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02/03/2011

Europa Feldberg renforce son équipe de gestion

Le gestionnaire francfortois de fonds immobiliers EuropaFeldberg, filiale à 50/50 d’Europa Capital (7 milliards d’euros d’encours) et de Feldberg Capital, a annoncé le 1er mars le recrutement comme investment director de Stephan Schaal qui sera chargé prioritairement au lancement du Core-Büroimmobilienfonds spécialiste de l’Europe occidentale que doit lancer EuropaFeldberg. L'équipe de gestion compte désormais cinq personnes.L’intéressé vient de Curzon/AEW où il était directeur à Londres, après avoir travaillé entre 2005 et 2007 chez Henderson Global Investors.
02/03/2011

UBI Pramerica se dote d'un nouveau directeur général

Andrea Pennacchia a été nommé directeur général d’UBI Pramerica SGR, la société de gestion italienne co-détenue par UBI Banca et Prudential, à compter du 1er mars. Il remplace Diego Cavrioli, qui quitte UBI Pramerica pour prendre la responsabilité du domaine Finance d’UBI Banca. Depuis 2009, Andrea Pennacchia était responsable de l’organisation du Gruppo UBI Banca.
02/03/2011

Aviva Investors est actionnaire d’Azimut

Aviva Investors Global Services Limited détient, depuis le 24 février, 2,01 % du capital social de la société de gestion italienne Azimut Holding spa, indique Bluerating, citant la Consob.
02/03/2011

Apollo Capital achète l'activité MBNA de Bank of America en Espagne

Au bout de dix mois, Bank of America a trouvé un acquéreur pour son activité cartes de crédit en Espagne (MBNA) : il s’agit d’Apollo Capital, qui va racheter 100 % du portefeuille pour 580 millions d’euros, rapporte Cotizalia. La transaction porte d’une part sur 500 millions d’euros de crédits correspondant à une décote de 20 % sur le portefeuille et sur 80 millions représentant 5 % du nominal des créances douteuses.
02/03/2011

Schroders muscle sa distribution

Directeur de clientèle, Leonardo Fernández a été nommé directeur des ventes chargé des intermédiaires chez Schroders España, rapporte Funds People. Il sera subordonné à Carla Bergareche, directrice générale pour l’Espagne.Actuellement, le gestionnaire britannique occupe 11 personnes en Espagne où son encours se situait à environ 2,9 milliards d’euros fin 2010.
02/03/2011
Fonds

Doughty Hanson acquiert deux centres commerciaux en Espagne

Pour 120 millions d’euros, le capital-investisseur Doughty Hanson & Co Real Estate a acheté à Sonae Sierra les centres commerciaux d’El Rosal (51.000 mètres carrés) dans la province de León et Plaza Eboli (31.000 mètres carrés) Dans la provnince de Madrid, rapporte Cotizalia.
Fonds
02/03/2011
Fonds

Le Banif Inmobiliario rouvre le guichet des remboursements

Deux ans après le gel par le Santander des remboursements du fonds immobilier Banif Inmobiliario, les 44.033 porteurs ont commencé à récupérer leur argent. Ils vont toucher 1.211,05 euros par part soit 11,9 % de moins que lors de la suspension des rachats, explique Cinco Días. En 2009 et en 2010, la valeur liquidative du fonds a chuté respectivement de 12,4 % et de 6,3 %. Depuis le début de 2011, elle a encore perdu 0,6 %.
Fonds
02/03/2011

Premières souscriptions nettes pour les fonds espagnols depuis 16 mois

En février, les fonds espagnols de valeurs mobilières ont affiché des souscriptions brutes de 5,12 milliards d’euros et surtout des souscriptions nettes de 74 millions d’euros, les premières après seize mois de remboursements nets, selon les statistiques de l’association Inverco des sociétés de gestion.L’encours total au 28 février se montait à presque 138,89 milliards d’euros, ce qui représente une augmentation de 717 millions ou de 0,5 % sur fin janvier, février ayant ainsi été le second mois consécutif de hausse des actifs sous gestion.Pour janvier-février, les deux premiers gestionnaires du pays, Santander Asset Management et BBVA Asset Management ont accusé des baisses d’encours de respectivement 364,6 millions et de 69,3 millions, alors que les actifs gérés par Incercaixa Gestión (La Caixa) augmentaient de 804,24 millions d’euros.Pour le seul mois de février, Santander AM a subi des sorties nettes de 386,9 millions, alors que BBVA AM a supporté des remboursements nets de 146,18 millions. Parmi les dix premiers gestionnaires espagnols, six accusent des rachats nets en février, notamment ahorro Corporación Gestión, avec des sorties nettes de 112,43 millions.En revanche, Invercaixa Gestión se distingue avec des souscriptions nettes de 769,22 millions pour février. Les deux autres principaux bénéficiaires des rentrées nettes sont Bestinver Gestión (Acciona), avec 50,09 millions, et Mutuactivos (Mutua Madrileña).
02/03/2011

Progression de 1,1% des actifs sous gestion de la BCGE

Les actifs sous gestion et administration de la Banque cantonale de Genève (BCGE) s'élevaient fin 2010 à 18,2 milliards de francs suisses, grâce notamment à l’arrivée de nouveaux clients, contre 18,05 milliards de francs un an plus tôt, a indiqué la banque le 1er mars.Le résultat net a reculé de 21,2% à 56,4 millions de francs suisses, en raison de charges exceptionnelles (projet de transfert d’infrastructures informatiques pour un montant de 10 millions de francs et provisionnement de risques entreprises et trade finance pour un montant de 30 millions de francs).
02/03/2011

Progression de plus de 14% des actifs sous gestion de la Banque cantonale de Bâle

Les actifs sous gestion de la Banque cantonale de Bâle s'élevaient fin 2010 à 33 milliards de francs suisses, contre 28,9 milliards de francs l’année précédente, a indiqué la banque dans un communiqué.Le bénéfice net du groupe s’est inscrit à 254,3 millions de francs, en recul de 12,1% par rapport au résultat record de l’année précédente, dopé par des facteurs exceptionnels.
02/03/2011

Swiss Life double ses bénéfices en 2010 grâce notamment à AWD

En 2010, le bénéfice net de Swiss Life a plus que doublé, passant de 277 à 560 millions de francs suisses. Swiss souligne dans un communiqué publié le 2 mars que le secteur Investment Management a engrangé 4,6 milliards de francs de rendements nets des capitaux sur le portefeuille d’assurance. Cela correspond à un rendement net des placements de 4,1% (contre 3,9% l’année précédente).Avec des revenus en hausse de 34% par rapport à l’année précédente, le secteur Investment Management a ainsi apporté une contribution de 103 millions de francs au résultat du groupe. La réorientation réussie d’AWD, dont le chiffre d’affaires s’est inscrit l’an dernier en hausse de 4% à 547 millions d’euros, se traduit par deux résultats impressionnants: un bénéfice opérationnel de 49 millions d’euros (contre -41 millions d’euros l’année précédente) et un passage à 9% (contre -8% l’année précédente) de la marge sur le résultat opérationnel avant impôts et intérêts (EBIT). En Allemagne, le volume des affaires nouvelles vendues par AWD a augmenté de 12% pour passer à 431millions d’euros tandis qu’il se maintenait au niveau de l’année précédente en Suisse, en atteignant 197 millions de francs grâce à un excellent dernier trimestre.
02/03/2011

GAM enregistre une collecte nette de 8 milliards de francs suisses en 2010

Pour son premier exercice annuel complet, le groupe zurichois d’asset management GAM, coté en Bourse depuis début octobre 2009, a accru ses actifs sous gestion de 4% à près de 118 milliards de francs suisses, rapporte L’Agefi suisse. La collecte nette s’est élevée à 8 milliards de francs (400 millions un an plus tôt). En dépit d’un ralentissement au second semestre. Le bénéfice net s’est inscrit en hausse de 35% à plus de 202 millions de francs suisses.
02/03/2011

German real estate funds likely to pull out of Spain

p { margin-bottom: 0.08in; } Expansión reports that it is likely that German real estate funds will seek to liquidate most of their assets in Spain before the entry into force of a new double taxation agreement, which was concluded on 3 February between Spain and Germany, and would probably come into force on 1 January 2012. One of the terms of the agreement would make sales of properties subject to taxes in the country where the property is located, which in these cases would mean Spain. These sales would be subject to a 19% tax, without the exemption from article 14 of the Spanish last on taxation of non-residents, which applies only to dividends and not to capital gains on assets.
02/03/2011

Swiss Life doubles profits in 2010, partly due to AWD

p { margin-bottom: 0.08in; } In 2010, net profits at Swiss Life more than doubled, from CHF277m to CHF560m. Swiss Life says in a statement published on 2 March that the Investment Management sector took in CHF4.6bn in net returns on owners’ equity for its insurance portfolio. This corresponds to a net return on investment of 4.1% (compared with 3.9% the previous year). With earnings up 34% compared with the previous year, the Investment Management sector contributed CHF103m to the group’s profits. The successful reorientation of AWD, whose earnings were up 4% last year to EUR547m, has had impressive results: an operating profit of EUR49m (compared with -EUR41m the previous year), and an increase in the margin on earnings before interest and tax (EBIT) to 9% (from -8% the previous year).
02/03/2011

Assets under management up by over 14% at Cantonal Bank of Basel

p { margin-bottom: 0.08in; } Assets under management at the Cantonal Bank of Basel as of the end of 2010 totalled CHF33bn, compared with CHF28.9bn the previous year, the bank has announced in a statement. Net profits at the group totalled CHF254.3m, down 12.1% compared with the record results of the previous year, which were boosted by exceptional factors.
02/03/2011

GAM posts net inflow of CHF8bn in 2010

p { margin-bottom: 0.08in; } For its first complete fiscal year, the Zurich-based asset management group GAM, which has been listed on the stock exchange since October 2009, posted an increase in its assets under management of 4%, to nearly CHF118bn, Agefi Switzerland reports. Net inflows totalled CHF8bn (CHF400m one year earlier) despite a downturn in second half. Net profits were up 35% to over CHF202m.
02/03/2011

Assets under management up 1.1% at BCGE

p { margin-bottom: 0.08in; } Assets under management and administration at the Cantonal Bank of Geneva (BCGE) as of the end of 2010 totalled CHF18.2bn, largely due to the arrival of new clients, compared with CHF18.05bn one year earlier, the bank announced on 1 March. Net profits were down 21.2% to CHF56.4m, due to one-time charges (ongoing project to transfer IT infrastructure, for CHF10m, and provisioning for business risks and trade finance for EUR30m).
02/03/2011

Ole Søeberg joins Skagen Funds

Ole Søeberg is joining Skagen Funds as a portfolio manager to further strengthen the global and Norwegian equity fund SkagenVekst. He will be responsible for analysing existing and potential investments alongside a team comprising 9 fund managers. Søeberg has extensive experience in both global and Danish capital markets. He joins Skagen from his position as managing director of the insurance company Tryg where he was responsible for investor relations since 2006. For the past four years Søeberg has been a member of the board of directors of Skagen AS. He has stepped down from the Board to assume his new position. Ole Søeberg will take up his new role at Skagen in the first half of 2011.
02/03/2011

Sparinvest takes over asset management activities of Atrium Partners

p { margin-bottom: 0.08in; } The Danish asset management firm Sparinvest announced on 1 March that it has acquired Atrium Asset Management, the portfolio management affiliate of Atrium Partners, for an undisclosed amount. The firm manages two European small caps funds with total assets of EUR55m, entitled Atrium Value Partners SICAV - European Small Cap (domiciled in Luxembourg) and Atrium Value Partners – Europa Small Cap (domiciled in Denmark).The two managers of Atrium Asset Management, Karsten Løngaard and Lisbeth Søgaard Nielsen, will join the value equities team at Sparinvest, led by Jens Moestrup Rasmussen, which currently manages EUR3.4bn.
02/03/2011

FSA publishes first report on consumer protection

p { margin-bottom: 0.08in; } As a part of its strategy to protect consumers and prepare for the application of the new regulations arising from the Retail Distribution Review (RDR), the British FSA has published its first study of the risks related to the conduct of businesses in regard to consumers, the Retail Conduct Risk Outlook (RCRO), which, along with the forthcoming Prudential Risk Outlook, will replace the former Financial Risk Outlook. The report draws particular attention to distributor influenced funds (DIF), structured funds such as open-ended investment companies (OEIC), in which the distributor, generally an advising firm, has some control over the architecture or the management of the fund. The FSA states that there are at least 40 firms which offer DIF products to their clients. Assets under management in these funds total about GBP2bn. The control exercised by advising firms on these funds, though partial, presents a number of risks, among them the risk of conflicts of interest, as the advising firms distributing DIF products often have a direct financial interest in the products, to which they are meant to be providing consulting services. The report also points to the increasing popularity of complex investment products, including ETFs, “relatively new products” both for retail investors and for advising firms. In addition to counterparty and collateral risks, the FSA mentions conflicts of interest related to the structuring of ETFs and legal issues related to the domicile of underlyings. The marketing and promotion of complex ETFs does not always appropriately reflect the various risks related to these products, and the FSA says it has intensified its surveillance in this area and is prepared to intervene if necessary.
02/03/2011

A label for ethical funds at last?

p { margin-bottom: 0.08in; } According to L’Echo, the Belgian Socialist senator Philippe Mahoux has tabled a bill which would promote socially responsible investment (SRI). The ethical character of funds of this type has previously been subject to internal control by issuers. The bill would give the CBFA authority to issue a label, the newspaper states. Currently, 197 funds are billed as socially responsible investment products, according to statistics from the Belgian Asset Management Association. Their assets under management have quadrupled since 2004, to EUR7.66bn (according to statistics as of second quarter 2010).
02/03/2011

Neuberger Berman appoints a managing director

p { margin-bottom: 0.08in; } The US management firm Neuberger Berman has announced the arrival of David Kupperman as managing director of NB Alternatives Investment Management, the fund of hedge fund activity of the group. He was previously a partner and member of the investment committee at Alternative Investment Management, a fund of hedge funds.
02/03/2011

NewAlpha Asset Management makes a recruitment

p { margin-bottom: 0.08in; } NewAlpha, an affiliate of the OFI group which provides institutional investors with access to new managers via incubation funds, announced on Tuesday, 1 March that Fabien Dersy has joined the firm as head of sourcing, selection and relationship management for incubated managers. Dersy will be a senior analyst in charge of incubation projects. Dersy was previously head of the range of volatility arbitrage funds at Dexia Asset Management.
02/03/2011

Acropole AM to add to alternative management unit

p { margin-bottom: 0.08in; } Acropole Asset Management, a French asset management boutique dedicated to convertible bonds, is planning to develop its alternative management activities, one of its three units, alongside traditional convertibles and credit management. So far, these activities are focused on long/short (with the Acropole LS Convexité fund) and convertibles arbitrage (with the Acropole Convertibles Arbitrage). “We are going to add a third area: volatility,” Jacques Joakimides, the CEO of the firm said. To do this, the asset manager will be recruiting for its teams. Acropole AM, with slightly over EUR700m in assets under management and 17 employees, is also in the process of recruiting a head for external distribution, to replace Marc Auchabie.
02/03/2011

CalPERS appoints a chief risk officer

p { margin-bottom: 0.08in; } The California pension fund CalPERS on 1 March announced that it has appointed Larry Jensen to the newly-created position of chief risk officer. The position is intended to improve the risk management programme at the pension fund, CalPERS says in a statement. Jensen was previously director of the new Office of Enterprise Risk Management at the pension fund from 1 October, and was in charge of a risk evaluation mission.
02/03/2011

Strong increase in profits at Fortress

p { margin-bottom: 0.08in; } As of 31 December, assets at Fortress Investment Group totalled USD44.6bn, 42% higher than one year previously, and its pre-tax distributable earnings for the year 2010 totalled USD372m, compared with USD172m. GAAP net income, excluding principals agreement compensation came to USD170m, compared with USD43m in 2009, while GAAP net loss attributable to Class A shareholders increased to USD285m from USD255m.Fortress states that it has raised new third-party capital totalling USD5.3bn, of which USD2.6bn were included in the books as of the end of December. The remaining USD2.7bn are commitments which have not yet been called in.Lastly, the asset management firm states that of this freshly-raised USD5.3bn, USD3.1bn will go to credit private equity funds, USD447m to credit hedge funds, and USD1.7bn to liquid hedge funds.
02/03/2011

State Street extends its cooperation with Britain's PPF

p { margin-bottom: 0.08in; } State Street on 28 February announced that it has been reappointed for a five-year mandate by the Pension Protection Fund (PPF), from 1 January 2011. The mandate, on assets of GBP5bn, has covered the provision of custody and administration services since 2005. In 2008, the mandate was extended to include risk analysis and independent valuation of OTC derivatives. The PPF has added securities lending services within the renewed mandate.
02/03/2011

Ed Rosengarten joins Eden Group

p { margin-bottom: 0.08in; } The former head of equities at M&G. Ed Rosengarden, has joined Eden Group as head of asset management, Investment Week reports. In his new role, Rosengarten will be in charge of developing the client base and creating new products.

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