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19/11/2013

Wealth management: Infidar merges with WMPartners

Julius Baer on 19 November announced that its affiliate Infidar will merge with WM Partners to form one of the largest independent wealth management firms in Switzerland. Infidar Conseils en Investissements SA (Infidar), founded in 1954, with headquarters in Zurich, has 26 employees, and is led by Markus Gonseth since 2007. WMPartners Vermögensverwaltungs AG (WMPartners), also based in Zurich, was founded in 1971, and is managed by three partners: Willi Leimer, Balthasar Meier and Heiner Grüter. The two businesses are currently leaders in independent wealth management in Switzerland.Initially, the Julius Baer group has taken over shares in WMPartners. In a second phase, Infidar will merge with WMPArtners. The conditions of the transaction will not be made public. With a total of about 50 employees and CHF4bn in client assets, the business will be one of the largest independent wealth managers in Switzerland, and will collaborate with 30 depository banks.
19/11/2013

Cantonal Bank of Zurich takes over market making for 32 investment funds

The Cantonal Bank of Zurich (ZKB) has taken over market making for 32 investment funds on behalf of the Swiss SIX stock exchange, the Swiss stock market announced on 18 November. As a new sponsor and market maker, ZKB is introducing 18 new products for trading on the Zurich market. ZKB is also taking over market making for 14 other products for which the Julius Baer bank is assuming the same role, SIX says in a statement. Overall, about 304 sponsored funds are traded on the Swiss stock market.
19/11/2013

BNP Paribas reportedly only contender to acquire IP&ED unit of RBS

According to De Telegraaf, relayed by Fund Nieuws, Royal Bank of Scotland has entered exclusive negotiations with BNP Paribas to sell its European structured investment product activities to the French group, including the famous “turbos” taken over from ABN Amro.For its part, fundweb reports that RBS has confirmed that it is currently in talks “with a potential outside buyer” for its investor product & equity derivatives (IP&ED) operation.
19/11/2013

Rothschild & Cie Gestion opens office in Italy

Rothschild & Cie Gestion has opened an office in Milan and recruited Alessio Coppola to ensure development of the Paris-based asset management firm in Italy. Coppola, who will have the title of country head, previously worked at the Italian asset management firm Anima SGR, where he served in the wholesale activity. He has also worked at Société Générale Asset Management, where he was head of distribution. Among his responsibilities, Coppola will be responsible for assembling a team in Italy. “We want to make our brand and our investment funds known to Italian investors, and we intend to build an entirely dedicated Italian team in the next few months,” he says in an Italian press statement. The office of the French asset management firm will be located at via Santa Radegonda 8, where Rothschild Global Financial Advisory is already located. The objective for Rothschild & Cie Gestion, which has assets of about EUR22bn, is to “develop asset management activities via long-term relationships with clients, based on a range of quality funds (equities, euro zone corporate bonds, diversified and global flexibles), and the range of dedicated investment solutions,” the statement says.
19/11/2013

Financial institutions could improve the quality of their information

The European securities markets authority (ESMA) on 18 November published its conclusions on the comparability and quality of financial information published by publicly-traded financial establishments.ESMA, which has studied a sample of 30 major financial institutions for most banks included in the most recent evaluation period of the European banking authority, has laid out a series of recommendations which are expected to improve the transparency of financial information in some key areas, including credit risk, financing and liquidity risks, and the fair valuation of financial instruments. ESMA observed that it was difficult to compare the information published by banks due to disparities in the structure of financial reports, or because the use of derivative financial instruments is not sufficiently documented in financial reports. In light of its conclusions and recommendations, ESMA claims that from 2013, the financial sector will need to offer improved information on exposure to credit risks, means to limit thi exposure (collateral, guarantees or credit default swaps, or CDS), as well as analysis of specific concentrations of credit risk and depreciation strategies in order to allow investors to evaluate overall credit risk. ESMA has also published the final version of its technical standards concerning derivative trades carried out by counterparties not belonging to the European Union.
19/11/2013

Fund manager quits First State

Habib Subjally has left First State, where he was a global equity manager, Citywire Global is able to reveal. The asset management firm will be closing its First State Global Opportunities fund. When asked by Citywire about the departure of the manager, First State answered: “After an internal review, First State has decided to close its range of global equities managed by Habib Subjally and his teams in London, and to concentrate on two other ranges of global equities: Worldwide and Worldwide Sustainability.”
19/11/2013

F&C Investments appoints head of retail distribution

F&C Investments has announced the appointment of Robet Thorpe as head of consumer. He will join the firm in December from Sarasin & Partners, where he had been head of retail, after serving as head of UK retail for nine years at Cazenove Capital. At F&C Investments, Thorpe will be responsible for sales and distribution to retail clients and investment trusts.
19/11/2013

Graham French leaves M&G

M&G Investments in 18 November announced that one of its best-known managers, Graham French, is retiring. He will now hand the management of the M&G Global Basics fund to his deputy, Randeep Somel, who has been working alongside him for more than five years. “After nearly 25 years at M&G, the time has come to pass the baton to another generation of portfolio managers. I am retiring knowing that I am leaving the shareholders in the Global Basics fund in very good hands,” saysa French in a statement.The deputy manager of the M&G Global Basics fund since 2010, Somel was trained in international equity management internally at M&G, as was Matthew Vaight, manager of the M&G Global Emerging Markets Fund (EUR1.4bn as of 30 September 20130, and the M&G Asian Fund (EUR576m as of the same date) and Stuart Rhodes, manager of the M&G Global Dividend Fund (EUR9bn, also as of 30 September). He has been a member of the international team since he began at M&G nearly nine years ago.There will be no changes to the investment approach of the M&G Global Basics fund, whose assets as of the end of September totalled EUR5.1bn, the statement sayas. The philosophy and investment principles of the fund will remain unchanged: management will continue to be oriented around a conviction portfolio without benchmark constraints and composed of about 60 positions.The only dark spot in the picture is that the M&G Global Basic shows returns of only 4.7% in the past three years, compared with gains of more than 33% for the corresponding benchmark index. According to Citywire, French has recently apologised to investors for the underperformance of the fund, whose assets under management peaked at GBP6.6bn in June 2011.
19/11/2013

Aberdeen AM acquires SWIP

Aberdeen Asset Management on 18 November announced that it has signed a final agreement with Lloyds Banking Group to construct a long-term strategic alliance, which will include the acquisition of Scottish Widows Investment Partnership (SWIP) by Aberdeen, as well as its private equity fund management and infrastructure fund management operations.The announcement confirms reports in the British press (Newsmanagers of 18 November). The cost of the transaction totals about GBP550m, with an additional payment over five years of up to GBP100m, depending on the performance recorded. Assets under management and activities acquired by Aberdeen total about GBP136bn.Aberdeen has also published its results for the period to 30 September, which include an increase of 7% to its assets under management, to GBP200.4bn, compared with GBP187.2bn one year previously. The year finished with outflows of GBP2.5bn, however.Pre-tax profits were up 39%, to GBP482.7m, compared with GBP347.8m.
19/11/2013

JPMorgan AM recruits FM from BofA Merrill Lynch

JP Morgan Asset Management has recruited James Davidson from Bank of America Merrill Lynch, as a global income equity fund manager, Citywire reports. He is joining the London office, and will manage the JPM Global Equity Income and JPM Global Dividend funds. He will work alongside Gerhard Woort-Menker.
19/11/2013

Pimco to recruit for its equity unit

Pimco will launch a wave of recruitments of managers, traders and analysts at the beginning of next year, in order to build up its equity unit, Financial News reports. The process will be led by Virginie Maisonneuve, who will join the firm from Schroders in January.
19/11/2013

Emerging market hedge funds improve their performance

Hedge funds dedicated to emerging markets have earned good results in third quarter, as the HFRI Emerging Markets Total Index has posted gains of 3% in the quarter, and 2.5% in the month of October alone, while performance since the beginning of the year totals 4.7%, a better result than most equity markets in emerging countries. Capital invested by hedge funds in emerging markets have increased to a record USD161bn. Assets in hedge funds invested in Asia have increased by USD1.8bn in third quarter to a total of USD42.3bn.
19/11/2013

Les grands pays émergents pèsent sur la croissance mondiale

L’OCDE a revu en baisse de 0,4 point à 3,6% sa prévision de croissance de l’économie mondiale pour 2014 (contre 2,7% prévu pour 2013). Le ralentissement en cours dans plusieurs pays émergents pèse sur la croissance mondiale, que les grandes économies avancées convalescentes n’ont pas la capacité d’entretenir à elles seules, indique l’organisation dans ses prévisions économiques d’automne.
19/11/2013

Le sentiment des investisseurs allemands est au plus haut depuis 4 ans

Le sentiment des analystes financiers et des investisseurs allemands a atteint en novembre son niveau le plus élevé depuis quatre ans grâce à des perspectives économiques un peu meilleures pour la zone euro dans son ensemble. L’indice de l’institut économique ZEW de Mannheim est ressorti à 54,6 en novembre, au plus haut depuis octobre 2009, contre 52,8 le mois précédent. «La légère amélioration des perspectives économiques de la zone euro a pu contribuer à cette évolution», indique l’institut.
19/11/2013

Plus de 4 milliards d'euros de dégâts aux Philippines

Le coût de la reconstruction après le passage du typhon Haiyan sur le centre des Philippines pourrait atteindre 250 milliards de pesos, soit 4,25 milliards d’euros, a déclaré mardi Arsenio Balisacan, secrétaire philippin à la Planification. Selon le dernier bilan officiel, le typhon, qui a atteint les terres le 8 novembre, a fait plus de 3.900 morts.
19/11/2013

Edmond de Rothschild officialise l'ouverture de sa merchant bank à Londres

Le groupe Edmond de Rothschild a annoncé hier le lancement de son activité de private merchant banking à Londres. Cette nouvelle offre profilée pour une clientèle privée propose des services dans le conseil stratégique et financier, la structuration, le conseil en investissement et la gestion de fortune sur mesure. L'équipe sera menée par Henrick Schliemann.
19/11/2013

L'Italie s'apprête à dévoiler un plan de privatisation

Le gouvernement italien présentera cette semaine le contenu d’un plan de privatisations destiné à réduire la dette publique, a déclaré hier le président du Conseil, Enrico Letta. Celui-ci pourrait inclure la cession d’un bloc de titres Eni.
19/11/2013

L’indice immobilier NAHB se stabilise en novembre

Le sentiment des promoteurs immobiliers américains s’est stabilisé en novembre, après deux mois de baisse d’affilée, montre l’enquête mensuelle de la fédération NAHB publiée hier. L’indice NAHB/Wells Fargo est ressorti à 54 en novembre, contre 54 en octobre (révisé de 55), alors que les économistes interrogés par Reuters l’attendaient en moyenne à 55.
19/11/2013

MF Global devra restituer 1,2 milliard de dollars à ses clients

La Commodity Futures Trading Commission (CFTC) a obtenu d’un tribunal fédéral une injonction visant le courtier américain MF Global, qui devra restituer 1,2 milliard de dollars (890 millions d’euros) à des clients lésés et payer une amende de 100 millions de dollars. Le courtier s’était mis en faillite en 2011 après un pari de plus de 6 milliards de dollars sur les dettes souveraines européennes.
19/11/2013

Lisbonne lèvera jusqu’à 580 millions d’euros grâce à CTT

Le gouvernement portugais a annoncé hier soir que le service postal public CTT serait privatisé d’ici à la fin de l’année à un prix allant de 4,10 à 5,52 euros par action. Cette fourchette signifie que Lisbonne lèvera entre 430 millions et 580 millions d’euros via la cession, aussi bien à des investisseurs institutionnels qu'à des petits porteurs, de 70% de l’opérateur postal.
19/11/2013

William Dudley est plus optimiste sur la reprise américaine

Le président de la Réserve fédérale de New York, l’un des plus ardents défenseurs d’une politique monétaire ultra-accommodante, s’est déclaré hier plus optimiste sur les perspectives de reprise de l'économie américaine, prévoyant une amélioration de la croissance l’an prochain et en 2015. «Non seulement nous disposons de meilleures statistiques, mais de surcroît, le poids budgétaire, qui pèse sur l'économie, devrait s’alléger considérablement au cours des quelques années à venir, en même temps que les soutiens fondamentaux à l'économie se renforcent», a-t-il indiqué lors d’une réunion au Queens Collège de New York. Ces commentaires d’un proche du président de la Réserve fédérale américaine Ben Bernanke pourraient laisser penser que la Banque centrale est plus près qu’on ne le pense généralement de réduire le rythme de ses achats d’actifs, actuellement de 85 milliards de dollars par mois.
19/11/2013

Berlin pousse ses contrats de réforme

Cette nouvelle réforme de la gouvernance en zone euro consisterait en un engagement ferme des gouvernements sur une ou deux réformes clés en contrepartie d’un soutien budgétaire européen. Elle sera discutée lors d’un Eurogroupe extraordinaire vendredi à Bruxelles.
18/11/2013

Une filiale de Natixis risque une sanction de l’AMF

Le représentant du collège de l’Autorité des marchés financiers a requis ce matin 250.000 euros d’amende à l’encontre d’Icmos, filiale en cours de liquidation de Natixis Alternative Assets. Le régulateur reproche à cette petite société de gestion alternative l’insuffisance de ses moyens humains et de son dispositif de contrôle des risques et de la conformité. Les faits remontent à la période 2009-2011. Début 2012, Natixis a décidé de fermer Natixis Alternative Assets, le pôle de gestion d’actifs de la BFI. Les fonds de ses différentes entités ont été soit fermés, soit transférés chez Natixis Asset Management. Icmos a fait l’objet d’une liquidation à l’amiable fin 2012.
Photo: PHB
18/11/2013

L'Europe publie de nouvelles règles sur les dérivés OTC

L’Autorité européenne des marchés financiers (Esma) a publié lundi ses règles définitives sur la compensation des dérivés de gré à gré traités entre deux contreparties non ressortissantes de l’Union européenne. Pour le cas où un régime juridique équivalent n’existerait pas, ces transactions seront soumises au règlement Emir si elles sont exécutées à travers des filiales situées dans l’UE, ou si l’une des contreparties fait porter un risque (via une garantie) à une institution financière de l’UE. Pour calculer ce risque, l’Esma fixe deux seuils: que la garantie de l’institution financière de l’UE porte sur un montant notionnel brut de 8 milliards d’euros, et sur au moins 5% de son exposition totale au marché des dérivés OTC.
18/11/2013

La Bundesbank prévoit un renforcement de la reprise en Allemagne

«Il y a de bonnes chances pour que la reprise économique en Allemagne soit mieux ancrée au cours des prochains mois», déclare la banque centrale allemande dans son rapport annuel de novembre. La première économie d’Europe a stagné au premier trimestre de cette année et si elle a rebondi de 0,7% au deuxième, sa croissance est retombée à 0,3% sur juillet-septembre selon la première estimation publiée la semaine dernière.

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