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26/03/2013

BlackRock Alternative Investors recrute un ancien de Credit Suisse

BlackRock vient de recruter Andy Stewart, responsable de l’une des entités dédiées aux hedge funds de Credit Suisse, pour renforcer son pôle de gestion alternative, rapporte Reuters.Andy Stewart va co-diriger BlackRock Alternative Investors (BAI), la division de BlackRock dédiée aux hedge funds et au private equity avec Matt Botein, qui sera également chief investment officer pour la gestion alternative. Parallèlement, BlackRock se sépare d’une équipe recrutée en 2011 qui investissait en direct dans le private equity. Nathan Thorne, George Bitar et Mandy devraient ainsi quitter la société.Dans le cadre de la nouvelle organisation, Andy Stewart sera chargé de la gestion des activités et du développement alors que Matt Botein se concentrera sur les performances des investissements.Les actifs sous gestion de BAI, qui a acquis l’an dernier Swiss Re Private Equity Partners, qui a représenté environ 7,5 :milliards de dollars pour l’activité fonds de fonds de private equity de BAI, ont terminé l’année 2012 à 110 milliards de dollars, en progression de 5% d’une année sur l’autre, les commissions et autres revenus affichant une hausse de 12% à 968 millions de dollars.
26/03/2013

La gestion informatique des produits dérivés est la priorité des sociétés de gestion américaines

De nombreuses sociétés de gestion américaines veulent mieux maîtriser leur gestion informatique des produits dérivés. C’est ce qui ressort du sondage réalisé par SimCorp sur les priorités d’investissement technologiques des sociétés de gestion américaines.Plus de 32 % d’entre elles prévoient ainsi d’acquérir une nouvelle solution de gestion des produits dérivés ou de moderniser celle déjà en place, notamment en réaction à l’évolution de la réglementation en matière de traitement des dérivés OTC.Près de 31 % des répondants s’apprêtent à investir dans le reporting client. Enfin, 28 % des répondants indiquent que la mise en place d’une tenue de position centralisée (IBOR) est leur priorité pour cette année.
26/03/2013
Fonds

Putnam propose une gamme "tous terrains" de six fonds

Le gestionnaire américain Putnam Investments (133 milliards de dollars d’encours fin février) a annoncé le lancement de six nouveaux produits destinés à faire face à plusieurs préoccupations actuelles des marchés, notamment la volatilité, le besoin de nouvelles sources de revenus et la nécessité de s’adapter à une mutation de l’environnement fiscal.En utilisant comme base son offre de fonds traditionnels et non traditionnels, Putnam a ainsi mis sur le marché les fonds suivants :•Putnam Low Volatility Equity Fund (acronyme PLVEX), qui vise une performance comparable à celle des actions américaines, mais avec une volatilité inférieure,•Putnam Strategic Volatility Equity Fund (PSVEX), dont l’objectif est de battre le rendement des actions, mais avec une volatilité comparable à celle du marché, •Putnam Global Dividend Fund (PGDEX), qui vise revenu et croissance au travers d’actions value servant des dividendes et provenant du monde entier,•Putnam Emerging Markets Income Fund (PEMWX), dont l’objectif est un revenu élevé et une appréciation du capital sur le marché de la dette émergente,•Putnam Short-Term Municipal Income Fund (PSMEX), un portefeuille d’obligations à court terme américaine pour générer un revenu exonéré d’impôt et avec une sensibilité faible aux taux d’intérêt et•Putnam Intermediate-Term Municipal Income Fund (PIMEX), qui investit en obligations municipales à moyen terme générant un revenu courant élevé exonéré de l’impôt fédéral sur le revenu.
Fonds
26/03/2013

Prudential cherche un directeur de la conformité

Selon Mutual Fund Wire, Prudential Investment Management (827 milliards de dollars d’encours) ou PIM vient de poster sur Linked In une offre d’emploi pour le recrutement d’un directeur de la conformité.
26/03/2013
Fonds

Les fondateurs de BlackBerry lancent un fonds dédié à l'information quantique

Mike Lazaridis et Doug Fregin, fondateurs de BlackBerry, ont annoncé la création de Quantum Valley Investments, un fonds d’investissement privé de près de 76 millions d’euros qui fournira le capital financier et intellectuel nécessaire au développement et à la commercialisation des avancées scientifiques en matière d’information quantique, indique un communiqué. Quantum Valley Investments est basé à Waterloo, dans la province de l’Ontario, au Canada.
Fonds
26/03/2013

Banco Madrid boucle l’acquisition de Liberbank Gestión

L’acquisition de Liberbank Gestión et de ses 931 millions d’euros d’encours a été bouclée le 25 mars par Banco Madrid, dont les actifs sous gestion dépassent ainsi les 3 milliards d’euros, rapporte Funds People. Désormais, Banco Madrid a l’exclusivité de la distribution des produits Liberbank.
26/03/2013
Fonds

Amundi lance son ETF japonais à Milan

Amundi a lancé sur la Bourse de Milan son ETF Amundi ETF Topix EUR Hedged Daily qui offre une exposition au marché actions japonais avec une couverture quotidienne du change euro/yen, rapporte Bluerating.
Fonds
26/03/2013
Fonds

Les fonds italiens continuent de collecter en février

En février, les fonds commercialisés en Italie ont enregistré des souscriptions nettes de 4,51 milliards d’euros, selon les dernières statistiques d’Assogestioni, l’association italienne des professionnels de la gestion d’actifs. Cela porte la collecte depuis le début de l’année à 7,68 milliards d’euros et les encours à 493,9 milliards d’euros.Les flux se sont principalement portés en février sur les fonds obligataires (2,5 milliards d’euros) et les fonds flexibles (1,9 milliard d’euros). En revanche, les fonds monétaires, les fonds actions et les hedge funds accusaient des rachats nets (-352 millions, -138 millions et -112 millions d’euros respectivement).En ajoutant les fonds fermés et les gestions sous mandat, le secteur de la gestion a enregistré en février des souscriptions nettes de 5,25 milliards d’euros.Parmi les sociétés de gestion ayant affiché les plus fortes collectes figurent Banca Popolare avec 1,38 milliard d’euros, Intesa Sanpaolo (999,7 millions), Poste Italiane (908 millions) et Pioneer (871,7 millions). A noter que Franklin Templeton a collecté 786,3 millions d’euros. En revanche, Generali a vu sortir 1 milliard d’euros.
Fonds
26/03/2013
Fonds

LNG Capital propose un fonds long/short de "corporates"

Le londonien LNG Capital indique avoir lancé LNG Europa Credit Fund Strategy UCITS, un fonds multistratégies long/short investi en obligations d’entreprises européennes. Il s’agit de la version coordonnée d’un fonds enregistré aux îles Caïman.En fonction de la position dans le cycle du crédit, il utilise les stratégies long bias, haut rendement et événementiel en période de hausse et short bias en période de baisse, tout en misant de manière générale sur la valeur relative et le long/short pour les titres catégorie investissement et catégorie spéculative. L’effet de levier peut porter sur au maximum le double de l’encours, sachant que l’objectif de rendement est de 15 % avec une volatilité de 10 %.Ce fonds est assorti d’une commission de gestion de 1 % et d’une commission de performance de 20 % avec high watermark.
Fonds
26/03/2013

Employment at AM firms up 16% in five years

P { margin-bottom: 0.08in; } According to the Luxembourg financial sector supervision commission (CSSF), total employment at banks, providers of financial services and asset management firms in Luxembourg between 31 December 2007 and 31 December 2012 increased from 40,662 to 44,000. This is an increase of 8.3%.In detail, jobs increased 16.4% at asset management firms, from 2,348 to 2,733, and 21% in the provision of financial services, from 2,248 to 2,733. However, jobs at banks have virtually stagnated, with 26,537 positions, compared with 26,140 five years previously (+1.51%).The development of these employment figures does not correspond to creation or loss of jobs, but includes transfers of existing jobs in the non-financial sector tot the financial sector and five versa, the CSSF states.The figures may be viewed at this address: http://www.cssf.lu/fr/statistiques/emploi/stats-ann/emploi-total-dans-l…
26/03/2013

LNG offers a long/short corporates fund

P { margin-bottom: 0.08in; } London-based LNG Capital has announced the launch of the LNG Europa Credit Fund Strategy UCITS, a multi-strategy long/short fund investing in European corporate bonds. It is the UCITS-compliant version of a fund registered in the Cayman Islands.Depending on the position in the credit cycle, it uses long bias, high yield and event-driven strategies in times of rising markets, and short bias in times of falling markets, while generally betting on relative value and long/short for investment and speculative grades. Leverage may total up to twice assets, while the return objective is 15%, with volatility of 10%.The fund carries a management commission of 1%, and a performance commission of 20%, with high watermark.
26/03/2013

Axa IM launches all-weather multi-asset fund

P { margin-bottom: 0.08in; } Axa Investment Managers on March 8 announced the launch of Axa WF Global Optimal Income, an ‘all weather’ multi-asset fund that provides flexible and dynamic access to the most compelling global opportunities with the aim of capturing a portion of the upside while mitigating the downside.The equities component, which focuses on high quality stocks from developed and emerging markets, can comprise between 0 per cent and 100 per cent of the portfolio according to market conditions. The fixed income portion tactically allocates to emerging market, high yield, government and corporate bonds. In the event of anticipated market downturn, exposure can be tactically adjusted through the use of listed derivatives.Axa WF Global Optimal Income is managed by Serge Pizem, global head of multi-asset investments at Axa IM, with the support of a team of four portfolio managers.The fund which is a Luxembourg-domiciled Sicav fund is available to both retail and institutional investors and is currently registered for sale in Austria, Belgium, Germany, Spain, the Netherlands and Sweden. Axa IM is considering registration across a number of other European countries.CharacteristicsName: AXA WF Global Optimal IncomeISIN codes:LU0465917630 (I shares)LU0465917390 (E shares)LU0465917473 (F, capitalisation shares)LU0465917556 (F, distribution shares)LU0465917044 (A, capitalisation shares)LU0465917127 (A, distribution shares)Front-end fee: maximum 5.50% (A shares)Management commissions:0.60% (A and F shares)1.20% (E and A shares)
26/03/2013

Putnam offers “all-terrain” versions of six funds

P { margin-bottom: 0.08in; } The US asset management firm Putnam Investments has announced the launch of six new products intended to address several current preoccupations of the markets, such as volatility, a need for additional sources of income, and a need to adapt to changes in the fiscal environment.Using its range of traditional and non-traditional funds as a basis, Putnam has released the following funds on the market:•Putnam Low Volatility Equity Fund (scronym: PLVEX), which aims for returns comparable to those of US equities, but with lower volatility,•Putnam Strategic Volatility Equity Fund (PSVEX), whose objective is to outperform equities, but with volatility comparable to that of the market,•Putnam Global Dividend Fund (PGDEX), which aims for income and growth via value equities which pay dividends from throughout the world,•Putnam Emerging Markets Income Fund (PEMWX), whose objective is high income and capital appreciation on emerging debt markets,•Putnam Short-Term Municipal Income Fund (PSMEX), a portfolio of US short-term bonds to manage tax-exempt income with low sensitivity to interest rates, and•Putnam Intermediate-Term Municipal Income Fund (PIMEX), which invests in mid-term municipal bonds which generate high ongoing income exempt from Federal income tax.
26/03/2013

UBS places family offices under single leadership

P { margin-bottom: 0.08in; } The head of private wealth management for Europe, the Middle East and Africa at Morgan Stanley, Pavlos Bailas, will on 1 April join the UBS gorup as head of the global family office group (GFO), according to an internal memo obtained by finews.ch.The GFO, which will provide inter-regional and cross-sector wealth management and investment banking services, will be integrated into the ultra-high net worth (UHNW) services unit.Bailas, who is based in Zurich, will report to Joe Stadler, global head of UHNW, and to Jürg Zeltner, CEO wealth management, Andrea Orcel, CEO investment bank and Brian Hull, vice chairman UBS Americas.Jerry Wattenberg remains as senior representative of the GFO unit in the investment bank, and responsible for the largest family office clients worldwide, and will report to Bailas.
26/03/2013

Société Générale Private Banking Switzerland appoints deputy CEO

P { margin-bottom: 0.08in; } Société Générale Private Banking Switzerland has announced the arrival of Jean Goutchkoff as deputy CEO. He is a member of the executive board at the private bank, alongside Yves Thieffry, CEO, Olivier Aubenas, head of sales, and Matthieu Vedrenne, director of support functions. Goutchkoff will be responsible for development of sales in emerging markets. Before joining Société Générale Private Banking (Suisse) SA, Goutchkoff had been at HSBC Private Bank (Suisse) SA since 2007. He was globla head of the central and eastern European region, and then was responsible for the Emerging Europe region and a member of the Executive Board at the bank.
26/03/2013

Italian funds continue to post inflows in February

P { margin-bottom: 0.08in; } In February, funds on sale in Italy recorded net inflows of EUR4.51bn, according to the most recent statistics from Assogestioni, the Italian association of asset managers. That brings inflows since the beginning of the year to EUR7.68bn, and assets to EUR493.9bn. Inflows in February went largely to bond funds (EUR2.5bn) and flexible funds (EUR1.9bn). However, money market funds, equity funds and hedge funds had net redemptions (-EUR352m, -EUR138m and -EUR112m, respectively). With the addition of closed-end funds and mandated management, the asset management industry in February posted net inflows of EUR5.25bn. The asset management firms which posted the largest inflows were Banca Popolare, with +EUR1.38bn, Intesa Sanpaolo (+EUR999.7m), Poste Italiane (+EUR908m), and Pioneer (+EUR871.7m). Franklin Templeton has posted inflows of EUR786.3m. However, Generali has posted outflows of EUR1bn.
26/03/2013

Amundi launches a Japan ETF in Milan

P { margin-bottom: 0.08in; } Amundi has released its Amundi ETF Topix EUR Hedged Daily ETF, which offers exposure to the Japanese equity market, with daily hedging of the euro/yen exchange rate, on the Milan stock exchange, Bluerating reports.
26/03/2013

Carmignac Gestion expected to post improved results

P { margin-bottom: 0.08in; }A:link { } For 2012, Carmignac Gestion is expected to post higher profits than for 2011, when they totalled EUR282m, Les Echos reports. The newspaper estimates that Carmignac is at a turning-point in its history. The firm, which has been developing its services to institutional investors and clients abroad, will need to adapt its model.
26/03/2013

Facebook IPO: UBS refuses to indemnify Nasdaq OMX

P { margin-bottom: 0.08in; } Wall Street brokers who fell victim to technical faults which affected and slowed their first trades on Facebook shares in May 2012 have one week to submit a request for indemnification, Agefi reports. The SEC states that the USD62m proposal provides “far higher compensation than would otherwise be available for eligible requests, without any legal action.” Not everyone agrees. UBS, which estimates its losses at over USD350m, has announced plans to apply for indemnisation to recover the full sum.
26/03/2013

DoubleLine adds to its equity unit

P { margin-bottom: 0.08in; } Mutual Fund Wire reports that, according to Reuters, the equity unit at DoubleLine has been scaled up with the recruitment of Jonathan Ainley, Sunny Ommanney, Brian Shim and Kristine Smith as equity analysts, and Rodney Boone as equity trader.With the exception of Ommanney, former CEO of Nyima Foundation, all of them join from TCW and will report to Brendt Stallings and Husam Nazer, portfolio managers, with whom they had worked previously at TCW.
26/03/2013

Prudential seeking head of compliance

P { margin-bottom: 0.08in; } Mutual Fund Wire reports that Prudential Investment Management (PIM, USD827bn in assets) has posted a job opening on LinkedIn for a head of compliance.
26/03/2013

Standard Life Investments selected by CalPERS

P { margin-bottom: 0.08in; } The California Public Employees’ Retirement System (CalPERS) is investing USD500M with Edinburgh, Scotland-based Standard Life Investments as part of its Multi-Asset Class (MAC) Partners Program. Standard Life is the first of four external managers selected to partner with CalPERS in the MAC program. The MAC Program has two strategic objectives. First, the Program is intended to outperform the CalPERS total fund over a market cycle, using primarily public market assets, and doing so with lower volatility and less risk.Secondly, the Program is expected to facilitate a transfer of meaningful information from the MAC Partners to CalPERS investment staff, to help develop scalable, sustainable, and efficient methods of increasing the likelihood of meeting long-term CalPERS investment return goals.
26/03/2013

BlackRock Alternative Investors hires former Credit Suisse PM

P { margin-bottom: 0.08in; } BlackRock has recruited Andy Stewart, head of one of the entities dedicated to hedge funds at Credit Suisse, as an addition to its alternative management unit, Reuters reports. Stewart will co-direct BlackRock Alternative Investors (BAI), the division of BlackRock dedicated to hedge funds and private equity, with Matt Botein, who will also be chief investment officer for alternative management. Meanwhile, BlackRock is parting with a team recruited in 2011, which had invested directly in private equity. Nathan Thorne, George Bitar and Mandy [sic] will also leave the firm. Under the new organisation, Stewart will be responsible for management of development activities, while Botein will concentrate on performance and investors. Assets under management at BAI, which last year acquired Swiss Re Private Equity Partners, which had about USD7.5bn in BAI private equity fund of fund activities, finished the year 2012 with USD110bn, up 5% year on year, as commissions and other revenues were up 12% to USD968m.
26/03/2013

Groupama AM recruits head of extra-financial analysis

P { margin-bottom: 0.08in; } Groupama Asset Management has announced the arrival of Sébastien Thévoux-Chabuel as head of extra-financial analysis. He will report to Marie-Pierre Peillon, director of research, and will evaluate sectors and stocks in relation to the three major ESG themes: environmental, social and governance challenges. Thévoux-Chabuel had previulsly been a member of the teams at Oddo Securities, first as a sell-side financial analyst, and then as an SRI analyst, from June 2008.
26/03/2013

Kames offers a Singapore dollar version of its flagship fund

P { margin-bottom: 0.08in; } The asset management firm Kames, based in London, is now offering a sub-fund denominated in Singapore dollars of its flagship fund, the Kames Strategic Global Bond Fund, Citywire reports. The fund is now available in Singapore dollars, pounds sterling, euros, yen, Swiss francs and US dollars. The Kames Strategic Global Bond fund, which has assets of USD550m, is co-managed by Philip Milburn and David Roberts. It has earned returns of 21.37% in the past three years, compared with 18.5% for the Barclays Global Aggregate EUR TR.
26/03/2013

Banco Madrid concludes acquisition of Liberbank Gestión

P { margin-bottom: 0.08in; }A:link { } The acquisition of Liberbank Gestión and its EUR931m in assets was completed on 25 March by Banco Madrid, whose assets under management total over EUR3bn, Funds People reports. Banco Madrid now has exclusive rights to distribute Liberbank products.
26/03/2013

Schroders agrees to buy Cazenove Capital

P { margin-bottom: 0.08in; } Schroders on Monday announced a bid of GBP424m in cash to acquire all capital in Cazenove Capital.With GBP17.2bn in assets under management at Cazenove Cpaital, the deal will create an entity with GBP229.2bn in assets (by figures as of 31 December 2012).In private banking and wealth management in particular, the combined assets will total GBP28.4bn, and will allow Schroders to considerably increase its activities this field in the United Kingdom.The asset management firm will also increase its activities serving intermediated clients, with GBP5.1bn from Cazenove Capital.The acquisition price includes GBP29m in deferred pay packages to Cazenove employees. The operation will bring synergies and cost savings totalling GBP12m to GBP15m per year, before taxes.
26/03/2013

Co-head of fixed income at Aberdeen AM departs

P { margin-bottom: 0.08in; } The co-head of fixed income at Aberdeen Asset Management, Paul Griffiths, is leaving the firm in order to “take on other challenges” in the sector, Citywire Global reports. His responsibilities will be taken over by Brad Crombie, who becomes global head of the fixed income activity of the group. He had previously been co-head.
26/03/2013

LGIM recruits four and promotes one

P { margin-bottom: 0.08in; } Andrew Hitchings, who was recruited in September 2012 as head of large UK clients from State Street Global Advisors, has been promoted to head of UK institutional business at Legal & General Investment Management (LGIM).The British asset management firm has also announced that it has recruited Johan Rydqvist to the newly-created position of European sales manager, to develop the commmercial activities of LGIM in Scandinavian countries, Switzerland and Germany. The objective is to increase assets under management from abroad, which totalled GBP43bn as of 31 December. Rydqvist was recruited from Merrill Lynch.John Tsalos, for his part, has left Standard Life to take the newly-created position of head of defined contribution distribution & product strategy at LGIM, with assets in the area of defined contributions as of the end of last year of GBP25.4bn.LGIM has also announced that it has recruited Victoria Parrish from Credit Suisse Asset Management to serve as head of RFPs & marketing analytics. Net inflows in the area of requests for proposals totalled GBP7.1bn last year.Lastly, Taryn Liebbrandt has left T. Rowe Price International to become client relationship manager at LGIM, with responsibility for developing a portfolio of institutional clients.
26/03/2013

Man Group to finance OMI quantitative finance institute until 2018

P { margin-bottom: 0.08in; }Man Group and the Oxford-Man Institute of Quantitative Finance (OMI) announced on March 25 the extension of Man’s funding of the Institute through to 2018. This five-year funding extension underscores Man’s commitment to building a world-leading quantitative investment business following the recent combination of AHL, Man’s quantitative investment manager, and Man Systematic Strategies, its specialised quantitative division.Founded in 2007 with funding from Man, the OMI is the home of interdisciplinary research in quantitative aspects of finance at the University of Oxford.

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