P { margin-bottom: 0.08in; } Alastair Gillespie, from Principal Global Investors, has joined BlackRock as chief investment officer for real estate in the Asia-Pacific region, to build a dedicated team, Asian Investor reports. Gillespie will be based in Singapore, and will report to Mark Howard-Johnson, global head of real estate securities, and Marc Desmidt, head of alpha strategies for Asia-Pacific. Gillespie joined Principal in April 2009. He was already based in Singapore, and was co-head of research and real estate for the Asia-Pacific region.

P { margin-bottom: 0.08in; } The Spanish banking group Santander on 29 April announced the resignation of its CEO, Alfredo Saenz, who has been replaced by Javier Marin, head of the insurance, asset management and private banking division of the group.Saenz, 70, had served as CEO of Santander since 2002. He was given a suspended sentence of three months in prison in 2011, and barred from practising, due to a case dating back to 1994, and a few months later was granted a pardon by the Spanish government.Alfredo Saenz Abad has informed the board of directors at the bank, meeting on Monday in Santander, that he will be stepping down from his responsibilities as vice president and CEO, and that he will no longer be a member of the board, Santander has announced in a statement, without stating the motives for the resignation.Observers, however, point to the legal vicissitudes of the case dating back to 1994, which has had very recent ramifications. Saenz’ sentence was for filing frivolous lawsuits against clients, in order to recuperate unpaid loans, when he was chairman of Banesto, a bank which Santander acquired in 1994. The Socialist government of José Luis Rodríguez Zapatero pardoned him in November 2011, a few days after his defeat in legislative elections, and converted his prison sentence into a fine.But the Supreme Court partially overturned the pardon in February this year, claiming that the government was acting beyond its powers by cancelling the legal consequence of the sentence, i.e., the bar from practising professionally. However, on 12 April, the conservative government of Mariano Rajoy, who succeeded Zapatero, passed a decree which allows bankers with a legal record to continue to practice.

P { margin-bottom: 0.08in; } The real estate fund division of Deutsche Asset & Wealth Management (DeAWM), formerly known as RREEF, has announced that it has acquired the Metris office building (31,000 square metres) in Munich from the LaSalle German Income and Growth Fund, for EUR150m.The property, completed in 2011 and wholly leased to more than 25 businesses, mostly in the IT sector, has been added to the portfolio of the open-ended real estate fund grundbesitz europa, whose assets currently total EUR3.8bn, in 45 properties. With the acquisition of Metris, the proportion of German properties in the fund increases to 20.2% from 16.5%.

P { margin-bottom: 0.08in; } The Hamburg-based Union Investment Real Estate (UIRE) has announced that on 1 June, Björn Thiemann will take over as head of the management team for the open-ended real estate funds UniImmo: Europa (DE0009805515) and UniImmo: Global (DE0009805556).Thiemann had previously been manager of the largest fund from Deka immobilien, the Deka-Immobilien Europa, with assets of about EUR12bn (see Newsmanagers of 29 April). He will now be responsible for managing funds with an overall volume of nearly EUR10bn (as of 28 February), including EUR8.24bn for the UniImmo: Europa and EUR1.72bn for the Global fund.

P { margin-bottom: 0.08in; } The British firm Lloyds Banking Group (LBG) on 29 April announced the sale of its retail banking activities in Spain to Banco Sabadell for equities and cash. LBG will receive 1.8% of Sabadell as part of the operation. The stake in equities is values at EUR84m, in addition to which up to EUR20m will be paid in cash. Lloyds explains that the sale, which is expected to be finalised in the next few months, comes as part of its strategy to rationalise its international presence. The two groups will also collaborate to explore business opportunities in various areas, including asset management.

P { margin-bottom: 0.08in; } Asset management firms in the United Kingdom are confronting opposition from shareholders concerning the high pay scales for executives, and particularly bonuses, Financial Times Fund Management report. On 2 May, Schroders is expected to meet with protests from shareholders about the excessive pay scales for management, including Michael Dobson, its CEO, whose annual cash bonus last year was GBP2.2m, compared with a base salary of GBP400,000. Pirc, the governance advisory firm, recommends that shareholders in Henderson vote against high pay scales at the firm’s general shareholders’ meeting on 1 May. Last month, Jupiter Asset Management had to confront discontented shareholders over uncapped bonuses for management, including for the CEO Edward Bonham Carter.

P { margin-bottom: 0.08in; } The London-based asset management firm Odey Asset Management has increased its stake in Man Group to 6.07%, the news agency Reuters reports. Odey had previously increased its stake in the capital of the alternative asset management firm to 5.15%, in October 2012. Since then, shares in Man have risen by about 30%.

P { margin-bottom: 0.08in; } As of 31 March 2013, total assets at Aberdeen Asset Management came to GBP212.3bn, compared with GBP193.4bn as of the end of December, and GBP187.2bn one year previously. Net subscriptions in the six months to the end of March totalled GBP4.39bn, of which GBP1.1bn were in October-December, and nearly GBP3.3bn in first quarter of this year, compared with GBP3.33bn in the quarter to the end of March 2012. Since the beginning of the fiscal year ending on 30 September 2013, market appreciation has generated additional assets of GBP11.9bn, while currency effects contributed GBP8.8bn to the increase in assets under management.Martin Gilbert, CEO, has reported that in the first quarter of the fiscal year, distributable profits totalled GBP145.7m, compard with GBP93.6m in the period from October 2011 to March 2012. The board of directors has decided to distribute an interim dividend of 6 pence per share on 13 June, to shareholders registered as of 10 May. That represents an increase of 36% compared with the interim dividend distributed in 2012.Brakes may be put on Asia-Pacific equity fundsNet subscriptions went mostly to the major equity products, global emerging markets, Asia-Pacific and global equities (see Newsmanagers of 26 March), but also to emerging market debt, with net inflows of GBP1.4bn in six months (compared with GBP0.3bn last year), bringing assets in the emerging market debt strategy to GBP7.5bn, up 60% year on year.Martin Gilbert has announced that, in light of these continual subscriptions, Aberdeen is preparing to close some of its Asia-Pacific equity funds, which have attracted a total of GBP4.46bn in six months, while global emerging market equity funds have attracted over GBP3.26bn. In March, the asset management firm introduced a front-end fee of 2% for global emerging market equity funds domiciled in Europe and the United Kingdom (see Newsmanagers of 11 February 2013), and closed its global emerging market equity funds in the United States to investors.

P { margin-bottom: 0.08in; } Total costs related to new regulations of platforms announced just before the weekend by the Financial Conduct Authority (FCA) total about GBP82m, or nearly EUR100m, Fundweb reports. For the sector, one-time costs will represent between GBP33m and GBP67.2m, while ongoing costs will range from GBP8.3m to GBP14.9m. For platforms, the one-time costs associated with dicontinuing commissions will total between GBP27.6m and GBP61.8m, while the ongoing costs will total between GBP7.2m and GBP13.8m Compared with FSA estimates published in June, these costs have run GBP16m over for one-time costs, and GBP4m for ongoing expenses.

P { margin-bottom: 0.08in; } Japanese pension funds are planning to modify their asset allocation policies, to privilege alternative asset classes and foreign bonds, Asian Investor reports, citing an annual stidy by JP Morgan (“Japan Pensions Industry Database”). According to the study, planned allocation to alternative asset classes, including emerging markets, have risen by 1.9 percentage points from March 2012 to March 2013, to 10.6%. Allocations planned to foreign hedged bonds (3.6% from 3.5%) and non-hedged bonds (8.8% from 8.2%) are also up. The study proposes a more detailed examination of allocations to alternative asset classes, which is a sign of new exposure to multi-asset class strategies, as well as real estate debt. Larger allocations to absolute returns, private equity, real estate and REITs have also been observed. Japanese REITs in particular in first quarter earned returns of 35.8%.

P { margin-bottom: 0.08in; } The Rockefeller Foundation (USD3.6bn in assets) has entered the world of impact investing, Financial Times Fund Management reports, in an interview with its chairwoman, Judith Rodin. It has already invested USD140m in this area, and Rodin predicts that it will represent 5-10% of the average portfolio in 10 years’ time.

P { margin-bottom: 0.08in; } The market operator NASDAQ OMX on 29 April announced its decision to launch NASDAQ OMX PSX, a platform which may claim a place as the preferred trading site for ETPs. The platform will be launched during the month of May, after the approval of the Securities and Exchange Commission (SEC) has been obtained.

P { margin-bottom: 0.08in; } According tot the “State of World’s UNHW Population 2012-2013” report by the consultancy firm Wealth-X, the number of individuals with wealth of over USD50m in Asia fell 2.1%, to 42,895, and their assets overall have fallen 6.8%, to USD6.25trn. In Europe, the number of such individuals has fallen 1.9% (to 53,440), with a total of USD6.95trn, while in the United Staets, the number of UHNW persons increased 3.3% to 65,295, with a total of USD8.88trn.Switzerland has 5,595 people whose wealth exceeds USD50m, which represents an increase of 7.2%, or 395 people in one year, finews reports, on the basis of Wealth-X data. The increase in 2012, is largely due to a significant increase in the value of real estate in Switzerland, and to rises on Western stock markets. The arrival of high net worth immigrants has had only a slight impact on the overall development.

P { margin-bottom: 0.08in; }Carmignac Gestion has announced the split of Carmignac Capital Plus A EUR accumulation unit. From 29 April 2013, the net asset value of the unit will be divided by 10, meaning the number of units an investor holds will be multiplied by 10. On 25 April the rounded net asset value of Carmignac Capital Plus A EUR acc units was 11 332.06€. By splitting this unit, Carmignac Gestion will make the fund’s dynamic, diversified investment solutions accessible to a larger number of investors.This split will not result in either the listing or subscription/redemption orders being suspended and will have no tax implications. The newly-renamed Carmignac Capital Plus is a multi-asset and multi-strategy fund with a non-benchmarked management process based on highly flexible asset allocation and an active risk management. Its objective is to outperform the Euro OverNight Index Average (Eonia) by 2% annually and to control volatility in all market conditions.

P { margin-bottom: 0.08in; } Beate Bredesen has left her position as manager of the Skagen Vekst fund, which had assets of EUR975m, Citywire reports. She had been appointed as manager for the strategy in March 2010. Responsibility for the fund will now devolve to the co-managers of the fund, Geir Tjetland and Ole Søeberg. Bredesen will become general manager of the Scandinavian fund.

P { margin-bottom: 0.08in; } The German BVI association of asset management firms has announced that as of the end of December, depositary banks in Germany held in custody EUR1.2983trn, for 6,003 funds, including 2,115 open-ended funds (EUR333.95bn), and 3,888 institutional funds (EUR964.34bn).The BVI states that it has extended its data for depositary banks, in co-operation with the Praxisforum Depotbanken. This statistic also includes proceeds both from securities funds (2,061 open-ended funds and 3,602 institutional funds) and real estate funds (54 open funds and 286 institutional funds). It now also includes German funds from providers who do not belong to the BVI, funds launched in Germany for foreign providers, and assets in funds in the process of liquidation.The largest player is by farBNP Paribas Securities Services (Frankfurt branch), with EUR1,875bn, before State Street Bank (EUR176,9bn) and The Bank of New York Mellon SA/NV (Asset Servicing, Frankfurt branch) with EUR132,2bn. For institutional funds (Spezialfonds), BNP Paribas Securities Services is the leader, with EUR183.7bn, followed by the Bank of New York Mellon (EUR121.7bn), and JP Morgan with EUR108.7bn. State Street Bank, for its part, is the top player by far in the area of custody for open-ended funds, with a total of EUR79.9bn, followed by German firms, DekaBank Deutsche Girozentrale (EUR35.4bn) and DZ Bank (EUR26.6bn).

Des doutes subsistent néanmoins sur cette initiative unilatérale, en pleine crise internationale sur le degré de pertinence du taux Libor

Cette émission obligataire complexe d'un nouveau genre prévoit trois seuils de déclenchement pour la conversion des titres tier one en actions

Le gouvernement a décidé de poursuivre JPMorgan et Banco Santander Totta. D'autres banques ont obtenu un délai pour faire des propositions

Le Luxembourg serait prêt à partager les informations confidentielles qu’il détient concernant les comptes bancaires étrangers, indique le journal qui cite des propos du ministre des finances du pays, Luc Frieden. «Le Luxembourg se sent à l’aise pour partager les informations concernant les sociétés multinationales et les particuliers», indique ainsi Luc Frieden, qui se dit également prêt à signer l’accord souhaité par la France, et accepté par l’Allemagne, la Grande-Bretagne, l’Italie et l’Espagne, qui dessine les contours d’un partage des informations sur les comptes bancaires étrangers. Le pays possède près de 3.000 milliards d’euros d’actifs, soit 22 fois son PIB.

Le nouveau gouvernement d'Enrico Letta profite de la faiblesse des rendements pour annoncer des baisses d'impôts destinées à relancer la croissance

Pour le 100ème anniversaire de la Fed, Kevin Brady, qui dirige la commission économique du Sénat, souhaite l’instauration d’un comité pour réévaluer complètement les missions de la banque centrale. «Nous souhaitons une analyse très consciencieuse et très constructive des 100 dernières années. Quand la maison n’est pas en feu, nous voulons discuter du rôle que les pompiers doivent jouer» indique Kevin Brady au journal.

Selon le journal qui se réfère à des statistiques d’agences immobilières, les acheteurs de Chine continentale ont été à l’origine de seulement 18% des transactions immobilières de prestige au premier trimestre 2013 à Hong Kong, contre 40% durant le dernier trimestre 2012, en raison d’une augmentation des droits de timbre locaux.

La plate-forme de négociation actions destinée aux particuliers a trouvé des investisseurs pour faire face au départ de son actionnaire Citadel

L’exécutif européen prépare une réforme de ces produits surtout développés par les gestionnaires d’actifs anglo-saxons

La production industrielle au Japon a faiblement progressé de 0,2% en mars sur un mois, soutenue par la fabrication d'écrans à cristaux liquides et d'équipements pour les turbines à vapeur, a annoncé cette nuit le ministère de l’Industrie. Sur un an, elle se replie encore de 7,3%, en raison des difficultés des exportations japonaises qui souffrent d’une médiocre conjoncture mondiale.

Les dépenses de consommation des ménages américains ont contre toute attente légèrement augmenté en mars, au même rythme que leurs revenus, une évolution qui est de bon augure pour l'économie américaine après une série de chiffres décevants à la fin du premier trimestre. La hausse des dépenses a atteint 0,2% le mois dernier, après une progression de 0,7% en mars.

Alors qu’il comptait emprunter 103 milliards de dollars entre avril et juin, le Trésor américain s’attend désormais à un excédent net de financement de 35 milliards sur la période, une première depuis 2007. Due à de meilleures recettes fiscales et à une baisse des dépenses, cette réduction de la dette publique serait temporaire puisque 223 milliards de nouveaux emprunts sont attendus entre juillet et septembre.

Le taux d’inflation en Allemagne a décéléré en avril à son plus bas niveau depuis plus de deux ans, laissant la voie ouverte à une baisse des taux de la BCE cette semaine, estiment des économistes. Les chiffres préliminaires publiés par l’Office fédéral de la statistique montrent que les prix à la consommation ont augmenté de 1,2% en avril sur un an, contre 1,4% le mois précédent.

Les créances douteuses aux entreprises italiennes continueront d’augmenter dans les prochains mois, tandis que les prêts au secteur privé dans son ensemble baisseront encore, prévoit la Banque d’Italie dans un rapport sur la stabilité financière publié lundi. Les créances douteuses représentaient en décembre 7,2% du total des prêts dans la Péninsule.