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27/04/2012

L'heure est à la spécialisation pour les banques d'investissement

Les banques d’investissement seront amenées à bouleverser leurs stratégies pour rétablir la rentabilité de leur fonds propres, rapporte L’Agefi. Dans ce contexte, le cabinet de conseil Boston Consulting Group estime dans une étude publiée jeudi que cinq modèles économiques s’imposeront. Environ 70% des volumes de trading seront exécutés électroniquement par des «fournisseurs de flux», 20 % par des «experts de la relation» exclusivement orientés vers leurs clients et les 10% restants par des «principal traders», capables d'élaborer des solutions d’investissement et de couverture compliquées. Cette situation attirera d’autres intervenants : les «category killers» moins réglementés (hedge funds, plates-formes, boutiques de M&A) s’attaqueront à certains métiers comme le trading pour compte propre ou les placements privés obligataires. Enfin, les «utility providers» (dépositaires, sociétés informatiques) interviendraient dans les métiers délaissés par les banques comme la compensation ou la gestion du collatéral.
27/04/2012

Old Mutual AM UK et Skandia Investment Group fusionnent

Le groupe britannique Old Mutual va fusionner deux de ses sociétés de gestion au Royaume-Uni, Old Mutual Asset Managers UK et Skandia Investment Group, annonce-t-il dans un communiqué diffusé jeudi.La structure issue du rapprochement donnera à Old Mutual «une présence significative dans la gestion d’actifs au Royaume-Uni», explique le groupe, sachant qu’OMAM UK gère un encours de 4 milliards de livres et que SIG totalise 8,7 milliards de livres, et supervise une «large part des 54 milliards de fonds sous gestion dans nos activités de gestion de fortune – Skandia UK, International et Europe», selon un porte-parole d’Old Mutual à Newsmanagers. Ce dernier précise également que le bureau commercial de Skandia Investment Group en France est concerné par l’opération de fusion, mais que la stratégie ne sera dévoilée qu’au troisième trimestre, à l’issue d’un audit des activités. «La taille de la nouvelle structure va lui permettre de retenir et d’attirer des gérants de portefeuilles talentueux, de développer sa gamme de produits et de solutions d’investissement, et de fournir des service de haute qualité à ses clients», ajoute le communiqué de presse.Julian Ide, l’actuel CEO d’OMAM UK, a été nommé CEO de la nouvelle entité avec effet immédiat. Il est placé sous la responsabilité de Paul Feeney, CEO de la gestion d’actifs de la division Long-Term Savings d’Old Mutual.
27/04/2012

SEC divided over money market funds

Members of the SEC are highly divided on plans by chairwoman Mary Shapiro for money market funds, the Wall Street Journal reports. Asset management firms claim that the proposals, which would limit the ability of investors to sell funds quickly and would change the way in which the prices of funds are determined, would threaten the long-term survival of the sector. In a drive to win the battle, directors of Fidelity, JP Morgan Chase, Vanguard and Federated Investors spent 10 hours one day in March meeting 15 members of Congress from both parties.
27/04/2012

Galleon: Goldman banker under investigation

Prosecutors in California are investigating a Goldman Sachs banker, Matthew Korenberg, who is accused of sharing confidential information about merger operations in the pharmaceutical sector with Paul York, an employee of Galleon, the hedge fund managed by Raj Rajaratnam, according to a source familiar with the matter cited by the Financial Times.
27/04/2012

Pimco to launch an actively-managed ETF of inflation-linked bonds

Pimco will next week launch an actively-managed ETF investing in inflation-linked government bonds denominated in local currencies, Bloomberg reports. The portfolio of the Global Advantage Inflation-Linked Bond Strategy Fund will invest 70% of its assets in developed markets, and 30% in emerging markets.
27/04/2012

Mirae Asset appoints a new CEO in Hong Kong

Mirae Asset Global Investments (Hong Kong) Limited announced on Thursday the appointment of Jung Ho Rhee as its new chief executive officer. He will be succeeding Woong Park who has resigned “for personal reasons,” according to a press release.Jung Ho Rhee, who will take up his new role on 2 May 2012, is a senior executive director at Mirae Asset and currently heads up the Global Asset Allocation Division for the entire Mirae Asset Global Investments Group.
27/04/2012

Santander AM recruits a Latin American bond specialist

Santander Asset Management has recruited Tiago Ventura Rego for its Latin American bond team, Citywire Global reports. In an interview on the website, the fund manager states that he will be taking over the Santander AM Latin American Fixed Income fund. Rego has previously been a consultant at Deloitte and a proprietary trader in currencies and fixed income at Banco Espirito in Lisbon.
27/04/2012

ING IM recruits a head of Investment Grade strategies

Anders Arendal joined ING Investment Management in April 2012, where he will be responsible for ING’s Global Investment Grade strategies.He is coming from BNP Paribas Asset Management in New York, where he was responsible for Global long/short investment grade strategies, notably BNPPAM’s Global Investment Grade flagship fund Parvest Bond World Corporate. Prior to that, Anders worked for Fisher Francis Trees & Watts in London, a subsidiary of BNP Paribas, where he was responsible for the management of the EUR and GBP Investment Grade and High Yield in FFTW’s global multi-sector funds.
27/04/2012

Ignis may cease distribution of Cartesian funds

Cartesian Capital Partners is in talks with Ignis Asset Mangaement to transfer distribution of its product range to National Wealth Service, according to reports in Money Marketing. Ignis currently distributes the Ignis Cartesian UK opportunities and Ignis International Cartesian enhanced alpha funds. NWS, this summer took over distribution of Ignis Cartesian UK equity long/short. Ignis continues to control 50% of Cartesian, Money Marketing recalls.
27/04/2012

Man Group under pressure from shareholders

Ten major shareholders in Man Group have asked its CEO, Peter Clarke, to make changes at the hedge fund firm, the Financial Times reports. If he does not do so, they will seek his resignation. The investors have given the director a “window” of time to bring the share price back up from 11-year lows this month. The firm has also seen a steep fall in its assets under management.
27/04/2012

Old Mutual AM UK and Skandia Investment Group merge

Old Mutual on Thursday announced that it will combine two of its UK asset management businesses, Old Mutual Asset Managers UK and Skandia Investment Group, into a single business. The unified business “will give Old Mutual a significant asset management presence in the UK and it will be the investment engine behind Old Mutual’s Wealth Management business”, according to a press release. “OMAM UK has GBP4bn of assets under management and SIG has GBP8.7bn but in addition, it also oversees a large proportion of the GBP54bn funds under management with our wealth management businesses - Skandia UK, International and Europe”, adds a spokesperson of the group. “The scale of the combined business will allow it to retain and attract talented investment managers, further develop its product range and investment solutions, and provide high quality service to its customers”, adds the press statement. Julian Ide, currently CEO of OMAM UK, has been appointed CEO of the combined business with immediate effect, reporting to Paul Feeney, CEO of asset management for Old Mutual’s Long-Term Savings division.
27/04/2012

Sentences against two KBL Richelieu fund managers lifted

The French council of state has overturned a verdict by the local financial regulator’s sanctions committee in January 2010 to impose sanctions against Nathalie Pelras and Julien Quistrebert. In addition to a reprimand, the two fund managers at KBL Richelieu were fined EUR30,000 over the case, in relation to facts in August 2007, when the Netherlands firm Completel Europe NV, a national telecommunications operator largely serving business clients, was the object of a takeover bid by the Altice B2b company. According to the French regulator investigation report, Quistrebert, a fund manager at Richelieu Finance Gestion Privée, is thought to have received information a few days in advance of the operation from a banker in the Corporate Finance department of HSBC, which includes the price to be offered for the shares the next day. Quistrebert is then thought to have made large-scale purchases of the shares for the Richelieu Evolution fund, and also informed Pelras, who did the same for the Richelieu Europe fund. In light of the fact that “the sanctions commission incorrectly found that the two persons were privy to privileged information,” the council of state has cancelled the disciplinary and pecuniary sanctions against the two portfolio managers.
27/04/2012

IOSCO publishes guidelines for liquidity risk management

The Technical Committee of the International Organization of Securities Commissions has published the consultation report Principles of Liquidity Risk Management for Collective Investment Schemes, which outlines a set of principles against which both the industry and regulators can assess the quality of regulation and industry practices relating to liquidity risk management for collective investment schemes (CIS).
27/04/2012

J.P. Morgan AM appoints a head of real estate for France and Benelux

The real estate unit of J.P. Morgan AM has recruited Cécile Tricault as head of real estate asset management for France and Benelux. Meanwhile, Jean-Philippe Vergnol becomes head of acquisitions for France and Benelux. Tricault will be responsible for valuation, sales and trading of real estate investments held by funds managed by J.P. Morgan Asset Management. Previously, she worked at AXA Real Estate, where she began in 2003 and successively served as fund manager, and then as senior asset manager in charge of tertiary asset portfolios for French and foreign clients. The real estate unit at J.P. Morgan Asset Management – Global Real Asset manages a portfolio of real estate assets valued at EUR32bn worldwide, of which EUR5bn are in Europe, while assets under management in France and Benelux total EUR1.3bn.
27/04/2012

Invesco to sell US wealth management business

Invesco is putting Atlantic Trust Private Wealth Management, its wealth management business with USD18bn in assets under management, up for sale, Reuters reports. The activity is said not to be strategic. Atlantic Trust has 11 offices in the United States, and serves clients with at least USD5m in assets.
27/04/2012

Conjuncture boosts Patrimoine range from Carmignac Gestion

The Patrimoine product range from Carmignac Gestion continued to benefit from significant tailwinds in first quarter 2012. The poor health of the global economy and turbulence expected in global growth offers highly fertile ground for the asset management firm’s diversified product range. Once again, for the management team, Europe in general and the euro zone in particular remain the most disappointing economic universe, penalised by meagre growth. The European equation is looking increasingly insoluble, Carmignac Gestion claims. However, managers predict a real recovery of the US economy, despite “risk factors” such as weak levels of disposable income, excessively low savings rates despite falling household debt levels, and high oil prices. Elsewhere, the management team says, a decline in activities in the major exporting countries (India, Brazil, China, South Korea, etc.) are observable, but it is also clear that inflation is falling in India, and deflation in Brazil means a lowering of interest rates is to be expected. Lastly, in China, Carmignac Gestion states, the authorities will orchestrate a soft landing, with inflation below stated objectives. “Some room to manoeuvre is reappearing,” Carmignac Gestion concludes, although the political calendar makes it unlikely that there will be any immediate moves. In this context, despite short-term risks, the global environment remains favourable to high-risk assets. But managers recommend a more defensive and tactical positioning.
27/04/2012

Skandia IG changes managers for its US growth fund

Skandia Investment Group (SIG) has appointed US asset manager 300 North Capital, LLC to run a USD175m mandate for its Skandia US Capital Growth Fund. It replaces Marsico Capital Management.Headed by CEO and CIO Rick Campagna, 300 North Capital was chosen for its proven ability in US mid-capitalisation stocks which SIG believes is an essential factor of future performance, particularly in growth markets.
27/04/2012

Vigeo rates six more sovereign debt issuers

Vigeo has released a semiannual update of its country ratings to its investor and business clients. With the addition of the Ivory Coast, Kenya, Serbia, East Timor, Tonga and Zimbabwe, the ratings now cover 175 countries. In practice, “Vigeo measures the engagements taken by governments and their performance in terms of institutional, environmental and social responsibility, based on 125 indicators collected from official sources in the countries concerned, international institutions, and non-governmental organizations,” a statement says. The Vigeo rankings “found comparatively weak performance in the countries concerned in the areas of governance, transparency assurances and freedoms, and that environmental engagements were limited in nature,” the statement adds. At the top of the Vigeo rankings for the euro zone are Finland, Luxembourg, Germany, Germany and the Netherlands. At the opposite extreme, at the bottom of the rankings are Greece, Portugal, Italy, “which has already been singled out by Vigeo since 2007 for its weaknesses in institutional governance (corruption, freedom of the press, independence of the courts, etc.)” In its new edition of the rankings, Vigeo has downgraded the environmental performance of Canada, which in late 2011 decided to withdraw from the Kyoto protocol.
27/04/2012
Gestion d'actifs

L'UFF sélectionne une banque partenaire pour un produit structuré

UFF Déclic Juin 2020 est un produit de placement développé par l’UFF en partenariat avec BNP Paribas. Il permet de bénéficier de l'éventuelle hausse du marché actions européen, tout en s’assurant de récupérer, à l'échéance des 8 ans, au moins le montant initialement investi et ce, quelle que soit l'évolution du marché. Ce produit s’adresse à une clientèle de particuliers, investisseurs patrimoniaux cherchant un rendement potentiellement significatif et disposés, en contrepartie, à immobiliser leur placement sur une durée de 8 ans. Le produit peut être souscrit via un contrat d’assurance vie Aviva Vie et est éligible au compte-titres. Ce type d’instrument, dit « produit structuré », se caractérise par une durée de vie fixe, des modalités de remboursement à l'échéance parfaitement définies à l’avance et une période de souscription limitée dans le temps.
Gestion d'actifs
27/04/2012
Gestion d'actifs

Le Fonds de Garantie des Dépôts fait le point sur ses délégations de gestion

Le renouvellement des mandats obligataires du Fonds de Garantie des Dépôts (FGD) est toujours prévu pour 2012, mais le timing est encore incertain, dans l’attente de la renégociation de la directive sur les systèmes de garantie des dépôts à Bruxelles. Il s’agira de remettre en jeu les mandats de BNP Paribas Investment Partners, Amundi and Natixis Asset Management. Par ailleurs, le FGD a effectué un changement de gérants sur les actions large caps de la zone euro en 2011. Amundi, Lazard et Métropole ont pris la place de CCR Actions (UBS), BNP Paribas et HSBC. Thierry Dissaux, Président du directoire du FGD, ne souhaite pas s’exposer sur des fonds small et mid caps à cause des problèmes de liquidité. De même, la gestion alternative est proscrite par le régime, trop difficile d’expliquer les stratégies au grand public. Sur le monétaire qui représente 75% de l’allocation globale, le FGD s’appuie sur les expertises de BNP Paribas, CCR Gestion, HSBC, Groupama, Dexia, CIC and Orsay/Oddo pour gérer le FCP Halévy, et investit également dans des FCP ouverts monétaires chez Amundi et Natixis.
Gestion d'actifs
27/04/2012

Compromis sur le budget aux Pays-Bas

Les deux partis de la coalition sortante et trois formations d’opposition sont parvenus à un accord sur le budget 2013. Celui-ci vise à ramener le déficit sous la barre des 3% du PIB, contre 4,6% attendus en 2012. Cette alliance de circonstance permettrait d’emporter la majorité au parlement.
27/04/2012

La Chine réaffirme ses priorités fiscales et budgétaires

Selon l’agence de presse gouvernementale qui cite le ministre des Finances Xie Xuren, l’approfondissement de la réforme budgétaire et fiscale est au centre des préoccupations gouvernementales. A travers ces réformes, l’objectif est de préserver une croissance suffisante de l’économie, de stabiliser les prix et d’augmenter le pouvoir d’achat, ajoute le ministre.

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