Swiss Life a placé avec succès une obligation subordonnée pour 325 millions de francs sur une durée indéterminée, avec première possibilité de remboursement en octobre 2016. Le coupon a été fixé à 5,25% pour les premières cinq années et demie. L’obligation est destinée aux investisseurs sur le marché du franc suisse et permet à Swiss Life de refinancer partiellement des instruments subordonnés en circulation et d’optimiser encore la structure de capital.

Chief investment officer Bengt Enge will leave Norges Bank Investment Management (NBIM) after 13 years with the organisation. He joined NBIM in 1998 and has held various positions, including global head of external management, until being named CIO in October 2009. His last day at NBIM was 4 March.Chief executive officer Yngve Slyngstad will be responsible for the CIO function until a replacement is in place.

p { margin-bottom: 0.08in; } Fred Bromberg, who until 2010 was global head of sales and relationship management for the treasury and securities services at J.P. Morgan, has retained his position as senior executive in the strategic client group at BNY Mellon, but will also become country executive for Germany, where he will coordinate the various professions at the group and supervise major accounts. Bromberg will also become regional executive for the German-speaking countries and central and south-eastern Europe.Meanwhile, Thomas Brand, who for 11 years served in the roles which have now been granted to Bromberg, becomes business executive for financial markets and treasury services (FMTS) in the same regions, a newly-created position. The FMTS division includes broker-dealer services, services for alternative management, market order processing and custody, corporate trust, depository receipts and treasury services.

p { margin-bottom: 0.08in; } The German reinsurer Hannover Rück or Hannover Re (Talanx group) has posted a record net profit of EUR748.9m, compared with EUR733.7m the previous year, despite a net charge due to natural disasters (floods in Australia, earthquake in New Zealand) of EUR661.9m, compared with EUR239.7m.Revenues on the financial portfolio rose to EUR1.3bn from EUR1.1bn, and the company is planning to increase its dividend to EUR2.30 per share, from EUR2.10.In the portfolio, totalling EUR25.4bn compared with EUR22.5bn, the proportion of bonds has fallen to 84%, from 87% in 2009, while equities and real estate doubled to 4% and 2% of the total, respectively. Earnings from investments managed internally increased by 11.7% to EUR942.5m and return on investment totalled 3.9% compared with 4%.

p { margin-bottom: 0.08in; } For 2010, Munich Re on 10 March announced a net profit of EUR2.43bn, compared with EUR2.56bn, which has not prevented the firm from proposing a 50-cent increase to its dividend, to EUR6.25. In addition, the Munich-based insurance firm is planning to launch a new program of share repurchases for up to EUR500m in time for its general shareholders’ meeting in 2012.Earnings on the group’s financial portfolio increased by nearly 10% to EUR8.6bn, compared with EUR7.9bn.

p { margin-bottom: 0.08in; } The year 2010 brought a heavy loss of CHF768.7m for EFG International (of which CHF721.8m were attributable to shareholders), after a one-time impairment charge of CHF838.4m for hedge funds from the affiliates CMA, MBAM and DSAM, amortisation of acquisition-related items for CHF28.8m, and an addition of CHF26.6m to personnel stock option programs. Excluding these one-time elements, core net profit was down 10% to CHF172m. Net inflows from retail clients increased 13% to CHF11bn, but total inflows totalled CHF9.8bn, due to institutional withdrawals from hedge funds. Revenue-generating private client assets as of the end of December were down to CHF84.8bn from CHF86.2bn, largely due to currency effects related to the rising Swiss franc (CHF10.1bn), a currency in which 40% of the firm’s expenses, but only 5% of revenues, are denominated.

p { margin-bottom: 0.08in; } Agefi reports that plans to spin off the Banque de financement et de trésorerie (BFT), a wholly-owned subsidiary of Crédit Agricole SA, have been made official internally. The operation will see BFT Gestion made a part of Amundi, the asset management affiliate of Crédit Agricole SA, where it will continue to operate as an independent entity. Asset management via a dedicated affiliate, BFT Gesion, is one of the three major activities of the firm, the newspaper reports. With more than EUR20bn in assets under management as of the end of 2010, the firm had a good year, despite its specialisation in money markets. Inflows of EUR2.2bn put it in third place in France in the mutual fund sector. Crédit Agricole SA, which on 17 March will unveil its strategic plan, claims that the move “is not a punishment for the teams at BFT, and there will be no layoffs,” a source familiar with the mater says.

p { margin-bottom: 0.08in; } As of the end of 2010, assets under management at Aviva Investors France (AIF) totalled EUR80.7bn, compared with about EUR79.5bn twelve months earlier. Of this total, bonds accounted for EUR55.6bn, money markets EUR12.6bn, and equities EUR12.5bn. The firm has 90 employees, of whom 28 are investment professionals, compared with 82 staff and 27 managers one year previously.Net inflows to mutual funds from AIF totalled EUR900m from within the group, and EUR915m in total (including inflows from outside the group). In regular treasury management, the firm shows net outflows of EUR737m, but with bonds (EUR697m), balanced funds (EUR11m) and international equities (EUR37m), net subscriptions from outside the group excluding money markets totalled EUR746m. In 2009, inflows totalled “between 0 and EUR100m.”Jean-François Boulier, CEO of Aviva Investors Europe, also emphasized that in one year, assets managed for third parties in equities and bonds, long-term assets, multiplied by 2.5, to represent “4.7% of the stable total.”AIF also won three mandates last year (bonds and Euro credit), worth EUR850m, from insurance mutuals and one large business for its pre-retirement savings fund.Internationally, Aviva Investors has begun offering funds managed in Paris internationally, with a gross total of EUR570m, while AIF also sold EUR200m in products managed outside France to French clients.

p { margin-bottom: 0.08in; } For the first time since early 2008, Bill Gross has lowered the exposure to US government debt of his fund, Pimco Total Return (USD237bn) to zero, a sign that he expects interest rates to rise, the Financial Times reports.

p { margin-bottom: 0.08in; } Fidelity International has recruited Chris McNickle, who will be joining the firm in June as global head of instiutional clients, a newly-created position. McNickle joins from Greenwich Associates, where he is managing director, and was head of asset management activities.

Nearly two years after Jean-François Boulier became chairman of the board at Aviva Investors France (AIF; see Newsmanagers of 15 September 2009), the asset management firm has begun offering its expertise as a manager to external clients, and is no longer a captive management firm for the insurer. Boulier says that “external development does not work to the detriment of Aviva, which also encourages us to innovate more.” In 2010, AIF posted an increase of an undisclosed size to its operating profits, at a time when the Aviva Investors group itself saw losses of GBP100m, compared with GBP115m in 2009 (see Newsmanagers of 4 March).In terms of products, there have been many innovations, with the Aviva Investors Obligations Variables fund, to confront rising interest rates and a flattening of the curve. In the area of emerging market debt, the GBP750m inflation-linked local currencies emerging markets bond fund (see Newsmanagers of 28 January 2011) will be brought into compliance with the UCITS III directive next month. AIF has also received a management mandate from the Philips pension fund for its real estate investments; the group also manages an absolute return real estate fund with no liability constraint (Return Enhanced Asset Liability Management, or REALM).The firm is also planning to add a credit product and an emerging market debt product, probably in local currencies, to its five existing absolute return strategies. In organisational terms, Boulier has announced that an international platform within Aviva Investors will become available by the end of 2012, which will make it possible to manage capital independently of the expertise and location of managers, which will also facilitate increasing sales of unit-linked shares. The process of setting up the platform will take two years, with risk management, portfolio management and position control as areas of focus.Meanwhile, the geographical reach of Aviva Investors Europe has grown from seven to twelve countries, with new offices opening in Germany, a first installation in the Netherlands, one in progress in Switzerland (private banks and international distributors) and a push into Scandinavia, beginning with Sweden.

p { margin-bottom: 0.08in; } On 8 March, Aviva Gestión presented four out of seven funds of its range, with a total of EUR267m in assets under management. The funds are the Espabolsa and Eurobolsa equities funds, the bond fund Renta Fija, and the balanced fund Fonvalor Euro, which includes some characteristics of the Espabolsa and Eurobolsa, without the financial sector, which is replaced by subordinated or hybrid bonds from banks and insurance companies.Assets at Aviva Gestión, which manages assets for the Aviva group in Spain, total EUR14bn, of which EUR11.7bn are invested in bonds, and EUR1.2bn in equities. The firm employs 14 managers.

p { margin-bottom: 0.08in; } BlackRock has appointed Clarence Yang to the position of head of governance and socially responsible investment (SRI) for Asia, Asian Investor reports. Yang, who was previously based in London, will move to Hong Kong, to meet the increasingly pronounced need for ethical investments in the region.

p { margin-bottom: 0.08in; } The US hedge fund The Rohatyn Group (TRG), with USD3bn in assets under management, has acquired a 50% stake in the private equity firm Arch Capital Management in Hong Kong, via a share exchange agreement with the Philippine conglomerate Ayala Corporation and its affiliate Ayala Land. The latter firms agreed to trade their stake for TRG shares, Asian Investor reports.

p { margin-bottom: 0.08in; } AllianceBernstein has confirmed to Asian Investor that Ajay Kaul will be appointed as CEO and head of sales for the Asia ex Japan region. His appointment follows the departure of Augie Cheh, who has joined Janus International.

p { margin-bottom: 0.08in; } Hedge fund managers are now pessimistic about the evolution of US equities, according to the most recent survey by TrimTabs and BarclayHedge. About 40% of the 89 managers surveyed last week are pessimistic about the S&P 500, compared with only 26% in January, while only 26% are potimistic, compared with 37% one month earlier.About 37% of hedge fund managers are pessimistic about the evolution of 10-year Treasury bonds, while only 15% of them are optimistic. Opinions on the US dollar are also divided between those who predict that it will rise and fall (31% each). The survey finds that 18% of managers are planning to increase their leverage in the short term, compared with only 15% who predict a reduction.A majority of managers (52%) see a rally in equities coming, largely due to quantitative easing by the Federal Reserve. 35% of managers predict the coming end of the accommodating period of monetary policy in June as the largest threat to continued gains. Another concern is the rising price of oil, but TrimTabs estimates that this concern is exaggerated.

Banca Esperia, la boutique de banque privée de Mediobanca et Mediolanum, prévoit pour 2011 des souscriptions nettes de 1,5 milliard d’euros, avec comme objectif les 20 milliards d’euros d’encours d’ici à 2013, rapporte Il Sole – 24 Ore. En 2010, elle va vu ses encours augmenter de 11,2 milliards à 12,7 milliards d’euros. Par ailleurs, la réorganisation de Duemme, la société de gestion du groupe, se poursuit, note le quotidien italien. Cette dernière va se spécialiser sur trois classes d’actifs (obligations gouvernementales et d’entreprises, actions européennes et stratégies de rendement absolu). Dans les autres domaines, elle sélectionnera des gérants externes ou nouera des partenariats avec des spécialistes pour créer des produits.

Bengt Enge quitte Norges Bank Investment Management (NBIM), la filiale de la Banque de Norvège qui gère notamment le Government Pension Fund - Global (l’ex Fonds pétrolier), dont il était directeur des investissements (CIO). Il avait rejoint NBIM en 1998 et occupé différents postes, dont responsable global de la gestion externe, jusqu’à ce qu’il soit nommé CIO en octobre 2009. Son dernier jour chez NBIM était le 4 mars.Le directeur général (chief executive officer) Yngve Slyngstad va assurer l’intérim jusqu’à ce qu’un remplaçant soit trouvé.

Fidelity International vient de recruter Chris McNickle, qui rejoindra la société en juin en tant que responsable mondial de la clientèle institutionnelle, un poste nouvellement créé. L’intéressé vient de Greenwich Associates, où il est managing director et a été responsable de l’activité gestion d’actifs.

p { margin-bottom: 0.08in; } Banca Esperia, the private banking boutique from Mediobanca and Mediolanum, is projecting net subscriptions in 2011 of EUR1.5bn, with an objective of EUR20bn in assets by 2013, Il Sole – 24 Ore reports. In 2010, the bank saw its assets increase from EUR11.2bn to EUR12.7bn. The reorganisation of Duemme, the group’s management firm, is also continuing, the Italian newspaper reports. The asset management firm will specialise in three asset classes (government and corporate bonds, European equities and absolute return strategies). In other areas, the firm will select external managers, or form partnerships with specialists to create products.

p { margin-bottom: 0.08in; } GLG has recruited Jeffrey Atherton as co-manager of the Japan Core Alpha fund (GBP1.1bn) and the Japan CoreAlpha Equity fund (GBP490m), Investment Week reports. Atherton joins from Stratton Street Capital, where he was a partner and co-manager of Japanese equities strategies. He has worked at Insight Investment, SGAM, TCQ and Equitable Life.

p { margin-bottom: 0.08in; } UK-based asset manager ETF Securities (ETFS) on 9 March announced that it has launched the Dow Jones Global Select Dividend ETF fund, which invests in 100 global businesses of the benchmark index (Dow Jones Global Select Total Return Index) selected for the high percentage of profits that they redistribute to shareholders, on the London Stock Exchange. Dow Jones ensures that the percentage distributed as dividends will be sustainable; the index is rebalanced on a quarterly basis, and equities included in the index must have generated returns of at least 5.74% on an annual basis since September 2007. Dividends are reinvested in equities in the portfolio.The new fund, whose benchmark currency is the US dollar, will be available on the ETFX platform from ETF Securities.CharacteristicsName: ETFX Dow Jones Global Select Dividend FundISIN code: IE00B67DFL95Management commission: 0.50%

The UK investment house Ignis Asset Management has appointed Grant Peterkin to the position of senior fund manager in its rates team. Joining in April 2011, Grant will advise across all portfolios run by the Glasgow-based Rates Team, which manages in excess of GBP28 billion. This includes the Ignis International Global Government Bond Fund and soon to be launched Ignis Absolute Return Government Bond Fund. Reporting to Russ Oxley, head of rates, Grant Peterkin joins from Citigroup Sydney where, as a director, he managed the bank’s Australian liquid asset portfolio using a range of fixed income bond and derivative products. He also assisted in the direction and oversight of strategy across the risk treasury Asia-Pacific region.

p { margin-bottom: 0.08in; } Legal & General Investment Management (LGIM) on 9 March announced that Mark Zinkula, CEO of LGIM America (LGIMA) since 2008, has been promoted to CEO in London. He replaces Kevin Gregory, who occupied the position in the interim, and is also COO. Before joining LGIMA, Zinkula was global head of fixed income at Aegon Asset Management.

p { margin-bottom: 0.08in; } Following an exceptional year in 2009 in terms of net subscriptions, at GBP13.5bn, M&G did not expect to earn as large a net inflow in 2010. But the management firm of the Prudential Group nonetheless managed to bring in a net GBP9.1bn, of which GBP7.4bn went to its retail activities, and GBP1.7bn from institutionals. In 2010, bond products continued to sell well, representing 43% of inflows, but investors’ appetite for equities and real estate increased. Net subscriptions to equities funds represented 48% of inflows from retail investors in 2010, compared with 26% in 2009. Assets increased by GBP174bn at the end of 2009, to GBP198bn as of the end of 2010. Operating profits by IFRS accounting standards totalled GBP246m, an increase of 39% compared with 2009.

p { margin-bottom: 0.08in; } At a presentation of its annual results for 2010, F&C Asset Management announced that its board of directors will be reviewing the management firm’s strategy in the next few months. The announcement follows the appointment of a new chairman, Edward Bramson, and two new directors, following the arrival of the activist investor Sherborne Investors in its capital.In 2010, F&C AM came out with net subscriptions, excluding insurance. For the year, the firm posted a net inflow of GBP272m, compared with net redemptions of GBP3.7bn in 2009, and GBP6.2bn in 2008. Assets rose for the year to GBP97.8bn, to GBP105.8bn, largely due to an contribution of GBP4.2bn from the acquisition of Thames River Capital in September 2010.F&C AM earned operating profits of GBP69.2m, compared with GBP59.9m in 2009. After taxes, the firm lost GBP13.4m, compared with profits of GBP18.7m the previous year.

p { margin-bottom: 0.08in; } The Barcelona-based independent management firm Trea Capital Partners SV, founded in 2006 and registered with the CNMV, has announced plans to launch the Luxembourg fund 3G Credit Opportunities in the next two weeks. The product will have weekly liquidity, and will invest in emerging markets bonds while limiting the volatility of the portfolio through the use of CDS, indices, and futures on currencies or interest rates, equities (ETF), options on equities, and Treasurys or Bunds. The two managers are the Indians Rodhi Gadkar and Dilip Gadkar, one of whom will be based in Barcelona, and the other in New York.Funds People states that the fund will have no benchmark, and that the core of the portfolio will invest in government and corporate bonds denominated in local or international currencies, as well as currencies and CDS. Initially, the portfolio will be composed 25% of high grade securities and 75% of high-yield paper. It will invest 35% in Asia, 35% in Latin America, and 30% in central and eastern Europe, the Middle East and Africa (CEEMEA).The fund will be available with a minimal investment of USD50,000, with a management commission of 1.75%, and for institutional investors, with a minimal investment of EUR250,000, and a management commission of 1.25%. A performance commission of 20% will apply to both share classes.

p { margin-bottom: 0.08in; } The European ETF sector as of the end of February had 1,116 ETF funds, representing a total asset volume of USD299.1bn, for 3,884 product listings on 23 stock markets, from 40 providers, according to the most recent statistics from BlackRock. One year earlier, there were 901 ETF funds, with USD220.1bn in assets.Net inflows to European ETF and ETP products last month totalled USD2.1bn. Net inflows to equities ETF/ETPs totalled USD600m.ETFs worldwide had USD1.3674trn as of the end of February, of which USD929.1bn were in the United States, compared with slightly over USD1trn one year earlier. Including ETPs, assets totalled USD1.5427trn, compared with USD1.1522trn one year earlier.BlackRock predicts that assets under management in ETFs and ETPs worldwide will grow by 20% to 30% per year in the next three years, which will bring total assets to about USD2trn by the beginning of 2012.

p { margin-bottom: 0.08in; } At the opening of the trial of Raj Rajaratnam on Wednesday, the defendant was accused of using his contacts to obtain inside inforamtion about businesses and using the information to earn millions of dollars in illegal profits, the Financial Times reports. John Dowd, one of the lawyers for the former hedge fund manager at Galleon Group, claimed that his client was only undertaking research on behalf of his clients.

p { margin-bottom: 0.08in; } The chairwoman of the Securities and Exchange Commission, Mary Schapiro, announced to lawmakers that she will be reexamining the agency’s conflict of interest practices, the Wall Street Journal reports. The announcement comes as a response to controversy triggered by Republican representatives over the way in which she managed the former legal director of the SEC, David Becker, whose mother had invested with Bernard Madoff, and who resigned last month. Becker and his brother are asked by the court-appointed trustee, Irving Picard, to repay USD1.5m of the USD2m they inherited from their mother. Schapiro will be expecting particularly tough questions in two congressional hearings on Thursday.