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29/11/2013
Fonds

Bill Priest ne gère plus le fonds actions américaines d’Old Mutual

Bill Priest ne gère plus le fonds grandes capitalisations américaines d’Old Mutual Global Investor (Old Mutual US Large Cap Value) après la décision de la société de fusionner avec un autre fonds, Old Mutual US Dividend, est en mesure de révéler Citywire. Bill Priest est président et gérant chez Epoch Investment Partners. Old Mutual US Dividend est géré par Ray Nixon.
Fonds
29/11/2013

La fortune des plus riches a progressé de 67 milliards de francs en 2013

La fortune cumulée des 300 personnes les plus riches de Suisse a continué de progresser en 2013. Elle est estimée à 627 milliards de francs, soit 67 milliards de plus que l’année précédente, selon le dernier classement du magazine Bilan.Soixante-douze personnalités, familles ou groupes de familles ont vu leurs avoirs exploser de 51,45 milliards de francs en un an. Parmi elles, 20 ont connu une augmentation de leur fortune d’au moins 1 milliard de francs. Le patrimoine de ces 20 familles a grimpé de 36,7 milliards de francs, explique Bilan.La richesse des 52 autres familles concernées s’est accrue de 14,75 milliards, soit de 280 millions en moyenne par groupe. Seuls 7,5% de ceux qui ont un patrimoine évalué à moins d’un demi-milliard étaient plus riches en cette fin d’année qu’il y a un an. Pour les milliardaires, il semble plus facile de s’enrichir puisque 31,5% d’entre eux ont vu leur fortune augmenter.Le nombre de milliardaires établis en Suisse a passé de 137 à fin 2012 à 149. Parmi les douze nouveaux milliardaires, il y en a huit qui n’apparaissaient pas encore dans l’enquête de Bilan en 2012 et quatre, dont Vontobel, qui ont franchi la barre du milliard. Le fondateur d’Ikea, Ingvar Kamprad, âgé de 87 ans, et sa famille sont les plus riches vivant en Suisse. La fortune de la famille Kamprad est évaluée entre 41 et 42 milliards, soit 3 milliards de plus qu’en 2012.
29/11/2013

Lombard Odier recrute chez Société Générale au Japon

Keiichi Hirano a été nommé managing director de Lombard Odier pour le Japon avec effet au 16 décembre. Il sera également president & representative director.L’intéressé, qui vient de la Société Générale Japon où il était en dernier lieu directeur du pôle banque privée, remplace Norbert Joué, qui va exercer d’autres fonctions de direction pour Lombard Odier en Asie dans le domaine de la clientèle privée.Keiichi Hirano travaillera en étroite collaboration avec Vincent Magnenat, local managing director de Lombard Odier à Singapour.
29/11/2013

Pioneer muscle sa force de vente en Suisse

Matthias Inderbitzin, responsable de la stratégie «buy-write» pour les métaux précieux chez Dendro Partners, a été recruté comme senior sales manager wholesale pour l'équipe suisse de Pioneer Investments (groupe UniCredit), rapporte finews.Basé à Zurich, l’intéressé sera principalement chargé de développer la clientèle de banques, de gestionnaires de fortune et de family offices. Il sera subordonné à Rainer Lenzin, country head Switzerland.
29/11/2013

Aton achète UFG CM à la Deutsche Bank

Le russe Aton a annoncé l’acquisition auprès de la Deutsche Bank de la totalité du capital de Deutsche UFG Capital Management (DUCM) que la banque allemande avait acquise il y a deux ans (lire Newsmanagers du 14 novembre 2011). Le bouclage de la transaction dépend encore de l’agrément de la Commission anti-monopoles de la Fédération de Russie. Le montant de la transaction n’a pas été divulgué.Cette opération crée l’un des principaux acteurs sur le marché russe de la gestion d’actifs, avec 3,8 milliards de roubles d’encours en fonds d’investissement «onshore» (ce qui en fait le numéro 6 local) et plus de 11,3 milliards de roubles en produits institutionnels (destinés aux fonds de pension).
29/11/2013

VP Bank réduit son équipe dirigeante

Le conseil d’administration de VP Bank a annoncé le 28 novembre une réduction de sa structure d’organisation à compter du 1er janvier 2014. Les directions au niveau du groupe et de la banque seront fusionnées au siège de Vaduz et ne comprendront plus que le directeur général Alfred Moeckli, le directeur des affaires de la clientèle Christoph Mauchle ainsi que le directeur financier et des services bancaires Siegbert Näscher, précise un communiqué.Parallèlement à cette réorganisation, la banque liechtensteinoise, cotée à la Bourse suisse, révèle le départ pour la fin de l’année du directeur opérationnel Jürg Sturzenegger. Il avait notamment assuré la direction générale de l'établissement en 2009 et 2010.A compter du 1er janvier 2014, le directeur de la banque privée au Liechtenstein, Martin Engler, le responsable des intermédiaires et des transactions, Günter Kaufmann, ainsi que celui de la banque commerciale, Rolf Jermann, ne feront plus partie du comité de direction et sont invités à se concentrer sur leurs domaines d’activité respectifs.Ces remaniements répondent à un double objectif de mise en conformité avec le nouveau cadre réglementaire du secteur bancaire, d’une part, et une amélioration de l’efficacité de la structure de direction, d’autre part, selon le communiqué.
29/11/2013

KBC échappe à la condamnation pénale dans son différend avec Shânti AM

Le tribunal correctionnel de Paris a relaxé hier la banque belge KBC, contre l’avis du procureur de la République, qui réclamait 100.000 euros d’amende à l’encontre de l'établissement. Le Parquet poursuivait KBC pour manoeuvre frauduleuse et escroquerie en lien avec des produits financiers complexes - en l’espèce trois CDO (collateralized debt obligations, titres de dette adossés à des portefeuilles de créances), vendus en 2006 à Shânti Asset Management, une société de gestion française. Après une plainte du gérant déposé en 2008, le noeud de l’affaire résidait dans l’interprétation du caractère obligatoire ou non du mécanisme de substitution présenté par KBC dans la documentation commerciale des CDO. Ce mécanisme avait pour objectif de préserver la qualité de crédit maximale (AAA) en remplaçant d'éventuels actifs défaillants sans coût supplémentaire.Shânti AM considérait que la garantie de substitution était obligatoire, ce que contestait KBC. Le tribunal a écarté l’existence de manoeuvres frauduleuses, indique le quotidien.
29/11/2013

Les services financiers tardent à mettre l'éthique en pratique

Si les dirigeants des services financiers reconnaissent l’importance d’un comportement éthique, il existe un décalage important entre cette conviction et les pratiques observées au sein du secteur. C’est ce qui ressort d’une étude publiée récemment par l’Economist Intelligence Unit et commandée par le CFA Institute. Intitulée «Une crise de la culture : valoriser l’éthique et la connaissance dans les services financiers», l'étude souligne qu’au sein du secteur des services financiers «il est primordial de renforcer une culture fondée sur la diffusion des connaissances et des principes d’intégrité au sein de l’entreprise». 91% des personnes interrogées placent le comportement éthique et la réussite financière sur le même plan, mais 53% considèrent que leur carrière au sein de l’entreprise serait freinée s’ils ne se montraient pas « flexibles » sur les normes éthiques, précise CFA Institute. Seuls 37% pensent que les résultats financiers de leur entreprise augmenteraient si le comportement éthique des employés s’améliorait. Par ailleurs, l'étude constate l’omniprésence de la culture « en silo » dans ce secteur «où l’on observe des départements qui agissent de manière unilatérale sans se considérer englobés au sein d’une entité plus large», selon CFA Institute. Si 97% des personnes interrogées se considèrent compétentes pour assumer leur fonction, 62% admettent que leurs collègues en savent peu sur ce qui se passe au sein des départements autres que le leur. L’étude a été réalisée sur la base d’une enquête menée en septembre 2013 par l’Economist Intelligence Unit auprès de cadres dirigeants, les 382 personnes interrogées étant géographiquement réparties comme suit : Europe (42%), Asie-Pacifique (34%), Amérique du Nord (20%).
29/11/2013

Hwang choisit BNP comme conservateur pour quatre fonds coordonnés

Funds People rapporte que le plus grand gestionnaire indépendant de Malaisie, Hwang Investment Management, a sélectionné BNP Paribas Securities Services comme conservateur mondial pour les quatre fonds coordonnés asiatiques qu’il lancera en janvier 2014.BNPP SS fournira des services d’administration et d’agent de transfert ; il établira aussi des rapports de performance et de risque, en plus de faire fonction de conservateur.
29/11/2013

iii-investments devient BNP Paribas REIM Germany

Acquis récemment par BNP Paribas Real Estate (lire Newsmanagers du 18 septembre) auprès de la Bayerische HypoVereinsbank (groupe UniCredit), le gestionnaire allemand Internationales Immobilien-Institut GmbH connu sous le nom de iii-investments, a pris le 20 novembre le nom de BNP Paribas Real Estate Investment Management Germany GmbH (BNP Paribas REIM Germany).
29/11/2013

iii-investments becomes BNP Paribas REIM Germany

The German asset management firm Internationales Immobilien-Institut GmbH, known by the name iii-investments, recently acquired by BNP Paribas Real Estate (see Newsmanagers of 18 September) from Bayerische HypoVereinsbank (UniCredit group), on 20 November adopted the name BNP Paribas Real Estate Investment Management Germany GmbH (BNP Paribas REIM Germany).
29/11/2013

MFS IM plans to develop in Singapore

The US asset management firm MFS Investment Management has appointed Jonathan Tiu to the newly-created position of CEO for its Singapore entity, while MFS is also waiting for a license from the Singapore monetary authority (MAS) to offer its asset management services to institutional investors in the city-state, Asian Investor reports. Personnel at MFS IM in Asia total about 70, distributed between Singapore, Hong Kong, Japan and Australia.
29/11/2013

Asset management firms called on to be more visible

Earlier this month, Helena Morrissey, head of the British asset management firm Newton, called on fund managers to make themselves heard and to be more visible, in a speech to the CFA Institute in London, the Financial Times reports. She feels that one of the most serious threats facing the sector is that asset management firms are lumped in together with bankers. This situation is partly the fault of managers, as few of them are able to speak openly about their activity in a proactive and human fashion. On the contrary, asset management firms tend to hide, avoiding difficult questions about fees and even economic trends. “I would like to see more managers on the radio, on TV, in schools …” says Morrissey.
29/11/2013

IOSCO launches a market statistics web portal

The International Organization of Securities Commissions on November 28 launched a statistics web portal that provides the public with a global overview of specific securities markets.The objectives of the new portal are threefold. First, it seeks to provide a centralized point for monitoring global trends, risks and vulnerabilities; second, to provide a mechanism for comparison of how well markets are recovering in light of the crisis; and finally, to provide IOSCO members and the broader financial community with easy access to key statistics, charts and indicators on a number of securities markets (corporate debt, covered bonds, securitized products, islamic finance, equity IPO volumes, equity market valuations, syndicated loans and housing price indices).The portal will be updated on a monthly basis.
29/11/2013

Hwang selects BNP as custodian for four UCITS funds

Funds People reports that the largest independent asset management firm in Malaysia, Hwang Investment Management, has selected BNP Paribas Securities Services as global custodian for the four Asian UCITS-compliant funds which it will launch in January 2014.BNPP SS will provide administration and transfer agency services; it will also establish performance and risk reports, in addition to acting as custodian.
29/11/2013

Aton acquires UFG CM from Deutsche Bank

The Russian firm Aton has announced the acquisition of all capital in Deutsche UFG Capital Management (DUCM) from Deutsche Bank, which the German bank had acquired two years before (see Newsmanagers of 14 November 2011). The completion of the transaction is still subject to permission from the anti-monopoly commission of the Russian Federation. The price of the transaction has not been disclosed.The deal creates one of the largest actors on the Russian asset management market, with RBY3.8bn in “onshore” investment funds (which makes it the local number 6) and over RBY11.3bn in institutional products (aimed at pension funds).
29/11/2013

Deutsche Bank does not want British millionaires any more

Serving the “middle class” millionaires in Liverpool or Manchester is no longer profitable for Deutsche Bank, which is now planning to concentrate on “super-rich” clients in London, Die Welt reports. That is the reason the German group is reported to be in talks to sell its loss-making wealth management activity, the former Tilney, to the private equity investor Permira.Tilney, now Deutsche Private Wealth Management, only deals with “normal” millionaires, and has EUR5.5bn in assets under management. The firm was acquired by Deutsche Bank seven years ago for GBP300m (EUR359m), but because since then assets have fallen and accounts have gone into the red, the sale price will be considerably lower, according to a source familiar with the matter.
29/11/2013

First State unveils SRI charter

First State Investments on 28 November published several «Global Stewardship Principles,” which will be adapted to the company, and which will respect the current requirements of the British “Stewardship Code” and other good governance codes.The principles have been developed by the global responsible investment committee at First State, composed of the CEO and representatives of investment and distribution teams. This committee supervises the responsible invesment strategy at First State and will revise the principles once per year. In addition, the asset management firm has pledged that the application of the Global Stewardship Principles should be subject to an annual verification process, starting from this year.
29/11/2013

Lyxor AM bets on RDR

Ben Thompson, director at Lyxor Asset Management, has explained the company’s plans to win ETF market share to Investment Week. He hopes that the RDR will drive advisers to turn more to passively-managed products. Thomson observes that the US ETF market is distributed 50/50 between retail and institutional. That may be a model for the United Kingdom, where ETFs are currently widely popular with institutionals.
29/11/2013

UBS launches ETFs on the London Stock Exchange

UBS Global Asset Management has launched a series of ETFs which re expected to allow investors to better manage currency risk. The sterling hedged MSCI Canada, the sterling hedged MSCI EMU and the sterling hedged MSCI Switzerland are the first of their type. The other ETF is the sterling hedged MSCI Japan. The four ETFs are available in distribution and capitalisation share classes.
29/11/2013

Kames Capital preparing to launch a real estate fund

Kames Capital is planning to launch a real estate investment fund (PAIF) in first quarter 2014, Funds Europe reports. PAIF are open-ended investment funds which invest in real estate, shares in British REITs and in shares in some foreign entities similar to REITs. The new vehicle, which is named Kames PAIF, will be managed by David Wiese and Alex Walker, will as a top priority make direct investments in real estate (80%), as well as in shares in companies specialised in real estate. Assets under management at Kames Capital, based in London and Edinburgh, total about GBP53bn.
29/11/2013

Major investment by Deka in London

The German firm Deka Immobilien has announced that it has invested EUR500m to acquire the St. Rodolph Buliding, an office property (51,900 square metres) in London, from the insurer Jardine Lloyd Thompson. The City property was completed in 2010; it is certified “very good” under BREEAM sustainable development standards. The property will be added to the portfolio of the open-ended real estate fund Deka-ImmobilienEuropa (DE0009809566), whose assets total EUR12.4bn.
29/11/2013

Lombard Odier recruits from Société Générale in Japan

Keiichi Hirano has been appointed as managing director of Lombard Odier for Japan, effective from 16 December. He will also be president & representative director.Hirano, who joins the firm from Société Générale Japan, where he had most recently been director of the private banking unit, replaces Norbert Joué, who will serve in other management roles at Lombard Odier in Asia in the area of private clients.Hirano will work in close collaboration with Vincent Magnerat, local managing director at Lombard Odier in Singapore.
29/11/2013

Pioneer adds to sales personnel in Switzerland

Matthias Inderbitzin, head of the “buy-write” strategy for precious metals at Dendro Partners, has been recruited as senior wholesale sales manager for the Swiss team at Pioneer Invesments (UniCredit group), finews reports.Inderbitzin will be based in Zurich, and will primarily be responsible for developing private banking clients, wealth managers and family offices. He will report to Rainer Lenzin, country head for Switzerland.
29/11/2013

Hedge funds from new managers outperform older rivals

Hedge funds launched by new managers offer the best prospects of returns compared with funds launched by companies of the sector which have a shop window already, according to a study published recently by Preqin, which also finds that institutionals’ interest in budding asset management firms is continuing to fall. A long/short strategy launched by a new manager since 2007 has an annualised net return of 8,80% in the first three years, while the same strategies offered by well-established managers earn returns of only 5.38% in the same period. But the outperformance of funds from new managers does not translate into inflows. Preqin states that even the percentage of investors interested in hedge funds from young investors has fallen to 38% this year, compared with 42% in 2012. And 605 of public or private pension funds say that they would not invest in a budding manager.
29/11/2013

Active management needs retooling, says Casey Quirk

Most current active investment strategies are becoming outmoded. Investors’ requirements and frameworks are moving away from rigid benchmark-based allocations towards risk-factor and outcome-based mandates. Thus, the Casey Quirk consultancy stresses, next-generation “New Active” strategies will represent nearly 45% of industry revenue opportunity worldwide through 2018. New Active strategies will attract USD3.4trn of inflows through 2018, while legacy active portfolios will lose more than USD1.8trn. In comparison, passive strategies will attract only USD1trn during the same time frame, according to the new report Life After Benchmarks: Retooling Active Asset Management.There will be six categories of New Active strategies, all of which erase the line between traditional and alternative investments by incorporating more innovative techniques in friendlier packaging: broad debt investments, benchmark-agnostic equity, private capital strategies, trading strategies, dynamic multi-asset class solutions and real assets platform.Asset managers can employ any of three levers to retool legacy strategies: resetting risk guardrails, expanding the investment universe, and obtaining new capital market skill sets. The optimal path forward will vary according to manager credibility, current client footprint, and institutional appetite for change.
29/11/2013

Investors ready to pour money in emerging markets

Most of the 105 pension funds, central banks, endowments, insurers and asset management firms – representing cumulative assets of over USD1.6trn, have announced that they are planning to increase their exposure to emerging markets, according to a survey by Morgan Stanley, cited by the Financial Times. Analysts at the bank estimate that there may be an overall increase in the global allocation of 1.3% over 1 to 2 years, which corresponds to USD1.6trn. In the 3 to 5 years to come, the increase is estimated at 2.2%, corresponding to EUR2.75trn.
29/11/2013

Towers Watson updates rankings of extreme risks

TheTowers Watson consultancy at the beginning of this month published its updated biannual list of extreme risks (PDF document attached), including the chronological likelihood (from 10 to 100 years), the gravity / intensity of impact of the incident, and the geographical and temporal field of impact / scope of the repercussions.The three largest major risks, with a probability of one in ten years are famine, water and energy shortages, with stagnation and collapse of global commerce, while climate change and a backlash in terms of backfiring progress on health may have “trans-generational” consequences.
29/11/2013

ESMA issues licenses for two more trade repositories

The European Securities and Markets Authority (ESMA) on November 28th approved the registrations of two further, UK-based, trade repositories (TRs) under the European Market Infrastructure Regulation (EMIR), i.e. ICE Trade Vault Europe Ltd. (ICE TVEL) and CME Trade Repository Ltd. (CME TR). The registrations will take effect on 5 December 2013.Following the registration of a first group of four TRs on 7 November 2013 (see Newsmanagers dated November, 8th)., which became effective on 14 November 2013, the reporting obligation start date for all asset classes will begin on 12 February 2014.
29/11/2013

Bill Priest no longer manages the US equity fund at Old Mutual

Bill Priest no longer manages the US large caps fund at Old Mutual Global Investor (Old Mutual US Large Cap Value), after a decision by the firm to merge with another fund, Old Mutual US Dividend, Citywire reports. Priest is president and manager at Epoch Investment Partners. Old Mutual US Dividend is managed by Ray Nixon.

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