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27/10/2011

Aberdeen AM recrute un spécialiste du développement

Aberdeen Asset Management vient de recruter un spécialiste du développement qui sera entièrement dédié à sa gamme de fonds long only multi-gérants. Cette gamme pèse plus de 10 milliards de livres (au 31 août). Aidan Upton travaillait auparavant pour Architas en tant qu’investment development manager.
27/10/2011

AllianceBernstein perd un mandat

Le fonds de pension britannique Highland County Council a retiré à AllianceBernstein un mandat de gestion pour une poche actions de 200 millions de livres, tout en lui maintenant un autre mandat pour un montant plus modeste, rapporte le site IPE.AllianceBernstein aurait perdu le mandat actions en raison de ses performances très médiocres.
27/10/2011
Fonds

Ian Henderson quitte la gestion du JPM Global Natural Resources

Ian Henderson va se retirer de la gestion quotidienne du JPM Global Natural Resources Fund, dont il est le gérant principal, fin janvier 2012, annonce J.P. Morgan Asset Management. Il gère ce fonds ressources naturelles, dont l’encours s’élève à plus de 2 milliards d’euros, depuis son lancement en 2004. La responsabilité de la gestion sera alors confiée à Neil Gregson, qui travaille en tandem avec Ian Henderson depuis 12 mois. Par la suite, Ian Henderson deviendra conseiller du fonds jusqu’en mars 2013. Neil Gregson sera le gérant principal du fonds, assisté de l’équipe dédiée aux ressources naturelles. Neil Gregson a rejoint cette équipe de gestion chez J.P. Morgan AM en septembre 2010, après près de 20 années chez Credit Suisse Asset Management en tant que responsable des fonds émergents et sectoriels émergents. A ce poste, il était en charge d’un encours de 10 milliards de dollars. Chez Credit Suisse AM, Neil Gregson a également géré des fonds actions spécialisés sur l’or et les ressources naturelles, avec un historique de performance à long terme très positif. Depuis sa création en décembre 2004, le fonds JPM Global Natural Resources a généré une performance annualisée de 8,83 % (performance de la part A(acc) EUR, nette de frais, au 30 septembre 2011), précise J.P. Morgan AM.
Fonds
27/10/2011
Fonds

First State lance un fonds obligataire émergent

Le britannique First State Investments (groupe Commonwealth Bank of Australia) a annoncé le lancement du First State Emerging Markets Bond Fund, un ICVC de droit britannique qui sera proposé aux investisseurs britanniques et d’Europe continentale. Une version «offshore» sera lancée prochainement.Ce nouveau produit de 50 à 120 lignes sera géré par Helene Williamson (ex F&C) et sa nouvelle équipe dette émergente basée à Londres. Il sera investi principalement dans des obligations en monnaies dites fortes émises ou garanties par des gouvernements, des établissements financiers ou des entreprises de pays émergents. Les titres seront surtout libellés en dollars et émis par des Etats ou des entités quasi-gouvernementales.L’objectif sera de surperformer l’indice de référence JPMorgan EMBI Global Diversified Index.Le First State Emerging Markets Bond Fund comporte huit classes de parts, dont quatre en euros.
Fonds
27/10/2011
Fonds

Un nouveau produit exige six à neuf mois de gestation

Près de 60% des sociétés de gestion consacrent neuf mois ou moins au lancement d’un produit, selon une enquête annuelle que vient de publier Cerulli (1). Entre le moment de la conception initiale du produit et le lancement effectif, il s'écoule entre six et neuf mois pour 53% des gérants alors qu’une minorité (6%) arrive à sortir un produit en l’espace de trois à six mois.Les gérants subissent la pression des forces de vente pour lancer le plus rapidement possible de nouveaux produits qui souvent arrivent à déclencher de fortes collectes. Il n’empêche. Une proportion de 29% des gérants passe entre neuf et douze mois à développer un produit et pour 12% de l'échantillon, il faut une année ou plus. Les deux étapes les plus longues dans le développement d’un produit sont la recherche et la définition du produit d’une part, et les approbations réglementaires d’autre part. Près de 75% des gérants estiment que la complexité du produit est le principal facteur influençant leurs projets de développement. Selon Cerulli, ce constat est lié à l’engouement actuel pour les produits alternatifs, plus de 25% des projets de nouveaux produits concernant la sphère alternative. (1) Cerulli Quantitative Update : Retail Products and Strategies 2011
Fonds
27/10/2011

Baisse des actifs gérés par le BBVA

A fin septembre, le groupe BBVA affichait un encours de 20,22 milliards d’euros en fonds d’investissement et de 16,47 milliards en fonds de pension, sur le marché espagnol, contre respectivement 22,32 milliards et 16,81 milliards fin décembre 2010.Pour le reste du monde, l’encours des fonds et sociétés d’investissement ressortait à 18,14 milliards d’euros et celui des fonds de pension à 57,13 milliards, contre respectivement 19,67 milliards et 61,95 milliards à la fin de l’année dernière.Le rapport trimestriel précise que la société de gestion BBVA Asset Management affichait à l'échelon mondial 70,53 milliards d’euros fin septembre. Elle avait pour les fonds d’investissement des parts de marché de 16,8 % en Espagne et de 22,5 % au Mexique.Le bénéfice net du BBVA pour les neuf premiers mois de l’année accuse une contraction de 14 % par rapport à janvier-septembre 2010, à 3,14 milliards d’euros. Au 30 septembre, le coefficient d’exploitation de l'établissement s'était détérioré à 48,5 % contre 41,6 % un an auparavant.
27/10/2011

Crédit Agricole fusionne Bankoa et Mercagestión

Les sociétés de gestion espagnoles Bankoa Gestión et Mercagestión appartenant au Crédit Agricole ont été fusionnées sous le nom de Crédit Agricole Mercagestión, rapporte Funds People. Cette structure est dirigée par Tomás Ubiría Zubizarreta, le directeur général de Bankoa Gestión (contrôlée à 95 % par la Caisse regionales Pyrénées Gascogne), tandis que le directeur des investissements est Javier Hoyos Oyarzabl, qui occupait deja ce poste également ches Bankoa.En dernier lieu, Bankoa affichait 252 millions d’encours (+ 20 % depuis début janvier) tandis que les actifs gérés par Mercagestión se situaient à 51 millions.Crédit Agricole dispose aussi en Espagne d’Amundi Iberia, dont l’encours se situait fin septembre à 370 millions d’euros et a ainsi diminué de 30,1 % depuis le début de l’année.
27/10/2011

Santander : 3 milliards d'euros d'actifs immobiliers à vendre

La banque Santander cherche à céder 3 milliards d’euros d’actifs fonciers et immobiliers en Espagne à des investisseurs étrangers, indique le Financial Times. Deux des acheteurs potentiels, des fonds immobiliers appartenant à Cerberus et Morgan Stanley, demanderaient des rabais si importants que la banque ne devrait pas boucler la transaction avant la fin de l’année de peur de dégrader ses ratios de fonds propres.
27/10/2011

Brandes va distribuer des fonds en Espagne

Antonio Banda, ancien CIO de Bankinter et Jorge Claveria, ancien gérant du hedge fund Aneto, ont convaincu Brandes Investment Partners de les autoriser à distribuer ses produits en Espagne auprès des fonds de pension, des assureurs et de tous types d’investisseurs institutionnels, revèle Cotizalia.Les produits value qui seront commercialisés en Espagne feront partie des compartiments d’une sicav de droit irlandais. La centrale de Brandes en Europe est située à Genève.
27/10/2011

Universal recrute un patron pour son pôle immobilier

Marcos J. Joos, qui dirigeait la gestion de portefeuilles pour les fonds immobiliers institutionnels de Commerz Real, où il avait la responsabilité de 2,7 milliards d’euros, a été recruté le 1er octobre par Universal-Investment comme directeur de la gestion du portefeuille immobilier.Il sera ainsi responsable de la gestion des transactions, de la gestion d’actifs, des financements et de la gestion des liquidités.Universal-Investment a tout récemment obtenu l’agrément de la BaFin pour le lancement et l’administration de fonds immobiliers (lire Newsmanagers du 20 octobre) et compte se spécialiser sur les fonds institutionnels.
27/10/2011

Carmignac Gestion recrute chez BlackRock

Carmignac Gestion vient d’annoncer le recrutement de Kai Volkmann au poste de responsable pour le marché allemand. Cette nomination fait suite au départ de John Korter (lire NewsManagers du 26.10.2011). Le nouveau «country head» de la société de gestion parisienne prendra ses fonctions en janvier 2012 et dirigera le nouveau bureau que Carmignac Gestion a prévu d’ouvrir à Francfort. Kai Volkmann était jusqu'à présent responsable des ventes retail pour l’Allemagne au sein de BlackRock, poste qu’il a occupé pendant sept ans. Après son récent départ, ses fonctions ont été confiées à ancien supérieur, Andrej Brodnik, qui est head of retail business pour l’Allemagne, l’Autriche et l’Europe de l’Est chez BlackRock.
27/10/2011

Falcon Private Bank vise 20 milliards de francs d’actifs sous gestion

La banque privée Falcon Private Bank espère atteindre la barre des 20 milliards de francs en actifs sous gestion d’ici la fin de l’année prochaine grâce à son repositionnement, axé notamment sur la clientèle high net worth de la Chine, rapporte L’Agefi suisse. Les actifs sous gestion de la banque, détenue indirectement par le fonds souverain IPIC d’Abu Dhabi, s’élèvent actuellement à environ 12 milliards de francs. «Nous nous profilons aujourd’hui activement auprès d’investisseurs détenant entre 2 et 20 millions de francs issus de Chine, de Russie, du Kazakhstan, de la Scandinavie et bien entendu du Moyen-Orient», précise au quotidien Heiner Weber, responsable du développement commercial de la banque privée.
27/10/2011

Reyl AM veut développer ses activités à Zurich

Le pôle Asset Management de Reyl & Cie prévoit d’afficher un milliard de francs suisses d’actifs sous gestion à Zurich d’ici à 2013, indique le CEO de Reyl AM, Thomas de Saint Seine dans un entretien à L’Agefi suisse. Dans cette perspective, Reyl AM vient d’ouvrir une succursale à Zurich. Les actifs sous gestion du groupe s’élèvent actuellement à 4,5 milliards de francs suisses, dont 1,8 milliard pour Reyl AM.
27/10/2011

Franklin Templeton Italia reshuffles sales department

Franklin Templeton Italia is creating two major units in its commercial direction, one of them dedicated to institutions, and the other to retail distribution. The institutions unit will be headed by Antonio Gatta, who joined Franklin Templeton in 2007 and is already in charge of the wealth management and managed solutions professional areas for institutional clients and pension funds, foundations, asset management firms and insurers. He will now also serve funds of funds, unit-linked and structured products. The team has recently been enlarged with the arrival of Gian Mario Castellani, who had previously been at Axa Investment Managers. Another recruitment is planned for managed solutions. The retail distribution unit will be led by Amir Kuhdari, who has also been at Franklin since 2007. He will be in charge of distribution for the Franklin Templeton Investment Funds Sicav to financial adviser networks and banks, which currently represent 65% of assets for Franklin Templeton in Italy. The team has also gained the addition of Serenella Arpia and Giacomo Cavallucci.
27/10/2011

Ian Henderson steps down from JPM Global Natural Resources Fund

J.P. Morgan Asset Management has announced that Ian Henderson, named manager of the JPM Global Natural Resources fund (more than EUR2bn in assets under management), will step away from the day-to-day management of the fund at the end of January 2012. Full responsibility for the funds will pass to Neil Gregson, who has worked alongside Ian for the past 12 months. Ian Henderson will remain in an advisory capacity until March 2013, and Neil Gregson will be the named manager of the fund, assisted by the natural resources team. Neil Gregson joined J.P. Morgan Asset Management’s natural resources team in September 2010, bringing with him a wealth of experience having spent almost 20 years at Credit Suisse Asset Management as head of emerging markets and related sector funds. In this role, he was responsible for USD10 billion in assets under management. During his time at Credit Suisse Asset Management, Neil Gregson also managed gold and natural resource equity funds. After qualifying as a mining engineer, Neil Gregson began his career holding various positions at mining and natural resource companies, including a role as a mining investment analyst at South African company Gold Fields. The JPM Global Natural Resources fund has delivered an annualised return of 8.83% since the fund’s inception in December 2004 (performance of the A(acc) EUR share class, net of fees, as at 30th September 2011).
27/10/2011

First State launches an emerging market bond fund

The British asset management firm First State Investments (Commonwealth Bank of Australia group) has announced the launch of the First State Emerging Markets Bond Fund, a British-registered ICVC which will be offered to investors in Britain and continental Europe. An offshore version of the fund will be launched soon. The new product, with 50 to 120 positions, will be managed by Helene Williamson (ex F&C), and her new emerging markets debt team, based in London. It will invest primarily in bonds and currencies considered strong, issued or guaranteed by governments, financial establishments, or businesses in emerging markets. The bonds will be denominated primarily in US dollars, and issued by governments or quasi-governmental entities. The objective will be to outperform the benchmark index, JPMorgan EMBI Global Diversified Index. The First State Emerging Markets Bond Fund includes eight share classes, of which four are denominated in euros.
27/10/2011

Profits up at Morningstar

In the first nine months of this year, net profits at Morningstar Inc totalled USD70.4m, compared with USD62.9m in the corresponding period of 2010, on earnings up 17% to USD472.8m. Excluding acquisitions and forex effects, earnings rose 10.8%.In third quarter 2011, however, Morningstar shows net profits of USD21.4m, compared with USD24.7m in July-September 2010, despite a 14.5% incrase in its earnings, to USD160.1m.In the Investment Management unit, which includes all activities related to asset management, for which at least 60% of revenues comes from asset-based commissions, assets advised and under management in the Investment Consulting operation as of 30 September totalled USD128.1bn, 21.2% higher than one year previously.Assets advised and under management by the Retirement Solutions division total USD36.3bn, compared with USD31.6bn as of 30 September 2010.Lastly, for the “Morningstar Managed Portfolios” division, assets under management have increased by about USD300m in one year, to a total of USD2.8bn as of 30 September.
27/10/2011

Profits down at Ameriprise

In third quarter 2011, Ameriprise Financial saw a decline in its net profits to USD271m from USD346m in July-September last year, with the obtraction due to a one-time charge of USD106m.By GAAP accounting standards, the asset management business unit at Ameriprise, which includes the British asset management firm Threadneedle and the US firm Columbia Management, earned pre-tax profits of USD97m, compared with USD104m in third quarter 2010.The affiliate Threadnnneedle had USD96bn in assets as of the end of September, compared with USD102bn one year earlier; it has seen net outflows of USD0.8bn in the quarter under review, with net redemptions of USD1.2bn to retail clients, and institutional net subscriptions of USD1.4bn. In third quarter of last year, Threadneedle had net subscriptions of USD1.1bn.At Columbia, assets as of 30 September totalled USD325bn, compared with USD347bn one year previously. Net outflows in third quarter totalled USD4.8bn, compared with USD4.1bn in July-September 2010.
27/10/2011

Revenues up 4% for Axa’s asset management

Axa’s Asset Management revenues were up 4% to Euro 2,443 million for the first nine months, mainly driven by higher performance fees and real estate transaction fees at AXA IM as well as higher research fees at AllianceBernstein. Assets Under Management were down Euro 59 billion versus December 31, 2010 at Euro 837 billion: �� Net flows of Euro -33 billion comprised of: - Euro -35 billion at AllianceBernstein, primarily from institutional clients, - Euro +2 billion at AXA IM, mainly driven by Euro +3 billion on Money Market, Euro +2 billion at AXA Private Equity and Euro +2 billion at AXA Framlington, partly offset by Euro -1 billion on Fixed Income and Euro -4 billion at AXA Rosenberg. �� Market impact: Euro -20 billion mainly at AllianceBernstein. �� Forex impact: Euro -2 billion as a result of the slight depreciation of the USD versus the Euro
27/10/2011

Vulpes IM hires a manager from Fidelity

The alternative management firm Vulpes Investment Management, based in Singapore, has recruited a former manager from Fidelity, Martin Shenfield, as senior portfolio manager. Shenfield will be in charge of managing the Testudo Fund, which invests in publicly-traded and non-publicly traded equities, commodities and bonds.
27/10/2011

SAC hopes to restore reputation

SAC Capital, the USD14bn hedge fund of Steve Cohen, has discreetly ceased to invest in its former employees’ hedge funds, according to the Financial Times, citing sources familiar with the matter. The decision, taken in 2008, is one of the changes SAC has made in order to restore its reputation, at a time when it is suspected of insider trading. Among other changes, Cohen has also reduced direct contacts with corporate heads and Wall Street analysts and brokers.
27/10/2011

Assets under management fall again at AllianceBernstein

Assets under management at AllianceBernstein (Axa group) totalled USD402bn as of 30 September, down 12.8% compared with 30 June, and 15.8% (more than USD75bn) compared with the end of September 2010, the firm announced in a statemwnt on 26 October. As of the end of August, assets were down USD53bn compared with the end of December 2010. In terms of institutional assets (USD224.1bn), net outflows in third quarter totalled USD9bn, compared with nearly USD15bn in second quarter. In retail (USD109.8bn), net outflows totalled USD4.4bn, compared with USD2bn in second quarter. In the private client segment (USD68.1bn), redemptions totalled USD2bn, compared with USD26bn one quarter earlier. In total, outflows have totalled USD15.4bn, compared with USD19.5bn. Net profits distributable to shareholders for third quarter thus totalled USD90.98m, compared with USD114.14m for second quarter.
27/10/2011

Galleon scandal: Former head of McKinsey arrested by FBI

The former head of McKinsey and director of Goldman Sachs, Rajat Gupta, was apprehended in New York on 26 October by the FBI, Les Echos reports. Gupta, who is considered one of the major “preferred informers” of Raj rajaratnam, the speculative fund manager who was sentened to 11 years of prison on 13 October, becomes the first member of the New York establishment to be directly charged in the Galleon affair. According to the criminal charges filed by the public prosecutor’s office, Gupta is accused along with six other heads of involvement in fraud and conspiracy involving passing on information related to Goldman Sachs and Procter & Gamble, where he had been a director.
27/10/2011

New rules for hedge funds

Hedge fund firms with over USD1.5bn in assets under management will be required to publish quarterly reports under new rules from the Securities and Exchange Commission, the Wall Street Journal reports. In January, the SEC had planned to set the limit at USD1bn. Another easing of the rules is that funds with less than USD150m will be exempt from the reporting requirement. Companies between those two thresholds will be required to release annual data.
27/10/2011

Falcon Private Bank aims for CHF20bn in assets under management

The Falcon Private Bank is hoping to top CHF20bn in assets under management by the end of next year, due to a repositioning of the bank to focus on high net worth clients in China, Agefi Switzerland reports. Assets under management at the bank, which is indirectly owned by the sovereign fund IPIC, based in Abu Dhabi, currently total about CHF12bn. “We are now actively profiling ourselves to investors with CHF2m to CHF20m from China, Russia, Kazakhstan, Scandinavia and of course the Middle East,” Heiner Weber, head of commercial development at the private bank, tells the newspaper.
27/10/2011

Brandes to distribute funds in Spain

Antonio Banda, former CIO of Bankinter, and Jorge Claveria, former manager of the hedge fund Aneto, have convinced Brandes Investment Patners, to allow them to sell their products in Spain to pension funds, insurers and all types of institutional investors, Cotizalia reports.The value products which will be offered in Spain will be sub-funds of an Irish-registered Sicav. The central offices of Brandes in Europe are located in Geneva.
27/10/2011

Assets under management at BBVA down

As of the end of September, the BBVA group announced assets of EUR20.22bn in investment funds, and EUR16.47bn in pension funds on the Spanish market, compared with EUR22.32bn and EUR16.81bn as of the end of December 2010.For the rest of the world, assets in funds and investment companies totalled EUR18.14bn, while pension funds had EUR57.13bn, compared with EUR19.67bn and EUR61.95bn.The quarterly report states that the asset management firm BBVA Asset Management had assets worldwide of EUR70.53bn as of the end of September. For investment funds, the firm had a market share of 16.8% in Spain, and 22.5% in Mexico.Net profits at BBVA in the first nine months of the year have contracted by 14% compared with January-September 2010, at EUR3.14bn. As of 30 September, the cost-income ratio has deteriorated to 48.5% from 41.6% one year previously.
27/10/2011

Outflows continue from Italian funds

Open-ended funds on sale in Italy in September had net outflows of EUR4.7bn, according to the most recent statistics from Assogestioni, the Italian association of asset managers. Since the beginning of the year, they have seen outflows of EUR13.8bn. In this environment, assets fell from EUR436.8bn as of the end of August to EUR424bn as of the end of September, of which 61% were invested in foreign-registered products. In September, all asst classes showed losses. The heaviest outflows were from bond funds (-EUR1.3bn), equity funds (EUR1.1bn) and money market funds (-EUR1bn). With the addition of mandates and closed funds, the Italian asset management industry as a whole has seen net outflows of EUR6bn. Assets as of the end of September totalled EUR950bn (of which 49% were in funds), compared with EUR971.8bn as of the end of August. Among the few groups to have seen inflows in September were Poste Italiane (+EUR247.7m), Finanziaria (EUR50.9m), and Mediolanum (+EUR30.5m). At the other extreme, companies with the heaviest redemptions were Pioneer (-EUR2bn), BNP Paribas (-EUR650m), and Ubi Banca (-EUR649m).
27/10/2011

Crédit Agricole merges Bankoa and Mercagestión

The Spanish asset management firms Bankoa Gestión and Mercagestión, both owned by Crédit Agricole, have been merged to create Crédit Agricole Mercagestión, Funds People reports.The structure is led by Tomás Ubiría Zubizarreta, CEO of Bankoa Gestión (which is 95% controlled by Crédit Agricole’s regional bank of the Pyrénées Gascogne provinces), while the chief investment officer is Javier Hoyos Oyarzabl, who had previously held the same position at Bankoa.Bankoa most recently announced assets of EUR252m (+20% since the beginning of January), while assets under management at Mercagestión totalled EUR51m.In Spain, Crédit Agricole also owns Amundi Iberia, whose assets as of the end of September totalled EUR370m and were down 30.1% since the beginning of the year.
27/10/2011

Universal recruits a head for its real estate unit

Marcos J. Joos, who had been head of portfolio management for institutional real estate funds at Commerz Real, where he had been responsible for EUR2.7bn in assets, was recruited on 1 October by Universal-Investment as director of management for the real estate portfolio.He will be in charge of transaction management, asset management, financing and liquidity management.Universal-Investment has recently been licensed by BaFin to launch and administer real estate funds (see Newsmanagers of 20 October), and is planning to specialise in institutional funds.

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