Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
07/03/2013

Philip Vasan promoted at Credit Suisse Americas

P { margin-bottom: 0.08in; } The head of prime brokerage for the past decade, Philip Vasan, has been promoted at Credit Suisse to become head of the private banking division for the Americas (United States, Canada and Latin America), the Wall Street Journal reports. From April, Vasan will report to Rob Shafir, based in New York and global co-head of private banking & wealth management.As head of prime brokerage, the Swiss group has chosen Paul Germain, who was recruited by Vasan from Goldman Sachs in 2010.Anthony DeChellis, head of private banking, Americas, will also be leaving that position to serve in other roles in the division, according to sources familiar with the matter.
07/03/2013

Legg Mason may mobilize USD1bn for acquisitions

P { margin-bottom: 0.08in; } The Wall Street Journal reports that Pete Nachtwey, CFO, estimates that even after the acquisition of Fauchier Partners for USD80m (plus another USD56m if the firm achieves certain objectives), Legg Mason has another USD1bn to spend on acquisitions. Of this total, USD550m is in cash, and USD500m is unused revolver.
07/03/2013

Primonial REIM invests in Place de La Madeleine in Paris

P { margin-bottom: 0.08in; } Primonial REIM on 6 March announced the acquisition of the Darty store, located at Place de la Madeleine (Paris, 9th district), at the heart of the “Opéra - Madeleine - Grands Magasins Haussmann” triangle, from the city of Paris, on behalf of funds under its management.Darty has been operating since 1975, with total floor area of over 2,000 square metres. An institutional lease with a fixed 9-year term has been signed with the Darty brand.
07/03/2013

SEC hedge fund sheriff hands in badge

P { margin-bottom: 0.08in; } Bruce Karpati, head of supervision for asset management, including hedge funds, at the Securities & Exchange Commission (SEC), is rumoured to be departing, the Wall Street Journal reports.The newspaper states that Karpati has been in talks with Prudential Financial, where he may take up a position as head of professional ethics next month.
07/03/2013

Equity rally triggers gold ETF sell-off

P { margin-bottom: 0.08in; } Investors are selling off shares in gold ETFs at a record pace, as the equity rally dampens demand for the precious metal, the Financial Times reports. According to Bloomberg, ETFs sold off 106 tonnes of gold in February, the largest ever month of net outflows. Since the beginning of January, holdings in ETFs fell by 140 tonnes.
07/03/2013

HSBC releases monthly index of emerging markets

P { margin-bottom: 0.08in; } In order to better anticipate developments in emerging markets, HSBC is offering a monthly, and not merely quarterly, Emerging Markets Index (EMI). The monthly HSBC EMI index, based on the purchasing manager’s index (PMI) of 16 major emerging markets (Saudi Arabia, Brazil, China, South Korea, Egypt, United Arab Emirates, Hong Kong, India, Indonesia, Mexico, Poland, Czech Republic, Russia, Taiwan, Turkey and Vietnam), suggests a moderation in growth in emerging markets in the month of February this year.The index stands at 52.3 for the month of February, its lowest level since August 2012, after 53.8 in January. The decline reflects a slowing of growth in emerging markets, particularly in China, India and Brazil.“The fall of this index shows that for the moment, growth remains the primary challenge for emerging markets, and that inflation remains a secondary concern for some economies,” says Murat Ulgen, head of economic research for Central and Eastern Europe at HSBC.
07/03/2013

Assets at HSBC Trinkaus up by one fifth in 2012

P { margin-bottom: 0.08in; } As of the end of 2012, assets under management and administration at Düsseldorf-based HSBC Trinkaus totalled EUR150.3bn, compared with EUR125.5bn one year previously, which represents an increase of 19.8%.Net profits for the high net worth retail unit fell to EUR19m last year, from EUR21.1m in 2011, while profits from institutional clients increased to EUR46.4m from EUR41.1m.Overall, net profits at HSBC Trinkaus dipped by 3% to EUR133.2m, from EUR137.3m.
07/03/2013

Neptune plans to liquidate four funds

P { margin-bottom: 0.08in; } Neptune Investment Management is planning to close four funds, three of which belong to the Max Alpha range, due to weaker-than-expected demand for these products, Fund Web reports. The funds concerned are the Neptune US Max Alpha fund (GBP1.8m), Neptune European Max Alpha fund (GBP600,000), Neptune Japan Max Alpha fund (GBP400,000) and Neptune Green Planet fund (GBP3.8m).
07/03/2013

PGGM confirms Else Bos as CEO

P { margin-bottom: 0.08in; } As Martin van Rijn was appointed in November as secretary of state in the ministry of health, protection and sport in the Netherlands, he has been obliged to leave his position as CEO of the pension fund PGGM (EUR133bn). He was replaced on 6 March, with immediate effect, by Else Bos, who had served in the position for the interim since 5 November, in addition to her role as chief institutional business. The appointment remains conditional, pending approval from the Bank of the Netherlands (De Nederlansche Bank).Bos, who had previously worked at ABN Amro and NIB Capital Asset Management, joined PGGM in 2002 as CEO, investments.
07/03/2013

Joint bid from Bankinter and Apollo for BSI

P { margin-bottom: 0.08in; } According to sources familiar with the matter, cited by Reuters, Spain-based Bankinter and the US private equity investor Apollo Global Management have agreed to submit a joint bid, offering up to EUR2bn for Banca della Svizzera Italiana (BSI), which has been put up for sale by the Generali group.The other potential buyers in the running are the Brazilian Safra, which has recently bought Sarasin, and the Chinese ICBC.
07/03/2013

Closing for the Global Value programme at Partners Group

P { margin-bottom: 0.08in; } Swiss wealth management firm Partners Group on 6 March announced that it has closed its Global Value programme, begun in 2011. The programme received EUR680m, according to a statement released on 6 March.Partners Group Global Value 2011 thus becomes the third and largest programme from the firm. It follows programmes begun in 2006 and 2008, which were closed with totals of slightly over EUR400m, in the first case, and EUR530m, in the second.At the time the programme was closed, Partners Group Global Value 2011 had already been 50% placed in diversified private equity investments.
07/03/2013

Promotions at BNY Mellon AM Japan

P { margin-bottom: 0.08in; } The US firm BNY Mellon has announced that Shizu Kishimuto has been promoted to representative director and president of the group’s Japanese asset management affiliate BNY Mellon Asset Management Japan Limited (founded in 1998), from 1 April. She joined BNY Mellon in 2003 and was most recently representative director and head of retail sales & marketing.In her new role, Kishimuto will replace Shugo Kamaguchi, who joined the firm in 2007, and who has been promoted to representative director and chairman of BNY Mellon Asset Management Japan Limited, also from 1 April.Both will be based in Tokyo, and will report to Alan Harden, CEO for asset management operations of BNY Mellon in Asia-Pacific.
07/03/2013

Assets at DekaBank up 7.7%

P { margin-bottom: 0.08in; } At a press conference to present results for the DSGV federation of German savings banks, president Georg Fahrenshon announced that AUM at the affiliate DekaBank, which will release its results on 9 April, increased by 7.68% to EUR162.6bn in 2012, compared with EUR151bn as of 31 December 2011. That is partly due to net inflows in fourth quarter, following net outflows in first half. Demand from clients of the savings banks was largely for open-ended real estate funds and diversified funds.Meanwhile, Fahrenschon has also announced that “economic profits” (pre-tax profits according to IFRS accounting standards, plus the results of a valuation of financial instruments) at Deka for 2012 were higher than the EUR383.1m recorded in 2011, when they were 59.6% down on 2010.
07/03/2013

Union appoints head of real estate AM for Germany

P { margin-bottom: 0.08in; } Dominik Moll, who has been head of real estate market Germany North at Commerz Real, where he began in 2008, since 2011, will on 15 April 2013 begin in the newly-created position of head of real estate asset management for Germany at Union Investment Real Estate (UIRE).Moll will report to Vocker Noack, a managing board member, and will take responsibility for a portfolio of offices, shops and logistical properties with a volume of over EUR4bn. He will also be responsible for overseeing rentals and managing tenants, at the head of a team of 36 asset & tenant relations managers.
07/03/2013

Italian investors want to invest abroad

P { margin-bottom: 0.08in; } 55% of Italian investors say they would consider investing abroad, of those who have not already done so, compared with only 25% in Germany, 20% in France and 24% in the United States, a Legg Mason study cited by Bluerating reveals. In 2013, 40% of Italian investors surveyed would increase their allocation to bonds, compared with 29% to equities, while 25% would reduce their allocation to equities, 24% would reduce allocation to alternative assets, and 21% to cash.
07/03/2013

Picard Angst offers an emerging market equity fund

P { margin-bottom: 0.08in; } The Swiss firm Picard Angst has announced the launch of a UCITS-compliant fund investing in ten emerging markets (Brazil, China, India, Indonesia, Malaysia, Mexico, Russia, South Africa, and South Korea): the Picard Angst Emerging Markets Fund, managed by Swiss & Global Asset Management.The Luxembourg-registered product, which offers daily liquidity, is available in Swiss francs, euros and US dollars, in three share classes each. It is licensed for sale in Luxembourg, Germany, Switzerland, and Austria, and replicates the Picard Angst Emerging Markets Index.The asset management team is aiming for a balanced distribution of risk and adequate liquidity.
07/03/2013

Mapfre preparing fund offering annual returns of 3.25%

P { margin-bottom: 0.08in; } The Spanish firm Mapfre will on 22 May release its second target return fund of 203, the Fondmapfre Rendimiento II, which aims to deliver an unguaranteed return of 3.25% of net asset value as of 28 May, compared with 3.50% for the Fondmapfre Rendimiento I, launched in January.The portfolio will be invested largely in bonds issued by the Instituto de Crédito Oficial (ICO), and will have a duration of 5 years, until 1 June 2018.CharacteristicsName: Fondmapfre Rendimiento II, FIISIN code: ES0115721005Front-end fee: 5% from 29 May 2013 until 1 June 2018Management commission: 0.85%Withdrawal penalties:2% from 28 May 2013 until 28 May 20141.5% until 28 May 20151% until 31 May 2018
07/03/2013

Tungsten launches total return fund with Universal

P { margin-bottom: 0.08in; } F.U.X. Asset Manager Manufaktur GmbH (FUXAMM) has brought together the Frankfurt-bsed Tungsten Capital Management (EUR500m in assets) and Universal-Investment to launch a defensive total return, German-registered, market neutral diversified fund, the Tungsten Paragon UI, which aims for total annual returns of 6% to 8%.The manager, Tarek Saffaf, uses a directional strategy based on options on equity indices, combined with investments in high quality bonds and a market neutral volatility strategy.The monthly risk budget limits losses very rapidly, and allows for recovery phases after a draw down equally rapidly.CharacteristicsName: Tungsten Paragon UIISIN codes:DE000A1J31V0 (R share class)DE000A1J31W8 (I share class)Front-end fee: Maximum 5%Management commissions:Currently 1.89% (R share class) Currently 1.29% (I share class)Performance commission: 15% on performance exceeding the Euribor 1-month TR, with high watermark
07/03/2013

Slight decline in coverage rate for pension funds in February

P { margin-bottom: 0.08in; } The average coverage rate for US corporate pension funds contracted by 0.5 percentage points in February to 80.7%, according to BNY Mellon.In the month under review, assets in pension funds increased by 0.8%, while liabilities increased by 1.4%, due to a decline in the discount rate for Aa-rated businesses of 8 basis points, to 4.05%.
07/03/2013

HFR hedge fund index up 0.43% in February

P { margin-bottom: 0.08in; } The HFRX Global Hedge Fund index in February gained 0.43%, with all strategies positively oriented except macro. However, the Credit Suisse Liquid Alternative Beta is down slightly by 0.16% in February.In the first two months of the year, the HFRX index is up 2.4%, compared with 1.4% for the Standard & Poor’s 500 index. “Fundamental value” strategies gained 1.72% in February, and 4.85% since the beginning of the year. Convertible arbitrage funds gained 1.45% for the month, and have gained 2.43% since the beginning of the year.Macro funds, however, lost 0.09% in February, and show a marginal gain of 0.01% over two months.
07/03/2013

Record inflows to Legal & General IM in 2012

P { margin-bottom: 0.08in; } Net inflows to Legal & General Investment Management last year totalled GBP7.1bn, compared with GBP3bn the previous year, according to figures released by the firm on 6 March. This increase contributed to a rise in operating profits to GBP243m, from GGBP234m the previous year.Assets under management were up 9% year on year, to GBP9bn, compared with GBP371bn in 2011.LGIM says in a statement that activities accelerated internationally, particularly in the United States and the Gulf. Net inflows from international clients totalled GBP7.8bn, compared with GBP4.5bn in 2011, while international assets under management were up 34% to GBP43bn, compared with GBP32bn in 2011.
07/03/2013

European ETFs: six major players out of 10 show outflows in February

P { margin-bottom: 0.08in; } In February, European ETPs posted net inflows of USD1.4bn, compared with USD6.5bn in January, according to statistics from the BlackRock Institute. Out of the top ten providers, six have posted total net outflows ranging from USD0.1bn (UBS and Source) to USD0.4bn (ETF Securities). Lyxor, for its part, has posted net redemptions of USD0.2bn.However, the top two players in the sector, iShares (BlackRock) and db x-trackers (Deutsche Bank) show net subscriptions of USD1.5bn and USD0.2bn.In January-February, total net subscriptions come to USD7.9bn, of which USD5.7bn were for iShares, and USD1.2bn for db x-trackers.In terms of assets, the rankings remain unchanged: iShares is well ahead, with USD145.7bn, out of a total of USD375.4bn, followed by db x-trackers (USD51.5bn) and Lyxor (USD42.2bn).
07/03/2013

Apache Partners launches frontier markets fund

P { margin-bottom: 0.08in; } The British investment advisory firm Apache Partners will on 22 March this year launch a fund dedicated to frontier markets.The fund will be primarily focused on the markets of Central and Southern America, the Balkans, the Baltic countries, Central and Eastern Europe, Sub-Saharan Africa, some Gulf countries, Indochina, and Central Asia.The fund will be primarily invested in equities, but may also include an allocation to bonds. Initially, its primary markets will be Mongolia, Kazakhstan, Nigeria, Bosnia, Cuba, and Iraq.The fund will be managed as a fund of funds, and selections will depend on quantitative as well as qualitative factors.
07/03/2013

Rorento moves from Curaçao to Luxembourg

P { margin-bottom: 0.08in; } Robeco has announced that the headquarters of its affiliate Rorento NV will be moving from Curaçao to Luxembourg, and that from 22 July, its funds on sale in Europe will comply with European standards. After the move, Rorento will be under the jurisdiction of the Luxembourg regulator. The strategy for the UCITS-compliant product will remain unchanged from its present forumlation, but the adoption of a UCITS IV-compliant status will impose additional constraints, particularly in the diversification of risks.Rorento, a Curaçao-registered company, will adopt the status of Sicav in Luxembourg, and shareholders in Rorento NV will receive an equivalent number of shares in Rorento DH EUR, reserved for retail investors and hedged for currency risks against the euro.
07/03/2013

Schroders releases GAIA Sirios US Equity fund in Germany

P { margin-bottom: 0.08in; } Having received licenses from BaFin and the FMA, Schroders is releasing the new Sirios US Equity Fund, a sub-fund of its Schroder Global Alternative Investor Access (GAIA) platform, in Germany and Austria, with immediate effect. The product is already available in Spain and France (see Newsmanagers of 28 February and 4 March).
07/03/2013

La BCE et La BoE maintiennent leur politique monétaire inchangée

La Banque centrale européenne a maintenu comme prévu ses taux directeurs à respectivement 0,75%, 1,50% et 0%, et ce malgré la faiblesse persistante de l’économie en zone euro et les inquiétudes liées à la crise politique italienne. De même la Banque d’Angleterre (BoE) a annoncé qu’elle laissait son taux d’intervention au plus bas record de 0,5% et qu’elle n’injecterait pas davantage d’argent dans une économie britannique anémique, deux décisions qui étaient attendues.
Photo : Bloomberg
07/03/2013

Adjudications obligataires réussies pour Paris et Madrid

La France et l’Espagne ont respectivement placé sans difficulté 7,5 milliards et cinq milliards d’euros d’obligations à des coûts de financement en baisse, en dépit des incertitudes politiques italiennes. Le Trésor espagnol a adjugé cinq milliards d’euros d’obligations à échéances 2015, 2018 et 2023 bénéficiant d’une forte demande sur les trois lignes et d’un taux inférieur à 5% sur l’emprunt de référence à 10 ans. La France a de son côté émis sans difficulté 7,48 milliards d’euros d’obligations assimilables du Trésor (OAT), soit le haut de la fourchette annoncée (6,5-7,5 milliards). La demande a atteint 17,52 milliards d’euros, ce qui donne un ratio de couverture de 2,34 comparable à celui des précédentes adjudications de l’année.
07/03/2013

Mitt Romney rejoint le fonds d'investissement de son fils

Quatre mois après sa défaite à l'élection présidentielle américaine face à Barack Obama, Mitt Romney a rejoint le fonds d’investissement créé par son fils, selon un conseiller de l’ancien candidat républicain. Ce dernier, fondateur de Bain Capital, est nommé président du comité exécutif de Solamere Capital, une société fondée en 2008 par Tagg Romney avec Eric Scheuermann et Spencer Zwick.
07/03/2013

Revers pour Nyse Euronext en Inde

Reuters croit savoir que l’opérateur boursier a renoncé, faute d’appétit des investisseurs, à céder sa participation de 4,8% au capital de l’opérateur indien MCX (Multi Commodity Exchange of India) spécialisé sur les matières premières. Nyse Euronext attendait 46 millions de dollars de l’opération, lancée hier soir mais annulée.

Sujets d'actualité

Tous les sujets