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03/12/2010

Invesco Paris multi-management privileges equities

p { margin-bottom: 0.08in; } “Currently, our portfolios are on average 60% allocated to equities funds,” said Bernard Aybran, director of multi-management at Invesco Asset Management, in Paris on Thursday. In this environment, he privileges US equities products, but only Nasdaq, and only IT products. The manager is also overweight in European equities, an asset class which has been unfairly neglected for ten years, and which is currently the world’s most inexpensive, as well as emerging markets equities (Asia, Russia) “with a more thematic than geographical angle.”Exposure to bonds is at about 30%, of which 5 percent goes to emerging markets, with a preference for debt in euros under active management, corporate bonds, and high yield.The remainder, about 10%, is held in cash, and Invesco AM Paris does not invest in hedge funds.
03/12/2010

Laurence Mounier takes over as director of retirement activities at Mercer

p { margin-bottom: 0.08in; } Mercer announced on 2 December that it has appointed Laurence Mounier, 43, as director of retirement activities for Mercer in France. She also joins the executive board. Before joining Mercer, Laurence Mounier had been director of retirement planning products at BNP Paribas Assurance since January 2009, and led a team of actuaries, lawyers and project heads.
03/12/2010

Oddo & Cie to integrate Robeco bank without layoffs

Oddo & Cie confirmed on December 2 that it is in exclusive talks to acquire Banque Robeco in France. Following the acquisition of Banque d’Orsay (see Newsmanagers of 31/08/2010), this deal confirms the ambitions in private banking of the establishment headquartered at 12 boulevard Madeleine in Paris.A statement says that the operation comes as part of a growth strategy for private banking and back-office activities for life insurance products, where all of the current employees of Banque Robeco will be expected to find a place and fully contribute to the dynamic of the new entity. The 77 employees of Banque Robeco, including those responsible for support and back-office functions, will join Oddo & Cie to maintain this growth dynamic. The management of Oddo & Cie is planning to continue as it had done with the teams at Banque d’Orsay, which will lead to recruitments. Michel Maillard, chairman of the board at Banque Robeco, is also expected to find a place in the partnership and the firm’s new project.The deal, which may take place in first quarter 2011, pending approval from investment partners and authorisation from the relevant supervisory authorities, would allow Oddo & Cie access to assets under management at Banque Robeco estimated at EUR1.3bn. These come in addition to EUR3.7bn at Oddo Banque Privée. With the addition of assets under management at Oddo Asset Management, the group manages over EUR21bn.
03/12/2010

AXA research fund grants fist financing in Asia

p { margin-bottom: 0.08in; } The AXA fund for research announced on 2 December that it has granted EUR517,000 in support (slightly over SGD900,000) for three years to the National University of Singapore (NUS) for a research project on the “biology of decision-making in risk conditions.” The grant is the first support by the AXA fund for research at an Asian university. AXA explains in a statement that the research project aims to better understand the biological mechanisms which cause differences in behaviour between individuals when they are confronted with risk, using methods drawm from behavioural and experimental economics as well as the biological sciences. The study will establish quantitative phenotypes which may represent a significant advance in the understanding of the molecular architecture of human decision-making in an uncertain environment. The project will be led by professors Richard P. Ebstein and Soo Hong Chew, of the departments of Psychology and Economy at NUS. The AXA research fund, founded in 2008, supports research to foster comprehension and prevention of risks to the environment, human life and human societies. It is a major and innovative initiative for scientific research in Europe, with a five-year budget of EUR100m. As of 29 October 2010, it had pledged EUR42m, and awarded financing to 192 research projects, undertaken in 17 countries by researchers of 39 different nationalities.
03/12/2010

Feri predicts expansion in fund product ranges

p { margin-bottom: 0.08in; } On the basis of a survey of 56 asset management firms, Feri EuroRatings Services has found that more than half of actors are planning to expand their product ranges next year; they also estimate that the same will be the case for the sector as a whole. Meanwhile, many asset management firms surveyed are expecting the number of promoters to shrink in 2011. Over 40% of the providers specialised in equities, bonds, diversified funds and hedge funds are planning to strongly expand their product ranges, while nearly 50% are planning to maintain them unchanged at least.In terms of major trends for next year, a large majority of heads surveyed predict that there is good to very good potential for products focused on slightly less conservative asset classes. In general, the survey finds that promoters are expecting a return of propensity to risk on the part of investors, and are particularly expecting a continued rally on equities markets.More than 85% of managers surveyed expect net inflows to increase for equities and absolute return products. For bonds, 63% of specialists are predicting good to very good prospects for inflows, while 94% predict poor to very poor inflows for money market funds.
03/12/2010

Generali sells majority stake in Gotam

p { margin-bottom: 0.08in; } BSI, the wealth management bank based in Lugano controlled by Generali, will sell 51% of its capital in the asset management firm Gotam SGR to the Italian firm Investimenti e Sviluppo for a maximal total of EUR1.05bn. Gotam, founded in 2002, manages two hedge funds, and has been granted a license to launch two more (one fund of funds and one single fund). Its assets as of the end of October totalled EUR19.3m, while its capital is EUR2.05bn. The acquisition of the firm allows BSI to extend its range of funds with alternative strategies.
03/12/2010

High net worth clients expatriating assets

p { margin-bottom: 0.08in; } According to financial industry sources contacted by Expansión, Spanish high net worth individuals in the past few weeks have accelerated their transfers to foreign countries, especially Luxembourg, due to concerns that the sovereign debt crisis may trigger problems in Spain. It is estimates that about EUR5bn have left the country, out of total assets of EUR30bn. The Bank of Spain is not concerned insofar as this movement for the moment does not appear to be affecting accounts with EUR0.5m to EUR5m.
03/12/2010

BP2S wins a mandate from three British pension funds from Atos

p { margin-bottom: 0.08in; } BNP Paribas Securities Services (BP2S) on 2 December announced that it has received a mandate to provide global custody and valuation for three British pension funds from ATOS Origin, with assets of GBP685m. “This mandate represents a major step for BNP Paribas Securities Services’ activities in the United Kingdom, as it is the first pension fund with with the bank will work directly,” BP2S says in a statement.
03/12/2010

Union Investment discontinues sales of closed funds

p { margin-bottom: 0.08in; } The management firms Doric Asset Finance and Nordcapital have announced the creation of a 50/50 joint venture entitled PVA Pacta Vermögens-Anlage GmbH (Pacta). The joint venture, based in Frankfurt, will on 1 January 2011 take over the major activities of GVA GENO-Vermögens-Anlage-Gesellschaft mbH (GVA), which since 1994 has offered over 100 closed funds with assets of over EUR3bn on the co-operative banks and Raiffeisen networks. The value of the transaction was not disclosed. In other terms, Union Investment is abandoning this activity, which is becoming too risky in regulatory terms and demanding too much regulatory capital. Most staff at GVA will move to Pacta, whose two heads will be Rolf Glück, current CEO of GVA, and Andreas Mense, director of distribution at GVA.
03/12/2010

Approval for first Chinese investment fund dedicated to gold

p { margin-bottom: 0.08in; } The Chinese firm Lion Fund Management Co has received permission from SAFE (State Administration of Foreign Exchange) and the market regulatory commission to launch the first Chinese fund investing in gold, Agefi reports. With the status of Qualified Domestic Institutional Investor (QDII), the fund will allow local investors access to foreign markets. Lion Fund Management will raise up to USD500m to invest in foreign ETFs based on the precious metal, the newspaper reports.
03/12/2010

Sarasin strengthens private banking presence in central Switzerland

p { margin-bottom: 0.08in; } In January 2011, Markus Koch will join the Banque Sarasin (Rabobank group) and will assemble a private banking team to oversee the acquisition of and services to new clients in central Switzerland.Banque Sarasin is then planning to open a branch in Lucerne towards the middle of next year, which will be led by Koch.Koch joins from UBS, where he is director and regional head for central Switzerland; he is in charge of the private, institutional and business client departments as well as wealth management at the 19 brannches of the bank in the cantons of Lucerne, Obwald, Nidwald, Uri, Schwyz and Zug.
03/12/2010

BlackRock launches an income equities fund

p { margin-bottom: 0.08in; } BlackRock on 2 November launched the BGF Global Equity Income Fund (LU0545039389), a fund of “high quality” equities from throughout the world that offer higher-than-average growth outlooks in addition to financial stability and a sustainable business model. The product, with 50 to 70 positions, is managed by Richard Turnill, head of the global large caps team, and Stuart Reeve, a member of the team focused on high dividend yielding shares. The objective is to achieve 150% of the dividend return of the companies of the MSCI All Countries World index, Fondsprofessionell reports. Positions will be maintained for an average of three to five years.
03/12/2010
Fonds

BlackRock lance un fonds d'actions de rendement

Avec le BGF Global Equity Income Fund (LU0545039389), BlackRock a lancé le 2 novembre un fonds d’actions «de qualité» du monde entier qui offrent, outre une stabilité financière et un business model durable une perspective de croissance du dividende supérieure à la moyenne. Ce produit de 50-70 lignes est confié à Richard Turnill, qui dirige l'équipe grandes capitalisations mondiales, et à Stuart Reeve qui fait partie de cette équipe et se focalise sur les valeurs à dividende élevé.L’objectif consiste à surperformer d’une fois et demie le rendement du dividende des sociétés de l’indice MSCI All Countries World, rapporte Fondsprofessionell. Les lignes seront conservées en moyenne entre trois et cinq ans.
Fonds
03/12/2010

Generali cède la majorité de Gotam

BSI, la banque spécialisée dans la gestion privée sise à Lugano et contrôlée par Generali, va céder 51 % du capital de la société de gestion Gotam SGR à la société italienne Investimenti e Sviluppo pour un montant maximal de 1,05 million d’euros. Créée en 2002, Gotam gère deux fonds alternatifs et a obtenu le feu vert pour en lancer deux autres (un fonds de fonds et un fonds single). Son encours à fin octobre se montait à 19,3 millions d’euros, tandis que son capital social est de 2,05 millions d’euros.Son rachat permet à BSI d’élargir son offre de fonds avec des stratégies alternatives.
03/12/2010
Fonds

Deka investit à Melbourne

L’allemand Deka Immobilien a acheté pour environ 85 millions d’euros l’immeuble de bureaux South Wharf Office (20.800 mètres carrés) à Melbourne auprès de Austexx Plenary Tower Pty Ltd. Cet actif est affecté au fonds immobilier offert au public Deka-ImmobilienGlobal.C’est le quatrième investissement de Deka Immobilien en Australie depuis 2008.
Fonds
03/12/2010
Fonds

Deka Immobilien acquiert un centre commercial dans la région de Bilbao

Pour 116 millions d’euros, l’allemand Deka Immobilien a acheté au groupe de distribution Eroski le centre commercial Ballonti (53.000 mètres carrés) situé à Portugalete, au Nord-Ouest de Bilbao.Ce centre est presque totalement loué à Eroski, Primark et C&A ; il sera versé au portefeuille du fonds immobilier offert au public WestInvest InterSelect.
Fonds
03/12/2010

Mirabaud devient actionnaire de Prosper

L’enseigne suisse a pris une participation minoritaire dans Prosper, une société de placement collectif pour les professionnels créée par Riccardo Barilla et Thierry Robin (ex-fonds Oyster). Mirabaud et Prosper s’associent pour lancer au Luxembourg un fonds de stratégies alternatives ajusté à la directive européenne UCITS 3. La taille de ce fonds multi-gérants devrait approcher les EUR 100 millions d’ici la fin de l’année.
03/12/2010

Des investissements immobiliers attendus en légère hausse

La demande placée de bureaux en Ile de France devrait atteindre 2,2 millions de m² en 2011, d’après le baromètre IPD-ARD réalisé auprès de 21 investisseurs institutionnels, contre 2,1 millions attendus cette année. Les investissements en immobilier d’entreprise atteindraient 12 milliards d’euros l’an prochain contre 10 milliards d’euros en 2010 d’après les membres de ce panel.
03/12/2010

Mivisa tente Blackstone

Crown Holdings et Blackstone devraient émettre une offre pour le rachat de Mivisa, selon des sources proches. Le quotidien indique que CVC Capital Partners a mis en vente le groupe espagnol cette année, espérant à l’origine en retirer environ un milliard d’euros.
02/12/2010

Madrid adjuge facilement 2,47 milliards d’euros

L’Espagne a facilement adjugé jeudi 2,47 milliards d’euros de dette à trois ans, mais à un rendement nettement supérieur à sa précédente émission, en octobre. Ces titres ont été acquis à un rendement moyen de 3,717%, contre 2,527% en octobre, soit un écart de 119 points de base qui reflète la nervosité grandissante des marchés vis-à -vis des pays périphériques de la zone euro en période de crise de la dette.
02/12/2010

Accord sur un cadre européen renforcé pour les agences de notation

Les agences de notation seront supervisées de manière plus étroite à l’avenir dans l’UE et pourront être condamnées à de lourdes amendes, selon un accord trouvé mercredi soir entre eurodéputés, Commission européenne et Etats membres. A partir de janvier, leur supervision sera centralisée et assurée par le nouveau superviseur européen des marchés, l’Esma.
02/12/2010

Adjudication de BTF le 6 décembre

L’Agence France Trésor annonce l’adjudication, le lundi 6 décembre, d’un montant global de 7 milliards d’euros de bons du Trésor (BTF). Cette opération portera sur 4 milliards d’euros de bons à 12 semaines qui arriveront à échéance le 03/03/11, sur 2 milliards d’euros de bons à 27 semaines à échéance du 16/06/11, et sur 1 milliard d’euros de bons à 49 semaines à échéance du 17/11/11.
02/12/2010

La Chine devrait resserrer sa politique monétaire

Pékin va durcir progressivement sa politique monétaire dès l’année prochaine, le gouvernement s’efforçant de juguler l’excès de liquidités mondiales et la pression sur les prix à la consommation, a déclaré jeudi un conseiller de la Banque populaire de Chine.

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