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24/09/2009

Aforge Finance étoffe sa direction

Selon Les Echos, Lionel Saint-Georges Chaumet est nommé directeur général d’Aforge Finance, en charge des activités de gestion privée de la société. A compter du 1er octobre, il s’occupera plus particulièrement, aux côtés de Claude Garnier, coprésident du groupe, de la supervision et du développement des activités de patrimoine et de «family office» (stratégie de patrimoine et conseil en investissement).
24/09/2009

Clariden Leu veut se développer en Asie

Le banquier privé Kenneth Toong quitte la Deutsche Bank pour rejoindre le groupe suisse Clariden Leu et pousser son développement dans les pays asiatiques, rapporte Asian Investor. Kenneth Toong sera, à compter du 1er octobre, le premier chairman pour l’Asie et Hong Kong de la banque privée suisse. Clariden dispose d’un effectif de 125 personnes en Asie et envisage d’embaucher de nouveaux collaborateurs, notamment des spécialistes produits et ses marchés cible dans la région comprennent la Chine, l’Inde, l’Indonésie et Singapour. Kenneth Toong a été responsable pendant dix ans du private wealth management pour le nord de l’Asie à la Deutsche Bank.Au 30 juin, les actifs sous gestion de Clariden Leu s'élevaient à 101 milliards de francs suisses, soit quelque 99 millairds d’euros.
24/09/2009

Vontobel veut croître en Italie

La banque zurichoise Vontobel renforce ses activités de banque privée en Italie, rapporte Il Sole 24 Ore, qui a interrogé le CEO, Herbert Scheidt. Ce dernier estime que le bouclier fiscal ouvre de nouvelles opportunités dans la Péninsule. A cet effet, de nouveaux gérants ont été recrutés pour la gestion de patrimoines privés.
24/09/2009

Julius Baer propose Artio Global Investors à 26 dollars par action

Julius Baer Holding a annoncé jeudi que le placement de 25 millions d’actions ordinaires classe A de sa filiale Artio Global Investors s’effectuera sur la base de 26 dollars par action. Elles seront introduites au New York Stock Exchange ce jeudi et l’option de surallocation (greenshoe) porte sur 3,75 millions de titres.Cela générera donc quelque 650 millions de dollars qu’Artio Global Investors utilisera pour racheter 22,6 millions d’actions ordinaires classe C auprès de Julius Baer Holding, ce qui correspond à 54 % de la participation de ce dernier (ou 63 % si la surallocation est utilisée en totalité), ainsi que 1,2 million d’actions classe A chacun auprès de Richard Pell et de Rudolph-Riad Younes.
24/09/2009
Fonds

Le Reserve Primary Fund va rembourser 1 milliard de dollars

Le Reserve Primary Fund prévoit de distribuer 1 milliard de dollars à ses souscripteurs aux environs du 2 octobre, rapporte le Wall Street Journal. Ce sera le cinquième remboursement depuis que le fonds monétaire, qui gérait autrefois 63 milliards de dollars, a publié des pertes l’an dernier en raison de sa participation dans Lehman Brothers Holdings. Cette distribution représente environ 22 % des actifs restants du fonds de 4,5 milliards de dollars.
Fonds
24/09/2009

Promotion pour Antonio Losado chez Deutsche Bank PWM

Directeur régional de Madrid avec la responsabilité du centre et du Nord de l’Espagne, Antonio Losada a été nommé sous-directeur général de Deutsche Bank Private Wealth Management pour l’Espagne, rapporte Cotizalia. Deutsche Bank PWM est la division spécialiste des grandes fortunes.
24/09/2009

EDRIM ouvre son bureau de Madrid

Selon Funds People, Edmond de Rothschild Investment Managers (EDRIM) vient d’obtenir l’agrément pour l’ouverture d’un bureau de représentation en Espagne. Cette antenne, située à Madrid, est dirigée par Sébastien Senegas, qui vient du siège parisien où il était déjà responsable du marché espagnol (lire notre dépêche du 15 juillet). Il est secondé par María García Fernández, qui dirigeait les ventes institutionneles chez Selinca.
24/09/2009

Pioneer Investments muscle sa force de vente

Ricardo Comín, qui vient de chez Fidelity International, a été recruté par Pioneer Investments pour développer la distribution en Espagne, notamment en assurant le suivi des relations avec les distributeurs stratégiques. Il sera subordonné directement à Sophie del Campo, qui dirige Pioneer en Espagne et au Portugal.D’autre part, Marta González de Michelena, qui travaillait déjà pour Pioneer dans le service des ventes retail, a été promue responsable du marketing pour l’Espagne et le Portugal.
24/09/2009

Fortis renforce la banque privée de BNP Paribas

Dans un article centré sur le fait que BNP Paribas a retenu l’Espagne comme pays stratégique, Cinco Días indique que l’intégration de Fortis touchera aussi le marché espagnol. L’opération va renforcer surtout la banque privée, où le groupe va pratiquement doubler ses encours, et la banque des entreprises.
24/09/2009

European go-ahead for acquisition of BGI by BlackRock

The European Commission has authorised plans for Barclays Global Investors UK Holdings Limited to be acquired by the US firm BlackRock Inc., under EC monopoly law. After examining the operation, the Commission reached the conclusion that the operation would not significantly impede the free play of competition in the European Economic Area (EEA), or a substantial part thereof. “Despite the fact that the firm resulting from the consolidation would be a large actor in a number of the sectors mentioned, its market share would remain relatively limited. Overlaps between the activities of the parts of the firm would be highly limited, with a clear distinction between active and passive management, by which BlackRock would focus on active management, and BGI would specialise in passive funds. The firm resulting from the consolidation would continue to face several effective competitors in all the markets in which it operates. The Commission has therefore concluded that the planned deal does not pose problems for market competition,” a statement from the Commission says.
24/09/2009

Deutsche Bank lance un fonds devises

Deutsche Bank vient de lancer un fonds devises Ucits III qui propose aux investisseurs institutionnels un accès aux performances des marchés des devises. Dénommé, DB Platinum Currency Returns Plus Fund, ce fonds est exposé à l’indice DBCR + (Deutsche Bank Currency Returns +), disponible en euro, dollar et livre sterling.L’indice DBCR+ investit à parts égales dans trois stratégies d’investissement : la stratégie «carry» qui exploite les différences de taux dans les économies du G10 et des marchés émergents, la stratégie «momentum» qui exploite la tendance des devises du G10 à préférer le court terme/moyen terme et la stratégie «valuation» qui exploite la tendance des devises du G10 à revenir sur la parité de pouvoir d’achat sur le long terme.
24/09/2009

Good outlooks for hedge funds

The financial and banking crisis will open up very meaningful possibilities for hedge funds which survive the turbulence, the Frankfurter Allgemeine Zeitung predicts. Many hedge funds have disappeared, while investment banks have ceased to intervene in the markets for operations involving their own capital. Competition has therefore been reduced, and available capital to take advantage of opportunities on the market has been reduced. As the crisis has also reduced the efficiency of the markets, arbitrage has become more lucrative, which will bring profits for the major hedge funds that survive. Statistics for third quarter may reveal that investors have withdrawn much less money from hedge funds than at the beginning of the year, not only because they have become more inclined to take risks, but also because they are now seeing better prospects for returns at the surviving hedge funds.
24/09/2009

Macquarie still seeking acquisitions

Money Marketing reports that the Australian Macquarie group, which is launching a SICAV on the European markets, is still in search of strategic acquisitions and majority stakes in high quality firms. The group is also planning to develop its current range of offshore and OEICS products aimed at British investors.
24/09/2009

Macquarie toujours en quête d'acquisitions

Selon Money Marketing, le groupe australien Macquarie, qui lance une Sicav sur les marchés européens, est toujours à la recherche d’acquisitions stratégiques et de participations majoritaires dans des sociétés de gestion de qualité.Le groupe envisage par ailleurs de développer sa gamme actuelle de produits offshore et Oeics à destination des investisseurs britanniques.
24/09/2009

Liontrust fails to regain confidence of investors

Citywire reports that an effort by Liontrust to restore the confidence of investors in the business following the departure of its major directors appears to have failed. The firm has posted net outflows of GBP924m in first half 2009. Despite a series of major appointments, the business does not appear to have found replacements yet for Jeremy Lang and his colleague William Pattisson, who were able to reassure many investors. In detail, institutional outflows represented EUR821m, while retail and foreign investors redeemed EUR103m.
24/09/2009

Martin Currie recruits a director from PwC

Brendan Pryce, director of risk assurance services at PricewaterhouseCoopers, will join the management firm Martin Currie in Edinburgh on 1 November, as global head of advisory compliance in the risk management and compliance team. In his new position, Bryce will provide compliance advising for several activities of the group, and will represent Martin Currie internationally win relations with regulators and sectoral associations. He will report to Jacqui Hughes, director, head of risk and compliance.
24/09/2009

HGI obtains a mandate from Australian sovereign fund

The Australian Government Future Fund (AUD61.04bn) has granted Henderson Global Investors (HGI) a mandate to manage its initial British real estate portfolio. The Future Fund has recently bought a 33.3% stake in Bullring Limited Partnership from Land Securities for GBP210m. The team in charge of managing the mandate will be led by Myles White, director of shopping centres.
24/09/2009

Flossbach & von Storch recruit two sales specialists

The independent wealth management firm Flossbach & von Storch (EUR2.5bn, 40 employees) on Wednesday announced the recruitment of the former country head for Germany from Lombard Odier, Christof Omlin, and a partner from DWS, Nico Lang. Omlin will be in charge of assisting institutional clients, while the second will handle distribution of funds to wealth managers, managers of funds of funds, banks, and savings banks. Dirk von Velsen, a board member at Flossbach & von Storch, claims that with these new recruitments, the asset management firm is running against the tide that prevails at other asset management firms, and says that the recruitments are a sign of the firm’s confidence that its assets will increase.
24/09/2009

Fortis will strengthen BNP Paribas private banking

In an article on BNP Paribas’ choice of Spain as a strategic country, Cinco Días claims that the integration of Fortis will also affect the Spanish market. The deal will strengthen the group’s presence in private banking, where the group’s assets will virtually double, as well as its business banking activities.
24/09/2009

EDRIM opens Madrid office

Funds People reports that Edmond de Rothschild Investment Managers (EDRIM) has obtained permission to open a branch office in Spain. The office, located in Madrid, will be led by Sébastien Senegas, who will come from the Paris headquarters of the firm, where he was already in charge of the Spanish market (see Newsmanagers of 15 July). He will be assisted by María García Fernández, who was head of institutional sales at Selinca.
24/09/2009

Lombard Odier se renforce à Paris

La banque privée suisse a renforcé son équipe à Paris avec le recrutement de Géraud Dambrine, nommé responsable de la clientèle institutionnelle du bureau de Paris, selon Les Echos. Géraud Dambrine a été précédemment responsable de la distribution des fonds Goldman Sachs Asset Management dans la capitale française.
24/09/2009

Boards of directors gradually becoming involved in financial communications

The economic and financial crisis, a constantly changing regulatory framework, and new European directives are making boards of directors increasingly become involved in financial communications from their firms, whether they like it or not. These are the main findings of a study of CAC 40 companies, undertaken by the financial communications specialist Oratorio, the law firm August & Debouzy, and the public relations advising firm Burson-Marsteller Paris. The 2009 study, which asked 63 questions and conducted 15 qualitative interviews with boards and/or presidents of businesses, reveals a significant evolution since a similar study undertaken in 2007. The study suggests three areas of improvement: developing perception studies to provide boards with an overall and objective picture of the business; getting the board more palpably involved in the preparation of general shareholders’ meetings; and lastly, setting up procedures for financial communications in order to reduce event-related risks.
24/09/2009

Natixis looks to Asia

According to reports on the Wansquare website, Natixis is looking to accelerate its development in asset management in Asia, possibly via targeted acquisitions. The aim is to multiply assets under management in the region by six in three years. They would then total EUR50bn.
24/09/2009

Julius Baer offers Artio shares at USD26 each

Julius Baer Holding announced on Thursday that a placement of 25 million class A shares in its affiliate Artio Global Investors will be held at a price of USD26 per share. The shares will be offered on the New York Stock Exchange this Thursday, with a greenshoe option of 3.75 million additional shares. The offering will generate USD650m, which Artio Global Investors will use to buy 22.6 million class C shares in Julius Baer Holding, which corresponds to 54% of its stake in the firm (or 63% if the greenshoe option is fully used), as well as 1.2 million class A shares, which it will acquire from Richard Pell and Rudolph-Riad Younes.
23/09/2009

Tax evader sues LGT

A German citizen who admits to tax evasion is suing the LGT Bank in a Liechtenstein court in Vaduz, for EUR13m in damages and interest. According to Financial Times Deutschland, the plaintiff accuses the bank owned by the Liechtenstein royal family of failing to inform him of a case of data theft to which it fell victim, which led to the spectacular opening of investigations in 2008 of about 700 German tax fraudsters. The real estate sector entrepreneur reveals that he was not able to turn himself in to the German tax authorities under an amnesty program, and that he was sentenced to pay EUR7.5m in fines, and to two years in prison under a suspended sentence. The hearing will be held this Wednesday. If the plaintiff wins this case, many others may follow.
23/09/2009

Lessons of Madoff scandal laid out in report by ALFI

L’Agefi reports that the Luxembourg investment fund association ALFI has published a report on the lessons to take away from the Madoff scandal. It recommends the creation of an investor forum, a revision of its code of conduct, and has modified guidelines for best control procedures applicable to depositaries.
23/09/2009

Campbell Soup signs up to UN Global Compact

The United States group Campbell Soup announced on 21 September that it has signed up to the United Nations Global Compact, reinforcing its commitment to social and environmental responsibility at businesses.
23/09/2009

Natixis: Sébastien Clerc appointed head of management for outside clients

Sébastien Clerc has been appointed head of management for outside clients at the Natixis financing and investment bank. Since 2005 he had been global head of project financing. Axel Richer has also joined the management for outside clients team, and will be in charge of management of debt funds. He previously served as deputy head of project financing.
23/09/2009

Société Générale announces Ambition plan

According to the Financial Times, Société Générale is planning to launch a program next year entitled SG Ambition 2015. The five-year plan will involve significant cost and risk controls, and will privilege private banking activities to the detriment of trading. The plan also aims to reduce errors and unauthorised risk-taking in market activities before they occur, and to turn thepage on the Kerviel scandal.

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