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02/12/2013

Assets in MPF funds continue to grow

Assets in Hong Kong’s Mandatory Provident Fund (MPF) have more than doubled (up by 117%) since 2008, according to Cerulli. The fund now accounts for about 63.5% of Hong Kong’s retirement investable assets. In contrast, ORSO (Occupational Retirement Schemes Ordinance) assets have stayed flat, and now make up 36.5% of investable assets, compared to 55.3% in 2008.Despite its asset growth, the MPF remains hugely unpopular in the city, driven by a toxic combination of high fees and low returns. Average fees now are about 1.7%, higher than comparable schemes in Australia (1.21%).
02/12/2013

UBS to close Corporate Advisory Group aimed at UHNWIs

Handelsblatt has announced that, according to sources familiar with the matter, UBS is planning to close the special unit of its investment bank focused on serving retail clients with more than USD25m in assets, the Corporate Advisory Group (CAG). This service often duplicates those of the investment bank.The CAG employs about 80 bankers in 15 offices. Layoffs are expected to primarily affect the Middle East, Africa, Turkey and Asia.UBS has declined to comment.
02/12/2013

Head of BlackRock in Switzerland leaves the business

Finews has learned that David Blumer, head of Europe, has announced to personnel at BlackRock Switzerland that the country manager, Martin Gut, who arrived in early 2011 from Credit Suisse, has left the business. It did not give a motive. Christian Hinze, managing director and COO for Switzerland, will serve in the role in the interim.
02/12/2013

Credit Suisse: Thomas Gottstein takes over from Rolf Bögli

Apparently due to a work overload, Rolf Bögli is stepping back at Credit Suisse from the end of December, where he has been serving at head Premium Clients Switzerland & Global External Asset Managers (EAM). At the beginning fo 2014, he will be replaced by Thomas Gottstein, head of the Swiss investment banking division, who joined the group 14 years ago, and who will himself be replaced in the interim by Marco Illy, finews reports.Bögli is expected to subsequently take up another position at Credit Suisse.
02/12/2013

Edmond de Rothschild looks to grow in Hong Kong

The Edmond de Rothschild group would like to develop its private banking activities in Hong Kong, adding to its sales personnel, Asian Investor reports. According to Christophe de Backer, CEO of the firm, Edmond de Rothschild may recruit 10 people in the next 12 months. The group currently employs 70 people in Hong Kong, including private banking and asset management activities. The firm is also studying the possibility of setting up an office in Singapore. The group would also like to actively develop its asset management and research activities, and with this in mind, is actively seeking a partner in Asia to increase its assets under management in the region by one third. Globally, the group hopes to bring in about CHF40bn by 2016, both for private banking and asset management, of which Asia is expected to represent a significant proportion, de Backer says.
02/12/2013

Frankfurt lists seven new bond ETFs from db x-trackers

Since Friday, the listings on the XTF segment of the Xetra electronic platform (Deutsche Börse) include a total of 1.038 funds, due to seven new listings corresponding to Luxembourg-registered bond ETFs from db x-trackers (Deutsche Asset & Wealth Management).Three of these funds allow investors to gain exposure to the performance of government bonds from euro zone countries, the db x-trackers II IBOXX Sovereigns Eurozone AAA UCITS ETF (1D), Yield Plus (1D) and Yield Plus 1-3 UCITS ETF (1 D).The db x-trackers II iBoxx Global Inflation-linked UCITS ETF (1D) provides access to inflation-linked government or quasi-government bonds, while the db x-trackers II iBoxx Germany Covered UCITS ETF (1D) replicates the entire universe of German Pfandbriefe.The last two products concern Japanese government bonds denominated in yen. They are the db x-trackers II Markit iBoxx Japan Sovereign UCITS ETF, and the inverse fund, the db x-trackers II Markit iBoxx Japan Sovereign Short Daily UCITS ETF.
02/12/2013

La Française AM founds JV with Canada's IPCM

The asset management affiliate of Crédit Mutuel Nord Europe is planning to launch its fifth capital partnership since January this Monday. The group, which has more than EUR38bn in assets, is teaming up with the Canadian research firm Inflection Point Capital Management (IPCM), Les Echos reports. Pending the legal authorizations, it will buy a 49% stake in the London affiliate IPCM UK, whie IPCM UK will buy a 49% stake in a joint venture with La Française. According to the newspaper, the partnership with IPCM will eventually replace a partnership with Banque Sarasin for socially responsible investment (SRI), as this has moved to the Brazilian firm Safra. The agreement now takes the form of a joint management of USD1bn in equities and best-in-class stock-picking.
02/12/2013

Schroders launches all-weather fund

The British firm Schroder Investment Management has announced the launch of the Strategic Beta Fund, a multi-asset class product which aims to generate stable returns in various market environments.The non-UCITS compliant institutional fund (NURS) is managed by Matthias Scheiber, multi-asset class fund manager, and aims for returns 300 basis points higher than the British money market rate over a sliding 5-year period, using a risk-weighted approach to construct a more diversified portfolio.Mark Humphreys, head of UK Strategic Solutions, has emphasized that the risk-weighting for the new fund is expected to smooth out returns for investors, while the active approach offers the necessary flexibility to generate stable returns in various market conditions. In an environment characterised by uncertainty, Schroders can thus help British pension plans to earn positive returns in a context of moderate risk.
02/12/2013

UCITS hedge fund closures double

The number of UCITS-compliant alternative funds which have been closed or merged has come to 150 over the past 18 months, compaared with 73 in the year to the end of June 2012, but launches have continued at a fast pace, a Citywire study reveals. Jonathan Miller, speaking at the Citywire Alternative Ucits 2013 conference, announced that the sector included 601 funds as of the end of June 2012, and that the most popular ones were equity long/short. As of the end of September, there were 600 funds.
02/12/2013

iShares lists commodity ETF in Amsterdam

NYSE Euronext has announced that on 29 November it admitted an ETF of the iShares brand (BlackRock group) to trading on the Amsterdam market. It is the iShares Dow Jones-UBS Commdity Swap (DE), which replicates the Dow Jones-UBS Commodity Index. The total expense ratio is 0.46%.With this new product, whose ticker code is EXXY, the European markets of NYSE Euronext total 558 ETFs, listed 646 times.
02/12/2013

AP1 hires CIO from Pimco

The Swedish pension fund Första AP-Fonden (AP1, SEK240bn) has announced the creation of a position for a CIO, which will be occupied by Mikael Angsberg, senior vice president and head of business development for the Scandinavian region at Pimco in London, from 9 December.Angsberg was previously head of Nordic institutional equity derivatives at BNP Paribas, after serving as head of institutional sales at Goldman Sachs Asset Mangement, also for the Scandinavian region.
02/12/2013

Impax posts net inflows

In the year to the end of September 2013, Impax Asset Management, an asset management firm specialised in the environment, 29.4% controlled by BNP Paribas Investment Partners, has posted net inflows of GBP178m. Thanks to a market effect of GBP381m, the firm has seen its assets stabilise at GBP2.197bn, compared with GBP1.828bn one year previously.
02/12/2013

Cevian Capital expects boom in M&As

The activist investor Cevian Capital is predicting strong growth in merger and acquisition operations in 2014, the news agency Reuters reports. Cevian Capital, whose assets under management total about EUR9bn, has stakes in the largest European groups, such as Volvo, ThysenKrupp and the British firm G4S. “The confidence of businesses begin to return to a level which makes me think that we will be seeing a much more animated merger/acquisition market, and it is even possible that some businesses will not hesitate to invest a little bit,” says Christpher Gardell, co-founder of the firm. The philosophy at Cevian is to seek out companies which are neglected or misunderstood by the markets, in countries which are strongly developped in terms of governance, primarily the United Kingdom, Scandinavia and Germany.
02/12/2013

Rothschild launches AM firm in the UK

Edmond de Rothschild has launched a new fund management activity in the United Kingdom, with the aim of increasing its assets and building its presence in London, the Financial Times reports. Concretely, the French-Swiss group is uniting its asset management activities in London under a single roof: Edmond de Rothschild Asset Management UK. Laurent Tignard, CEO of Edmond de Rothschild Asset Management, has told the FT that the new London-based activity, which has EUR5.6bn in assets, will focus on developing institutional clients.
02/12/2013

Lloyds Banking Group sells RE loan portfolio to Cerberus

On 29 November, Lloyds Banking group announced the sale of a portfolio of corporate real estate debt to Promontoria Holding 89 BV, an affiliate of Ceberus Institutional Partners, for a total of EUR1.032bn, or GBP860m, in cash. The transaction, which is expected to close by the end of 2013, concerns non-core loans in Europe and Nordic countries (particularly Germany and France) included in the non-strategic asset reduction programme.The assets sold represent a gross total of GBP1.094bn, meaning that the transaction is being made at a markdown of 21%. The portfolio sold generated a loss of GBP7m in 2012.
02/12/2013

FCA's head of asset mangement leaves for Goldman Sachs AM

The head of asset management supervision at the Financial Conduct Authority (FCA) has left the British regulator to join Goldman Sachs Asset Management as vice president in charge of compliance, Money Marketing reports. Ed Harley will take up his new role after meeting regulatory requirements concerning non-competition.
02/12/2013

Former head of Pioneer becomes chairman of Electra

Roger Yates has been appointed as chairman of Electra Private Equity, a British private equity firm. Yates who joined the board of directors at the firm in 2012, was previously CEO of Pioneer Investments, the fund firm from the Italian UniCredit group between the end of 2009 and May 2012. Previously, Yates was CEO of Henderson Group, from 1999 to 2008.
02/12/2013

Jyske launches low-volatility equity fund

Jyske has launched Jyske Invest Equities Low Volatility, a global equity fund investing in fundamentally stable companies and for which we also expect smaller price fluctuations than in the global equity market.The fund will spread the risk across various sectors, across various geographic areas and typically across 80 - 120 companies.
02/12/2013

Le régulateur européen dénonce les insuffisances des agences de notation

L’autorité européenne des marchés financiers, ESMA, pointe du doigt, dans un rapport publié aujourd’hui, les insuffisances de Fitch, Standard & Poor’s et Moody’s en matière de notation des Etats. Une enquête menée en 2013 a montré par exemple que, dans certains cas, la note d’un Etat a été révélée à un tiers avant sa publication ou que l’indépendance de la notation n’a pas toujours été assurée en raison de l’implication du management. Les agences ont été priées de corriger le tir. L’ESMA n’a pas décidé si ces insuffisances constituaient une infraction à la réglementation.
02/12/2013

Ageas France et Avenir Finance concrétisent leur partenariat

Avenir Finance et Ageas France annoncent la signature effective du partenariat capitalistique et commercial présenté le 8 octobre 2013. Dans ce cadre, Avenir Finance Gestion Privée intègre les activités « front et middle office » du réseau salariés d’Ageas France et ouvre à ce dernier 35 % de son capital. Par ailleurs, Ageas France exercera, le 16 décembre 2013, l’option d’achat lui permettant d’augmenter de 35 à 49% sa participation dans Sicavonline et Sicavonline Partenaires valorisées sur une base de 15,4 millions d’euros. Il portera ensuite cette part à 65% sur la base d’une valeur de 20 millions d’euros
02/12/2013

La justice américaine passerait l'éponge sur le dossier des CDS

Le ministère de la Justice américain n’envisage pas de sanctionner les banques concernées par l’enquête au civil ouverte sur les allégations d’entrave à la concurrence sur le marché des swaps de défaut de crédit (CDS), rapporte le Wall Street Journal, qui cite des sources proches du dossier. Ouverte il y a quatre ans, l’enquête s’est concentrée sur les transactions réalisées par un petit nombre de traders qui réalisaient la majeure partie de leur activité par téléphone. Les enquêteurs estiment cependant que les pratiques jugées anticoncurrentielles ont cessé depuis et qu’il n’est pas nécessaire de prendre des sanctions. L’enquête du ministère de la Justice reste ouverte, entre autres dans le but de déterminer si les modifications réglementaires favorisent une concurrence accrue sur le marché des CDS, explique le WSJ.
02/12/2013

S&P alerte sur la réforme des fonds monétaires

La proposition de réforme par la Commission européenne des fonds monétaires en Europe pourrait bien avoir des «conséquences non souhaitées», selon l’agence de notation dans une note de recherche. Côté gestionnaires d’actifs, les acteurs de taille modeste pourraient être exclus du marché, tandis que côté investisseurs, la réforme pourrait entraîner des coûts plus élevés et une transparence réduite.
02/12/2013

Versace fait le tri de ses prétendants

Le FSI italien (Fondo Strategico Italiano) tiendrait la corde en association avec le Qatar selon le quotidien pour mettre la main sur une participation minoritaire au capital de la griffe italienne. La valorisation de cette dernière (pour la vente d’une part de 20%) pourrait atteindre 850 millions d’euros, 12 fois l’excédent brut d’exploitation. La famille espère finaliser son choix d’ici la fin de l’année pour un partenaire susceptible de mener la société jusqu’à la Bourse d’ici trois ans. Les candidats pourtant ne manquent pas. Si Permira a jeté l’éponge, l’ex-Axa Private Equity, Ardian, ainsi que Blackstone, ou encore FinvestCorp, fonds basé à Bahreïn et ancien propriétaire de Gucci, sont sur les rangs.

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