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06/07/2012

Sarasin & Partners promotes three managers to become partners

Sarasin & Partners LLP, a joint venture of the Swiss Banque Sarasin and the local management in London, has announced the promotion of three of its managers to the position of partner.The appointments include:Oliver Bates, who is largely responsible for portfolios for charities and pension funds,Nicholas Lambert, who manages portfolios both for private clients and charities,and David Vickers, an institutional fund manager responsible for segregated mandates for pension funds and insurers, in addition to serving as a co-manager for multi-asset class funds in the Sarasin range.
06/07/2012

Appointment at Cazenove Capital

The British asset management firm Cazenove Capital Management on 5 July announced the appointment of Stephen Lucas as head of European sales. Lucas, who had previously worked at GAM, will be responsible for marketing of absolute return strategies and long-only funds to private banks, family offices and institutional investors on the major European markets.
06/07/2012

Alliance Trust closes three funds and cuts staff

The British firm Alliance Trust investments on 5 July unveiled a new approach to the management of its equity strategies, which will result in the closure of three funds and a parallel reduction in staff. The three funds concerned, out of a range which currently inludes seven products, are the UK Equity Income Fund, Asia-Pacific Equity Fund and Japan Equity Fund. Alliance Trust more than two years ago announced plans to refocus its activity on international equities and fixed income. In addition to a reduction in the range of funds, Alliance Trust has appointed Ilario Di Bon as head of equities.
06/07/2012

Allianz GI hires infrastructure debt team

Allianz Global Investors (AllianzGI) has announced the launch of a product range which provides its international clients with access to long-term investment opportunities generated by infrastructure debt. The range will primarily be aimed at insurers, foundations and pension funds.As part of the new strategy, the asset management firm has created a team specialised in infrastructure debt, which will be led by Deborah Zurkow, previously CEO of Trifinium Advisors Ltd, and head of public financing for Europe, the Middle East and Africa at MBIA Inc., an insurance company specialised in financial guarantees. Zurkow will work in collaboration with four former executives from Trifinium.The team will aim to set up a platform to identify and manage investment grade debt on behalf of the Allianz group and external clients, a statement says.“Independently of projects, whether they involve development of new infrastructure in emerging markets or renovation of existing infrastructure in OECD countries, the estimated financing needs in this sector in the next 20 years are considerable. In OECD countries alone, annual financing needs are expected to increase from USD700m currently to USD1trn by 2030. As part of the development of this new activity, we are planning to initially concentrate on infrastructure projects in Europe. Depending on levels of interest on the part of our clients, we will then seek to extend our activity to other regions,” says Zurkow.
06/07/2012

UBS launches a local currency emerging market bond fund

The Swiss firm UBS Global Asset Management on 22 June created the Emerging Economies Local Currency Bond fund, a sub-fund of its Luxembourg Sicav UBS (Lux) Bond Sicav, a capitalisation product with daily liquidity.The fund, managed by a team led by Uta Fehm, invests in bonds issued by governments and businesses in emerging countries. The bonds are mostly issued in local currencies. The majority of assets in the fund are invested in bonds from issuers with a mid-range credit rating, but the portfolio may also be partially invested in bonds from supra-national or quasi-government organisations.CharacteristicsName: UBS (Lux) Bond SICAV – Emerging Economies Local Currency BondISIN codes: USD P-acc share class: LU0775387714EUR hedged P-acc share class: LU0775388365CHF hedged P-acc share class: LU0775388878Base currency: USDTER: 1.50%
06/07/2012

Carlyle well-placed to acquire TCW

The US private equity firm Carlyle is reportedly the leading contender to acquire the US asset management firm TCW from Société Générale, Agefi reports, citing information from Reuters. Clayton Dubilier & Rice (CD&R) and Warbirg Pincus are reported to have pulled out of the bidding. The sale price of TCW (Trust Company of the West) will total about USD700m (EUR555m).The transaction, which may take place by the end of the month, would bring additional liquidity for Société Générale, which according to Reuters is thought to be running behind the rest of the banking sector in the effort to comply with Basel 3 regulations.
06/07/2012

3% return for Austrian pension funds

In first half, Austrian complementary retirement plans posted an average return of 2.96%, according to figures from the industry association; in first quarter, when the markets were gaining, return had been 4.3%, Die Presse reports.
06/07/2012

Multifonds launches a new platform

The Multifonds company, specialised in servies to hedge fund managers, has launched a new platform, Global Investor, which allows fund administrators to consolidate investor services and transfer agency operations on a single platform for all types of investment. Five clients are already using the platform, of which three, including Luxembourg’s EFA, are using the new consolidation range. The platform provides services on over USD1.2trn in assets. The firm has also increased its international presence, with the recent opening of an office in Ireland.
06/07/2012

Ramón Esteruelas becomes head at Fundquest

Since 2 July, Ramón Esteruelas has been promoted to head of sales and marketing at the fund of fund asset management firm Fundquest, serving Europe (outside France) and Latin America, Funds People reports. Estruelas has joined the headquarters of BNP Paribas Investment Partners in Paris, leaving Madrid, where since 1 April 2010 he had been head of sales for Southern Europe and Latin America.
06/07/2012

Patrick Lajoinie joins Russell

After ten years at Lombard Odier, Patrick Lajoinie has been recruited as deputy CEO of the new asset management firm Russell Investments France (created in April), where he will be in charge of development for institutional activities and the promotion of family office type dedicated investment solutions to French investors and consultants.
06/07/2012

Responsible investments outperform, according to oekom

The Munich-based extra-financial ratings agency oekom research has found that in the period from the end of 2004 to the end of 2011, its Prime Portfolio Large Caps index, composed of large businesses selected on the bass of sustainable criteria, generate cumulative cap-weighted returns of 30.90%, compared with 26.8% for the MSCI World index. This difference of 4.1 percentage points represents outperformance of 15.3%. If the shares in the oekom portfolio had been equally weighted, the performance would have reached 62.84%.In addition, annual risk for the Prime Portfolio Large Caps was an average of 18.92%, compared with 19.08% for the MSCI World index.
06/07/2012

Credit Suisse hedge fund index up 1.40% in June

The Credit Suisse Liquid Alternative Beta (CSLAB) index, which aims to reflect the performance of the hedge fund sector as a whole, finished the month of June with gains of 1.40%. This development is largely due to the contribution of event-driven strategies, whih earned returns of 4.75% in June, bringing its performance since the beginning of the year to 4.71%. Managed futures, however, underwent losses of 5.62% in June, following gains of 2.50% in May. Over six months, these strategies are down 5.19%.
06/07/2012

Markit launches the first CDS index of central and eastern European corporate debt

The service provider specialised in financial information Markit on 5 July announced the forthcoming launch of the Markit iTraxx CEEMEA, the first CDS index of corporate debt from central and eastern Europe, the Middle East and Africa (CEEMEA). The index will allow investors to expose themselves or to hedge against credit risk from businesses in the region in a wide variety of sectors. Markit has already recently announced the launch of the Markit CDX LatAm Corporate Index, an index which includes Latin American corporate debt. The two indices will be available in third quarter 2012.
06/07/2012

Strong growth in inflows in first quarter wordwide

Inflows to long-term funds worldwide (excluding money market funds) in first quarter 2012 totalled EUR248bn, compared with only EUR11bn in first quarter 2011, according to statistics released on 5 July by the European fund and asset management association (EFAMA).This development is largely due to net inflows of EUR169bn to bond funds in first quarter, compared with EUR49bn in fourth quarter 2011. Equity funds have seen further outflows of EUR6bn, which is a net decline compared with fourth quarter 2011 (-EUR52bn).Diversified funds finished first quarter with inflows of EUR44bn, compared with outflows of EUR1bn in fourth quarter 2011.Money market funds finished the quarter with net outflows of EUR52bn, whereas they had posted subscriptions in fourth quarter 2011 totalling EUR72bn. In the United States, money market funds underwent net outflows of EUR83bn, while in Europe, they have posted net inflows of EUR22bn.Total assets in investment funds worldwide as of the end of March 2012 totalled EUR20.85trn, up 4.4% compared with the end of December 2011.
06/07/2012

Two candidates to acquire CA Chevreux

Crédit Agricole will soon select the buyer of its brokerage affiliate CA Chevreux. Crédit Agricole is studying several strategic options, such as forging ahead with CS Chevreux, restructuring the firm, or selling it, Les Echos reports. According to the newspaper, the second option is considered the preferred one, as brokerage is no longer a core part of the bank’s profession. The restructuring would take the form of a total sale, and not a partnership. A decision is expected in the next few days, or by the end of July at the latest. According to one source familiar with the matter, two candidates are said to be in the running currently: Kepler Capital Markets, and another anonymous group. Viel and the US bank Jeffries have also been mentioned.
06/07/2012

Jean-François Descaves quits as chairman of Financière de Champlain

Jean-François Descaves on 27 June left his position as chairman and CEO of Financière de Champlain. For nine years, he had led the asset management firm which he founded, and which is now an affiliate of Ecofi Investissements (Crédit Coopératif group). Tristan de Vasselot, currently chief financial officer, will become chairman of the firm specialised in sustainable development. He will continue to serve in his original role in addition to serving as chairman, he has told Newsmanagers. The future development of the firm will be oriented to three major areas. The first is collective management, “which remains our core profession,” the chairman says. The second is development of private management, with the support of the Crédit Coopératif group, which will allocate a part of its private management assets to Financière de Champlain. The third area of expertise will be investment in real assets, via its affiliate Champlain Ressources Naturelles. Following the creation of Foncière Forestière in 2010, Financière de Champlain is preparing to launch an infrastructure project, which will also be in the theme of sustainable development.
06/07/2012

Norges Bank and Generali RE found a joint venture in Paris real estate

Norges Bank Investment Management (NBIM), which manages the pension fund for the Norwegian government, and Generali Real Estate, on 5 July announced the creation of a joint venture which will invest in Parisian high-end real estate. Generali has allocated a portfolio of assets to the joint venture, which includes five Paris properties with a cumulative value of EUR550m, through a sale to Norges Bank of 50% of these properties. Generali Real Estate will provide asset management services. The joint venture, which will rely on a long-term strategy and programme, will concentrate on major retail or commercial properties in Paris. The partnership may be extended to other markets in continental Europe, with the creation of similar investment platforms. For Norges Bank, the transaction is the most recent in a series which is a sign of the bank’s desire to increase the significant exposure to real estate of the Norwegian pension fund.
06/07/2012

AlphaValue and Germany's LFG Kronos sign partnership

The French independent equity research agency AlphaValue on Thursday announced that it has signed a partnership with the independent broker LFG Kronos, based in Munich and Frankfurt, to strengthen the two firms’ commercial presence in Germany, Austria, Switzerland and the Netherlands.By offering LFG Kronos exclusive rights to distribution of AlphaValue research in the German-speaking countries, AlphaValue doubles its number of clients, from 170 to about 350.LFG Kronos strengthens its position serving German-speaking clients, and now has a team of 25 analysts, five of them based in Germany, and coverage of over 470 major European shares, 100 of which are in the German-speaking countries. LFG Kronos has a team of 9 experienced vendors, with detailed knowledge of institutions in the German-speaking countries.
06/07/2012

BlackFin acquires 100% of MisterAssur insurance comparison firm

The private equity firm BlackFin Capital Partners, a specialist in financial services, on 5 July announced the acquisition of 100% of the insurance product comparison company MisterAssur, founded in February 2009. MisterAssur offers a free service on the website www.misterassur.com, which allows users to compare a wide range of insurance products by price and characteristics, and to finalise subscriptions online or by telephone. MisterAssur works with a wide range of insurers and brokers with a strong presence in niche areas such as motorcycle, camping and pet insurance. The flexibility of the MisterAssur IT platform allows it to quickly offer users new products. MisterAssur becomes the sixth investment of BlackFin Partners Capital Partners, and is the second investment of the fund in online insurance comparison, after the acquisition of Chiarezza in Italy in April 2012 (www.chiarezza.it).
06/07/2012

Swisscanto recruits a CIO for equities from UBS

Jan Peterhans, who has been global head of SRI equities since 2007, and who had spent the past 10 years at UBS, will on 1 September join Swisscanto as head of equity management. He will be responsible for the application of core/satellite strategy for equity funds from Swisscanto.In addition, as a speicalist in socially responsible investment (SRI), he will continue Swisscanto’s work in this area, and will help Swisscanto to successfully apply the United Nations Principles for Responsible Investment (UN-PRI).Peterhans will take over the management of a team in charge of equity management, which has been provisionally overseen by Ben Hauzenberger since the decease of the former head, Patrik Schaeuber, following a skiing accident in February.
06/07/2012

Annual profits at Temasek down 15.4%

The Singapore sovereign fund Temasek Holdings has announced in a statement released on 5 July that it has earned annual net profits down 15.4% to SGD11bn, or slightly over EUR6.9bn, for the fiscal year ending on 31 March, due to the global economic slowdown. Returns on investments totalled 1.50% last year in Singapore dollars (2% in US dollars). Since the launch of the fund in 1974, annual returns come to 17% (19% in US dollars). The asset portfolio of the holding company has increased 2.6%, to SGD198bn (about EUR125bn), on investments of SGD22bn in the period under review, and divestments of SGD15bn. Australia and New Zealand now represent 14% of the portfolio, compared with 12% previously, while North America and Europe account for 11%, compared with 8% previously. Temasek has reduced its investments in financial services from 36% to 31% of its portfolio, a decision which analysts claim is related to the difficulties provoked by the euro zone crisis. Engagements have, however, been increased in the telecommunications, media, and technology sectors. Long-term growth in Asia remains solid, while the United States and Europe are continuing to offer real opportunities, despite the significant current risks, the chairman of Temasek, S. Dhanabalan, says in a statement.
06/07/2012
Gestion d'actifs

La Caisse de retraite des Mines finalise la vente de son portefeuille immobilier

La Caisse de retraite des Mines (CDC) met en vente un portefeuille d’une dizaine d’immeubles d’habitation qui sont situés aux abords des Champs-Elysées et dans les XIVe et XVIe arrondissements de Paris. Selon le site figaro.fr, qui précise cette information que nous avions révélée au dernier Mipim, le portefeuille ainsi constitué et baptisé « éponte » pourrait rapporter en 150 et 160 M€. Une dizaine de candidats se seraient manifestés dont le Groupe Arnault. La Caisse de retraite des Mines qui doit faire face à un nombre de cotisants actifs (1 000) bien inférieur à ses retraités (320 000) a déjà, par le passé, vendu des actifs immobiliers pour 271 M€ en 2008 et 326 M€ en 2009.
Gestion d'actifs
05/07/2012

Le Danemark abaisse ses taux d'intérêt

La banque centrale du Danemark a abaissé ses taux d’intérêt de 25 points de base jeudi, dans le sillage de la BCE, un geste historique qui fait passer pour la première fois un des taux secondaires en territoire négatif. La Nationalbank a abaissé son taux de prêt marginal de 0,45% à 0,20%. Le taux des certificats de dépôts est rétrogradé de 0,20% pour devenir négatif, à -0,05%. La Banque du Danemark a laissé inchangé son taux d’intérêt des comptes courant à 0,0%.
05/07/2012

Feu vert des eurodéputés aux premiers « project bonds »

Le Parlement européen a approuvé à une très forte majorité l’affectation de 230 millions d’euros du budget communautaire à des «project bonds», ou emprunts obligataires destinés au financement de projets. Leur principe a été accepté la semaine dernière par les 27 Etats de l’UE dans le cadre du Pacte pour la croissance et l’emploi adopté à Bruxelles.
05/07/2012

Un fonds de 150 millions d’euros pour les technologies vertes

Géré par CDC Entreprises, le Fonds commun de placement à risque «Ecotechnologies» va investir dans des PME spécialisées dans la chimie verte, les énergies renouvelables ou les réseaux électriques intelligents. Le financement de ce fonds de 150 millions d’euros provient du Programme d’Investissement d’Avenir.
05/07/2012

La hausse de la TVA reportée à juillet 2013 en Italie

Les baisses de dépenses prévues par le gouvernement italien reporteront à juillet 2013 la hausse de la taxe sur la valeur ajoutée qui aurait pris effet sans cela en octobre prochain, montre un projet de décret obtenu par Reuters. La hausse interviendra donc dans un an si de nouvelles mesures ne sont pas prises d’ici là.
05/07/2012

Recul de l’activité aux services aux Etats-Unis

La croissance dans le secteur des services aux Etats-Unis a ralenti plus que prévu au mois de juin, ont montré les résultats de l’enquête mensuelle de l’Institute for Supply Management (ISM) auprès des directeurs d’achats. L’indice ISM des services est ressorti à 52,1 en juin, contre 53,7 en mai. Les économistes interrogés par Reuters prévoyaient un indice à 53. La composante de l’activité a chuté à 51,7 le mois dernier, contre 55,6 en mai.
05/07/2012

Berne ne suit pas l'embargo européen sur le pétrole iranien

Le gouvernement suisse a étendu les sanctions imposées à l’Iran mais a précisé que, contrairement aux pays de l’Union européenne, il n’appliquerait pas d’embargo sur le pétrole iranien. «Pour des raisons de politique extérieure, les transactions portant sur du pétrole et des produits pétrochimiques iraniens ne sont pas interdites comme dans l’UE, mais doivent être déclarées», a expliqué le département fédéral de l’Economie.
05/07/2012

Berlin juge inutile une révision des traités

Les accords conclus en fin de semaine dernière lors du Conseil européen de Bruxelles ne débordent pas les traités en vigueur, a assuré la chancelière allemande Angela Merkel. Le sommet «n’a donné lieu à aucun accord allant au-delà de ce qui a déjà été accepté dans le cadre de nos traités et accords», a-t-elle déclaré lors d’une conférence de presse en compagnie du chef du gouvernement libanais.
05/07/2012

Le gouvernement grec reconnaît sortir des clous

Le nouveau ministre grec des Finances a reconnu qu’Athènes avait dévié d’une partie des objectifs que le gouvernement grec a acceptés en contrepartie du plan de sauvetage international de 130 milliards d’euros. «L'économie est passée par deux élections difficiles et le programme n’est plus sur les rails dans certains domaines, tout en l'étant dans d’autres», a déclaré Yannis Stournanas lors de sa première déclaration à la presse.

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