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11/03/2011

Strong growth for Standard Life in 2010

p { margin-bottom: 0.08in; } As of the end of December, assets under administration by the Standard Life group totalled GBP196.8bn, up 16% year on year. Net inflows excluding British and Indian money market funds rose by 46% to GBP8.3bn, while long-term savings inflows rose 77% to GBP4.7bn. Assets under management for third parties at Standard Life Inestments (SLI) increased by 26% to a record GBP71.6bn.
11/03/2011

Henderson to slough off some funds and managers at Gartmore

p { margin-bottom: 0.08in; } According to reports in Citywire, the managers Dan Roberts, John Anderson and Leigh Himsworth and their teams will not be joining Henderson when the firm completes its acquisition of Gartmore. Their funds will be merged into other products over the summer. In total, Citywire reports, 14 Gartmore funds will be closed down. However, John Bennett, Charlie Awdry, Chris Palmer, Ben Wallace and Luke Newman will be joining Henderson.
11/03/2011

Schroders doubles net inflows in 2010

In 2010, Schroders had net new business inflows of GBP27.1 billion (2009: GBP15.0 billion) taking funds under management at the year end to an all time high of GBP 196.7 billion (2009: GBP 148.4 billion). Net revenue was GBP 1.16 billion (2009: GBP 749.8 million) and profit before tax was GBP 406.9 million (2009: GBP 137.5 million).Net inflows into fixed income were particularly noteworthy at GBP 9.8 billion taking fixed income assets under management to GBP 33.8 billion, almost double the level of two years ago. Schroders also had GBP 5.0 billion of net inflows in multi-asset with major new mandates from UK and international clients.
11/03/2011

Swedish investors pull out of equities funds in February

p { margin-bottom: 0.08in; } In February, equities funds on sale in Sweden had net outflows of SEK9.3bn (about EUR1bn), according to the most recent statistics from the Swedish investment fund association (Fondbolagens Förening), which explains that the trend is due to geopolitical turmoil. The redemptions largely affected funds investing in Swedish equities (-SEK5.7bn). Bond funds also saw SEK2bn in outflows. Meanwhile, balanced funds had net inflows of SEK7bn, and money market funds took on SEK4.9bn. In February, total net sales of funds amounted to SEK 1.4 billion. As of the end of February, assets in funds on sale in Sweden totalled SEK1.92trn (EUR218bn), of which SEK1.144trn are still invested in equities funds.
11/03/2011

Union Investment Real Estate plans to recruit for the French market

p { margin-bottom: 0.08in; } At the MIPIM conference in Cannes, Karl-Joseph Hermanns-Engel, a member of the executive board at Union Investment Real Estate (UIRE), announced on 10 March that the opening of an office in France at the beginning of this year (with the acquisition of Euragone, see Newsmanagers of 10 January) will allow the German real estate fund management firm easier access to regional markets such as Lyon, Lille and Marseilles, and thus to smaller properties (valued between EUR15m and EUR80m), which it is seeking for the portfolios of its institutional funds. In 2010, UIRE made EUR2.6bn in transactions, including 24 acquisitions for EUR1.6bn, and 17 sales (noticeably in Germany, London, Paris and Seoul), for EUR1bn. In 2011, the German management firm is planning to invest EUR1bn to EUR1.5bn, while also making sales, particularly in core European markets.
11/03/2011

Munich Re increases exposure to equities

p { margin-bottom: 0.08in; } The 2010 annual report from Munich Re states that of an investment portfolio of EUR196bn as of the end of December, the proportion invested in bonds was down to 57.7% from 60% one year previously, while stocks, shares in equities funds and stakes in businesses totalled 4%, or 4.4% including derivatives, compared with 2.8% one year previously. Allocations to land and real estate, for their part, were down to 2.9% from 3%.
11/03/2011

Aviva Investors team scales up in Frankfurt

p { margin-bottom: 0.08in; } As a part of the European expansion of Aviva Investors, which will soon involve the appointment of members of an ad-hoc executive committee to assist Jean-François Boulier, CEO of Aviva Investors Europe (see Newsmanagers of 10 March), the asset management firm is adding to its team in Germany.In Frankfurt, Aviva Investors already has two sales staff and one person for client service, and two real estate specialists. This year, two more team members will be recruited, one for institutional clients and one for distribution.The recruitment of one person in Sweden, from SEB, has also been announced. There are also plans to recruit in Denmark, and one person in the Netherlands in early June.
11/03/2011

Pioneer recruits a big name from Allianz Global Investors Europe

p { margin-bottom: 0.08in; } As of 1 April, Oliver Bilal, who was European head of institutional business development & consultant relations at Allianz Global Investors Europe GmbH, will be joining Pioneer Investments Germany as head of institutional distribution and wholesale. He will report to Evi Vogl, chairwoman of the executive board at Pioneer Investments Kapitalanlagegesellschaft mbH.
11/03/2011

UIRE acquires Casal Bertone project in Rome

p { margin-bottom: 0.08in; } For about EUR48m, the German management firm Union Investment Real Estate (UIRE) has acquired the Casal Bertone gallery shopping centre under construction in Rome (9,830 square metres, 56 shops) from the Italian promoter Immobiliare Europea. The property will be added to the EUR4.5bn commercial real estate portfolio, and will belong to the open-ended real estate fund ImmoInvest: Europa.The Casal Bertone gallery is a part of a 21,000 square metre shopping centre, in which the largest space will be an Auchan hypermarket.
11/03/2011

Aviva Investors obtains a license in Taiwan

Aviva Investors has announced that it has received a Securities Investment Consulting Enterprise (SICE) licence for Taiwan from the Financial Supervisory Commission. The licence allows the asset manager to open its own subsidiary and offer a broad range of products in Taiwan to both retail and institutional clients. Since entering Taiwan market in 2008, the licence means that Aviva Investors will have an official presence in Taiwan that allows it to provide on the ground services to local distributors and clients. Aviva Investors has two segregated mandates - Global High Yield and Emerging Market Bonds - and 13 registered SICAV funds in Taiwan.Aviva Investors also recently received its Capital Markets Services licence in Fund Management for Singapore.
11/03/2011

Assets up at Legg Mason and Invesco

p { margin-bottom: 0.08in; } Legg Mason has announced that its assets as of the end of February totalled USD672.7bn, compared with USD671.8bn two months earlier. Equities assets totalled USD188.7bn, compared with USD185.6bn at the end of January, and USD184.2bn at the end of December, while bond assets totalled Usd353.4bn, compared with USD352.9bn and USD355.8bn, respectively. Money market funds, meanwhile, were down to USD130.6bn, compared with USD133.3bn at the end of January, and USD131.8bn as of the end of December.The fund manager explains that its assets were set back by the exit of an Asian equities manager, which reduced the total by about USD2.2bn.At Invesco, total assets as of 28 February totalled USD641.1bn, compared with USD623.1bn one month earlier, and USD616.6bn as of the end of December, while equities products accounted for USD304bn, compared with USD300bn at the end of January, and USD294.1bn two months earlier. Assets in UIT ETF and passive funds totalled USD88.7bn, compared with USD85.5bn and USD80.8bn, respectively.February’s increases are due to market appreciation, institutional investment subscriptions, and appreciation of other currencies against the US dollar.
11/03/2011

Russell recruits a head of defined contribution from AllianceBernstein

p { margin-bottom: 0.08in; } Richard Davies, senior managing director, defined contribution & sub-advisory relationships at AllianceBernstein, will be joining Russell Investments on 1 June as managing director, defined contribution. He will become the new head of Russell’s activities in the area of defined contributions, which as of the end of December represented USD67bn in advisory assets and USD20bn in assets under management worldwide.
11/03/2011

Franklin Templeton appoints a head of sales to RFAs

p { margin-bottom: 0.08in; } Franklin Templeton has announced the appointment of Pierre Caramazza as head of sales to Registered Financial Advisers in the United States. Caramazza has several years of experience at the firm, most recently as head of the Fixed Income Product Management division.
11/03/2011

Former McKinsey partner testifies in Galleon trial

p { margin-bottom: 0.08in; } Anil Kumar, a former partner at McKinsey, has testified in the trial of Raj Rajaratnam, the founder of Galleon, that he shared confidential client information with Rajaratnam, because he felt indebted due to personally receiving USD500,000 per year in consulting fees from him, the Financial Times reports. He told of how Rajaratnam advised him to open a Swiss bank account and an offshore account invested with Galleon, using the name of his housekeeper in order to avoid detection.
11/03/2011

Duke Street investit dans la gestion

Le fonds de capital-investissement a pris une participation majoritaire dans la société UK Wealth Management, un spécialiste de la gestion de patrimoine et de l’épargne salariale en Grande-Bretagne. Le montant n’est pas communiqué. Duke Street, qui a déjà investi en 2010 dans Payzone (paiements) et Marlin (rachat de crédits), a fait des services financiers un secteur privilégié.
11/03/2011

Schroders signe un grand millésime 2010

Le gérant britannique a quasiment triplé son résultat avant impôt l’an dernier, à 406 millions de livres. A fin 2010, Schroders affichait 197 milliards de livres d’actifs (contre 148 milliards fin 2009). A 27 milliards, la collecte nette a presque doublé.
11/03/2011

Le Conseil de coopération du Golfe aide deux de ses membres

Le Conseil de coopération du Golfe réuni jeudi à Ryad a annoncé le déblocage d’une aide de 20 milliards de dollars sur dix ans destinée à améliorer les infrastructures et les logements d’Oman et de Bahreïn, ses deux Etats membres les moins riches, touchés par la vague de révoltes qui souffle sur le monde arabe.
11/03/2011

Bruxelles reste à l'affût sur les agences de notation

La Commission européenne a déclaré hier qu’elle approfondirait encore la régulation des agences de notation, alors que ces dernières sont à nouveau sous le feu des critiques après les dégradations des notes grecque lundi et espagnole hier. «Une nouvelle révision en profondeur des règles applicables aux agences de notation est nécessaire», ont indiqué les commissaires européens Michel Barnier et Olli Rehn. «Nous pouvons assurer que les réformes seront fondamentales et s’attaqueront aux nombreux problèmes qui continuent d’exister», ont-ils ajouté, précisant que les derniers jours avaient mis en évidence la nécessité d’un environnement régulé pour les notations. Les réformes envisagées viseront à apporter plus de concurrence au secteur, domimé par Standard & Poor’s, Moody’s et Fitch, et chercheront à réduire la dépendance aux notes, à améliorer leur qualité et à réduire les conflits d’intérêts dans le secteur.
11/03/2011

UFG Rem augmente ses investissements

La filiale de gestion immobilière d’UFG LFP prévoit d’investir 500 millions d’euros en 2011, soit 25% de plus que l’an dernier. Une enveloppe minimale de 300 millions est prévue pour les SCPI et OPCI du groupe, ainsi qu’un plan d’arbitrage de 80 millions, et enfin 120 millions dans le résidentiel neuf.
11/03/2011

Le déficit commercial américain se creuse plus qu'attendu

Le déficit commercial des Etats-Unis s’est creusé plus que prévu en janvier en raison de l’envolée des importations de pétrole, d’automobiles et de biens d'équipement, selon le département du Commerce. La balance des échanges affiche un déficit de 46,34 milliards de dollars, alors que le marché attendait un «trou» de 41,5 milliards. En décembre, le déficit s'était élevé à 40,3 milliards.
11/03/2011

Deutsche Börse pourrait se laisser diluer au sein de Direct Edge

L’opérateur de la Bourse de Francfort pourrait solliciter des investisseurs bancaires afin de laisser diluer sa participation au capital de la plate-forme américaine. Cela afin d’atténuer les critiques potentielles des autorités de la concurrence aux Etats-Unis dans le cadre du projet de fusion entre Deutsche Börse et Nyse Euronext.
11/03/2011

Le FRR s’adapte à son nouveau modèle

Face à ses engagements envers la Cades, le fonds articule sa stratégie autour de deux poches, de couverture (60% de l’actif net) et de performance.
11/03/2011

L'immobilier en manque d'actifs sécurisés

Le Mipim, salon international de l’immobilier, se clôt sur un bilan plutôt positif. Mais derrière la stabilisation du marché, les investisseurs - au rang desquels les fonds souverains montent en puissance - sont confrontés à une pénurie de biens de premier choix.

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