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24/02/2011

Bärbel Schomberg entre au conseil développement durable de ECE

Le développeur hambourgeois ECE a nommé en janvier Bärbel Schomberg, fondatrice de la société de conseil Schomberg & Co (lire notre article du 25 juin 2010) comme membre de son conseil «développement durable».Le promoteur hambourgeois est la première firme immobilière allemande à se doter d’une instance composée d’experts extérieurs et indépendants dans ce domaine.Bärbel Schomberg avait démissionné pour «convenance personnelle» de ses postes de président du comité exécutif d’Aberdeen Immobilien KAG et de head of Continental Europe d’Aberdeen Property Investors (lire notre article du 2 mars 2010), ce que d’aucuns avaient mis en relation avec les sérieux déboires rencontrés par les fonds DEGI.ECE a produit avec l’Université technique (TU) de Karlsruhe un guide des centres commerciaux «durables» et dix des centres développés par ECE ont déjà obtenu une certification de la Deutsche Gesellschaft für Nachhaltiges Bauen (DGNB), société allemande pour la construction durable.
24/02/2011

Encours record pour MLP à fin 2010

A fin 2010, les actifs gérés par MLP ressortaient à un record de 19,8 milliards d’euros contre 19,3 milliards fin septembre, 12,8 milliards fin 2009 et 11,4 milliards fin 2008.Le prestataire de services financiers a aussi annoncé le 23 février avoir enregistré pour l’exercice 2010 un bénéfice net de 34,1 millions d’euros pour les activités conservées contre 24,2 millions l’année précédente et 24,6 millions pour 2008.Les recettes d’exploitation se sont tassées de 2 % à 522,6 millions d’euros contre 532,1 millions, mais les revenus tirés de la gestion d’actifs et de fortune ont gonflé de 10 % à 78,5 millions d’euros. Grâce notamment à la contribution de Feri, ce secteur d’activité représente désormais 17 % des 472,2 millions d’euros de recettes de commissions.Le directoire compte proposer au titre de 2010 un dividende majoré de 20 % à 30 cents par action (contre 25 cents). Si l’assemblée générale approuve cette recommandation, la distribution portera sur 32,4 millions d’euros contre 27 millions, soit 95 % du bénéfice net des activités conservées.
24/02/2011

Vontobel a réalisé un bénéfice d'exploitation en Allemagne

L’exercice 2010 s’est soldé pour le suisse Vontobel par un bénéfice d’exploitation en Allemagne, a annoncé le CEO Herbert Scheidt. Les investissements importants consentis sur le «second marché domestique» du groupe n’ont cependant pas encore été récupérés, précise la Frankfurter Allgemeine Zeitung.En Allemagne, où il vient d’ouvrir des succursales à Francfort et Cologne, Vontobel gère plus d’un milliard de francs suisses pour des particuliers.
24/02/2011

Thomas Rüschen devient patron de la distribution Europe chez DWS

Global head of asset finance & leasing (AFL) dans la division corporate & investment banking de la Deutsche Bank, Thomas Rûschen prendra au 1er mars les fonctions de directeur pour la gestion des grands comptes (key account management) à l'échelon mondial ainsi que la direction de la distribution pour l’Europe. De plus, comme il possède une expertise dans le domaine des actifs illiquides, il prendra la tête de DWS Access.
24/02/2011

Legg Mason élargit son offre en Italie

Legg Mason vient de signer un accord de distribution avec Allfunds en vertu duquel trois de ses fonds seront mis à la disposition du marché italien, rapporte Bluerating. Il s’agit du Legg Mason Permal Global Absolute Fund, du Legg Mason Western Asset Global Multi Strategy Fund et du Legg Mason Capital Management Opportunity Fund.
24/02/2011

Les offres sur Pioneer attendues pour fin mars

Le destin de Pioneer Investments, la société de gestion du groupe UniCredit, n’a pas encore été scellé et toutes les hypothèses restent ouvertes, indique Il Sole – 24 Ore. Un rapprochement italien avec Eurizon (Intesa Sanpaolo) est encore possible, mais dans le même temps le processus de sélection d’un partenaire industriel parmi les trois candidats étrangers (Amundi, Natixis et Resolution) se poursuit. Federico Ghizzoni, administrateur délégué d’UniCredit, a déclaré que les offres définitives devraient être présentées d’ici fin mars.
24/02/2011
Fonds

Le BBVA applique une décote de 20 % sur le portefeuille du fonds Propriedad

Près de deux ans après avoir fermé le fonds immobilier BBVA Propriedad, le BBVA entame la procédure de liquidation de ce véhicule qui s’effectuera de manière progressive pour ne pas plomber la valeur des immeubles en portefeuille et pour éviter plus généralement de peser sur le marché, rapporte Cotizalia. A cette fin, le BBVA a fixé la valeur du portefeuille à 1,4 milliard d’euros, ce qui correspond à une moins-value de 20 % par rapport au montant versé par la banque au fonds pour compenser la sortie des porteurs en octobre 2008.
Fonds
24/02/2011

Sarasin exceeds its 2010 AUM objective of CHF100bn

p { margin-bottom: 0.08in; } As of 31 December, assets under management at Banque Sarasin exceeded the objective of CHF100bn, set in 2006, with a total of CHF103.4bn, compared with CHF93.7bn in 2009, and CHF69.7bn in 2008. CHF13.4bn of the increase is due to net subscriptions, compared with CHF12.5bn in 2009. As in the previous year, (see Newsmanagers of 3 March 2010), Sarasin exceeded its goal for increase by net subscriptions, with a total of 14% over a goal of 10% for 2010. The Swiss affiliate of Rabobank also confirms that its goal for 2015 is assets under management of CHF150bn.As of 31 December 2010, total assets under management with a sustainable approach at the Sarasin group came to CHF13.4bn. The proportion these assets represent of total mandates managed by the Sarasin group (including internal investment funds) as of this date came to 30%.However, the cost-income ratio deteriorated slightly, to 77.6%, compared with 77.1%, which did not prevent consolidated net profits from increasing to CHF124.5m, from an adjusted level fo CHF121.7m (i.e. not including a depreciation for the firm’s stake in NZB Holding) in 2009, when declared profits totalled CHF51.5m.Net operating income for the private banking division rose to CHF94.5m from CHF31.2m, due to increases in assets, while operating income for the asset management, products & sales division increased 20%, to CHF60m. However, income for the trading & family offices division were penalised by declining profits from proprietary trading and cash transactions.
24/02/2011

Pictet AM recruits two big names

Pictet Asset Management, the institutional asset management arm of the Swiss private bank Pictet & Cie, has announced the appointment of Roman Gaiser as head of high yield and Andres Sanchez Balcazar as co-head of the global and regional bond team.Roman Gaiser was previously at Threadneedle Asset Management where he was senior portfolio manager and co-managed the EUR 3 billion Threadneedle European High Yield Bond franchise. He will join existing portfolio managers Alexander Baskov and Prashant Agarwal in the PAM Fixed Income team in April 2011.Andres Sanchez Balcazar joins from Western Asset Management (Legg Mason) where he was one of the senior portfolio managers responsible for global macro, asset and currency allocation. He will join in March 2011 as co-head of the global and regional bond team. The global and regional bond team currently manage CHF6bn of assets.PAM currently manages some CHF57bn of fixed income and money market assets.
24/02/2011

Net inflows up CHF5.5bn for Vontobel in 2010

p { margin-bottom: 0.08in; } The Swiss Vontobel group continued to grow last year, despite volatile markets and the war on tax evasion in Europe. The Zurich bank nonetheless saw strong inflows, and reports a net profit for 2010 of GBP147.3m, up 7% from 2009, the group announced in a statement on 23 February. Pre-tax profits totalled CHF173.1m, including a contribution of CHF99.1m from private banking and asset management.Net inflows totalled CHF5.5bn (+7.3%), compared with CHF2.1bn one year previously. Assets under management are up 5% to CHF78.6bn. Private clients brought in CHF1.5bn, while inflows from institutional clients and investment funds totalled a net CHF4bn, of which CHF2.8bn were from management mandates. “Returns earned from the acquisition of new capital and slightly positive market effects were offset by unfavourable currency rate movements totalling CHF5.3bn,” the group says.New inflows came largely from Swiss and central and eastern European clients. However, unlike at its major rivals such as UBS, Credit Suisse and Julius Baer, the firm did not receive large inflows from new high net worth clients in Asia.
24/02/2011

Stoxx launches three European “Islamic” equities indices

p { margin-bottom: 0.08in; } On 23 February, Stoxx Limited announced the launch of three new indices of Sharia-compliant ESG (environmental, social and governance) equities, the Stoxx Europe Islamic Index and two sub-indices of large caps, Stoxx Europe Islamic 50 and Euro Stoxx Islamic 50. The three new indices measure the performance of Sharia-compliant companies belonging to the Stoxx Europe 600. The indices are designed to serve as benchmarks for actively-managed funds as well as ETFs and other “investible” products. To be included in the index, shares of the Stoxx Europe 600 must pass through two successive filters. In the first stage, firms are excluded if they are active in the areas of production of non-halal foods, tobacco, alcohol, gambling, advertising, the financial sector, insurance, production of entertainment or music, trading of gold or silver, or production of arms and weapons. In a second stage, Stoxx analyses the shares to exclude firms where income from interest and revenue from non-Sharia activities exceed 5% of earnings. In addition, the ratio of non-Sharia-compliant debt to the total balance sheet or total market capitalisation of the firm (taking the higher of the two) may not exceed 33%. Finally, the proportion of assets which generate interest must not exceed 33%, either of the total balance sheet or the total market capitalisation.
24/02/2011

Brisbane selects J.P. Morgan TSS

p { margin-bottom: 0.08in; } The Brisbane City Council has selected J.P. Morgan Treasury & Securities Services (TSS) to provide administration and custody services for City Super, the pension fund for employees and members of the city council. The mandate is for a total of AUD1.5bn.
24/02/2011

Neptune IM registers funds in Singapore

Neptune Investment Management has announced that it has been granted „Restricted Recognition‟ status by the Monetary Authority of Singapore (MAS) for seven of its funds in Singapore. This will enable professional intermediaries and private bankers to access Neptune funds via their locally registered global life companies and platforms with immediate effect. The funds recognised are: Neptune Global Equity Fund, Neptune Emerging Markets Fund, Neptune US Opportunities Fund, Neptune Russia & Greater Russia Fund, Neptune China Fund, Neptune Latin America Fund and Neptune Asia Pacific Opportunities Fund.
24/02/2011

SwissLife Banque Privée hires three private bankers

p { margin-bottom: 0.08in; } SwissLife Banque Privée has announced the recruitment of three private bankers, Igor Boisson de Chazournes, Olivier de La Clergerie and Sabine Gressier, who will be responsible for assisting banking clients with the optimisation of their private and professional assets. They will report to Daniel Resta, director for private clients.
24/02/2011

GFM launches a fund data platform

p { margin-bottom: 0.08in; }a:link { } GFM has launched Globalfunddata, a free platform offering quantitative data on over 34,000 funds (hedge funds, long-only funds, ETFs, and others). The platform, at www.globalfunddata.com, includes information on the strategy, manager, ISIN code, date of launch, fees, and more for each fund.
24/02/2011

Ceros Holding takes control of Pozitif Menkul Degerler

p { margin-bottom: 0.08in; } The Swiss financial services provider Ceros Holding AG, of Lucerne, has acquired a majority stake in the Turkish brokerage firm Pozitif Menkul Degerler AS of Istanbul from Bank Pozitif AS, as of 22 February 2011. Pozitif Menkul Degerler offers securities services such as brokerage, asset management and research, Fonds Professionell reports.
24/02/2011

ETF Securities hopes to develop in Asia

p { margin-bottom: 0.08in; } The British commodities specialist ETF Securities is hoping to develop its activities in Asia this year, Asian Investor reports. The new head of Asian activities at ETF Securities, Nigel Phelan, would like to offer ETCs in Singapore and Hong Kong initially, followed by Shanghai. Phelan, currently based in Sydney, is planning to move to Hong Kong in second half 2011.
24/02/2011

Assets under management at Dexia AM up 4.8%

p { margin-bottom: 0.08in; } Assets under management at Dexia AM totalled EUR86.4bn as of the end of December 2010, up 4.8% compared with December 2009, Dexia announced on 23 February. This increase of EUR4bn is due to large volumes of inflows to institutional and private mandates (EUR4.9bn), and to positive market effects (EUR4bn).These flows were partly offset by outflows from retail funds (-EUR2.2bn) and institutional funds (-EUR2.7bn). Private and retail clients continued to show a marked preference for low-cost products in an uncertain economic and financial environment.The French-Belgian banking group also announced a profit of EUR723m for 2010, down 28.4% year on year. This decline is due to alterations to the bank’s financial structure.
24/02/2011

Assets up at Eaton Vance

p { margin-bottom: 0.08in; } As of the end of January, assets at Eaton Vance totalled USD191.74bn, compared with USD185.24bn as of the end of October, and USD161.85bn one year previously, of which USD114.72bn, compared with USD107.5bn and USD98.46bn, respectively, were for equities products.USD15.84bn of a year-on-year increase of USD30.18bn in assets under management is due to positive market performance.Net profits for the quarter ending on 31 January totalled USD59.28m, compared with USD60.22m in August-November, and USD51.54m in the corresponding period of 2009/2010.
24/02/2011

Amundi posts net inflows of EUR1.2bn for 2010

For 2010, Amundi had net inflows of EUR1.2bn (including asset management activities at BFT), the Crédit Agricole group announced in its annual results. This level is due to net outflows of EUR13.1bn from money market products. Excluding money markets, net inflows totalled EUR14.3bn, driven largely by bond and guaranteed funds. «This resilience in inflows was aided by strengthened positions in the institutional investor segment, especially abroad, and the build-up of ETFs, with 5.3 billion euros of funds under management at 31 December 2010", the bank says. Total assets under management advanced by 3.2% over the year to 710.3 billion euros at 31 December 2010. On a like-for-like basis, net banking income in asset management rose by 6.3% over the year to 1,517 million euros (including 356 million euros in the fourth quarter of 2010). Excluding restructuring costs and on a like-for-like basis, expenses contracted by 1.5% and gross operating income rose by 17.4% over the year to 691 million euros, including 157 million euros in the fourth quarter of 2010. Excluding restructuring costs, the cost/income ratio improved by 4.3 points between 2009 and 2010, falling to 54.4%. After restructuring costs of 81 million euros in 2010, including 10 million euros in the fourth quarter, net income for asset management amounted to 406 million euros. Net income, Group share rose to nearly 299 million euros (up 3.2% over the year on a like-for-like basis), including 73 million euros in the fourth quarter of 2010.
24/02/2011

CalPERS wins a battle at Apple

Apple shareowners have supported a proposal by the California Public Employees’ Retirement System (CalPERS) that advises the company to adopt a majority vote standard for board candidates in uncontested elections.

 Proposal 6 at the computer company’s annual shareowners’ meeting in Cupertino, California asked Apple to require a majority of shares to replace the current plurality vote standard for election of unopposed board candidates. The company confirmed that the proposal passed.

“As a company that thrives on innovation, Apple should have the best governance practices possible,” said Anne Simpson, the senior portfolio manager who heads the CalPERS corporate governance program. The current plurality vote rule allows shareowners who oppose candidates only to withhold votes, making it possible for election of an unopposed candidate by a single “for” vote.

CalPERS owns 2.6 million Apple shares and is the nation’s largest public pension fund with approximately USD230 billion in assets.
24/02/2011

Goldman Sachs AM plans to relaunch activities in India

p { margin-bottom: 0.08in; } After a two year pause, Goldman Sachs AM is planning to increase its staff in India and to offer new products during the year, Asian Investor reports. GSAM (India) currently has a team of eight people in Mumbai, for research, deontology and administration. GSAM received an operating license for the Indian market in September 2008, and then built a team of 20 people, which has been subject to reductions since February 2009. Despite the decline in assets under management observed in the past 12 months, the head of Indian activities, Prashant Khemka, says the Indian market has considerable potential.
24/02/2011

Henderson and Gartmore post results

p { margin-bottom: 0.08in; } In 2010, Henderson saw an increase in its underlying pre-tax profits of 37%, to GBP100.7m, compared with GBP73.7m in 2009, on earnings up 35% to GBP485.9m. Assets increased over the year by 6%, to GBP61.6bn, due to positive market and currency effects of GBP5.1bn. However, the firm saw net redemptinos of GBP1.4bn. It says that it has nonetheless posted net subscriptions of GBP2bn to high-margin products. Henderson has a profit margin of 30%, up 9%, due to rising markets, subscriptions to high-margin profits, gains on the acquisition of New Star, and continued cost reduction measures. In its 2010 report, Henderson points to its ongoing acquisition of Gartmore, which has also recently published its results. Gartmore reports net redemptions of GBP7.2bn in 2010; it is having difficulty in stemming these outflows, as in January the firm saw net redemptions of GBP390m, and GBP402m to 18 February. Assets are down from GBP22.2bn in 2009 to GBP17.2bn in 2010.
24/02/2011

Pioneer bids due by the end of March

p { margin-bottom: 0.08in; } The fate of Pioneer Investments, the asset management firm of the UniCredit group, has not yet been sealed, and all possibilities remain open, Il Sole – 24 Ore reports. An Italian marriage with Eurizon (Intesa Sanpaolo) is still possible, but at the same time, the process to select an industrial partner from among the three foreign candidates (Amundi, Natixis and Resolution) is continuing. Federico Ghizzoni, CEO of UniCredit, has announced that final bids must be submitted by the end of March.
24/02/2011

Harewood Solutions releases an income fund

p { margin-bottom: 0.08in; } Harewood Solutions (BNP Paribas CIB) on 22 February launched an income fund aimed at British investors, the IFSL Harewood US Enhanced Income Fund, which is structured as an OEIC vehicle, Hedgeweek reports. The fund aims to earn annual returns of 8% with lower volatility than the S&P Total Return index. Front-end fee is set at a maximum of 1%, and management commission is 0.75% per year.
24/02/2011

Strong increase in inflows to long-term UCITS funds in 2010

p { margin-bottom: 0.08in; } Assets in investment funds increased 13.7% last year in Europe, to total EUR8.025trn, compared with EUR7.061trn in 2009, according to statistics from the European fund and asset management association (EFAMA). Assets fell from a peak of EUR8.2trn in 2007, to about EUR6trn in early 2009, and have since recovered.Net inflows to UCITS funds totalled EUR166bn, compared with EUR150bn the previous year. This development came despite net outflows of EUR126bn from money market funds. Dedicated funds attracted a record EUR149bn, while real estate funds brought in EUR5bn. In total, net inflows to UCITS and non-UCITS funds totalled EUR335bn in 2010, compared with EUR190bn in 2009.Net inflows to long-term UCITS funds (not including money market funds) last year totalled EUR292bn, compared with EUR192bn in 2009.Net inflows to funds domiciled in Luxembourg and Ireland last year totalled EUR215bn, EUR50bn more than net inflows to UCITS funds overall. The market share for Luxembourg and Ireland in UCITS funds increased to 44.1%. Luxembourg and Ireland also captured 46% of net inflows to dedicated funds.
24/02/2011

BBVA marks down value of Propriedad fund portfolio by 20%

p { margin-bottom: 0.08in; } Nearly two years after closing the real estate fund BBVA Propriedad, BBVA has begun the process of liquidating the vehicle, which will be undertaken gradually, so as not to impinge on the value of the properties in the portfolio, and to avoid dragging down the market more generally, Cotizalia reports. To this end, BBVA has set the value of the value of the portfolio at EUR1.4bn, which is 20% lower than the amount paid by the bank to the fund in irder to compensate for outgoing shareholders in October 2008.
24/02/2011

Vontobel earns an operating profit in Germany

p { margin-bottom: 0.08in; } The 2010 fiscal year brought an operating profit in Germany for Vontobel, the firm’s CEO, Herbert Scheidt, has announced. Large agreed investments in the group’s “second domestic market” have, however, not yet entirely recuperated, the Frankfurter Allgemeine Zeitung reports.In Germany, where the firm has recently opened branch offices in Frankfurt and Cologne, Vontobel manages over CHF1bn for retail clients.
24/02/2011

HSBC launches two emerging markets bond funds

p { margin-bottom: 0.08in; } Since 23 February, HSBC Global Asset Management (Deutschland) has been offering two bond funds specialised in emerging markets in Germany, both sub-funds of the Luxembourg Sicav HSBC Global Investment Funds (GIF).The funds are the HSBC GIF Global Emerging Markets Investment Grade Bond, available in a distribution (LU0563701886) and a capitalisation (LU0563701886) version. The product invests in government and corporate bonds. The benchmark index is composed 50% of the JP Morgan GBI-Emerging Markets Global Diversified Investment Grade Index, and 50% of the JP Morgan EMBI Global Investment Grade Index.The other product is the HSBC GIF Global Emerging Markets Corporate Debt fund, which exists in distribution (LU0404503517) and capitalisation (LU0404503350) shares. The portfolio will be invested in corporate bonds of investment grade or lower, and the benchmark index is the JP Morgan Corporate Emerging Markets Bond Index – Diversified.
24/02/2011

RAB launches a UCITS fund via SEB platform

RAB Capital is going to launch a new UCITS fund using SEB Enskilda’s SEB Prime Solutions. The fund replicates the established Polaris Prime Europe long/short equity fund. RAB expects to raise EUR100 million for the UCITS fund.

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