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14/09/2012

Skandia IS loses money due to RDR

The Skandia Investment Solutions platorm (GBP34.2bn in assets under management) has posted a loss of GBP11.4m in 2011, due to the costs of preparing for compliance with Retail Distribution Review (RDR) regulations, Investment Week reports. Losses in 2010 totalled GBP15m.
14/09/2012

SEC investigates meeting of Henry Paulson with hedge funds

The Securities and Exchange Commission is investigating potential insider trading on the part of participants in a private meeting held in July 2008 with Henry Paulson, who was then Secretary of the Treasury, the Wall Street Journal reports, citing sources familiar with the matter.The investigation covers the use of insider information, as Paulson is said to have mentioned an intervention to support Fannie Mae and Freddie Mac. The regulator has sent subpoenas to hedge funds (including Lone Pine Capital and Och-Ziff Capital Management), and to other firms which were represented at the meeting.
14/09/2012

iShares launches frontier markets ETF

The iShares MSCI Frontier 100 Index Fund ETF (acronym on NYSE Arca: FM), founded on 12 September with more than USD11m in seed capital, was admitted to trading on 13 September. iShares says it is the first ETF replicating the MSCI Frontier Markets index to be made available on the US market.Currently, the index includes shares from the following countries: Argentina, Bangladesh, Croatia, Estonia, Jordan, Kazakhstan, Kenya, Kuwait, Lebanon, Mauritius, Nigeria, Oman, Pakistan, Qatar, Romania, Serbia, Sri Lanka, Ukraine, the United Arab Emirates, and Vietnam.The fund charges fees of 0.79%.
14/09/2012

Franklin Templeton France appoints an account manager

Franklin Templeton France on 13 September announced the appointment of Jérémy Silvera, who becomes an account manager in the sales team, serving entrepreneurial asset management firms, private banks and wealth management firms in the southern and western parts of France and Paris. Silvera, 27, holds a Master 2 Trading & Asset Management degree from ESLSCA. He has served in internships at Crédit Agricole CIB, in sales of fixed income structured products, and Edmond de Rothschild Asset Management, in sales of funds to institutional clients in France. Silvera joined the Franklin Templeton group in January 2011 as sales support.
14/09/2012

Lyxor to launch physical ETFs by year's end

Lyxor Asset Management (“Lyxor”) on 13 September has announced the launch of a range of physical replication ETFs by the end of 2012, beginning with ETFs based on bond indices. The move may be interpreted as a change in Lyxor’s strategy, which has always privileged synthetic replication, and which was defended tooth and nail throughout the controversy that raged over replication techniques last year. During that sometimes passionate debate, Lyxor defended synthetic replication, while Anglo-American firms such as BlackRock held by physical replication. The debate appears to be over now, but it may have driven some parties to reconsider their positions. At any rate, Lyxor does not hesitate to suggest that its product range deserved some revision. “In order to fully satisfy investor demand, Lyxor has decided to develop this approach, in order to offer its clients ‘the best of both worlds’ in the ETF universe,” Lyxor says in a statement. Regardless of the type of replication proposed, Lyxor ETFs will retain the same level of quality in terms of transparency, effectiveness (low tracking error) and liquidity, Lyxor says.
14/09/2012

Bruno Vanier creates an asset management firm

Bruno Vanier, a former fund manager at EDRAM, is preparing to launch his own asset management boutique specialised in emerging markets, Citywire Global can reveal. Gemway Assets will be partly owned by La Financière de l’Echiquier, which is reported to have acquired a 34% stake, according to reports in Citywire.
14/09/2012

Matteo Perruccio leaves Hermes

Matteo Dante Perruccio has resigned from his position as CEO of Hermes BPK Partners, the fund of hedge fund firm 60% owned by Hermes Fund Managers, Financial News reports.
14/09/2012

M&G Investments appoints a head

The British asset management firm M&G Investments has appointed David Halfacre as head of development for partnerships, Fund Web reports. He previously worked at JPMorgan Asset Management, where he was vice president, in charge of development for strategic partnerships.
14/09/2012

Invesco recruits three SLI managers

In order to train a multi-asset class management team in Henley, near London, as a complement to the global team in Atlanta, Invesco Perpetual has recruited three managers from Standard Life Investments (SLI), Fundweb reports. They are David Millar, who had been investment director, multi-asset investing at SLI, Dave Jubb, who had been investment director, tactical asset allocation, and Richard Batty, who had been investment director, global investment strategist.To rebuild its multi-asset class team, SLI is transferring Ian Pizer, a member of the government bonds team, who will continue to manage the ARGBS government bond fund, while generating ideas for the Global Absolute Return Strategies fund (GBP12bn). He will report to Guy Stern, head of multi-asset fund management.Roger Sadewsky, co-manager of ARGBS, will continue to manage the fund, but will also join the strategic investment group. Neil Richardson will take charge of equity strategies in absolute return portfolios.Lance Philips, investment director for global equities, will be leaving SLI, and will be replaced by Steve Weeple, who will report to David Cumming, head of equities.
14/09/2012

Two new members appointed to board of IMA

At its annual general conference on 12 September, the British Investment Management Association (IMA) appointed four new members to its board. They are Hugh Mullan, UK Managing Director at Fidelity Worldwide Investment, Mark Zinkula, chief executive officer at Legal & General Investment Management, Andrew Formic, chief executive at Henderson Global Investors, and Andrew Laing, deputy chief executive at Aberdeen Asset Management. Three members have left the board: Helena Morrissey, chief executive officer at Newton Asset Management, Alain Dromer, former CEO of Aviva Investors, and Bill Smith, chief executive officer at Lazard Asset Management.
14/09/2012

BNY Mellon transfers Pareto to Insight

For an undisclosed amount, Pareto Investment Management Ltd (GBP27bn in assets) will be acquired by Insight Invesmtent Management Ltd (GBP182bn). The two asset management firms are affiliates of BNY Mellon. The transaction is expected to be completed by 1 January 2013, pending approval by the regulator.Pareto is specialised in active and passive management of currency risks, and operates in the United Kingdom, the United States, Japan and Australia.
14/09/2012

Liontrust recruits for team dedicated to European equities

Liontrust Asset Management has recruited Samantha Gleave as an addition to its team dedicated to European equities, Investment Week reports. She joins the team as a manager, and will work with James Inglis-Jones and Gary West, with whom she previously worked in the 1990s at Fleming Investment Management. Gleave joins from Bank of America Merrill Lynch, where as an analysts, she covered European equities for seven years, particularly industrials.
14/09/2012

SAUL and LGIM extend partnership in LDI

The Superannuation Arrangements of the University of London (SAUL), the pension fund for the University of London, has announced that it has extended its partnership with Legal & General Investment Management (LGIM). The asset management firm will continue to provide the fund with liability-driven investment (LDI) services, a statement says. The two firms have been working together since 2001.
14/09/2012

AmpegaGerling cuts fees for a money market fund

In reaction to a steep fall in returns on money markets, ApegaGerling Investment is reducing management commissions from 1 October for the money market fund Gerling Geldmarktfonds to 0.10%, from 0.25% previously, Fondsprofessionell reports.
14/09/2012

AmpegaGerling cuts fees for a money market fund

In reaction to a steep fall in returns on money markets, ApegaGerling Investment is reducing management commissions from 1 October for the money market fund Gerling Geldmarktfonds to 0.10%, from 0.25% previously, Fondsprofessionell reports.
14/09/2012

Swiss private management under pressure

A transformation of framework conditions in Swiss private management will result in net outflows of funds from foreign clients, which may run to CHF150bn to CHF200bn by 2016, particularly in the cross-border segment, according to a survey by the aeb/rolfes.schierenbeck.associates agency. These outflows are expected to represent 5-8% of cross-border assets under management, but as much as 25-35% of cross-border assets for a typical private management bank focused on European clients.The development will result in an average decline in the gross profit margins on assets of 15 to 20 basis points by 2016. This represents an enormous challenge for the cost/income ratio at private management institutions. Without compensation on the income side or a structural reduction in costs, the cost/income ratio (CIR) for a mid-sized bank with about CHF30bn in assets under management, half of which are cross-border assets originating from key Euorpean markets, may deteriorate by as much as 75% to 100%.
14/09/2012

Reyl opens a branch offices and declares ambitions

At an opening of its Zurich offices, the Reyl group has announced that it has set at goal of CHF5bn in assets under management by the end of the year, Agefi Switzerland reports. Assets under management have risen from CHF5.6bn as of the end of July to CHF5.9bn currently. The group is hoping to double its assets under management to over CHF10bn in three years.
14/09/2012

Rob Leary to leave ING US

Rob Leary, CEO of ING US, will be leaving his job, Mutual Fund Wire reports, citing an internal memo of which the website has obtained a copy. The asset management firm will soon either hold an IPO or be sold, the article reports. Leary is not expected to be replaced. ING US will be restructuring its activities. The duties of the CEO will now be passed to Alain Karaoglan, the current executive vice chairman. He will also oversee Jeff Becker, head of Investment Management activities.
14/09/2012

Robert Higginbotham takes charge of institutional services at T. Rowe Price

T. Rowe Price has recruited Robert Higginbotham has head of international services to insitutionals, Investment Europe reports. He will be responsible for development of all services to institutional investors outside the United States. He will be based in London, and will begin in October. He previously worked at Fidelity Worldwide, where he served as chief executive for Europe, the Middle East and Africa.
14/09/2012

Dexia and Pictet post inflows in Italy

In second quarter 2012, Dexia posted the largest net inflows in Italy, according to a quarterly report published by the Italian asset management association Assogestioni. The asset management firm, which will soon be sold, has posted EUR1.6bn in inflows between April and June, of which EUR1.59bn went to open-ended funds. In second place is another foreign group, Pictet, which has taken on EUR926m (entirely to open-ended funds). Third place goes to Poste Italiani, with EUR733m. These are followed by three foreign groups: Amundi (EUR722m), Franklin Templeton Invesments (EUR534m) and Axa (EUR419m).
14/09/2012

Transfer at JP Morgan in Belgium

In a letter to clients, JP Morgan Asset Management Benelux has announced that Arnaud van der Elst is leaving his position in senior sales for Belgium & Luxembourg to become director of development at JP Morgan Private Banking in Belgium, on 1 October. Nicolas Deblauwe, country head Benelux, and Tom Vermeulen, senior sales, will handle his former responsibilities in the interim until he can be replaced.
14/09/2012

Skagen launches a fund of listed property companies

The Nordic asset manager Skagen will be launching a new equity fund – the global property fund Skagen m2. It is an actively managed global property fund that will invest in mispriced listed property companies around the world.Skagen m2 will be managed by Peter Almström, Michael Gobitschek and Harald Haukås. The new fund will be launched on 31 October 2012 and will be registered in the markets where the asset manager has marketing approval. The fund’s benchmark index will be MSCI ACWI Real Estate Net Return IMI, a global property index.Since Skagen was founded in 1993 it has only launched three equity funds.
14/09/2012
Gestion d'actifs

L'OCDE a étudié un investissement potentiel sur les obligations internationales indexées à l'inflation

Selon nos informations, l’OCDE a mené une réflexion sur l’opportunité d’investir dans un fonds ouvert d’obligations monde indexées à l’inflation. Cette décision a été motivée par des raisons administratives mais aussi par la recherche de solutions de couverture contre le risque d'érosion des rendements sur la poche obligataire (taux de rendement réel négatif). Contacté à ce sujet, Leticia Andres-Sanchez, Fund administrator de l’OCDE indique que la décision a été repoussée sine die. Aucun montant précis n’a été confirmé même si l’on évoque une dizaine de millions d’euros.
Gestion d'actifs
13/09/2012

La Grèce dément discuter d’un troisième plan d’aide

Le ministre grec des Finances a démenti discuter d’un troisième plan de sauvetage avec ses créanciers internationaux, comme l’a écrit jeudi Dow Jones en citant un responsable du Fond monétaire international. Gerry Rice, un porte-parole du FMI interrogé à ce sujet, a assuré de son côté que les discussions avec Athènes se concentraient sur le respect des conditions du deuxième plan d’aide. Il a par ailleurs ajouté percevoir de «bons arguments» pour accorder un délai supplémentaire à la Grèce.
13/09/2012

Forte hausse des prix à la production aux Etats-Unis

Les prix à la production aux Etats-Unis ont enregistré au mois d’août leur plus forte hausse depuis plus de trois ans, en raison notamment du bond des prix de l'énergie, montrent les statistiques publiées jeudi par le département du Travail. L’indice des prix à la production (PPI) a augmenté de 1,7% le mois dernier, sa progression la plus marquée depuis juin 2009, après une hausse de 0,3% le mois précédent.
13/09/2012

La Chambre basse suisse vote une hausse du forfait fiscal

La Suisse conservera son régime spécial de faible imposition pour les étrangers fortunés mais le montant de l’impôt dont ils s’acquittent va augmenter, après un vote favorable au Parlement. La base d’imposition devrait passer à sept fois le plafond contre cinq jusqu'à présent. Les étrangers soumis à ce régime et résidant en hôtel verront, eux, leur imposition jusqu’alors basée sur deux fois le plafond passer à trois fois.
13/09/2012

La Suède baisse l'impôt sur les sociétés

Rattrapée par la crise de la zone euro, la Suède a décidé de baisser substantiellement l’impôt sur les sociétés à compter de 2013 pour relancer l’activité, a annoncé le gouvernement jeudi. L’IS passera ainsi à 22% au lieu de 26,3% actuellement, ce qui se traduira par un manque à gagner de 16 milliards de couronnes (1,88 milliard d’euros) pour les finances publiques mais rendra le pays plus attractif pour les entreprises.
13/09/2012

La banque centrale russe surprend sur les taux

A la surprise générale, la banque centrale de Russie a relevé jeudi d’un quart de point ses principaux taux d’intérêt, une décision qui reflète des inquiétudes sur l’inflation après la forte croissance des prix à la consommation. Pour justifier sa décision, l’institut a souligné qu’au 10 septembre, l’inflation avait atteint 6,3% sur un an, dépassant la fourchette fixée pour 2012. Le taux de refinancement a été relevé à 8,25%, le taux des pensions à un jour à 6,5% et le taux des dépôts au jour le jour à 4,25%.
13/09/2012

Le dispositif ISF-PME restera à 50%

Selon le site internet des Echos, le dispositif ISF-PME, qui permet de réduire son impôt à hauteur de 50% des sommes investis dans une PME, sera préservé. Le projet de François Hollande prévoyait cependant une diminution à 25%. Comme le rappelle le quotidien sur son site, la réduction de l’ISF-PME avait déjà été baissée de 75% à 50% en 2011.
13/09/2012

La BNS maintient son taux plancher

La Banque nationale suisse (BNS) maintient le cours plancher inchangé à 1,20 franc pour 1 euro, et «le fera prévaloir à l’avenir également avec toute la détermination requise». A cette fin, elle reste prête à acheter des devises en quantité illimitée. Le franc demeure à un niveau élevé et pèse sur l'économie suisse, selon son appréciation trimestrielle communiquée jeudi. La BNS maintient également la marge de fluctuation du Libor à trois mois, entre 0% et 0,25%. La prévision d’inflation conditionnelle de la banque centrale suisse est légèrement inférieure à celle de juin. Un taux d’inflation de -0,6% est attendu pour 2012.

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