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05/03/2010

Sal. Oppenheim licencierait 300 personnes

Selon les informations du Financial Times Deutschland, Sal. Oppenheim entamera prochainement la négociation d’un plan social pour les quelque 300 salariés qui doivent être licenciés dans les secteurs du conseil, des dérivés et du négoce d’actions qui ne sont repris ni par la Deutsche Bank (banque privée), ni par Macquarie (banque d’investissement).
05/03/2010

Naissance de la boutique Agathon Invest

Deux dirigeants de Deka Investment et de HSBC Global Asset Management, Michael Hallacker et Erich Schilcher, se sont mis à leur compte et ont créé à Francfort la société de gestion Agathon Invest qui se spécialisera sur l’obligataire et les changes. Ils sont secondés par Christian Schiweck, ancien gérant-star de Deka et de DWS, qui a pris l’an dernier une participation dans la boutique londonienne MT Thaler et qui gère le fonds luxembourgeois m4 Alpha Bonds d’Alceda Fund Management et dont Agathon Invest est le conseiller.Agathon Invest, qui compte se spécialiser sur la desserte des investisseurs institutionnels dans l’espace germanophone, a vocation à lancer des fonds offerts au public ainsi que des Spezialfonds ; elle acceptera également des mandats.
05/03/2010

Intech recruits a head of client relations

Intech Investment Management, an affiliate of Janus Capital Group (USD159.7bn in assets under management as of the end of December), has announced the creation of a position for a senior managing director, which will be occupied by Stephen F. Brennan. Brennan will be in charge of developing relations with clients under the responsibility of Jennifer Young, president and co-CEO. Before joining Intech, Brennan was vice president, marketing at Research Affiliates. He was in charge of institutional sales in the United States.
05/03/2010

Weak net subscriptions in Asia in 2009

In Asia, overall sales flows for the year totalled USD95bn, which was the smallest volume since 2004 and just 19% of the sales in Asia’s peak year of 2007, says Lipper FMI in its latest Fund Flash. Individual market contributions varied considerably. Four markets (Singapore, China, South Korea and Australia) posted net redemptions for the year, dragging down the overall sales total. But two markets offset the negativity and delivered this year’s sales flows, keeping Asia as a whole in the black. The more established market of Japan trebled its annual sales to USD46bn, a figure on a par with its 2005 sales, though some way short of its 2006 peak. India, meanwhile, was more emphatic in its support with flows of USD62bn that were the best on Lipper FMI records and three times higher than its previous high of US$20bn in 2007. Sales in India and Japan were heavily tilted towards bonds. As a result, bonds were the clear winners of the year with two thirds of all Asian sales (USD63bn). The best bond sectors were Indian bonds (US$39bn) followed by Emerging market bonds with annual flows of USD13bn. Equity funds took second place overall but were a long way behind bonds with flows of USD18bn. China was the biggest player with an equity contribution of USD24bn, but China closed the year with its first ever negative total (USD18bn). Change could be in the pipeline. Indian support for equity funds has been knocked by a ban on commissions. China is to introduce sliding back-end charges to encourage long-term savings and less short-term trading, meanwhile South Korea’s capital gains tax rule, which favoured onshore funds, has expired.
05/03/2010

Former BGI head joins CalPERS

CalPERS on 4 March announced the recruitment of Janine M. Guillot has chief operating officer for the Californian pension fund. She will report to Joseph A. Dear, chief investment officer, and will be in charge of deploying strategy in real estate, alternative management and public markets. Guillot previously worked at Barclays Global Investors (BGI), which was taken over by BlackRock in December 2009. She was managing director and chief operating officer for global fixed income activities. She will assume her new role on 19 April, replacing Ken Marzion, who will be retiring.
05/03/2010

Rabobank management suffered last year

Rabobank, which has declared net profits of EUR2.28bn for 2009, compared with EUR2.75bn for the previous year, has posted a 25% increase in assets under management and custody, to EUR230bn. This includes Robeco, Sarasin, local Rabobanks and Schretlen & Co. Asset management and investment activities, however, earned net profits of only EUR13m, compared with EUR438m in 2008. Operating earnings for the division fell to EUR984m from EUR1.62bn, while operating costs fell to only EUR954m from EUR1.05bn.
05/03/2010

Fund managers reduce exposure to equities

The fund barometer by Lipper reveals that 69.23% of Spanish fund managers as of the end of February were neutral on equities, compared with 46.15% in January, while the percentage of managers who were overweight equities fell to 15.38%, compared with 38.46%. As Cinco Días reports, uncertainties related to the Greek debt crisis and the risk of contagion in Spain and other countries caused Spanish managers to put the enthusiasm they showed in 2010 in check. In general, the average weight of equities in portfolios fell as of the end of February to 39.35%, from 41.59% in January, while the average cash allocation rose from 18.92% in January to 19.03% last month.
05/03/2010

Asset managers launch hedge funds trading in bank loans

Renta 4, with the Spanish RMBS Fund, Altamar with its Senior Loans fund, and Arcano, which with DWS has recently launched the Arcano Credit Fund, have become the most recent Spanish asset management firms to date to release funds based on bank loans, Expansión reports. The next two firms to follow suit will be N+1, and Mercurio, who is planning to launch a product similar to the Arcano fund, and will raise EUR50m for the project with the assistance of Mercapital.
05/03/2010

Partnership to create indices themed on fight against diseases

The Global Fund to Fight AIDS, Tuberculosis and Malaria and Dow Jones Indexes signed a Memorandum of Understanding to explore the creation of a series of indexes that could be licensed as the basis for investible products. It is envisioned that the flagship of this index series would be a blue-chip index to be called the Dow Jones Global Fund 50 Index. The announcement was made at the international conference on Innovative Financial Solutions for Development organized by the Bill & Melinda Gates Foundation, the World Bank and the French development agency in Paris. Dow Jones Indexes intends to add to its range of socially-conscious indexes that will complement its increasingly diverse range of products.
05/03/2010

All Euronext Paris-listed ETFs become eligible for SRD

NYSE Euronext has announced that all ETFs traded on the NYSE Euronext Paris market of reference are, since 1st March 2010, eligible for the Deferred Settlement Service (SRD). This amounts to a total of 369 products, versus 147 previously. Thanks to this development, investors now have access to all Paris-traded ETFs with leverage from within a regulated and secure environment. These newly-eligible ETFs will not be admitted to trading on NYSE Euronext’s centralised borrowing and lending market. This category of assets, which are eligible for the SRD but not available for trading on the borrowing and lending market, is named “eligible for SRD, long only”.
05/03/2010

Aviva Investors to launch absolute return funds

Andrew Moss, CEO of Aviva, has announced that the asset management affiliate of Aviva Investors will launch a series of absolute return funds based on various asset classes, as it has done in structured products, an area in which the firm has already released four funds based on the FTSE as underlying, Investment Week reports. Aviva Investors launched its first absolute return fund in August 2009, entitled UK Absolute Return Fund.
05/03/2010

OMAM preparing a UK midcaps absolute return fund

Old Mutual Asset Managers (OMAM) is planning to launch the Old Mutual UK Specialist Absolute Return fund in May. The Irish-registered product will comply with the UCITS III directive, will offer daily liquidity, and will be managed by Luke Kerr. The product will invest primarily in UK midcaps which are not part of the FTSE 100 index. Management will follow that of the long/short hedge fund Old Mutual UK Specialist Equity, launched in March 2003 and registered in the Cayman Islands.
05/03/2010

Schroders has GBP95.5bn under management abroad

Of the GBP148.4bn in assets under management declared by Schroders as of the end of 2009, the firm was managing GBP95.5bn for clients outside the United Kingdom, of which GBP38.4bn were in continental Europe and GBP35.9bn in Asia-Pacific. The United Kingdom, for its part, represents GBP52.9bn. The GBP7.7bn (compared with GBP4.9bn in 2008) at Bank of Communications Schroder, the Chinese joint venture, are not counted as part of the group’s total assets: they contributed GBP9.9m in profits (compared with GBP6.4m).
05/03/2010

Jupiter preparing IPO

According to the Financial Times, Jupiter Asset Management is laying the groundwork for a possible initial public offering. The fund manager, which manages just under GBP20bn, has asked creditors to approve an amendment to its GBP375m loan documents that would enable it to become publicly listed. Jupiter is majority owned by its managers. TA Associates has a minority stake.
05/03/2010

Record net subscriptions at Schroders

Net profits at Schroders in 2009 increased to GBP95.7m, compared with GBP71.3m the previous year, despite a fall in pre-tax profits excluding one-time charges to GBP200.2m from GBP290.5m. One-time charges represented only GBP62.7m, compared with GBP167.4m. Due to this fact, pre-tax profits increased to GBP137.5m, from GBP123.1m. Total dividend for 2009 remains unchanged at 41 pence per share. Net operating revenues for asset management contracted to GBP679.2m, from GBP748.7m, while revenues from private banking fell to GBP97.7m from GBP111.3m, which the British management firm explains is a result of contracting margins and falling revenues from performance commissions. Pre-tax profits for asset management and private banking fell, respectively, to GBP192m from GBP249.8m and GBP20.1m from GBP38.2m. However, in the past year Schroders earned record net subscriptions of GBP15bn, compared with net redemptions of GBP9.6bn in 2008. As of the end of the year, assets totalled GBP148.4bn, compared with GBP110.2bn. Positive market and currency effects thus contributed GBP23.2bn.
05/03/2010

BME to launch a fund platform

Investors may currently buy equities, bonds, shares in Sicav funds, options, futures, warrants and ETFs on markets managed by Bolsas y Mercados Españoles (BME). After this summer, Cinco Días reports, the stock exchange operator is planning to open a platform which will compete directly with banks and savings banks, on which savings investors will be able to buy and sell shares in all types of investment funds. Jorge Izaguirre, director of equities at BME, says the firm’s ambition is to provide access to 2,668 Spanish funds and 551 foreign funds on sale in Spain, but that registration of the funds on the platform will be at the discretion of the management firms, on a voluntary basis.
05/03/2010

Progression de 15% des actifs sous gestion de Harcourt

Le spécialiste suisse de la gestion alternative Harcourt Investment Consulting AG a indiqué le 3 mars que les actifs sous gestion au 31 décembre dernier s'élevaient à 4,5 milliards de dollars, en progression de 15% d’une année sur l’autre. Une évolution due pour l’essentiel à la clientèle institutionnelle.La société indique dans un communiqué que les perspectives pour 2010 sont favorables, grâce notamment à plusieurs projets basés sur des comptes gérés et au lancement prochain d’un fonds de hedge funds conforme à la directive OPCVM III.
05/03/2010

La dette hybride de plusieurs banques privées suisses revue à la baisse

L’agence Moody’s a annoncé le 4 mars la révision à la baisse des notes de la dette hybride de plusieurs banques privées suisses. Les autres notations ne sont pas affectées par ces modifications qui bouclent l’examen des titres hybrides engagé en novembre 2009 dans le sillage de la publication des recommandations révisées pour la notation des titres de dette subordonnée et hybride, précise l’agence dans un communiqué.Les banques touchées par ces révisions sont Julius Baer, EFG International et Banque Syz.
05/03/2010

Une ancienne responsable de BGI rejoint CalPERS

CalPERS a annoncé le 4 mars la nominiation de Janine M. Guillot au poste de chief operating officer du fonds de pension californien. Elle sera rattachée à Joseph A. Dear, chief investment officer, et aura notamment en charge la mise en œuvre des stratégies dans l’immobilier, la gestion alternative et les marchés publics.Janine M. Guillot travaillait précédemment chez Barclays Global Investors (BGI), passé en décembre 2009 dans le giron de BlackRock. Elle était managing director et chief operating officer pour les activités de global fixed income.Elle prendra ses nouvelles fonctions le 19 avril prochain, en remplacement de Ken Marzion, qui a fait valoir ses droits à la retraite.
05/03/2010
Fonds

Jyske Invest abandonne le DAX 100 pour le MSCI 10/40 Germany

Le danois Jyske Invest annonce avoir remplacé l’indice Dax 100, net dividend included, comme indice de référence de son fonds German Equities (24,5 millions d’euros fin décembre) par le MSCI 10/40 Germany, net dividend included. L’explication tient au fait qu'à compter du 1er mars la tarification pour le Dax 100 «n’aurait plus été en rapport avec la valeur de l’utilisation de cet indice».Ce changement de benchmark ne reflète aucun changement de stratégie d’investissement et ne provoque que des ajustements mineurs portant sur moins de 3 % du portefeuille, précise Jyske Invest.
Fonds
05/03/2010

Schroders suspend sa stratégie d’acquisitions

Schroders a mis entre parenthèse sa stratégie d’acquisition d’autres sociétés de gestion, rapporte le Financial Times. Le gestionnaire britannique a plus de 1 milliard de livres de surplus que Michael Dobson, le directeur général, comptait utiliser pour de la croissance externe. Mais jusqu’à présent, il est resté à l’écart de la concentration du secteur. «Pourquoi ferions-nous des acquisitions si nous pouvons accroître notre activité de 15 milliards de livres en net de manière organique sans toucher au goodwill, et obtenir les clients que nous voulons sans augmenter les effectifs ?», s’est-il interrogé.
05/03/2010

Jupiter prépare son introduction en Bourse

Selon le Financial Times, Jupiter Asset Management prépare son éventuelle introduction en Bourse. La société de gestion britannique, qui gère un peu moins de 20 milliards de livres, a demandé à ses créanciers d’approuver un amendement à ses documents de prêts d’un montant de 375 millions de livres qui lui permettrait d’être cotée en Bourse. Jupiter est aujourd’hui détenue majoritairement par ses dirigeants, tandis que TA Associates a une part minoritaire.
05/03/2010
Fonds

OMAM prépare un fonds "midcaps UK" de performance absolue

Old Mutual Asset Managers (OMAM) compte lancer en mai le fonds de performance absolue Old Mutual UK Specialist Absolute Return, un produit irlandais conforme à la directive OPCVM III à liquidité journalière qui sera géré par Luke Kerr. Ce produit sera investi principalement en actions britanniques de moyenne capitalisation ne figurant donc pas dans l’indice FTSE 100. La gestion sera calquée sur celle du hedge fund long/short Old Mutual UK Specialist Equity lancé en mars 2003 et enregistré aux îles Caïman.
Fonds
05/03/2010
Fonds

Aviva Investors va lancer des fonds de performance absolue

Andrew Moss, CEO d’Aviva, a annoncé que la filiale de gestion d’actifs Aviva Investors va lancer une série de fonds de performance absolue sur différentes classes d’actifs, comme elle le fait pour les produits structurés, domaine dans lequel elle a déjà mis sur le marché quatre fonds utilisant le FTSE comme sou-jacent, rapporte Investment Week. Aviva Investors a deja lancé un premier fonds de performance absolue en août 2009, le UK Absolute Return fund.
Fonds
05/03/2010

Schroders gère 95,5 milliards de livres à l'étranger

Sur ses 148,4 milliards de livres d’actifs sous gestion déclarés à fin 2009, Schroders en gérait 95,5 milliards pour des clients extérieurs au Royaume-Uni, dont 38,4 milliards pour l’Europe contrinentale et 35,9 milliards pour l’Asie-Pacifique. Le Royaume-Uni représente pour sa part 52,9 milliards de livres.Les 7,7 milliards de livres (contre 4,9 milliards en 2008) de Bank of Communications Schroder, la joint-venture en Chine ne sont pas comptabilisés dans l’encours total du groupe ; ils ont contribué pour 9,9 millions de livres au bénéfice (contre 6,4 millions).
05/03/2010

Record de souscriptions nettes pour Schroders

Le bénéfice net de Schroders pour 2009 s’est accru à 95,7 millions de livres contre 71,3 millions l’année précédente, malgré une chute à 200,2 millions contre 290,5 millions du bénéfice avant impôt et charges exceptionnelles. Les éléments exceptionnels n’ont plus représenté que 62,7 millions contre 167,4 millions. De ce fait, le bénéfice avant impôt a augmenté à 137,5 millions de livres contre 123,1 millions. Le dividende total pour 2009 reste inchangé à 31 pence par action.Le revenu d’exploitation net de la gestion d’actifs s’est replié à 679,2 millions contre 748,7 millions pendant que celui de la banque privée diminuait à 97,7 millions contre 111,3 millions, ce que le gestionnaire britannique explique par une contraction des marges et par la baisse des recettes de commissions de performance. Les bénéfices avant impôt de la gestion d’actif et de la banque privée se sont repliés à respectivement 192 millions de livres contre 249,8 millions et à 20,1 millions contre 38,2 millions.Cela posé, Schroders affiche pour l’année écoulée des souscriptions nettes record de 15 milliards de livres contre des remboursements nets de 9,6 milliards en 2008. En fin d’année, l’encours se situait à 148,4 milliards de livres contre 110,2 milliards, l’effet positif de marché et de change se situant donc arithmétiquement à 23,2 milliards de livres.
05/03/2010

Intech recrute un patron des relations clientèle

Intech Investment Management, filiale de Janus Capital Group (159,7 milliards de dollars d’encours fin décembre), a annoncé avoir créé le poste de senior managing director pour Stephen F. Brennan, qui sera chargé du développement des relations clients sous la responsabilicé de Jennifer Young, president and co-CEO. Avant de rejoindre Intech, Stephen Brennan était vice president, marketing chez Research Affiliates. Il était responsable des ventes institutionnelles aux Etats-Unis.
05/03/2010

Madoff: Investors cannot sue UBS directly

Investors who lost money in the fraud orchestrated by Bernard Madoff through a fund offered by UBS will not be able to hold the Swiss bank directly liable, a Luxembourg court found on Thursday, Reuters reports. A small group of investors in the AlphaLux fund were seeking to file individual lawsuits against the bank, rather than going through the liquidators of the fund, but the Luxembourg court rejected their claims.

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