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02/07/2013

Orix completes acquisition of Robeco

Japan’s financial services group Orix announced on July 1st that the acquisition of Robeco has been completed sooner than expected. Orix has acquired approximately 90.01% of the equity in Robeco from Rabobank. The total sale price as a result of adjustment to reflect Robeco’s most recent financial position was 1,937 million EUR.One of Orix’s and Robeco’s priorities will be to further develop the growth opportunities which exist in pension and asset management markets in Asia and the Middle East, where Orix has an established network. The Japanese group and Rabobank also will consider joint expansion in new business fields as strategic partners.Robeco’s management board will remain in their current roles with Roderick Munsters continuing as CEO.
02/07/2013

Axa IM recruits for institutional sales team in Germany

P { margin-bottom: 0.08in; } Monika Ritter, head of relationships with consultants and institutional clients for the past six years at ING Investment Management, after spending three years at Goldman Sachs Private Wealth Management and Asset Management, is joining Axa Investment Managers (Axa IM) in Germany as senior institutional sales manager.She will be responsible for both advising businesses and foundations and contacts with consultants. She will report directly to Jörg Schomburg, head of instutional sales for Germany.
02/07/2013

Spread Research granted European ratings agency license

The European Securities and Markets Authority (ESMA) has formally approved the registration of Spread Research SAS, based in France, as a credit rating agency (CRA). The registration takes effect from 1 July 2013.There are currently 22 registered and two certified CRAs in the EU. Amongst the 22 registered CRAs, three operate under a group structure, totalling 16 legal entities in the EU, which means that the total number of CRA entities registered in the EU is now 35.
02/07/2013

First fall in assets for Spanish funds of the year

P { margin-bottom: 0.08in; } Declining markets in June led to a fall of EUR180m in assets in Spanish funds, to EUR137.780bn as of 30 June, Expansión reports. This represents the first decline since the beginning of the year, according to Ahorro Corporación. However, net subscriptions have continued. They have totalled EUR2.140bn, due to EUR2.2bn in net inflows to bond funds. Guaranty funds have seen further net redemptions of EUR410m.
02/07/2013

Inversis Gestión creates umbrella fund

P { margin-bottom: 0.08in; } Funds People reports that the asset management affiliate of Inversis Banco, Inversis Gestión, has launched its third umbrella fund (after Fongrum Fi and Gestión Multiperfil), Gestión Boutique SI, which has received a license from the CNMV and consists of five funds managed by four Spanish-registered financial advisory firms (EAFIs): C2 Asesoramiento Patrimonial, GInvest Patrimonis, Bissan Value Investing and GP Invest.C2 asesoriamento Patrimonial manages a prudent fund (C2 Estrategia Equilibrada, maximum 20% equities), and a higher-risk fund (C2 Estrategia Dinámica, maximum 40 % equities). GInvest Patrimonis manages the GinvestSmart 9primarily diversified fund, 35-65% international equities), while Bissan Value Investing is responsible for the Bissan Value Fund, an international equity sub-fund managed with a quantitative approach.GP Invest EAFI manages the GPI Global Investment Allocation, which invests 70% of its assets in third-party funds and 30% in equities, bonds and derivatives which are expected to generate outperformance.
02/07/2013

Mirabaud adopts format of partnership limited by shares

P { margin-bottom: 0.08in; } The Mirabaud group is following in the footsteps of Pictet and Lombard Odier. Yesterday, the group announced the launch early 2014 of a partnership limited by shares under Swiss law (“société en commandite par actions” or “SCA”) and the opening of a Luxembourg bank. Within the new partnership limited by shares Mirabaud & Cie SCA, the managing partners will define the global strategy and the objectives of all the Group entities. The managing partners will bear unlimited personal liability for the partnership limited by shares. The latter will be the parent company of all Group entities in Switzerland and abroad, including the Swiss bank Mirabaud & Cie that – subject to FINMA’s approval – will become a limited company. The three business lines, currently functionally organised, will be exercised within distinct legal entities. There will be no impact on the services provided, the group’s commercial structure or its personnel. The entities dedicated to Asset Management will remain under the high authority of Lionel Aeschlimann, managing partner and the Intermediation activities will continue to be run by Giles Morland, managing partner. Management of Banque Mirabaud & Cie Sa will also remain in the hands of Antonio Palma, managing partner.The new bank in Luxembourg, with an opening also scheduled for early 2014, will develop the private banking activities of the Group in Europe, and will head these activities in the United Kingdom, in France and in Spain. “This will allow Mirabaud to improve the range and the quality of its services in Europe,” the Mirabaud group states.
02/07/2013

Julius Baer entame l'intégration des activités de Merrill Lynch à Londres

La banque Julius Baer a entamé lundi l’intégration des activités IWF de la banque Merrill Lynch en Grande-Bretagne, en Espagne et en Israël, a-t-elle indiqué dans un communiqué publié le 2 juillet. Cette étape, qui sera finalisée d’ici l'été 2014, fera de Julius Baer l’une des banques privées les plus importantes de Londres."Les activités en Grande-Bretagne représentent plus du quart des activités de gestion de fortune internationale (IWF)», indique Boris Collardi, directeur général, cité dans le communiqué. «Le marché britannique sera désormais le plus grand marché en dehors de Suisse», a-t-il précisé.Les activités en Grande-Bretagne étaient les «dernières grosses activités à transférer» dans le cadre de l’intégration au sein de la banque zurichoise des activités IWF de Merrill Lynch. En Espagne, Julius Baer va disposer désormais d’une franchise significative sur le marché local de la gestion de fortune. En Israël, Julius Baer va renforcer sa présence sur ce marché.Dans les trois pays, les conseillers financiers ont été transférés dès le 1er juillet. Les fonds de la clientèle vont être intégrés au sein des plateformes de la banque zurichoise d’ici ) l'été 2014. Les prochaines activités à être intégrées dans Julius Baer concerneront Bahreïn, le Liban et les Emirats arabes unis en septembre et en octobre.
02/07/2013

Integration of Merrill Lynch’s IWM business into Julius Baer moves ahead swiftly

Julius Baer announced on July 2 that the transfer of the UK, Spain and Israel businesses of Merrill Lynch’s International Wealth Management (IWM) started yesterday. This step will make Julius Baer one of the largest private banks in London. The process for these markets is expected to be completed by mid-2014.Boris F.J. Collardi, chief executive officer of Julius Baer Group Ltd., said: “Representing more than a quarter of IWM’s entire business in scope, the integration of the UK business is crucial to the transaction. The UK will be one of the biggest markets by client base outside Switzerland, thus being a key market for Julius Baer overall. In addition Spain and Israel will further enhance our footprint in the global private banking landscape.”The UK is now the last of the big businesses to transfer. In Spain, Julius Baer will gain a new foothold with a significant franchise in the local wealth management market, and in Israel the Bank will strengthen its presence in the local wealth management market.IWM’s financial advisers have transferred in all locations on 1 July 2013. Client relationships and related assets under management of the respective businesses will transfer to the Julius Baer platforms in stages and in line with appropriate regulations in the various jurisdictions. The next businesses to transfer, expected to occur in September and October, are in Bahrain, Lebanon and the UAE. The preparations for these transfers are well under way.
02/07/2013

European Union may put pressure on large asset management firms

P { margin-bottom: 0.08in; } Kay Swinburne, a member of European parliament and a member of the economic and monetary affairs committee, has called on the European Commission to identify the important asset management firms from a systemic point of view, Financial News reports. While she recognises that the sector does not present systemic risks, she says “we are seeing much larger growth of big asset management firms, several of which are exploring new business opportunities which may fundamentally alter their business model and in time increase their systemic importance,” the website says.
02/07/2013

13 banks suspected of derivatives market-fixing

P { margin-bottom: 0.08in; } The European Commission on 1 July sent a letter of complaint to 13 major European banks, including BNP Paribas, and US banks suspected of having conspired to prevent rivals from trading on the credit derivative swap (CDS) market, or to delay their entry into this market. In addition to BNP Paribas, the establishments concerned are Bank of America Merrill Lynch, Barclays, Bear Stearns (acquired since then by JP Morgan Chase), Citigroup, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley, Credit Suisse, UBS and Royal Bank of Scotland, as well as the largest provider of financial information on the CDS market, the consultant Markit and the international derivative association ISDA, the Commission says in a statement. “It would be unacceptable if banks collectively blocked trades in order to protect their revenues in the over-the-counter derivatives sector,” the European commissioner, Joaquin Almunia, says in a statement.
02/07/2013

ESMA finds good compliance with EU market abuse rules

The European Securities and Markets Authority (ESMA) has published a peer review of the supervisory practices EEA national competent authorities (NCAs) apply in enforcing the requirements of the Market Abuse Directive (MAD). The Directive deals with the prevention of the dissemination of misleading information, the breach of reporting obligations and market abuse.
02/07/2013

WisdomTree offers two currency-hedged ETFs

P { margin-bottom: 0.08in; } The New York-based firm Wisdom Tree Investments (USD27.7bn in ETF assets) has listed two new ETFs on NASDAQ which are hedged for currency risks, the WisdomTree Japan Hedged SmallCap Equity Fund (ticker: DXJS) and the WisdomTree United Kingdom Hedged Equity Fund (DXPS), which charge fees of 0.58% or 0.48%, respectively, which come as additions to the WisdomTree Japan Hedged Equity Fund (DXJ, 0.48%), and the WisdomTree Europe Hedged Equity Fund (HEDJ, 0.58%).The first covers Japanese small caps of at least USD100m traded in Tokyo, while the second includes British companies which also pay dividends, and which earn at least 80% of their revenues in the United Kingdom.
02/07/2013

AdvisorShares prepares for interest rates to rise again

P { margin-bottom: 0.08in; } With the AdvisorShares Treesdale Rising Rates ETF, the asset management firm Advisor Shares has applied to the SEC for a license for an actively-managed ETF designed to confront a potential rise in interest rates, with Treesdale Partners as its sub-adviser, Index Universe reports. The average duration will be -5 to -15 years, which will be partly offset by long positions on Treasurys, interest rate swaps, and other products. The fund aims to generate improved returns in an environment of rising interest rates, by investing primarily in MBS with interest-only cash flows, interest-only swaps, and certain mortgage derivatives. For its part, Treesdale will retain the negative duration of the portfolio by investing in US Treasury bonds and other liquid fixed income instruments.The new fund will carry the acronym HDGB and have its primary listing on the NYSE Arca platform.
02/07/2013

ALPS launches high yielding equity ETF

P { margin-bottom: 0.08in; } Alps Advisors, an affiliate of DST Systems, on 28 June announced that it has launched the ALPS International Sector Dividend Dogs ETF, which replicates the S-Network International Sector Dividend Dogs Index. The fund, whose ticker on NYSE is IDOG, aims to capture the performance of large caps in developed counties outside the Americas. The index includes the five equities which offer the highest dividends in each of the six sectors of the S&P 500.The new fund is an international variant of the ALPS Sector Dividend Dog ETF (NYSE: SDOG), which was launched barely one year ago, and which has attracted over USD250m in subscriptions.The total expense ratio is 0.50%.
02/07/2013

Three new db x-trackers hedged for currency risks coming soon

P { margin-bottom: 0.08in; } IndexUniverse has announced that Deutsche Bank has applied for a sales license in the United States for three more ETFs hedged for currency risis, but the tickers and TER rates have not yet been revealed. They are the db x-trackers MSCI Asia-Pacific ex Japan Hedged Equity Fund, db X-trackers MSCI Europe Hedged Equity Fund and db x-trackers MSCI United Kingdom Hedged Equity Fund.
02/07/2013

Strong retail subscriptions at Union Investment

P { margin-bottom: 0.08in; } In an interview with the Börsen-Zeitung, Klaus Riester, CEO of Union Investment Privatfonds, says that in the first four months of the year, the central asset management firm for the Geran co-operative banks has posted net inflows of EUR1.5bn from retail investors, larger than the total of EUR1.1bn in inflows in 2012.
02/07/2013

Berenberg recruits a head of wealth management clients

P { margin-bottom: 0.08in; } Michael Gillessen, a client specialist and independent financial adviser since 2001, first at UBS and then at Hauck & Aufhäuser Privatbankiers (H&A), has been recruited from 1 July 2013 as director of wealth management clients at the Berenberg private bank, where he will report to Tindaro Siragusano, head of the private bank and asset management.Berenberg plans to develop its activities serving wealth managers, with which clients it has already been working as a depository bank (market transactions and reporting). It is already setting up investment funds for some of them, and exercises consulting activities, particularly for planning and execution of transfers to a new generation of entrepreneurs.
02/07/2013

HSBC GAM launches Mexican equity fund

P { margin-bottom: 0.08in; } The German firm HSBC Global Asset Management (Deutschland) GmbH on 1 July announced the launch of the Mexico Equity Fund, a sub-fund of its Luxembourg Sicav HSBC GIF, a Mexican equity fund denominated in US dollars and managed by Aline de Souza Cardoso.The investment universe for the fund includes 127 companies operating primarily in Mexico. The portfolio will include 30 to 50 positions selected with a bottom-up approach. The manager takes corporate governance criteria into consideration, as well as a daily trading volume of at least USD0.4m.CharateristicsName: HSBC GIF Mexico Equity FundISIN code: LU0877824093 (AC share class)Front-end fee: 5.54%Management commission: 2.15%
02/07/2013

SEB AM has redeemed USD1.7bn to shareholders in ImmoInvest

P { margin-bottom: 0.08in; } Of EUR6.35bn in assets in the open-ended real estate fund ImmoInvest (DE0009802306) in May 2012, SEB Asset Management has now redeemed EUR1.707bn, or 29% of total assets, to shareholders in the fund, which is planned to be liquidated by 30 April 2017. On 1 July, it distributed EUR3.16 per share, following EUR1.24 on 28 December, and EUR10.25 on 29 June 2012. The July payment represents EUR368m, after EUR145m six months ago, and EUR1.195bn in mid-2012.The 1 July distribution was made possible by sales of assets, including those of a Germany portfolio to Dundee International REIT, two hotels in Berlin to Artic (Al Faisal Holding group) and two other buildings, one in Berlin, and one in Prague.
02/07/2013

Dexia AM sale delayed

P { margin-bottom: 0.08in; } The conclusion of the sale process of Dexia Asset Management to GCS Capital, which was meant to complete last Friday, has been delayed, Dexia announced on Friday. When contacted by Agefi, the bank had no further comment. In December last year an agreement with the Asian fund GCS Capital was officially signed, for EUR380m, a total far lower than analysts’ estimates at the time, The operation is a major step in the court-ordered dismantling of Dexia, which is 95% controlled by the Belgian and Frech governments.
02/07/2013

Natixis GAM recruits a head of international product

P { margin-bottom: 0.08in; } Chris Jackson, formerly product director at M&G for 10 years, has been appointed as head of international product at Natixis Global Asset Management, Fundweb reports. Jackson will report to Hervé Guinament, chairman & chief executive for international distribution, and to Mark Doyle, executive vice president of marketing and product. He will concentrate on global product strategy.
02/07/2013

Record private equity fundraising in third quarter

P { margin-bottom: 0.08in; } Private equity fund capital fundraising in second quarter totalled USD122bn, a level not achieved by the sector since the financial crisis. In fourth quarter 2008, fundraising totalled USD171bn, according to statistics from Preqin. The total of USD122bn may rise by a further 10% to 20%, Preqin estimtaes, as some funds have not yet disclosed their final fundraising figures. The number of funds which held a hard close, however, is at an all-time low. Only 54 did so in second quarter, while 155 held a soft close. Preqin states that the average size of funds closed in third quarter was USD800m, a 11-year record. This high average is the result of hard closes for large funds and the lower number of funds. The ten largest funds, among them the Warburg Pincus balanced fund (USD11.2bn raised), took in USD67bn, or 55% of total funds raised.
02/07/2013

Slight decline in net subscriptions in Europe in May

P { margin-bottom: 0.08in; } Long-term funds in Europe posted net redemptions of EUR39.095bn in May, compared with EUR40.334bn in April, bringing the total for the first five months of the year to EUR195.743bn, according to statistics from Morningstar. Meanwhile, money market funds have seen net redemptions of EUR3.578bn, compared with net subscriptions of EUR677m the previous month, meaning that the January-May period resulted in net outflows for this class of EUR7.692bn.By asset class, the strongest net subscriptions in May were for bond funds (EUR20.047bn, compared with EUR26.540bn in April) and allocation funds (EUR11.404bn, comapred with EUR10.700bn in April), which have posted their best month to date. Hedge funds attracted EUR2.663bn, compared with EUR3.062bn the previous month. In the first five months of the year, bond products have seen net inflows of EUR90.172bn, while allocation funds have attracted EUR51.800bn and hedge funds show net inflows of EUR14.505bn.In terms of groups, the strongest net inflows were to Franklin Templeton (EUR3.625bn in May and EUR7.796bn in the first five months of the year), followed by JPMorgan (EUR3.399bn and EUR7.094bn), In May, BlackRock posted net inflows of EUR1.735bn, compared with EUR1.732bn for BNP Paribas, EUR1.677bn for Pimco, and EUR1.399bn for DWS.
02/07/2013

Neuberger Berman launches three emerging market debt funds

P { margin-bottom: 0.08in; } Four out of 19 former employees of ING IM will manage new UCITS-compliant emerging market debt funds launched by Neuberger Berman, Fundweb reports.Bart van der Made will be responsible for the Neuberger Berman Emerging Market Debt – Hard Currency fund, while the Neuberger Berman Emerging Market Debt – Local Currency fund will be managed by Raoul Luttik. The Neuberger Berman Emerging Market Debt Corporate Debt fund will be led by Nish Popat and Jennifer Gorgoll.
02/07/2013

Ultra-high net worth Europeans getting richer

P { margin-bottom: 0.08in; } Despite a very difficult economic environment, ultra-high net worth clients in the countries at the heart of Europe, France, Italy, Germany and Switzerland (FIGS), are growing in number and in wealth, according to statistics released by Wealth-X in its 2012-2013 annual report. As of June 2013, the number of ultra-high net worth (UHNW) clients in FIGS totalled 29,000, with cumulative wealth of over USD3.9bn. This total is higher than the GDP of most major economies on the planet, with the exception of the United States, China and Japan. For Europe as a whole, the number of ultra-high net worth clients is down 1.9% to 53,440 with assets of USD6.950trn (-2.7%). Six German cities are in the top ten FIGS cities, while the population of ultra-high net worth clients in Germany (15,770) is higher than that of China (11,245).
02/07/2013

IOSCO considers behavioural finance and social networks

P { margin-bottom: 0.08in; } At its latest working seminar, on 18 and 19 June in Montreal, the International Organisation of Securities Commissions (IOSCO) decided to focus more on behavioural economics and social networks, according to a statement released on 1 July. Participants in the seminar cited means that regulators could use to strengthen trust and encourage informed decisions by retail investors. They have also analysed the opportunities and risks that social networks represent in the financial sphere, and for market regulators. The members of the board have decided to integrate behavioural finance into the IOSCO regulatory approach, and to use it to improve the effectiveness of regulation. The board has also given its agreement for social networks to be used as an instrument to influence investor behaviour, to gather information, and to identify market trends.
02/07/2013

Mark Mobius does not want to retire

P { margin-bottom: 0.08in; } Mark Mobius, the legendary bond manager at Franklin Temlpeton, has told Financial Times Fund Management that he has no intention of retiring, although he is nearly 77 years old. He admits, however, that the firm has begun to prepare for his eventual departure. “We have a succession plan. It’s a large organisation, and I have two people on the team who have been with me since the beginning in 1987. In fact, there are 20 people who could easily replace me tomorrow if I got hit by a bus,” he tells FTfm.
02/07/2013

FCA complies with AIFM directive

P { margin-bottom: 0.08in; } The Financial Conduct Authority (FCA) has introduced new tax-transparent fund structures, in order to bring British regulations into line with the terms of the AIFM directive, which will come into effect on 22 July this year. As part of the rollout of the AIFM directive in the UK, the FCA has introduced two new legal co-ownership and limited partnership structures, to facilitate investment in British funds.
02/07/2013

Amundi recruits head of global equities

P { margin-bottom: 0.08in; } Amundi (EUR750bn in assets under management) has recruited Nicholas Melhuish as head of global equities, a newly created position. He will be based in London, and will aim to develop international equity management at the French asset management firm.Before joining Amundi, Melhuish worked at UBS Global Asset Management (2007-2012), where he was head of global equity management.
02/07/2013

Fidelity appoints a managing director for South-East Asia

Fidelity Worldwide Investment has announced that Mike Nikou will assume the role of managing director, South-East Asia, based in Singapore, with effect from 15 July 2013. He will be responsible for developing the overall business strategy and implementing plans to grow the retail and institutional businesses in Singapore and surrounding key South-East Asian countries. In addition, he will take responsibility for Asia ex-Japan product development. Mike Nikou has been with Fidelity for over 16 years and his last appointment with Fidelity was in the role of the managing director, Northern and Southern Europe within the Continental European region, overseeing distribution across the Nordic Region, Poland, Benelux, Italy, Spain and Latin America. In 1996, he started Fidelity’s Nordic business by opening up an office in Stockholm. The office has grown steadily and now has 12 employees, covering institutional and wholesale business across the Nordic region.

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