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19/02/2013

FSA checks up on first concrete results of RDR

Money Marketing reports that the Financial Services Authority (FSA) has sent a letter to 50 asset management firms to ask them how they have applied RDR regulations to advice fees. The questionnaire was sent to a sample of small, mid-sized and large firms, including independent, captive, and hybrid companies.20 of the companies will be examined in more detail, with visits from FSA inspectors and analysis of client files.After six months, the FSA will publish examples of good and poor practices.
19/02/2013

M&G recruits in Asia

The British firm M&G Investments has recruited personnel in Singapore with the recent recruitment of Marcel de Bruijckere as head of institutional activities for the Asia-Pacific region, Asian Investor reports. The team now includes nine people, including four heads of sales. Two client advisers will join the team in the next few weeks. De Bruijckere, previously of Zoom Marketing Services and LGT Capital Management, also spent 20 years, from 1990 to 2010, at ABN Amro Asset Management/Fortis Investments.
19/02/2013

Strong institutional inflows to Invesco Germany

In 2012, Invesco Asset Management Deutschland posted net inflows of EUR1.5bn from institutional investors. Demand was primarily for real estate products and guaranteed diversified vehicles, the Börsen-Zeitung reports.
19/02/2013

Profits down and assets up for UFF in 2012

In 2012, Union Financière de France (UFF) has reported a contraction of 40% in its net profits to EUR15.2m, which is mainly due to a decline in revenues from commissions (-11% to EUR142.2m). However, assets managed as of the end of December totalled EUR7.2bn, up 9% over the level twelve months previously, as net inflows contributed EUR49bn to an EUR613m increase in AUM.At the beginning of 2013, UFF is launching “products aimed at investors seeking performance with controlled risk-taking.” In addition, 2013 will be marked by the operational start in second quarter of activities at the affiliate CGP Entrepreneurs, founded in June 2012, dedicated to the IFA market.
19/02/2013

Bonuses down sharply on Wall Street

2012 bonuses paid to finance professionals on Wall Street are disappearing like snow in the sun. According to a recent survey by eFinancialCareers, the average bonuses paid for last year were 36% down compared with the previous year. Front office is the hardest hit by the decline, down 38% in one year, compared with -15% for middle office and -2% for back office employees. efinancialCareers also reports that Wall Street is increasingly subjecting bonuses to performance conditions. 13% of respondents say that at least part of their bonus depends on performance, compared with only 7% in 2011. “Whether or not the performance of the business is the reason for bonuses to fall, many finance professionals estimate that the performance of the company is not enough to guarantee a good bonus: now, measurable personal performance is the important thing,” the study says. As a result, eFinancialCareers predicts that heads of human resources will have more trouble recruiting due to a lack of assurances about bonus levels. A decline of bonuses may also result in an increase in the set portion of salaries.
19/02/2013

French SRI management clarifies its transparency code

The Transparency Code for open-ended SRI (socially responsible investment) funds has been updated by the French financial management association (AFG) for the second time, in collaboration with the Responsible Investment Forum (FIR) and the European Sustainable Investment Forum (Eurosif), by a working group led by Paul de Marcellus, a member of the SRI Commission at AFG, and Vice President of FIR. The new version of the Code has been approved by the boards of directors at the AFG and FIR, and approved throughout Europe by the Board of Eurosif.The objectives of the Code remained unchanged. They are largely to improve the legibility and transparency of the process for SRI funds for investors/savers and strengthen self-regulation through the establishment of a common code of best practices and transparency.The modifications to the Code aim to simplify it to increase legibility, with a reduction in the number of questions, the merger of the Code with its use manual, and the standardisation of the format for responses through a recommendation to asset management firms to create a 10 to 30-page document.
19/02/2013

FI investors are optimistic, but sentiment is more muted for HY

European fixed-income investors were swept up on a wave of New Year enthusiasm in Fitch Ratings’ latest quarterly investor survey conducted between 4 and 31 January.Respondents turned much more positive on the prospect for eurozone sovereigns as well as for banks. Sentiment was more muted on non-financial corporates. Investors voted the high-yield sector their most favoured investment choice, while simultaneously signalling significant concerns about fundamental credit conditions. Survey participants are not expecting a rapid rise in the inflation rate. This stance is reflected in respondents’ views on the direction and pace of evolution of bond yields. Yields are at historical lows and for the first time in history, the safest core country government bonds have had prolonged negative real yields along the curve to 10 years. This reflects low inflation anticipation, monetary easing (US, UK and Japan) and the overall risk-off environment during most of the last three years, fuelling flight to quality.
19/02/2013

Consolidation in the asset management sector to continue in Europe

About 85% of asset management professionals estimate that fund closures and consolidation in the sector in Europe will continue, according to a survey undertaken by Cerulli Associates and the Platforum for the European Fund Platform Group (FPG). More precisely, 42% of participants in the survey estimate that the number of funds in Europe will decline a further 15% to 20% in Europe by the end of the year, while 20% to 30% of the sample predict a decline of as much as 20% to 30% [sic]. In the period from 2008 to 2011, closures of open-ended funds totalled an average of 1,743 per year, with an exception for the year 2009, when 2,037 funds were closed. The study also predicts that assets will be concentrated at a few major players. Two thirds of fund platforms (67%) estimate that over 60% of assets will be controlled by only 10 fund managers by 2015. 60% of fund managers predict an evolution of this type. Only 33% of fund actors predict such a scenario, however. The study sample includes 70 companies, including fund buyers (13%), fund vendors (51%), fund distribution platforms (26%), and a few professional associations (10%).
19/02/2013

Henderson recruits for Benelux sales team

After working at Rabobank Amsterdam, ABN Amro Asset Management and ABN Amro Private Banking, Douglas Barker is joining the Benelux sales team at Henderson Global Investors, Fondsnieuws reports. Barker will report to Erik van de Weele, with whom he will be responsible for assisting distribution partners.
19/02/2013

Credit Suisse launches a platform for external asset managers

In a few weeks, Credit Suisse will be offering an online platform for external asset managers (EAM), according to the website finews. In Switzerland, the external asset management segment represents 2,200 to 3,600 businesses, according to estimates, with about CHF600bn in assets. Credit Suisse has business relationships with about 1,700 external asset managers, with about CHF90bn in assets. In an increasingly regulated environment, with the ongoing erosion of margins and general pressure on costs, external activities are expected to evolve. Many players in this segment will have trouble continuing their activities independently, Credit Suisse predicts. Hence the coming initiative, which will allow participants to exchange information, research and investments ideas through a dedicated infrastructure.
19/02/2013

Natixis sells off its CCIs for over EUR12bn

Natixis on 17 February announced at a publication of its annual results that it is selling off cooperative investment certificates (CCI) to the co-Within the savings unit 9asset management, insurance and private banking) at Natixis, growth remains dynamic in asset management, particularly in the United States, and the context in 2012 is expected to have been difficult overall for life insurance activities. Gross net proceeds from asset management are up 17% compared with fourth quarter 2011, at EUR437m (+13% at constant rates). The acquisition of McDonnell in the United States is being finalised, and will develop the group’s expertise in fixed income and municipal bond products (EUR10bn in assets under maoperative banks and savings banks, for a total of EUR12.1bn. At the conclusion of the operation, Natixis would pay a one-time distribution of EUR2bn, or EUR0.65 per share. Good results for asset management Assets under management totalled EUR591bn as of 31 December 2012, compared with a level of EUR570bn as of 30 September 2012, due to net outflows of -EUR2.2bn, currency effects of -EUR6bn, perimeter effect of +EUR15.5bn (primarily the acquisition of McDonnell) and market effects of +EUR13.6bn. Net inflows were positive to the tune of EUR4.5bn in the United States in 2012.
19/02/2013

Skagen Funds goes after British retail market

Skagen Funds will make four global equity funds available to the British retail market, including its flagship emerging market fund Kon-Tiki, Financial Times Fund Management report. Skagen currently has about GBP1bn in assets under management for institutional investors, and is aiming for the same level of assets for its retail activities.
19/02/2013

UBS AM adds to passive management product range in UK

UBS Asset Management will be adding to its passive management product range in the UK, with the first product in a new range aimed at retail investors, Investment Week reports. The vehicle will be a British bond fund, whose launch is scheduled for the beginning of second quarter. After that, the product range will include both equity and bond products. The new funds come as additions to the available active strategies.
19/02/2013

ADIA may buy a hotel portfolio from RBS

The Abu Dhabi sovereign fund ADIA is very seriously considering buying a portfolio of 42 Marriott hotels owned by RBS, the SWF Institute reports. The cost of the transaction would be about GBP640m.
19/02/2013

Edmond de Rothschild to found a private bank in London

merc Edmond de Rotschild will create a private merchant bank in London, which will open in spring, according to reports in the Financial Times. The project is being led by Richard Briance, UK head of Rothschild. He will advise business owners, family offices and high net worth private clients on deals, strategies and investment opportunities. The bank will be named Edmond de Rothschild Private Merchant Banking, and received a license from the Financial Services Authority last month.
19/02/2013

New head of distribution appointed at Barings

Baring Asset Management on February 18th announced the appointment of Angus Woolhouse as global head of distribution, based in London and effective immediately. He is replacing George Harvey, who will be retiring from the City at the end of April after over 14 years at the firm. He reports to David Brennan, Barings’ chairman and chief executive.Angus Woolhouse has over 20 years’ international experience in the asset management industry and has held a number of senior leadership roles within the sector, at firms including Gartmore, Invesco and HSBC Asset Management. Most recently he has been a strategic adviser to several international asset management firms.He is responsible for global sales, client relationship and business development across all channels.
19/02/2013

Barclays wealth management overhauls its product range

The wealth management unit at Barclays has called off plans to introduce an administration commission for companies that offer funds when their products are recommended for the portfolios of private clients, Investment Week reports. Wealth management at the British group has also cut back the number of funds available on its shopping list for discretionary portfolio management. Barclays has reduced the perimeter for its selection to a list of 100 funds from 50 providers, compared with 400 funds previously.
19/02/2013

WH Ireland acquires Seymour Pierce wealth management

The Irish group WH Ireland on 18 February announced the acquisition of the wealth management activities of Seymour Pierce, which have been under legal administration since last month. The transaction price is GBP25,000, a statement says. Assets under management for wealth management clients at Seymour Pierce total about GBP270m. The acquisition will allow WH Ireland to increase its assets under management by about 15%.
19/02/2013

Tokyo reporte le choix du gouverneur de la BoJ

Le gouvernement japonais a repoussé d’une semaine la nomination du gouverneur de la Banque du Japon (BoJ), une décision qui alimente les rumeurs de frictions entre le Premier ministre et le ministre des Finances sur le choix de l’homme qui sera chargé d’adopter une politique aggressive de soutien à la croissance. Le Premier ministre Shinzo Abe exige une politique monétaire ultra-accommodante du nouveau gouverneur qui doit être nommé d’ici fin mars, afin de sortir enfin le Japon de la déflation.
19/02/2013

Le japonais Orix rachète le néerlandais Robeco

Le groupe japonais de services financiers Orix va racheter le gestionnaire d’actifs néerlandais Robeco auprès de Rabobank pour 1,935 milliard d’euros dans le cadre d’une opération en numéraire et en actions. Il s’agit de la plus grosse acquisition de l’histoire d’Orix, société à la fois présente dans la location, l’assurance-vie, l’immobilier, le crédit aux entreprises et dans le sport via la propriété d’une équipe de baseball professionnelle. Orix va payer Rabobank sans avoir recours à une augmentation de capital. A l’issue de la transaction, Rabobank détiendra 2% de la société japonaise. Rabobank, première banque de détail des Pays-Bas, conservera une participation de 9,99% dans Robeco. La banque coopérative, qui se recentre sur son activité de financement des agriculteurs néerlandais, avait annoncé en avril qu’elle étudiait différentes options pour Robeco après la perte de son triple A de la part de Standard & Poor’s en novembre 2011.
Photo : PhB
19/02/2013

L'Espagne emprunte quatre milliards d'euros à court terme

Le Trésor espagnol a placé mardi pour quatre milliards d’euros de bons à trois et à neuf mois, un montant qui correspond au haut de sa fourchette de prévisions, et l’opération à trois mois a été marquée par une légère baisse du rendement. Pour le papier à trois mois, Madrid a émis 0,89 milliard d’euros, le ratio de couverture ressortant à 5,8 contre 4,2 lors d’une précédente adjudication et le rendement revenant de 0,441% à 0,421%. Le Trésor espagnol a également émis pour 3,12 milliards d’euros de bons à neuf mois, une maturité inédite, avec un ratio de couverture de 2,3 et un rendement de 1,144%.
19/02/2013

Les régulateurs plus souples sur les dérivés

Le Comité de Bâle et Iosco ont publié de nouvelles propositions de régulation pour les produits dérivés non-compensés. Par rapport au projet présenté en juillet dernier, elles permettraient de réduire les besoins en collatéral, au titre des marges initiales, par plus de deux.

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