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13/12/2013

Le Danemark relève sa prévision de croissance pour 2013

Le gouvernement danois anticipe désormais pour cette année un produit intérieur brut (PIB) en hausse de 0,4%, contre une prévision précédente de 0,2%, selon Reuters qui a pu consulter hier des documents officiels. Copenhague a en revanche laissé inchangée à 1,6% sa prévision de croissance pour 2014.
13/12/2013
Gestion d'actifs

La MNRA manifeste un intérêt fort pour les mid caps

Florent Combes, Responsable gestion des risques de la Mutuelle des Artisans (MNRA) lors d’une table ronde organisée par amLeague et Newsmanagers : Nous allons vers les mid-cap. Dans ce souci de diversification, la thématique peut être aussi géographique avec le Japon ou les Etats-Unis. Cette nécessité de piloter son risque actions et d’aller vers moins de risques économiques, amène à avoir un intérêt fort sur les midcaps. Aujourd’hui la composition du portefeuille n’est pas tout à fait comme cela. C’est un axe de diversification, c’est une orientation. Mais dans la structure du portefeuille, il y a des blocs géographiques. Ce qui est Euro est fait par la société de gestion interne, ce qui est l’international est fait par des gestions déléguées et dédiées. Sur les grandes zones géographiques, il n’y a pas une poche affirmée. Il y a une latitude qui est donnée dans les fonds. Mais à ce stade il n’y a pas d'élément où on aurait ciblé, avec des indicateurs précis, quel est l’objectif de faire du mid-cap. C’est important parce que l’objectif peut être différent. On peut avoir un objectif essentiellement social et dire que les grandes caps ne créent pas d’emplois. On peut avoir un objectif qui est le risque et dire que l’on a besoin de baisser son risque économique. C’est le type de réflexion que nous avons. Dès qu’on parle d’objectif, on parle de gouvernance politique. Ce sont des éléments qui doivent remonter au conseil d’administration. Ce sont des notions d’appétence pour le risque, qui structurent. La MNRA, c’est de l'épargne retraite, avec un passif qui a vingt ans de duration en moyenne. L’exposition actions reste inférieure à 20 %.
Gestion d'actifs
12/12/2013

French funds experience more than EUR4bn in net redemptions

French-registered funds have posted net outflows of EUR4bn in November. According to statistics from Europerformance, a SIX company, this movement is largely due to treasury (money market) funds, which have posted net outflows of EUR3.54bn, leading to a decline in assets in this asset class of 0.96%. Equity funds have not seen much in inflows either, with net redemptions of EUR521.7m. However, positive performance effects for this asset class (+0.90%) have allowed assets to increase by 0.67%. For their part, bond funds have shown strong inflows, with net subscriptions total EUR1.20bn. Inflow effects in addition to market appreciation (0.19%) have allowed assets to increase by 1.39%. Convertible bond funds have posted net inflows of EUR37m. With flat performance, the increase in assets is 0.33%.
12/12/2013

Taiwan's LPF launches a request for proposals

The largest pension fund in Taiwan, the Labour Pension Fund (LPF), whose assets under management total USD21bn, has launched a request for proposals for the management of real estate and infrastructure totalling USD400m, Asian Investor reports.Each mandates totals USD100m, and runs for five years. Candidates are requires to have a presence in Taiwan and to manage at least USD5bn. Applications may be submitted until 21 January.
12/12/2013

Further net inflows and rise in assets for Spanish funds

According to statistics from the Spanish association of asset management firms (Inverco), Spanish securities funds have posted more than EUR3bn in net subscriptions in November, the best monthly performance in the past four years. Since the beginning of the 2013 fiscal year, net inflows to these funds totalled EUR20.595bn, meaning that they have recuperated all net redemptions in 2011 and 2012.As of the end of November, total assets in funds rose to EUR150.9bn, an increase of EUR3.6bn compared with the month of October. Since the beginning of 2013, assets under management by funds are up by EUR28.6bn, an increase of 23.4% compared with the end of December 2012.
12/12/2013

SWIP revises fee structure for RE fund

Scottish Widows Investment Partnership (SWIP) has revised the price structure for its real estate trust, whose assets under management total about GBP2.5bn, Investment Week reports. Inflows of GBP200m in the past six months have driven SWIP to revise its prices upward. The fund, managed by Fary Ferguson, has earned returns of 10.2% in the 10 months to 10 December, while the real estate sector shows average returns of 4.6%.
12/12/2013

Lloyds Banking Group fined GBP28bn

The Financial Conduct Authority (FCA) has fined Lloyds TSB Bank plc and Bank of Scotland plc, both part of Lloyds Banking Group (LBG), GBP28,038,800 for «serious failings in their controls over sales incentive schemes».This is the largest ever fine imposed by the FCA, or its predecessor the Financial Services Authority (FSA), for retail conduct failings. The incentive schemes led to a serious risk that sales staff were put under pressure to hit targets to get a bonus or avoid being demoted, rather than focus on what consumers may need or want, according to the regulator.
12/12/2013

Public pension programmes to be brought into line with private ones

The British pension regulator has published a draft code of conduct which would allow managers of retirement funds for public servants to follow the regulatory and governance rules set by legislation. The regulator thus plans to bring governance of public regimes into line with those in force for the private sector. The regulator has also released a consultation document on the measures planned, which will initially be pedagogical, and then more restrictive, in order to ensure better implementation of the regulation. After taking the results of the consultation, which is open until February 17, 2014, into account, the code of conduct may be presented to the Parliament in Autumn 2014.
12/12/2013

JPMorgan prepared to settle accusations related to Madoff

Jamie Dimon, CEO of JPMorgan Chase, has announced that the bank is prepared to pay fines concerning allegations that it did not notify the US authorities that it thought Bernard Madoff was running a Ponzi scheme, the Financial Times reports. JPMorgan is in negotiations to settle with the US Department of Justice, according to sources familiar with the matter. Dimon said that he would pay to settle the Madoff case, although the bank has maintained for five years that the accusations are baseless.According to the Wall Street Journal, JPMorgan would pay more than USD1bn.
12/12/2013

Canada's CPPIB buys strategic stake of 15% in Orpea

For EUR3208m, the retirement fund management firm Canada Pension Plan Investment Board (CPPIB) has acquired a 15% stake in the Orpea company, one of the European leaders in the management of dependents (retirement companies, retirement clinics, and psychiatric rest homes) from Dr. Jean-Claude Marian, founder and chairman of the board at the firm, and the Santé Finance et Investissement company. The firm is listed on Euronext Paris (ISIN : FR0000184798). At the conclusion of the operation, Dr. Marian will remain a shareholder in Orpea, with a stake of 8%, and will retain his position as chairman of the board of directors; he has committed to retain shares in Orpea for a minimum period of 18 months. CPPIB, a long-term international investors, with CAD192.8bn in net assets under management, has an investment portfolio composed of public and private companies, bond and real estate securities, totalling USd22bn. As of 30 September 2013, investors in CPPIB in Europe totalled USD19.4bn.
12/12/2013

Promotion at Erste AM

The head of institutional business development, Albert Stöger, who joined Erste Asset Management (EAM), the largest Austrian asset management firm, in 2009, was on 1 November 2013 promoted to head of international institutional business steering.It is a newly-created position, in which Stöger, based in Vienna, will monitor the European markets in which EAM is not yet represented with sales teams. In addition, he wll be responsible for co-ordinating the operations of institutional sales teams in various countries, particularly those of central and eastern Europe.
12/12/2013

Fifth Third AM change de nom

La société de conseil Fifth Third Asset Management, spécialisée sur la clientèle institutionnelle, a été renommée ClearArc Capital.La modification est effective immédiatement et s’inscrit dans la volonté du groupe de proposer non seulement des services d’investissement traditionnels mais également des solutions plus sophistiquées à destination des clients institutionnels.
12/12/2013

Head of marketing leaves Capula

Ed O’Reilly, head of marketing and sales for the Americas at Capula, a European hedge fund with USD10bn in assets, will be leaving the firm where he has spent five years, Financial News has learned. His destination is not known.
12/12/2013

Didner & George hires fund manager from Nordea

The Swedish asset management firm Didner & George has recruited a former Scandinavian fund manager from Nordea, Carl Granath, Fondbranschen reports. The move comes ahead of the launch of a new fund in 2014.
12/12/2013

BNP Paribas Investment Partners reshuffles activities in Asia

BNP Paribas Investment Partners (BNPP IP) has carried out a profound restructuring of its activities in Asia, merging sales teams and customer service, Asian Investor reveals. Meanwhile, the asset management affiliate at BNP Paribas has abandoned its sales approach centred on institutional investors, on the one hand, and retail and distribution clients on the other, to now concentrate its efforts on three client segments: large institutions (central banks, sovereign funds, etc), private bankers and family offices, and lastly, insurers and other foundations. The new team constructed to this end now has 45 employees, led by Chang Tan-Feng, who has become head of sales for Asia-Pacific. BNPP IP would like to scale up this team, with the recruitment of four salespeople in Hong Kong and one more in Singapore. The restructuring comes at a time when the asset management firm shows a decrease of 24.5% of its assets from clients in Asia-Pacific, which have fallen from USD74.1bn as of the end of 2012, to USD56bn as of the end of September 2013, Asian Investor reports.
12/12/2013

Sweden's Tundra Fonder recruits

The Swedish asset management firm specialised in emerging markets Tundra Fonder has recruited the Pakistani Shamoon Tariq as a manager and analyst, realtid.se says. He will work on frontier markets. Tundra Fonder has since its launch in 2011 released six funds, and now manages SEK600m in assets.
12/12/2013

Family offices increasingly focus on private equity

A growing number of family offices and foundations are taking an interest in private equity, according to a survey carried out by Private Equity International (PEI) and Montana Capital Partners. The survey finds that 30% of businesses in the sample consulted are at least 20% exposed to private equity. More than 50% of them have allocations of over 15%.These figures are much higher than the average hitherto. More than 53% of investors in private equity dedicate less thann 10% of their allocation to the asset class, according to another survey by PEI. The average allocation for pension funds and insurers comes to 7.3% and 3.6%, respectively, according to a PEI study which also indicates that the average allocation to private equity totals 14.7% for family offices and foundations.The PEI/Montana survey also finds that 39% of family offices say they are prepared to increase their allocation to private euqity in the next 12 months, while 29% would like to maintain their engagement at the current level. Most family offices interested in private equity (87%) use primary funds, but 53% invest through funds of funds.
12/12/2013

Dutch investors avoid real estate funds

At a time when in Germany, open-ended real estate fund have posted inflows of nearly EUR3.16bn in the first ten months of the year, Netherlands real estate funds have in the first three quarters of this year seen net redemptions of EUR800m, compared with net subscriptions of EUR1.2bn in the corresponding period of 2012, according to the most recent statistical bulletin from the Bank of the Netherlands (DNB).The 204 “direct” real estate funds in the Netherlands as of the end of September had assets of EUR42.6bn, but total assets in real estate funds came to EUR88.1bn, counting EUR45.4bn in 161 “indirect” real estate funds.
12/12/2013

New CIO for Cantonal Bank of Basel

To replace Alfred Ritter, who had served in the role since 2009 and who is retiring, the Cantonal Bank of Basel (BKB) has recruited Sandro Merino as chief investment officer (CIO), a position which he will take up on 1 January 2014. With his team, he will be responsible for both institutional and retail portfolios for BKB and its affiliate, Bank Coop.Merino joins from the Zurich-based asset management firm Arecon. He served in positions of responsibility in wealth management at UBS from 2000 to 2012.
12/12/2013

Head of Jefferies joins a hedge fund

Markman Peters, who joined Jefferies & Co in 2009 to develop the wealth management activity, has left the firm to join a hedge fund, according to reports released by Reuters. The head is joining Whippoorwill Associates, a hedge fund founded by Shelley Greenhaus in 1990. Jefferies states that the responsibilities of Peters will temporarily be taken over by Frank Scheuer, chief operating officer of the wealth management activity. Jefferies, which has offices throughout the United States, is planning to open an office in Hong Kong in the next few months.
12/12/2013

Three Skandia's ex-employees launch their own firm in France

Pogdan Popescu, Steve Lamarque and Eric Gairin, all three former employees at the Skandia group, have teamed up to create the structured product engineering firm Hilbert Investment Solutions based in Paris. They are offering products based on all types of underlying assets, aimed at independent financial advisers, institutionals and private management teams at banking networks. Popescu, who had been head of sales for France, Switzerland and Benelux at Skandia Investment Group, and whose arrival at the firm was anticipated by Newsmanagers, will handle the sales portion. Lamarque, who had been head of the financial product structuring under the Skandia – Old Mutual name, will be responsible for structuring. Lastly, Eric Gairin, who had been head of marketing and sales at Skandia Life, Old Mutual group, will be responsible for the marketing portion.
12/12/2013

Modest increase in assets in November at AllianceBernstein, Franklin, Legg and Invesco

After gains of USD57.5bn in October, assets under management by AlianceBernstein, Franklin Templeton, Invesco and Legg Mason have posted more modest growth of USD10.8bn in November. As of the end of November, their cumulative assets totalled USD2.7596trn, an increase of 0.4% month on month.The winner is Legg Mason, which has seen an increase in its assets of USD4.8bn, to a total of USD674.7bn in November, while Invesco as posted growth in its assets under management of USD3.4bn, to a total of USD767.3bn. At Franklin Templeton, the increase in assets under management has been considerably more modest: it totals USD1.6bn, bringing total assets to USD870.6bn. Lastly, driven by the market effects which were responsible for a “modest outflow” in November, AllianceBernstein has managed to increase its total assets by USD1bn to USD447bn.
12/12/2013

Russell appoints new head for DC unit

The US asset management firm Russell Investments has appointed Josh Cohen to the position of head of its defined-contribution retirement operation for institutional investors. With 20 years of experience in the sector, Cohen will aim to assist and accelerate the development of Russell in retirement service. The defined-contribution operation at the asset management firm represents USD24bn in assets under management globally, and USD130bn in assets advised in the United States as of the end of September 2013.
12/12/2013

Manulife AM recruits for multi-asset team in Asia

Manulife Asset Management (Manulife AM) has recruited Michelle Ng from Mercer as head of the portfolio specialised in asset allocation in Asia. His mission will be to assist with the management of multi-asset solutions in the region, targeting both retail and institutional clients. His arrival will allow Manulife AM to accelerate its development in Asia, which represents 4.6% (or USD5bn) of total assets under management in its global portfolio dedicated to solutions.
12/12/2013

BNY Mellon offers AIFM-compliant reporting solution

Alan Flanagan, global head of product management for alternative investment services, has announced that BNY Mellon has launched a new service aimed at fund managers, to allow them to identify, aggregate and manage their regulatory reporting requirements under the European alternative investment fund management (AIFM) directive. To this end, BNY Mellon will work with clients of its fund administration services to collect and aggregate the necessary data from the various sources concerned (alternative managers, administrators, custodians, prime brokers and risk vendors). Lastly, MNY Mellon will take responsibility for filling out the AIFM regulatory report, which will need to be verified, approved and submitted to the relevant national authorities.
12/12/2013

Nouveau CIO pour la Banque cantonale de Bâle

Pour remplacer Alfred Ritter, qui exerçait la fonction depuis 2009 et qui prend sa retraite, la Banque cantonale de Bâle (BKB) a recruté Sandro Merino comme directeur des investissements (CIO), poste qu’il prendra au 1er janvier 2014. Il sera responsable avec son équipe des portefeuilles institutionnels et retail tant de la BKB que de la filiale de cette dernière, Bank Coop.Sandro Merino vient de chez le gestionnaire d’actifs zurichois Arecon. Il a occupé de 2000 à 2012 des postes de responsabilité dans la gestion de fortune chez UBS.
12/12/2013

Dominique Paladini remplace François Reyl

La banque Reyl & Cie se réorganise, indique Le Temps. Elle a nommé Dominique Paladini, actuel directeur d’exploitation (COO), en tant que directeur général ad interim pour remplacer François Reyl, retenu en France par sa mise en examen dans l’affaire Cahuzac, a expliqué la banque mercredi.
12/12/2013

Investeam lance son nouveau site internet

La société Investeam, qui va célébrer son dixième anniversaire en 2014 vient de lancer son nouveau site internet. Investeam accompagne le développement commercial de sociétés de gestion indépendantes en France, en Suisse et au Canada."Son ergonomie vous permettra d’accéder immédiatement à une information quotidienne et détaillée sur nos services et les fonds que nous commercialisons», souligne Investeam.
12/12/2013

Bpifrance et Iris Capital participent au tour de table de Talend

La société Talend, spécialisée dans la réalisation de logiciels d’intégration des Big Data, a annoncé mercredi 11 décembre, la clôture d’un nouveau tour de table de 40 millions de dollars. Ce dernier a réuni Bpifrance et l’investisseur en capital-innovation Iris Capital, avec la participation de Silver Lake Sumeru, Balderton Capital et Idinvest Partners, investisseurs historiques de Talend. Les fonds doivent être utilisés pour accélérer l’innovation, étendre le portefeuille de produits et soutenir le développement de nouvelles initiatives dans le domaine des Big Data et d’autres domaines de l’informatique d’entreprise, indique un communiqué.
12/12/2013

ERBE : le groupe Frère rachète le solde de la participation de BNP Paribas

Selon un communiqué de BNP Paribas paru sur son site mardi 10 décembre, il avait été décidé, en marge de l’offre publique d’achat lancée sur la Compagnie Nationale à Portefeuille en 2011 que le groupe Frère rachèterait le solde de la participation de BNP Paribas dans ERBE, la société mère de la CNP, en plusieurs tranches de mars 2016 à mars 2028. Ces opérations ont été anticipées aujourd’hui par l’achat par le groupe de l’ensemble des titres ERBE détenus par la banque.

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