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12/06/2012

Comgest tops EUR2.5bn in assets in Germany

In only seven years, the French asset management boutique Comgest has built up assets under management in Germany of EUR2.5bn, which is a good result considering that Comgest invests exclusively in equities, while Germans are particularly circumspect about this asset class, the Börsen-Zeitung reports. The sales team led by Christoph Zitt is convincing because Comgest practices stock-picking for shares likely to be successful in the long term, without frequent modifications to the portfolio, and because there has been no change of fund managers for 25 years.In Düsseldorf, the five institutional sales staff at Comgest cover the German, Austrian, Swiss and Luxembourg markets.
12/06/2012

Sal. Oppenheim replaces chief economist

Norbert Braems, chief economist at Sal. Oppenheim (Deutsche Bank group), has decided to leave his position on 1 July, while remaining as senior economic adviser to the private bank. His role will be held in the interim by Frank Hübner, head of the economics department.By January 2013 at the latest, his successor will be Martin Moryson, who has most recently been director of corporate advisory at HSH Nordbank, after serving as adviser to institutional investors at Feri Institutional Mangement, and as head of empirical research and econometric analysis for the German Council of the Wise.
12/06/2012

Putnam opens rep office in Beijing

The Boston-based Putnam Investmnts (USD124bn in assets as of the end of April) has announced the opening of a representative office in Beijing, which will be directed by Michael Luo, formerly of Invesco Great Wall, where he helped to set up a fixed income team, has he had previously done at China Investment Corporation. Luo will report directly to Joseph T. Phoenix, head of global institutional management.The Beijing office will be in charge of establishing and managing relationships with government and private institutions in China. Luo will also be responsible for developing Putnam’s long-term strategy in the country.
12/06/2012

Vincenzo Di Perri appointed as CEO of Valartis Bank Schweiz

The board of directors at the banking group Valartis has appointed Vincenzo Di Pierri as CEO of Valartis Bank AG Switzerland. He succeeds Daniel Reptsis, who took over the position for the interim following the departure of Stefan Holzer in May, according to a statement published on 11 June by Valartis. Reptsis will concentrate on his role as chief financial and risk officer for the finance & risk and banking operations units.Di Pierri worked from 2003 to 2011 at Privat Bank Finter, as CEO. Currently, he is head of the Italian chamber of commerce for Switzerland (CCIS).Valartis, formerly a simple brokerage firm, has recently refocused on wealth management. Its assets under management total about CHF6.8bn.
12/06/2012

Gonet group appoints a head for Asia-Pacific

The Gonet private bank has appointed Alex Jagmetti as head of its activities in Asia. Following the opening of the Gonet Asia Pte Ltd company in Singapore in November last year, the group has strengthened its involvement in Asia and is now entering a new phase in its development. Jagmetti has 10 years of experience in Asia, where he has served as Managing Director at HSBC and then at UBS, before becoming head of Asia-Pacific at Falcon Private Bank.
12/06/2012

Record inflows to actively-managed ETF Man GLG Plus Source

The alternative asset management firm Man Group on 11 June announced that the ETF Man GLG Europe Plus Source, launched in January 2011, topped USD565m in assets on 31 May 2012. That makes it one of the largest ETFs in the world seeking to outperform an equity index. It is also one of the most attractive European ETF funds in 2012, both in terms of performance and inflows.The ETF replicates the Man GLG Europe Plus index, created by Man Systematic Strategies (MSS). The index is a long-only total return equity index, designed to capture outperformance through recommendations from brokers on behalf of Man GLG.The exposure of the Man GLG Europe Plus index to large caps is near that of the European equity market overall, while also presenting potential for optimised performance. Between the creation of the index on 30 December 2010 and 30 April 2012, the Man GLG Europe Plus index has outperformed the MSCI Europe by 2.1%. Since 2007, MSS has a managed account, which is based on a similar strategy and provides a track record for the index. Between its launch on 31 December 2007 and 30 april 2012, the performance of the strategy exceeds that of the MSCI Europe index by 13.2%, or 2.9% in annualised figures.
12/06/2012

Swedish investors pull out of equity funds

In May, equity funds on sale in Sweden for the second consecutive month have recorded net outflows, totalling SEK9.7bn, or EUR1.09bn, according to the most recent statistics from Fondbolagens Förening, the Swedish investment fund association. Outflows form equities profited bond and money market funds, which posted net inflows of SEK4bn (EUR0.45bn) and SEK4.6bn (EUR0.52bn), respectively. Balanced funds, meanwhile, have seen inflows of SEK1.1bn (EUR0.12bn). These inflows, however, were not enough to compensate for overall redemptions, as funds on sale in Sweden saw outflows of SEK0.7bn (EUR0.08bn). As of the end of May, Swedish funds managed a total of SEK1.892trn (EUR213bn), of which SEK998bn (EUR112.4bn) were in equity funds.
12/06/2012

Amundi signs management partnership with Macquarie IM

Amundi, via the managed account platform Amundi Alternative Investments, has awarded the fixed income and currencies team at Macquarie Investment Management (MIM) a mandate for EUR80m, in order to actively trade G10 currencies (US, Canada, UK, euro region, Switzerland, Sweden, Norway, Japan, Australia and New Zealand).Amundi Alternative Investments has nearly EUR8bn in assets under management, according to a statement, of which EUR1.7bn are on its managed account platform. The firm employs 100 professionals worldwide (Paris, New York, London, Tokyo). Amundi Alternative Investments, designs and structures alternative multi-management product solutions within a European regulatory framework, domiciled in Ireland under the MiFID Directive.For its part, MIM has been managing fixed income and currency portfolios for over 40 years, and now has a team of over 100 professionals based in Sydney, Philadelphia and London. Its assets total over EUR120bn for fixed income and currency products.
12/06/2012

Liontrust changes the names of three funds

The name of the Liontrust funds «CF Walker Crips UK Growth,” «CF Walker Crips Equity Income» and «CF Walker Crips UK Hight Alpha funds» have been changed to «CF Liontrust Macro UK Growth,» «CF Liontrust Macro Equity Income» and «CF Liontrust Macro UK Hight Alpha funds» respectively, a statement announced yesterday. The decision follows the acqusition of Walker Crips Asset Managers Limited (WCAM) by Liontrust Asset Management PLC on 12 April 2012. The funds in question will continue to be managed by Stephen Bailey and Jan Luthman.
12/06/2012

Hedge fund managers turn to TPM

Demand by hedge fund managers for solutions from third party marketers (TPM) is on the rise, according to Agecroft Partners, Investment Europe reports. This development is reportedly related to small and mid-sized hedge funds, which with the financial crisis, have become aware of the importance of distribution and marketing of their product ranges via TPM providers. Between third quarter 2008 and 2010, net inflows in the hedge fund sector have remained concentrated on a small group of actors whose assets under management total over USD5bn. But from 2011, mid-sized structures have managed to drive their brands and compete with major alternative management actors, Agecroft Partners observes.
12/06/2012

Alstom and FSI sign agreement to acquire Translohr

Alstom and the Strategic Investment Fund (FSI) on 11 June announced in a joint statement that they are taking over Translohr, a guided bus manufacturing affiliate of the Alsacian business Lohr, for a total of EUR35m. Alstom and the FSI have announced in a joint statement that they are taking over 51% and 49%, respectively, of capital in Translohr as part of an agreement which will be finalised “at the conclusion of current procedures, information processes and approval by the relevant authorities.” The Lohr grou[, based in Duppingheim (lower Rhine), has a total of 940 employees, and submitted its balance sheet on 4 June. The future of the business, which is facing debts of EUR94m and earnings which have fallen to one third of their 2008 levels since the onset of the economic crisis, is the subject of negotiations with the productivity recovery ministry.
12/06/2012

BNP Paribas planning to sell asset management activities

BNP Paribas is in the process of studying alternatives for its asset management activities, according to Financial News, citing several sources. Fauchier Partners, a fund of hedge fund firm with USD7bn in assets under management, is considered a clear candidate for sale, due to its relative indepenndence. Fischer Francis Trees & Watts, a bond management firm owned wholly by BNP Paribas, is also seen as an attrractive candidate for sale by investment bankers.
12/06/2012

Geneviève Werner leaves Efigest

“Due to differences of opinion about the management of the business,” Geneviève Werner on 8 June 2012 resigned from her positions as deputy CEO and director of the asset management firm Efigest Asset Management, which she joined in late August 2011 from IT Asset Management. According to reports received by Newsmanagers, Werner is now considering other projects, and has not ruled out founding her own firm.Efigest for its part, claims it has been a victim of unfair competition from Geneviève Werner.
12/06/2012

High net worth retail investors have about 10% of their assets in precious metals

About 10% of the total wealth of high net worth retail investors are held in the form of precious metals, according to a study published on 11 June in Geneva in the Barclays Wealth Insights series. This figure is 18% for high net worth invetors in the United Arab Emirates.In Brazil, China and Singapore, precious objects represent an average of one sixth of total wealth, while the percentage is lower in Switzerland (6%), the United Kingdom (7%) and India (3%). For its survey, the bank spoke to 2000 high net worth retail clients worldwide. One third of them have confirmed that they currently have a larger range of precious objects than five years ago.Despite growing public interest in collectible objects and record prices at auctions, the report finds that investors are more likely to buy assets for sentimental than financial reasons. 62% of precious objects owned by respondents worldwide were bought for pleasure, compared with 60% in Switzerland, as much as 79% in Monaco and 75% in the United Arab Emirates.Greg Davies, head of the department dedicated to behavioural finance at Barclays, remarks that “it is a good idea to be prudent before considering assets as a direct alternative to traditional asset classes, given that they carry numerous risks, ranging from insurance and maintenance costs to the subjective nature of markets.”
12/06/2012

S&P Capital IQ launches an advising service

With Global Markets Intelligence (GMI), S&P Capital IQ has created an advisory operation which provides asset managers with risk-based, non-discretionary services for equity and fixed portfolio strategies, asset allocation and fund review. Currently, GMI advises assets totalling USD18bn. The new service is distributed by S&P Investment Advisory Services in the United States, and by McGraw Hill Research Europe Ltd in the United Kingdom and Western Europe, relying on the proprietary resources of S&P Captial IQ in data, analysis and research. The characteristic of GMI is that its methodologies integrate risk mitigation as a core element, and not as a separate overlay, a statement released on 11 June states.
12/06/2012

Bonds still favoured by investors

The combined forces of disappointing employment data in the US and another week of no clear policy consensus in Europe, along with the fear that Chinese economic growth is slowing faster than previously thought, rattled global markets and encouraged investors to stay on course with the current bond buying spree while continuing to dump equities.In the week ending June 6 EPFR global tracked fixed income funds absorbed another USD3.4 billion of inflows, their 31st consecutive weekly inflow and extending YTD total inflows to about USD190 billion, a pace that is set to break the full year inflow record set in 2010.Investors were retreating from the perceived higher risk of equities as they made net withdrawals of USD7.6 billion from Equity Funds during the week, the second strongest weekly outflow this year.Meanwhile, money market Funds attracted nearly USD9 billion of net inflows, but it was only European based investors feeling the love for this cash equivalent and ultra-low yielding fund vehicle, pumping in nearly USD13 billion of net inflows while US domiciled Money Market Funds saw another week of substantial withdrawals. So far this year Europe domiciled funds have taken in about USD38 billion of net inflows while the US domiciled funds have seen USD107 billion of redemptions.
12/06/2012

Vontobel launches a high yield fund

The Swiss private bankVontobel on 11 June announced the launch of a fund dedicated tocorporate bonds, the Vontobel Fund - High Yield Bond, which willallow investors to earn revenues comparable to those from equities,with lower risk and volatility.The new fund offersinvestors access to a wide range of high yield corporate bonds, withratings ranging form BB+ to CCC-. With a return objcctive of 5% to 9%per year (considered over a complete economic cycle), the fund isseeking to earn revenues comparable to those of equities, and thus ishoping to achieve protection against inflation, while presentinglower volatility and risk than shares which servei dividends.Additional returns compared with government bonds, which have highersolvency levels, are offset by credit risks.Name of fundVontobel Fund – High Yield Bond Benchmark indexCustomized Merrill Lynch High Yield, 50% EUR et50% USD hedgedCurrency of fundEURCountry of domicileLuxembourgEnd of financial yearAugustDate of launch11 June 2012Portfolio managerStefan ChappotISIN numberB: LU0571066462 I: LU0571066975(exclusively for institutional investors)Management commissions per year1.10% (B), 0.55% (I)
12/06/2012

Asset managers encourage reforms in management pay scales

UK asset management firms are pushing major banks and businesses to reform their practices in the area of pay scales, the Financial Times reports. Fidelity Worldwide Investment, Standard Life Investments and Hermes Equity Ownership Services are encourging remuneration committees to model their long-term incentive plans on those rolled out by HSBC, which require the top 100 employees on the pay scale to hold onto the shares issued to them under long-term plans until they leave the bank.
12/06/2012

Vestra recruits from Deutsche Bank

The wealth management firm Vestra, based in London and Jersey, has appointed David Campbell as managing partner. Campbell previously worked at Deutsche Bank, where he was director of the British wealth management unit. Assets under management at Vestra total about GBP2.5bn.
12/06/2012

Suitors line up for Robeco

The asset management affiliate of Rabobank, Robeco, appears to be generating some strong interest, Agefi reports. Since April, offers to acquire the firm have been flooding in. According to the Netherlands newspaper Het Financieele Tagblad, several dozen potential acquirers have expressed interest. Among these are private equity funds from outside the euro zone, including the British (widely international) funds CVC Capital Partners and Apax Partners, and the US firm Hellman & Friedman. Buyers in continental Europe are less interested, Agefi reports.
12/06/2012

Le FMI met en garde le Japon

Le gouvernement japonais doit impérativement faire voter la loi sur l’augmentation de la TVA dans le cadre de son plan de réforme fiscal afin de démontrer sa volonté de respecter ses engagements en matière budgétaire, a estimé le FMI dans un rapport rendu public ce matin. Et l’institution d’ajouter que la crise européenne devrait entrainer une appréciation du yen à un niveau qui menace les perspectives de croissance.
12/06/2012

La BoJ prône une flexibilité des changes en Asie

Le gouverneur de la Banque du Japon, Masaaki Shirakawa, a indiqué qu’il était «impératif que chaque économie influente d’Asie maintienne un niveau suffisant de flexibilité de son taux de change». Un manque de flexibilité pouvant conduire à de forts mouvements dans les flux de capitaux.
12/06/2012

Le patrimoine des ménages américains a fondu

D’après une étude de la Réserve fédérale, la famille américaine moyenne a perdu 38,8% de sa richesse entre 2007 et 2010, les pertes les plus importantes affectant les ménages avec le plus d’actifs liés à l’immobilier. Le patrimoine médian net a ainsi décliné de 126.400 dollars en 2007 à 77.300 dollars en 2010.
12/06/2012

Les régulateurs s’inquiètent de la mise en œuvre européenne de Bâle 3

Dans un rapport qui sera présenté ce mois-ci au G20, le Comité de Bâle (CESB) indique vouloir résoudre des problèmes de «cohérence» dans l’application des normes dites Bâle 3 en Europe. «Les conclusions de cette étude sont préliminaires. Néanmoins, il est possible que la mise en œuvre nationale soit plus faible dans certains domaines que les standards conclus au niveau mondial», souligne le rapport. «L’examen initial a identifié un grand nombre d’éléments dans les propositions actuelles de l’Union européenne sur Bâle 3 qui nécessiteront un approfondissement supplémentaire», ajoute-t-il. Les inquiétudes du Comité concernent notamment la définition du capital par l’UE ou encore la capacité de certains instruments à pleinement absorber les pertes. En revanche, le CESB estime que l’approche du Japon, par exemple, «suggère une forte cohérence» avec l’essentiel de Bâle 3.
12/06/2012

Apax et JMI s’offrent Paradigm

Les acquéreurs ont convenu de verser environ un milliard de dollars en numéraire pour acquérir l’éditeur de logiciels, dont la technologie aide les compagnies pétrolières et gazières à analyser les perspectives de forage. Paradigm a appartenu au cours des dix dernières années au fonds américain Fox Paine, ce dernier multipliant par dix son investissement.
12/06/2012

Hausse modeste des nouveaux prêts bancaires en Chine

Au mois de mai, les nouveaux prêts octroyés par les banques chinoises ont atteint 793,2 milliards de yuans, contre 681,8 milliards en avril. La proportion de prêts à moyen et long terme est passée de 28% en avril à 34% en mai, indiquant que les crédits «ont probablement un impact légèrement meilleur sur l'économie» selon Frances Cheung, économiste chez CA-CIB.
12/06/2012

La CDC réaffirme l’importance du FSI

Alors que la structure de la future Banque publique d’investissement sera précisée fin juillet, le pilier du financement en fonds propres «reposera sur le FSI et CDC Entreprises» a assuré hier une source proche de la Caisse des dépôts à L’Agefi. «Les entreprises ont besoin d’un outil du type Fonds stratégique d’investissement», poursuit-on rue de Lille. La Caisse des dépôts entend être l’actionnaire, avec l’Etat, de la holding qui coiffera la future banque publique (L’Agefi du 11 juin).

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