Société Générale Private Banking has recruited for its management in Switzerland, the firm announced in Geneva on 30 January. An executive board has been created to “support the dynamic of growth and accelerate development in Switzerland and abroad.” The board of four members will be led by Guillaume Lejoindre, CEO of Société Générale Private Banking (Switzerland) since January 2009. The board also includes Alberto Valenzuela, deputy CEO, in charge of banking activities in the Bahamas, Latin America, and serving independent financial advisers; Mathieu Vedrenne, who is appointed as deputy CEO and secretary of the board of directors, and Olivier Aubenas, who is appointed as director of sales. “The objective for this new organisation is to improve the reactiveness of the bank, to strengthen the quality of its services, and to foster synergies with the Société Générale Group,” a statement says. “Société Générale Private Banking (Switzerland) also provides clear illustration of its ability to adapt to the needs of its high net worth clients worldwide in an economic, financial and regulatory environment in a state of rapid mutation,” the firm adds.

Caceis and EFG International on 30 January announced that on 17 January they reached an agreement by which the activities of SIF Swiss Investment Funds S.A. (SIF), the fund administration affiliate of EFG International in Switzerland, will be taken over by CACEIS (Switzerland) S.A., the Swiss affiliate of CACEIS. The terms of the deal, which has yet to receive approval from Finma and clients of SIF, have not been disclosed.SIF is among the largest administrators of funds for third parties in French-speaking Switzerland, and manages Swiss investment funds for its clients. The agreement covers 20 funds, which represent more than CHF800m in assets. EFG International states that it has decided to withdraw from the activities of SIF after a detailed study, in order to refocus on its core profession of private banking.

The London-based asset management firm Javelin Capital has launched a UCITS-compliant version of its market neutral equity hedge fund on the Sicav platform from Goldman Sachs International, Hedge Week reports. The Javelin Capital Emerging Markets Alpha Fund will seek to replicate the market neutral fund Javelin Capital Global Equity Strategies, whose assets under management total USD32m.

The consultancy firm Mercer has acquired Pensjon & Finans, a Norwegian consultant specialised in investment advising to pension funds. Following the acquisition, Espen Kløw, CEO of Pensjon & Finans, will become head of Mercer’s activities in Norway.

The South Korean asset management firm Mirae Asset has launched seven ETF funds in Hong Kong, making it the third-largest provider of products of this type on the market, after db x-trackers and iShares, Asian Investor reports. The new ETF funds replicate Standard & Poor’s indices, offering exposure to seven sectors/themes (international consumer spending and six sectors ex Japan: consumer goods, financial, tech, industrials, energies, and materials).

Kai Volkmann (formerly of BlackRock Germany), head of development for Germany and Austria since the beginning of 2012, will become director of the Frankfurt office of Carmignac Gestion (see Newsmanagers of 24 January and 27 October). The offices are located at Junghofstraße 24 in Frankfurt.The German sales team for the French asset management firm has three client relationship representatives. They will report to Davide Fregonese, global director of sales and marketing, who will aim to develop the German and Austrian markets. Staff will be increased over the course of the year. “This local presence will allow us to develop Carmignac Gestion’s relationships with financial distributors and institutional investors, through a regular custom approach,” according to a press release. Eric Helderlé, CEO, says that Germany is one of the three largest markets for Carmignac Gestion, and that the opening of a Frankfurt office represents a new step in the development of long-term strategy. All funds of the range are available to German clients.Carmignac Gestion is present in eleven European countries, and now has two affiliates in Luxembourg and Frankfurt, and two offices in Milan and Madrid.

For the fiscal year ending on 31 December, the US asset management firm T. Rowe Price has announced net profits of USD773.2m, USD101m or 15% more than in 2010. Operating profits have risen to USD1.2269bn, up from USD190.4m, an increase of 18.4%.The firm finished the year with liquidity of about USD1.7bn. In 2011, it dedicated a total of USD479.7m to the acquisition of 8.7 million ordinary shares, and invested USD82.3m in technologies and facilities. In 2012, T. Rowe Price is planning to place USD100m in self-financing into real estate and equipment.Assets as of the end of December totalled USD489.6bn, compared with USD453.5bn as of the end of September, and USD482bn one year previously. Of total assets under management, USD289.4bn correspond to mutual funds distributed in the United States.Net subscriptions of USD14.1bn for last year as a whole (of which USd8bn were for target-date funds) were partially offset by negative market effects of USD6.6bn.

Since the US Federal Reserve has announced that it will be maintaining interest rates at their current low levels for another three years, inflows to emerging market equity and bond funds have reached levels not seen since second quarter 2011. According to statistics released by EPFR Global, equity funds have attracted a net total of USD8.62bn in the week to 25 January, nearly half of which went to emerging market equity funds. Since the beginning of the year, inflows to emerging market equity funds are approaching USd6bn. Bonds, for their part, have posted inflows of slightly over USD6bn, an amount not seen since the beginning of third quarter 2010, Since the beginning of the year, bond funds have seen net inflows of USD20.3bn, compared with USD17.4bn in the corresponding period of 2010. The regain in appetite for risk has also resulted in net inflows of over USD2.5bn for high yield bond funds. Net redemptions from equity funds have fallen to their lowest levels in more than six months. Money market funds finished the week on 25 January with outflows of USD7bn.

The British Man group on 30 January announced that it has signed the United Nations Principles for Responsible Investment (PRI). There are now 988 signatories to the PRI, of which 126 are in the United Kingdom. “The decision is an illustration of Man’s ongoing engagement with responsible investment. As one of the largest alternative management firms, we how that the signing of the PRI encourages other members of the sector to follow our example,” Man’s CEO, Peter Clarke, says in a statement.

Investment Europe relays reports in the Economic Times that Fidelity Investments is in talks with potential buyers of its mutual fund activities in India, which represent INR10bn of a total of INR90bn in assets for the US asset management firm in the country. Goldman Sachs Asset Management is said to be one of the candidates for the acquisition.

Lucy O’Carroll, senior economist at Lloyds Banking Groujp, has been recruited as chief economist at Scottish Widows Investment Partnership (SWIP), replacing Richard Dingwall-Smith, who has been in the position since 1998, and will remain at SWIP as senior economic adviser, Investment Europe reports.O’Carroll will be based in Edinburgh, and will report to Ken Adams, head of global strategy.

The administration of Jersey has added to its range of funds, with the introduction of a private investment fund, Hedge Week reports. Private investment funds are closed funds, available to a limited number of qualified, professional or institutional investors. The funds may be subject to a fast-track approval process, generally a maximum of three working days.

Legislation and fear of more restrictive standards to come are obstructing the creation of European pension funds, according to a study undertaken by Aon Hewitt in December 2011, covering 60 major businesses operating in Europe, with over 2 million employees. In response to a question about the pertinence of cross-border pension funds, 76% of businesses participating in the study say that they support entities of this type. However, the three major factors which are preventing employers from putting in place cross-border pension funds are perceived cmolpexity of legislation (66%), a lack of clarity about the way in which European legislation is enacted and regulated nationally (48%) and the perceived weight of national regulatory requirements (40%). Another one third of respondents were hesitant to use the Single Brand framework to create additional costs which future regulatory changes may give rise to. The consulting firm, which has recently responded to the second consultation by EIOPA (the European authority for professional insurance and complementary retirement) on revisions to the European IORP directive, opposed the legislative changes, which may increase costs for employers rather than increasing adoption of complementary professional retirement schemes. Kevin Wesbroom, director of the Retirement Risk Mangement department at Aon Hewitt, says that “given the material implications of potential changes described in the EIOPA consultation document, we are concerned at this stage about the lack of a profound cost/benefit analysis of the impact of the changes. The blindfolded transposition of the Solvency II regime planned for the insurance industry will damage availability of professional complementary retirement, and will complicate their management.” René van Leggelo, an expert in international mobility and European pension funds at Aon Hewitt France, concludes that “for the past 18 months, I have seen a growing interest in the French market for optimisation of complementary retirement plans. Some CAC 40 businesses are currently in a feasibility study phase considering potential combinations of their European plans in a single vehicle such as a IORP.”

The European Securities Markets Authority (ESMA) on 30 January launched a highly-awaited consultation on regulations for UCITS-compliant ETF funds. The ESMA proposals cover both synthetic and physical ETFs, and lay out the requirements under consideration for these UCITS ETFs, index-based UCITS funds, efficient portfolio management techniques, total return swaps, and strategy indices for UCITS funds. In other words, ESMA’s recommendations are not limited to ETF funds, and also cover total return swaps, for which ESMA is planning additional requirements in relation to collateral, and UCITS funds investing in strategy indices, for which the eligibility requirements have been made stricter. According to the ESMA president, Steven Maijoor, “the objective with these recommendations is to improve investor protection and limit risks related to some practices by strengthening the applicable standards for collateral received, for example, in the context of securities lending activities. The recommendations also aim to improve the quality of information provided to investors, in order to allow them to take informed investment decisions. For UCITS-compliant ETF funds, ESMA is proposing the required use of an identifier for all funds, which would be included in the definition of UCITS-compliant products. Investors would be required to obtain additional information when a UCITS-compliant ETF fund is actively managed and does not replicate an index. The consultation also extends to the contents of the regime to be put in place for investors in the secondary market, including ways to sell these shares. In the chapter on securities lending, ESMA proposes that the collateral used to reduce counterparty risks should comply with the criteria put in place by the CESR, and recommends that haircut and diversification criteria also be strengthened. ESMA also insists on the need to improve regulation of complex products on sale to retail clients. “The recommendations make it possible to treat problems related to an increase in the number of complex products on sale to retail investors, and will contribute to regulatory convergence for these products,” says Maijoor. The consultation is open until 30 March. The final text of the recommendations will be completed by mid-2012.

The British Treasury is putting pressure on the US administration to make changes to the Foreign Account Tax Compliance Act (FATCA) for limited liability companies, Investment Week reports. Under FATCA legislation, non-American financial establishments from 2012 will be required to sign agreements with the US tax authorities, to disclose all pertinent information about financial accounts of clients identified as US clients. Any institution which refused to sign such an agreement with the US tax authorities would face a 30% withholding of their US revenues. As a subsequent draft of the legislation is awaited from the US administration, British sources say that the passage of the law would cause considerable problems. US authorities are reportedly not opposed to a “country-by-country” solution.

Le renforcement du contrôle sur la Grèce a fait l’objet de discussions en marge de la rencontre entre chefs d’Etat et de gouvernement hier à Bruxelles

La taxe sur les transactions financières et la hausse de la fiscalité des revenus du capital sont préjudiciables à l'activité du marché actions

Le pacte fiscal sera signé le 1er mars par 25 pays. Nicolas Sarkozy s’est félicité du «travail de clarification» réalisé hier à Bruxelles

Les nouvelles règles du secteur mettent l'accent sur la transparence, sans stigmatiser les ETF synthétiques

Les nouvelles règles du secteur mettent l'accent sur la transparence, sans stigmatiser les ETF synthétiques

Le rapprochement de Skandia Retail Europe et Old Mutual Wealth Management Continental Europe s'explique aussi par les attentes des clients

Après la nouvelle hausse de la CSG, le taux global d’imposition sur les intérêts atteindra 39,5% en France contre 26,4% outre-Rhin

Le panel d'appel a confirmé un jugement de première instance rendu en juillet. Les Etats-Unis et l'Union européenne crient victoire

Malgré un rebond de la production industrielle de 4% en décembre, la force du yen inquiète les autorités. Il a grimpé à 76,19 contre dollar

Selon efinancialnews.com, le pôle de gestion d’Aviva prévoit de supprimer la plupart de ses postes dans le trading actions à Londres au profit du fixed income, de l’immobilier et des fonds multi-actifs. Le coût final en termes de postes pourrait se chiffrer à 160.

Kweku Adoboli, poursuivi pour des transactions non autorisées qui se sont soldées en septembre par une perte de 2,3 milliards de dollars, a plaidé hier non coupable devant la justice britannique. L’ancien trader est en détention depuis septembre et risque jusqu'à dix ans de prison. Il était directeur des fonds indiciels d’UBS à Londres.

Après avoir déjà tenté il y a plusieurs années de dénicher un acquéreur, le distributeur américain de pièces automobiles va être racheté par le fonds de private equity pour 791 millions de dollars en numéraire. Fondé en 1921, Pep Boys, qui fait également de la réparation, compte plus de 7.000 centres de services aux Etats-Unis et à Porto Rico.

Mi-juin 2010, à la demande de l’AFG et pour étayer les discussions qui avaient alors lieu au sein du Haut Comité de Place, nous avions réalisé une étude sur le marché français de la gestion alternative. En ce début d’année 2012, il nous a semblé opportun de faire un point sur les évolutions qui ont marqué les derniers mois.

Dans quel univers financier la pratique du traitement du signal trouve-t-elle une application intéressante ?

Titre original : Constant Proportion Portfolio Insurance in presence of Jumps in Asset Prices