Axa Wealth est en train de restructurer ses activités outre-Manche, avec notamment une segmentation de ses clients IFA (conseillers) qui pourrait se solder par une réduction d’effectifs d’une cinquantaine de collaborateurs, rapporte Fund Web. Le nombre de responsables régionaux pourrait être ramené de neuf à quatre.Selon David Thompson, responsable du marketing et de la distribution chez Axa Wealth, la nouvelle organisation doit notamment permettre de proposer diverses expertises en fonction du segment dans lequel travaille le conseiller. Une nouvelle équipe notamment sera responsable des grands comptes.

M&G Investments vient de recruter Phil Cliff. Cet ancien gérant actions européennes de Threadneedle et Occam Asset Management va gérer le fonds M&G Pan European Dividend Fund, en étroite collaboration avec Stuart Rhodes. Cette nomination permettra à Richard Halle, qui pilotait jusqu'à présent les fonds M&G European Strategic Value Fund et M&G Pan European Dividend Fund, de se concentrer sur ses portefeuilles de valeurs européennes value, précise la société de gestion dans un communiqué.

JO Hambro Capital Management a annoncé la réouverture aux investisseurs du fonds UK Equity Income après le «soft closing» mis en œuvre il y a près d’un an, selon FundWeb.La société de gestion a revu à la baisse les frais d’entrée de 5% pour les nouveaux investisseurs et révisé la capacité du fonds à 1 milliard de livres. Les actifs du fonds s'élèvent actuellement à 918,8 millions de livres.

Bridgepoint Capital va racheter la société de gestion de fortune au Royaume-Uni de Morgan Stanley, Quilter, selon les informations du Financial Times. L’entité, qui représente 7,6 milliards de livres d’encours sous gestion, est valorisée à environ 180 millions de livres. L’opération souligne l’intérêt du private equity pour les services financiers ; elle pourrait être annoncée dès mardi.

Le groupe de gestion britannique MAM Funds a indiqué le 23 janvier que ses actifs sous gestion s’inscrivaient à 1,7 milliard de livres à fin décembre, un montant pratiquement inchangé par rapport à fin 2010. Les rachats nets subis par les fonds Midas ont été largement compensés par la collecte sur la gamme des fonds Miton, précise MAM Funds qui ajoute que le fonds récemment lancé Acium UK Multi Cap Income Fund affichait fin décembre une collecte de plus 10 millions de livres.

Selon Le Temps, la banque privée suisse Wegelin a mis en congé un de ses associés, Christian Hafner. Cette suspension est liée au conflit fiscal avec les Etats-Unis et à l’inculpation de trois employés de Wegelin dans ce contexte. Début janvier, trois banquiers de la banque Wegelin ont été inculpés à New York pour avoir aidé des contribuables américains à échapper au fisc.

En ce début d’année 2012, les investisseurs font confiance aux stratégies alternatives «global macro» et «global emerging markets». C’est ce que révèle la 5ème édition du baromètre trimestriel de l’industrie UCITS ML Capital publié par ML Capital Asset Management. Le baromètre permet d’identifier et anticiper les grandes tendances de la demande pour les principales stratégies de gestion dans le secteur des fonds Ucits alternatifs. Avec 54 % des sondés qui cherchent à augmenter leur exposition sur les stratégies « Global Macro-discrétionnaire », cette stratégie est actuellement la plus populaire, note ML Capital Asset Management. Il y a aussi une demande importante ce trimestre pour les gestionnaires en actions, avec une préférence pour les marchés « global » et les gestionnaires sur la marché américain.L’intégralité du baromètre se trouve en pièce jointe.

Le gestionnaire suédois East Capital (3,4 milliards d’euros) a conclu un accord de coopération avec l’allemand DAB Bank, a annoncé Olle Olsson, directeur du bureau de Paris, le 23 janvier. Cette banque directe commercialise avec effet immédiat les fonds coordonnés East Capital (Lux) Russian Fund et East Capital (Lux) Eastern European Fund, des produits à liquidité journalière.

EFG Asset Management, la filiale de gestion d’actifs du groupe suisse EFG International, va commercialiser en France quatre compartiments de sa sicav de droit irlandais New Capital. Pour cela, elle vient de recruter à Londres Isabelle Hargreaves, une ancienne de Janus Capital et d’Investec Asset Management, en tant que responsable des marchés francophones.Le groupe suisse basé à Zurich est déjà présent en France au travers des anciennes équipes de Sycomore Gestion Privée, la structure de gestion de patrimoine de la boutique de gestion française rachetée en 2008, désormais renommée EFG Gestion Privée. Mais cette structure fait partie du pôle banque privée d’EFG International, tandis qu’EFG Asset Management est l’entité de gestion d’actifs du groupe. «Nous avons un actionnaire commun mais nous ne faisons pas partie du même pôle et disposons de deux gammes distinctes. Cela posé, des partenariats ne sont pas à exclure», indique Isabelle Hargreaves. La gamme, justement, se compose aujourd’hui de quatre compartiments, qui viennent tout juste d’être agréés en France. Les deux fonds les plus anciens sont obligataires. Il s’agit du New Capital Total Return Bond Fund (127 millions de dollars) et du New Capital Wealthy Nations Bond Fund (615 millions de dollars), tous les deux gérés en partenariat avec Stratton Street Capital, une société de gestion américaine. Les deux autres produits sont investis sur les actions. Le New Capital US Growth Fund (79 millions de dollars) est investi sur des actions américaines et sa gestion est déléguée à Mazama Capital Management. Enfin, le New Capital Asia Pacific Equity Income Fund (34 millions de dollars) est géré en interne par un ancien gérant de la boutique asiatique Atlantis, lequel investit sur des sociétés de croissance versant des dividendes. La clientèle visée est celle des fonds de fonds, banques privées et family offices. Isabelle Hargreaves couvrira aussi le Luxembourg, la Belgique, Monaco et la Suisse francophone. Cette implantation en France s’inscrit dans le cadre d’une stratégie de développement à l’étranger impulsée par EFG International pour sa partie gestion d’actifs. La société a ainsi recruté, outre Isabelle Hargreaves, plusieurs commerciaux, dont deux pour le Royaume-Uni, un pour la Suisse germanophone et un pour Singapour. Cette équipe est placée sous la responsabilité directe de Moz Afzal, basé à Londres, CIO d’EFG Asset Management et CEO de la structure au Royaume-Uni. L’idée est de suivre l’exemple des autres banques privées suisses comme Pictet ou Lombard Odier qui ont tissé leur toile dans toute l’Europe… Avec comme objectif de développer les encours, qui se montent à 7 milliards de dollars pour la partie gestion d’actifs dont 1 milliard pour l’offre long only de la sicav irlandaise.

Olle Olsson, director of the Paris office, announced on 23 January that the Swedish asset management firm East Capital (EUR3.4bn) has signed a cooperation agreement with the German firm DAB Bank. The direct bank will offer the UCITS-compliant funds East Capital (Lux) Russian Fund and East Capital (Lux) Eastern European Fund, both products which offer daily liquidity, effective immediately.

Sarasin bank has filed a complaint with the Swiss Press Council against the weekly newsmagazine “Weltwoche,” which broke the Hildebrand scandal earlier this year. The complaint concerns an erroneous article related to a violation of banking secrecy by a former employee of the bank’s IT department.Sarasin bank claims in a statement released on 23 January that the magazine has “severely violated its journalistic duties on several levels.” It has also damaged the reputation of the Basel-based private bank, and those of the client advisor who Weltwoche inaccurately cited as a source.Sarasin bank adds that Weltwoche did not adequately evaluate its sole source for the information. In addition, ahead of its 5 January issue, the magazine ignored information and contact from the Basel-based bank which would have allowed the German-language magazine to correct the erroneous article in time.

On 1 March, Sal. Oppenheim, Hauck & Aufhäuser (Switzerland) and the Munich-based Meyer & Cie will be launching the diversified fund Nachhaltig Aktiv OP, for which subscriptions will remain open from 23 January to 29 February. For the ethical/sustainable development fund, the three partners will share responsibilities for exclusion (weapons, violations of human rights, experimentation on animals) and positive crieria, which, according to the providers, will provide a more satisfactory end result than a best-in-class approach.The investable universe of 500 businesses and countries is selected by the ethical committee at Hauck & Aufhäuser (H&A), while the portfolio will undergo analysis every six months by specialists at the Munich-based ethical ratings agency oekom research.Asset allocation and weighting are then regularly updated by Meyer & Cie. The equities allocation is limited to 30%, and bonds may represent up to 100% of the portfolio.The final selection of securities is shared between Sal. Oppenheim for the bond portion (bond management and duration management), and H&A for the equities portion.In bonds, most of the portfolio will be composed of corporate bonds, Pfandbriefe and government bonds denominated in euros, with at least one investment-grade rating. For equities, most investments will be made in shares in European companies.The objective is to generate returns of 3% to 5% per year over a three-year period.CharacteristicsName: Nachhaltig Aktiv OPISIN codes:I-class shares: LU0650607525R-class shares: LU0650605669Front-end fee:I-class shares: maximum 3%R-class shares: maximum 3%Depository banking commission: 0.10%Management commission:I-class shares: 0.85%R-class shares: 1.40%Performance commission: 10% of performance exceeding the benchmark (80% BofA ML EMU Broad Market 1-10Y and 20% MSCI Europe EUR)

Managed ETF portfolios, more than 50% of whose assets are invested in ETFs, are one of the most dynamic segments in the managed accounts universe, according to a report published on 23 January by Morningstar (“ETF Managed Portfolio Lanscape Report,” January 2012).Morningstar, which in September announced plans to scale up its coverage of these portfolios, says that it is now monitoring nearly 370 strategies from 95 firms representing advised assets of USD27bn as of September 2011. Morningstar estimates that assets under management in managed ETF portfolios total USD40bn to USD100bn, taking into account discretionary and non-discretionary portfolios.In the past twelve months, assets in ETF managed portfolios have increased by about 43%. About 30% of these strategies have been launched in the past three years. Nearly three quarters of strategies applied in managed portfolios are global strategies, which allow the investor exposure to international markets.

The hedge fund management firm Diamondback Capital Management will pay USD9m in fines to settle a civil case for insider trading. It has also reached an agreement with the Department of Justice to prevent any future lawsuits related to potential criminal investigations, the Wall Street Journal reports.Since being searched in November 2010, the asset management firm has seen its assets decline by half, to USD2.5bn.

The Californian pension fund CalPERS on 23 January announced that it has earned returns of 1.1% for the 2011 calendar year. This return is “modest but positive,” CalPERS admits; it blames the poor performance on the volatility of equity markets, largely related to the euro zone debt crisis. The equity portfolio finished the year with losses of 7.9%, with -0.3% for US equities, but -13.9% for international equities. All other asset classes show gains, including bonds, with returns of 12.4%, and private equity, with similar returns of 12.4%. Investments in real estate have earned returns of nearly 10%. CalPERS has also announced that it has unanimously re-elected Rob Feckner as chairman of the board of trustees for the pension fund.

The British asset management group MAM Funds on 23 January announced that its assets under management totalled GBP1.7bn as of the end of December, a total which remains virtually unchanged compared with the end of 2010. Net redemptions from the Midas fund have been largely offset by inflows to the Miton range, MAM Funds reports, adding that the recently-launched Acium UK Multi Cap Income Fund as of the end of December had assets of over GBP10m.

JO Hambro Capital Management has announced that it has reopened the UK Equity Income fund to investors, after a soft closing nearly one year ago, FundWeb reports.The asset management firm has lowered front-end fees by 5% for new investors, and has raised the capacity fo the fund to GBP1bn. Assets in the fund currently total GBP918.8m.

Société Générale Securities Services (SGSS) on 23 January announced the appointment of Jeanne Duvoux as CEO and deputy director of SGSS for Italy (SGSS S.p.A.). Duvoux will report to Bruno Prigent, director of the securities profession at Société Générale. Her appointment is effective immediately, and was approved by the board of directors on 19 January 2012. Duvoux succeeds Massimo Cotella, who has joined the executive board at SGSS in charge of overseeing sales and marketing activities as well as Liquidity Management services at SGSS. In her new role, Duvoux will continue to actively develop the activities of SGSS, which is now a leader in the securities industry in Italy. In the 2011 study “Agent Banks in Major Markets” in Global Custodian magazine, SGSS S.p.S was ranked as “Top Rated” in the categories “Cross border/non affiliated” and “Domestic,” as well as “Leading Top Rated” in the “Client” category. Since October 2010, Duvoux had been director of the Corproate and Business departments at SGSS S.p.A., as Deputy CEO and Legal Representative of SGSS in Italy.

In 2011, the percentage of the financial savings of Germans allocated to equities, bonds, shares in investment funds and stakes in private companies fell by one point compared with the previous year, to 23.5%. The number of shareholders in investment funds has also fallen, according to a study by Allianz Global Investors (AGI).James Dilworth, CEO of AGI Europe, says that asset management firms should capitalise on savings investors’ need for security, and should offer products will asymmetrical risk profiles, which would provide a way to participate in rising markets and effectively protect their investments in times of falling markets. AGI has observed a growing demand on the part of clients for investment supports associated with smart risk management systems, the manager says.Overall, the gross financial savings of German households increased last year by about 1% (after an increase of 4.9% in 2010, and 3.8% in 2009), to EUR4.74trn, or EUR57,900 per person, compared with EUR4.69trn and EUR57,300 in 2010. Overall, net financial savings totalled EUR3.18trn, compared with EUR3.15trn.

Le Temps reports that the Swiss private bank Wegelin has let go one of its partners, Christian Hafner. The suspension is related to a clash with the United States over taxation, in which three Wegelin employees have been charged. In early January, three bankers from Wegelin were indicted in New York for helping US taxpayers to evade taxes.

EFG Asset Management, the asset management unit of the EFG International group, is going to sell four sub-funds of its Irish-registered Sicav New Capital in France. To that end, it has recruited Isabelle Hargreaves, formerly of Janus Capital and Investec Asset Management, as head of French-speaking markets, in London. The Swiss group, based in Zurich, is already present in France via the former team of Sycomore Gestion Privée, acquired in 2008, now known as EFG Gestion Privée. But this structure is part of the private banking arm of EFG International, while EFG Asset Management is the asset management entity of the group. “We have a common shareholder, but we are not part of the same unit, and we have distinct product ranges. However, partnerships are not to be ruled out,” says Hargreaves. The product range now includes four sub-funds, which have recently been licensed for sale in France. The two oldest products are bond funds: the New Capital Total Return Bond Fund (USD127m) and the New Capital Wealthy Nations Bond Fund (USD615m), both of which are managed in partnership with Stratton Street Capital, a US asset management firm. The other two products are invested in equities. The New Capital US Growth Fund (USD79m) invests in US equities, and its management is outsourced to Mazama Capital Management. Lastly, the New Capital Asia Pacific Equity Income Fund (USD34m) is managed internally by a former fund manager from the Asian boutique Atlantis, who invests in growth companies that pay dividends. The target client base is funds of funds, private banks and family offices. Hargreaves will also serve Luxembourg, Belgium, Monaco and French-speaking Switzerland. This entry into France is part of a development strategy abroad at EFG Capital for asset management. In addition to Hargreaves, the firm has recruited several sales staff, including two for the UK, one for German-speaking Switzerland, and one for Singapore. The team will report directly to Moz Afzal, based in London, CIO of EFG Asset Management and CEO of the UK structure. The goal is to follow the example of other Swiss private banks, such as Pictet and Lombard Odier, which have spread their reach across Europe, with the goal of increasing assets, which now total USD7bn for the asset management arm, of which USD1bn are for the Irish long-only Sicav range.

Between January 2002 and October 2011, assets in alternative UCITS funds increased from EUR5.40bn to nearly EUR150bn, PerTrac reports in a 30-page study published on 23 January.The analysis shows that more than 80% of the 1,210 funds in the universe are domiciled in three countries: Luxembourg (49.92%), Ireland (18.84%), and France (11.90%).In terms of type, the most popular strategy is long/short equity, with more than one quarter of the total, followed by global macro, CTA/managed futures and multi-strategy, with 11% each. Bonds represent 11% of the total.

Bridgepoint Capital will acquire the British asset management firm of the Morgan Stanley group, Quilter, according to reports in the Financial Times. The entity, which has GBP7.6bn in assets under management, is valued at about GBP180m. The deal highlights the attractiveness of financial services to private equity; it may be announced as soon as this Tuesday.

Avenue Capital, which invests in distressed corporate and government debt, has raised USD2bn for its second European fund, the Financial Times reports. The asset management firm is planning to create a platform which would buy up private sector debt connected to European governments. For example, the Spanish, Greek, Italian and Portuguese health sectors owe EUR25bn to major pharmaceutical companies. Avenue would create an independent entity which would buy up risk from pharmaceutical companies, and would then deal with governments to collect on the debts.

Axa Wealth is in the process of restructuring its activities in the United Kingdom, including a segmentation of IFA clients that may result in staff reductions of up to 50 people, Fund Web reports. The number of regional heads may be reduced from nine to four. David Thompson, head of marketing and distribution at Axa Wealth, says the new organization should allow the firm to offer a variety of areas of expertise depending on the segment in which the advisor works. A new team will be responsible for key clients.

Phil Cliff, a former European equity manager at Threadneedle Investments and Occam Asset Management, has joined M&G Investments.In his new role at M&G, he will manage the M&G Pan European Dividend Fund working closely with Stuart Rhodes.Phil Cliff`s appointment will free up the incumbent manager Richard Halle, who has been managing both the M&G European Strategic Value Fund as well as the M&G Pan European Dividend Fund, to concentrate on his European value portfolios.

Despite the highly perilous fiscal year that hedge funds have just been through, with average annual returns of -5%, institutional investors appear not to have held it against them. Nearly 38% of those investors are planning to increase their allocations to single hedge funds in the next twelve months, though this compares with 54% last year, according to the fifth annual study by SEI in collaboration with Greenwich Associates.15% of investors are planning to reduce their allocations, compared with 11% the previous year. But in October 2011, allocations to hedge funds by institutionals participating in the study (slightly over 100) represented 16.7% of their portfolios, compared with 12% in 2008. In addition, 60% of them say they are satisfied with the returns earned in the first six months of 2011 (an average of 6.2%, compared with 9.2% in 2010).The top challenge for the current year is returns, for 36% of participants. Transparency, the major challenge in the years 2009 and 2010, is now far outpaced by other concerns. Nearly one third of respondents, compared with 21% the previous year, say the number one objective with alternative investment is absolute returns, while in 2011, the priority was uncorrelated investment strategies.Three of the four objectives cited by institutional investors are related to investment risk: uncorrelated strategies, diversification, and reduction of volatility. This means that institutional investors appear to want to use hedge funds not only to find returns, but also to reduce portfolio risks.The study finds that direct investment in hedge funds is continuing to gain ground. 40% of institutionals say that they invest only in single-manager funds, compared with 24% one month earlier, and twice as many as in 2008. Direct investment is clearly more widespread among major investors, as 56% of clients with over USD56bn in assets say that they invest only in single-manager funds.Long/short equity strategies are currently the preferred strategies for nearly 82% of institutionals, largely outstripping event-driven (53%) and credit strategies (42%).

According to a study by Yale and Maastricht Universities for the Financial Times, private equity makes more money for fund managers than for US pension funds. From 2001 to 2010, US pension funds earned returns of 4.5% per year on their investments in private equity, but in that period they paid 4% in management commissions. In addition, private equity funds charge many other fees, and charge a 20% commission on performance.According to Martijn Cremers (Yale), taking “normal” performance commissions of 20% as a basis, about 70% of gross performance has been paid in the form of fees in the past ten years.

In terms of development, Carmignac Gestion, which has EUR45bn in assets, looked beyond the borders of France in fourth quarter 2011. After opening an office in Frankfurt, the asset management firm did the same in London in early November. It has also recruited a head, who has already hired two more people, pending the arrival of a third professional this year. The asset management firm has retained its place as an asset management largely oriented to international markets, as on 23 January it invited the international press to Paris to hear Edouard Carmignac discourse on the European growth of his asset management firm, and his vision for the major economic challenges ahead in 2012.“Aside from France, Germany and Italy are the largest markets for us,” explains Didier Saint-Georges, a member of the investment committee. Logically, the United Kingdom is also expected to be a key market for the asset management firm, a majority of whose assets now come from abroad. In order not to flop in its debut on the British market, Carmignac Gestion has been careful to offer all of the funds of its range denominated in pounds Sterling. “The perception of prospective investors who meet our team in London is now very positive,” says Saint-Georges, who adds that the independent management style of Carmignac Gestion is highly regarded in the UK.In terms of management teams, one thing is sure: the firm is not planning to spread out its teams to the far corners of the globe it covers. “We are not planning to have managers in Hong Kong or Brazil,” says Saint-Georges, “since it’s very important for us that managers see each other and talk to each other, even if the downside to having management centred in Paris is travelling often.”

Aberdeen Asset Management on 23 January announced that it has appointed Sandra Craignou and Frédéric Lejeune as co-heads of its French activities, replacing Philippe Troesch, who, according to information obtained by Newsmanagers, will be joining Meeschaert Gestion Privée, while Meeschaert Asset Management has just announced that its CEO Marc Favard was leaving the group. Craignou and Lejeune will retain their respective responsibilities as chief investment officer and head of development. Aberdeen manages EUR5bn for French clients.