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07/10/2013

BlueCrest recruits emerging market specialist Marcel Kfoury

The alternative asset management firm BlueCrest Capital Management has recruited the former head of emerging market trading from Nomura, Marcel Kfoury, the news agency Bloomberg reports. Kfoury, who resigned form his position at Nomura on 1 October, is joining BlueCrest as a credit portfolio manager. He will be based in London, and will begin in January next year. Assets under management by the hedge fund from Michael Platt total about USD36bn.
07/10/2013

Head of Vanguard becomes chairman of ICI

The chairman and CEO of Vanguard, William McNabb, has been elected as president of the US asset management asssociation (ICI) for a one-year term, according to a statement published on 3 October. He succeeds Greg Johnson, president and CEO of Franklin Templeton. The association has also elected four new members to its board for terms of three years to the end of September 2016. The four new members are Karen N. Horn, independent director, T. Rowe Price Funds, Lawrence H. Kaplan (Abbett & Co), Joseph A. Sullivan (Legg Mason) and Ralph F. Verni, independent director, Eaton Vance Funds.
07/10/2013

MSCI launches its first indices compliant with new Hong Kong MPF regulations

The index provider MSCI has launched its first indices which take into account new MPF regulations on the Hong Kong market which require that 30% of the portfolios of asset management firms must be denominated in Hong Kong dollars, Asian Investor reports. The new indices will apply a 305 limit to the weight of the component denominated in Hong Kong dollars, although the funds replicating the indices will still have an exposure of 30% to Hong Kong equities.
07/10/2013

Lombard Odier IM recruits “senior advisor”

Ruud Hendricks, senior advisor at KKR, non-executive chairman at the institutional department of Man Group, and chairman of the consulting committee for Financial Assets in the Netherlands, has been appointed to the newly-created position of senior advisor at Lombard Odier Investment Managers (LOIM), the institutional arm of Lombrad Odier & Cie.The new arrival will report to Hubert Keller, managing partner at Lombard Odier et Cie and head of LOIM. He will work in close collaboration with the head of sales at LOIM “to strengthen distribution capacity to the most exacting institutional clients, in Europe and beyond,” a statement says.LOIM has also announced that Jan Willem van Stuijvenberg, head of Van Stuijvenberg Financial Services, will work with Hendricks and the CIOs as a consulting to the business, whose activities he will work to develop in the Netherlands. Van Stuijvenberg has over 15 years of experience as a strategist for institutional investors.As of the end of June 2013, LOIM had USD43bn in assets under management for clients.
07/10/2013

Carmignac Gestion completes its Swiss team

Finews reports that Marco Fiorini, head of development for Switzerland at Carmignac Gestion, has now recruited the five members of the team he will assemble in Zurich at the Zur Schanze tower. In addition to Katja Wiechers and Alexander Mischoff, recruited one month ago (see Newsmanagers of 13 Septemeber), responsible as sales managers of German-speaking Switzerland, these include Cécile Barbe, who becomes client relationship manager, and Magali di Filippo and Benjamin Boyer, sales manager for French-speaking Switzerland.The available product range in Switzerland will be extended with the addition of funds with no commissions.
07/10/2013

ETPs: Vanguard and iShares attracted over USD40bn in September

According to estimates by the agency ETFGI, founded by Deborah Fuhr, ETPs worldwide posted net subscriptions in the first three quarters of this year of USD168.9bn, compared with USD188.4bn in the corresponding period of 2012. For January-September 2013, the total is higher than the USD162bn announced recently by the BlackRock Institute.ETFGI reports that the strongest inflows since the beginning of the year went to Vanguard, with USD45.1bn, followed by iShares (BlackRock), with USD41.6bn, WisdomTree (USD12bn), PowerShares (USD10.6bn) and First Trust (USD5.3bn). In other words, the five largest firms by inflows alone attracted 67.7% of total net inflows.
07/10/2013

UBS Global AM Italy reshuffles its “wholesale” team

UBS Global Asset Management Italia has appointed Rosa Fogli as head of advising for the Italian market, and Guido Belotti as head of discretionary for the Italian market, Bluerating reports. The appointments come as part of an internal reshuffle of the wholesale team led by deputy director Giobanni Papini. Third-party network clients are the responsibility of Fogli, while fund selectors are handled by Bellotti. The team also includes Lorenzo Pragliola and Yuri Blanga.
07/10/2013

Amber Capital launches UCITS version of its Abber Italia Equity fund

Amber Capital has launched the Amber Equity Fund, a UCITS version of the Amber Italia Equity Fund, on the UCITS Alpha platform, Hedge Week reports. The Amber Equity Fund is manaaged by Amber Capital Italia SGR, an asset management firm based in Milan. The firm was founded by Joseph Oughourlian, founder of Amber Capital Group, a company founded in 2011 with offices in London and New York. Amber Equity is a long/short fund investing in European equities, with a bias for Italy.
07/10/2013

“I don't believe in the disappearance of commissions”

Jean-Pierre Rondeau, chairman of the IFA professional association La Compagnie des CGPI, discuses relationships between asset management firms and independent finanicial advisers with Newsmanagers. Rondeau, who has served as director of private management at the Banque du Louvre and DLP James Capel, claims that this client segment, which is now much-coveted, requires special assistance from partners, particularly in terms of its training offerings. Rondeau also discusses regulatory changes which have taken place abroad.
07/10/2013

BetaShares planning to launch ETFs in Hong Kong and Singapore

The asset management firm BlueShares, based in Sydney, is planning to launch ETFs which would be listed in Hong Kong and Singapore, Asian Investor reports. These ETFs, which may be made available from early 2014, would be the first ETFs to be launched outside Australian home market of the company, which is 50% controlled by Mirae Asset Global Investments. The existing ETFs may also be listed both in Hong Kong and Singapore. According to Betashares, demand from Asian investors for ETFs appears to be rising, while their use by Australian investors is declining slightly. As of the end of December 2012, about 47% of Australian retail investors are using ETFs through a retirement programme, compared with 50% in December 2011.
07/10/2013

UBS may sell off Australian wealth management

UBS is considering selling all or part of its wealth management affiliate in Australia, finews reports, relaying information in «The Australian». Two options are being considered, according to a source familiar with the matter: a sale of all activities to Bell Potter Securities, a financial services firm in which UBS controls 16%, or to retain 20% of wealth management advisers and sell the rest to Bell Potter Securities.
07/10/2013

La CCR renouvelle son contrat avec BP2S

La Caisse centrale de réassurance a de nouveau confié à BNP Paribas Securities Services la conservation globale de ses actifs. BP2S assure depuis 12 ans la conservation de la CCR. Celle-ci gérait 7,8 milliards d’euros d’actifs à fin 2012.
07/10/2013

L'Edhec et Lyxor lancent une chaire

L’Edhec Risk Institute et Lyxor ont annoncé lundi le lancement d’une chaire sur les solutions d’allocation du risque. Nicolas Gaussel, directeur de la gestion de Lyxor, et Thierry Roncalli, responsable de la recherche quantitative, participeront au comité scientifique de la chaire.
07/10/2013

Les ETF retrouvent le chemin de la collecte

La collecte sur les produits indiciels cotés (ETP) a atteint 35 milliards de dollars au mois de septembre, selon les données de BlackRock, alors qu’août avait marqué le troisième mois de décollecte en 2013. Les signaux accommodants lancés par la Fed, puis sa décision de ne pas ralentir tout de suite son programme de rachats d’actifs, ont alimenté les flux après les incertitudes de l'été. Les ETF actions européennes ont encore été en vedette avec une collecte de 5,3 milliards de dollars. Les flux sur ETF marchés émergents sont quant à eux repassés en territoire positif le mois dernier, même si le cumul reste négatif sur 2013. A fin septembre, l’encours mondial d’ETP atteignait 2.226 milliards de dollars pour 4.937 produits répertoriés par BlackRock. Selon les données d’ETFGI, les ETF et ETP ont collecté 168,9 milliards de dollars depuis le début de l’année, un volume inférieur à celui enregistré sur la période comparable de 2012 (188,4 milliards de dollars).
07/10/2013

Edmond de Rothschild nomme un directeur de la stratégie

Pierre-Etienne Durand, 37 ans, a rejoint le Groupe Edmond de Rothschild le 1er octobre 2013 en tant que directeur de la stratégie et de l’organisation groupe. Il est rattaché à Christophe de Backer, le directeur général, qui vient d’annoncer un nouveau plan stratégique à horizon 2016.
07/10/2013

Le FMI abaisse ses prévisions pour l'Irlande

Le FMI a abaissé sa prévision de croissance du PIB irlandais pour 2014 à 1,8% contre 2,2% précédemment tandis que celle pour l’année en cours a été ramenée à 0,6%, contre 1,1%, après la publication par les autorités irlandaises de chiffres d’activité décevants le mois dernier. Un ralentissement plus marqué risquerait en outre de porter le ratio d’endettement du pays à 127% du PIB en 2015.
07/10/2013

Les républicains maintiennent la pression sur la dette

Le président de la Chambre des représentants, le républicain John Boehner, a assuré hier sur ABC que le plafond de la dette américaine ne serait pas relevé sans une «sérieuse conversation» avec l’administration, ajoutant qu’il n’y avait pas assez d'élus à l’heure actuelle pour voter un relèvement sans conditions. Il a estimé que les Etats-Unis se dirigeaient vers un défaut en l’absence de négociations avec la Maison Blanche.
07/10/2013

Sun Hung Kai Financial envisage une cession

Les propriétaires de l’activité de gestion de fortune et de courtage basée à Hong Kong discutent d’une éventuelle transaction avec des acquéreurs, alors que l’environnement réglementaire et concurrentiel pèse sur les coûts. Sun Hung Kai Financial fait partie d’un ensemble plus large qui comprend une activité prospère de crédit aux particuliers.
07/10/2013

Le fonds de pension GPIF vise les valeurs de croissance

Le Government Pension Investment Fund (GPIF), le fonds de pension public japonais, prévoit d’augmenter ses investissements dans des valeurs boursières de croissance. Le fonds gère 121.000 milliards de yens d’actifs (913 milliards d’euros), ce qui en fait le premier fonds de pension public au monde. Il investira d’abord dans un nouvel indice domestique focalisé sur les rendements des fonds propres.
07/10/2013

Citadel se détourne d'une filiale d'E*Trade

Selon le quotidien financier américain, le groupe de Chicago ne fait plus partie des prétendants au rachat d’une activité de courtage détenue par E*Trade. Cette filiale, dénommée G1 Execution Services ou G1X, est l’activité de market-making d’E*Trade. L’annonce de sa mise en vente avait été faite en juillet, le processus devant durer entre trois et six mois.
07/10/2013

Muzinich profite de la désintermédiation

La boutique américaine spécialiste des obligations à haut rendement lance une activité de placements privés en Italie. Malgré les incertitudes sur l'évolution des taux, l’entreprise poursuit son expansion avec 25 milliards de dollars d’actifs, principalement en Europe.

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