OFI Infravia, an infrastructure sector specialist asset management firm which manages the investment fund InfraVia, with about EUR200m in assets, has announced the recruitment of Bruno Candès as chief investment officer, and Vincent Ménager and Romain Dechelette as account managers. Candès had previously been a founding member and principal chief investment offiver at Fiera Axium Infrastructure. He has also served as director of the infrastructure division of Babcock & Brown for North America, and in the Infrastructure Capital group at the bank ABN Amro, where he was responsible for development and financing of infrastructure projects in the areas of transport, renewable energies, and social infrastructures. Ménager had previously worked at Amber Infrastructure; he joined that firm after serving in the project financing teams at Natixis. Dechelette previously worked at ETDE, the energies and services unit of the Bouygues Construction group, largely in the development of public-private partnership contracts.
Wolfgang Pinner, who was already head of the sustainable investment team at Erste Sparinvest, has been appointed as Chief Sustainability Investment Officer. The Austrian asset management firm has assets of EUR630m in its sustainable investment funds, and Pinner will aim to develop cooperations with businesses and institutions in the sustainable development sector, to establish strategies for the exercise of voting rights at shareholders’ meetings, to develop key performance indicators, and to define exclusionary criteria. In this connection, Erste Sparinvest has also announced that since the beginning of this year, all of its actively-managed investment funds are barred from investing in businesses which are active in the area of weapons prohibited by the United Nations. To this end, Erste Sparinvest will rely on the assistance of the German ethical ratings firm oekom research.
By GAAP accounting standards, the Blackstone Group has seen a net loss of USD269m, compared with USD370m in 2010, both of which take into account net charges related to the group’s IPO and acquisitions.As of the end of December, total assets under management were up 30% compared with the end of 2010 to USD166bn, while fee-earning assets were up 25% to a record USD137bn.
“Our product range has lined up well with current market demand at the start of this year, as investors have largely wanted to take on risk again. That applied to institutional investors and funds of funds in particular,” Hervé Thiard, CEO of the Paris office of Pictet & Cie Europe has told Newsmanagers. This taste for emerging market debt, credit, high yeild and US equity products has resulted in net inflows of about EUR150m, putting assets at about EUR2.7bn. Assets under management totalled EUR2.8bn thirteen months ago (see Newsmanagers of 13 December 2010), but 2011 was a year of transition, with major flows in both directions, while 2010 will go down as an outstanding fiscal year which brought Pictet inflows of a net EUR800m to high-risk assets.
AXA Investment Managers (AXA IM) on Thursday, 2 February announced the appointment of Laurent Seyer as global head of investment solutions. He will begin in his new role on 2 May this year, and will then become a member of the management board at AXA IM. He will report to Dominique Carrel-Billiars, CEO of AXA IM. Seyer, who has been CEO of Lyxor Asset Management since 2006, replaces Thibaud de Vitry, who left Axa IM a few weeks ago (see Newsmanagers of 9 January 2012).“Laurent Seyer will aim to maintain our cutting-edge innovative solutions in all areas: ALM management (LDI, fiduciary management and Solvency II solutions), multi-asset class management, and management of funds of hedge funds integrated within global solutions, and to accelerate commercial development so as to create more visibility for our product ranges,” says Carrel-Billiard, CEO of AXA Investment Managers. At Société Générale Corporate & Investment Banking, the announcement of Seyer’s departure was followed on the same day by the announcement that Inès de Dinechin has been appointed as CEO of Lyxor Asset Management. The appointment will be effective from the end of March 2012.De Dinechin has spent most of her career in market activities, before being appointed as global head of fixed income, currency and credit structured products. She was appointed as director of human resources at Société Générale Corporate & Investment Banking in 2009, when sh also become a member of the extended executive board at SG CIB.“Her experience will be a real advantage in consolidating leadership at Lyxor Asset Management in her four areas of expertise: alternative management, index-based and ETF management, quantitative management, and structured management,” a statement from SG CIB says.
As of the end of December, assets under management at Franklin Templeton totalled USD670.3bn (see Newsmanagers of 13 January 2012), and the US-based asset management firm has announced on the occasion of the publication of its results, that it has seen net redemptions ni the first quarter of its fiscal year, ending on 30 September 2012, of USD15.6bn, compared with net subscriptions of USD3.1bn in July-September 2011, and USD3.2bn in the corresponding period of 2010.Net profits in October-December totalled USD480.8m, compared with USD416m in the third quarter of the calendar year 2011, and USD501.2m in October-December 2010.
Philippe Lecomte, CEO of Schroders France, is satisfied with the results for 2011. “We had a good year in 2011. Net subscriptions totalled EUR500m, 70% of it from institutional investors, who have been particularly interested in emerging markets equities, emerging market fixed income, and high yield credit,” the head of the Paris office says. In Paris, assets under management as of the end of 2011 totalled EUR3.5bn. In 2012, Lecomte is predicting subscriptions “on the same level as in 2011.” For the moment, the year appears to have started well, as “inflows are going well,” Lecomte says. In order to reach its inflow objectives, the CEO of Schroders France would like to launch a sales offensive, particularly in first quarter, for products dedicated to Asian equities such as the Schroder ISF Asian Bond Absolute Return and the Schroder ISF Asian Equity Yield.
The private equity firm TPG Capital has announced that it has made a formal offer to acquire the fund administrator GlobeOp for a total of about USD800m. GlobeOp found the terms of TPG Capital’s offer “honest and reasonable.” Assets under management at TPG Capital, largely in financial services, total about USD48bn.
Société Générale Corporate & Investment Banking a annoncé le 2 février la nomination d’Inès de Dinechin au poste de Directeur Général de Lyxor Asset Management. Elle remplace Laurent Seyer qui quittera prochainement le groupe Société Générale pour poursuivre d’autres opportunités (lire par ailleurs). Cette nomination sera effective à compter de fin mars 2012.Inès de Dinechin a effectué l’essentiel de sa carrière dans les activités de marché, occupant plusieurs postes de responsable marché (ingénierie et vente de produits dérivés) avant d'être nommée responsable mondial des produits structurés de taux, change et crédit. Elle a été nommée Directeur des Ressources Humaines de Société Générale Corporate & Investment Banking en 2009, date à laquelle elle est également devenue membre du Comité Exécutif élargi de SG CIB."Son expérience constitue un véritable atout pour consolider le leadership de Lyxor Asset Management dans ses quatre domaines d’expertise : la gestion alternative, la gestion indicielle & ETF, la gestion quantitative, et la gestion structurée», souligne un communiqué de SG CIB.
Fonds Professionell relays reports in dpa/AFX and Bloomberg that only four financially solid asset management firms are still in the running to acquire the asset management unit of Deutsche Bank (excluding DWS Germany, Europe and Asia): they are the Australian firm Macquarie and the US firms JPMorgan, Ameriprise Financial (owner of Columbia and Threadneedle) and State Street. The second round of bidding will conclude at the end of next week.
Following a one-time write-down due to depreciation of the goodwill on its operations in the United States, BBVA has announced a contraction of 34.8% in its net profits in 2011, to EUR3bn, excluding one-time elements. Profits without taking the depreciation into account fell 12.8% to EUR4bn.Net profits for the wholesale banking and asset management unit, which includes corporate and investment banking, global markets and asset management, totalled EUR1.122bn, compared with EUR1.224bn in 2010.BBVA states that total assets in asset management worldwide (investment and pension funds) as of the end of December totalled nearly EUR73bn.
Société Générale Securities Services Italy (SGSS S.p.A.) has been mandated by BSI Wealth & Family SIM S.p.A. to provide custom custody, settlement and clearance services. PSI SIM is a financial intermediary 100% controlled by the firm BSI SA (Generali group), one of the oldest banks specialised in wealth management in Switzerland.
In 2011, the coverage rate for the Dutch pension fund ABP deteriorated by 10 percentage points to 94%, while the volume of liabilities increased by EUR36bn, to EUR261bn. ABP has provisionally decided to lower its benefits by 0.5% from 1 April 2013, if the financial situation does not improve.In addition, a temporary supplementary contribution of 1 percentage point (tijdelijke herstelopslag) to balance the books has been tripled from 1 January 2012, up to the end of 2013, a statement released on 1 February has announced.Last year, ABP had cancelled plans to index its benefits (see Newsmanagers of 5 December). It has now announced that the planned changes may now go ahead.The objective set by the regulator, the Bank of the Netherlands (DNB), is to reach a coverage rate of 105% by the end of 2013. Henk Brouwer, chairman of ABP, admits that “alas, this is not good news, but this reduction of 0.5% ultimately represents an average reduction of only EUR3.50 in benefits to members.”
Heinrich Riehl, director of sales in Europe for the US firm TCW (Société Générale group) has announced that Amundi (Crédit Agricole et Société Générale) will be releasing an absolute return bond fund in Spain, entitled Amundi Funds Bond US Opportunistic Core Plus, and a growth equity fund, the Amundi Funds Equity US Concentrated Core. The two funds will be based on products from TCW (USD118bn in assets), Funds People reports.
BlackRock is planning to launch a strategic bond fund this year, in order to meet investors’ desire for stable and recurrent revenues, Money Marketing reports. Last October, BlackRock released an absolute return bond fund.
Ahead of the breakup of the British Financial Services Authority into two separate entities in 2013, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), the Financial Services Authority (FSA) on 2 February submitted its Annual Funding Requirement (AFR), a 198-page document containing its proposed budget for 2012-2013. The proposed budget is 15.6% larger, at GBP578.4m, with the majority of the increase to be paid by large businesses. The share of the burden to be borne by fund managers would increase by GBP9.1m, or 32.4%, to GBP37.3m, largely due to enforcement activities and costs related to combating market abuses.
The European Securities Markets Authority (ESMA) on 2 February announced the creation of a central ratings database (Cerep), which will provide information on credit ratings issued by 15 ratings agencies registered or certified in the European Union.The database for the first time gives investors a way to evaluate the performance and reliability of credit ratings over different types of ratings, asset classes and regions in a selected period for the first time.“With the release of this central registry, ESMA is making it possible to increase the transparency of ratings issued and consequently to improve investor protection,” ESMA’s president, Steven Maijoor, says.Statistics from Cerep are based on quarterly ratings track records provided by the ratings agencies, which will be subject to standardisation.The registry may be accessed directly at the following address: http://cerep.esma.europa.eu/cerep-web
The Taiwanese pension fund LPF (Labour Pension Fund) has issued a request for proposals for six four-year mandates totalling a cumulative USD1bn, Asian Investor reports. The mandates will be for two portfolios to be at least 70% invested in local equities. Commissions paid to the manager selected have been set at 0.07%, or 0.1% if the manager outperforms the benchmark, the weighted index Taiwan Stock Exchange Corporation (TSEC). The request for proposals will remain open until 20 February.
2011 has been a record year for pension funds. According to a study of assets in pension funds worldwide published by Towers Watson, institutional pension funds in 13 major markets have seen growth of 4% in their assets in 2011. As of the end of 2011, these funds set a new record, with USD28trn in assets, up from USD26trn in 2010. The United States, Japan and the UK remain the largest pension fund markets, representing 59%, 12% and 19%, respectively, of total assets in pension funds worldwide. Assets in pension funds worldwide have increased by an average of more than 6% per year (in US dollars) since 2001. For allocation of assets in “P7” funds, which include the seven largest pension fund markets, excluding Brazil, Germany, France, Ireland, Hong Kong and South Africa, the proportion of assets invested in bonds fell by 3% of total assets in the past 16 years, from 40% to 37%. The proprtion of equities has fallen by 8% in the same period, to 41%. the majority of this decline took place in 2011 (7%). Allocation to alternative assets, particularly real estate, and to a lesser extent hedge funds, venture capital and commodities, have gained ground. P7 funds have dedicated 5% to 20% to these assets since 1995.
As of the end of 2011, assets in sovereign wealth funds had increased 8% over twelve months, to a record USD4.8trn. In addition to that, USD7.2trn are held in other sovereign investment vehicles, such as pension reserve funds, development funds, or funds depending on government-owned businesses, while USD8.1trn were held in official currency reserves, the Sovereign Wealth Funds 2012 report from TheCityUK, sponsored by Invesco, reports. The study finds that there are two types of sovereign funds: on the one hand, funds which are supplied from exports of commodities, which represent USD2.7trn, and on the other hand, funds whose capital comes primarily from currency reserves, with USD2.1trn. Direct investments by sovereign funds in 2011 totalled USD60bn, one quarter less than in 2010, and 40% less than their record 2009 level.The document also finds that the United States and the United Kingdomn are the largest destination countries for sovereign fund investments, with 19% and 17% of total investments, respectively, over the past six years. London is also the largest centre for management of these funds, and the place where transactions are cleared.
Sylvie Terris, Directeur Financier Délégué d’Agrica Epargne dans une table ronde organisée par amLeague et Newsmanagers, le 18 janvier 2012: J’ajoute que nous ne sommes pas trackers pour l’instant, mais on peut se poser la question et essayer de comprendre et bien connaître les spécificités de gestion, les mouvements dans la vie des sociétés de gestion, car les process, les équipes changent. Rien n’est stable. Je viens de rentrer dans cette société de gestion depuis un mois. Il y a tout un passé. C’est une société de gestion qui travaille avec une bonne partie des sociétés de gestion de la place, et affiche de nombreuses spécificités. En étant Agrica Epargne, nous avons pas mal de liens avec Amundi et Groupama. On ne regarde pas trop la volatilité, mais plutôt les ratios d’information. Mais, là aussi, cela bouge beaucoup. Reste que la donnée fondamentale, c’est la performance sur le long terme. La volatilité reste un peu fonction du marché. À partir du moment où on a une allocation stratégique qui est définie, nous acceptons la volatilité.
Selon Fonds Professionell, qui relaie dpa/AFX et Bloomberg, seules quatre maisons financièrement solides resteraient en lice pour l’acquisition du pôle gestion d’actifs (hors DWS Allemagne, Europe et Asie) de la Deutsche Bank : il s’agirait de l’australien Macquarie et des américains JPMorgan, Ameriprise Financial (qui possède déjà notamment Columbia et Threadneedle, ndlr) et State Street. Le deuxième tour des soumissions se clôt normalement à la fin de la semaine prochaine.Fin janvier, le Handelsblatt avait rapporté que JP Morgan Chase, State Street et Ameriprise Financial figuraient parmi les finalistes pour l’acquisition de la gestion d’actifs de la Deutsche Bank.
Le segment XTF de la plate-forme électronique Xetra (Deutsche Börse) a accueilli le 2 février deux fonds supplémentaires d’UBS (Irl) ETF plc, ce qui porte à 923 le nombre d’ETF cotés à Francfort.En fait, il s’agit de deux classes de parts d’un fonds qui réplique le MSCI USA Infrastructure Index, la classe I étant réservée aux investisseurs institutionnels, la part A, au retail.Caractéristiques Dénomination : ETF UBS ETF MSCI USA Infrastructure (USD) ICode Isin : IE00B6T8VP86TFE : 0,48 %Dénomination : ETF UBS ETF MSCI USA Infrastructure (USD) ACode Isin : IE00B6RPTB32TFE : 0,65 %
Avec l’acquisition de son concurrent International Property Asset Management GmbH (IPAM), Cordea Savills a doublé ses encours en Allemagne à environ 1 milliard d’euros, a indiqué Thomas Güde, directeur général de Cordea Savills Deutschland, dans un entretien avec la Bôrsen-Zeitung. La transaction prévoit que l'équipe d’IPAM, y compris les trois associés qui ont vendu leurs parts à Cordea Savills, rejoignent Cordea Savills GmbH. De la sorte l’effectif de cette dernière passe de 18 à 35 personnes.Thomas Güde précise aussi que Cordea Savills a l’intention de créer une société de gestion de droit allemand (KAG), ce qui lui permettra de lancer des fonds institutionnels de droit local au lieu de commercialiser des produits luxembourgeois ou britanniques. L’agrément de la BaFin est escompter pour le second semestre.
Sur 2011, le taux de couverture du fonds de pension néerlandais ABP s’est détérioré de 10 points à 94 % pendant que le volume des engagements gonflait de 36 milliards pour ressortir à 261 milliards d’euros. Dès lors, ABP a décidé sur une base provisoire d’abaisser ses prestations de 0,5 % à compter du 1er avril 2013, si la situation financière ne s’est pas améliorée.De plus, la cotisation supplémentaire temporaire de 1 point de pourcentage (tijdelijke herstelopslag) pour équilibrer les comptes est triplée à compter du 1er janvier 2012 et jusqu'à fin 2013, annonce un communiqué publié le 1er février. Déjà, l’an dernier, ABP avait renoncé à indexer ses prestations (lire Newsmanagers du 5 décembre) et annoncé que les mesures envisagées à présent pourraient être adoptées.L’objectif fixé par le régulateur, la Banque des Pays-Bas (DNB) consiste à atteindre un taux de couverture de 105 % pour fin 2013.Henk Brouwer, le président d’ABP, reconnaît que «ce n’est, hélas, pas une bonne nouvelle, mais (que) cette diminution de 0,5 % ne représente en fin de compte qu’un moins-perçu de 3,50 euros par mois en moyenne pour les bénéficiaires».
Suite à une charge exceptionnelle pour dépréciation du fonds de commerce aux Etats-Unis, le BBVA affiche pour 2011 une contraction de 34,8 % de son bénéfice net, à 3 milliards d’euros. hors éléments exceptionnels, le bénéfice a diminué de 12,8 % à 4 milliards d’euros.Le bénéfice net du pôle banque de gros et gestion d’actifs, qui coiffe le corporate & investment banking, les global markets et la gestion d’actifs, ressort à 1.122 millions d’euros contre 1.224 millions pour 2010. Le BBVA précise que l’encours mondial de sa gestion d’actifs (fonds d’investissement et fonds de pension) ressortait fin décembre à presque 73 milliards d’euros.
Société Générale Securities Services en Italie a été mandaté par BSI Wealth & Family SIM S.p.A. pour fournir des services de conservation et de règlement livraison personnalisés. BSI SIM est un intermédiaire financier contrôlé à 100% par la société BSI SA (groupe Generali), l’une des plus anciennes banques spécialisées dans la gestion de fortune en Suisse.
2011, année record pour les fonds de pension. Selon une étude publiée par Towers Watson, les fonds de pension institutionnels des 13 marchés principaux ont affiché une croissance de 4 % de leurs actifs au cours de l’année 2011. Ces derniers atteignent à fin 2011 un nouveau record de 28.000 milliards de dollars, contre 26.000 milliards en 2010. Les États-Unis, le Japon et le Royaume-Uni restent les principaux marchés de fonds de pension, représentant respectivement 59 %, 12 % et 19 % du total de leurs actifs au niveau mondial.Depuis 2001, ces derniers ont affiché une croissance moyenne de plus de 6 % par an (en dollars).Concernant l’allocation d’actif des fonds dits «P7», qui comprennent les sept plus grands marchés de fonds de pension et excluent le Brésil, l’Allemagne, la France, l’Irlande, Hong Kong et l’Afrique du Sud, la part des obligations a baissé de 3 % au total au cours des 16 dernières années, passant de 40 % à 37 %. La part des actions a chuté de 8 % sur cette période, à 41 %. La majeure partie de cette baisse a eu lieu en 2011 (7 %).L’allocation aux actifs alternatifs, surtout immobiliers, et dans une moindre mesure, aux hedge funds, au capital-investissement et aux matières premières, a gagné du terrain. Les fonds P7 y consacrent de 5 % à 20 % depuis 1995.
BNY Mellon annonce le recrutement de Yolanda Plaza-Charres au poste de directrice commerciale au sein de sa division gestion de fortune pour l’Amérique latine. Elle occupait auparavant le poste de directrice de la banque privée de BlackRock pour la région des Amériques.
BlackRock envisage de lancer un fonds obligataire stratégique dans le courant de l’année afin de répondre à la quête des investisseurs pour des revenus stables et récurrents, rapporte Money Marketing.En octobre dernier, BlackRock a déjà proposé un fonds obligataire à performance absolue.