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23/01/2013

Carmignac Gestion: Switzerland and institutionals on the agenda in 2013

Eric Helderlé, CEO of Carmignac Gestion, on Tuesday, 22 January at a press conference in Paris discussed the asset management firm’s plans for 2013. Internationally, the firm is planning to create a physical presence in Switzerland, in the form of a branch office in Zurich. Developing institutional clients is also one of the firm’s top priorities, which it is planning to make a core area of development, via its specialised funds. The head also states that Carmignac Gestion, which has 200 employees, is expected to recruit 20 more people in first quarter. Helderlé also provided detailed information about inflows to the asset management firm and their distribution. The director welcomed the news that of EUR4.5bn in net subscriptions, Carmignac Patrimoine, the flagship fund of the range, with EUR2bn, represented than 50% of the total. For its part, Carmignac Emerging Patrimoine has seen net inflows of EUR1.5bn, he also announced. Helderlé also expressed satisfaction that the Feri 2012 distribution rankings for Europe place Carmignac Gestion in eighth place for flows, and in tenth place by assets under management.
23/01/2013

BlackRock's stake in Linde falls below 5%

The German Linde group announced in a statement to the market on 22 January that on 18 January, it received a notification from BlackRock Advisors Holdings that the US asst management firm had on 14 January fallen below the 5% threshold in the capital of Linde AG, and that its stake on that date totalled 4.996%.
23/01/2013

Métropole Gestion hires exec in Germany

Bianca Salzer, who had been institutional business director for Germany at Allianz Global Investors, is joining the distribution team at Métropole Gestion in the country as director for institutional clients. She will report directly to Markus Hampel, country head.
23/01/2013

Laransa founds a wealth management affiliate

The Berlin-based asset management firm Laransa AG on 22 January announced the creation of Laransa Private Wealth Management GmbH, an independent wealth management firm aimed at high net worth clients with at least EUR500,000 in savings to invest.The new affiliate will aim to provide complete and personalised service according to the propensity of each client to risk. It will also assist clients with the selection of external advisers.Laransa PWM will charge 0.9% plus VAT on the average assets of the client, while all fees and kickbacks will be reimbursed or transferred to the client.
23/01/2013

New head for real estate unit of Lloyd Fonds

Timo Wolf, who for the past four years has been CEO of Polares Real Est Asset Management GmbH and a board member at TAG Gewerbeimmobilien AG, will on 1 March join Lloyd Fonds Real Estate Asset Management GmbH as CEO. He succeeds Hanno Weiß, who had been director of the real estate unit since 2006 and is retiring. The Hamburg-based Lloyd Fonds has 11 closed real estate funds, whose properties are all wholly leased.
23/01/2013

Private banking: inflows continue to rise, but profits under pressure

Private banks in Switzerland have continued to post inflows in recent year, but at a much more modest pace, and their profits are not what they once were, according to a survey by the agency PwC, Agefi Switzerland reports. Since 2007, earnings for private banks in Switzerland have declined sharply, largely due to a decline of an average of about 20% in assets under management from their peak in 2007 to the end of 2011. With considerably lower trading volumes and rising mistrust on the part of clients of overly complicated investment products, gross margins on assets under management are far lower (122 points in 2007, 104 in 2010 and 101 in 2011). The Swiss private banking market is increasingly under tax pressure. In this context, average income per employee has fallen 40%, from CHF656,000 in 2007 to CHF395,000 in 2011, PwC reports. A collapse in assets under management since 2007 is also a cause of negative investment performance in 2008 (-22.9%), 2010 -6.1%) and 2011 (-6.3%). Annual growth in net assets did not exceed an average of 1.4% from 2009 to 2011.
23/01/2013

UBS develops Global Family Office activities

UBS is developing its Global Family Office (Gfo) activities in the Americas. GFO activities take the form of a joint venture between the Investment Bank and Wealth Management. The development strategy for GFO activities on three continents (Europe, Asia, and the Americas) has been completed, UBS announced on 22 January. UBS has GFO hubs in Zurich, Geneva, London, Hong Kong, Singapoore, Sydney and New York. GFO activities are managed in a manner similar to those serving institutional investors. Assets under management by these activities currently total USD50bn.
23/01/2013

Former head of wealth management at Vontobel joins BlueOrchard

Peter Fanconi, former head of wealth management at Vontobel, is joining the microfinance specialist BlueOrchard as CEO, according to a statement released on 22 January by the Swiss firm. Fanconi will begin in his new role on Wednesday, 23 January. The current CEO, Wolfgang Landl, has decided to return to his advising activities. He will continue to be associated with BlueOrchard as an adviser for marketing and sales.
23/01/2013

Balfidor hires big wheels

The cantonal bank of Zurich (ZKB) has announced that due to new challenges in fund management, administration and accounting, the board of directors at its Basel affiliate Balfidor Fonsleitung AG has been extended with the addition of Professor Peter Meier from the University of Winterthur, a specialist in collective management and real estate funds. Peter Bäumli has also been elected as a director representative of ZKB.ZKB board member Bruno Schranz will take over from 1 February as director of Balfidor Fondsleitung AG, as CEO. He will be assisted by Thomas Wiggli, who had previously managing director.Balfidor as of the end of December had assets of CHF38bn, in 96 funds and 4 ETFs. In 2007, assets under management totalled CHF15bn. Assets under administrration total CHF57bn. Balfidor has 76 employees.
23/01/2013

BNP Paribas RE teams up with a real estate service provider in Hungary

BNP Paribas Real Estate has formed an alliance with the Robertson company to extend its range of services in Hungary. Robertson is one of the largest providers of real estate services in Hungary, able to assist clients throughout the territory. The new partnership includes Transaction, Consulting and Expertise in the areas of office and commercial property, a statement says.
23/01/2013

JP Morgan AM adds to its product range in Italy

JP Morgan Asset Management has launched share classes which pay a periodical coupon (of a predefined amount in euros) for three of its products: JPM Global Strategic Fund, JPM Italy Flexible Bond Fund, and JPM Income Opportunity Fund, Bluerating reports. The coupon will be distributed on a quarterly basis.
23/01/2013

State Street GA launches two TA funds

In London, State Street Global Advisors (SSgA) on 22 January announced the launch of the SSgA Flexible Asset Allocation Fund and the SSgA Flexible Asset Allocation Plus Fund. The two multi-asset class products may invest in equities, bonds and alternative supports such as commodities, real estate and infrastructure.The dynamic tactical asset allocation funds will use the exclusive Market Regime Indicator (MRI) from SSgA, which allowed for market signals to be converted into indications of market sentiment.The two funds will be managed by the Investment Solutions Group at SSgA, which has some 50 investment professionals in several locations worldwide.
23/01/2013

Ecofin approves tax on financial transactions

11 countries in the European Union obtained permission from the other member states to set up a tax on financial transactions on 22 January in Brussels at a meeting of European finance ministers. This was the last clearance the 11 countries needed to establish the tax, following permission from the European Commission in October last year, and from European Parliament in November. This is the first strengthened co-operation between the European countries in the area of taxation. France, Germany, Belgium, Portugal, Slovenia, Austria, Greece, Italy, Spain, Slovakia and Estonia will be the first signatories.
23/01/2013

Muzinich recruits a Schroders veteran

Muzinich & Co has recruited the emerging market debt manager Warren Hyland in London, Citywire reports. He joins from Schroders, where he had worked since 2001.
23/01/2013

Schroders trader arrested

An equity trader at Schroders, reported to be Damian Frank Clarke, and four others, were arrested on Tuesday morning as part of an investigation into insider trading by the Financial Services Authority, the Financial Times reports. The asset management firm confirmed the arrest, and stated that it has immediately suspended the individual. It adds that the FSA had told it that “the allegations relate entirely to this individual’s personal actions. Schroders is not subject to any investigation. There is no indication of any detrimental impact on our clients or financial results.”
23/01/2013

Invesco Perpetual instigates a coup at Stobart

The Times reports that Invesco Perpetual has led an investor coup, which has replaced the longstanding chairman at the transport firm Stobart, Rodney Baker-Bates, with Avril Palmer-Naunack, former CEO of Autologic. Palmer-Baunack becomes full-time executive chairman, and now runs the firm with CEO Andrew Tinkler.Stobart one week ago announced a profit warning and that its chilled distribution activities would be discontinued.Invesco Perpetual holds 37% of capital in the firm, whose non-executive chairman, David Beever, is also leaving his job.
23/01/2013

David Barron leaves JPMorgan AM

Investment Week reports that David Barron, head of investment trusts, has left J.P. Morgan Asset Management, where he had been responsible for 21 products, with assets of GBP6.6bn. His successor will be named “in due course,” says Jasper Berens, head of UK funds.
23/01/2013

La récession s'accélère en Espagne

Le produit intérieur brut (PIB) de l’Espagne devrait s'être contracté de 0,6% au quatrième trimestre 2012 par rapport au trimestre précédent, après une contraction de 0,3% en juillet-septembre, estime la Banque d’Espagne dans son rapport mensuel publié mercredi. Il s’agit de la pire performance trimestrielle depuis le deuxième trimestre 2009, rappellent les économistes d’ING. La statistique officielle sera publiée le 30 janvier. Sur un an, le PIB a reculé de 1,7% au quatrième trimestre.
23/01/2013

La banque privée Bordier se développe en France

Bordier & Cie France, la filiale française de la banque privée genevoise, a enregistré une progression de 17% en 2012 des encours dont elle assure la gestion ou le conseil, pour atteindre 323 millions d’euros contre 275 millions fin 2011. Cette croissance de 48 millions des actifs s’explique à hauteur de 16 millions par un effet performance et le solde, soit 32 millions d’euros, par la collecte nette.
23/01/2013

AEW Europe a levé 1,8 milliard d'euros l'an dernier

Le gestionnaire d’actifs immobiliers a levé 1,8 milliard d’euros de capitaux en 2012, dont 1,2 milliard de nouveaux mandats, soit +13% par rapport à 2011 sur l’ensemble de ses stratégies de fonds, de mandats grands comptes et clubs deals. AEW Europe a notamment lancé avec succès un fonds de dette, Senior European Loan Fund, en partenariat avec Natixis Asset Management, avec un premier closing de 240 millions d’euros. Un nouveau closing est prévu, qui devrait permettre au fonds d’atteindre sa taille cible de 500 millions. En 2012, le groupe a réalisé 1,2 milliard d’acquisitions, dont la tour EDF à La Défense, et cédé pour 800 millions d’euros d’immeubles.
23/01/2013

Le projet de référendum britannique sur l'Europe ne fait pas l'unanimité

Londres ne peut pas choisir à sa guise les seules contraintes qui lui conviennent du fait de son appartenance à l’Union européenne, s’est inquiété le ministre allemand des Affaires étrangères, Guido Westerwelle, après l’annonce du Premier ministre britannique David Cameron de vouloir soumettre à référendum, après 2015, la question de l’appartenance de la Grande-Bretagne à l’UE, s’il gagne les élections législatives. Lui-même entend mener campagne en 2015 en promettant une renégociation des termes de l’appartenance de la Grande-Bretagne, solution qu’il privilégie à une sortie pure et simple. La crise de la dette dans la zone euro, à laquelle la Grande-Bretagne n’appartient pas, est une des principales raisons de l’exigence d’une renégociation.
Légende : Discours de David Cameron, le 23 janvier 2013. Photo : Matthew Lloyd/Bloomberg
23/01/2013

La Banque d'Angleterre est un peu plus divisée sur les rachats d'actifs

Les membres du comité de politique monétaire de la Banque d’Angleterre sont de moins en moins convaincus de l’opportunité de reprendre le programme d’assouplissement quantitatif, selon le compte-rendu, publié mercredi, de leur dernière réunion des 9 et 10 janvier. Alors que David Miles a maintenu son vote en faveur d’une légère augmentation des rachats d’actifs à 400 milliards de livres (476 milliards d’euros) contre 375 milliards jusqu’ici, d’autres membres du comité ont dit qu’ils étaient plus convaincus que cela n'était pas nécessaire.
23/01/2013

Le retour du Portugal sur le marché reçoit un bon accueil

Le retour du Portugal sur le marché obligataire, via la réouverture de son emprunt à 4,35% d'échéance octobre 2017, recontre un bon accueil. L'émission aurait suscité une demande de plus de huit milliards d’euros. Le prix d'émission définitif sera fixé dans la journée. Le spread d'émission a été ramené autour de 400 points de base au-dessus de la courbe des swaps, contre 410 points initialement. Il s’agit de la première émission du souverain depuis le début du plan d’aide international en 2011.
23/01/2013

Euler Hermes prévoit une reprise progressive de l'économie mondiale en 2013

Euler Hermes prévoit une reprise progressive de l’économie mondiale, mais seulement à compter du second semestre 2013. Sur l’ensemble de l’année, le PIB mondial devrait connaître une croissance modeste de 2,5% par rapport à 2012 (+2,4%). La zone euro devrait rester en récession en 2013 et accuser une contraction de 0,1% de son PIB (après -0,5% en 2012).

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