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29/05/2013

Sal. Oppenheim to lay off 330 out of 870

P { margin-bottom: 0.08in; } The German-Luxembourg private bank Sal. Oppenheim, an affiliate of Deutsche Bank since first quarter 2010, on 28 May announced up to 330 job cuts by the end of 2014, in order to improve its profitability and in order to concentrat on wealth management activities.The management and the business committee have reached an agreement concerning the deployment of a restructuring which will remove some redundant positions at Sal. Oppenheim and Deutsche Bank, the bank says in a statement. The layoffs will primarily affect the IT and order processing departments, the statement says.Sal. Oppenheim hopes to reduce its cost base. “These measures are necessary to allow us to ensure the long-term profitability of our asset management firm in the area of wealth management,” says Wolfgang Leoni, head of the bank, in a statement.The bank, which has a total of 870 employees, about 700 of them in Germany, is planning to concentrate on wealth management for private clients and seelcted institutional clients, and has also announced a regional reorganisation of its activities.
29/05/2013

Investor confidence index up in May

P { margin-bottom: 0.08in; } The State Street investor confidence index for May 2013 rose 1.8 points to 94.8 from April’s revised reading of 93.0.“The primary driver behind this gain was a shift in risk appetite among European institutions with the European ICI rising 5.6 points to 93.3 from the revised April reading of 87.7,” State Street notes.Confidence also increased slightly among Asian institutions with the Asian ICI index ticking up to 86.0 from April’s reading of 85.2. However, after April’s sizable increase, confidence among North American investors consolidated somewhat, and the North America ICI declined by 2.2 points to finish at 102.5 for the month.“Institutional investors continued to augment their allocations to risky assets this month, albeit at a slower pace than we observed in either the first quarter, or the last weeks of April,” State Street concludes, noting that institutional investors have allocated more towards emerging markets since the middle of April.
29/05/2013

Towers Watson to go into fund of hedge funds business

P { margin-bottom: 0.08in; } Towers Watson is planning to enter the fund of hedge funds business, a sector which it has been critical of in the past, Financial News reports, citing two sources familiar with the matter. The consultant will target small institutional investors for whom direct investment in hedge funds may be difficult.
29/05/2013

Aberdeen tops 5% in Romania's BRD

P { margin-bottom: 0.08in; } According to the Bucharest stock exchange, Aberdeen Asset Management has recently become the second-largest shareholder by size in the BRD banking group, following its recent acquisition of the US firm Artio, which had held 2.6% in capital of the bank. The Scottish asset management firm now controls 5.43% of the Romanian business, which represents about EUR70m at current share prices. The largest shareholder in BRD is the French firm Société Générale, with 60%.The share price of BRD has fallen 70% from its peak in 2008, and the bank in 2012 saw its first loss (of EUR74m) since its privatisation, but Romania Insider reports that William Scholes, assistant investment manager at Aberdeen, feels that BRD is a well-managed bank with a quality network and an attractive valuation.
29/05/2013

BlackRock recruits former head of sales from UBS

P { margin-bottom: 0.08in; } BlackRock has recruited Daniel Whitestone as an addition to its team dedicated to British small and midcaps, Investment Week reports.Whitestone, who had previously worked at UBS as head of sales for British small and midcaps, will in initially be assigned to a position as an analyst for the BlackRock UK Emerging Companies hedge fund, whose assets under management total about GBP900m.
29/05/2013

Tressis converts a hedge fund into a traditional product

P { margin-bottom: 0.08in; } The CNMV has authorised Tressis Gestión to convert its Spanish-registered multi-strategy hedge fund Adriza Global (EUR5.7m) into a traditional fund, Funds People reports.As a result, minimal subscription will be reduced from EUR50,000 to one share, and fees will be lowered to 1.35% for management and 9% for performance, compared with 1.50% and 20%, respectively. The fund is managed by Jacobo Blanquer.According to Funds People, Tressis (EUR114m) may also convert its other two Spanish hedge funds, Adriza Alfa and Adriza Macro, into traditional funds.
29/05/2013

DeAWM registers DWS fund in Spain

P { margin-bottom: 0.08in; } On 24 May, the CNMV issued a sales license for Spain to the DWS Floating Rate Notes fund from Deutsche Asset & Wealth Management (DeAWM). The portfolio is invested in debt with the best ratings with a duration of under 12 months. According to DeAWM, the product offers investors a “conservative” means to invest in bonds which also runs less risk of being negatively affected by a rise in interest rates.
29/05/2013

Last Spanish hedge fund from BBVA & Partners liquidated

P { margin-bottom: 0.08in; } The BBVA & Partners Retorno Absolut, the last Spanish-registered hedge fund from BBVA & Partners, has been absorbed by the Quality Valor fund from BBVA Asset Management. The fund had EUR5m in assets as of the end of December, Funds People reports.There are now only three surviving funds inherited from BBVA & Partners: they are a part of the Luxembourg Sicav from BBVA AM, Durbana International. These products are Augustus Equity, an equity fund, as well as the Dynamic and European Absolute Return funds, two hedge funds. Overall, these three funds have EUR65m in assets.BBVA AM bought the remaining 30% stake which it does not control n BBVA & Partners (founded in 2002) in late June 2011.
29/05/2013

Credit Suisse plans to list its Real Estate Fund Green

P { margin-bottom: 0.08in; } Credit Suisse would like its Real Estate Fund Green Property (REF Green Property) to be listed on the Swiss stock exchange. The listing, planned for fourth quarter 2013, would open the real estate fund to the public, and also make it available to non-qualified investors, the bank announced in a statement on 28 May. The request is currently being examined by the Swiss Federal financial market surveillance authority (Finma). CS REF Green Property is invested in 12 properties. The two construction projects “amRietpark” in Schlieren and “Reusswinkel” in Bremgarten were completed this year, while “Lake Geneva Park” in Tolochenaz and “Alstattwiese” in Wil are still under construction.
29/05/2013

Vontobel launches EMD fund

P { margin-bottom: 0.08in; } The Swiss asset management firm Vontobel Asset Management has launched an emerging market debt fund, Vontobel Fund – Emerging Markets Dent, managed by Luc D’Hooge, who recently joined the firm from Dexia Asset Management (Newsmanagers of 28 March 2013).The new fund, domiciled n Luxembourg, will concentrate on debt denominated in hard currencies. It will start up with assets of about USD160m. The objective is to outperform the JP Morgan EMBI Global Diversified TR index by 125 basis points per year.Vontobel Fund - Emerging Markets Debt B (LU0926439562) Vontobel Fund - Emerging Markets Debt I (LU0926439729)Vontobel Fund - Emerging Markets Debt HI CHF (LU0926440495)Vontobel Fund - Emerging Markets Debt HI EUR (LU0926440222)
29/05/2013

Inflows to Italian funds continue

P { margin-bottom: 0.08in; } Open-ended funds on sale in Italy in April recorded net inflows of EUR5.4bn, the same level as in March, the Italian asset management association Assogestioni reports. Since the beginning of the year, they have earned a total of EUR19.3bn. Inflows in April were driven by bond funds (EUR3bn) and flexible funds (EUR2.8bn). Balanced funds also attracted EUR985m. However, the other categories of funds show gains. Equity funds have seen outflows of EUR68m. Since the beginning of the year, bond and flexible funds have also boosted equities. As of the end of April, assets in funds totalled EUR516.9bn. With the addition of closed funds and mandated management, the asset management industry in Italy has posted net subscriptions of EUR6.9bn in April, and EUR27.1bn in the first four months of the year. Total assets are EUR1.256trn.
29/05/2013

Inflows to Italian funds continue

P { margin-bottom: 0.08in; } Open-ended funds on sale in Italy in April posted net subscriptionns of EUR5.4bn, the same level as in March, the Italian asset management association Assogestioni reports. Since the beginning of the year, they have earned a total of EUR19.3bn. Inflows in April were driven by bond funds (EUR3bn) and flexible funds (EUR2.8bn). Diversified funds also attracted EUR985m. However, the other categories of funds show gains. Equity funds have seen outflows of EUR68m. Since the beginning of the year, bond and flexible funds have also boosted equities. As of the end of April, assets in funds totalled EUR516.9bn. With the addition of closed funds and mandated management, the asset management sector has posted net subscriptions of EUR6.9bn in April, and EUR27.1bn in the first four months of the year. Total assets are EUR1.256trn.
29/05/2013

UBS GAM seeks to save its Triton fund

P { margin-bottom: 0.08in; } UBS Global Asset Management is struggling to save its Triton Property fund (GBP680m in assets) from liquidation, Financial News reports. About 40% of investors are seeking redemption of their money due to poor performance. Talks are currently in progress with institutional invetors who may be interested in buying shares in the fund to those who want to sell them, according to a source familiar with the matter.
29/05/2013

Fidelity adds US fund to its FAST range

P { margin-bottom: 0.08in; } According to information obtained by Newsmanagers, Fidelity Worldwide Investment will next month launch an eighth fund as part of its Fidelity Active Strategy (FAST) range, focused on US equities.Investment Week, which received advance information, states that the product, on sale from the end of June, will be managed by Adrian Brass, who is in the process of setting up a team of analysts in the United Kingdom dedicated to US equities, “which will be able to compete with what can be done better in London.”In the past few months, Fidelity Worldwide Investment has decided no longer to rely on analysts at Fidelity Management & Research (FMR) in Boston.
29/05/2013

Morgan Stanley plans large RE fund

P { margin-bottom: 0.08in; } Morgan Stanley Real Estate Funds is planning to raise USD1bn to USD3bn for a new global real estate fund, the Wall Street Journal reports, citing sources familiar with the matter. The directors of the affiliate of the bank have entered negotiations with pension funds and other prospects. They are hoping especially that China Investment Corp, the Chinese sovereign wealth fund which controls 6.4% of Morgan Stanley, will be a key investor.
29/05/2013

Amaïka AM takes over management of Résilience fund from Invesco AM

P { margin-bottom: 0.08in; } Amaïka Asset Management, an asset management firm founded in 2011 by David Kalfon and Christophe Berger, two former employees of EFG Asset Management, has announced that it has taken over management of the Résilience diversified fund (ISIN code: FR0011101914). The fund, launched in November 2011 at the initiative of the investment advising firm Fundesys, has assets of EUR5m, and had previously been managed by Invesco AM. The French-registered OPCVM fund complies with UCITS IV standards, and is exposed in a discretionary manner to equity, bond, commodity and money markets, via a selection of funds. Investments are made without geographical or sectoral constraint. Exposure to equity markets will remain between 20% and 80% of assets in the portfolio. In practice, management of the fund is also based on the recommendations of Fundesys.
29/05/2013

Oddo AM declares ambitions in Belgium and Luxembourg

P { margin-bottom: 0.08in; } Oddo Asset Management is scaling up its presence in Belgium and Luxembourg, opening four sub-funds of its Luxembourg Sicav, Oddo Funds, based on asset classes with strong potential and for which the firm has recognised expertise, for sale there. high yield bonds, via the sub-fund: Oddo Bonds High Yield Europe European midcap equities, via the feeder funds: Oddo Equity Europe Avenir (master fund: Oddo Avenir Europe) Oddo Equity Euro Avenir (master fund: Oddo Avenir Euro) Convertible funds, via the feeder fund: Oddo Convertible Bonds Euro (master fund: Oddo Convertibles Taux) Shares in euros as well as in US dollars (USD) and Swiss francs (CHF) have been created. Shares in USD and CHF are hedged for currency risks against the euro. Laurent Zouari, who has been a salesperson since 2012 in the international team led by Bertrand Levavasseur, has been appointed as country manager for Belgium and Luxembourg.
29/05/2013

Strong inflows for Franklin Templeton in Italy

P { margin-bottom: 0.08in; } In April, Franklin Templeton recorded net inflows in Italy of EUR1.056bn, putting it in the top 3 asset management firms for inflows last month, after Generali and Intesa, which had a home field advantage, according to figures from Assogestioni, the Italian association of asset managers. The US asset management firm had already stood out in previous months, with inflows of EUR1.041bn in March, EUR786.3m in February, and EUR720.9m in January. As of the end of March, Franklin Temlpeton had EUR27.4bn in assets under management in Italy, according to the most recent available statistics. The asset management firm has also recently opened three offices in Italy, in Rome, Florence, and Padua. These local offices come in addition to the one in Milan.
29/05/2013

Santander makes planned sale of AM operation official

P { margin-bottom: 0.08in; } In a filing with the CNMV on 27 May, Santander announced that,» in connection with news that has recently appeared in the press», it is considering the possibility of allowing investors to acquire a stake in its asset management division.The Spanish group states that no final agreement of this nature has been reached with third-party investors. Santander states that it will notify the market at an appropriate time once an agreement has been reached.According to Expansión, an agreement is already said to have been reached with Warburg Pincus and General Atlantic, whose stake in Santander Asset Management would be “significant, but less than 50%.”In Spain, Santander had EUR22.08bn in assets under management in investment funds as of the end of April.
29/05/2013

ADIA earned returns of 7.6% in 2012

P { margin-bottom: 0.08in; } The Abu Dhabi sovereign fund, Abu Dhabi Investment Authority (ADIA), last year earned annualised returns of 7.6% over the past 20 years, compared with 6.(% for 2011, according to figures released in the annual report. According to estimates, assets under management by the sovereign fund total about USD625bn to USD630bn. The annual report by the sovereign fund states that 75% of assets were managed by external managers last year, compared with 80% in 2011.
29/05/2013

French AM firms emphasize their connections with Switzerland

P { margin-bottom: 0.08in; } The French financial management association (AFG) has emphasized stronger business ties between Switzerland and France in the management of assets and funds, its chairman, Paul-Henri de la Porte du Theil, has declared. About 30 Parisian businesses active in asset management are present in Switzerland, and more than 300 Parisian funds are available on the Swiss market, he says in a statement released on 28 May.In 2000, there were only 50 Parisian funds available in Switzerland .There is a trend for French asset management firms to open locations in Switzerland, the AFG points out in its statement, since an agreement signed between Switzerland and France to recognize national funds. In the other direction, Swiss asset management is “very well” developed in France: “a significant number of asset management businesses are owned by Swiss financial groups,” the statement says.The AFG in its statement highlights the expertise of French asset management firms, which “may benefit Swiss investors.” It points out that French fund management firms manage 19% of assets in Europe, compared with 7.3% for Switzerland. And about 17% of European funds are domiciled in Paris.
29/05/2013

SFA: ETFs have a future in retail market

P { margin-bottom: 0.08in; } According to the Swiss Fund Association (SFA), which held a press conference on the subject in Zurich on 28 May, ETFs “represent a steadily-growing segment of fund volumes traded in Switzerland.” They are thought to be wideapread among institutional investors, but “they should be expected to find increased popularity in the future with private investors.”These products “combine the advantages of funds and ordinary equities. Private investors are also becoming increasingly aware in the future and will include ETFs in their portfolios. In our opinion, new distribution channels will contribute to their spread. European financial advisors will increasingly offer advising models based on commissions, which will tend to profit products which are worth the price and deliver good performance such as ETFs. This change has been driven by regulation, in Switzerland among other places,” says Christian Gast, managing director and head of iShares.Currently, eight members of the SFA are promoters of ETFs in Switzerland or members of the ETF expert commission at the SFA. They are BlackRock AM Schweiz, Commerzbank, Zurich branch, Deutsche Bank, SIX Swiss Exchange, Société Générale, Zurich branch, Swiss & Global AM, UBS Global AM and the Cantonal bank of Zurich.
29/05/2013

Credit Suisse chairman wants to resolve tax dispute with United States

P { margin-bottom: 0.08in; } The chairman of the board of directors at Credit Suisse, Urs Rohner, is calling for a resolution to the tax crisis with the United States. “The question needs to receive a global response, there is no doubt, since UBS has already reached an agreement with the US authorities,” the banker explains in the Neue Zürcher Zeitung newspaper. Rohner estimates that reaching a painful solution for everyone will always be preferable to remaining stuck in the past. “It is unrealistic to think that banks can continue to avoid the problem in the long term and that it will eventually solve itself,” the chief administrator of Credit Suisse says. In addition to the aspect of conflict between the Swiss banks and Washington, Rohner points to a real rise in awareness in the sector. “Tolerance of tax crimes has taken a fundamental turn. The business model of accepting undeclared money is now economically senseless and morally unacceptable,” he added. In the event that it is impossible to reach a global solution, the chairman of Credit Suisse would not advise his colleagues to reach case-by-case agreements. “but the idea, which remains popular, that the problem is limited to 13 establishments and that the others are only marginally concerned is simply false,” he pointed out.
29/05/2013

US tax authority demands client data from Julius Baer

P { margin-bottom: 0.08in; } The US tax authorities are requiring private client data from Julius Bär, under an administrative assistance request. The clients have been informed by the bank that the tax authority, the IRS, has requested administrative assistance, the Swiss newspaper Neue Zürcher Zeitung reports. The bank has confirmed receipt of the request. The request came from the Asset Forfeiture Coordinator (AFC) and affects clients of Julius Bär suspected by the IRS of “tax fraud.” Nearly 100 clients are reportedly affected by the move, the newspaper reports. After the case of UBS and the request for administrative assistance made to Credit Suisse last year, this is the third group request from the United States.
29/05/2013

ESMA investigates Petercam fund in Luxembourg

P { margin-bottom: 0.08in; } The European securities markets authority (ESMA) has launched an investigation in Luxembourg following claims that the Luxembourg Commission de surveillance du secteur financier (CSSF) did not correctly help investors in a bond fund managed by Petercam, the Financial Times reports. The move comes despite the fact that the Luxembourg regulator has admitted that the fund infringed local fund regulations. Investors in the Petercam L Bonds Eur Medium fund lost 26.67% in 2008, while the Morningstar Global bond-Euro biased index gained 0.33% in the same period.
29/05/2013

Biljana Persson quitte East Capital Pour Kungsleden

Biljana Pehrsson a été nommée au poste de directeur général de Kungsleden, une société suédoise d’immobilier, rapporte Realtid.se. Elle travaillait précédemment chez East Capital où elle était responsable immobilier et vice-directeur général d’East Capital Private Equity.
29/05/2013
Fonds

Amaïka AM reprend la gestion du fonds Résilience à Invesco AM

Amaïka Asset Management, société de gestion créée en 2011 par David Kalfon et Christophe Berger, deux anciens d’EFG Asset Management, vient d’annoncer la reprise de la gestion du fonds diversifié Résilience (*). Lancé en novembre 2011 à l’initiative du cabinet de conseil en investissements Fundesys, le fonds qui affiche un encours de cinq millions d’euros était piloté jusque là par Invesco AM.De droit français, l’OPCVM est conforme aux normes UCITS IV, exposé de manière discrétionnaire aux marchés actions, obligataires, matières premières et monétaires, à travers une sélection de fonds. Les investissements réalisés s’effectuent sans contrainte géographique ou sectorielle. L’exposition aux marchés actions restera comprise entre 20% et 80% de l’actif du portefeuille. En pratique, la gestion du fonds s’appuie également sur les recommandations de Fundesys.(*) Code ISIN : FR0011101914
Fonds
29/05/2013

BNP Paribas SS remporte un mandat auprès d’Aviva Investors France

Aviva Investors France a décidé de confier à BNP Paribas Securities Services l’administration du collatéral de ses pensions livrées (Sale & Repurchase Agreement). Hélène Virello, responsable de la gestion du collatéral chez BNP Paribas Securities Services, a commenté : « Ce nouveau mandat nous conforte dans notre stratégie d'élargir notre offre de gestion du collatéral sur différents sous-jacents au-delà des dérivés de gré à gré traités en bilatéral, avec les pensions livrées, et demain les dérivés de gré à gré compensés (…) ».
29/05/2013

IndexIQ renforce son équipe de commerciaux

La société spécialisée dans les ETF IndexIQ recrute pour son équipe commerciale, en interne comme en externe, rapporte Mutual Fund Wire. Les postes en interne seront basés à New York, les postes externes dans d’autres régions des Etats-Unis.
29/05/2013

Nouveau directeur pour Chausson Finance

Romain Dehaussy devient directeur de Chausson Finance. Il a commencé sa carrière en 2005 chez HSBC en tant que chargé d’affaires entreprises. Il a ensuite travaillé pour Aelios Finance puis Pax Corporate Finance. Chausson Finance est spécialiste en placements privés en capital-risque pour les entreprises de croissance. La société a plus de 160 levées de fonds réussies à son actif et plus de 500 millions d’euros levés.

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