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04/05/2010

EDRIM vise un quadruplement de son encours espagnol

Dans un entretien avec Funds People, Guillaume Poli, président du conseil d’administration de la société de gestion française Edmond de Rothschild Investment Managers ou EDRIM (groupe LCF Rothschild), indique que son objectif est d’atteindre le milliard d’euros d’encours contre 250 millions actuellement. Il reconnaît cependant que dans la période actuelle, il n’y a pas beaucoup de croissance et que les actifs sous gestion restent stables.La gamme commercialisée en Espagne par EDRIM (qui est physiquement présente depuis quatre mois à Madrid) comporte onze fonds, mais cinq autres vont les rejoindre. Il y aura un hedge fund en version coordonnée, trois fonds d’actions avec des degrés d’expositions respectifs de 0-35 %, 25-75 % et 60-100 %. Le cinquième sera un produit structuré avec une exposition de 70-100 % aux marchés émergents, avec une garantie du capital et une faible volatilité.
04/05/2010

Gesmadrid souhaite renforcer son pôle institutionnel

La société de gestion de Caja Madrid, Gesmadrid, a annoncé qu’elle compte renforcer la distribution de ses fonds auprès de la clientèle institutionnelle, avec des produits et des services destinés principalement aux groupes financiers et aux compagnies d’assurances, rapporte Funds People. Rocío Eguiraun, administrateur délégué de Gesmadrid, a indiqué en outre que des produits nouveaux seront développés exclusivement pour les investisseurs institutionnels.
04/05/2010

Changement à la tête de la banque privée d'UBS en Espagne

Mónica Garay, administrateur délégué pour l’Espagne d’UBS, a décidé de quitter la direction de l’activité banque privée et de se consacrer à des projets professionnels en dehors du groupe, rapporte Expansion. C’est Pablo Díaz Mejía, le président d’UBS en Espagne, qui prendra les rênes de cette unité consacrée aux grandes fortunes. De source interne, on précise que le départ de Mónica Garay est vraiment une décision personnelle et qu’il n’a aucun lien avec la restructuration. En 2009, la filiale espagnole d’UBS a accusé une perte avant impôt de 24,8 millions d’euros.
04/05/2010
Fonds

M&G veut lancer un fonds obligataire à haut rendement

Le britannique M&G envisage de lancer un fonds obligataire «international macro» qui investirait à la fois dans le crédit et la dette souveraine, avec un objectif de haut redement, indique Investment Week.Le fonds serait piloté par Jim Leaviss, responsable du retail fixed interest, qui a récemment confié trois de ses fonds (Index-Linked Bond -123 millions de livres, International Sovereign Bond -54 millions de livres et Emerging Markets Bond -12 millions de livres) à Mike Riddell. Jim Leaviss gère actuellement les fonds Gilt & Fixed Interest (645 millions de livres), Global Macro Bond (83 millions de livres) et High Yield Corporate Bond (1 milliard de livres). Selon le managing director de M&G, Jonathan Willcocks, le nouveau fonds devrait renforcer la présence de Jim Leaviss sur les marchés internationaux.
Fonds
04/05/2010

F&C mis sous surveillance par Standard & Poor's

Suite à l’acquisition le 28 avril (NewsManagers du 29 avril) de Thames River par F&C, Standard & Poor’s a annoncé en fin de semaine qu’il plaçait sous surveillance négative les notes de contrepartie à long et court terme de F& C («BBB-A-3»).L’agence de notation évoque le levier élevé de F&C qui dispose d’une moindre capacité à assurer le service de sa dette par rapport à d’autres sociétés de gestion notées de la même façon.
04/05/2010

Schroders sells fund administration services to JP Morgan

Schroders has announced that it has sold its private equity fund administration services activities, currently based in Guernsey and the Bermuda islands as Schroder Administrative Services (Bermuda) and Schroder Administrative Services (C.I.) to JP Morgan International. Gross assets at the two firms are expected to total about USD1.3bn when the transaction is completed.
04/05/2010

Insurers in new push in Solvency II consultations

Les Echos reports that the European Commissions will today hold a public hearing to discuss the terms of the proposed Solvency II directive, at which European federations of insurance companies will defend the modifications they have been campaigning for, which include a less restrictive definition of prudential owners’ equity and less strict calibration of capital requirements. European insurers will have until 20 May to submit their remarks to the Commission in an effort to convince them.
04/05/2010

Cayman Islands losing their cachet

The proportion of hedge funds domiciled in the Caymans has slipped from 40.1 per cent to 37.3 per cent since the end of 2008, with Ireland and Luxembourg seeing their share jump by 60 per cent to 7.3 per cent, according to figures from Hedge Fund Research. The passage of the European Union’s Alternative Investment Fund Manager directive is likely to accelerate this trend, says the Financial Times Fund Management.
04/05/2010

max.xs recruits head of Threadneedle Germany

Oliver Roll has been recruited as head of portfolio management and institutional management by max.xs financial services AG, a B2B fund distribution firm affiliated to cash life AG. Roll was previously country head for Germany at Threadneedle.
04/05/2010

Deutsche Bank appoints a fourth board member for Sal. Oppenheim

Josef Ackermann, chairman of the board at Deutsche Bank, announced on Monday that Gregor Broschinski, who for two years was head of the private wealth management division, will join the board of Sal. Oppenheim as head of wealth management, the Frankfurter Allgemeine Zeitung reports. He becomes the fourth member of the board of directors at Sal. Oppenheim (out of six) appointed by Deutsche Bank.
04/05/2010

Commerzbank seeking to build presence in wealth management

Thorsten Reitmeyer, a member of the managing board in charge of wealth management, has announced in an interview with the Frankfurter Allgemeine Zeitung that Commerzbank would like to become a real leader in the German wealth management market, where it is already the second-largest firm, with assets of only EUR47bn, compared with EUR190bn, of which EUR55bn are in Germany, at Deutsche Bank. Metzler, Berenberg and Merck Finck are probably better known as high net worth retail banks than Commerzbank, which now combines good penetration in the SMB CEO market with the widely esteemed asset management talents of Dresdner Bank. Reitmeyer adds, however, that Commerzbank will not be able to undertake external growth operations in this area, due to the German government’s stake in the business and conditions imposed by the European Union.
04/05/2010

Madoff investors to get some of their money back

The estate of Jeffry Picower, an investor in Bernard Madoff’s Ponzi scheme who died last fall, is expected soon to pay at least USD2 billion to other Madoff investors burned by the fraud, according to a court order filed on Monday. That is approximately the amount Mr. Picower and other entities associated with him withdrew from Mr. Madoff’s investment firm in the six years before it collapsed, says the Wall Street Journal.
04/05/2010

Anima acquires Etruria Fund Management

Anima Sgr, the Italian asset management firm founded on 31 December through the merger of Anima and Bipiemme Gestioni, which has assets under management of EUR24bn, has concluded its acquisition of Etruria Fund Management, a Luxembourg-registered firm dedicated to the creation and management of funds which had assets as of 31 March of EUR318.2bn. The agreement will concretely involve an acquisition of a 99.98% stake in the capital of Etruria Fund Management by Anima from Banca Etruria. As part of the operation, Anima will pay EUR6.3m to Banca Etruria, which is already a shareholder in the group with a stake of 2.91%. The acquisition will allow Anima to add to its range of products, says its CEO, Pietro Cirenei. “A presence in Luxembourg will be important for us from the point of view of diversification of our product range, but asset management will continue to be concentrated primarily in Italy,” he adds. Funds from Etruruia will continue to be sold by banks of the Banca Etruria group, a statement says.
04/05/2010

RepRisk extends range of its corporate governance monitoring radar

From 1 May, the Swiss ratings agency RepRisk added categories to its online resource dedicated to corporate governance covering major fraud, tax evasion and anticompetitive practices. Currently, the RepRisk database includes more than 13,500 companies and 2,800 controversial projects. RepRisk has also announced that SAM Sustainable Asset Management (Robeco group) will now be using the RepRisk tool as part of its evaluation of the sustainability of businesses for the Dow Jones Sustainability Indexes (DJSI).
04/05/2010

F&C put under RWN by Standard & Poor's

Following the acquisition of Thames River by F&C (see Newsmanagers of 29 April), Standard & Poor’s announced at the end of last week that it has placed its long and short-term counterparty ratings of F&C (BBB-A-3) under rating watch with negative implications. The rating agency points to high levels of leverage at F&C, which has less capacity to ensure servicing for its debt than other management firms subject to ratings of this kind.
04/05/2010

EDRIM aiming to quadruple assets in Spain

In an interview with Funds People, Guillaume Poli, chairman of the managing board at the French asset management firm Edmond de Rothschild Investment Managers (EDRIM, LCF Rothschild group) says that his objective is to achieve EUR1bn in assets in Spain, compared with EUR250m currently. He admits, however, that in the current phase, there is not much growth, and that assets under management are holding stable. The range of products on sale in Spain from EDRIM (which has had a physical presence in Madrid for four months) includes 11 funds, but five more will soon join them. These will include a UCITS hedge fund, three equities funds with respective exposures of 0-35%, 25-75%, and 60-100%. The fifth fund will be a structured product with an exposure of 70-100% to emerging markets, with a capital guarantee and low volatility.
04/05/2010

PowerShares launches a smart ETF focused on Switzerland

Agefi Switzerland reports that PowerShares Global Funds (Invesco Group) has issued a smart ETF based on the SIX Swiss Exchange for Swiss equities, entitled PowerShares FTSE RAFI Switzerland Fund (ISN IE00B23LNR19), a fund in the smart exposure ETF range, which replicates the performance of FTSE RAFI strategy indices designed by the Research Affiliates group. These indices weight shares not as a function of the market capitalisation of businesses, but instead on the basis of four fundamental criteria: sales, cash flow, dividends and book value. This approach avoids an overrepresentation of overvalued shares, and underrepresentation of undervalued shares, making the selection of shares in the index less vulnerable to bubbles and speculation. The fund, denominated in Swiss francs, carries a management fee of 0.55%.
04/05/2010

Growth in assets under management at Eaton Vance

Total assets under management at the American management firm Eaton Vance as of 31 March this year totalled USD173.1bn, compared with USD161.6bn as of 31 March 2010, at the end of the first quarter of its 2010-2011 fiscal year.
04/05/2010

M&G to launch a high yield bond fund

The British management firm F&C is planning to launch an “international macro” bond fund, which would invest in credit and government bonds, with high yield objectives Investment Week reports. The fund would be managed by Jim Leaviss, head of retail fixed interest, who recently placed three funds (Index-Linked Bond, GBP123m, International Sovereign Bond, GBP54m, and Emerging Markets Bond, GBP12m) under the management of Mike Riddell. Leaviss currently manages the Gilt & Fixed Interest (GBP645m), Global Macro Bond (GBP83m), and High Yield Corporate Bond (GBP1bn) funds. The managing director of M&G, Jonathan Wilcocks, says the new fund will strengthen Leaviss’ presence on global markets.
04/05/2010

Putnam gets a new head of product development

As Chris Thompson left his job in March to become head of product management at Columbia Management (see Newsmanagers of 12 March), Putnam Investments on Monday replaced him with Kelly Marshall, who joined the asset management firm last year as director of market planning and analysis. She becomes head of investment product management, and will report to Jeffrey R. Carney, head of global marketing. She will be in charge of development for all products for retail and institutional investors and pension offerings. Putnam Investments had assets as of the end of March of USD118bn.
04/05/2010

TCW to give managers a stake in the business

In an interview with Pensions & Investments (P&I), the CEO of TCW, Marc Stern, announced that 175 investment professionals at the firm (an affiliate of Société Générale with assets of USD115bn), out of total staff of 700, will be made part of a program which will eventually grant them a 20% stake in the business. In 2007, Société Générale increased its stake in TCW from 51% to 100%, but did not keep to its pledge to gradually hand over 30% of capital in the firm to employees, instead preferring to grant them stock options in Société Générale. The managers in question will receive TCW shares which will be convertible after five years into unrestricted shares. The managers will also receive a portion of commissions. P&I states that TCW has lost more than USD18bn in assets since the dismissal of CIO Jeff Gundlach in December, as Gundlack ten days later founded the asset management firm DoubleLine Capital, and recruited 45 out of the 60 members of his former fixed income management team.
04/05/2010

Invesco retires AIM brand

As planned, Invesco on 30 April discontinued the AIM brand. Invesco AIM now becomes Invesco, to strengthen the visibility of the management firm. Funds from the management firm based in Houston, Texas, will be renamed with the Invesco name. The lists includes some new names and may be viewed at http://www.invesco.com/pdf/BRAND-FLY-1-E.pdf?contentGuid=3841df8e7fbc81…. The website of Invesco AIM will also be changing addresses, and will now become part of the larger Invesco group website.
04/05/2010

Pimco and Vanguard post largest inflows

In the United States, investors placed over USD395bn in bond funds between 31 March 2009 and the end of February 2010, and only USD24bn in equities funds, according to the Investment Company Institute. This has worked to the advantage of Vanguard, which has posted net subscriptions of USD96bn for its long term funds, according to Morningstar, and Pimco, which has brought in USD92bn for its long-term funds. JPMorgan Asset Management is in third place, with USD32bn.
04/05/2010

German government toughens regulations for real estate funds

The new version of the draft bill on open-ended real estate funds published by the German federal finance minister includes stricter terms than the last version of the bill, among other things altering the principle of daily liquidity, which would become half-yearly or annual, the Frankfurter Allgemeine Zeitung reports. In addition, the German government would impose a systematic 10% markdown on the estimated market value of the assets. The new bill also includes a requirement that investors remain in the fund for at least two years, and imposes an advance notice period for redemptions of six months to two years.
04/05/2010

Citi Private Bank hires a head for China

Rudolf Hitsch last week left Goldman Sachs to join Citi Private Bank, as global market manager for China. According to Asian Investor, he will be based in Hong Kong, and will report to Aamir Rahim, chief executive for Asia-Pacific. Asian Investor reports that this is the first time that Citi Private Bank has officially appointed a head for China; this function has previously been served on an interim and limited basis by Andre Tung. Hitsch previously worked at Goldman Sachs, where he was an executive director responsible for Chinese high net worth clients.
04/05/2010

Nyse Euronext cède ses parts dans la bourse indienne

Selon l’Agefi, Nyse Euronext va céder sa participation de 5% dans le principal opérateur boursier indien, National Stock Exchange (NSE), au fonds souverain de Singapour, Temasek. Le montant de la cession, tenu secret, serait selon les médias indiens de 150 millions de dollars (113 millions d’euros), note le quotidien.
04/05/2010

Vontobel lance des certificats sur le platine

C’est aujourd’hui que commence le négoce du certificat capped-outperformance émis par Vontobel sur le platine: le VonTT sur Platinum (Troy Ounce) à échéance 5 mai 2011 (CH111816671), rapporte L’Agefi suisse. Le cours du produit à la date du fixing initial est de 1713 dollars pour un cap de 2007,64 dollars. Depuis le 4 mai 2009, le platine a pris plus de 55% à environ 1742 dollars, sans que la ligne de tendance haussière ne présente de cassures intermédiaires significatives. Le 31 mars dernier, Vontobel avait également émis 20.000 contrats VonTT sur le platine, qui ont enregistré depuis leur lancement une performance de 5,44% contre un peu plus de 4% pour la référence Platinum Troy Ounce. Les VonTT permettent à l’investisseur de participer plus que proportionnellement à la performance totale du sous-jacent entre le prix d’exercice et le niveau du cap.
04/05/2010
Fonds

PowerShares lance un ETF intelligent sur la Suisse

Selon L’Agefi suisse, PowerShares Global Funds (groupe Invesco) vient d’émettre un ETF intelligent sur le SIX Swiss Exchange portant sur les valeurs helvétiques. PowerShares FTSE RAFI Switzerland Fund (ISIN IE00B23LNR19) fait partie des fonds ETF «intelligent exposure», qui répliquent les performances des indices de stratégie FTSE RAFI conçus par le groupe Research Affiliates. Ces derniers pondèrent les valeurs non pas en fonction de la capitalisation boursière des sociétés, mais selon quatre critères fondamentaux, à savoir le chiffre d’affaires, le cash flow, les dividendes et la valeur comptable. Cette approche permettrait d’éviter la surpondération des actifs surévalués et la sous-pondération des actifs sous-évalués, rendant ainsi le panier moins vulnérable aux bulles et à la spéculation. Libellé en CHF, le fonds inclut des frais de gestion de 0,55%.
Fonds
04/05/2010

Banque Privée Espirito Santo poursuit son expansion

Selon L’Agefi suisse, la Banque Privée Espírito Santo, qui a réalisé l’an dernier un résultat net de 8,9 millions (-26%) de francs pour des avoirs de 10,8 milliards de francs, a annoncé hier l’ouverture d’un bureau de représentation à Porto, lui permettant d’élargir ses opérations à la partie septentrionale du Portugal. La banque entend renforcer cette orientation onshore en 2010. L’implantation d’un autre bureau de représentation, en Pologne cette fois, est prévue pour le premier semestre de cette année. Par ailleurs, Banque Privée Espirito Santo propose son expertise en gestion de fortune au groupe Espirito Santo. Les managers suisses ont ainsi été mobilisés pour l’implantation d’une filiale à Dubaï, qui sera suivie d’une opération similaire à Singapour. En Suisse, l’établissement a étendu l’an dernier son expérience acquise dans les services aux établissements (B2B) en concluant un accord avec Altius Finance, une plateforme indépendante de gestionnaires externes. De quoi nourrir de nouveaux projets: l’ouverture d’une agence à Genève est prévue pour l’automne 2010.
04/05/2010

RepRisk élargit le champ de son radar pour la gouvernance

A compter du 1er mai, l’agence suisse RepRisk a intégré dans son outil informatique dédié à la gouvernance d’entreprise les affaires de fraude majeures, les cas d'évasions fiscales et les pratiques anticoncurrentielles. Actuellement, la base de données de RepRisk couvre plus de 13.500 sociétés et 2.800 projets sujets à controverse.D’autre part, RepRisk a annoncé que SAM Sustainable Asset Management (groupe Robeco), va désormais utiliser l’outil RepRisk dans le cadre de l’examen sur le caractère durable des sociétés pour l'élaboration des Dow Jones Sustainability Indexes (DJSI).

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