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13/03/2013
Fonds

TPG envisage de lancer un fonds immobilier

TPG Capital Management envisage de lancer son premier fonds immobilier avec un objectif d’au moins 1 milliard de dollars, selon le Wall Street Journal.La société compte commencer à lever des fonds dans le courant du second semestre 2013. Si TPG atteint son objectif, son fonds sera le deuxième plus important après celui de Lehman Brothers lancé en 2001 qui avait levé 1,6 milliard de dollars.
Fonds
13/03/2013
Fonds

Amundi Immobilier: premières acquisitions pour Opcimmo outre-Rhin

Amundi Immobilier et le groupe BayernLB ont annoncé mardi 12 mars avoir réalisé les premières acquisitions en Allemagne d’Amundi Immobilier pour Opcimmo, un OPCI grand public dont l’objectif est d’investir directement et indirectement dans l’immobilier d’entreprise en France, au Royaume-Uni et en Allemagne.Dans le détail, ces opérations qui ont été financées par BayernLB concernent des immeubles de bureaux “core” loués sur la base de baux long-terme situés à Hambourg (9 500 m2 dans le quartier central des affaires) et Munich (5400m2 sur le pôle de redéveloppement urbain de Ostbanhof). Amundi Immobilier poursuit, au travers de ses investissements en Allemagne, la diversification de ses fonds à l’international. «Après nos fonds italiens, nous offrons maintenant pour la première fois l’accès aux marchés européens à nos investisseurs privés français, et bientôt à nos investisseurs institutionnels, a indiqué Nicolas Simon, directeur général d’Amundi Immobilier.
Fonds
13/03/2013
Fonds

Nouveau gérant pour le UK Equity High Alpha de Standard Life

L’analyste actions Henry Flockhart a remplacé Ed Leggets en tant que gérant du fonds Standard Life Investments UK Equity High Alpha fund, rapporte Fund Web. L’intéressé a rejoint la société de gestion en 2010. Ed Leggets continuera à gérer le fonds SLI UK Equity Unconstrained.
Fonds
13/03/2013
Fonds

SBAB lance trois fonds

La banque suédoise SBAB détenue par l’Etat lance trois fonds qui pourront être investis dans des actions, des obligations, des matières premières, de l’immobilier et des hedge funds et qui seront gérés par Öhman Fonder, rapporte Privata Affärer. Chaque fonds aura une allocation différente en fonction de l’horizon d’investissement (courte, moyenne et longue).
Fonds
13/03/2013
Fonds

Tyndall AM lance un fonds de prêts bancaires

La société de gestion basée à Sydney Tyndall AM vient de lancer un fonds de prêts bancaires octroyés à des entreprises australiennes notées en catégorie d’investissement, rapporte Asian Investor. Un fonds dédié notamment à une clientèle japonaise confrontée à la faiblesse du yen.Tyndall AM a été rachetée il y a deux ans par Nikko Asset Management pour un montant de 80 millions de dollars. A fin 2012, ses actifs sous gestion s'élevaient à 23 milliards de dollars australiens, soit un peu plus de 18 milliards d’euros.
Fonds
13/03/2013
Fonds

State Street lance deux ETF pour ses clients australiens

Avec les SPDR S&P® World ex-Australia (aconyme sur l’ASX : WXOZ) et le SPDR S&P World ex-Australia (Hedged) Fund (WXHG) qu’il vient de lancer, State Street Global Advisors (SSgA) propose aux investisseurs australiens une exposition aux actions internationales. Le premier sera coté sur l’ASX dans quelques semaines, le second devrait suivre assez rapidement.SSgA gère actuellement (28 février) plus de 3 milliards de dollars sous forme d’ETF sur le marché australien.
Fonds
13/03/2013

Swisscanto change de responsable pour le marché helvétique

Sven Wiederkehr, responsable de la direction des ventes, assume dès à présent les fonctions de head of Swiss market chez Swisscanto (51,9 milliards de francs suisses d’encours fin 2012) en remplacement de Reto Tarreghetta, membre de la direction générale. Ce dernier, qui avait rejoint la société en 2006, «a décidé de donner une nouvelle orientation à sa carrière» et quittera la société de gestion centrale des banques cantonales le 28 mars.
13/03/2013

UBS négocierait le rachat de Banca Intermobiliare

UBS serait intéressée par le rachat de la banque italienne Banca Intermobiliare di Investimenti e Gestioni. La première banque suisse pourrait ainsi renforcer ses activités de gestion de fortune, a déclaré un informateur proche du dossier à l’agence Bloomberg, qui a rapporté l’information le 12 mars.L’agence confirme ainsi un article du quotidien italien «Il Sole 24 Ore». Banca Intermobiliare est détenue majoritairement par Veneto Banca. Les négociations avec UBS sont en cours, a indiqué l’informateur. UBS et Veneto Banca n’ont pas souhaité commenté cette rumeur. Les actifs sous gestion de Banca Intermobiliare s'élèvent à environ 14 milliards d’euros.
13/03/2013

Notenstein prend 20,25% dans EFG International

La banque privée suisse Notenstein a annoncé le 12 mars avoir augmenté sa participation dans le spécialiste des services structurés EFG Financial Products (EFG FP), qui est passée à 22,75%, contre 2,5% précédemment. Le montant de la transaction est de 70,2 millions de francs suisses, versés à EFG International.L’achat doit être finalisé «dans le courant» du premier semestre, sous réserve du feu vert des autorités, précise la filiale de Raiffeisen Suisse dans un communiqué.Notenstein a par ailleurs conclu un pacte avec les actionnaires fondateurs d’EFG Financial Products Holding. Cet accord prévoit de proposer aux actionnaires d’EFG Financial Products Holding d'élire deux représentants de Notenstein au conseil d’administration lors d’une assemblée générale extraordinaire. Les parties prenantes s’octroient mutuellement des droits afférents à leurs actions.Notenstein émettra par la suite ses propres produits de placement structurés, garantis par Raiffeisen Suisse. EFG Financial Products prendra en charge certaines prestations de service liées à l'émission et la distribution de ces produits que Notenstein propose sous son nom. Avec cette opération, Notenstein «souligne sa volonté d’accentuer sa suprématie dans le domaine des produits financiers et renforce encore sa position sur le marché suisse».
13/03/2013

Swiss Life propose de modifier ses statuts pour augmenter son capital autorisé

L’assureur Swiss Life veut proposer lors de sa prochaine assemblée générale du 23 avril d’introduire un amendement à ses statuts pour augmenter son capital autorisé. Ce dernier doit être relevé de 3,6 millions à 6 millions d’actions nominatives, soit 18,7% du capital actions.Cette opération doit permettre de relever le capital autorisé à un niveau «habituel dans le secteur» et de renforcer la flexibilité financière du groupe, souligne le spécialiste de l’assurance vie dans un communiqué publié le 12 mars.Par ailleurs, lors de la prochaine assemblée générale, Volker Bremkamp va quitter ses fonctions de membre du conseil d’administration, en raison de la limite d'âge. Peter Quadri a été proposé à la réélection. Frank Keuper de l’assureur Axa, Ueli Dietiker de Swisscom et Klaus Tschütscher, Premier ministre du Liechtenstein, seront proposés à l'élection.Comme annoncé lors des résultats annuels, le groupe va proposer le versement d’un dividende inchangé de 4,50 francs par action, issu des réserves de capital.
13/03/2013

Progression de près de 4% des actifs sous gestion de VP Bank

Les actifs sous gestion de la banque liechtensteinoise VP Bank s’inscrivaient fin décembre 2012 à 28,5 milliards de francs suisses contre 27,4 milliards de francs suisses à fin 2011, soit une progression de 3,9% d’une année sur l’autre, selon un communiqué publié le 12 mars. Les actifs sous conservation ont reculé à 8,8 milliards de francs contre 11,5 milliards de francs à fin 2011.La banque a terminé l’exercice 2012 sur une décollecte de 192 millions de francs suisses, dont 127 millions de francs liés au rachat d’un emprunt contracté en juin 2007. VP Bank fait par ailleurs état d’un effet marché positif de 1,3 milliard de francs. En 2011, VP Bank avait enregistré une collecte nette de près de 1 milliard de francs suisses. Le bénéfice du groupe s’est inscrit, comme annoncé précédemment, à 47,2 millions de francs contre 5,3 millions en 2011.
13/03/2013

Managers may also have their bonuses capped

P { margin-bottom: 0.08in; } So far, portfolio managers are only concerned spectators in the debate on bonus limits, Financial Times Fund Management reports. But observers of the sector agree that regulators will be likely to copy proposals to limit the size of bonuses as compared with salaries to a proportion of 1:2 and 2:2 with forthcoming reforms. The fear is that prohibition of bonuses which exceed salaries may be enshrined into law when the UCITS V directive comes into effect in 2015, FTfm reports.
13/03/2013

Transamerica awards administration of its funds to State Street

P { margin-bottom: 0.08in; } State Street Corporation and Boston Financial Data Services (Boston Financial), a joint venture of State Street and DST Systems, have been retained by Transamerica Asset Mangement (an affiliate of Aegon NV) to provide a complete range of investment services on assets totalling USD55.5bn.The contract covers fund administration (financial reporting, expense administration, compliance monitoring) by State Street, which already has a relatively longstanding relationship with Transamerica. State Street is already custodian and accounting services provider to mutual funds from Transamerica.For Boston Financial, which, for its part, is a new partner of Transamerica, for shareholder recordkeeping, investor & intermediary servicing and compliance services.
13/03/2013

Paulson may move to Puerto Rico

P { margin-bottom: 0.08in; } The billionaire hedge fund manager John Paulson is planning to leave his native New York for Puerto Rico, in order to protect his wealth from the US tax authorities, the Financial Times reports. Puerto Rico has recently passed a law to encourage high net worth individuals to move to the island. Meanwhile, the United States may suppress a tax break for alternative management firms.
13/03/2013

Recruitment agency for AM execs created

P { margin-bottom: 0.08in; } Derek Braddok and Bill Matthews, who had been partners at the recruitment agency specialised in executive search for the asset management and the financial servies sector HigdonBraddockMatthews, have joined forces to create a similar firm, BraddockMatthews LLC, which will initially have offices in New York and Boston.They plan to serve a client base of asset management firms, hedge funds, private equity firms, investment banks, brokerage firms, charities, and retail investors.BraddockMatthews will start up with a team of five other people, four of whom are former colleagues, and Crosby Haynes, who joins from Raines International.
13/03/2013

Assets up at Legg Mason, Invesco and Franklin at the end of February

P { margin-bottom: 0.08in; } As of 28 February, assets under management by Legg Mason totalled USD661bn, compared with USD654.9bn one month previously, and USD648.9bn as of the end of December. For its part, Franklin Templeton has posted an increase in its assets to USD813.8bn, compared with USD809.8bn as of the end of January, and USD781.8bn as of 31 December 2012.For its part, Invesco has reported assets under management as of the end of February of USD713.8bn, compared with USD712.6bn one month previously, and USD687.7bn at the end of last year.At AllianceBernstein, assets remain unchanged compared with the end of January, at USD437bn, vs USD430bn as of 31 December 2012.For Legg Mason, most of the increase in February is related to money market funds, whose assets total USD142.9bn, compared with USD137.4bn as of the end of January, while for Franklin Templeton inflows were mostly to fixed income, with a total of USD364.7bn, compared with USD360.5bn one month previously.
13/03/2013

Assets under management at MEAG up

P { margin-bottom: 0.08in; } Assets under management at MEAG (Munich Ergo Asset Management), the asset management firm of the reinsurance group Munich Re, as of the end of 2012 totalled EUR11.5bn, compared with EUR10.4bn as of the end of December 2011, the German group announced on 12 March at the publication of its annual results. The group has also announced that it is 59% invested in bonds, compared with 58% one year earlier, and 3% in equities, compared with 2% previously. The largest shareholder in the group remains Warren Buffett, who as of the end of 2012 controlled an 11.2% stake in the group, Munich Re states. The stake represents a financial investment for Buffett and not a strategic engagement with a desire to influence policies at Munich Re, the German group says in its annual report.
13/03/2013

DWS head to chair supervisory board at Sal. Oppenheim

P { margin-bottom: 0.08in; } The chairman of the board at DWS Investment, head of the Asset & Wealth Management (AWM) unit for Germany and of active management for the Deutsche Bank group, Wolfgang Matis, has been appointed as chairman of the supervisory board at Sal. Oppenheim. He replaces Carsten Schildknecht, who will be leaving the Deutsche Bank group on 31 March.Joachim Häger has also been appointed as a member of the supervisory board at Sal. Oppenheim. Like Matis, he is a member of the AWM executive board at Deutsche Bank. He is also chairman of the supervisory board at Wilhelm von Fink Deutsche Family Office AG.
13/03/2013

Promotion for Tilman Hickl at UBS

P { margin-bottom: 0.08in; } Tilman Hickl, CEO of UBS Real Estate KAG in Munich, has been promoted to head global real estate – Europe at UBS Global Asset Management, a newly-created position, effective 15 March, fondsprofessionell.de reports. Hickl, who takes command of the real estate unit for all of Europe except Switzerland, temporarily remains a member of the board at UBS Real Estate KAG.His successor as CEO will be Christian Paul. The new head of global real estate – Germany and CEO will be Christine Bernhofer, currently CFO.
13/03/2013

New manager for UK Equity High Alpha fund from Standard Life

P { margin-bottom: 0.08in; } Equity analyst Henry Flockhart has replaced Ed Leggets as manager of the Standard Life Investments UK Equity High Alpha fund, Fund Web reports. Flockhart joined the asset management firm in 2010. Leggets will continue to manage the SLI UK Equity Unconstrained fund.
13/03/2013

Skandia IM funds rebrand as Old Mutual

P { margin-bottom: 0.08in; } Since 11 March, British-registered funds managed by Skandia Investment Management Ltd will all adopt the Old Mutual prefix, Old Mutual Global Investors (OMGI) has announced, the change follows a name change for Skandia IM, which has become Old Mutual Investment Management Ltd.A list of affected funds is available as an attachment.
13/03/2013

KKR plans to sell 50% of Tarkett

P { margin-bottom: 0.08in; } The private equity group KKR is planning to sell its 50% stake in the French firm Tarkett as part of a transaction which would value the flooring specialist at USD2.5bn to USD3.8bn, the news agency Bloomberg reports. The firm, based in Nanterre, has been 50/50 controlled by KKR and the Deconinck family since 2007. The Deconinck family does not wish to sell its stake, Bloomberg reports. Pre-tax profits at Tarkett last year totalled EUR260m, up 36% year on year, on earnings up 11% to EUR2.3bn.
13/03/2013

UBS in talks to acquire Banca Intermobiliare

P { margin-bottom: 0.08in; } UBS is reported to be interested in acquiring the Italian Banca Intermobiliare di Investimenti e Gestioni. The largest Swiss bank may also strengthen its wealth management activities, an informer familiar with the matter has told the news agency Bloomberg, which reported the information on 12 March. The agency thus confirms a report in the Italian newspaper Il Sole – 24 Ore. Banca Intermobiliare is majority owned by Veneto Banca. Talks with US are underway, the informer says. UBS and Veneto Banca had no comments on the rumour. Assets under management at Banca Intermobiliare total about EUR14bn.
13/03/2013

Swisscanto replaces head for Swiss market

P { margin-bottom: 0.08in; } Sven Wiedeker, head of sales, will now become head of Swiss market at Swisscanto (GBP51.9bn in assets as of the end of 2012), replacing Reto Tarreghetta, a board member. Tarregheta, who joined the firm in 2006, “has decided to give a new orientation to his career,” and will be leaving the central asset management firm for the cantonal banks on 28 March.
13/03/2013

Notenstein acquires 20.25% of EFG International

P { margin-bottom: 0.08in; } The Notenstein private bank on 12 March announced that it has increased its stake in the structured services specialist EFG Financial Products (EFG FP), to 22.75% from 2.5% previously. The acquisition price is CHF70.2m, paid to EFG International. The purchse is expected to be finalised “during” first half, pending approval from the authorities, the Raffeisen Switzerland affiliate says in a statement. Notenstein has also signed an agreement with the founding shareholders of EFG Financial Products Holding. The agreement specifies that shareholders in EFG Financial Products Holding will be allowed to elect two members of Notenstein to the board of directors at an extraordinary shareholders’ meeting. The participants will mutually allocate the rights corresponding to their shares. Notenstein will then issue its own structured investment products, guaranteed by Raiffeisen Switzerland. EFG Financial Products will take responsibility for providing some services, related to the issue and sale of these products, while Notenstein will offer the products in its name. With the operation, Notenstein “emphasizes its will to accentuate its supremacy in the area of financial products, and further strengthen its position on the Swiss market.”
13/03/2013

Swiss Life offers to change its statutes to increase conditional capital

P { margin-bottom: 0.08in; } The insurer Swiss Life is planning to offer to introduce an amendment at its next general shareholders’ meeting on 23 April to increase its conditional capital. The capital would be increased form 3.6 million to 6 million nominal shares, equivalent to 18.7% of equity capital. The operation will increase the conditional capital to a level which is “usual in the sector,” and increase the financial flexibility of the group, the life insurance specialist says in a statement released on 12 March. At the next general shareholders’ meeting, Volker Brenkamp will be leaving his position as a member of the board of directors, due to an age limit. Peter Quadri has been proposed for re-election. Frank Keuper of the insurer Axa, Ueli Dietiker of Swisscom, and Klaus Tschütscher, prime ministeer of Liechtenstein, will be proposed for election. As announced in annual results, the group will propose to pay an unchanged dividend of CHF4.50 per share, from capital reserves.
13/03/2013

Barings nabs big name from NGAM

P { margin-bottom: 0.08in; } Cora Gibbons, head of the international product group at Natixis Global Asset Managment (NGAM), will be joining Baring Asset Management with immediate effect as head of product & fund development. She will be based in London, and will report to David Stevenson, head of product & business development.Before joining NGAM to become head of all product activities of the firm worldwide outside the United States, Gibbons became head of product sales support at Allianz Global Investors in Frankfurt, after serving as lead account manager. She had previously been manager, global products at Invesco, also in Frankfurt.
13/03/2013

Tyndall AM launches a corporate bank loan fund

P { margin-bottom: 0.08in; } The Sydney-based asset management firm Tyndall AM has launched a fund of bank loans issued to Australian businesses rated investment grade, Asian Investor reports. The fund will be dedicated largely to Japanese clients, due to the weak yen. Tyndall AM was acquired two years ago by Nikko Asset Management, for a total of USD80m, As of the end of 2012, its assets under management totalled AUD23bn, or slightly over EUR18bn.
13/03/2013

State Street launches two ETFs for Australian clients

P { margin-bottom: 0.08in; } With the SPDR S&P® World ex-Australia (aconym on ASX: WXOZ) and the SPDR S&P World ex-Australia (Hedged) Fund (WXHG), State Street Global Advisors (SSgA) is offering Australian investors exposure to international equities. The first fund will be listed on the ASX in a few weeks, while the second will follow shortly.SSgA currently (as of 28 February) has over AUD3bn in the form of ETFs on the Australian market.
13/03/2013

VP Bank's AUM up by nearly 4%

P { margin-bottom: 0.08in; } Assets under management at the Liechtenstein bank VP Bnak as of the end of December 2012 totalled CHF28.5bn, compared with CHF27.4bn at the end of 2011, an increase of 3.9% year on year, according to a statement released on 12 March. Assets under conservation fell to CHF8.8bn from CHF11.5bn at the end of 2011.The bank finished the year 2012 with outflows of CHF192m, of which CHF127m are related to the acquisition of a loan signed in June 2007. VP Bank has also reported a positive market effect of CHF1.3bn. In 2011, VP Bank registered a net inflow of nearly CHF1bn.Profits at the group, as previously announced, totalled CHF47.2m, compared with CHF5.3m in 2011.

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