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28/02/2014

Permira acquires wealth management firm Tilney from Deutsche Bank

P { margin-bottom: 0.08in; } The European private equity firm Permira on 28 February announced the acquisition of the British wealth management firm Tilney, present in Birmingham, Edinburgh, Glasgow and Liverpool, from Deutsche Bank. Pending the approval of the regulatory authorities, Permira then plans to merge Tilney with Bestinvest, an investment advising firm which it took over in November 2013, and then to create a wealth management leader in the United Kingdom. The new entity will have a total of GBP9bn in assets managed, advised or administered. Tilney, founded in 1836, has GBP3.5bn in assets managed or advised. For its part, Bestinvest, founded in 1986, has GBP5.1bn in assets. The operation, whose total value has not been revealed, is expected to be finalised in second quarter 2014.
28/02/2014

Jupiter posts record assets as of end 2013

P { margin-bottom: 0.08in; } As of the end of 2013, Jupiter recorded assets of GBP31.7bn, a record level, compared with GBP26.3bn one year previously. This increase is largely due to net inflows of GBP1.2bn for the year, compared with GBP1bn in 2012. These inflows went largely to funds from the British asset management firm, including bond funds and some equity funds (UK Special Situations and the European funds). The European Sicav, for its part, has seen its assets rise to GBP3bn. This growth in assets has worked to the advantage of revenues for the Jupiter group, which earned pre-tax profits of GBP114.1m, compared with GBP73.6m. In this context, dividends are up by 43 pence to 12.6 pence per share.
28/02/2014

Encouraging annual results for Man Group

P { margin-bottom: 0.08in; } The alternative asset management group Man has reported a decline in its assets under management of 5% in the period to 31 December, to USD54.1bn, from USD57bn at the end of 2012, according to statistics released on 27 February. Man Group states that excluding guaranteed products, assets under management are up 1%, to USD51.8bn. The group also states that gross inflows are up 26%, to USD16.1bn, while redemptions are down by only 2%, to USD19.7bn. Overall, net inflows are down 51%, to USD3.6bn, compared with USD7.3bn the previous year. Fourth quarter ended with net outflows of USD0.7bn. The impact of the good performance of the markets came to USD4.3bn, compared with USD1.3bn in 2012. But the impact of currencies has resulted in a gap of USD3.6bn to be made up. The period ended with pre-tax profits of USD297m, up 8% compared wth the previous year. Management commissions were down 20% to USD175m, but performance commissions were up 122%, to USD122m (from USD55m).
28/02/2014

SwissLife Banque Privée adds to its team of private bankers

P { margin-bottom: 0.08in; } SwissLife Banque Privée has recruited two private bankers: Hanna Baalbaki and Roman Quillot. They are joining a team of 15 private bankers led by Mathieu Breton, head of sales at SwissLife Banque Privée. Baalbaki, 31, currently serves as Private Banker Developer and aims to increase a portfolio of high net worth wealth management clients, including heads of busniensses. She had since 2010 been working in the wealth engineering department at Société Générale Private Banking France. Quillot, 25, is recruited as a private bankers, and will primarily aim to promote the range of private banking wealth management products for high net worth clients, Since 2011, he had served as an investment adviser for private clients at Oddo & Cie.
28/02/2014

Fédéris GA and Mirova team up to promote responsible governance

P { margin-bottom: 0.08in; } The asset management firms Fédéris Gestion d’Actifs and Mirova on Thursday, 27 February announced a partnership which will aim to strengthen voting policies and to develop engagement at businesses. In practice, Fédéris will rely on the advising activity of Mirova, an affiliate of Natixis Asset Management dedicated to socially responsible investment, and will receive technical support from the Mirova team dedicated to environmental and social analysis, governance, voting and engagement. The partnership comes as part of an engagement platform put in place by Fédéris GA, which aims to unite institutional investors who share a common vision of socially responsible investment. “This will allow it to take collaborative engagement actions to confront ESG challenges in a manner which is flexible, and which respects the identities and values of each member,” a statement says.
28/02/2014

Castle Private Equity installs a two-headed management

P { margin-bottom: 0.08in; } The Swiss firm Castle Private Equity on 27 February announced in a very short statement that it is adding to its management with the appointment of Benedikt Meyer as its second CEO by the board of directors, alongside the firm’s current CEO, Hans Markvoort. Meyer had previously been deputy to the CEO.
28/02/2014

Bank J. Safra Sarasin appoints a head of fund research

P { margin-bottom: 0.08in; } The Bank J. Safra group on 27 February announced the appointment of Paul Schulz as head of fund research from 1 March 2014. Schulz had previously worked at Notenstein Privatbank AG, where he had served in a similar role since 2008. He previously worked at UBS, after working in equity research at Deka and Dresdner Bank.
28/02/2014

Assets under management at Union Investment top EUR200bn

P { margin-bottom: 0.08in; } Assets under management at Union Investment as of the end of 2013 totalled EUR206.2bn, compared with EUR190.5bn as of the end of 2012, according to a statement released on 27 February. Net inflows totalled EUR10.1bn, compared with EUR9.9bn the previous year. For retail clients, net inflows have totalled EUR3.7bn, compared with EUR1.1bn the previous year. On the institutional side, inflows total EUR6.4bn, compared with EUR8.8bn the previous year. Union Investment in a statement emphasizes the success encountered by multi-asset class funds with retail clients, as these funds have seen net inflows of EUR2.2bn, a level not previously observed. Pre-tax profits for the past fiscal year total EUR399m, compared with EUR307m in the 2012 fiscal year.
28/02/2014

BlackRock et Vanguard augmentent leurs expositions aux banques espagnoles

Selon Cinco Dias, les deux gestionnaires d’actifs américains BlackRock et Vanguard ont fortement augmenté leur exposition respective au secteur bancaire ibérique au cours des derniers mois. A eux deux, leurs expositions s’élèvent ainsi à 6,1 milliards d’euros, selon des données de Bloomberg dévoilées par le site d’information espagnol. BlackRock détient ainsi 3,5 milliards d’euros d’actions de banques espagnoles cotées, contre un peu plus de 2,3 milliards d’euros en septembre 2013. Pour sa part, Vanguard détient 2,6 milliards de titres de banques ibériques.
28/02/2014

BlackRock and Vanguard increase their exposure to Spanish banks

BlackRock and Vanguard have increased thier exposure to Spanish banks in the last few months, according to Cinco Dias. Their exposure total 6,1 billion euros, according to estimates published by Bloomberg. BlackRock’s exposure amounts to 3,5 billion after 2,3 billion in September.
28/02/2014

Boost ETP launches six new ETPs on Italian stock exchange

P { margin-bottom: 0.08in; } Boost ETP on 26 February announced the launch of six new exchange-traded products (ETP) based on US equities, silver and natural gas on Borsa Italiana, the Italian market operator, bringing the number of its products listed in Italy to 20. In total, Boost ETP has 64 ETPs listed in the United Kingdom and Italy. The six new ETPs are as follows: - Boost Nasdaq 100 3x Short Daily ETP (Code ISIN : IE00B8VZH32) - Boost NASDAQ 100 3x Leverage Daily ETP (Code ISIN : IE00B8W5C578) - Boost US Large Cap 3x Short Daily ETP (Code ISIN : IE00B8K7KM88) - Boost US Large Cap 3x Leverage Daily ETP (Code ISIN : IE00B7Y34M31) - Boost Natural Gas 2x Short Daily ETP (Code ISIN : IE00B94QL251)- Boost Silver 2x Short Daily ETP (Code ISIN : IE00B94QL921)The independent ETP issuer emphasizes that demand for products of this type has been consistently increasing, to the extent that global assets under management in short and leverage ETPs has reached a record USD56bn as of the end of January 2014. Boost has fully profited from this trend, as its assets now stand at nearly USD78m, up 200% in the past four months.
28/02/2014

Blackstone enters capital at Versace

P { margin-bottom: 0.08in; } The Italian luxury brand Versace, which is 100% controlled by the Versace family, on 27 February announced that the US fund Blackstone is entering its capital, and will buy 20% of shares for EUR210m. The Blackstone fund “will inject EUR150m in capital into the company, and will buy EUR60m in shares in GIVI Holding SPA,” the holding company of the Versace family, a statement from the Italian group states. The operation values the entire luxuries group at about EUR1bn, Versace says, adding that the US fund will have a representative on the board of directors.
28/02/2014

Invesco simplifies fees for its fund range

P { margin-bottom: 0.08in; } Invesco Perpetual has announced a simplification of the fees for its fund range in the United Kingdom, the Financial Times reports. From 1 April, investors will only be charged once, for a fund management fee, rather than annual management commissions plus additional charges. Ian Trevers, head of retail UK at Invesco Perpetual, explains that many investors falsely believe that the annual management commissions represent the total cost of the fund.
28/02/2014

Axa IM opens 54 offshore funds for British retail clients

P { margin-bottom: 0.08in; } Axa Investment Management is redoubling its efforts to increase its client base in the United Kingdom. The asset management firm, an affiliate of the Axa group, has made a range of 54 offshore funds available to British retail investors, FTAdviser reports. Concretely, the Axa World Funds range has been registered for sale on the market, and has received the status of British fund. Among the vehicles concerned are the Axa WF Global Strategic Bonds, managed by Nick Hayes, and the Axa WF Framlington Global Convertibles, managed by Marc Basselier.
28/02/2014

JO Hambro launches a Japan dividend fund

P { margin-bottom: 0.08in; } JO Hambro Capital Management (JOHCM) is preparing to launch the Japan Dividend Growth fund, managed jointly by Scott McGlashan and Ruth Nash, who are already responsible for the JOHCM Japan fund (GBP596.7m in assets), which is closed to subscriptions, Citywire reveals. The new vehicle is expected to be officially released on the market from the end of March 2014. The product will be primarily oriented to large cap stocks and will have a capacity of GBP5bn. It will aim both at growth and returns from dividends.
28/02/2014

Fund launches stabilised in 2013

During 2013, 2224 funds were launched in Europe. The quantity of newly launched funds for 2013 is nearly flat compared with the number of launches in 2012, according to Lipper. However, compared with the peak in 2010, the number of newly launched products for 2013 showed a decrease of around 32%.For Q4 2013, 521 funds were created in Europe: 189 equity funds, 135 bond funds, 154 mixed-asset funds, 37 “other” funds, and 6 money market funds. During the same period 585 funds were liquidated: 174 equity funds, 74 bond funds, 136 mixed-asset funds, 183 “other” funds, and 18 money market funds.In Q4 2013, 337 funds were merged: 125 equity funds, 79 bond funds, 77 mixed-asset funds, 13 “other” funds, and 43 money market funds.As of the end of December 2013, there were 31,724 mutual funds registered for sale in Europe. Luxembourg continued to dominate the fund market in Europe, hosting 8,617 funds, followed by France, where 4,797 funds were domiciled.
28/02/2014

DeAWM adds to multi-asset class product range in Spain

P { margin-bottom: 0.08in; } Deutsche Asset & Wealth Mangaement (DeAWM) has registered a new mixed active and flexible management fund, entitled DWS Multi Opportunities, with the Spanish regulator CNMV, Funds People reports. The vehicle will have a diversified and flexible portfolio, basing its investments in European bonds, via national and foreign debt funds and government and corporate bond funds. The fund will be based on a synthetic index composed 25% of the MSCI World, 25% of MSCI Europe, 40% REXP, and 10% Euribor three-months.
28/02/2014

Credit Suisse temporarily closes a fund

P { margin-bottom: 0.08in; } Credit Suisse on 27 February announced the temporary closure of the Credit Suisse Equity Fund (Lux) Small and Mid Cap Germany fund due to significant inflows. The inflow limit had been set at EUR700m, and will allow the fund to continue to be managed in line with the investment objectives. Assets under management in the fund on 24 February totalled EUR595m, Credit Suisse says in a statement. The firm states that the “sustainable investment capacity in German small cap equities and midcaps is limited.”
28/02/2014

Vontobel AM renames four funds

P { margin-bottom: 0.08in; } Vontobel Asset Management is putting its product range in order. The Swiss asset management firm has decided to rename four of its Luxemborg-domiciled funds in order to remove an accent deceptively placed on the notion of “value” investment, Citywire Global reports. As part of the changes, the group has removed the term “value” from a number of its “quality growth” equity funds. The European Value Equity fund (EUR336m in assets) becomes the European Equity Fund. The US Value Equity, Global Vlaue Equity and Global Value Equity (ex-US) vehicles have been similarly renamed. However, Vontobel states that no changes are planned for the Emerging Markets Equity and Far East Equity funds. In a note to investors, the Swiss group states that “the term ‘value’ in the official names of funds concerned incorrectly implies and does not precisely reflect the investment style with which the funds are managed.”
28/02/2014

Partisans of SRI welcome proposals from European council

P { margin-bottom: 0.08in; } Partisans of socially responsible investment have favourably received proposals from the European Council to encourage European businesses with more than 500 employees to report on their social and environmental performance, Funds Europe reports. Proposals will now have to go before the European Parliament for a final vote expected in March. The measure will function on a “comply or explain” basis.
28/02/2014

Centrum Bank recruits a former head from Swiss & Global AM

P { margin-bottom: 0.08in; } The Luxembourg bank Centrum Bank has recruited Giovanni Leonardo, who on 1 March becomes the new chief investment officer (CIO) at the firm. Leonardo, who will also have a seat on the board at the bank, was previously Head Multi-Asset Class Solutions at Swiss & Global Asset Management, Finews reports.
28/02/2014

London remains the most expensive office property market in the world

P { margin-bottom: 0.08in; } The West End of London remains the most expensive office property market in the world, ahead of the business district of Hong Kong. According to the study Office Space Accross the World 2014, conducted by Cushman & Wakefield, and which compares the costs of occupying office space in 143 cities in 67 countries, London in 2013 profited from sustained demand from users and a scarcity of supply of available quality office properties to consolidate its lead. “Accentuating the competition between businesses to locate in the most prestigious sites in the British capital, this rarity explains 5% of the increase in rent in the West End in 2013,” says Ludovic Delaisse, director of the office department at Cushman & Wakefield France. The increase has allowed it to close the gap with the best offers in the central business district of Hong Kong, which have remained stable. In Paris, the third-largest office market in Europe, after the United Kingdom and Russia, rents are down slightly year on year, primarily reflecting the very limited number of transactions involving top-of-the line assets.
28/02/2014

Milan may list open-ended funds

P { margin-bottom: 0.08in; } The Milan stock exchange is reported to have set up a market segment which would allow for trading of open-ended funnds, according to leaks in Bluerating. The ball is in the court of the Bank of Italy, which needs to make a few regulatory changes to allow for this “revolution.”
28/02/2014

Trea Capital Partners étoffe ses équipes

Trea Capital Partners, une société de gestion indépendante espagnole, vient de recruter David Burns Marañón en tant que conseiller indépendant et conseiller senior de Black Toro Capital Fund, une société britannique de gestion dont Trea est partenaire, révèle Funds People. Avec 40 ans d’expérience dans l’industrie financière, David Burns Marañón est une figure historique de la gestion d’actifs en Espagne. Il rejoint Trea Capital Partners avec la mission de contribuer, depuis Londres, à la croissance et à l’expansion internationale de la société. Parmi ses faits d’armes, David Burns Marañón a officié pendant dix ans comme directeur général de Schroders Investment Management en Espagne.Actuellement, Trea Capital Partners affiche 1 milliard d’euros d’actifs sous mandat pour des investisseurs institutionnels.
28/02/2014
Fonds

DeAWM étoffe son offre multi classes d’actifs en Espagne

Deutsche Asset & Wealth Management vient d’enregistrer auprès de la CNMV, le régulateur espagnol, un nouveau fonds de fonds mixte de gestion active et de gestion flexible, baptisé DWS Multi Opportunities, révèle Funds People. Ce véhicule disposera d’un portefeuille diversifié et flexible en axant son investissement dans des obligations européennes, à travers des fonds de dette nationale et étrangère et des fonds obligataires souverains ou d’entreprise. Ce fonds se référera à un indice synthétique composé à 25 % du MSCI World, à 25 % du MSCI Europe, à 40% du REXP, et à 10 % de l’Euribor trois mois.
Fonds
28/02/2014
Fonds

Acquisition avignonaise d'un OPCI géré par BNP Paribas REIM

L’OPCI Shopping Property Fund 2 géré par BNP Paribas REIM France a acquis auprès de la société Immochan France un parc d’activité commercial situé à Avignon et composé de 12 cellules commerciales d’environ 13 000 m² au total, louées notamment à C&A, Intersport et Kiabi.
Fonds
28/02/2014

L'assurance vie a bien contribué aux bons résultats du CM-CIC

Les résultats annuels du Crédit Mutuel-CIC présentés hier font ressortir un chiffre d’affaires de l’assurance-vie de 10 milliards d’euros (+21%) en 2013, rapporte L’Agefi. En assurance vie et capitalisation, la collecte nette s'élève à 1,8 milliard d’euros. Soit 17% de la collecte nette de l’ensemble du marché français en 2013.Le résultat net comptable a progressé de plus de 21% à 2,2 milliards d’euros - alors qu’il avait stagné en 2012. Une performance due à la croissance de 4% du produit net bancaire (PNB), à 12 milliards d’euros.
28/02/2014

Fédéris GA et Mirova s'associent pour promouvoir une gouvernance responsable

Les sociétés de gestion Fédéris Gestion d’Actifs et Mirova ont annoncé jeudi 27 février un partenariat dont l’objectif est de renforcer la politique de vote et de développer une démarche d’engagement avec les entreprises. En pratique, Fédéris s’appuiera sur l’activité de conseils de Mirova, filiale de Natixis Asset Management dédiée à l’investissement responsable, et bénéficiera du support technique de l’équipe de Mirova dédiée à l’analyse environnementale et sociale, à la gouvernance, au vote et à l’engagement.Ce partenariat intervent dans le cadre d’un plate-forme d’engagement mise en place par Fédéris GA qui a précisément pour objet de réunir des investisseurs institutionnels partageant une vision commune de l’investissement responsable. «Ainsi, permettra-t-elle de mettre en oeuvre des actions d’engagement collaboratives sur les enjeux ESG, de manière flexible, dans le respect des identités et des valeurs de chacun des membres», indique un communiqué.
28/02/2014

Telemus Capital rachète Concentric Capital

La société de gestion de fortune américaine Telemus Capital Partners, basée dans le Michigan et qui propose des solutions d’investissement et du conseil patrimonial à destination d’une clientèle fortunée (HNW), vient d’acquérir la société Concentric Capital, une société de conseil basée à Los Angeles et spécialisée dans les secteurs du sport et du divertissement.Le patron de Concentirc, David Post, qui a créé la société en 2009 après avoir débuté sa carrière dans la gestion de fortune chez Merrill Lynch en 1979, rejoint Telemus en tant qu’associé, conseiller senior et co-président du comité d’investissement de Telemus. Il restera basé à Los Angeles.Cette acquisition permet à Telemus de poursuivre son expansion dans les secteurs du sport et du divertissement, une spécialisation mise en oeuvre récemment par la société.Les actifs sous gestion de Telemus s'élèvent à environ 2,2 milliards de dollars. En août dernier, la société est devenue affiliée au groupe basé à New York Focus Financial Partners, qui a pris une participation minoritaire dans la société.
28/02/2014

SwissLife Banque Privée renforce son équipe de banquiers privés

SwissLife Banque Privée a recruté deux banquiers privés : Hanna Baalbaki et Romain Quillot. Ils intègrent une équipe de 15 banquiers privés dirigée par Mathieu Breton, directeur Commercial de SwissLife Banque Privée. Ces embauches s’inscrivent dans le cadre de la politique de développement commercial mise en place avec l’arrivée de Mathieu Breton début 2013, qui vise à augmenter le nombre de banquiers privés tout en recrutant aussi des profils atypiques, en vue d’approcher de nouveaux segments de clientèle.Hanna Baalbaki, 31 ans, occupe désormais le poste de banquier privé développeur et a pour mission d’accroître un portefeuille auprès d’une clientèle patrimoniale haut de gamme, notamment les chefs d’entreprise. Elle travaillait depuis 2010 au sein du département de l’ingénierie patrimoniale chez Société Générale Private Banking France où elle occupait le poste de développeur sur la clientèle fortunée puis ingénieur patrimonial et financier en charge du développement des agences dans le périmètre Paris Sud et optimisait la stratégie patrimoniale, fiscale et financière de dirigeants d’entreprise dans le cadre d’opérations de cession de leur structure (cession, transmission, LBO...). Romain Quillot, 25 ans, est recruté en qualité de banquier privé et a pour principale mission de promouvoir l’offre patrimoniale de la banque privée à un portefeuille clients fortunés. Depuis 2011, il occupait un poste de conseiller en investissements auprès de la clientèle privée d’Oddo & Cie

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