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05/06/2012

Claire Rodrigue leaves Comgest

The fund manager of the European fund at Comgest, where she began 13 years ago, Claire Rodrigue will be leaving the firm at the end of June. In a move which has been long-planned with complete cooperation of the management at Comgest, Rodrigue will be joining a small firm which may subsequently collaborate with Comgest.Due to the departure and growth at the firm, two recruitments have recently been finalised for marketing to the French-speaking countries. The two new recruits will join Comgest in the next few weeks, the first on 25 June, and the second slightly later in the year.
05/06/2012

Korean pension fund seeks to increase exposure to international equities

The National South Korean pension fund NPS is seeking to triple its exposure to international equities between 2013 and 2017, according to the five-year asset allocation plan for the fund, Asian Investor reports. Meanwhile, the NPS will reduce its exposure to South Korean bonds. The international equities allocation may increase from 5.7% to more than 10% by 2017.By the end of 2017, the equity allocation is expected to represent at least 30% of total assets, compared with 23.2% currently, an increase of 6.8 percentage points. The allocation to South Korean bonds will then not exceed 60% of total assets, compared with 64.5% currently. The international bond allocation may be increased to more than 10%, from 4.2%. The fund is also planning to increase its exposure to alternative investments, to more than 10%, from 7.8% currently.The performance objective is raised to 6.6% from 6.5% previously, on the basis of a growth outlook of 3.5% to 4% per year, and annual inflation of 3%.If the plan proceeds as projected, assets under management may total USD531bn by the end of 2017, compared with USD303bn at the end of 2011.
05/06/2012

Are German real estate funds doomed?

In a very long article relayed by Handelsblatt, the weekly newsmagazine Wirtschaftwoche claims that subscribers to open-ended real estate funds currently in the process of being liquidated cannot be sure that they will soon see a redemption of their shares, since the banks which provided credit to the funds will have first dibs on the proceeds of sales of properties. Eurohypo (Commerzbank) and WestImmo (WestLB), two institutions which will soon be liquidated, prove to be the toughest at getting their money back. Open-ended real estate funds in Germany still have assets of EUR85bn, distributed over 19 products.The problem of asset sales for vendors is that the banks are hesitant to finance real estate, and that fund managers are not able to get the amounts for the properties that they had figured them at on their books.
05/06/2012

LGT recruits a director from BZ Bank

Stefan Lindermann, who has been the director of distribution and marketing at BZ Fonds, the asset management affiliate of BZ Bank (based in Wilen, in the Swiss canton of Schwyz) since April 2011, has been recruited as director of private label funds for LGT Bank in Liechtenstein from the beginning of June.Lindermann will report directly to Norbert Biedermann, CEO of LGT Bank in Liechtenstein.
05/06/2012

Schroders eyes real estate lending market

Schroders is in talks to enter the real estate lending market, the Financial Times reports. The asset management firm is studying the possibility of launching a division which would provide financing through lending to real estate property owners and developers. Talks are at an early stage, and according to sources familiar with the matter, Schroders has not yet taken a decision about the size of the lending platform.
05/06/2012

Lehman ex-trader closes a hedge fund

Allan Bedwick, a former trader from Lehman Brothers, has decided to close his global macro hedge fund, after attempting for more than two years to increase assets in the fund, according to documents obtained by Reuters. Bedwick’s fund, whose assets under management totalled about USD120m, is based in Hong Kong. Facing ongoing uncertainties in the euro zone and concerns about a slowdown in growth, investors have been tending to steer clear of smaller alternative management actors in favour of heavyweights in the sector.
05/06/2012

One quarter of Chinese asset managers had losses in 2011

According to a survey by Z-Ben Advisors, a decline of 7.35% in revenues and rising costs last year resulted in losses for 25% of asset management firms with Chinese funds. This particularly affected small and mid-sized actors, who did not have sufficient capital to adapt to changing investor demand, rising costs and market trends. Some, however, were able to increase their profit margins by developing non-core product lines.
05/06/2012

Switzerland's CPCI announces external growth ambitions

Following a general shareholders’ meeting held on 25 April, the board of directors at the wealth management firm Compagnie Privée de Conseils et d’Investissements (CPCI) has held the second round of its capital increase share offering, increasing the number of shares from 6 to 7 million, enacting a decision by the shareholders’ meeting of 9 July 2010, Agefi Switzerland reports. The capital increase comes as part of a continuing development strategy at CPCI, which includes the integration or acqusition of third-party asset management firms. In addition to third-party asset management firms, CPCI continues to be interested in all types of acquisitions in Switzerland which are compatible with its current structure and its development plans.
05/06/2012

Appointment at Julius Bär

Stephen Kamp has been appointed as deputy head for Latin America, Spain and Israel, Julius Bär announced in a statement on 4 June. He will be based in Geneva. Kemp will assist Gustavo Raitzin, member of the executive board at the private bank. He will also participate in several projects, according to a statement released on Monday. Kamp will serve Israeli clients, whether or not they are resident in Israel. Julius Bär opened an office in Tel Aviv in March this year. The bank also acquired a minority stake of 30% in GPS, the largest Brazilian private wealth management firm, in 2011. Kamp previously worked at HSBC, where he served as chief administrative officer for the private bank in the EMEA region (Europe, Middle East, Africa).
05/06/2012

Assets at Banca March up 16%

As of the end of March, assets in the private banking/wealth banking division of Banca March were up 15.7% to USD5.775bn. Assets managed by March Gestión, for their part, were up 11%. About 70% of funds beat their benchmarks.Banca March reports that in first quarter it launched the Family Businesses fund, which invests exclusively in publicly-traded family businesses, and which comes as an addition to the product range in the Luxembourg Sicav from March Gestión, alongside the Vini Catena (wine) and Terranova (defensive) funds.Net profits at Banca March in first quarter fell to EUR21.3m, comapred with EUR59m (-63.9%), and pre-tax profits are down to EUR58.7m from EUR244.4m (-76%). Profits in the corresponding period of 2011 were boosted by a one-time capital gain of EUR179.6m, which was generated by a sale of a 5% stake in ACS.Lastly, the bank reports that its tier 1 owners’ equity ratio as of the end of March stood at 24.1%, compared with 26.5% one year earlier.
05/06/2012

Italian funds: online procedure for documentation submission

On 1 June 2012, a new procedure came into force, by which asset management firms are required to comply with disclosure requirements imposed by the Italian regulatory agency Consob, Bluerating reports. Asset management firms and Sicavs which would like to submit documentation for offerings of OPCVM investment products are now required to use exclusively the online procedure, which requires an account to log in.
05/06/2012
Gestion d'actifs

Réunica se laisse un délai d'observation d'un an et demi sur les fonds ouverts

Francis Weber, directeur financier de Réunica lors d’une table ronde organisée par amLeague et Newsmanagers: Dans notre cas, notre période d’observation d’un fonds ouvert est en gros d’un an et demi. Si le gérant ne surperforme pas ou ne fait pas une bonne performance au moins en indice pendant un an et demi, on aurait tendance, sauf cas particulier, à le sortir assez rapidement. Nous avons une période d’observation relativement courte, nous sommes moins patients que dans le cadre d’un mandat. On ne peut pas accepter un gérant qui serait sous-performant pendant trois ans. C’est vrai que les conseils d’administration nous donnent davantage cette pression aujourd’hui. Nous regardons les portefeuilles au mois le mois. Évidemment, on ne peut pas surperformer tous les mois, mais on est dans des délais relativement courts. Vous avez dans les conseils souvent des non-spécialistes, ils considèrent que les spécialistes doivent savoir. Ils doivent savoir sélectionner les bonnes valeurs, ils doivent connaître le timing des marchés et donc surperformer tout le temps. Mais nous savons bien, nous, que malheureusement ce n’est pas possible. On n’a pas un temps infini devant nous, on ne peut pas attendre cinq ans pour avoir de la performance. Nous avons des actifs de 8 milliards d’euros. Nous travaillons avec 10-12 gérants de fonds dédiés et avec une bonne soixantaine de gérants sur des fonds ouverts. Nous avons aussi des fonds de fonds qui sont délégués. Si on regarde par transparence, nous avons beaucoup plus de gérants, peut-être 150 gérants. Mais, en direct, nous travaillons avec 60-70 gérants. Les fonds ouverts représentent 20% des encours. Nous n’avons pas de ligne directe en interne.
Gestion d'actifs
05/06/2012

Le divorce entre les Français et la Bourse semble consommé

Seul un particulier sur dix estime qu’il s’agit d’un «bon moment» pour placer une partie de son épargne en Bourse. Une opinion partagée par 23% des actionnaires, réputés plus avertis, selon le journal qui cite une étude TNS Sofres. «Du jamais-vu» précise le quotidien. D’ailleurs, 91% des personnes sondées par l’étude jugent le marché des actions «risqué».
05/06/2012

Schroders prend le relais des banques

Le quotidien croit savoir de sources proches que le gestionnaire d’actifs britannique songe à mettre en place une activité dédiée au financement des foncières et promoteurs immobiliers au sein de la division spécialisée dans la détention d’actifs immobiliers. Les discussions n’en sont qu’à un stade préliminaire et Schroders n’a pas d’idée précise des sommes qui pourraient être mises en jeu. Responsable de l’immobilier chez Schroders, William Hill a refusé d’évoquer le projet tout en reconnaissant que «le retrait des banques du financement senior a créé une opportunité très intéressante à exploiter pour d’autres sources de capital».
05/06/2012

Pékin fait barrage à la cotation des sociétés étrangères

La commission chinoise de régulation des marchés a mis entre parenthèses son projet de compartiment dédié aux valeurs étrangères en Bourse de Shanghai en raison des turbulences rencontrées par les marchés de capitaux mondiaux et domestiques, fait savoir le 21st Century Business Herald. La commission préfère actuellement se consacrer à la mise en route d’un marché à terme.
05/06/2012

L’Asie se taille la part du lion dans le private equity

La part destinée à l’Asie au sein des investissements mondiaux du capital-investissement a doublé au cours des quatre dernières années pour s’élever l’an passé à 21%. Cette part devrait poursuivre sa progression, selon Bruno Roy de McKinsey, auteur d’un rapport sur le sujet. La région représente en effet 28% du PIB mondial. Le rapport souligne que la Chine a accaparé 45% des investissements sur la zone en 2011.
05/06/2012

Bob Doll tire sa révérence

Le gérant vedette de BlackRock a annoncé son départ à la retraite dans une note interne destinée aux salariés de BlackRock et dont Reuters a obtenu copie. Il assurera la transition de la gestion jusqu’au 30 juin tout en restant disponible jusqu’à la fin de l’année.
05/06/2012

Recul inattendu des commandes à l'industrie aux Etats-Unis

Les commandes à l’industrie aux Etats-Unis ont reculé en avril pour la troisième fois en quatre mois, la demande baissant pour quasiment tous les produits. Selon les chiffres publiés par le département du Commerce, ces commandes ont baissé de 0,6% après un recul, plus marqué qu’initialement estimé, de 2,1% en mars.
05/06/2012

Google fait ses emplettes

La jeune pousse californienne Meebo, active dans le domaine des sites de réseaux sociaux, a fait part d’un accord de rachat par Google. Le blog All Things Digital avait évoqué cette transaction le mois dernier en évoquant un montant voisin de 100 millions de dollars.
05/06/2012

La BCE prolonge le gel de ses rachats de dette

La Banque centrale européenne n’a procédé à aucun rachat d’obligations souveraines la semaine dernière, confirmant ainsi sa volonté de résister aux pressions en faveur d’une intervention pour faire baisser les rendements de la dette espagnole. Ces rachats dans le cadre du SMP sont donc restés en sommeil pour la douzième semaine consécutive.

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