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12/10/2018

Douglas Fint devrait prendre la présidence de Standard Life Aberdeen

Standard Life Aberdeen est sur le point d’annoncer que Douglas Fint sera son prochain président et succédera à Gerry Grimstone, rapporte le Financial Times. SLA avait prévu de nommer son nouveau président l’an prochain seulement, mais la société a pris de l’avance sur ses recherches. A moins d’un événement exceptionnel, elle devrait dévoiler la nomination de Sir Douglas dans les prochaines semaines, affirment des sources proches du dossier. Sir Douglas, âgé de 63 ans, a démissionné de la présidence de HSBC en septembre 2017.
12/10/2018

Merian GI nomme deux membres à son conseil d’adminsitration

Merian Global Investors (anciennement connu sous le nom de Old Mutual Global Investors) vient de nommer Sarah Bates présidente indépendante non exécutive de son conseil d’administration et Mark Gregory administrateur indépendante non exécutif et président du comité d’audit et des risques. Sarah Bates a récemment démissionné de la présidence du conseil d’administration de St James’s Place. Elle défend avec ardeur la diversité au sein du secteur de la gestion d’actifs et est à ce titre l’une des fondatrices du Diversity Projet et préside le Diversity Project Charity. Mark Gregory est quant à lui administrateur non exécutif au sein de Direct Line Insurance Group. Il a passé huit ans en tant qu’administrateur exécutif de Legal & General Group, dont les quatre dernières années en tant que directeur financier. Ces nominations font suite à la création de Merian Global Investors en juin 2018, lorsque l’équipe de direction, avec TA Associates, a acquis les activités de gestion « single strategy » d’Old Mutual Global Investors. La société a été renommée Merian Global Investors le 1er octobre.
12/10/2018

Jupiter subit une décollecte de 800 M£ au troisième trimestre

A l’occasion de la publication de ses indicateurs d’activité pour le troisième trimestre, Jupiter Fund Management (Jupiter) a fait état d’une décollecte nette de 833 millions de livres. A elle seule, sa stratégie « Fixed Income » a accusé 600 millions de livres de sorties, principalement en Europe continentale, a précisé le gestionnaire d’actifs dans un communiqué. « Nous avons également enregistré des flux négatifs sur nos stratégies de fonds de fonds et notre stratégie European Opportunities, partiellement compensés par des flux positifs sur nos stratégies European Growth, Value Equities et Absolute Return. »Dans un tel contexte, les actifs sous gestion de Jupiter ressortent à 47,72 milliards de livres à fin septembre 2018 contre 48,23 milliards de livres à fin juin 2018.
12/10/2018
Hedge funds

Man Group atteint des encours record

Man Group a gagné jusqu'à 5% ce matin à la Bourse de Londres après avoir annoncé un pic d’encours à 114,1 milliards de dollars (98,5 milliards d’euros) à fin septembre. La collecte nette du hedge fund britannique a atteint 400 millions de dollars au troisième trimestre et les effets de marché ont augmenté sa masse sous gestion de 900 millions. L’effet de change a été négatif de 700 millions de dollars.
Hedge funds
12/10/2018
Gestion d'actifs

L’Agefi remet ses Global Invest Forum Awards

A l’occasion du Global Invest Forum qu’elle organise les 11 et 12 octobre à Paris, L’Agefi a remis jeudi soir cinq prix récompensant les professionnels européens de la gestion d’actifs les plus impliqués dans l’investissement durable. C’est Christine Kolb, associé fondateur de Sycomore AM, qui a été distinguée comme Global Invest Woman manager of the year pour 2018. Gilbert Van Hassel, patron de Robeco, a reçu le Global Invest Sustainable CEO of the year. Le prix du CIO of the year couronne deux ex-aequo : Philippe Gaboriau, DG du Fonds de dotation du Louvre, et Andrew Howard, head of sustainable research chez Schroders. Enfin, les deux derniers Global Invest Sustainable Awards, qui récompensent le fonds de pension et l’assureur de l’année, vont respectivement au Fonds de réserve pour les retraites et à Crédit Agricole Assurances.
Gestion d'actifs
12/10/2018

Le nombre de visiteurs a chuté de 7,7% au deuxième trimestre en Grande-Bretagne

Le nombre d'étrangers venus en Grande-Bretagne pour tourisme ou affaires a chuté au second trimestre, d’après les derniers chiffres de l’Office national des statistiques. Durant ces trois mois, 10,038 millions de visiteurs étrangers ont été recensés, soit une chute de 7,7 % par rapport à la même période l’an dernier. C’est la plus forte baisse en pourcentage depuis 2009. Elles ont entraîné des dépenses de 5,8 milliards de livres sterling, ce qui représente une baisse de 10 % des dépenses par rapport à la même période l’an dernier. Après la décision de la Grande-Bretagne de quitter l’Union européenne, en juin 2016, la chute de la livre avait fait du pays une destination de vacances plus abordable. Le nombre de visiteurs étrangers avait augmenté et atteint un pic de 10,9 millions sur trois mois.
12/10/2018

La croissance allemande est limitée à 1,8% avec les conflits commerciaux

L'économie allemande perd en puissance, alors que les tensions commerciales croissante à l'étranger et un manque de travailleurs qualifiés dans le pays limitent les perspectives de croissance pour la première économie européenne, a souligné le ministre de l’Economie, Peter Altmaier, hier. En présentant les prévisions de croissance révisées, il a indiqué que l’Allemagne connaîtrait une croissance de 1,8% en 2018 et en 2019 - des projections antérieures prévoyaient respectivement 2,3% et 2,1%.
12/10/2018
Gestion d'actifs

Unofi se fait aider pour l'acquisition d'un immeuble près de Rennes

L’assureur Unofi, avec l’appui de B&C France, vient d’acquérir auprès d’un institutionnel un immeuble de bureaux situé à Cesson-Sévigné, en périphérie est de Rennes, nous apprend Business Immo. BNP Paribas Real Estate a été conseil du vendeur dans le cadre d’un mandat coexclusif. Livré en 2015 et loué dans le cadre d’un bail de 12 ans ferme à la société Harmonic, cet immeuble de 7 195 m² en de quatre étages est labélisé Effinergie +. Son acquisition a été réalisée pour Unofimmo, unité de compte de contrat d’assurance et de capitalisation fondée sur l’immobilier principalement de bureau.
Gestion d'actifs
11/10/2018

Vatel Capital recruits for teams

@page { size: 8.27in 11.69in; margin: 0.79in }p { margin-bottom: 0.1in; line-height: 115%; background: transparent }The independent asset management firm Vatel Capital, a specialist inpublicly-traded and private SMEs, yesterday announced the arrival ofJean-Michel Ycre as investment director, and BenoîtGueguen as account officer.Ycre,44, has 17 years of experience in financial markets and advising. InSeptember 2001, he joined the wealth management unit at CréditLyonnais, where he contributed to the creation of the advisedmanagement activity, and then managed equity portfolios fordiscretionary clients. After a stint in institutional sales at CréditAgricole Asset Management, in January 2006, he joined MEGAInternational, where he served on and oversaw organisational andcorporate architectural consulting missions, in France and Europe.From 2011, he continued this activity at Crédit AgricoleAssurances. After earning a Master’s degree in big data managementand analysis from Telecom Paris Tech, he joined Vatel Capital.Gueguen,29, began his career as an assistant manager at the asset managementfirm Quantology Capital Management in 2016. He holds a Master’sdegree in trading, finance and international trading and assetmanagement from ESLSCA, and also has a certificate in corporatefinance from HEC, level 1 Chartered Alternative Investment Analyst(CAIA), and is currently taking an MBA in business accounting andfinance.
11/10/2018

Exclusive: Dominique Dorlipo to leave Russell Investments France

Dominique Dorlipo has decided to leave his position as chairman of Russell Investments France, to take on new personal challenges, probably in the field of asset management, NewsManagers has learned. His departure will be effective from 7 November. Dorlipo spent 22 years at the Russell Investments group. His functions as chairman will be filled in the interim by Joe Linhares, head for EMEA.Michael Sfez, current CEO, will now direct all activities in France. The group is planning to recruit a director in Paris soon, to support commercial efforts and serve its clients. “We are now working with the AMF to evaluate the best future governance structure,” Sfez tells NewsManagers.Russell Investments will next year celebrate 25 years of being present in France, and Sfez says that the group “clearly has strong ambitions in the institutional and retail markets in France.” After 25 years in the country, the group has a presence in all investment channels (supplementary pensions, retirement savings, insurance, banking, IFAs, etc.) Russell Investments has EUR11bn in assets under management for French clients (EUR2.7bn in assets under management, EUR700m in assets advised, and EUR8.6bn in overlay strategies), with more than EUR1bn at the local asset management firm, which was granted a license in 2012.RIF positions itself as a leader in multi-asset and investment solutions (transition management, overlay, etc.)
11/10/2018

Calvert adds four to ESG research team

Eaton Vance’s SRI subsidiary Calvert has appointed four senior ESG research analysts, all based in Washington and reporting to ESG research head Jessica Milano. Daniel Dorman joins Calvert from the US Treasury department where he held various positions at the offices of financial Institutions and Financial Stability, including senior advisor, senior policy advisor and senior investment manager. Prior to that, he served as a manager and analyst at JP Morgan Chase. Hellen Mbugua worked previously at IFG Development Group, where she was a vice president focused on due diligence and model construction and analysis. She also held roles at Adaris Capital, Pacific Alternative Asset Management and State Street Corporation. John Patrick Miller joins Calvert from the Federal Energy Regulatory Commission (FERC), where he held multiple roles including branch chief, technical and policy advisor and energy industry analyst. Other roles were with IMG-Crown Energy Services JV, Platts McGraw Hill and Financial TTN. Before joining Calvert, Daniel Rourke worked at the US Department of Agriculture, where he served as senior policy advisor on infrastructure finance, economic development, impact analysis and other issues. He also spent some time at the US Treasury. Prior to his government service, he worked in real estate private equity for Cafritz Company, The Carlyle Group and The Archon Group. Calvert’s AUM were worth $15bn as at 31 July 2018.
11/10/2018

Smith & Williamson appoints head of Fund Sales

London-headquartered investment firm Smith & Williamson has appointed David Barfoot to the newly-created role of head of Fund Sales. Barfoot joins Smith & Williamson from JP Morgan Asset Management, where he was sales executive director, covering discretionary clients including wealth managers, DFMs, fund of funds and private banks. Reporting to Ed Rosengarten and based in London, Barfoot will oversee the sales team and focus on growing the group’s funds’ assets.This includes the Short-Dated Corporate Bond fund managed by Ian Kenny, the Global Inflation-Linked Bond fund headed by Thomas Wells, the Enterprise fund led by Mark Boucher, and the Artificial Intelligence (AI) fund run by Chris Ford and Tim Day. Commenting on Barfoot’s appointment, David Cobb, co-chief executive at Smith & Williamson, said: “I am delighted that David has joined the firm to help accelerate the growth in this key area for Smith & Williamson. He has the right experience and ability to drive growth in our funds proposition, which includes access to exciting thematic opportunities as well as strategies providing diversified global inflation protection and proven UK equity long/short expertise.”
11/10/2018

Exclusive: Amiral Gestion makes Sextant fund range available to Swiss investors

French boutique Amiral Gestion has registered its Sextant fund range in Switzerland in September, NewsManagers can reveal.The asset manager has confirmed the information. It is planning to register funds in Luxembourg and Italy.This includes the Sextant PME, Sextant PEA, Sextant Grand Large, Sextant Bond Picking, Sextant Autour du Monde and Sextant Europe funds.These Ucits funds are distributed through the Swiss firm ARM Swiss Representatives SA.Sextant PME had been reopened to subscriptions last 3 October after it was hard-closed in July 2017..
11/10/2018

Martin Gilbert steps down as Sky director

@page { size: 8.27in 11.69in; margin: 0.79in }p { margin-bottom: 0.1in; line-height: 115%; background: transparent }Martin Gilbert, co-CEO of Standard Life Aberdeen, has resigned fromhis position as a director at Sky, the British television group,following the acquisition of the group by the US group Comcast. Hehad been a director since 2011, and had sat as chairman of anindependent committee created to study takeover bids for the group.Gilbert had already announced that he would be leaving his job whenthe saga of the acquisition of the British company would reach aconclusion. His position was under challenge due to the accumulationof multiple responsibilities. Gilbert had also sat on the board ofdirectors at Glencore.
11/10/2018

GAM reportedly in talks with potential buyers

GAM Holdings is in informal discussions with potential buyers, to sell all or part of the firm, as it seeks solutions to stabilise after a star manager was suspended, according to reports in Bloomberg. The talks are at an early stage, and may not result in a sale of the business, according to the sources, who prefer to remain anonymous. The news has boosted GAM stock prices. A spokesperson for the firm did not wish to comment.
11/10/2018

Private equity sector raised EUR6.6bn in first half

The future is looking bright for French players in private equity. In the first half of 2018, the sector managed to raise EUR6.6bn, after EUR8.1bn in the first half of 2017, according to figures released yesterday by France Invest and Grant Thornton. “This is a high level, at a time when the discontinuation of the ISF PME fund, which raised EUR383m in the first half of 2017, has cut off a part of inflows,” France Invest comments in a statement.In the first six months of 2018, the capital raised has risen sharply from retirement funds and pension funds (+53% in one year), many of them foreign, and from sovereign funds (+75% compared with the first half of 2017), many of them Asian. Another reason to be pleased is that foreign investors represent 50% of inflows, which is “a positive sign about the attractiveness of French private equity,” France Invest says.In the first half of 2018, private equity players invested EUR6.1bn in 1,116 startups ,SMEs and mid-sized businesses, compared with EUR6.4bn in the first half of 2017. 19% of these investments were outside France, “2.6 times more than in the first half of 2017,” France Invest notes. The association also cites a steep rise in investment in innovation venture capital (+42% year on year to EUR809m), mainly in the range of single investments of EUR5m to EUR30m.Lastly, the liquidity of the private equity sector is becoming a reality. In the first half of 2018, 814 businesses were partially or totally sold.
11/10/2018

Finance sector in Geneva includes 35,600 jobs

@page { size: 8.27in 11.69in; margin: 0.79in }p { margin-bottom: 0.1in; line-height: 115%; background: transparent }TheGenève Place Financière foundation on Wednesday, 9 October,announced that the banking sector contributes 12% of the grossdomestic product of the canton of Geneva, adding that financialintermediaries were expressing confidence for 2018 and 2019.Theinstitution is hoping to create a partnership between the privatesector and the Swiss public authorities at all levels, to apply taxreforms for moral persons and maintain reasonable tax levels fornatural persons.Thefoundation notes that during the financial crisis, relationshipscould sometimes be tense between the financial industry and publicbodies.“Theparadigm change has come largely since Switzerland has adoptedautomatic information exchanges, which has ushered in a new era ofpeaceful public-private partnerships,” it says.Taxationfor moral and natural persons represents a major challenge forGeneva, the foundation says.“Onthe one hand, as far as taxation of moral persons goes, Geneva cannotallow itself to fail to adopt the ‘PF 17’ reform, if it hopes toremain competitive with its neighbours, such as the Canton of Vaud,which has already adopted these measures. Meanwhile, taxation is anindispensable tool to keep taxpayers in Geneva who paid in more thanCHF400m for the canton in 2016. In these two areas, the financialmarketplace calls on the political circles to show pragmatism,” thefoundation says in a statement.Accordingto data reported by Genève Place Financière, the Geneva financialsector currently has 35,600 employees, and most bankingestablishments are planning recruiting personnel.
11/10/2018

Tough autumn for Swedish funds

@page { size: 8.27in 11.69in; margin: 0.79in }p { margin-bottom: 0.1in; line-height: 115%; background: transparent }@page { size: 8.27in 11.69in; margin: 0.79in }p { margin-bottom: 0.1in; line-height: 115%; background: transparent }In September, funds on sale inSweden overall saw net redemptions of SEK3bn, or EUR287m, afterattracting SEK4.5bn in Augut, the most recent statistics from theSwedish fund association FondbolagensFörening show. Outflows were mainly from equity funds, from whichSEK2.7bn flowed out. All other fund categories show inflows ornear-zero flow levels. Since the start of the year, Swedish fundshave shown net inflows of SEK39bn, with SEK14.9bn to diversifiedfunds, and SEK6.2bn for equity funds.InSeptember, assets in funds on sale in Sweden fell slightly, to atotal of SEK4.405trn, or EUR421bn, with 59% of this volume in equityfunds.
11/10/2018

Chahine Capital adds to range of European equity funds

@page { size: 8.27in 11.69in; margin: 0.79in }p { margin-bottom: 0.1in; line-height: 115%; background: transparent }@page { size: 8.27in 11.69in; margin: 0.79in }p { margin-bottom: 0.1in; line-height: 115%; background: transparent }Chahine Capital, an assetmanagement firm specialised in quantitative momentum management, on10 October announced the launch of Digital Stars EuroFlex, a newflexible European equity fund. The firm now has six funds undermanagement. Digital Stars EuroFlex is based on the Digital StarsEurope Ex-UK fund as underlying, and includes a component of flexiblesystematic hedging for 0-100%, the asset management firm explains ina statement. “Shareholders in Digital Stars EuroFlex will alsobenefit from the outperformance capacities of Digital Stars EuropeEx-UK, and from dynamic hedging, calculated each month, for anypotential loss from the fund over a sliding one-year basis,”Chahine Capital adds. “Hedging relies on the use of listed futureson equity indices.”The management of the fund isprovided by Aymarde Léotoing. Accordingto Chahine Capital, the new product has “a profile which isparticularly well-suited to the needs of family offices, privatebanks, independent financial advisers and retail investors.”Thelaunch of Digital Stars EuroFlex has been accompanied by the creationof Digital Stars Eurozone, a fund compatible with Digital StarsEurope, being an equity fund for all cap sizes, investing in theEuropean Union, Norway and Switzerland, with the difference that itinvests exclusively in euro zone stocks.
11/10/2018

Loomis Sayles veteran Dan Fuss steps down from $5.6bn fund

Boston-based asset manager Loomis Sayles, an affiliate of Natixis Investment Managers, is set to make a few changes on the management teams of two funds, NewsManagers has learned.Veteran bond manager Daniel Fuss, who has been working at Loomis Sayles since 1976, will no longer serve as co-portfolio manager of the Loomis Sayles Investment Grade Bond fund effective 1 November 2018. Matthew Eagan, Elaine Stokes and Brian Kennedy will remain co-portfolio managers of the fund whose assets under management were $5.6bn as of 30 September 2018.Another change effective 1 November 2018 will be on the Loomis Sayles High Income fund ($170.5m of AUM as of end June 2018). Todd Vandam and Brian Kennedy will be added to the current management team composed of Matthew Eagan and Elaine Stokes.In a statement to NewsManagers, Loomis Sayles explains guidelines changes will implemented on the Loomis SaylesInvestment Grade Bond Fund and the Loomis Sayles High Income Fund at the start of November."These changes are largely in response to feedback from clients, as well as demand for flexible fixed income solutions without the volatility that can accompany currency and equity positions,» says Loomis Sayles.Regarding the changes in the management team of both funds, the firm comments: «We believe this is a well-earned opportunity for these managers to oversee the transition of these Funds. This is a natural extension of the work they’ve long been doing for institutional clients, where they manage across the spectrum of guideline flexibility. Dan will continue to co-manage the funds that can draw on the full multisector toolbox.»
11/10/2018

Nordea sells non-performing loans portfolio

Nordea has reached an agreement with Norwegian company B2Holding for the sale of a portfolio of non-perfoming loans. Some 12,000 non-perfoming customer accounts, representing €388m of total debt, will be transferred to B2Holding, that operates debt collection company Nordic Debt Collection in Danemark.The transfer will occur on 31 October 2018. Furthermore six employees will be transferred to Nordic Debt Collection on 1 December 2018. Upon completion of the transaction, Nordea is expected to generate a capital gain of around €35-45m which will be included in the financial statements for 2019. “We let professional debt collection companies take over more of the non-performing accounts. Instead we can focus on our prevention work and help our customers avoid debt problems,” said Mads Skovlund, deputy head of Personal Banking, Denmark. B2Holding provides debt solutions to banks and institutional providers.
11/10/2018

Goldman Sachs launches an emerging markets ESG equity fund

Goldman Sachs Asset Management has launched the Goldman Sachs Emerging Markets Equity ESG Portfolio. The Portfolio seeks to provide investors exposure to emerging market companies which GSAM believes demonstrate strong environmental, social and governance (ESG) credentials. The long-only Portfolio will be managed by GSAM’s Emerging Market (EM) Equity team. The 30 person team currently manages USD3.5bn GS Emerging Markets Equity Portfolio. The portfolio will incorporate ESG criteria as part of a fundamental, bottom-up financial analysis. The Portfolio is a new sub-fund of the UCITS-qualifying Luxembourg-domiciled Goldman Sachs Funds SICAV. The Portfolio is offered to both institutional and retail clients and is registered for sale across a range of European countries.
11/10/2018

GAM discuterait avec des acquéreurs potentiels

GAM Holdings est en discussions informelles avec des acquéreurs éventuels pour vendre tout ou partie de la société, alors qu’elle cherche des solutions pour se stabiliser après la suspension d’un gérant vedette, selon des informations de Bloomberg. Les discussions sont à un stade précoce et pourraient ne pas conduire à une vente de l’entreprise, selon ces sources qui ont souhaité rester anonymes. Cette nouvelle a fait bondir le cours de GAM. Un porte-parole de la société n’a pas souhaité faire de commentaires.
11/10/2018
Fonds

Amiral Gestion enregistre ses fonds en Suisse

La société de gestion française Amiral Gestion a enregistré sa gamme de fonds Sextant en Suisse courant septembre, a appris NewsManagers.Sont donc désormais commercialisés auprès des investisseurs suisses les fonds Sextant PME, Sextant PEA, Sextant Grand Large, Sextant Bond Picking, Sextant Autour du Monde ainsi que Sextant Europe. Les fonds sont distribués via la société ARM Swiss Representatives SA.Sextant PME est à nouveau ouvert aux souscriptions depuis le 3 octobre dernier après avoir été fermé en juillet 2017.
Fonds
11/10/2018

Exclusif : Amiral Gestion enregistre ses fonds en Suisse

La société de gestion française Amiral Gestion a enregistré sa gamme de fonds Sextant en Suisse courant septembre, a appris NewsManagers. L’information a été confirmée par l’entreprise qui entend également enregistrer ses stratégies au Luxembourg et en Italie.Sont donc désormais commercialisés auprès des investisseurs suisses les fonds Sextant PME, Sextant PEA, Sextant Grand Large, Sextant Bond Picking, Sextant Autour du Monde ainsi que Sextant Europe. Les fonds sont distribués via la société ARM Swiss Representatives SA.Sextant PME est à nouveau ouvert aux souscriptions depuis le 3 octobre dernier après avoir été fermé en juillet 2017.
11/10/2018

Vontobel critique la gestion active de façade

«Un gestionnaire d’actifs doit avoir une personnalité, il doit représenter quelque chose», a déclaré Axel Schwarzer, qui dirige les activités d’asset management chez Vontobel, au quotidien financier allemand Börsen-Zeitung. De son point de vue, il existe dans le secteur de la gestion d’actifs une zone grise de signatures qui font tout sans vraiment faire quoi que soit de façon satisfaisante. Les gestionnaires actifs, qui se contentent de suivre l’indice de référence, n’ont pas fait leur travail, souligne le responsable. Malgré la croissance des ETF, qui devrait se poursuivre, il y a encore assez de place pour les gestionnaires actifs. Mais seuls les acteurs qui arrivent à convaincre avec des produits gérés activement devraient enregistrer des entrées de capitaux, estime-t-il.
11/10/2018

Le hedge fund GAM cherche un repreneur

En difficulté depuis cet été, le hedge fund suisse GAM aurait entamé des discussions informelles avec des acquéreurs potentiels, selon une information de Bloomberg reprise par Les Echos. La société pourrait intéresser des sociétés de gestion d’actifs italiennes ou françaises ainsi que les activités de gestion de fortune des banques. Le gérant suisse a subi d’importants retraits ces derniers mois. Après avoir émis un avertissement sur résultats mi-juillet en raison de performances décevantes, GAM avait suspendu son gérant Tim Haywood, soupçonné d’infractions au code de conduite interne, provoquant un exode des investisseurs et une chute brutale du titre en Bourse.

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