Senior associate partner de l’équipe «charities» chez Sarasin & Partners, Tracy Collins rejoindra en juillet 2013 Rothschild Wealth Management, comme director dans l’équipe «charities». Elle sera basée à Londres et subordonnée à Nadu Patel, head of charities au sein du pôle gestion de fortune au Royaume-Uni. Nadu Patel est lui-même arrivé de chez Morgan Stanley Private Wealth Management en 2010.Parallèlement, Mark Kary, qui a rejoint Rothschild en 2010 et a été nommé head of wealth management en 2012 (c’est l’ancien CEO de Polar Capital), a annoncé le recrutement de Charles Costa Duarte et Jake van Beever pour constituer une équipe de conseillers clientèle en gestion de fortune. Tous deux travaillaient jusqu’à présent chez TSB Private Banking, où ils étaient chargées du suivi de clients particuliers de très haut de gamme (UNHW).

Le groupe Aberdeen Asset Management a annoncé le bouclage de l’acquisition du gestionnaire de fonds américain Artio Global Investors, selon un communiqué publié le 22 mai. Aberdeen a déboursé 179,7 millions de dollars sur la base d’un prix de 2,75 dollars par action et d’une prime de 46,3 millions de dollars par rapport à la valeur de l’actif net au 31 mars 2013. Cette opération permet à Aberdeen de développer ses activités en Amérique du Nord, avec une extension de son réseau de distribution et un renforcement de ses capacités dans le fixed income. Les actifs sous gestion d’Artio s'élevaient à 10,6 milliards de dollars à la date du 17 mai 2013, pour l’essentiel dans l’obligataire.

La société de gestion Newton, qui fait partie de BNY Mellon Investment Management, a annoncé le recrutement de Khuram Sharih au poste nouvellement créé d’analyste high yield au sein de l'équipe Global Fixed Income, selon un communiqué publié le 21 mai.Khuram Sharih travaillera aux côtés de Sebastien Poulin, qui a rejoint l'équipe en février 2012. Il sera directement rattaché à Parmeshwar Chadha, qui pilote plus de 1 milliard de livres d’actifs sous gestion dans l’obligataire high yield. Khuram Sharih travaillait précédemment chez Cairn Capital en tant qu’analyste senior sur le crédit.

Occitan Capital Partners, une société de hedge funds créée par d’anciens traders de Nomura et Boussard & Gavaudan, ferme ses pertes après deux ans de pertes, rapporte Financial News, citant quatre personnes proches du dossier. La société avait obtenu un investissement de Reservoir Capital Group et de Nomura.

Le suisse Partners Group (28 milliards d’euros) indique avoir revendu sa participation dans le britannique Cabot Credit Management (7,7 milliards de livres d’encours) à une filiale du capital investisseur J. C. Flowers & Co, pour un montant qui n’a pas été divulgué.En avril 2011, Partners Group avait acquis une participation dans Cabot conjointement avec AnaCap Financial Partners, pour faciliter la fusion entre Cabot Financial et Apex Credit Management, une transaction qui devrait être bouclée dans un très proche avenir.

Vanguard vient de lancer sur le London Stock Exchange quatre nouveaux ETF à réplication physique, renforçant sa gamme déjà composée de cinq ETF sur le marché européen. Ces nouveaux fonds domiciliés en Irlande couvrent l’Europe, l’Asie hors Japon, le Japon et le monde : Vanguard FTSE Developed Europe UCITS ETF, Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF, Vanguard FTSE Japan UCITS ETF et Vanguard FTSE All-World High Dividend Yield UCITS ETF.Le total des frais sur encours (TFE ou TER en anglais) de ces fonds «low cost» s’échelonne entre 0,15 % et 0,29 %. Vanguard a drainé près de 290 milliards de dollars d’encours sur les ETF depuis le lancement de son premier produit en 2001.

Emiel van den Heiligenberg, CIO du groupe solutions multiclasses d’actifs chez BNP Paribas Investment Partners (BNPP IP), va rejoindre plus tard cette année Legal & General Investment Management (LGIM) comme directeur de l’allocation d’actifs en remplacement de David North qui a quitté l’entreprise au bout de douze ans d’ancienneté, rapporte Fundweb.

Selon Fundweb, Lloyds Banking Group procède à la vente de 15 % supplémentaires du gestionnaire St James’s Place (SJP) pour 500 millions de livres, afin de renforcer son capital.Une participation de 20 % avait déjà été vendue en mars, mais le groupe doit observer une période de blocage de 180 jours au minimum avant de pouvoir vendre les 21 % de SJP qu’il détient encore.

Eva Gottfridsdotter-Nilsson, directrice générale de Länsförsäkringar Fondförvaltning, l’activité de gestion d’actifs de la banque suédoise Länsförsäkringar Bank, a été réelue en tant que présidente de l’association suédoise des fonds d’investissement, Fondbolagens förening, pour une année supplémentaire.Peter Branner, de SEB Fonder, a été réelu vice-président. Trois nouveaux membres ont été accueillis au sein du conseil d’administration de l’association : Thomas Hedberg (Swedbank Robur), Javiera Ragnartz (Handelsbanken Fonder) et Maria Rengefors (Nordea Fonder).Enfin, Fondbolagens förening a intégré deux nouvelles sociétés : M&G Investments et KPMG.

La société nordique Tundra Fonder a lancé un fonds actions asiatiques hors Japon pour l’ancien spécialiste des marchés émergents de BankInvest Jon Scheiber, révèle Citywire Global. L’intéressé avait quitté BankInvest en mai 2012 et rejoint Tundra début 2013. Le fonds aura une approche quantitative, et s’appellera Tundra QuAsia fund.

Pour le premier trimestre 2013, le bénéfice net du pôle banque privée d’ABN Amro est ressorti à 35 millions d’euros contre 57 millions pour la période correspondante de l’année dernière, qui avait été marquée par un bénéfice exceptionnel important. De plus, la baisse s’explique par une légère diminution des marges et par un niveau plus élevé des charges de retraites.Au 31 mars, l’encours du pôle banque privée ressortait à 165,1 milliards d’euros contre 163,1 milliards trois mois plus tôt, et les flux d’entrées et de sorties se sont équilibrés.

Au premier trimestre 2013, les hedge funds dédiés aux marchés émergents ont enregistré une collecte nette de 1,8 milliard de dollars, selon la dernière livraison du HFR Emerging Markets Hedge Fund Industry Report. La collecte s'était élevé à 3 milliards de dollars au quatrième trimestre 2012.Les actifs sous gestion des hedge funds émergents ont ainsi atteint un nouveau niveau record de plus de 151 milliards de dollars, en progression de 12 milliards de dollars par rapport à fin décembre 2012.. L’indice HFRX Multi-Emerging Markets affiche une progression de 5,9% sur les quatre premiers mois de l’année. Malgré les baisses des indices boursiers chinois (Shanghai Composite) et coréen (Kospi), les indices HFRX China et Hfrx Korea ont enregistré des gains de respectivement 8,8% et 10%.

La CNMV a autorisé la commercialisation en Espagne d’Eurizon MM Collection, une sicav luxembourgeoise à compartiments de l’italien Eurizon Capital comprenant trois compartiments spécialistes respectivement du Japon, de la Chine et du Brésil, rapporte Funds People. Il s’agit du Daiwa Equity Japan, géré par Daiwa AM, du Itaú Equity Brazil Domestic Dynamics, géré par Itaú Unibanco, et du Guosen RMB Fixed Income, géré par Guosen Securities.

U.S. prime money market funds (MMFs) increased their exposure to eurozone banks in April, although asset allocations to these institutions remain well below 2011 levels, according to Fitch Ratings. As of end-April 2013, MMF allocations to eurozone banks represented 15.1% of assets under management within Fitch’s sample of the 10 largest U.S. prime money funds, a 14% increase over the prior month. MMFs’ eurozone allocations have almost doubled since end-June 2012, a sign of improving investor sentiment toward the region. This resumption in eurozone allocations also suggests that the March decline was a tentative retreat given the brief market uncertainty after the Cyprus banking system failure.

P { margin-bottom: 0.08in; } The US manager Mary Chris Gay has left Legg Mason Capital Management, according to several sources. She has been replaced by her colleague, Sam Peters. Gay has since 1998 been manager of the Dublin-domiciled fund LMCM Value, whose assets under management total about USD2.3bn, and which had previously been managed by Bill Miller. Gay, who joined Legg Mason in 1988 as an analyst, would like to take her career in a new direction.

P { margin-bottom: 0.08in; } LHI Leasing has selected Caceis as a depository bank for its dedicated funds, in compliance with the AIFM directive and its expected transposition into the German law on capital investments (KAGB0, according to a statement released on 22 May. LHI and Caceis will soon be creating the necessary organisation to create two large funds in the areas of real estate and renewable energies. “Caceis, as part of its depositary banking services, offers all asset classes which are indispensable to the creation of funds, and may integrate other asset classes. This factor played a crucial role in our decision,” says Oliver Porr, CEO of LHI Leasing and chairman of the board of directors at the German dedicated fund association (VGF). In addition to real estate and renewable energies, LHI is planning to launch funds specialised in reactors and aircraft leasing, for which Caceis will serve as depository bank.

P { margin-bottom: 0.08in; }A:link { } After beating its objectives for the 2012-2013 fiscal year ending in March, the Paris office of Legg Mason, led by Vincent Passa, has gotten a rolling start to the new fiscal year. Assets under management may top USD1bn by 2014, possibly duing first quarter, Vincent Passa has told Newsmanagers, at the annual Legg Mason conference in London. Passa intends to achieve his objective, largely by pushing an absolute performance bond strategy managed by Brandywine, a Legg Mason entity specialised in fixed income. Brandywine, which has about USD38bn in assets under management in fixed income, launched a new version of the bond strategy about one year ago, which allows negative bets on durations and currencies. The strategy, which has assets of about USD2bn (including mandates) is in the process of being registered in France, and in other European countries. In addition to this new product range, which is expected to be made available in the next few weeks, Legg Mason also plans to foreground complementary strategies on US equities, which have proven their mettle and which can offer attractive outlooks in a context of recovery in the US economy. This is the case with the Clearbridge US Aggressive Growth fund, whose assets under management total slightly over USD700m, an all-cap size fund which will soon be 30 years old, and which invests only in businesses which will be likely to provide sustained growth across cycles. The fund is currently underweight in tech and overweight in the biotech sector. Passa is also counting on two other US equity funds, the Royce Small Cap Opportunities (over USD600m in assets under management), which is expected to performe very well in rebound phases, and the Legg Mason Capital Management Opportunity fund, managed by Bill Miller. In addition to US equity funds, Passa is also counting on a fund of Asian debt denominated in local currencies from Western Am, which is expected to deliver returns of about 8% to 9%, with volatility of 8%. “We would like to offer French investors products which are appropriate for the environment and which perform well. That is the case for the products which we are highlighting and which are also complementary,” says Passa. If current trends continue, the Paris office, which has three employees and covers not only France but also Monaco and Benelux, may also be enlarged.

P { margin-bottom: 0.08in; } The Taiwan-based asset management firm Yuanta Securities Investment Trust has signed an agreement with China Resources to create a joint venture in Shenzhen. A fixed income fund will be launched later in the year, Asian Investor states. In 2014, a cross-border ETF will be created. It will be traded in China, Hong Kong and Taiwan.

P { margin-bottom: 0.08in; } Eva Gottfridsdotter-Nilsson, CEO of Länsförsäkringar Fondförvaltning, the asset management activity of the Swedish bank Länsförsäkringar Bank, has been reelected as chair of the Swedish investment fund association, Fondbolagens Förening, for an additional year. Peter Branner, of SEB Fonder, has been reelected as vice-chairman. Three new members have been admitted to the board of directors at the association: Thomas Hedberg (Swedbank Robur), Javiera Ragnartz (Handelsbanken Fonder) and Maria Rengefors (Nordea Fonder). Fondbolagens Förening has also admitted two new companies: M&G Investments and KPMG.

P { margin-bottom: 0.08in; } “Taking advantage of an anticyclical opportunity to invest in a very well-located property,” the German firm Deka Immobilien has acquired the Ronda building located at San Pedro 5 in Barcelona from a family office.The 4,000 square metre property, with 2,600 square metres of office space and 1,400 square metres of shops, was acquired for EUR19m, and will be added to the portfolio of the open-ended real estate fund WestInvest InterSelect (DE0009801423).

Vanguard Asset Management has launched four new Irish-domiciled ETFs, complementing the five ETFs that it brought to the European market in 2012. The broadening of Vanguard’s ETF line-up underscores the firm’s commitment of providing low-cost, physically backed ETFs to investors, according to a press release. The four Vanguard ETFs newly listed on the London Stock Exchange are:Vanguard FTSE Developed Europe UCITS ETF, Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF, Vanguard FTSE Japan UCITS ETF and Vanguard FTSE All-World High Dividend Yield UCITS ETF.

P { margin-bottom: 0.08in; }A:link { } Lyxor is offering a new investment strategy in senior European debt, “Lyxor European Senior Debt,” which will be released by the British affiliate of Lyxor, Lyxor AM announced on 22 May at a press conference.The LBO loans market is not highly trafficked by institutional investors, who are generally exposed to senior loans via collateralized loan obligations (CLO). “The asset class is not highly present among institutionals, but the market is rather large to construct diversified portfolios,” says Thierry de Vergnes, head of debt management at Lyxor AM. The European loan market was driven by 245 businesses in 2011 and 2012, which borrowed a total of about EUR72bn. In first quarter 2013, EUR15bn in loans were issued.The financial crisis has resulted in the emergence of more favourable conditions for purchasers of loans at a time when investment capacity in CLOs is in the process of fading away. Weaker demand by European CLOs, whose reinvestment periods are generally maturing, and higher capital needs on the part of banks have led to an increase in margins on primary issues. This improvement in investment conditions has modified the investor base, as debt funds and direct investors are gradually replacing CLOs and banks. A considerable advantage compared with high yield bonds which have a set coupon is that loans have variable rate coupons, which represent partial coverage in the event of a rise in interest rates.The strategy offered by Lyxor, whose capacity may reach EUR200m, aims to generate annual returns 6% to 7% above the Eurbor 3-month rate on a 6 to 8 year horizon. Retail shares will aim to deliver annual revenues of approximately the Euribor 3-month +5%.

P { margin-bottom: 0.08in; } The US investment firm Capital Group has opened a local branch in Milan as part of a development of its private management distribution in Europe, Investment Europe reports. At the same time, Vlasta Gregis has joined the firm as head of development for Italy. She had previously been at Aviva Investors. The move follows the recent appointment of Grant Leon, formerly of Aberdeen Asset Management, as head of sales for the Private Wealth Distribution activity at Capital.

P { margin-bottom: 0.08in; } Stefan Paulus, a specialist in funds at Bank Julius Baer, has been recruited as senior relationship manager at Dexia Asset Management, to serve institutional clients in German-speaking Switzerland and Liechtenstein. About 80 funds (equities, bonds, SRI, hedge funds) from Dexia AM are licensed for sale in Switzerland.

P { margin-bottom: 0.08in; }A:link { } Fundweb reports that Lloyds Bnaking Group will be selling an additional 15% stake in the asset management firm St. James’s Place (SJP) for GBP500m, in order to increase its capital.A stake of 20% was already sold in March, but the group is required to observe a 180-day minimum lock-in period before being allowed to sell its remaining 21% stake in SJP.

P { margin-bottom: 0.08in; }A:link { } Emiel van den Heiligenberg, CIO of the multi-asset class solutions group at BNP Paribas Investment Partners (BNPP IP), will be joining Legal & General Investment Management (LGIM) later this year as head of asset allocation, replacing David North, who has left the business after twelve years, Fundweb reports.

P { margin-bottom: 0.08in; }A:link { } Tracy Collins, a senior associate partner in the charities team at Sarasin & Partners, will in July 2013 join Rothschild Wealth Management as director of the charities team. She will be based in London, and will report to Nadu Patel, head of charities in the wealth management unit in the United Kingdom. Patel joined from Morgan Stanley Wealth Management in 2010.Meanwhile, Mark Kary, who joined Rothschild in 2010 and was appointed as head of wealth management in 2012 (he is the former CEO of Polar Capital), has announced the recruitment of Charles Costa Duarte and Jake van Beever, to form a team of wealth management client advisers. The two men had previously worked at TSB Private Banking, where they were responsible for assisting ultra-high net worth (UHNW) retail clients.

P { margin-bottom: 0.08in; } For an undisclosed sum, the Hamburg-based Union Investment Real Estate (UIRE) has acquired a 30,740 square-metre logistical property from BNP Paribas Leasing Solutions Immobilien Schweiz AG, located in Oftringer (60 km west of Zurich), which is leased ot Fiege Logistik Schweiz AG. The property will be added to the portfolio of the open-ended real estate portfolio reserved for institutional investors UniInstitutional European Real Estate.Real estate funds from UIRE control a total of 18 logistical properties with a total value of EUR630m.

P { margin-bottom: 0.08in; } The Swiss firm Partners group (EUR28bn) has announced that it has resold its stake in the British firm Cabot Credit Management (GBP7.7bn in assets) to an affiliate of the private equity firm J.C. Flowers & Co, for a sum which has not been disclosed.In April 2011, Partners Group acquired a stake in Cabot in conjunction with AnaCap Financial Partners, to facilitate the merger between Cabot Financial and Apex Credit Management, in a transaction which is expected to be completed in the very near future.

P { margin-bottom: 0.08in; } Occitan Capital Partners, a hedge fund firm founded by former Nomura and Boussard & Gavaudan traders, is closing down after two years of losses, Financial News reports, citing four sources familiar with the matter. The firm had received investments from Reservoir Capital Group and Nomura.