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15/07/2011

Assets at Franklin, Legg Mason and Invesco down in June

Three major US asset management firms have nearly simultaneously announced their asset volumes as of the end of June. In all three cases, assets are down compared with the end of May. At Franklin Resources, the total is USD734.2bn, compared with USD735.8bn, while at Legg Mason assets are down to USD662.5bn from USD670bn, and at Invesco they are now USD653.7bn, compared with USD661.4bn.By comparison, as of 31 December 2010, assets under management at Franklin resources totalled USD670.7bn. At Legg Mason, they were USD671.8bn, and at Invesco, they were USD616bn.
15/07/2011

Métropole Gestion seeking a head of retail distribution

Bruno Zaraya, head of retail distribution at Métropole Gestion, will no longer be a part of the company after his holiday leave is completed, which confirms what the H24 website had reported.Zaraya, who spent one year at Métropole Gestion after serving as director of sales at Sal. Oppenheim since December 2008, and previous to that, head of partnerships and key accounts for France at Edmond de Rothschild Asset Management (2003-2008), is leaving the business to undertake an entrepreneurial project. The firm led by François Marie Wocjik, for its part, is currently recruiting a replacement for Zaraya.
15/07/2011

Apax teams up with investors

In the past, when private equity investors needed money to make a major acquisition, they teamed up with rivals. Now, they appear to have found another source of financing: their investors, the Wall Street Journal reports. The British firm Apax Partners has signed an agreement with the affiliates of two major pension funds, the Canada Pension Plan Investment Board and the Public Sector Pension Investment Board of Canada, to acquire Kinetic Concepts Inc., a hospital wound-care and hospital bed provider, for USD6.3bn, including debt. The offer at USD68.40 per share represents a 17% premium over the shares’ last closing price before the operation was announced.
15/07/2011

Viveris REIM signs up as a responsible real estate actor

The real estate portfolio management firm Viveris REIM on Wednesday, 13 July announced that it is founding a charity for engagement in responsible investment, which will soon be followed by the creation of an environmental, social and governance (ESG) investment reference which will be included into the firm’s process of acquiring and managing properties. “Reflections on the definition of sustainable development principles for the business as a whole and the management of its real estate assets were begun in 2010 with EthiFinance, an independent extra-financial ratings agency. The charter defines the philosophy which guides Viveris REIM, and the firm’s major commitments to its partners (shareholders, employees, providers, civil society) in responsible investment and management of real estate properties,” a statement says. Viveris REIM has also signed to the Principles for Responsible Investment (PRI).
15/07/2011

Asset management profits down at JPMorgan Chase

In second quarter, JPMorgan Chase saw net profits of USD5.43bn, compared with USD5.55bn in January-March, and USD4.79bn in the corresponding period of last year.Net profits in asset management were down to USD439m, compared with USD466m for first quarter, but are up 12% compared with USD391m in April-June 2010.As of 30 June, assets totalled USD1.3trn, USD181bn higher than one year previously.JPMorgan states that net inflows in second quarter 2011 totalled USD3bn, and that they totalled USD57bn in the twelve months to the end of June. In the quarter under review, net subscriptions to long-term products totalled USD19bn, but money market products saw net outflows of USD16bn.
15/07/2011

Bain Capital prepares for sale season

Louis Vuitton may not be lowering its prices, but the Wall Street version of the luxury retailer, Bain Capital, has begun putting up the sale posters for its new USD2bn capital investment fund focused on Asia, the Wall Street Journal reports.Bain had previously charged a management commission of 2% and a performance commission of 30%, while its rivals charged 1.5% and 20%. Now, Bain is offering either 2%/20%, or 1%/30%.Investors say the discounts are due to the fact that the most recent Bain funds generated returns that were ultimately comparable to those of its competitors, which makes it more difficult to charge higher fees.
15/07/2011

Lazard Frères Gestion recruits a senior private banker

Lazard Frères Gestion on Tuesday, 13 July announced that it has added to its private banking team with the arrival of Rémi Chleq as a senior private banker. The new recruit will join the private management development team led by Sophie de Nadaillac, managing partner at Lazard Frères Gestion.Chleq, 40, had been head of a team of 5 private bankers at Credit Suisse since March 2007.
15/07/2011

State Street GA adds to treasury team

State Street Global Advisors (SSgA) announced on Wednesday, 13 July that it has added to its treasury team with the appointments of Kevin Thomson and Adam Sadiq. Both will become regional directors of sales for Europe, the Middle East and Africa (EMEA). The two will be based in London, and will report to Jennifer Hole, head of EMEA treasury activities at SSgA, and will be responsible for distribution of liquidity products throughout the EMEA region. Previously, Thompson was head of business development at ICD, a website provider, where he was in charge of developing activities outside North America. Sadiq served as head of development for treasury and short-term fixed income activities at Western Asset Management Company.
15/07/2011

Len Brennan becomes president & CEO of Russell

As Andrew Doman is becoming chairman of the board at Russell Investments, he will be replaced as president & CEO of Russell Investments by Len Brennan, who will retain his position as CEO for the Europe, Middle East and Africa region, to which he was appointed on 11 July (see Newsmanagers of 7 July). Ed Zore, who had been chairman since 2008, will remain on the board as an administrator. Brennan is a company man, having spent most of his career at Russell since 1985. He spent a six-year stint at Rainier Investment Management, founded by three former Russell employees in 2005, and served there are president and CEO, before returning to the fold.
15/07/2011

ESMA publishes a consultation document on AIFM directive

The European Securities Markets Authority (ESMA) on Thursday, 14 July published a consultation document (ESMA/2011/209) laying out its detailed proposals for the Alternative Investment Fund Managers Directive (AIFMD). The move comes in response to a request for assistance from the European Commission to the European authority which preceded the ESMA, the CESR, in December 2010.The ESMA will submit a final recommendation to the Commission on 16 November 2011. Participants will have two months to submit responses to the ESMA. In the light of responses received by 13 September, the ESMA will finalise its proposals and submit them to the Commission by the deadline stated above.
15/07/2011

NYSE Euronext sees a decline in ETF transactions year on year

As announced in late June (see Newsmanagers of 28/06/2011), HSBC ETFs has launched three ETFs on NYSE-Euronext in Paris: HSBC MSCI EM Latin America, HSBC MSCI Canada, and HSBC South Africa.As of the end of last month, NYSE Euronext listed 565 ETFs from 17 issuers 656 times. This year, there have been 115 new listings, of which 26 are cross listings. Activity represents an average of 8,575 daily trades, a 7.4% decline compared with June 2010, but a 7.07% increase compared with the month of May, when there were an average of 8,009 transactions (see Newsmanagers of 09/06/2011). That represents a total of EUR409.8m, up 2.5% compared with June 2010.These ETFs as a whole cover more than 360 indices, composed of a wide range of assets (equities, bonds, commodities, etc), and represent global assets of EUR142.5bn, up 22.1% since June 2010 (EUR116.7bn).
15/07/2011

ETF assets expected to double in United States by 2015

By the end of 2015, assets under management in United States ETFs are expected to double, to USD2trn, largely due to the emergence of products focused on new asset classes and new indices, with new methods for using ETFs as portfolio construction tools.These are the findings of a study by BNY Mellon Asset Servicing and Strategic Insight, entitled “ETFs 2.0: The Next Wave of Growth and Opportunity in the U.S. ETF Market,” which finds that the proportion of ETF funds replicating traditional indices will fall, while non-traditional and alternative funds will account for a larger slice of the pie. Loren Fox, senior research analyst at Strategic Insight, says the varieties of non-traditional ETFs that will be likely to increase their market share will be those based on commodities strategies, inverse funds, leveraged funds, actively-managed ETFs, and ETFs that are similar to hedge funds.
15/07/2011

Profits and assets down at SEB in April-June

For second quarter, SEB on 14 July declared a net profit of SEK3.37bn, compared with SEK2.62bn in January-March, and SEK2bn in April-June 2010. In first half, profits total SEK5.99bn, compared with SEK2.69bn.For wealth management, operating profits totalled SEK309m in April-June, compared with SEK405m in first quarter, and SEK380m in the corresponding period of last year. The cost/income ratio has deteriorated to 71%, compared with 65% and 66%, respectively.Assets as of the end of June totalled SEK1.298trn, of which 42% are in the form of investment funds, compared with SEK1.303trn as of the end of March, and SEK1.258trn one year previously.Net subscriptions in second quarter totalled SEK7bn for institutional clients, and SEK5.5bn for private banking, compared with SEK9.5bn and SEK5.1bn in January-March. In second quarter 2010, subscriptions totalled SEK5.8bn and SEK3bnm, respectively.
15/07/2011

Victoire Brasil Investimientos sets up shop in Europe

Citywire reports that the Brazilian management boutique Victoire Brasil Investimientos, founded in 2004 by former Citigroup managers, in February launched its first UCITS-compliant fund, Victoire Brasil Select, with a concentrated portfolio of 15-20 positions, of which 38% are large caps. The fund is managed by André Caminada and Werner Roger.
15/07/2011

China fund from Anthony Bolton pays price for two investments

Anthony Bolton has announced that his Fidelity China Special Situations Fund has seen losses due to the fact that two Chinese firms listed in the United States (including China Integrated Companies) in which he had invested have been charged with fraud, Money Marketing reports. The manager says that with his team, he will now dedicate more time to due diligence, having underestimated the risks related to investments in China. Several positions have been liquidated at a loss, including those corresponding to the two companies incriminated in the fraud.
15/07/2011
Gestion d'actifs

La Maralp liquide son portefeuille d'actifs

« Nous n’avons rien modifié dans notre portefeuille par rapport à Solvency 2 dans la mesure où il n’y a pratiquement plus rien à l’intérieur et nos actifs risquent encore de diminuer », explique Nicole Foriano, directrice de gestion à la Mutuelle d’Assurance Rhône-Alpes (Maralp). La Mutuelle fait face à de nombreux problèmes de frais généraux et doit continuer à vendre une partie de son portefeuille d’actifs. « Nous n’avons plus les ressources suffisantes et c’est au niveau de notre groupe que tout se passe, poursuit Nicole Foriano. Nous n’avons pratiquement plus de gestion d’actifs et nous continuons à gérer très peu de monétaire ». En fait, la Mutuelle traverse une mauvaise passe et se place en mauvaise position par rapport au groupe auquel elle appartient : l’Union Bresse Dombes. Elle ne fait, ainsi, plus de bénéfices et un nantissement sur ses titres a été effectué au niveau du réassureur de la Mutuelle - l’Union Bresse Dombes - qui gère aujourd’hui cet aspect financier.
Gestion d'actifs
15/07/2011
Fonds

Chequers Capital lève 850 millions pour son dernier fonds

Chequers Capital, ex-filiale de Charterhouse, vient de boucler son fonds XVI en trois mois, note L’Agefi. Le nouveau véhicule, qui investira comme le précédent dans des opérations de rachats à effet de levier pour des entreprises françaises dont la valeur n’excède pas 300 millions, a réuni 850 millions d’euros. Depuis 1993, la société revendique un taux de rendement interne (TRI) brut annuel de 40% environ.
Fonds
15/07/2011

Viveris REIM s’inscrit comme un acteur immobilier responsable

La société de gestion de portefeuille immobilier Viveris REIM a annoncé, mercredi 13 juillet, mettre en place une charte d’engagement pour l’investissement responsable, prochainement suivie par l’établissement d’un référentiel d’investissement ESG (Environnement, Sociétal, Gouvernance) qui sera intégré à la rentrée au processus d’acquisition et de gestion immobilières de la société."La réflexion portant sur la définition des principes de développement durable pour l’ensemble de la société et de sa gestion d’actifs immobiliers a été entamée en 2010 avec EthiFinance, agence indépendante de notation extra‐financière. La charte définit la philosophie qui porte la démarche de Viveris REIM et les principaux engagements de la société pour l’investissement responsable, dans la gestion d’actifs immobiliers et vis‐à‐vis de ses parties prenantes (actionnaires, collaborateurs, fournisseurs, société civile)», souligne un communiqué.Viveris REIM est aussi signataire des PRI (Principles for Responsible Investment)
15/07/2011

Métropole Gestion se cherche un responsable de la distribution retail

Bruno Zaraya, responsable de la distribution Retail de Métropole Gestion ne fera plus partie de la société une fois ses congés achevés, ce qui confirme l’information parue sur le site H24 Finance.Bruno Zaraya, qui est resté un an chez Métropole Gestion après avoir été directeur commercial chez Sal. Oppenheim depuis décembre 2008 et auparavant, responsable partenariats et grands comptes France chez Edmond Rothschild Asset Management (2003-2008), quitte l’entreprise pour mener un projet entrepreneurial. De son côté, la société dirigée par François Marie Wojcik est en cours de recrutement pour le remplacer.
15/07/2011

State Street GA renforce son équipe de trésorerie

State Street Global Advisors (SSgA) a annoncé, mercredi 13 juillet, le renforcement de son équipe de trésorerie avec les nominations de Kevin Thomson et Adam Sadiq. Tous deux accèdent au poste de directeur régional des ventes pour l’Europe, le Moyen-Orient et l’Afrique (EMEA). Basés à Londres, placés sous la direction de Jennifer Hole, responsable de l’activité de trésorerie EMEA de SSgA, ils sont responsables de la distribution des produits de liquidité à travers l’ensemble de la région EMEA. Auparavant, Kevin Thompson était responsable du business développement chez ICD, un fournisseur de portails web, où il avait pour mission de développer les activités hors Amérique du Nord. Quant à Adam Sadiq, il exerçait ses fonctions de responsable du développement des activités de trésorerie et des produits de taux à court terme chez Western Asset Management Company.
15/07/2011
Fonds

Overlord France Finance lance deux fonds

La société de gestion de portefeuille Overlord France Finance agréée par l’Autorité des marchés financiers (AMF) le 3 décembre 2010, a annoncé, le 13 juillet 2011, le lancement de deux fonds : Overlord Premium et Overlord Flex PEA. Overlord Premium est un fonds qui a la possibilité de se diversifier en utilisant tous les vecteurs d’investissements possibles (actions, obligations, futures, options, Forex, matières premières, etc.) et ce quelle qu’en soit l’origine géographique. Quant à Overlord Flex PEA, il s’agit d’un FCP diversifié majoritairement exposé aux marchés actions de la Communauté européenne, via des titres en direct, des OPCVM/ETF « trackers » et des instruments dérivés. L’actif du fonds est composé en permanence à hauteur de 75 % minimum de titres éligibles au PEA. La stratégie est basée sur un processus de sélection de titres. Overlord prévoit également une couverture des positions pour limiter les impacts baissiers à travers d’ETF « trackers » éligibles au PEA et des instruments à terme. Ces fonds sont, tous deux, conformes à la nouvelle réglementation européenne des OPCVM (UCITS 4) et disposent du DICI (Document d’Informations Clé pour l’Investisseur). Caratéristiques :Overlord Premium Code Isin : FR0011035120Frais d’entrée : 4 % Frais de gestion : 3,4 % Commission de performance : 20 % au delà de l’indice composite 50 % DJ Eurostoxx (hors dividendes) + 50 % eonia capitaliséOverlord Flex PEA Code Isin : FR0011052851Frais d’entrée : 3,5 % Frais de gestion : 2,4 % Commission de performance : 20 % au delà de l’indice composite 70 % SPF 120 (hors dividendes) 15 % DJ Eurostoxx (hors dividendes) + 15 % eonia capitalisé Le Document d’Information Clé pour l’Investisseur (DICI) d’Overlord Premium et Overlord Flex PEA sont à disposition sur demande.
Fonds
15/07/2011

Lazard Frères Gestion recrute un banquier privé senior

Lazard Frères Gestion a annoncé, mardi 13 juillet, le renforcement de son équipe de banquiers privés avec l’arrivée de Rémi Chleq, en qualité de banquier privé senior. Le nouveau promu vient renforcer l'équipe de développement de la gestion privée dirigée par Sophie de Nadaillac, associée-gérant de Lazard Frères Gestion.Âgé de 40 ans, Rémi Chleq était responsable d’une équipe de banquiers privés de 5 personnes depuis mars 2007 pour la banque Credit Suisse.
15/07/2011
Fonds

Barclays Cap lance un fonds sur la volatilité européenne

Selon Citywire, Barclays Capital lance un fonds luxembourgeois coordonné qui réplique l’indice VStoxx 50 Mid Term Futures, le Barclays Euro Mid Term Volatility fund, qui est assorti de 0,89 % de frais de réplication, d’une commission de gestion de 0,2 % et de frais fixes de 0,2 %. La réplication s’effectue en «roulant» en permanence une exposition sur cinq mois à terme aux futures sur le VStoxx.
Fonds
15/07/2011
Fonds

La gamme de fonds indiciels de Pictet passe de 8 à 14 produits

Au 13 juillet, Pictet Asset Management a lancé six fonds indiciels «géographiques» de droit luxembourgeois (partie 1) chacun comportant six classes de parts et avec deux méthodes antidilution (soit spread, soit swing). Auparavant, le gestionnaire helvétique avait déjà huit fonds dans cette famille ; l'équipe gère 32 milliards de dollars dans ces fonds et sous forme de mandats (à fin mai) Il existe des parts institutionnelles (souscription minimale : 1 million de dollars) et des parts retail.Les nouveaux produits Pictet LatAm Index, BRIC Index, Brazil index, Russia Index, India Index et China Index, répliquent au plus près, en physique, les indices MSCI des pays ou zones correspondants. Les TFE des différentes classes de parts sont échelonnés entre 0,45 % et 1,05 %.
Fonds
15/07/2011

Aviva Investors ouvre un bureau à Zurich

Fabio Ferra et Karsten-Dirk Steffens, business development directors, vont diriger de Zurich la nouvelle représentation d’Aviva Investors dans la Confédération. Le premier était senior sales director, le second head of client service chez Axa Investment Managers pour la Suisse. Ils sont subordonnés à Gabriele Miodini head of financial institutions, Europe. Leur mission est de développer un réseau de distribution en Suisse.
15/07/2011

Nouvelle société de gestion sur la place parisienne

Overlord France Finance vient de lancer ses deux premiers fonds, conformes aux normes Ucits 4, Overlord Premium et Overlord Flex PEA. La société espère atteindre un total de 50 millions d’euros d’encours d’ici la fin de l’année, contre un peu plus de 3 millions actuellement. Elle lancera deux nouveaux fonds à la rentrée.

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