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10/01/2014

Korean sovereign fund seeks a CIO

Korean Investment Corporation (KIC), the Korean sovereign fund, which has USD65bn in assets, is seeking a new chief investment offier, following the departure of the incumbent, Lee Dong-Ik, Asian Investor reports. Lee, who has also been serving as interim chairman of KIC since the end of October 2013, resigned from his position with 15 months remaining on his three-year term, until April 2015. In the space of a few months, this is the second departure of a top manager from the institution, following the resignation of its chairman and CEO, Choi Chong-Suk, for personal reasons at the end of October 2013.
10/01/2014

Paulson Europe returns to growth in 2013

Paulson Europe LLP, the European entity from the US hedge fund Paulson & Co, has posted growth of 76% in its operating profits, to GBP6.5m, at the conclusion of its fiscal year on 31 March 2013, eFinancial News reports, citing documents published by Companies House. This strong growth is a sign of the recovery of the firm, which in its previous fiscal year, saw an 80% decline in its profits to GBP3.7m. Earnings from the European structure rose 14% year on year to a total of GBP152m.
10/01/2014

Lazard AM recruits head of its Japanese affiliate

Lazard Asset Management on 9 January announced the appointment of Yugo Ishida, who has been recruited from Nomura, as CEO of its Japanese affiliate, responsible for accelerating the development of the asset management firm in Japan. During her career at Nomura, Ishida served in various role, including chairman and chief operating officer, and most recently, adviser to the board of directors at Nomura Asset Management.
10/01/2014

Appointments to boards of directors at Mirabaud

The Mirabaud group has announced the appointment of Luc Thévenoz, Suzanne Wettenschwiler and Antonio Vegezzi to the board of directors at Mirabaud & Cie SA. Mr. Vegezzi will also sit on the boards of directors of the Swiss and London-based entities of Mirabaud Asset Management, alongside Yvar Mentha and Christopher Fawcett. They join Yves Mirabaud, Lionel Aeschlimann and Thierry de Marignac on the board of directors at the bank, and Aeschlimann and Morland on its asset management entities. The group has also appointed Pierre Bongard, Bernard Vischer and François Sunier as head of the control organism for Mirabaud SCA, the group’s newly-created holding company.
10/01/2014

Thomas Couvret joins Banque Hottinger & Cie

Thomas Couvret in January joined Banque Hottinger & Cie in Geneva as a product specialist, according to its LinkedIn profile. He will be in charge of sales and marketing in Switzerland, France and Luxembourg. Couvret was previously sales manager at URAM, an asset management firm based in Geneva specialsied in natural resources. He was previously business development manager at PIM Gestion France (which has become FourPoints Investment Managers after its merger with IT AM) in Paris.
10/01/2014

Former Moore trader to be charged with insider trading

Julian Rifat, a former junior trader at Moore Capital, will be charged of insider trading by the British financial regulator, the Financial Conduct Authority, nearly four years after his arrest, the Financial Times reports. Rifat had previously denied all wrongdoing. He no longer works at Moore.
10/01/2014

PGGM pulls out of five Israeli banks

The Netherlands-based pension fund PGGM has ceased to invest in five Israeli banks because they finance Jewish settlements and have branches in the West Bank, Investment Europe reports, citing the Israeli newspaper Haaretz. The fund’s decision is based on UN resolutions ruling that the settlements are illegal.
10/01/2014

Record inflows to Banca Generali

In December, Banca Generali posted total net inflows of EUR131m, bringing the total for 2013 to EUR2.26bn, according to Il Sole – 24 Ore. That represents a 40% increase compared with the previous fiscal year. Funds and Sicavs attracted EUR1.489bn, up 235% compared with 2012.
10/01/2014

Dalton Strategic Partnership recruits a former equity manager from GLG

Mark Greenhoff, former equity manager at GLG Partners, was recruited in early 2014 by the British boutique Dalton Strategic Partnership as a senior analyst and an addition to its European long/short equity team, Citywire reports. Greenhoff has 18 years of experience in European equity markets, as he previously worked at BZW Investment Management, Royal London Asset Management and Millennium.
10/01/2014

Royal London adds to distribution team

Royal London Asset Management (RLAM) announces two additions to its distribution team, together with the appointment of a head of proposition.Tracy Fennell joins as head of marketing, reporting to Rob Williams, head of distribution, as Newsmanagers had previously announced. She was previously head of marketing & communications at F&C Asset Management, prior to which she held marketing roles at Scottish Widows Investment Partnership, AXA Investment Managers and Newton Investment Management. She will be responsible for marketing strategy and implementation across all of RLAM’s distribution channels, as well as brand management and digital.Tracy Fennell succeeds Susan Spiller, who takes up a new role as head of proposition, responsible for product strategy, development and management.Finally, Louise Merritt joins as a product manager within the proposition team, reporting to Susan Spiller. She also previously worked at F&C Asset Management, as well as Aviva Investors, in product development roles. She will work alongside the existing members of the team on both new product development and management of the existing product range.
10/01/2014

Vanguard reduces management fees for its LifeStrategy range

In a context of an ongoing price war, Vanguard Asset Management (AM) will at the end of January undertake a reduction in the fees for five funds of its LifeStrategy range. The five products will, from 31 January 2014, charge annual management fees of 0.29%, where they had previously ranged from 0.30% to 0.33%. The full range will also see its structure modified, from the NURS to the UCITS standards, in order to facilitate access to retail clients. Vanguard AM will also be revising its asset allocation policy for the fund, in order to bring more diversification in terms of countries, sectors and securities.
10/01/2014

British investors are underweight on venture capital

The majority of British independent financial advisers (IFAs) feel that sophisticated investors are underweight on the venture capital sector, according to a survey carried out by Albion Ventures. Advisers say that less than one fifth of their clients (17%) are directly exposed to venture capital, but 48% of them say that the exposure of their clients to venture capital is likely to rise in the next five years.
10/01/2014

Strong growth in assets under management at Rathbones

Assets under management at Rathbone Brothers rose 22.2% last year, or about GBP4bn, to a total of GBP22bn, according to a statement released on 9 January. In fourth quarter alone, assets increased by GBP1.2bn, or 5.8%. Funds managed by Rathbone Investment Management were up by GBP3.5bn, to a total of GBP20.2bn as of the end of 2013.
10/01/2014

Deutsche Bank achète le futur siège de Vinci Immobilier

Vinci Immobilier et Nexity ont signé avec Deutsche Asset & Wealth Management (l’ex-Rreef) la vente en l'état futur d’achèvement de l’immeuble In Situ, situé à Boulogne-Billancourt, pour un montant non communiqué. Cet immeuble de 12.200 m2 de bureaux a vocation à accueillir le futur siège de Vinci Immobilier.
10/01/2014

La Banque de France confirme sa prévision de croissance

La Banque de France confirme sa prévision d’une croissance de 0,5% de l'économie française au quatrième trimestre 2013 dans sa troisième et dernière estimation fondée sur son enquête mensuelle de conjoncture de décembre, publiée vendredi. Cette prévision est légèrement supérieure à celle de l’Insee, qui prévoit une croissance de 0,4% sur les trois derniers mois de l’an dernier.
10/01/2014

La Banque d'Angleterre opte pour le statu quo

La BoE a laissé sa politique monétaire inchangée, comme attendu, maintenant son taux directeur à son plus bas historique de 0,5%. L'économie britannique bénéfice actuellement d’une croissance proche de 3% en données annualisées mais la Banque d’Angleterre avait prévenu en août qu’elle n’envisagerait pas de relever son taux directeur tant que le taux de chômage ne serait pas revenu en dessous de 7%.
10/01/2014

Le Brésil paie très cher son nouvel emprunt à 10 ans

Le Trésor brésilien a dû consentir un rendement record pour pouvoir émettre un nouvel emprunt de référence à 10 ans. Le Brésil a levé 1,64 milliard de réaux (503 millions d’euros) à un rendement de 13,39%, largement supérieur au taux directeur Selic du pays de 10%. Une cherté qui reflète les craintes des investisseurs au sujet de la détérioration des perspectives économiques du pays.
10/01/2014

Bank of America lance un indice CoCo

La banque américaine publie depuis le début de l’année un indice qui suit les performances des titres de capital contingent (CoCo). Le Contingent Capital Index couvre 48 obligations d’un montant total de 52 milliards de dollars, dont le coupon moyen atteint 7,93%. La création d’un indice CoCo est l’une des conditions à la diffusion large de ce compartiment de la dette bancaire auprès des investisseurs.
10/01/2014

Fin de partie pour le Libor en euro de l’Isda

L’association a fait part de l’interruption de publication, après celle d’aujourd’hui, de son taux interbancaire Libor en euro, du fait de la défection de Citigroup de la liste des contributeurs. Avec cinq banques, le taux ne peut être publié, selon l’Isda.
10/01/2014

Apollo lève un fonds de 17,5 milliards de dollars

Apollo Global Management a annoncé avoir bouclé la levée du fonds Apollo Investment Fund VIII d’un montant de 17,5 milliards de dollars, le plus important depuis le début de la crise financière.
10/01/2014

La BEI est à l'offensive en France

La Banque européenne d’investissement a déployé quelque 7,8 milliards d’euros de financements nouveaux en France en 2013. C’est 80% de plus qu’en 2012 et au-delà de l’objectif annoncé de 7 milliards d’euros. Ce regain d’activité est le fruit de l’augmentation de capital décidée en 2012.
10/01/2014

KKR lorgne le secteur énergétique canadien

Le quotidien croit savoir que la société américaine de private equity est disposée à consacrer «quelques milliards de dollars» à des investissements dans le secteur de l’énergie au Canada. KKR ouvrira d’ailleurs dès le mois prochain son premier bureau de représentation dans le pays, à Calgary.
10/01/2014

Des alphas positifs et homogènes

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 de décembre 2013. 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.
10/01/2014

La hausse des taux ne devrait pas pénaliser les actions

Le graphique ci-contre montre le coefficient de corrélation entre les mouvements de taux d’intérêts (obligations du Trésor à 10 ans) et le rendement hebdomadaire des actions (indice S&P500) aux Etats-Unis selon le niveau du taux d’intérêt. Le coefficient de corrélation est calculé sur deux ans glissants.

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