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08/01/2014

Dorval Finance adds to “Managers” range

On the strength of its expertise in wealth management with its “Managers” range of equity funds and its range of totally flexible funds, the independent asset management firm Dorval Finance on 7 January announced at a presentation of its 2014 investment strategy that it had decided to extend its “Managers” range with the launch of the Dorval Managers Small Cap Euro fund. The firm may put its experience of more than eight years in the selection of quality managers and small companies to use for the fund. Small companies have historically represented nearly half of equity allocations to the Dorval Managers fund and have largely contributed to its good performance. For the new fund, Dorval Finance has extended its investment spectrum to a small cap universe of 785 securities which are eligible for PEA, distributed over the entire euro zone, including 235 companies in Germany, 172 in France, 97 in Italy, representing more than two thirds of the investment universe, with total market capitalisation of between EUR50m and EUR7bn, in line with the managerial filter developed by the management team, and matching transversal or sectroal investment themes.
08/01/2014

Goldman Sachs AM recruits from Morningstar

Goldman Sachs Asset Management (AM) has recruited Nadia Papagiannis as director of alternative investment strategy for global third-party distribution, Mutual Fund Wire reports. Papagiannis, known as one of the top experts in alternative management, had previously served at Morningstar as director of alternative fund research.
08/01/2014

Eight European Union countries in call for renewable energy

The French minister of the Ecology and seven European ministers are calling on the European Commission to go further in its reduction of greenhouse gas emissions, and to set “solid” objectives for renewable energies by 2030. Eight European ministers have formed a united front in favour of renewable energies. In a letter sent to commissioners Connie Hedegaard and Günther Oettinger, responsible for climate action and energy, respectively, the ministers ask for stronger EU objectives for renewable energies. Philippe Martin, French ecology minister, Sigmar Gabriel, the new German minister of the Economy, and Andrea Orlando, Italian minister of the Environment, signed the letter, composed by EurActiv. “We need to offer a solid and long-term regulatory framework to support sources of renewable energy, independent of divergences over operational details,” the ministers write. “An objective on renewable energies will reinforce European competitiveness and contribute to the creation of jobs and growth.” An objective in clean energy is “crucial” in order to make the investing businesses safe, the ministers continue. On 22 January, the Commission is expected to unveil a long-awaited “climate-energy package.” This will include proposed legislation in several areas, including schist gas, oil sand, structural reform of the carbon market and industrial competitiveness.
08/01/2014

CSOP veteran launches a quant strategy

Alan Wu, former portfolio manager at the CSOP Asset Management company, based in Hong Kong, is planning to launch a quantitative fund dedicated to China early this year, Hedge Fund Intelligence reports. Wu left CSOP a few months ago to found his own firm.
08/01/2014

Goldman Sachs and KKR to sell their stakes in Kion

Goldman Sachs and KKR will sell their 10.8% stakes, equivalent to 10,681,388 shares, in Kion, the world’s second largest manufacturer of motorized warehouse lifts, listed on the Frankfurt stock exchange. The stake up for sale represents about EUR330m, according to Reuters.
08/01/2014

Assets up at Fisch AM

The Swiss convertible bond specialist Fisch Asset Management at the end of 2013 published assets of CHF7.4bn, compared with CHF7.3bn at the beginning of the year. The asset management firm says it is highly satisfied with this development. It claims that it has been able to compensate with good subscriptions for the departure of assets at Schroders. The asset management firm had announced its decision in November to bring convertible bond management in house, which since 2008 had been outsourced to Fisch Asset Management.
08/01/2014

Credit Suisse unveils a new presentation of its results

Credit Suisse on 7 January unveiled a new presentation of its results over 9 months, adapted for its new corporate structure, since the creation of so-called “non-strategic” units last October. The bank has also reformatted its 2011 and 2012 results for comparison, pending results for fourth quarter, which are expected to be published on about 5 February, a statement says. To reduce consumption of owners’ equity and accelerate cost reductions, Credit Suisse had founded a non-strategic unit in each of its two divisions (private banking and wealth management on one side, investment banking on the other). In investment banking, the firm has transferred its newly-created fixed income activity liquidation portfolio, parts of restructured fixed income activities, including financial instruments which are not compatible with Basel III, and structured positions which consume owners’ equity. The creation of the units will have no impact on the consolidated results, nor on results for the core profession at Credit Suisse, the firm claims.
08/01/2014

GAM closes an inflation fund

The GAM Star Global Equity Inflation Focus fund will be closing this month due to low asset levels, Citywire reveals. The fund, managed externally by Manning & Napier Advisors, had assets of over EUR96m as of the end of 2012, but now has less than EUR6m.
08/01/2014

Zeus Capital launches a diversified fund

The Swiss asset management boutique Zeus Capital is adding to its Sicav range with the launch of a diversified fund, the Zeus Capital World Balanced fund, Citywire reports. Last summer, the boutique had offered four funds domiciled in Luxembourg. The new fund will function as a fund of funds, which may invest in all asset classes, with 100% invested in funds in UCITS or UCIS formats. The fund is expected to show moderate volatility while remaining correlated to the major makets. The fund will be managed by Lemanik Asset Management.
08/01/2014

Mitsubishi launches a British commercial real estate fund

Mitsubishi has launched an investment fund specialised in commercial real estate in London, which may raise up to GBP500m from institutions in Japan, the Financial Times reports. The Japanese group has teamed up with UBS in the venture, and will supply GBP50m in seed funding. The fund may earn net returns of 8-10% per year, or about 13 times more than Japanese government bonds, according to Tak Ishikawa, CIO of the asset management division of Mitsubishi.
08/01/2014

CIBC completes acquisition of an Invesco wealth management entity

The Canadian banking group CBC has completed its acquisition of the wealth management firm Atlantic Trust Private Wealth Management from Invesco for a total of USD210m. The acquisition comes as part of the strategy at CIBC to increase the share of the group’s profits derived from wealth management activities to 15%. Assets under management at Atlantic Trust total about USD24bn.
08/01/2014

LGIM recruits two experts from BNP Paribas IP

The British institutional asset management firm Legal & General Investment Management has recruited Willem Klinstra and Chris Jeffery as strategists in the strategy and tactical allocation research division, the news agency Reuters reports. Klinstra and Jeffery previously worked in the team dedicated to multi-asset class solutions at BNP Paribas Investment Partners.
08/01/2014

Standard Life recruits from Aviva

Standard Life has recruited Patrick Granger as senior head of development for its activities, Money Marketing reports. Granger will be responsible in particular for assisting in the development of relationships with corporate advisers about retirement issues. Granger previously worked at Aviva, where he was responsible for distribution and development of activities.
08/01/2014

Ashmore granted RQFII status in China

London-based Ashmore, the emerging markets investment manager, has become the first investment manager outside of Hong Kong to be granted RMB Qualified Foreign Institutional Investors (RQFII) status by the China Securities Regulatory Commission (CSRC).RQFII status allows international investors access to the Chinese onshore equity and fixed income securities markets. The scheme allows for improved ease of repatriation of funds compared to the existing QFII scheme, and provides more flexible investment guidelines for investors looking to invest in China.In October 2013, China allocated a RMB80 billion RQFII quota for London, after a decision was taken to expand the pilot scheme beyond Asia, within which Hong Kong, Taiwan and Singapore are approved for RQFII, respectively.Ashmore manages USD78.5 billion
08/01/2014

Former head of emerging markets at Barings joins Alquity

Roberto Lampl, former head of emerging markets at Barings Asset Management, has joined Alquity Investments in London as chief investment officer for Latin America. Lampl left Barings in July 2013. He was replaced by Staffan Lindfeldt.
08/01/2014

GLG sued for an “incomprehensible” investment

Richard Desmond, founder of the British Northern & Shell media group, is seeking GBP20m in court from GLG Partners, an affiliate of Man Group, following losses on an “incomprehensible” investment, Bloomberg reports. Desmond explains that GLG Partners advised him to enter into a derivative transaction with Credit Suisse in 2007 as a counterparty. He invested about GBP50m in a product known as Constant Proportion Portfolio Insurance, a sort of swap. “It was incomprehensible except to an expert,” Desmond’s lawyers claim. Desmond says that GLG did not inform him of the risks. He lost GBP20m.
08/01/2014

Ignis adds to real estate team

The British asset management firm Ignis has recruited a asset manager and a product specialist as additions to its team dedicated to real estate, which has GBP3bn in assets under management. Jamie Horton, who had previously served as director of DTZ, will in February join the Glasgow office of Ignis as asset manager in charge of the UK Commercial Property Trust (GBP1.1bn in assets). For her part, Lucy Williams, former head of development at Lothbury Investment Management, will join the London office of Ignis as a product specialist.
08/01/2014

La Chine ouvre encore son marché aux gérants étrangers

Pékin a accordé au gérant britannique Ashmore une licence RQFII, qui va notamment lui donner accès au marché convoité des actions A de la Bourse chinoise. Ashmore, associé à HSBC pour la conservation de titres, devient ainsi le premier gérant étranger à pouvoir investir directement des fonds renminibis offshore sur le marché onshore des actions et obligations chinoises, sans être obligé de passer par Hong Kong. En octobre dernier, les autorités chinoises avaient annoncé la mise en place d’un quota de 80 milliards de renminbis pour des licences RQFII au bénéfice de gérants basés à Londres. Ashmore n’a pas dévoilé le quota dont il bénéficie.
08/01/2014

Swiss Life prend le contrôle de Prigest

Après une première prise de participation de 25% en juin 2011, Swiss Life Banque Privée a annoncé l’acquisition de 100% du capital de Prigest SA, «conformément au calendrier initial». En apportant près de 500 millions d’euros d’actifs de clients privés et un fonds emblématique, ValFrance, Prigest fait franchir à Swiss Life Banque Privée le cap des 4 milliards d’euros gérés. Christian Cambier, son président fondateur, continuera d’assurer la présidence de la société, la gestion de ValFrance et le contact direct avec les clients.
08/01/2014

Russell Investments serait à vendre

L’assureur américain Northwestern Mutual Life Insurance envisage de vendre sa filiale de gestion Russell Investments, indique Reuters en citant quatre sources anonymes. Northwestern avait acquis en 1999 le groupe, qui s’appelait alors Frank Russell Company, pour 1,2 milliard de dollars, mais considère que cette activité ne fait plus partie de ses priorités stratégiques. Il n’est pas encore décidé si un vente se ferait en bloc ou par appartements, selon Reuters. Russell, connu notamment pour ses indices, gère près de 250 milliards de dollars d’encours.
08/01/2014

Carmignac se dote d’une nouvelle équipe actions à Londres

La société de gestion a annoncé ce matin le recrutement à Londres de deux gérants et deux analystes actions européennes. Venus de SAC Global Investors, Muhammed Yesilhark, 33 ans, et son équipe, remplacent Laurent Ducoin, Samir Essafri et François-Joseph Furry, qui ont quitté le groupe. Ils gèreront à leur place les fonds Carmignac Grande Europe, Carmignac Euro-Patrimoine et Carmignac Euro-Entrepreneurs qui affichent un encours total de 1,6 milliard d’euros.
08/01/2014

L'immigration sauve la démographie de l'Allemagne

La population de l’Allemagne a augmenté pour la troisième année consécutive en 2013, atteignant 80,8 millions d’habitants sous l’effet d’un solde migratoire record depuis 20 ans, indique l’Office fédéral de la statistique, mercredi. L’accroissement naturel de la population allemande a en revanche été négatif: le nombre des décès a dépassé celui des naissances de 200.000 à 220.000.
08/01/2014

Le chômage en zone euro se stabilise à un record

Le taux de chômage est resté inchangé à 12,1% en novembre, un niveau record auquel il est coincé depuis huit mois, selon des données publiées mercredi par Eurostat. Dans les 17 pays utilisant la monnaie unique, 19,2 millions de personnes sont ainsi récensées comme étant sans emploi. Le taux de chômage des moins de 25 ans est resté stable à 24,2%
08/01/2014

L'Agirc Arrco retient Russell Investments pour sa gestion de transition

Russell Investments France a annoncé avoir été retenue par le GIE Agirc Arrco pour réaliser fin 2013 la restructuration d’un de ses portefeuilles actions zone euro, et gérer la transition de ce dernier vers plusieurs fonds ISR actions zone euro. Fin 2012, Russell Investments avait déjà accompagné la fédération Agirc dans le cadre de ses besoins de liquidités et avait procédé à la cession totale ou partielle de plusieurs portefeuilles obligataires et actions.
08/01/2014

Le chômage repart à la baisse en Allemagne

Le nombre de demandeurs d’emploi a baissé de 15.000 en décembre après quatre mois de hausse, à 2,965 millions en données corrigées des variations saisonnières, selon l’Office fédéral du travail. Le taux de chômage en données CVS est resté stable à 6,9%. En données brutes, le nombre de demandeurs d’emplois a toutefois augmenté à 2,873 millions contre 2,806 millions en novembre, pour un taux de chômage de 6,7% contre 6,5%.
Markit 3
08/01/2014

L'inflation ralentit à nouveau en zone euro

Le taux d’inflation annuel de la zone euro a décéléré à 0,8% en décembre contre 0,9% en novembre, selon la première estimation d’Eurostat. Il revient ainsi près de son plus bas de quatre ans de 0,7% touché en octobre qui avait incité la BCE à réduire ses taux par surprise. Les économistes interrogés par Reuters prévoyaient en moyenne un chiffre stable à +0,9%. Egalement publiés hier, les prix à la production ont diminué de 0,1% en novembre par rapport à octobre, donnant un recul de 1,2% sur un an.
08/01/2014

La BCE comptera bientôt une femme à son directoire

Le Conseil de l’Union européenne, qui représente les Etats, a recommandé la nomination de l’Allemande Sabine Lautenschläger au directoire de la Banque centrale européenne, en remplacement de Jörg Asmussen. La décision finale sera prise après consultation du Parlement européen et du conseil des gouverneurs de la BCE. Le nom de Sabine Lautenschläger, vice-présidente de la Bundesbank, a été proposé fin décembre par Berlin.
08/01/2014

Le déficit commercial américain poursuit sa baisse

Le département du Commerce a fait état d’un déficit ramené à 34,25 milliards de dollars en novembre, son plus bas niveau en 4 ans, ajusté des variations saisonnières, contre 39,33 milliards (révisé de 40,64 milliards) en octobre. Les exportations ont progressé de 0,9% à 194,86 milliards et les importations ont diminué de 1,4% à 229,11 milliards.
08/01/2014

Alcentra met aux enchères des prêts à Vivarte et TDF

Le fonds de dette Alcentra aurait mis aux enchères l'équivalent de 55 millions d’euros de prêts (leverage loans), rapporte Bloomberg. Les acquéreurs intéressés ont jusqu'à aujourd’hui pour faire parvenir leurs offres. Parmi les lignes cédées figurent des prêts au groupe d’habillement et de chaussures Vivarte, qui est en train de renégocier les clauses de sa dette avec ses créanciers, ainsi qu’au télédiffuseur TDF.

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