P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } The Norwegian sovereign fund regrets having invested in Formula 1, now that the sport is facing allegatios of corruption, Yngve Slyngstad, its director, has told the Norwegian business newspaper Dagena Naeringsliv. With BlackRock and Waddel & Reed Financial, the Norwegian public fund spent USD1.6bn in May 2012 to buy 21.3% of Formula One Group. The firm, responsible for the promotion and operation of commercial rights for F1, is led by the British billionaire Bernie Ecclestone, who, at 83, is facing corruption charges in Munich on 24 April. Ecclestone is accused to paying EUR35m in bribes to a German banker in 2006 and 2007 when his rights in F1 were sold to the investment fund CVC Partners, the largest shareholder in Delta Topco, a holding company based in Jersey which controls Formula One Group. A part of the Norwegian political class was astonished when an article appeared describing the fund’s investment. Due to its zero tolerance for corruption, the sovereign fund will sell its stake in Formula One.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } The German index provider Solactive has launched two new indices, the Solactive Guru International Index and the Solactive Guru Small Cap Index, which are to be used as the underlying indices for two ETFs listed today by Global X Funds on the New York Stock Exchange. These Indices are part of the same family as the Solactive Guru Index, which was launched in June 2012 and is tracked by the Global X Guru Index ETF (GURU). It has over USD500 million in assets. The Solactive Guru International Index tracks the price movements of the top U.S. listed international equity holdings of a select group of Hedge Funds and Institutional Investors based on quarterly regulatory filings from the SEC (13F Filings). This Index will be used as an underlying for the Global X Guru International Index ETF (GURI). The Solactive Guru Small Cap Index tracks the price movements of the top U.S. listed small cap equity holdings of a select group of Hedge Funds and Institutional Investors based on quarterly regulatory filings from the SEC. To be included in the Index, companies must have a market capitalization between USD 100 million and USD 3 billion. This index will be used as an underlying for the Global X Guru Small Cap Index ETF (GURX).

KBL European Private Bankers (KBL epb) announced on March 11 the appointment of Carlo Friob – a financial services professional with over two decades of experience in increasingly senior roles – as CEO, Private Banking, based in Luxembourg. He will also join the executive committee of the group.Friob will commence his new role at KBL epb in May 2014, subject to the approval of the Commission de Surveillance du Secteur Financier (CSSF). Stepping into the role earlier held by Yves Stein, who was recently promoted to Group CEO, Friob will lead the ongoing growth of KBL epb’s private banking operations in Europe, further strengthening the group’s nine-country network. He earlier served at BGL BNP Paribas as director of products & services, wealth management Luxembourg, and global head of discretionary portfolio management, BNP Wealth Management. Previously, he served as general manager, private banking, at the Luxembourg-based bank.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Alberto Micalizzi, the Italian university professor who founded a USD550m hedge fund which suffered “catastrophic losses” in the financial crisis, has said that he cannot afford a GBP3m fine levelled against him by the Financial Conduct Authority in the United Kingdom, the Financial Times reports. The regulator claims that Micalizzi sought to mislead investors and lenders to the fund by investing in illiquid and private bonds issued by an oil company based in Nevada in 2008 without the permission of investors.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } The Swedish asset management firm IKC Fonder, which opened an office in Manilla last year, is launching a fund which will invest in the Philippines, the first of its type in Sweden. The fund, IKC Filippinerna Flexibel, will be managed by Inge Knutsson, head of management and founder of IKC, also head of the Manilla office, and Rosel Ponce. “The Philippines are a country which many Swedes overlook,” says Hans Andersoon, CEO of IKC Fonder. “But in reality, it is one of the most interesting countries in Asia, and it received ‘investment grade’ rating last year from Standard & Poor’s and Fitch,” he says. IKC Fonder already invests in the Philippines via other funds.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Neuflize OBC, an affliate of the ABN Amro group, earned a net profit of EUR48.2m in 2013, up 7.6% year on year, due to the vitality of its asset management activity, Les Echos reports. In the area of asset management, the private bank has seen its assets under management increase to EUR46.4bn, up by EUR8.6bn year on year, of which EUR5.025bn were net inflows. In 2013, Neuflize OBC earned net banking proceeds up 4% to EUR320.5m.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } UniCredit has confirmed leaks to the press that the financial adviser network of the group, FinecoBank, will be launched on the Milan stock exchange in 2014, Bluerating reports. As of the end of December, the firm had total financial assets of EUR44bn.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Funds and management at Banca Mediolanum has posted net inflows of EUR240m as of the end of February, bringing the total since the beginning of the year to EUR413m, Funds People Italia reports.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } The Italian private bank Banca Esperia finished the year 2013 with assets under management of EUR15.3bn, an increase of 15% compared with 2012, Funds People Italia reports.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Assogestioni, the Italian association of asset management professionals, has decided to create a working group for Emir an MiFid 2. The association notes that the two new regulations will have an impact on asset management firms. The group is entitled Gruppo di Lavoro Mercati.

La banque privée suisse Lombard Odier et le groupe chinois Industrial Bank vont travailler ensemble à la conquête du marché de la banque privée en Chine, rapporte Finews. Un accord de coopération entre les deux groupes aurait été signé, selon les information du portail d’information menafn.com, qui cite des sources locales proches du dossier. l’accord permettrai aux clients d’Industrial Bank de profiter des services de Lombard Odier tandis que les clients de la banque privée genevoise pourraient avoir accès aux investissements locaux. En Asie, Lombard Odier gère 8 milliards de dollars à Hong Kong, Singapour et au Japon. Industrial Bank est active sur l’ensemble du territoire chinois et compte 15.000 clients en banque privée, représentant 200 milliards de yuan, soit 32,5 milliards de dollars, précise Finews.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } The Swiss private bank Lombard Odier and the Chinese group Industrial Bank will work together to conquer the private banking market in China, Finews reports. A cooperation agreement between the two groups is reported to have been signed, according to reports on the news website menafn.com, which cites local sources familiar with the matter. The agreement would allow clients of Industrial Bank to make use of the services of Lombard Odier, while clients of the Geneva-based private bank would be able to access local investments. In Asia, Lombard Odier has USd8bn in assets in Hong Kong, Singapore and Japan. Industrial Bank is active throughout China, and has 15,000 private banking clients, representing CNY200bn, or USD32.5bn, Finews states.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } A great majority of positions of responsibility in private equity are still occupied by men. According to a recent study by Preqin, women represent an average of 9% of senior positions at businesses worldwide in 2014, a slight increase over 2013 (8.7%). In Asia, women are comparatively the most represented in management roles, with an average of 11.8% in the region. This is down, however, compared with a level of 12.8% one year ago. In the United States, the percentage of women in senior positions is 11%, compared with 10.3% in 2013. In Europe, the average is 9.7% of positions, down by 2 percentage points year on year. In sectoral terms, private equity firms specialised in real estate have the most woman directors (12.8%), followed by firms active in infrastructure investment (11.7%) and venture capital (11.2%), Preqin states.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Ted Scott of F&C is retiring after a 30-year career at the firm, Investment Week reports. He had been director of global strategy.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } George Dallas, who had been co-head of corporate governance at F&C Investments, has left the asset management firm to “pursue other opportunities,” Financial News reports, citing a spokesperson for the firm. According to his LinkedIn profile, he is now working as an independent adviser. His role will be taken over by Eugenia Jackston, the other co-head of governance, while the team will be strengthened.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } It has been a strong start to the year for Close Brothers Asset Management. At the end of its first half, which ended on 31 January 2014, the asset management branch of Close Brothers has almost tripled its profits, to GBP3.2m, compared with GBP1.1m in first half 2013. In the same period, its earnings have increased 9% to a total of GBP40.5m, compared with GBP37.2m in first half 2013. Over the first six months of its fiscal year overall, Close Brothers AM has posted a 2% increase in its assets under management and advised to a total of nearly GBP9.3bn as of 31 January 2014. This development is largely driven by net inflows, which totalled GBP190m in first half, while market effects played in modestly for GBP25m.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Bill Gross, the head of Pimco, has promised to give his managers more freedom to express differences of opinion, as he has been facing growing criticism from investors, analysts and even a member of his board of trustees, the Financial Times reports. Morningstar, whose recommendatins are closely watched by retail investors, has expressed concerns concerning problems at the firm. Institutional clients and consultants have added Pimco to their “watchlists.”

For his baptism of fire before the press, Andrea Rossi, CEO of Axa Investment Managers (Axa IM) since July 2013, did not seek to stand out from his predecessor, Dominique Carrel-Billiard. Like him, the new head of Axa IM put the international development of the firm at the top of the list of strategic objectives. “We have increased our market share in many regions in 2013. But we need to accelerate the internationalisation of the firm,” Rossi said at a presentation of results for 2013 at Axa IM. “Our ambition is to become a real global leader in asset management,” he says.To achieve that, the asset management firm has formed an action plan according to the type of market. In mature markets where market share is strong, such as France, Italy, Spain, Switzerland and Italy, “we now need to target more profitable segments, especially retail clients, and strengthen our targeting of institutional investors,” says Rossi. In mature markets where the firm’s presence is weaker, “we need to target large institutionals and consultant markets as a priority,” says the CEO, citing the United States, Canada, Japan and Australia. Lastly, in emerging markets, the time is now “to strengthen our teams,” says Rossi.Axa IM is also planning to give some impetus to its ambition. “We are going to recruit 25 people in Asia and the United States in 2014,” says Rossi, without revealing the scale of investment dedicated to this development. “That will make 50 more people in the next three years. We are also going to invest more in marketing.”

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } SAC Capital Advisor is changing names to becomme Point72 Asset Management, a nod at the headquarters of the firm at 72 Cummings Point Road in Stamford, Connecticut, the Wall Street Journal reports. With the change, the founder of the firm, Steven A. Cohen, is seeking to distance himself from the insider trading investigation which is affecting SAC. Meanwhile, SAC is being converted into a family office to manage mostly the personal wealth of Cohen (USD8bn).

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } The asset management firm Algebris has listed two UCITS funds on the Italian platform Online Sim, Bluerating reports. They are the Algebris Financial Credit Fund and Algebris Financial Income funds.

La banque privée suisse Lombard Odier et le groupe chinois Industrial Bank vont travailler ensemble à la conquête du marché de la banque privée en Chine, rapporte Finews. Un accord de coopération entre les deux groupes aurait été signé, selon les information du portail d’information menafn.com, qui cite des sources locales proches du dossier. l’accord permettrait aux clients d’Industrial Bank de profiter des services de Lombard Odier tandis que les clients de la banque privée genevoise pourraient avoir accès aux investissements locaux. En Asie, Lombard Odier gère 8 milliards de dollars à Hong Kong, Singapour et au Japon. Industrial Bank est active sur l’ensemble du territoire chinois et compte 15.000 clients en banque privée, représentant 200 milliards de yuan, soit 32,5 milliards de dollars, précise Finews.

GAM va fermer aux nouveaux investisseurs le fonds GAM Star China Equity de Michael Lai une fois que ses encours dépasseront les 2,6 milliards de dollars, rapporte Citywire. Actuellement, le fonds pèse 2,42 milliards de dollars.

Banque Syz & Co vient de lancer la version à double effet de levier de son fonds Oyster Market Neutral, un fonds long/short à beta neutre sur les actions européennes, comme l’avait annoncé la société en janvier dernier (Newsmanagers du 17 janvier 2014), rapporte Citywire.Le fonds vise une performance de Libor + 10%. L’exposition du portefeuille peut varier de 100% à 400%, tandis que la volatilité sera de 12%.Banque Syz & Co envisage d’enregistrer à bref délai le fonds en France et en Suisse.

A quoi sert amLeague pour les multigérants et autres sélectionneurs de fonds ? Sur le grill dans le studio de Newsmanagers TV (voir la vidéo), Cédric Fouché, responsable de la sélection d’OPCVM chez Agicam – groupe AG2R-La Mondiale, a indiqué, en présence d’Antoine Briant, CEO de la plateforme, que cette dernière lui permettait de disposer d’un outil complémentaire à ses bases de données et ses études quantitatives et qualitatives. Et, de fait, d’observer précisément 25 gérants présents dont 23 sur l’Europe et une vingtaine sur la zone euro...De là à en profiter pour faire tourner rapidement sa sélection de pilotes, il y a un pas à ne pas franchir, y compris dans ces périodes tourmentées en Europe de l’Est où certains professionnels peuvent être encore assez nettement investis. «En étant allocataire d’actifs», indique Cédric Fouché, «nous regardons les gérants sur le court, le moyen et le long terme pour juger de la nécessité d’en changer». Cela étant, ajoute-t-il, «nous pouvons procéder à des ajustements, mais nous attendons surtout que ce soit les gérants eux-mêmes qui procèdent à ces modifications compte tenu de leur zone d’investissement.» Pour le reste, actuellement, l’effet d’aubaine joue à plein et, tout en ayant recours à des couvertures, la gestion d’Agicam a plutôt augmenté son exposition aux actions. Plus en détail, le multigérant accorde également de l’importance aux données mises à sa disposition sur le site d’amLeague qui concernent la gestion des différents portefeuilles. «Ces ratios et autres informations nous permettent d’effectuer des contrôles de cohérence dans le cadre de notre analyse de risques», explique le gérant, sachant que dans son approche cœur/satellite, la gestion active représente 40 % à 50 % - sous forme de fonds. Quoi qu’il en soit, selon le responsable, gestion indicielle et gestion active n’ont pas fini de s’affronter pour juger de la sur ou sous performance des uns ou des autres. A ce titre, remarquant le très bon résultat de la gestion indicielle sur une année, Antoine Briant a insisté sur le trompe l'œil d’un tel résultat. «Tout d’abord, sur trois ou cinq ans, la gestion active retrouve la première place,» explique-t-il. Par ailleurs, quand on mesure la moyenne des performances des portefeuilles pour les consolider en un seul portefeuille, il ressort que même sur un an, ce dernier bat l’indice de référence de près de deux points de pourcentage.» Impossible cependant de dire si ce bon résultat est dû aux meilleurs qui tirent l’ensemble ou si l’ensemble s’est montré vraiment performant…

Ted Scott de F&C Investments a fait valoir ses droits à la retraite après une carrière de 30 ans dans la société, rapporte Investment Week. Il était directeur de la stratégie globale.

George Dallas, qui était co-responsable de la gouvernance d’entreprise au sein de F&C Investments, a quitté la société de gestion pour “poursuivre d’autres opportunités”, rapporte Financial News, citant une porte-parole de la firme. Selon son profil LinkedIn, il travaille désormais comme conseiller indépendant. Ses fonctions seront reprises par Eugenia Jackston, l’autre co-responsable de la gouvernance, tandis que l’équipe sera renforcée.

Début d’année faste pour Close Brothers Asset Management. A l’issue de son premier semestre clos au 31 janvier 2014, la branche de gestion d’actifs de Close Brothers a quasiment multiplié par trois ses profits pour atteindre 3,2 millions de livres, contre 1,1 million au premier semestre 2013. Sur la même période, ses revenus ont augmenté de 9% pour ressortir à 40,5 millions de livres contre 37,2 millions de livres au premier semestre 2013.Sur l’ensemble des six premiers mois de son exercice fiscal, Close Brothers AM enregistre une hausse de 2 % de ses actifs gérés et conseillés pour atteindre près de 9,3 milliards de livres au 31 janvier 2014. Cette évolution est principalement tirée par la collecte nette qui s’établit à 190 millions de livres sur ce premier semestre tandis que l’effet marché a joué modestement à hauteur de 25 millions de livres.

Le groupe 3i a annoncé le 11 mars le closing d’une fonds de CLO, le COA Summit, à 416 millions de dollars. Il s’agit du quatrième fonds de CLO levé par 3i Debt Management US, l’entité spécialisée dans la gestion de fonds investissant dans de la dette corporate émise par de grandes et moyennes sociétés américaines.Depuis sa création en 2012, 3i Debt Management US a levé au travers de quatre fonds de CLO un total 1,9 milliard de dollars alors que la demande pour ce type de véhicule reste forte, précise un communiqué.

Neuflize OBC, filiale du groupe ABN Amro, a dégagé un bénéfice net de 48,2 millions d’euros en 2013, en croissance de 7,6 % sur un an, grâce en partie à la vitalité de son activité de gestion d’actifs, rapporte Les Echos. De fait, sur le terrain de la gestion, la banque privée a vu passer ses actifs sous gestion à 46,4 milliards, soit une hausse 8,6 milliards d’euros sur un an dont 5,025 milliards de collecte nette. En 2013, Neuflize OBC a enregistré un produit net bancaire en hausse de 4%, à 320,5 millions d’euros.

Le produit intérieur brut portugais (PIB) a augmenté de 0,6% lors des trois derniers mois de 2013 après une hausse de 0,3% au trimestre précédent, montrent les statistiques officielles publiées hier, qui témoignent d’un sursaut de la consommation et d’une amélioration des exportations. En glissement annuel, la croissance économique s’est élevée à 1,7% au quatrième trimestre. Sur l’ensemble de l’année, le PIB portugais s’est cependant contracté de 1,4%.