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17/03/2014

Equistone Partners veut se délester de Spie Batignolles

Equistone Partners (ex-Barclays PE) pourrait vendre cette année sa part résiduelle dans Spie Batignolles, révèlent à L’Agefi des sources de marché. Equistone a engagé un processus de cession de sa part minoritaire à un nouveau fonds d’investissement, en liaison étroite avec le management de Spie Batignolles, note la société qui possède 20% de la holding de tête de cette ex-filiale de Spie contrôlée par ses cadres et dirigeants (à 73,3%).
17/03/2014

Le CEO de Man a vu sa rémunération tripler

Le directeur général de Man Group, Emmanuel Roman, a vu sa rémunération plus que tripler l’année dernière à 3,4 millions de dollars, après que le bénéfice et le cours de l’action de la société de hedge funds a augmenté pour la première fois depuis 2009, rapporte Bloomberg. Emmanuel Roman a perçu un salaire de 1 million de dollars et des bonus estimés à 2,3 millions de dollars. En 2012, il avait perçu 1 million de dollars, mais aucun bonus.
17/03/2014
Fonds

Old Mutual GI dévoile trois nouveaux fonds multi-asset

Old Mutual Global Investors élargit sa gamme de produits. Comme évoqué fin 2013 (lire NewsManagers du 23 décembre 2013), la société de gestion a officialisé le lancement de trois nouveaux fonds multi-classe d’actifs de la gamme Foundation co-gérés par John Venture, responsable de la multigestion, Stewart Cowley, directeur des investissements pour le fixed income, et Paul Simpson, responsable des actions britanniques, rapporte FT Adviser. Ces trois produits investiront exclusivement dans des fonds d’Old Mutual exposés notamment aux actions et obligations. Selon le site d’information, l’objectif de ces fonds est de réaliser un rendement de 3 à 5 % au-dessus de l’inflation avec un horizon d’investissement de 5 à 10 ans.
Fonds
17/03/2014

Nomination chez Sal. Oppenheim

La banque privée Sal. Oppenheim, basée à Cologne, a annoncé le recrutement d’Ulrich Hähner en qualité de nouveau responsable de la gestion institutionnelle qui va notamment conseiller les family offices et les fondations.Ulrich Hähner travaillait précédemment chez J. Safra Sarasin Deutschland en qualité de responsable de l’antenne de Cologne, responsable pour l’ensemble de l’Allemagne des solutions dédiées et de l’accompagnement des fondations et des familles fortunées.La banque a a par ailleurs regroupé au sein du pôle bancaire les services dédiés à la clientèle privée et institutionnelle, désormais pris en charge par Nicolas von Loeper, membre du directoire. Ce regroupement devrait notamment permettre de répondre plus facilement à l’intérêt croissant des investisseurs institutionnels pour les actifs illiquides, précise un communiqué.
17/03/2014

Temasek veut se renforcer au capital d'Olam

Selon L’Agefi, Noble Group, une filiale de Temasek, le fonds souverain de Singapour, propose de racheter le solde du capital d’Olam International. L’OPA valorise le premier négociant mondial en riz, café et cacao à 5,3 milliards de dollars de Singapour (3,01 milliards d’euros environ).
17/03/2014

'Notre ambition est de porter la part des institutionnels à 50 % de notre clientèle"

Discrète, Neuflize OBC Investissements que préside Stéphane Corsaletti n'en a pas moins connu une révolution qui s'est achevée à la fin de l'an dernier avec la fusion de cinq sociétés de gestion et une refonte de sa gamme. De quoi accroître son ambition alors qu'elle a déjà collecté plus de 3 milliards d'euros en 2013 et souhaite encore accroitre sa part de marché auprès des investisseurs institutionnels. Pour ce faire, NOBC Investissements vient de recruter deux gérants seniors d'obligations convertibles, une classe d'actifs clé tant pour cette clientèle que pour la société de gestion...
17/03/2014

UBS GAM inquiète sa maison mère

UBS s’inquiète pour sa branche dédiée à la gestion d’actifs. En 2013, UBS Global Asset Management (UBS GAM) a en effet accusé une deuxième année consécutive de décollecte nette, peut-on lire dans le rapport annuel publié le 14 mars sur le site internet du groupe bancaire suisse. De fait, après avoir subi 13,3 milliards de francs suisses de rachats en 2012, la société de gestion a de enregistré 19,9 milliards de francs suisses de retraits nets en 2013. Des chiffres qui incluent les flux sur les monétaires. Dans le détail, UBS GAM a connu une décollecte nette de 4,8 milliards de francs suisses hors monétaires et 15,1 milliards sur les seuls fonds monétaires. Cette situation préoccupe tout particulièrement le groupe UBS. «Global Asset Management a connu des retraits nets sur les actifs gérés pour le compte des clients en 2012 et 2013, peut-on lire dans le rapport annuel. La poursuite de cette décollecte pourrait affecter de manière négative les résultats de cette division.»Pour autant, à ce stade, UBS GAM affiche toujours des résultats globalement satisfaisants. Fin 2013, ses profits avant impôts ont progressé de 1,2 %, à 576 millions de francs suisses, contre 569 millions en 2012.
17/03/2014

UBS a fortement augmenté ses bonus en 2013

Le groupe UBS a fortement augmenté les bonus grâce à la solide performance réalisée en 2013. L’enveloppe destinée aux rémunérations variables est ainsi passée en l’espace d’un an de 2,5 à 3,2 milliards de francs, selon le rapport de gestion d’UBS publié le 14 mars.Un bond de 28% qui s’explique par le fait que ces primes avaient été réduites après le scandale de la manipulation du taux Libor. Le montant de 3,2 milliards de francs destiné aux bonus correspond au bénéfice net réalisé l’an dernier par la grande banque (3,17 milliards de francs).Le patron d’UBS, Sergio Ermotti, a vu sa rémunération nettement augmenter l’an dernier. Il a perçu 10,7 millions de francs, contre 8,9 millions en 2012. Le directeur général n’est toutefois pas le dirigeant le mieux payé du numéro un bancaire helvétique. Le responsable de la banque d’investissement, Andrea Orcel, a touché 11,4 millions de francs.
17/03/2014

Hausse des encours gérés par Notenstein

En 2013, la banque privée suisse Notenstein a légèrement augmentéses encours sous gestion, à 20 milliards de francs suisses à la fin de l’année. La perte des encours gérés pour le compte de clients étrangers a été compensée par une hausse des actifs gérés pour la clientèle suisse. L’intégration de la boutique TCMG Asset Management AG ajoute 6 milliards de francs aux actifs du groupe. La filiale 1741 Asset Management AG a pour sa part enregistré une hausse de 30 % de ses encours, à 2,5 milliards de francs suisses.
17/03/2014

Axa IM s’allie à BP2S pour la distribution de fonds en Amérique latine

BNP Paribas Securities Services et Axa Investment Managers ont élargi leur partenariat aux services de support à la distribution de fonds en Amérique latine. Cela a été rendu possible avec l’adhésion de BNP Paribas à la plateforme régionale de compensation NSCC (National Securities Clearing Corporation) en tant que fund member. Ainsi, les principaux courtiers latino-américains auront accès aux différentes gammes de fonds d’Axa IM. « L’Amérique latine, qui est désormais plus accessible, est un marché prioritaire pour nous. Avec ce partenariat renforcé, nous proposons désormais sur tout le marché latino-américain notre offre ONE (Offer to meet Needs Everywhere), un dispositif de service client très apprécié qui est déjà déployé en Europe et en Asie (…) », a commenté Joseph Pinto, chief operating officer chez AXA IM.
17/03/2014
Fonds

La collecte des fonds norvégiens tirée par les fonds obligataires

En février, les fonds commercialisés en Norvège ont enregistré des souscriptions nettes de 29,7 milliards de couronnes norvégiennes, selon l’association locale des fonds d’investissement Verdipapirfondenes forening (VFF).La collecte a été drainée par les fonds obligataires, avec des souscriptions nettes de 32,5 milliards de couronnes. En revanche, les fonds actions et les fonds diversifiés ont vu sortir 3,1 milliards de couronnes.Le mois a été dominé par les investisseurs institutionnels, qui ont investi un montant net de 28,5 milliards de couronnes.
Fonds
17/03/2014

Allianz Dynamic Commodities launched

P { margin-bottom: 0.08in; } Allianz Global Investors Luxembourg has recently launched the AGIF - Allianz Dynamic Commodities fund. The product aims to bring benefits to the investor from the evolution of the prices of the major commodities (fossil fuels, industrial metals, precious metals, soft commodities, etc.). The management team may use derivatives of the RCM Active Commodity index. Characteristics ISIN: LU0542493225 Currency: euro Fees: 5%
17/03/2014

UBS manipulated the Hibor rate

P { margin-bottom: 0.08in; } Brokers at UBS attempted to manipulate the Hibor interbank lending rate (Hong Kong Interbank Offered Rate) between 2006 and 2009, according to a statement released on 14 March by the Hong Kong monetary authority (HKMA), after an investigation. Of nine banks, failures were found only at the top Swiss bank. Over 100 internal messages form several brokers at UBS mention requests to adapt the interest rates with the express objective of manipulating the Hibor. The surveillance authority did not, however, find evidence of collusion between banks, it says in its statement. The investigation found that UBS did not communicate to the authority that it had found fraudulent conduct on the part of its employees when it learned of it. This is “unacceptable,” HKMA says. The surveillance authority also found significant shortfalls in the internal control system at UBS and in governance as regards the process of setting the HIBOR rate.
17/03/2014

DBS buys the Asian private banking business of Societe Generale

P { margin-bottom: 0.08in; } Singapore’s DBS Bank said Monday it had agreed to buy the Asian private banking business of French lender Societe Generale in Singapore and Hong Kong, as well as selected parts of its trust business, for USD220 million.This represents approximately 1.75% of assets under management based on Societe Generale Private Banking Asia’s (SGPB Asia) assets under management of USD12.6 billion (SGD16.0 billion) as of 31 December 2013. The transaction «will accelerate DBS’ ambition of becoming a leading wealth manager in Asia, effectively increasing DBS’ high net worth assets under management by more than 20%,» according to a press release.SGPB Asia clients will have access to DBS’ universal banking platform including retail, corporate and investment banking. At the same time, DBS’ clients will have access to Societe Generale Private Banking’s offering in Europe as well as Societe Generale’s Corporate & Investment Banking solutions. In addition, Societe Generale’s clients will have access to DBS Private Bank’s offering in Asia. The purchase price is subject to adjustments based on the net asset value and assets under management of the business as at completion of the transaction. DBS will fund the purchase price out of its internal cash resources.The transaction is expected to be completed in the last quarter of 2014.
17/03/2014

Norwegian fund inflows driven by fixed income funds

P { margin-bottom: 0.08in; } In February, funds on sale in Norway posted net inflows of NOK29.7bn, according to the local investment fund association, Verdipapirfondenes forening (VFF). Inflows were driven by fixed income funds, with net sales of NOK32.5bn. However, equity funds and diversified funds saw outflows of NOK3.1bn. The month was dominated by institutional investors, which invested a net total of NOK28.5bn.
17/03/2014

Ram Bhavani opens a Sicav to outside investors

P { margin-bottom: 0.08in; } The investor Ram Bhavnani is seeking to gain permission from the Spanish regulator, the CNMV, for his Evolution Investment Siav, which currently manages his personal wealth, to be made available both to institutional and to retail investors, Cotizalia reports. This is a revolution on the Spanish market, since it is the first time that such a vehicle has been granted a way to issue multiple share classes, with some dedicated to retail and others to institutional investors. As part of the move, Bhavani has placed the Sicav under the care of Banco Madrid and the financial advising firm Cross Cpaital, which acts as manager and depository. His objective si to rival Warren Buffet, the iconic head of Berkshire Hathaway, who has a similar vehicle to manage his personal wealth while remaining open to outside investors.
17/03/2014

Funds dedicated to markets seen as vulnerable to tensions with Russia struggle

P { margin-bottom: 0.08in; } Another agitated week in Europe due to tensions with Russia over Ukraine led to caution from investors. Europe equity funds took in fresh money for the 37th straight weeks during the week ending March 12. But the USD131 million they absorbed was the smallest amount since that run began, according to data from EPFR Global. Fund groups dedicated to markets seen as vulnerable to tensions with Russia struggled, with Germany and UK equity funds again posting outflows. France equity funds took in fresh money for the fourth time in the past six weeks, and flows so far this year suggest that the Netherlands may have replaced France as investors’ candidate for the ‘sick man of Europe” although recent data and forecasts suggest that the Eurozone’s fifth largest economy is pulled out of a nearly two-year recession.Overall, equity funds absorbed another USD3.1 billion during the week ending March 12, while bond funds took in USD3.4 billion. Flows into money market funds totaled USD7.8 billion, the bulk of which flowed into Europe and Japan MM Funds.
17/03/2014

UniCredit to sell or hold IPO for Pioneer Investments

UniCredit aims to sell or hold an initial public offering for its asset management firm Pioneer Investments, at a price of EUR2-3bn, as part of an asset sell-off programme, the Financial Times reports, citing sources close to the bank. The move may come next year. UniCredit, which announced a record loss of EUR14bn last week, had already tried to sell Pioneer four years ago, but dropped the plans shortly after the arrival of Federico Ghizzoni as CEO. A source familiar with the matter explains that the bank pulled out of talks with the French firm Amundi four years ago under political pressure.
17/03/2014

BlackRock controls 5.2% of UniCredit

P { margin-bottom: 0.08in; } BlackRock controls 5.246% of UniCredit, Bluerating reports, citing the most recent statistics from Consob, the Italian regulator. The stake is distributed between various funds of the US financial group, and dates from 7 March. As of the end of January, BlackRock already controlled 5% of the Italian bank.
17/03/2014

M&G has over EUR8bn in assets under management in Italy

P { margin-bottom: 0.08in; } In 2013, M&G Investments saw an increase in its assets under management from a level of EUR4.3bn to EUR8.1bn, Bluerating reports. “M&G has finished its best year in Europe, and that also applies to Italy, which is now the second-largest country in Europe after the United Kingdom,” says Matteo Astolfi, director of M&G in Italy.
17/03/2014

DeAWM recruits a JPMorgan AM veteran in Asia

P { margin-bottom: 0.08in; } Ken Tam, previously head of JP Morgan Asset Management in Northern Asia, has joined Deutsche Asset & Wealth Management (DeAWM) in Asia, to serve in the same role at the German firm, Asian Investor reports, citing sources familiar with the matter. According to the website, Tam, who spent 20 years at JP Morgan AM, including 7 years as head for Northern Asia, will at DeAWM be responsible for activities dedicated to retail and institutional clients in the region.
17/03/2014

Société Générale en passe de céder à DBS sa banque privée en Asie

Société générale est en passe de céder au groupe bancaire singapourien DBS Group Holdings ses activités de banque privée en Asie pour environ 250 millions de dollars (180 millions d’euros), ont indiqué le 14 mars à Reuters des sources proches du dossier. Un accord entre les deux établissements pourrait être annoncé dès ce lundi, ont ajouté ces sources.Ni la Société générale ni le groupe DBS n’ont souhaité commenter ces informations. En janvier, des sources avaient indiqué que DBS était en discussions avancées avec la Société Générale pour reprendre la filiale de banque privée du groupe français en Asie.
17/03/2014

Jacques Aigrain joins Warburg Pincus

P { margin-bottom: 0.08in; } Warburg Pincus has appointed Jacques Aigrain, chairman of LCH.Clearnet, as senior adviser to help to find operations in financial services in Europe, the Financial Times reports. The Frenchman is also a director at Lufthansa, the London Stock Exchange and WPP. He was previously CEO of Swiss Re and co-head of mergers and acquisitions at JPMorgan.
17/03/2014

“Our ambition is to increase the percentage of institutional investors to 50% of our clients”

Neuflize OBC Investissements, led by Stéphane Corsaletti, has been in the midst of a discreet revolution which last year resulted in a merger of five asset management firms and an overhaul of its product range. This gives the firm a reason to raise its ambitions, as it has already brought in USD3bn in 2013, and would like to increase its market share further with institutional investors. To achieve this, NOBC Investissements has recruited two senior convertible bond managers, in a key asset classes for both clients and the asset management firm.
17/03/2014

Man CEO sees pay triple

P { margin-bottom: 0.08in; } The CEO of Man Group, Emmanuel Roman, saw his income more than triple last year, to USD3.4m, after the profits and share price at the hedge fund firm rose for the first time since 2009, Bloomberg reports. Roman earned USD1m and bonuses estimated at USD2.3m. In 2012, he made USD1m, but no bonus.
17/03/2014

Axa IM appoints Tim Gardener as global head of institutional client group

Axa Investment Managers announced last thursday the appointment of Tim Gardener as global head of the firm’s new institutional client group, formed to reflect the asset manager’s focus on the investment needs of distinct client groups. Lisa O’Connor, currently European head of consultant relations, succeeds Tim Gardener as global head of consultant relations.Tim Gardener will lead the development of the firm’s offering and approach to institutional clients, including insurance companies, pension funds, and sovereign wealth funds. Elodie Laugel, previously head of solutions development in Axa IM’s multi asset client solutions team, has been appointed deputy head of the institutional client group. The global consultant relations team, led by Lisa O’Connor, is an integral part of the institutional client group. The institutional client group is one part of Axa IM’s wider client group of 250 professionals led by Laurent Seyer. The division is in charge of developing the asset manager’s proposition by client segment (institutional, retail and wholesale), while coordinating and monitoring marketing and client relationship activities.
17/03/2014

BNY Mellon closes two funds

P { margin-bottom: 0.08in; } The US asset management firm BNY Mellon has closed two funds, following a steep fall in their assets under management, Citywire Global reports. The first vehicle concerned is the BNY Mellon Evolution Global Alpha, launched in 2006 as a multi-asset class absolute return strategy, which had GBP6m (EUR7.18m) at its closing. The second fund is the BNY Mellon Latin America Infrastructure, launched in 2010, which had about GBP1m (EUR1.2m) at its closing date.
17/03/2014

Old Mutual GI unveils three new multi-asset funds

P { margin-bottom: 0.08in; } Old Mutual Global Investors is extending its product range. As announced in late 2013 (see Newsmanagers of 23 December 2013), the asset management firm made the launch of three new multi-asset class funds for its Foundation product range, co-managed by John Venture, head of multi-management, Stewart Cowley, chief investment officer for fixed income, and Paul Simpson, head of British equities, FT Adviser reports. The three products will invest exclusively in funds from Old Mutual exposed to equities and bonds. According to the website, the objective for the funds is to earn returns 3% to 5% above inflation with an investment horizon of 5 to 10 years.
17/03/2014

UBS sets aside CHF1.6bn for legal and regulatory risks

P { margin-bottom: 0.08in; } The Swiss group UBS in 2013 increased its allocation for provisions for legal expenses and regulatory actions by CHF190m, to CHF1.62bn, according to the annual report published on 14 March. The firm is exposed to a series of lawsuits, class actions, legal procedures and government investigations, and the scale of the legal risks may be substantial, the report says. In the Libor maipulation scandal, UBS announced in 2012 that it would be required to pay CHF1.4bn in restitution and fines to the US, British and Swiss authorities. In the United States, the major bank has signed a “non-prosecution agreement” with the US Department of Justice. UBS Securities Japan CO has also pleaded guilty to the charge of electronic fraud over the manipulation of certain guide interest rates, UBS says in its annual report.
17/03/2014

Schelcher Prince Gestion recruits a convertible bond manager

P { margin-bottom: 0.08in; } The Schelcher Prince Gestion company has announced the recruitment of Quentin Philippe as an addition to its convertibles management team and a consolidation of its analysis/management synergy model, a statement says. He will report to Hubert Lemoine, head of convertible bonds, and will contribute his expertise in the technologies, media and telecommunications sector, which represents more than 25% of total global convertible bond issues. Before joining the team at Schelcher Prince Gestion at the end of 2013, Philippe in 2012 launched transversal multi-asset class research at Oddo Securities combining equity and fixed income research with a particular focus on convertible bonds.

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