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25/11/2011

French FRR launches a RFP for equities

The French pension fund Fonds de réserve pour les retraites has just launched a request for proposals procedure to select new managers for mandates investing in developed country equities exposed to growth in the emerging markets (active management). For this contract, the public procurement procedure being employed is that of a limited request for proposals comprising 2 lots: 1. Active management mandate(s) with a European companies investment universe 2. Active management mandate(s) with a Worldwide companies investment universe All interested management companies must reply to the FRR by 6 January 2012, 12.00 (Paris time) in accordance with the consultation procedure regulations.
25/11/2011

Fitch assigns rating to IDeA Fimit SGR

Fitch Ratings has assigned IDeA Fimit SGR a Real Estate Asset Manager Rating of ‘M2-'. The new company, based in Milan and Rome, was created on 3 October 2011 following a merger by incorporation of First Atlantic Real Estate SGR into Fimit-Fondi Immobiliari Italiani SGR (previously rated ‘M2-'). Simultaneously Fitch has withdrawn Fimit-Fondi Immobiliari Italiani SGR’s Real Estate Asset Manager Rating.
25/11/2011

Wells Fargo names a new national sales manager

Wells Fargo Funds Distributor has a new national sales manager. The move comes after Wayne Badorf was promoted to president of the mutual fund firm’s distribution arm this summer.Tim Curtin became the national sales manager on October 17. Prior to his promotion, Curtin had led a team of regional directors. Before Wells Fargo, Curtin worked at Evergreen Investments.
25/11/2011

BNP Paribas AM selected by French fund

The French pension fund Fonds de réserve pour les retraites awarded a mandate managing exposure to non-agricultural commodities indices to BNP Paribas Asset Management. The mandate is awarded for a period of 4 years. The FRR has also awarded fixed income mandates for the purpose of hedging part of the fund’s liabilities.BlackRock Investment Management, CCR Asset Management and State Street Global Advisors have been selected for a period of five years.
25/11/2011

Russell grows its operation in France

Russell Investments has started in 2011 with 4 people in Paris. It will have 12 by Q1, 2012. The company will not only sell asset management, but also smart execution. And it bets on two strategies: high dividends, with the Global High Dividend fund (USD150m, managed by Thornburg) and listed infrastructure (a new fund has already USD100m under management).The Paris branch manages at present some EUR3bn for French customers, of which EUR1bn for institutional investors and EUR2bn in the frame of partnerships with banks and insurance companies.
25/11/2011

Métropole aims at EUR5bn in AUM for 2016

Isabel Levy, co-head & CIO, tells Das Investment that Métropole Gestion eyes EUR5bn in AUM for 2016 vs EUR2bn at present. By then the share or German customers should have reached 10-15%, vs 5 % prestently.Métropole attracted net inflows of EUR450m YTD in spite of market turbulence.
25/11/2011

Wells Fargo starts new HF index

Wells Fargo & Company has launched the Wells Fargo Hedge Fund Manager Holdings Index.The Index measures the real-time performance of the 100 largest positions in equities and equity-related securities as reported quarterly to the Securities and Exchange Commission (SEC) by hedge funds or managed accounts.The value of the Index will be disseminated by NYSE every 15 seconds over the Consolidated Tape Association’s Network B between the hours of 9:30 am and 4:15 pm EST/EDT.
25/11/2011

Sabadell merges private banking operation

Banco Sabadell has announced it is merging Banco Urquijo and Sabadell Banca Privada into one single unit, Sabadell Urquijo Banca Privada, with Ismael Picón as CEO. The new entity will be in charge of 20,000 customers and manage EUR24bn in assets.
25/11/2011

Barclays Wealth hires a head of Greater China

Barclays Wealth, the global wealth management division of Barclays, has hired Januar Tjandra as head of Greater China, effective 5 December 2011. In this newly-created role, he will assume overall responsibility for the Greater China coverage teams in Hong Kong. He will continue to expand Barclays Wealth’s high net worth client base, while at the same time focus on ultra high net worth clients. Based in Hong Kong, he reports to Mr. Pakorn Boonya-kurkul, Head of North Asia. Januar Tjandra joins Barclays Wealth from Goldman Sachs, where he has spent 15 years in various roles, including co-head of Hong Kong office and head of Taiwan Desk. Most recently, he was focused on relationships with Taiwanese clients, and was responsible for their wealth management needs.
25/11/2011

Plus de 800 nouveaux fonds depuis le début 2011 en Espagne

Depuis le début de cette année, le marché espagnol s’est enrichi de 846 nouveaux fonds ou fonds dont la garantie a été renouvelée, dont 124 émis par des gestionnaires locaux et 722 de maisons étrangères, d’après lescalculs de VDOS rapportés par Funds People.Les catégories de produits avec le plus de lancement ont été les fonds garantis, avec 67 fonds, dont 56 obligataires et 11 d’actions.Santander AM s’est révélée la société de gestion la plus active, avec 28 lancements ou renouvellements, devant InverCaixa Gestión (8) et BBVA AM ainsi que Popular Gestión (7 chacun).
25/11/2011

Credit Suisse buries its offshore US operation

Credit Suisse has closed Credit Suisse Private Advisors, its non-US wealth management business for rich Americans, by folding it into its onshore US operation, according L’Agefi suisse. Clients will be covered in the US and no longer in Switzerland, according to a spokesperson at Credit Suisse, who confirms an article of the Neue Zürcher Zeitung. Around twenty employees will be concerned by this measure but will be still employed by the bank.
25/11/2011

Invesco poaches its head of US equities from Newton

Invesco Perpetual has hired Simon Laing as head of US equity fund management, based in Henley-on-Thames. He joins from Newton Investment Management where he was director of investment management for North American equities and co-chairman of the equity strategy group. Simon Laing will take over management of the Invesco Perpetual US Equity Fund and will play an important role in Inveso Perpetual’s global equity team.
25/11/2011

The SEC charges a longtime Madoff employee

The Securities and Exchange Commission has charged a longtime Bernie Madoff employee with fraud for his role in creating fake trades to facilitate the massive Ponzi scheme.The SEC alleges that David Kugel, who worked at Bernard L. Madoff Investment Securities LLC (BMIS) for nearly four decades, was asked by Madoff to provide the firm’s investment advisory operations with backdated arbitrage trade information to be formulated into fictitious trading on investors’ account statements. Kugel’s own account at BMIS was among those in which backdated trades were entered, and he withdrew nearly USD10 million in “profits” from the fictitious trading over several years."Kugel helped Madoff maintain the elaborate and enduring facade that his clients were engaged in actual trading when in fact no such trading occurred,» said George S. Canellos, Director of the SEC’s New York Regional Office. «Kugel withdrew millions of dollars of phony profits that he knew weren’t from actual trading activity.»
25/11/2011

BNP Paribas, Société Générale et Allianz Global Investors France devant la Commission des sanctions de l'AMF

Selon La Tribune, les trois sociétés BNP Paribas, Société Générale et Allianz Global Investors France ainsi que deux personnes de l'équipe de gestion crédit de Allianz GI France étaient convoqués par la Commission des sanctions de l’AMF. Ils ont dû répondre à des accusations de non respect des règles de sondage de marché à l’occasion d'émission d’obligations sur Saint-Gobain et Schneider Electric.
25/11/2011

Deutsche Bank to rationalise its AM operation in Germany

The Handelsblatt recalls that Deutsche Bank has decided to examine all strategic options as to the future of its asset management operations, but that DWS will in any case remain a core part of its business. Yet DWS has lost of its luster, and doesn’t rank anymore in the Top 3 in Feri’s tables of the AMCs with the highest proportion of top-rated funds.And Deutsche Bank will have to rationalise the operation under Anju Jain,the new co-head of the management board: Deutsche Bank manages money at Oppenheimer, at Frankfurt Trust, at its wealth management operation, at its derivatives affiliate X-markets and at db X-trackers (ETFs). But, as of yet, DWS contributes for the full amount to the EUR300m in profits of the AM operations.
25/11/2011

Robeco recrute un patron des account managers en Allemagne

Le néerlandais Robeco (groupe Rabobank) a annoncé avoir nommé un directeur des chargés de clientèle (account managers) pour renforcer sa force de vente auprès des investisseurs institutionnels et des partenaires de distribution en Allemagne. Il s’agit de Ralph Kriesl, qui prend son poste avec effet immédiat à la succursale de Francfort. Il est subordonné à Ingo Ahrens, directeur général de Robeco Allemagne.Ralph Kreisl vient de passer quatre ans chez Goldman Sachs Asset Management (GSAM) après six ans chez Fidelity.
25/11/2011

Pictet sells its PTR Banyan in the UK

On November, 23th, the PTR Banyan subfund of Pictet has been granted a sales license for Britain by the FSA. This is a new long/short, UCITS compliant fund (see Newsmanagers of Nov 23th), which is managed by Nidhi Mahurkar, Anthony Cheung and Olivier Doleires. Il focuses on Asia ex-Japan.
25/11/2011

Terra Firma séduit les fonds souverains

D’importants investisseurs de Chine et du Moyen-Orient ont lié contact avec la société de private equity de Guy Hands afin de créer un fonds d’investissement dédié dont l’actif oscillerait entre 500 millions et un milliard d’euros. Ce véhicule pourrait constituer comme un pont pour Terra Firma en lui permettant de poursuivre ses investissements avant la levée de son prochain fonds et après l’expiration prochaine de la période d’investissement de celui déjà en place.
25/11/2011

La BCE pourrait prêter à trois ans

Pour aider les banques qui peinent à se financer sur les marchés, la banque centrale pourrait rallonger la maturité de ses opérations à long terme.
25/11/2011

Des surprises économiques pas suffisamment rassurantes

Le graphique ci-joint représente l’évolution de l’indice des surprises économiques (trait foncé) au sein de la zone euro, ainsi que l’indicateur de retournement des marchés actions (phases de bear market en vert).
25/11/2011

L’alpha en difficulté dans le « rally » d’octobre

Les tableaux ci-contre présentent les meilleures et plus mauvaises performances en euros des fonds sur le marché des fonds actions américaines et le marché des fonds actions françaises au cours du mois d’octobre 2011. Ces performances sont mises en perspective par le calcul de la volatilité, du ratio de Sharpe sur trois ans d’historique ainsi que du rendement depuis un an.
25/11/2011

Les encours dans l’épargne salariale en hausse de 11%

Selon l’enquête semestrielle de l’AFG, les actifs gérés en épargne salariale s’établissaient à 93,8 milliards d’euros à fin juin, soit une hausse de 6 % sur six mois et de près de 11 % sur un an. Les fonds diversifiés (55,2 milliards d’euros) représentaient 59 % des encours contre 41 % pour les fonds d’actionnariat salarié (38,6 milliards d’euros). Les investissements dans les fonds ISR représentaient 9,8 milliards d’euros soit un doublement des encours sur un an.
25/11/2011

Axa PE va maintenir son rythme d’investissement sur le secondaire

La société de private equity compte investir en 2012 sensiblement les mêmes montants qu’en 2011 sur le marché secondaire des fonds de capital-investissement, a indiqué à Reuters Vincent Gombault, directeur de l’activité «fonds de fonds». Axa PE, qui lève actuellement un nouveau fonds sur ce marché, a enchaîné les transactions en 2011 pour un montant total d’environ 2,6 milliards d’euros.
25/11/2011

CIC disposé à un soutien « indirect » à l’Europe

Le vice-président exécutif de China Investment Corp, Jesse Wang, a confié à Bloomberg que le fonds souverain chinois pourrait apporter une aide «indirecte» à l’Europe. Le fonds ne saurait être «le véhicule principal» si Pékin souhaitait agir pour résoudre la crise de la dette, mais pourrait répondre à des opportunités d’investissement.

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