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26/11/2013

Lloyds Banking Group souhaite réduire sa part dans St James's Place

Le britannique Lloyds Banking Group souhaite céder une participation de 12% dans St James’s Place au cours des quatre prochains mois pour un montant d’environ 390 millions de livres, selon The Sunday Times.Le groupe bancaire britannique détient actuellement une participation de 22% dans la société de gestion, bloquée par un accord de lock-in jusqu'à ce mardi. Lloyds souhaiterait boucler cette cession avant la fin du premier trimestre 2014. Le groupe britannique, qui a récemment annoncé la vente de SWIP, tente ainsi de combler son déficit de fonds propres, mis en exergue par le régulateur prudentiel (Prudential Regulation Authority, PRA).
26/11/2013

Natixis GAM renforce son équipe institutionnelle au Royaume-Uni

Natixis Global Asset Management (NGAM) a recruté Alex Wharton en tant que manager dans l’équipe développement de la clientèle institutionnelle au Royaume-Uni et Fred McNeill en tant que manager dans l’équipe de relations avec les consultants au Royaume-Uni, rapporte Investment Europe.Le premier travaillait précédemment chez Capita Employee Benefits et le second chez Neptune Investment Management. Ils seront tous les deux basés à Londres.Laura Devoucoux va aussi rejoindre l’équipe des relations avec les consultants en tant que manager. Elle vient de Natixis Asset Management à Paris.
26/11/2013

Départ du responsable de la distribution de Carmignac Gestion au Royaume-Uni

Matthew Wright, qui était responsable de la distribution au Royaume-Uni, a rejoint la boutique de hedge funds NewSmith Asset Management en tant qu’associé et responsable de la distribution britannique et européenne, rapporte fundweb. L’intéressé était arrivé chez Carmignac Gestion en octobre 2011 (ndlr.).
26/11/2013

Notenstein investit dans la gestion d’actifs et veut doubler sa rentabilité

Notenstein Banque Privée gère presque 22 milliards de francs suisses d’actifs, en hausse de 1,5 milliard de francs en un an, dont la moitié sous l’effet de souscriptions nettes et l’autre des marchés. Adrian Künzi, directeur général de Notenstein Banque Privée a indiqué dans un entretien au Temps que le résultat 2012 correspondait à 5% du bénéfice du groupe Raiffeisen. L’objectif est de le hisser à 10%. «Il n’est pas facile de doubler sa rentabilité en peu de temps dans l’environnement actuel, mais il n’y a pas d’autre solution que d’augmenter le volume d’affaires, en priorité en Suisse», argumente-t-il. A l’égard des autres clients (30%) de la banque, à l’étranger, elle a décidé de réduire ses risques et de se limiter à 12 marchés cibles. Parallèlement, elle a réorganisé et investi dans les activités institutionnelles. De 20, l’effectif est passé à 80 employés en 2013 dans la gestion d’actifs. L’objectif est d’être reconnu comme un acteur de référence dans l’asset management. Notenstein Banque Privée y gère 4 milliards et ambitionne de grimper à 10 milliards dans les quatre à cinq ans.
26/11/2013

Swiss Life enregistre une forte croissance sur son marché d'origine

Swiss Life a réussi l’intégration d’AWD et de Swiss Life Select dans la structure du groupe sur le marché suisse, a affirmé le directeur général (CEO) pour la Suisse, Ivo Furrer, rapporte L’Agefi suisse. En Suisse, Swiss Life, qui distribue également les produits de ses concurrents, va afficher sur l’année en cours une croissance de 10% à 15%, qui va encore s’accélérer l’an prochain, a-t-il précisé.Depuis début de 2013, Swiss Life Select a engagé environ 200 conseillers financiers (net) en Suisse, a précisé M. Furrer. Mais l’expansion du réseau de distribution ne s’est pas faite au détriment de la rentabilité. La part des produits Swiss Life au total de Swiss Life Select est actuellement de 30% environ. La marge des produits maison est nettement plus intéressante que celle des produits distribués, a également noté le CEO
26/11/2013
Fonds

Henderson vend deux centres commerciaux en Suisse

Pour environ 57 millions d’euros, Henderson Global Investors a vendu à des investisseurs particuliers du Moyen-Orient deux centres commerciaux situés en Suisse qui figuraient dans le portefeuille de son FCP immobilier luxembourgeois Herald, spécialiste de la distribution. Il s’agit du centre Champs Fleuris (12.000 mètres carrés) situé à Matran dans le canton de Fribourg et du centre Les Grosses Terres (7.000 mètres carrés), situé à Étoy dans le canton de Vaud.Le FCP Herald s’adresse aux investisseurs institutionnels allemands et internationaux.
Fonds
26/11/2013

Henderson sells two shopping centres in Switzerland

For about EUR57m, Henderson Global Investors has sold two shopping centres located in Switzerland to individual investors in the Middle East, which had been part of the portfolio of its Luxembourg-registered real estate FCP Herald, specialised in distribution. They are the Champs Fleuris centre (12,000 square metres) located in Matran in the canton of Fribourg, and the Les Grosses Terres shopping centres (7,000 square metres), located in Étoy in the canton of Vaud.The Herald FCP is aimed at German and internatinoal institutional investors.
26/11/2013

Carmignac: head of UK distirbution departs

Matthew Wright, who had been head of distribution for the United Kingdom, is joining the hedge fund boutique NewSmith Asset Management, as a partner in charge of British and European distribution, fundweb reports. Wright joined Carmignac in October 2011 [ed].
26/11/2013

Two highly-placed women in asset management quit their jobs

Two of the most influential women in the asset management sector are leaving their jobs, Financial News observes. Anne Healy is resigning from her position as senior managing director for the United Kingdom and Ireland at MFS Investment Management, while Penny Green will leave the general management of the Superannuation Arrangements of the University of London.
26/11/2013

Natixis GAM recruits for institutional management team

Natixis Global Asset Management (NGAM) has recruited Alex Wharton as manager in the institutional client development team in the United Kingdom, and Fred McNeill as manager in the consultant relationship team in the United Kingdom, Investment Europe reports. Wharton worked previously at Capita Employee Benefits, while McNeill worked at Neptune Investment Management. They will both be based in London. Laura Devoucoux will also join the consultant relationship team as a manager. She joins from Natixis Asset Management in Paris.
26/11/2013

Threadneedle launches social bond fund

Threadneedle Investments will launch the Threadneedle UK Social Bond Fund in partnership with Big Issue Invest, the social investment arm of The Big Issue. The fund aims to achieve both an investment return and a positive social outcome by investing in fixed income securities of organisations which support socially beneficial activities and economic development. Available to retail and institutional investors from January 2014, it will invest in companies, associations, charities and trusts in social intensity areas including affordable housing and property, community services, employment and training, financial inclusion, health and social care, transport and communications, and utilities and the environment. The fund will launch with GBP10 million of seed investment from Big Society Capital, the world’s first social investment bank and GBP5 million from Threadneedle. The fund’s minimum investment amount is GBP2,000 when accessed via UK platforms. It has an Annual Management Charge (AMC) of 0.30% for both retail and institutional investors, and there is no performance fee. The AMC will be split between Threadneedle and Big Issue Invest, further supporting the work of Big Issue Invest and its parent The Big Issue in financing business solutions to social problems and tackling homelessness. Threadneedle will contribute a portion of its fee to the Threadneedle Foundation, a dedicated entity through which the company provides support for charitable activities.Managed by Simon Bond, credit fund manager at Threadneedle, the fund targets an annual gross return in line with that of a UK corporate bond index such as the Merrill Lynch £ Non Gilt Index, which is currently generating a yield of circa 4% per annum.
26/11/2013

Four major foreign sset managers control 5% of Ibex

In a wave of foreign investment in Spanish listed businesses, there are four big names: BlackRock, Vanguard, NBIM and BNP Paribas, Expansión reports. These four asset management firms hold stakes representing a total of EUR26.18bn, which corresponds to 5.1% of companies of the Ibex 35 index, and 60% of their investments are allocated to four companies: Santander, BBVA, Telefónica and Grifols. However, the Norwegian sovereign wealth fund [GPFG, managed by NBIM -ed.], BlackRock and Vanguard are present in 30, 25, and 21 of the companies of the Spanish flagship index, respectively.
26/11/2013

Borsa Istanbul: EIRIS will provide the sustainable development index

The British agency EIRIS has announced that it has been selected by Borsa Istanbul as the provider for the future BIST Sustainability index, which will be launched at the beginning of 2014 (see Newsmanagers of 22 May). The securities will be selected on the basis of environmental, social and governance (ESG) criteria concerning corruption, governance, human rights, biodiversity, health, safety and climate change.The securities of the BIST 30 index will be analysed in a first pass, while the BIST 50 will be done in a second. The objective is to select businesses for the BIST Sustainability index which have the best ESG results, possibly well above the required minimum prerequisites. EIRIS will be asisted in research by the Corporate Governance Forum from the Turkish Sabanci University.
26/11/2013

Steep decline in risk levels for corporate bonds

In a new bi-monthly publication aimed at credit risk professionals, S&P Capital IQ confirms that risk levels overall have fallen in the past 12 months, while some secotrs anre regions remain highly risky (Credit Market Pulse : www.spcapitaliq-credit.com/credit-market-pulse -november-2013).
26/11/2013

Sovereign credit quality continues to stabilise

After several tumultuous years, global sovereign creditworthiness is likely to continue stablizing in 2014, says Moody’s Investors Service in its just-published «2014 Outlook - Global Sovereigns: Credit Quality Stabilizing After Several Tumultuous Years». As of 25 November, nearly three quarters (85) of the 124 Moody’s-rated sovereigns carry stable rating outlooks, compared with fewer than two thirds (77/120) at the start of 2013. This stabilization in rating outlooks over the course of 2013 reflects divergent trends between advanced and emerging economies.Among advanced economies, many rating outlooks have moved to stable from negative, as in the case of the US and several euro area countries. Among emerging economies, some outlooks moved to stable from positive, as in the case of China and Brazil. Moody’s believes that credit trends among advanced economies will be driven by improving growth prospects, stabilizing debt dynamics, more resilient banking systems and receding region-specific contagion risks.Emerging economies will face a continuation of the less favourable shift in credit quality that began in 2013. The rating agency believes that cyclical factors and emerging structural constraints in large emerging economies will continue to drive below-average-trend growth, weighing on commodities demand and government revenues.
26/11/2013

Euronext and Vigeo carry out semiannual review

Vigeo and Euronext have carried out a semiannual review of their Euronext-Vigeo indices. The revision will take effect from 2 December. The range of Euronext-Vigeo indices is composed of seven indices. The weighting of these indices reflects the capacity of businesses to control their social responsibility risks, and to deploy the most extensive engagements in favour of sustainable development.The composition of the index is updated twice per year, in June and December. The range of Euronext-Vigeo indices is composed of the following seven indices: Euronext-Vigeo France 20, Euronext-Vigeo UK 20, Euronext-Vigeo Benelux 20, Euronext-Vigeo US 50, Euronext-Vigeo Eurozone 120, Euronext-Vigeo Europe 120 etEuronext-Vigeo World 120.Updates to the Euronext-Vigeo indices in December 2013 are marked by the entry of issuers in the real estate sector. These businesses have significantly improved their engagements for the integration of ESG principles and objectives into their strategies, operations and reporting, Vigeo says in a statement.
26/11/2013

Russell European indices show strong gains YTD

European equities have posted very good results in 2013, and the Russell Development Europe index has posted returns of 19.8% since the beginning of the year, with gains of 4.3% in fourth quarter (performance as of 19 Novemebr), according to the most recent Russell statistics, published on 25 November. In Europe, “central” and “peripheral” countries have posted excellent results. Germany is up 7.0% in fourth quarter, and 22.6% since the beginning of the year, while Italy (+9.4%), Ireland (+8.0%) and Norway (7.5%) have posted remarkable results in fourth quarter (countries composeing the Russell Development Europe index as of 19 November). Since the beginning of the year, Ireland is up 38.4%, compared with 34.2% for Finland, 23% for Spain, and only 6.5% for Luxembourg.
26/11/2013

Fidelity campaigns against short-termist corporate policies

The asset management group Fidelity has written to the boards of director of more than 400 businesses to alert them to its intention to vote against proposed management pay scales from the month of January 2014 if no changes are made, as an incentive to promote long-term vision, Investment Week reports. In a letter seen by the Sunday Times, the global CEO of Fidelity, Dominic Rossi, says that incentive programmes affecting directors are still far too complex and do not require directors to hold onto shares for a sufficiently long time. According to Fidelity, shares awarded to directors as part of bonus programmes should have to be held for at least three years. In the longer term, Fidelity, which is campaigning against short-termism, is militating for share awards to directors to be subject to a five-year lock-in clause. According to a survey carried out recently by Fidelity of practices on the FTSE 350 concerning remuneration, only 14 companies (compared with 6 in 2012) have incentive plans which extend for as much as five years. And 53 companies (compared with 25 previously) are in an intermediate position, with plans that run for 3 to 5 years.
26/11/2013

R Capital Management becomes Keensight

The historic hard core of private equity investment at the Rothschild group in Paris has chosen to go independent, Les Echos reports. The three partners who had made up R Capital Management for more than 10 years have renamed the structure “Keensight Capital.” “For several years, the Rothschidl group has invested in a completely integrated private equity platform. We have been offered either to join this firm, a 100% owned subsidiary of the group, or to become independent. We chose the entrepreneurial future,” explains Jean-Michel Beghin, one of the partners. Keensight Capital will not alter its strategy: allocate tickets of EUR5m to EUR30m to nich companies earning EUR10m to EUR150m in earnings and with strong growth.
26/11/2013

CPR AM develops with international activities as top priority

CPR Asset Management is going on the offensive. By the end of the year, the asset management firm is preparing to launch an international equity fund which will be anything but a “lukewarm water” product, in the words of Arnaud Faller, chief investment officer at the Amundi affiliate. The multi-style type mutual fund will allow the manager to adopt a “deep value” profile, or to invest in defensive shares, or to bet on geographical allocation.The Silver Age thematic fund from CPR AM, which invests in consumer sector shares related to an ageing population, with assets that have risen since September 2012 from EUR35m to EUR280m, will in a few weeks become eligible for investment from PEA retirement savings.This being said, CPR’s main objective is now to target the international market, with the objective of doubling AUM. year to date, CPR has experienced net inflows of EUR220m from abroad, explains CEO Jean-Eric Mercier. Totals assets managed for foreign customers presently amoint to 4.2% of total AUM, i.e. more than EUR1bn.In order to prop up foreign sales, CPR teams bet on the Silver Age fund as well as the soon-to-be-launched global equity funds. The company also has asset allocation products to help customers to invest step by step in more risky areas.
26/11/2013

FCA launches consultative paper on dealing commissions

The Financial Conduct Authority (FCA) on Monday proposed improvements to the rules and new guidance over investment managers’ use of client commissions. These changes, will ensure that charges paid by consumers for executing trades and related services - known as «dealing commission» - are fairer and more transparent, a press release stresses.The main proposals that will be consulted on in the new consultation paper include:•Clarifying the criteria for research goods and services that can be purchased by investment managers with dealing commission paid from customers’ funds;•Defining ‘corporate access’ and providing guidance on how investment managers should treat corporate access under the use of dealing commission rules; and•Guidance on making mixed-use assessments where investment managers purchase bundled brokerage services that contain both research and non-research elements, to ensure that only research is paid for with dealing commission.
26/11/2013

Amundi registers bond ETF in Spain

On 15 November, the CNMV registered the Amundi ETF Govt Bond Lowest Rated Euromts Investment Grade UCITS ETF, which may thus be sold in Spain, Funds People reports.The fund, which charges fees of 0.14%, has posted net inflows of voer EUR500m since the beginning of the year, and its assets total EUR825m. It offers exposure to government bonds in euro zone peripheral countries which are investment grade.
26/11/2013

97% of finance professionals feel that regulations won't stop a crisis

97% of financial services professionals feel that not enough has been done to prevent a future market crash, despite numerous reforms, Financial Times fund management reports, citing a survey by Kinetic Partners. 52% of those surveyed feel that regulatory changes have not created adequate protections.
26/11/2013

Axa REIM and Norwegian fund buy a tower in Munich

AXA Real Estate Investment Managers, acting on behalf of AXA France Insurance Companies, and Norges Bank Investment Management (NBIM), manager of the Norwegian Government Pension Fund Global, have acquired the SZ Tower in Munich for an anticipated price of EUR164.1 million from Prime Office REIT-AG.The SZ Tower is a 62,200 m², 28 storey, prime office building in Munich which is fully let to, and serves as, the headquarters of a German publishing group (Süddeutsche Zeitung). The transaction, which is expected to complete before the year-end, gives each partner in the joint venture a 50 percent stake in the building.
26/11/2013

US funds take over RE management from Banco Popular

Banco Popular on 25 November announced the sale of its real estate affiliate, in a transaction valued at nearly EUR800m. The bank has signed an agreement in principle with the US investment funds Varde Partners and Kennedy Wilson to sell them the affiliate, a statement says. The real estate activity of the bank will now be managed via a company controlled by these two funds, and in which Banco Popular will hodl a stake. “The net book value of credit which the new firm will manage will be about EUR9.35bn, while real estate assets will total about EUR6.5bn,” says Banco Popular in a statement. The operation is expected to be completed it he next few weeks. Several banks in the country have already sold all or part of their real estate management affiliates. Last week, Santander announced that it has signed an “agreement in principle” with the US investment fund Apollo, to sell it the Altamira affiliate. At the end of September, the La Caixa group, the parent company of CaixaBank, sold 51% of its affiliate Servihabitat to its US investment fund TPG.
26/11/2013

Manulife AM recruits head of European institutionals clients

Manulife Asset Management has recruited James Wheeler as head of sales for institutional clients in Europe and the Middle East based in Hong Kong, Investment Europe reports. In the past nine years, he worked at Legal & General Investment Management in London, and was responsible in particular for relationships with European institutional clients. At the same time, Manulife AM has promoted James Chen to head of the instituitional and international client relationship activity. He had been responsible for the same area solely for Asia.
26/11/2013

Vanguard recruits in Europe

Vanguard expects 30 recruitments in Europe by the end of the year, Ignites Europe reports (article reproduced in the Internet edition of Financial Times fund management). According to Tom Ranpulla, head of the European activity at Vanguard staff at the firm will increase from 170 to 200.
26/11/2013

Allianz GI sets up team dedicated to private investment

Damien Guichard, a bond manager, and Emannual Daull, a credit analyst, have joined Allianz Global Investors to develop the private investment activity there, according to a statement released on 25 November. They are based in Paris, as part of the credit team which reports to Alexandre Caminade, director of credit invetments for Europe.
26/11/2013

Index Strategy Advisors partners with IndexUniverse

The consulting firm Index Strategy Advisors and the ETF specialist IndexUniverse have signed a partnership in order to offer their clients high quality ETF portfolios. By the terms of the agreement signed between the two partners, Index Strategy Advisors (ISA) may use the ETF analysis platform set up by IndexUniverse to select ETFs for its clients, on the basis of proprietary allocation models developed by ISA.
26/11/2013

Frankfurt Trust: head of portfolio management departs

Winfried Hutmann, a member of the managing board and for 12 years head of portfolio management, will be leaving Frankfurt Trust, the asset management firm for BHF-Bank, as his 60th birthday approaches, a press statement on 25 November announced.Gerhard Engler, head of institutional clients, will serve in the role in the interim.

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