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18/02/2013

Basel Commitee publishes recommendations on management of currency transactions

The Basel Committee on 15 February published its recommendations on the management of risks related to the settlement of currency transactions. This is an update of a document initially published in 2000. Since then, the market has developed considerably, and although significant progress has bee made to reduce the risks in currency transactions, an update was necessary. The document is particularly focused on issues related to governance in currency transactions, and varius risks inherent in the practice of currency transactions, such as liquidity risks, operational risks and legal risks.
18/02/2013

Financière de l’Echiquier plans to grow outside France

Jérôme Blanc, head of development, admits that it will be hard to make a mid-sized boutique like Financière de l’Echiquier (EUR6bn including EUR800m at Acropole) grow outside France. But, he tells Funds People, the firm has strengths, with products that offer good returns and low volatility.In fact, 30% of assets already come from abroad, largely from Belgium. The asset managemment firm has good prospects in Italy, and the firm will also work to grow in Switzerland and Germany. In Spain, Financière de l’Echiquier may finish 2013 with EUR100m in assets, up from EUR80m currently.The international sales team, based in Paris, has one person dedicated to Germany, two for Italy, one for Belgium, and one for Spain and Switzerland.
18/02/2013

Old Mutual plans partial IPO of its US asset management firm

Old Mutual is planning a partial IPO for its US asset management firm, Financial Times Fund Management report. “We are exploring a partial IPO and are not planning to give up control,” says Patrick Bowes, head of communications at Old Mutual.
18/02/2013

SAC Capital sees one quarter of client assets withdrawn

In March, SAC Capital will redeem USD600m to clients who asked to withdraw before the deadline of 14 February, and another USD1bn by the end of the year, to investors who have requested redemption of their shares; in total, that will represent USD1.7bn, or more than one quarter of the USD6bn SAC has under management for external clients, the Wall Street Journal reports.These withdrawals appear to have been triggered by a Federal investigation into six former SAC employees for insider trading. The alternative asset management firm also announced in November that it could be facing a civil lawsuit by regulators. SAC claims, however, that the firm and its founder, Steven A. Cohen, acted appropriately and are cooperating with investigators.
18/02/2013

One business out of three plans to strengthen social networks in 2013

One third of businesses which have developed a presence on social networks (Facebook page, Twitter account, etc.) are planning to step up their efforts in this area, according to a new study by CCM Benchmark of social networks. More than half of these businesses are planning to recruit for conception, moderation and production of content in the next 12 months. But due to a diversification of efforts in Community Management activities, 10% of businesses, primarily the larger ones, are planning to outsource these functions. The production of content appears to be the most relevant means to increase the effectiveness of presences on social networks for 46% of businesses surveyed. “Businesses would like to bring more relevance and reactiveness to their interactions with communities, as well as the production of content dedicated to these resources, particularly with additions to teams dedicated to Community Management,” says Alexandre Voirin, an analyst at CCM Benchmark.
18/02/2013

ABP gets payoff from Merck

To settle a lawsuit, the pension fund for public employees in the Netherlands ABP (EUR291bn), a few days before a hearing scheduled for 4 March before a New Jersey court, obtained an agreement from the US pharmaceuticals company Merck to pay it USD215m, or EUR161m, Fondsnieuws reports.For the past five years, ABP had accused Merck of publishing the results of clinical trials which lasted two years, and which demonstrated that the anti-cholesterol medication Cytorin delivered no statistical advantage in the treatment of arterial sclerosis compared with the generic product Cimvastatin too late. These results lost investors money.The Dutch pension fund led a class action lawsuit in which it teamed up with the Jacksonville Police and Fire Retirement System, the General Retirement System of the City of Detroit and International Fund Management.Overall, the class action lawsuit will cost Merck USD688m, or EUR517m, to settle.
18/02/2013

Appointment at CPR AM

On 15 February, CPR Asset Management announced the recruitment of Hubert Segura as head of sales for real estate via CPR Le Comptoir outlets. Since 2010, Segura had been director of development for Référence Pierre, an IFA brand from Izimmo. Le Comptoir par CPR will include a selection of SCPI funds managed by Amundi Immobilier as part of its “core” product offering, in order to better meet the needs of independent financial advisers and their wealth management clients. In addition to access to well-known SCPI funds (such as Rivoli Avenir Patrimoine or Edissimmo), Segura will participate in the commercial development of new-generation OPCI Funds such as Opcimmo.
18/02/2013

Jean-Luc Enguéhard steps down as chairman of board at La Banque Postale AM

The wheels are turning at La Banque Postale AM. Jean-Luc Enguéhard will be leaving his position as chairman of the board at La Banque Postale AM, and will become an adviser to Philippe Wahl, chairman of the board at La Banque Postale, the firm announced on 15 February. At the same time, he will become chairman of the supervisory board at La Banque Postale Asset Management (LBPAM).He will be replaced in his position as chairman of the board of LBPAM by Chantal Lory, who becomes a member of the executive board at La Banque Postale.Enguéhard was appointed as chairman of the board at Sogéposte in 1999, which became La Banque Postale Asset Management in 2006. He has been a member of the AMF college since June 2011, and he will retain this position as well as his seats as a member of the strategic committee of the French financial management association (AFG) and the representative of corporate members of LBPAM to EFAMA.Lory, for her part, joined La Banque Postale Financement in March 2009, and was chairman of the board.
18/02/2013

Daimler stands up to DWS and Union over Formula 1

Jörg Howe, a spokesman for Daimler, on Sunday told the news agency dpa, relayed by Handelsblatt, that the auto maker is refusing to give in to the asset management firms DWS (Deutsche Bank) and Union Investment (co-operative banks), which are asking it to drop out of Formula 1 car racing.The asset management firms claim that Formula 1 is both too costly and counter-productive in terms of image, with Grand Prix races being run in countries that are criticized for their violations of human rights.
18/02/2013

Nigel Bolton promoted to CIO at BlackRock

Nigel Bolton, head of the European equity team at BlackRock, has agreed to accept the role of chief investment officer (CIO) of International Fundamental Equity (FE) within the Alpha Strategies group led globally by Quintin Price, according to a statement.Nigel Bolton’s expanded role will cover the EMEA and Asia Pacific regions, where he will work closely with his counterpart Chris Leavy, CIO of Fundamental Equity Americas. He remains head of the European equity Team and retains his portfolio management responsibilities.
18/02/2013

Rotation towards equity funds stalls

During the second week of February EPFR global-tracked bond gunds outgained equity funds for the first time since early December.Overall bond funds, which had a record setting year last year, took in USD2.58 billion during the week ending February 13 versus USD1.81 billion for Equity Funds. The check in the recent rotation in favor of Equity Funds did not, however, drive retail investors back to their default position – redemptions – during most of 2012. Instead Retail investors committed fresh money for the sixth straight week, the longest such run since 1Q11.Investors retained their enthusiasm for diversified exposure to emerging markets debt and equity. For the seventh consecutive week both emerging markets bond and EM equity funds took in over USD1 billion.The exodus from Europe bond funds was broadly based, with only Switzerland and Denmark Bond Funds swimming against the tide. Sweden bond funds, which have enjoyed sustained inflows since 3Q12, posted their biggest weekly outflow since the current financial crisis began.
18/02/2013

Finra investigating dark pools

The Wall Street Journal reports that the Financial Industry Regulatory Authority (Finra) is currently exploiting the responses to requests for information which it sent in late 2012 to operators of dark pools, and that requests will be sent to other operators.The regulator wants to obtain additional information about the way in which these trading systems process orders from clients, and the contents of information provided to clients. It would also like to know if the affiliates of operators of dark pools have access to information about trades made by clients.
18/02/2013

Appointment to AMF

The French financial market regulator, the Autorité des marchés financiers (AMF), on 15 February announced the appointment of Olivier Vigna as chief economist and director of the research, strategy and risk division of the office of the director of regulation and international affairs. Vigna, educated at the Ecole Normale Supérieure in Cachan and a graduate of IEP Paris, joined the Bank of France in 1996. He spent 5 years as a banking controller for the banking commission, and then 5 years as an economist and statistician in the balance of payments office. In 2005, he became a macroeconomist in the office of foreign economies, and then head of the conjunctural diagnostic department of the conjuncture and macroeconomic projections department in 2007, and then head of the market relationships and crisis management office of the financial stability department in 2010, and a member of the consulting commission of the AMF on individual and collective management activities.
18/02/2013

Heinz insider trading? SEC gets Swiss account frozen

On 15 February, the day after the announcement that Berkshire Hathaway and 3G Capital are acquiring H.J. Heinz Company for USD28bn, the SEC announced that it has obtained an order from a Manhattan court to freeze the assets in a trading account in Zurich which is suspected of having been used for trades which benefited from inside information about the operation, which may have made illegal profits of USD1.7m.The Wall Street Journal reports that the account was at GS Bank, an affiliate of Goldman Sachs, which is not involved in the deal.The case concerns the purchase of call options the day before Heinz shares gained 20%, and trading volumes on the share rose by more than 1,700%.
18/02/2013

Marco De Filippi leaves Azimut

Marco De Filippi has recently left Azimut, where he was head of sales for wealth management, to join Valeur, a Swiss wealth management firm, where he becomes network manager, Bluerating reports.
18/02/2013

JO Hambro preparing fund of non-US small caps

JO Hambro Capital Management is planning to launch a fund of international ex-US small cap equities, which will be managed by Robert Cresci, who has recently joined the firm from Harding Loevner, Investment Week reports. The fund, which will be launched later this year, will have 60 to 80 positions on selected, high quality international small cap equities from both developed and emerging countries.
18/02/2013

More than 100 funds were merged or liquidated last year

Last year in the UK, more than 100 open-ended funds were either merged or liquidated, as many asset management firm took the occasion of the introduction of RDR legislation on 1 January to rationalise their product ranges, Investment Week reports. The vast majority of funds which were merged or liquidated last year fell short of the average returns for funds in their respective sectors over one, three and five years. The average returns for 15 closed funds last year in the “Global” sector of the British Investment Management Association (IMA), for example, was 0.11% over three years, well below the average returns for the sector of 30.11% over the same period, according to Lipper data. Lipper statistics also reveal that some funds were liquidated at a time when they were bringing in sometimes exceptional returns over three years. The Majedie Asset UK Opportunities fund was closed in December last year due to a decline in assets under management below the GBP20m threshold. The fund had earned returns of over 83% over three years, compared with 42.07% for the IMA UK All Companies index of the sector.
18/02/2013

British managers criticise FTT

In the wake of the publication of details of the way that the FTT will function by the European Commission, the British Investment Management Association (IMA) has been critical of the new tax, although the United Kingdom will not directly be involved in the initiative. According to the professional association, British investors will be affected by the tax when they invest in shares which are available in countries that are applying the FTT, or when they make trades with counterparties in those countries. “It is important to ensure that the tax is not applied several times to each transaction when intermediaries are involved,” the IMA says in a statement.
18/02/2013

Threadneedle confirms arrival date for new CEO

Threadneedle Investments on Friday confirmed that, effective 1 March 2013, Campbell Fleming will become chief executive officer and Crispin Henderson will become vice chairman of Global Asset Management for Ameriprise Financial, the parent company of Threadneedle. In their new roles, both Fleming and Henderson will report to Ted Truscott, CEO of Global Asset Management for Ameriprise. Threadneedle announced the CEO succession, subject to FSA approval, on 12 December 2012.
18/02/2013

Man Group to reshuffle management

The new head of Man Group, Emmanuel Roman, will announce a vast reshuffle of management at the hedge fund group, after he begins on 28 February, the Financial Times reports. The changes, which will strengthen the power of the CEO, will result in a virtual doubling of the size of the executive committee, which will now meet every week instead of every month. The details of the changes were announced to senior staff in a memo seen by the Financial Times.
18/02/2013

Fundo becomes collective investment management firm

The institutional asset management firm Fundo has been granted a license by the Swiss federal financial market regulator, Finma, to operate as a manager of collective investments, Agefi Switzerland reports. Fundo, based in Lausanne and Zurich, is an institutional asset management firm, which positions itself as a manager of pension funds, in order to help them achieve major objectives, such as capital preservation and payment of benefits. By taking this step in its development, Fundo joins a close circle of 100 wealth management firms which are licensed for this activity in Switzerland.
18/02/2013

Threadneedle confirme la date de l’arrivée de son nouveau CEO

Threadneedle Investments a confirmé vendredi que c’est le 1er mars que Campbell Fleming deviendra directeur général (CEO) et Crispin Henderson, vice-président du pôle Global Asset Management d’Ameriprise Financial, la maison mère de Threadneedle.Dans leurs nouvelles fonctions, ils seront placés sous la direction de Ted Truscott, CEO du pôle Global Asset Management d’Ameriprise.Threadneedle avait annoncé ces nominations le 12 décembre 2012.
18/02/2013

Jean-Luc Enguéhard quitte la présidence du directoire de La Banque Postale AM

Jean-Luc Enguéhard va quitter la présidence du directoire de La Banque Postale AM et accéder à la fonction de conseiller auprès de Philippe Wahl, président du directoire de La Banque Postale, a annoncé, vendredi 15 février, l'établissement. Simultanément, il devient président du conseil de surveillance de La Banque Postale Asset Management (LBPAM). Il est remplacé au poste de président du directoire de LBPAM par Chantal Lory qui devient membre du comité exécutif de La Banque Postale. Jean-Luc Enguéhard a été nommé président du directoire de Sogéposte en 1999, devenue La Banque Postale Asset Management en 2006. Il est membre du collège de l’AMF depuis juin 2011, fonction qu’il conserve ainsi que celles de membre du comité stratégique à l’Association française de la gestion financière (AFG) et de représentant à l’EFAMA dans les corporate members de LBPAM. . Pour sa part, Chantal Lory a rejoint La Banque Postale Financement en mars 2009 où elle était présidente du directoire.
18/02/2013

Bankinter recrute un directeur commercial pour sa banque privée

Gonzalo Antón Suanzes, fondateur d’Altae Banco Privado (la banque privée de Caja Madrid) puis directeur général adjoint et directeur commercial de Bankia Banca Privada, a été recruté comme directeur commercial de la division banque privée de Bankinter, rapporte Funds People.L’intéressé sera subordonné directement à Adela Martín, directrice générale de la banque privée de Bankinter. Il aura pour mission de faire du pôle banque privée le troisième acteur de ce marché en Espagne, en faisant rentrer en trois ans 5 milliards d’euros pour porter l’encours à 20 milliards d’euros.
18/02/2013
Fonds

Groupama AM fait enregistrer G Fund en Espagne

La CNMV a délivré son agrément de commercialisation à la sicav luxembourgeoise G Fund du français Groupama Asset Management créée en décembre 2010 et qui compte actuellement six compartiments, avec la perspective de monter à quinze, rapporte Funds People, citant un communiqué de Groupama AM.Pour le moment, le gestionnaire ne distribuera en Espagne que le compartiment G Fund Alpha Fixed Income géré par Laurent Fabiani Lagarde.
Fonds
18/02/2013

le conglomérat Orix paierait Robeco 2,3 milliards d’euros

Selon Funds People qui cite Reuters, le japonais Orix acquerrait auprès de Rabobank le gestionnaire d’actifs Robeco (188 milliards d’euros d’encours) pour 2,3 milliards d’euros en numéraire et en actions, l’annonce de la transaction pouvant intervenir en début de semaine.
18/02/2013

Le chef stratégiste de BBVA AM se met à son compte

Henrik Lumbholdt, qui était depuis sept ans chef stratégiste de BBVA Asset Management, a quitté l’entreprise et créé sa propre société de conseil, Inside Economics, rapporte Funds People.Le départ de l’intéressé a coïncidé avec la décision de BBVA AM de restructurer sa division allocation d’actifs et stratégie, qui va être renforcée et dont le nouveau directeur n’a pas encore été désigné. Ce dernier reprendra entre autres les tâches remplies jusqu'à présent par Henrik Lumbholdt.
18/02/2013

Charterhouse acquiert Televida

Par le truchement de sa filiale Tunstall (logiciels de télé-assistance aux personnes âgées), le capital-investisseur britannique Charterhouse (8 milliards d’euros) a acheté à son homologue espagnol MCH le contrôle de la société espagnole de téléassistance Televida, rapporte Cotizalia. Le montant de la transaction n’a pas été divulgué.Televida compte environ 85.000 abonnés principalement situés à Barcelone, Grenade et Murcie.
18/02/2013
Fonds

ING IM a mis un fonds "cash equivalent" sur les rails

ING a lancé au début de cette année le fonds ING (L) Liquid Euribor 3M, qui affiche, à ce jour, un encours de 207 millions d’euros. Il s’agit essentiellement de sommes qui ont été investies par des investisseurs déjà clients de la société dans le cadre de leur allocation d’actifs. Le fonds est toutefois entré en phase active de commercialisation et, interrogé par Newsmanagers, Vincent Juvyns, client portfolio manager chez ING IM, table sur des actifs sous gestion de 500 millions d’euros pour la fin de l’année. Compte tenu de la présence en portefeuille de papiers notés Investment Grade - A3/P3/F3 short term - 5 % actuellement -, soit des titres en dessous de ce qu’impose la réglementation, l’OPCVM n’est pas classé fonds monétaire classique (Money Market Funds) mais peut être considéré, selon Vincent Juvyns, comme un fonds «cash equivalent». Et ce d’autant qu'à titre de sécurité, pour les titres affichant la notation minimum, l’exposition du portefeuille ne peut excéder 1 % par émetteurs (et 10% par émetteurs souverain). ING (L) Liquid Euribor 3M a pour objectif de réaliser une performance égale à celle de l’euribor 3 mois sur une période de trois mois.Dans la gamme, le fonds devra trouver sa place à côté, notamment, du fonds monétaire vedette (Short-Term Money Market Funds) de ING IM, ING (L) Liquid euro, qui pèse 4,4 milliards d’euros sur les 8 milliards d’encours que représente cette classe d’actifs chez le gérant batave.Caractéristiques : Code ISIN : LU0396758384 (Part A) /LU0396758541(Part B) /LU0396758897 (Part C)/LU0396759192 (Part E)
Fonds
18/02/2013

La Commerzbank réduit les bonus de ses salariés

La Commerzbank a annoncé le 15 février, à l’occasion de la présentation de son bilan annuel, avoir réduit de de plus de 17% les bonus de ses salariés au titre de 2012, et son président du directoire, Martin Blessing ,y a renoncé complètement, suite à des résultats financiers jugés «insatisfaisants».La rémunération variable des salariés -totalisant 318 millions d’euros, soit 8% du total des rémunérations- a été réduite de 17,2% par rapport à 2011, où elle avait déjà été abaissée de 12,1%, selon un communiqué de la banque. Dans sa division de banque d’investissement les bonus ont été diminués d’environ 20%.Martin Blessing a pour sa part «complètement renoncé à sa part de rémunération variable pour 2012", ajoute le communiqué. Mais il peut compter sur un salaire de base relevé à 1,3 million d’euros l’an dernier, alors qu’il était plafonné à 500.000 euros par an depuis 2008 en raison des aides de l’Etat obtenues durant la crise financière.Commerzbank a confirmé vendredi des résultats annuels très décevants, avec un bénéfice net de seulement 6 millions d’euros contre 638 millions d’euros en 2011, principalement en raison de charges exceptionnelles liées à la vente d’une filiale en Ukraine et de dépréciations sur des créances fiscales différées.

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