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27/03/2013

Régis Bégué promoted to managing partner at Lazard Frères Gestion

P { margin-bottom: 0.08in; } Régis Bégué, head of research and equity management, has been appointed to the position of managing partner at Lazard Frères Gestion, according to a statement released on 26 March. The joins the college of managing partners at Lazard Frères Gestion, which is chaired by François-Marc Durand and which includes Jean-Jacques de Gournay, head of relations with institutional investors and distribution, Matthieu Grouès, head of collective and institutional management, Sophie de Nadillac, head of development for private management, François de Saint-Pierre, head of private management, and Gilles Trancart, head of operations. Bégué, who joined Lazard in 2005, had previously been an equity manager for the European region.
27/03/2013

Director appointed at Stonehage Group

P { margin-bottom: 0.08in; } The European family office specialist Stonehage Group has appointed David McLellan as executive director in charge of the London office, Investment Europe reports. McLellan had previously been chief executive officer at Rothschild Trust Group, and a member of the executive board at Rothschild Private Bank & Trust.
27/03/2013

Legal & General buys the rest of Cofunds

Legal & General Group Plc on Tuesday said it has agreed to acquire the 75% share capital of Cofunds Holdings Ltd which it does not already own, for a cash consideration of GBP131m. The transaction will be financed out of L&G’s existing cash resources. The acquisition values Cofunds at GBP175m and is subject to regulatory approval. The transaction is anticipated to complete in H1 2013, and to be earnings accretive by the end of 2014. Cofunds and Investor Portfolio Service («IPS») will form a new business unit within the Savings division. According to L&G’s presse release, Cofunds is the UK’s largest investment platform for financial services and has over GGP50bn of assets under administration, and a share of 22% of the UK investment platform market.
27/03/2013

Momentum recruits in UK

P { margin-bottom: 0.08in; } Momentum Global Investment Management has recruited two members as additions to increase its presence on the British retail market, Fundweb reports. David Thomas, who had previously worked at Midas Capital Partners, is joining the firm has head of retail sales, and will be responsible for deploying a long-term growth strategy on the British retail market. Rebecca Nkoane, who joins the firm from Invesco Perpetual, will be responsible for relationships with independent financial advisers (IFA) and networks. Momentum has also finalised strategic partnerships with the Lighthouse Group and YourWealth.co.uk, to sell risk-weighted funds launched in November last year.
27/03/2013

Richard Oliver joins Brevan Howard

P { margin-bottom: 0.08in; } Richard Oliver, head of short-term interest rate trading at Morgan Stanley in London, will be joining Brevan Howard, Financial News reports. His role at the asset management firm in Geneva has not been specified.
27/03/2013

FCA: Financial advisers fear a 30% increase in their contribution

P { margin-bottom: 0.08in; } The Association of Professional Financial Advisers (APFA) claims that the contribution of financial advisers to the budget of the new Financial Conducct Authority (FCA), which will take over some of the duties of the Financial Services Authority (FSA) from April, runs the danger of increasing by a percentage of as much as 30%, Fund Web reports.The FCA on 25 March announced a 2013-2014 budget of GBP432.1m, 23% less than the GBP559.8m of the FSA budget for 2012-2013. Of this total, the industry will pay GBP391.5m, taking into account fines collected by the FSA, and the FCA business plan suggests that 30% of this total will be paid by investment advisers, mortgage advisers and general insurance brokers.
27/03/2013

UBP may buy Lloyds TSB Switzerland

P { margin-bottom: 0.08in; } Union Bancaire Privée (UBP), the Geneva-based private bank led by Guy de Picciotto, is reported to be in the running to acquire Lloyds TSB Switzerland, according to knowledgeable sources relayed by Bilan. The Swiss arm of the British group has about CHF12bn in assets under management in Geneva.
27/03/2013

DC Bank announces assets up 10%

P { margin-bottom: 0.08in; }DC Bank, a Swiss regional bank, has announced profits of EUR5.18m for 2012, down 7.2% compared with 2011. Acording to Finews, although clients of the bank are less prudent, assets in investment products, largely composed of fixed income products, have posted gains of 10% in one year. In 2013, the Berlin-based bank is predicting lower profits, aware that it is acting in a difficult environment.
27/03/2013

Gecina acquires the Mirabeau tower from DEGI International fund

P { margin-bottom: 0.08in; } The publicly-traded real estate investment fund Gecina announced at the beginning of this week that it has acquired the Mirabeau tower in Paris from Aberdeen, on behalf of the German fund DEGI International (which will be liquidated by 14 October 2014). The sale price is approximately EUR186m, excluding fees, a statement says. The immediate net return on the investment is slightly over 7%, and will increase to over 8% on the basis of a 100% occupancy rate, as the building had bee 88% occupied, largely by public bodies. The tower is located on the banks of the Seine river, in the 15th district of Paris.The net asset value of DEGI International has been revised downward by EUR01.5 on 25 March, to EUR34.85, a reduction of about 0.4%, due to a downward update to the market values of two properties in its portfolio located in Romania.
27/03/2013

Profits at Resolution down

P { margin-bottom: 0.08in; } Fundweb reports that Resolution reported pre-tax operating profits in 2012 of GBP274m, compared with EUR681m the previous year, a decline which is due to EUR404m in exceptional elements in 2011.Assets in the heritage division as of the end of 2012 fell to GBP68.7bn, compared with GBP70.8bn one year previously, while assets at the UK division increased to GBP19.7bn, from GBP16.9bn.
27/03/2013

TCI stops charitable activities

P { margin-bottom: 0.08in; } The hedge fund which refers to itself as The Children’s Investment fund, or TCI, is putting an end to the charitable activities which distinguished it in previous years in the world of alternative management, FINalternatives reports. TCI has decided no longer to pay a part of its commissions, of about one third, to the TCI Foundation, an organisation into which it has been paying money since its debut in 2004. It is also discontinuing its donations of 0.5% of its assets under management when the fund earns returns of over 11%. According to one source, TCI has decided to discontinue the practice “largely because the foundation has achieved sufficient size.” The TCI Foundation was thought to have about GBP2bn in assets under management as of August 2011. It has paid slightly under 2% of this amount to charitable causes.
27/03/2013

Schroders denies ties between departure of Buxton and acquisition of Cazenove

P { margin-bottom: 0.08in; } Schroders denies that the departure of one of its most experienced managers, Richard Buxton, is related to the acquisition of Cazenove Capital, the firm announced on Monday. Philip Mallinckrodt, head of Schroders Private Banking at the group, has told FTfm that “Richard was not aware of the merger when he decided to leave.”
27/03/2013

Korean pension fund plans to open an office in Hong Kong

P { margin-bottom: 0.08in; } The Korean pension fund, whose assets under management total about USD340bn, is still planning to open an office in Hong Kong, Asian Investor reports. However, without the project being called into question, the opening of a Hong Kong office in 2013 has been postponed, as the pension fund esitmates that it needs to stabilise its New York and London offices first. As a part of its mid-term allocation programme, the Korean pension fund has also seen an increase in its equity allocation from 9.1% in 2003 to 25.4% in 2012, while in the same period the bond portfolio was reduced from 90% to 66%, and the allocation to alternative management rose from 0.2% in 2003 to 7.8% last year.
27/03/2013

Assets up and losses down at quirin bank

P { margin-bottom: 0.08in; } The Berlin-based quirin bank as of the end of December had assets of EUR2.4bn, compared with EUR2.3bn one year earlier, due to net subscriptions of EUR143m. Meanwhle, the firm, which operates solely on the basis of fees, in 2012 saw a loss of EUR0.9m, comapred with EUR4.9m the previous year.The number of clients has increased to 8,697, from 8,419.Currently, assets under management total EUR2.5bn, for about 9,000 clients.
27/03/2013

Allianz GI appoints new head of "global solutions" group

Thomas Wiesemann will be replaced by Arun Ratra on April, 15th as head of global solutions at Allianz Global Investors. He will report to CEO Elizabeth Corley and become a member of the global executive committee.The global solutions group employs 80 specialists and advises some EUR55bn in assets (see Newsmanagers of December 26th, 2012). The group covers four areas of expertise: Investment & Risk Advisory, Pension Solutions, Manager Research & Selection as well as hybrid Life/Asset Solutions.Arun Ratra was most recently head of global market group at Gulf Investment Corporation in Kuweit, after having served as CIO multi asset class solution at Credit Suisse Asset Management in Zurich.Thomas Wiesemann, Newsmanagers understands, will take over as head of «special distribution» at life insurer Allianz Leben.
27/03/2013

BNY Mellon recruits for derivatives clearing

P { margin-bottom: 0.08in; } The US firm BNY Mellon has announced an addition to its global team in the area of derivatives clearing. It has recruited Gregory Chemin, who worked at HPC in France and Newedge in Germany, as head of this operation in Frankfurt.Mark B. Gonzalez (New York) is also appointed at COO for derivatives clearing in the United States, while Paul Dex in London and John Guthrie and Thomas Twomey, in New York, will be responsible regionally for identifying and developing activities in the area of listed and OTC derivatives.The men will report to Sanjay Kannambadi, global head derivatives clearing services.
27/03/2013

Assets in European long-term funds set records

P { margin-bottom: 0.08in; }Assets in European long-term funds as of the end of February totalled EUR4.44trn, their highest level since 2007, according to statistics released by Morningstar. Inflows to long-term open-ended funds as of February totalled EUR35.09bn, compared with EUR47.1bn in January. Bond funds posted a net inflow of EUR11.46bn, compared with subscriptions of EUR9.24bn to equity funds. As a part of equity funds, allocation funds represented EUR9.91bn.
27/03/2013

State Street confidence index down in March

The Global State Street Investor Confidence Index fell 3.4 points in March to finish at 88.0, down from February’s (revised) reading of 91.4. The decrease was driven mostly by North American institutions, whose confidence decreased 4.2 points from February’s (revised) level of 99.7 to settle at 95.5. The change in European investors’ sentiment, while also negative, was less pronounced, with the European ICI declining just 0.4 points to 91.7 from February’s revised reading of 92.1. Risk appetite among Asian institutional investors increased slightly, rising 1.8 points from 85.5 to finish the month at 87.3.
27/03/2013

AAA bond assets down 60%

P { margin-bottom: 0.08in; } The global pool in government bonds rated AAA by the three major agencies (Fitch, Moody’s and Standard & Poor’s) have fallen by more han 60% since the financial crisis, from USD11trn to USD4trn, the Financial Times funds. The decline was sped by a ratings downgrade of the United States by Standard & poor’s in August 2011.
27/03/2013

Rathbones offers an absolute return fund

P { margin-bottom: 0.08in; } Rathbone Unit Trust Management is offering an absolute return fund, the Rathbone Heritage fund, a global value strategy based on stock-picking, Fundweb reports. The fund will be managed by Carl Slick, with Alan Dobble, quantitative analyst Elizabeth David, and analyst Kate Pettum. The fund, whose minimal subscription has been set at GBP1m, is primarily aimed at family offices, the high net worth client segment, and pension funds.
27/03/2013

Efama worried about impact of fund manager bonuses cap

P { margin-bottom: 0.08in; } Efama announced yesterday at a press conference in London that it would be requesting an impact study of any decision by Europe to cap bonuses paid to fund managers, Agefi reports. The proposal by the legislator would limit variable remuneration to no more than the fixed salary poses a problem, as the principle of flexibility in order to reward performance is an important tool to balance good and bad years and remain competitive in other markets outside Europe. According to Efama heads, such a decision in Europe is all the more regrettable than it was taken as part of new legislation to limit UCITS funds, the newspaper reports.
27/03/2013

Fund manager bonuses cap set to be eased

P { margin-bottom: 0.08in; } Plans by the European Union to cap bonuses for fund managers are expected to be eased, after the MEP leading the drive to restrict pay scales, Sven Giegold, announced that he was ready to relax his stance, the Financial Times reports. Giegold told the Financial Times that he was open to allow fund managers to raise the cap on their bonuses to as much as twice their base salaries. “If giving fund managers the possibility to raise the bonus-salary ratio from 1:1 to 1:2 will help reunite the parliament, I’m happy with that as long as shareholders or investors can approve the 1:2 increase.”
27/03/2013

European hedge fund stars welcomed by US funds with open arms

P { margin-bottom: 0.08in; } The major US hedge funds have taken part in launches of hedge funds last year in Europe, Prohedge reports. US funds had no difficulty recruiting European talent in an industry which is highly stable and has solid infrastructure. Pine River, Millennium, and SAC are among the firms which are said to have succeeded in attracting specialists from some new hedge funds that failed to take off, either due to insufficient performance, or simply because they failed to raise adequate capital, such as Edoma, the fund by Pierre-Henri Flamand, Benros, and Portman Square. Pine River is reported to have succeeded in recruiting two team members from Edoma, as well as Paul Godfrey from Portman Square. This is a setback for the European industry of new hedeg funds, which has been stagnating for about five years.
27/03/2013

Vanguard AM lists its funds on Hargreaves Lansdown Vantage

Vanguard Asset Management announced on March 26 that its full retail GBP range of Ireland-domiciled, low-cost index funds is now available on the Hargreaves Lansdown Vantage platform. This complements the 12 funds that were previously available through Vantage, completing Vanguard’s fund suite on the platform.The newly-listed funds comprise a selection of passive products that seek to track key global indices at low cost and provide advisers and clients with easy access to the key building blocks of diversified portfolios.The ongoing charges on all of the Vanguard funds available through Vantage range from 0.15% to 0.55%.The funds are the following :Vanguard Emerging Markets Stock Index FundVanguard Global Small-Cap Index FundVanguard Japan Stock Index FundVanguard Pacific ex-Japan Stock Index FundVanguard SRI European Stock FundVanguard SRI Global Stock FundVanguard Global Bond Index FundVanguard U.K. Government Bond Index FundVanguard U.K. Investment Grade Bond Index Fund
27/03/2013

L’UBP pourrait racheter Lloyds TSB Suisse

L’Union bancaire privée (UBP), la banque genevoise dirigée par Guy de Picciotto, serait sur les rangs pour acquérir Lloyds TSB Suisse, selon des sources informées relayées par Bilan. La filiale helvétique du groupe britannique gère environ 12 milliards de francs suisses à Genève.
27/03/2013
Fonds

Baisse des commissions sur le fonds Oyster Japan Opportunities

La banque privée suisse Syz vient de revoir à la baisse ses commissions de gestion sur le fonds Oyster Japan Opportunities dont les actifs sous gestion s'élèvent à environ 93 millions d’euros, a indiqué le 26 mars à Paris le gérant du fonds, Joël Le Saux, fraîchement recruté par Syz Asset Management. La commission de gestion pour les parts retail passe ainsi de 1,75% à 1,50%. Le spécialiste des actions japonaises estime que le regain d’intérêt pour les actions japonaises devrait se confirmer au cours des prochains mois après des années de disette sur cette classe d’actifs. Les institutionnels japonais, notamment, devraient revenir sur les actions japonaises. Ils sont actuellement investis à plus de 55% dans l’obligataire et à seulement 7% en actions.
Fonds
27/03/2013

DC Bank publie des encours en hausse de 10 %

DC Bank, banque régionale suisse, a publié au titre de l’année 2012 un bénéfice de 5,18 millions d’euros, en baisse de 7,2 % par rapport à 2011. Selon Finews, même si les clients de la banque se sont montrés prudents, les encours dans les produits d’investissement, composé en grande majorité de produits de taux, ont enregistré une progression de 10 % en un an. Pour 2013, la banque bernoise table sur un bénéfice plus réduit, consciente qu’elle évolue dans un environnement difficile.
27/03/2013

Gottex dans le rouge en 2012

Le gérant de fortune Gottex, basé à Guernesey et coté à SIX, a clôturé l’exercice 2012 dans le rouge. Le résultat opérationnel a été négatif de 4,1 millions de dollars, après un bénéfice de 0,7 million de dollars en 2011. Le résultat net après parts des actionnaires minoritaires se solde également par un déficit, de 7,7 millions de dollars, après une perte de 2,5 millions de dollars, selon un communiqué de Gottex . Le début d’exercice 2013 est qualifié de prometteur.Tout comme pour les deux exercices précédents, le spécialiste des hedge funds ne versera pas de dividende au titre de 2012. Les actifs sous gestion s’inscrivaient fin décembre 2012 à 7 milliards de dollars contre 7,3 milliards de dollars un an plus tôt. Gottex se veut prudemment optimiste pour l’exercice en cours. Le premier trimestre est qualifié de «prometteur».
27/03/2013

Chute du bénéfice de Resolution

Fundweb rapporte que Resolution a fait état pour 2012 d’un bénéfice d’exploitation avant impôt de 274 millions de livres contre 681 millions pour l’année précédente, une chute qui est imputable à 404 millions d’euros d'éléments exceptionnels en 2011.L’encours de la division «heritage» est tombé fin 2012 à 68,7 milliards de livres contre 70,8 milliards un an auparavant tandis que celui de la division UK a augmenté à 19,7 milliards de livres contre 16,9 milliards.
27/03/2013
Fonds

Vanguard AM référence ses fonds sur Hargreaves Lansdown Vantage

Vanguard Asset Management a annoncé avoir mis à disposition sur la plate-forme Hargreaves Lansdown Vantage l’intégralité de sa gamme irlandaise retail de fonds indiciels à bas coûts en livres sterling. Les frais de ces produits s’échelonnent entre 0,15 % et 0,55 %. La liste des fonds est la suivante :Vanguard Emerging Markets Stock Index FundVanguard Global Small-Cap Index FundVanguard Japan Stock Index FundVanguard Pacific ex-Japan Stock Index FundVanguard SRI European Stock FundVanguard SRI Global Stock FundVanguard Global Bond Index FundVanguard U.K. Government Bond Index FundVanguard U.K. Investment Grade Bond Index Fund
Fonds

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