ce matin, le gouvernement irlandais a fixé au jeudi 31 mai la date du référendum sur le nouveau pacte budgétaire européen. L’Irlande est actuellement dans la seconde année de son programme d’austérité lié à une aide de 67,5 milliards d’euros octroyée par l’Union européenne et le FMI. Le Royaume-Uni et la République tchèque ont déjà décidé de ne pas participer à ce «fiscal compact».
27/03/2012

William Dudley plein d'espoir pour l’économie européenne

«J’ai bon espoir que l’Europe puisse relever efficacement ses défis budgétaires actuels», a déclaré le président de la Fed de New-York lors d’une audition devant la Commission des services financiers de la Chambre des représentants. «A ce stade, bien que je n’anticipe pas d’efforts supplémentaires de la Fed pour traiter les effets éventuels d’une contagion de la situation européenne aux Etats-Unis, nous continuerons à surveiller cette situation étroitement».
27/03/2012

Léger fléchissement de la confiance du consommateur américain

La confiance du consommateur américain a fléchi en mars et ses anticipations d’inflation n’ont jamais été aussi élevées depuis 10 mois, selon l’indice du Conference Board publié mardi. Cet indice est ressorti à 70,2 contre 71,6 en février (70,8 en première estimation) et 70,3 selon le consensus Reuters. Les anticipations d’inflation sur les 12 mois à venir sont passées de 5,5% en février à 6,3% en mars, au plus haut depuis mai 2011.

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