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19/12/2011

Two heads for Wealth Management profession at BNP Paribas

As part of an effort to develop the management at the BNP Paribas group, announced by Jean-Laurent Bonnafé on 1 December, Vincent Lecomte and Sofia Merlo have been appointed as co-heads of the Wealth Management profession, BNP Paribas announced in a statement on 16 December. The two heads will report to Jacques d’Estais, deputy CEO of the BNP Paribas group and head of the Investment Solutions (IS) unit, BNP Paribas Personal Finance, and International Retail Banking, and will report functionally to François Villeroy de Galhau, deputy CEO of the BNP Paribas group and head of domestic markets. Sofia Merlo, who began her career at Paribas in September 1985, had been head of sales for private banking in France from January 2009 until her appointment in January 2010 as director of private banking in France. In her new role, Merlo will continue to direct private banking in France. Lecomte, who joined Paribas in 1992, had been Chief Operating Officer (COO) at BNP Paribas Wealth Management since September 2010.
19/12/2011

“We want to win market share off our competitors rather than maintain our own”

The “sleeping beauty” SPGP has resolved to awake from its slumbers at last. After recruiting a CEO, the asset management firm has gone after the IFA market, but without losing its personality, its chairman and CEO insists: no wealth management funds, no emerging market funds, or other mutual funds that might be popular with professional clients, but rather pure funds with marked biases, such as funds investing in defensive equities, or funds composed of traditional or convertible bonds.
19/12/2011

JEM debuts on dbselect platform

Deutsche Bank has selected one of the strategies from the hedge fund manager J E Moody & Company (JEM, USD170m) for its dbselect platform (USD5bn in 150 hedge funds with daily liquidity), Investment Europe reports. The product chosen is the Commodity Relative Value Program, which invests in commodities and makes an effort not to have commodities bets or correlations with Commodity Trading Advisers (CTA), the major asset classes, or hedge funds. The JEM program aims to be non-directional; the portfolio is invested in commodity futures in energy, metals, grains, meats, and soft commodities via a relative value spread trading strategy.
19/12/2011

Heavy outflows from Pimco Total Return

The largest bond fund in the world, the Pimco Total Return fund, managed by Bill Gross, saw further heavy net outflows in November of USD500m, bringing total net redemptions in the past twelve months to USD17bn, Investment Europe reports. In the 12 months under review, US bond funds attracted USD105.8bn in net inflows. The performance of the Pimco Total Return fund since the beginning of 2011 totalled 3.46%, while the average for the industry was 5.87%, putting Bill Gross’ fund in 163rd place out of 181 products. Assets in the Pimco Total Return fund as of 30 November still totalled USD241bn.
19/12/2011

French FRR launches a RFP for actively managed mandates

The FRR has launched a request for proposals to select new managers for actively managed mandates implementing and following ESG criteria and thematics. The purpose of this process is to renew the «European Equities SRI» mandates awarded in 2006 which expired this year. For this contract, the public procurement procedure being employed is that of a limited request for proposals comprising 2 lots: 1. Thematic mutual fund mandate(s) The managers shall select and manage the fund allocation based on ESG thematics framed by the FRR. 2. Europe Equities active management mandate(s), new sustainable growth The managers must invest in small and medium capitalisation companies established in Europe and that have implemented environmental, social and governance («ESG») policies or have the intention of doing so. All interested management companies must reply to the FRR by 23rd January 2012, 12.00 (Paris time) in accordance with the consultation procedure regulations. All documents relating to this request for proposals are available on the dedicated platform http://www.achatpublic.com/accueil/frr/medias/index.php via the FRR’s website www.fondsdereserve.fr
19/12/2011

FSA bars and fines a former adviser at UBS Wealth Management

The Financial Services Authority (FSA) has banned and fined Jaspreet Singh Ahuja, a former client adviser at UBS AG, GBP150,000 for failing to act with integrity and for not being a fit and proper person. He is prohibited from performing any function in relation to any regulated activity in the financial services industry.Jaspreet Singh Ahuja was a client adviser within UBS’s international wealth management business in London. Between 1 January 2006 and 30 January 2008 he used a pre-existing investment structure to enable an Indian resident customer (via an investment fund incorporated in Mauritius, the fund) to breach Indian law in clear contravention of UBS guidelines. Ultimately, the customer invested over USD250 million in the Fund.Under Indian law, an Indian investor (whether resident or non-resident in India) is not permitted to invest in Indian securities through a vehicle known as a “Foreign Institutional Investor” (FII) except in particular circumstances (which are not relevant here). Such vehicles are designed so that non-Indian investors may make investments in Indian securities.Jaspreet Singh Ahuja then wrongfully took steps to conceal the true nature of the customer’s investment, mainly by the deliberate and repeated provision of false and/or misleading information to the UBS Legal and Compliance department and other parts of UBS.He also assisted in making unauthorised redemption payments out of the Fund knowing, among other things, that the redemptions were not properly authorised by the customer and breached UBS internal compliance rules.In November 2009 the FSA fined UBS GBP8million for systems and controls failures in relation to this case. UBS has since repaid the affected customers in excess of USD42 million by way of redress.
19/12/2011

Northill Capital acquires a majority stake in Wellfield Partners

Northill Capital has acquired a majority stake in the asset management firm Wellfield Partners, and pledged to provide it with seed capital fo USD30m for at least three years. Wellfield uses a trend-following strategy in the areas of currencies, financial sector futures, and commodities. Wellfield, founded in 2009, is planning to manage a new fund to be created with seed capital from Northill, to be launched in January 2012, which will use a systemic diversified strategy replicating the strategy already in use by Wellfield since June. John Little, founder of Northill in 2010, will join the partnership committee at Wellfield. Northill is a part of the family office Kedge Capital, which manages the wealth of the Bertarelli family, among others.
19/12/2011

State Street AIS recruits a head from BNY Mellon

Paul McLaughlin, who has spent 11 years at BNY Mellon in Dublin, most recently as head of alternative investment servicing fund of funds and private equity for EMEA, has been recruited as head of operations in the Alternative Investment Solutions team at State Street Corp in Guernsey. His area of expertise will remain Europe, the Middle East and Africa (EMEA); he will focus on services to private equity and real estate funds. McLaughlin will report to Phil McGowan, senior managing director of services for private equity, real estate and businesses in the EMEA region.
19/12/2011

Octopus plans to recruit 10 managers

The British asset management firm Octopus, whose CIO and head of multi-management, Lothar Mentel, has recently left the firm (Newsmangers of 16 December), is looking to recruit ten managers, Money Marketing reports. The managing director of Octopus, Guy Miles, says the move is intended to strengthen teams in all management activities at the firm, not only in multi-management, which Mentel had a large hand in developing.
19/12/2011

Skandia's new CEO ditches firm for Henderson

Skandia Investment Group has lost its new CEO, Phil Wagstaff, who has gone to Henderson, only two weeks after starting his job, Financial News reports. The former head of distribution from Gartmore will serve in a similar role at Henderson.
19/12/2011

La finance sous l’œil du Parlement britannique

Un rapport parlementaire publié aujourd’hui outre-Manche prône des évolutions du projet de loi sur les services financiers. Ces recommandations passent par un renforcement du rôle du Chancelier de l’Echiquier et par un changement de gouvernance au sein de la Banque d’Angleterre. Un comité pourrait être chargé de «maximiser l’influence» du pays.
19/12/2011

Les marchés actions en Chine davantage ouverts aux étrangers

Les autorités chinoises vont multiplier le nombre d’investisseurs étrangers autorisés à investir sur les marchés actions et obligations domestiques, rapportait vendredi le magazine Caixin sur son site internet, en citant une source proche de la Commission chinoise de régulation des titres.
19/12/2011

Citic tarde à entrer dans CLSA et Cheuvreux

Le chinois Citic Securities, qui devait prendre 19,9% des courtiers du Crédit Agricole avant le 31 décembre, ne pourra pas respecter l’échéance, selon un communiqué diffusé à Hong Kong. Le processus d’approbation réglementaire «sera prolongé à début 2012», explique Citic.
16/12/2011

L'économie irlandaise s'est contractée de 1,9% au troisième trimestre

L'économie de l’Irlande s’est contractée de 1,9% au troisième trimestre, un chiffre nettement plus mauvais qu’attendu qui pourrait compromettre les objectifs de déficit et de dette fixés par l’accord avec l’Union européenne et le FMI. Les analystes tablaient sur une baisse de 0,5% du produit intérieur brut (PIB) sur la période juillet-septembre en données corrigées des variations saisonnières.
16/12/2011

La BCE annonce deux injections à 24 heures

La Banque centrale européenne (BCE) a annoncé vendredi qu’elle procèderait à une injection de liquidités à 24 heures à la veille de chacune de ses deux prochaines opérations de refinancement à trois ans afin d’assurer un relais aux institutions financières concernées. La première de ces injections à un jour aura lieu le 20 décembre, la seconde le 28 février.
16/12/2011

Un accord sur la dette grecque n’est toujours pas garanti

Les discussions sur le projet d'échange de la dette grecque progressent mais rien ne garantit à ce stade qu’elles aboutiront à un accord impliquant une participation volontaire élevée des créanciers privés, a déclaré vendredi un haut responsable de la «troïka» réunissant l’Union européenne, le Fonds monétaire international et la Banque centrale européenne, cité par Reuters. Les discussions achoppent sur plusieurs points, comme le statut des nouveaux titres que recevraient les créanciers privés, le coupon de ces titres ou encore les garanties juridiques qui leur seront offertes.
16/12/2011

Le climat des affaires en baisse de deux points en France

Le climat général des affaires en France s’est à nouveau dégradé en décembre, conformément aux attentes, montre l’enquête mensuelle de conjoncture publiée vendredi par l’Insee. L’indicateur synthétique du climat des affaires dans l’industrie manufacturière a baissé de deux points à 94 et reste sous le seuil de 100 qui correspond à la moyenne de longue période de cet indicateur.
16/12/2011

La zone euro dégage un excédent commercial en octobre

La balance commerciale de la zone euro a dégagé en octobre un excédent commercial de 1,1 milliard d’euros, légèrement supérieur au consensus (1 milliard) mais en net repli par rapport au même mois de l’an dernier (+3,1 milliards). En données brutes, les exportations des 17 ont augmenté de 6,0% par rapport à octobre 2010 et les importations de 7%, précise Eurostat. En données corrigées des variations saisonnières, les exportations affichent toutefois un recul de 1,9%,les importations une baisse de 0,7%.
16/12/2011

Départ du responsable des hedge funds d’Unigestion

Philippe Gougenheim quitte Unigestion où il était managing director head of hedge funds depuis le 1er mai 2010. Cet ancien de Man Investments était basé à Genève et dirigeait le développement de l’équipe funds of hedge funds de la société de gestion suisse. Il part pour créer sa propre société de gestion afin de lancer un hedge fund.Interrogée par Newsmanagers, Unigestion indique que Philippe Gougenheim sera remplacé par Nicolas Rousselet, qui deviendra managing director, responsable hedge fund le 1er janvier 2012. Il sera également nommé membre du comité exécutif d’Unigestion.Nicolas Rousselet travaille chez Unigestion depuis 2008 et est jusqu'à présent strategy manager responsable des secteurs arbitrage, crédit et equity hedge. Il est également membre du comité d’investissement hedge fund. Il avait débuté sa carrière chez Fortis Investment Management.

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