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20/01/2011

RCM recruits an Asia specialist

p { margin-bottom: 0.08in; } RCM, an affiliate of Allianz Global Investors, has appointed Andres Allende as an Asia specialist in its global emerging markets team, Investment Week reports. Allende joins from RAB Capital, where he was in charge of global emerging markets long/short strategy.
20/01/2011

Franklin Templeton completes acquisition of Rensburg

Franklin Templeton Global Investors Limited (UK) has completed the acquisition of Rensburg Fund Management Limited, a subsidiary of Investec focused on UK equity. The purchase was closed in an all cash transaction for GBP 45 million (approximately USD 71 million) on 18th January 2011. Rensburg manages approximately GBP 935 million (approximately 1.5 billion USD as of 31 December 2010) in UK equities.
20/01/2011

Sherborne attacks acquisition of Thames River by F&C

p { margin-bottom: 0.08in; } The acquisition of Thames River and REIT by F&C may be prejudicial to shareholders, Sherborne Investors, the activist investor which bought a 17.5% stake in F&C and is seeking to unseat the chairman, Nick MacAndrew, claims. According to Investment Week, the investor had written to shareholders in F&C calling for a vote in favour of resolutions it has submitted for the general shareholders’ meeting on 3 February.
20/01/2011

Jupiter experienced net inflows of GBP2bn in 2010

p { margin-bottom: 0.08in; } Jupiter Fund Management has experienced net inflows of GBP772m in fourth quarter 2010. Including positive market effects of GBP1.13bn, this means that assets under management at the firm have increased by 9% to GBP24bn as of 31 December. For the year, the UK asset management firm shows net inflows of GBP2.32bn.
20/01/2011

Two former Deutsche Bank managers move to UBS London

p { margin-bottom: 0.08in; } Agefi Switzerland reports that the UBS group has recruited two former Deutsche Bank employees, Marcus Overhaus and Ricardo Honegger, for its equity business department, in the area of structured and synthetic products, in London, according to an internal UBS memo obtained by Bloomberg. They will both report to Yassine Bouhara and Francois Gouws, join global heads of equities, and Roberto Hoornweg, global head of securities distribution. Overhaus and Honegger become managing directors, and began in their new positions last week.
20/01/2011

Former Brevan Howard trader goes solo

p { margin-bottom: 0.08in; } According to reports in Financial News, Frederic Denjoy, a former trader at Brevan Howard Asset Management, has founded his own firm in London, Denjoy Capital Partners. The firm is planning to launch a long/short equities fund on 1 May.
20/01/2011

Allianz GI adds to one of its sales teams

p { margin-bottom: 0.08in; } The external distribution sales team at AllianzGI France (AGI France) on Wednesday, 19 January announced that it has added to its sales team, led by Marie Fortez. Marielle Garandet and Olivier Taek join Pierre Marion, who has been a member of the team since July 2010. The recruitments will aim to intensify coverage of the French and Monaco markets by the firm, which since 1 January has also put the team in charge of development on the Luxembourg market, a statement says. Previously, Garandet, who joined Allianz Global Investors in London in 2007, was an external distribution sales specialist. Taek, for his part, joined Allianz Global Investors France in 2007, and served in a series of positions in the areas of calls for bids and institutional product marketing. Marion joined the external distribution team at Allianz Global Investors France in July 2010.
20/01/2011

OFI launches OFI Investment Solutions

p { margin-bottom: 0.08in; }The OFIgroup on Wednesday, 19 January announced the launch of OFI InvestmentSolutions (OIS), a new services activity aimed at institutionalinvestors, corporates and family offices, in the area of financialproduct structuring. OFI Investment Solutions is organised as an“in-house” team, led by Guillaume Launay, and offers thefollowing services:investmentadvising, restructuring and divestmentsearchfor investment solutions via structured productscounter-valuationand reporting of positionsreceptionand transmission of ordersoriginationadvising
20/01/2011

Profits and assets down at Goldman Sachs

p { margin-bottom: 0.08in; } Last year, Goldman Sachs earned net profits of USD8.35bn, compared with USD13.38bn in 2009.Assets under management at the firm fell 4% over 12 months, to total USD840bn as of the end of December, of which USD208bn (-21%) were in money market funds, USD340bn (+8%) in bond funds, USD144bn (-1%) in equities funds, and USD148bn (+1%) in hedge funds.Revenue from asset management increased 9% to USD5.01bn.
20/01/2011

BNY Mellon posts record assets at the end of December

p { margin-bottom: 0.08in; } For the year 2010, BNY Mellon has announced net profits of USD2.58bn, compared with losses of USD1.1bn in the previous year.As of the end of December, the group had record assets, both under custody and administration and under management. Assets under custody and administration totalled USD25trn, 25% higher than at the end of September and 12% higher than one year previously. Most of the increase in annual terms reflects the acquisition of Global Investment Servicing (GIS) on 1 July, and of BHF Asset Servicing on 2 August.Assets under management, excluding securities lending, as of the end of December totalled USD1.17trn, 3% higher than three months previously, and 5% higher than 31 December 2009.Accounts at BNY Mellon also show that revenues from asset and wealth management commissions totalled USD2.87bn in 2010, compared with USD2.68bn the previous year.
20/01/2011

LCF Rothschild “is doing reasonably well”

Michel Cicurel, chairman of the board at La Compagnie financière Edmond de Rothschild (LCF Rothschild) on 19 January announced that “the bank is doing well and has returned to its pre-crisis levels.” Total assets topped EUR100bn. Assets in Paris now total over EUR37.6bn as of the end of December, (“a little on the light side of” EUR40bn), compared with EUR33.7bn one year previously (see Newsmanagers of 15 January 2010).Profits for 2010, even with a highly prudent accounting approach, “will be higher than the EUR51m earned in 2008, but lower than the EUR105.3m earned in 2007.” In 2009, profits totalled “slightly under half” of the 2008 profits.Private banking activities posted a net inflow of EUR900m, and assets have increased 11%, to EUR12.6bn, largely due to deployment in the provinces.Asset management, which has gained a lot of momentum internationally, and which is planning to enter new international markets this year, has assets of EUR25bn, of which EUR14bn (+16%) are at Edmond de Rothschild Asset Management (EDRAM), with net subscriptions of EUR900m, while Edmond de Rothschild Investment Managers (EDRIM) has EUR9bn, with net inflows of EUR600m, excluding money markets.The private equity unit, with four dedicated affiliates, has assets of EUR1.9bn.
20/01/2011

Mobius considers a hedge fund

p { margin-bottom: 0.08in; } Agefi reports that Mark Mobius, the star emerging markets manager at Franklin Templeton, has told Reuters that he is considering launching a hedge fund at the traditional asset management firm.
20/01/2011

Wave of real estate funds in creation to take advantage of property sell-offs

p { margin-bottom: 0.08in; } In its bulletin for fourth quarter, the Spanish securities commission (CNMV) has announced that it is expecting several applications in the next few months for licenses to allow Spanish and foreign businesses to create collective real estate management firms, Cinco Días reports. The objective will be to create vehicles starting from zero, to take advantage of recent falls in real estate prices, and to score discounts from banks seeking to unload some of their ample stock of real estate properties.
20/01/2011

Deutsche Bank introduces a new investment assistance tool

p { margin-bottom: 0.08in; }a:link { } Deutsche Bank on 19 January announced the introduction of a new decision-making aid to assist investors: fundamental analysis of indices. According to a statement from the bank, the new instrument will cover up to 20 of the most representative indices of the equities, credit and commodities universes. Analysts at the bank will give positive, neutral or negative outlooks for each index. Each time the outlook for an index changes, the analysis will be updated. “Investments in indices, for example via tracker funds, are growing fast. With fundamental analysis of indices, we will cover a large variety of asset classes and provide investors with a useful decision-making aid,” says Lars Slomka, head of German equities strategy. Deutsche Bank has also published its first analysis of the DAX index, which gets a positive outlook due to a 2% growth projection for Germany, the strongest of the major Euro zone economies, and attractive valuations for DAX companies. Deutsche Bank will publish its analyses at the web address http://www.dbxtrackers.com/, on the page for institutional investors.
20/01/2011

Dealis now administers 2,500 funds

p { margin-bottom: 0.08in; } On schedule, on 31 December, Dealis Fund Operations GmbH, a joint venture of Allianz Global Investors (AGI) and DekaBank, completed its 18-month migration of 1,300 open-ended and institutional funds from the DekaBank group onto the SimCorp Dimension (SCD) platform. The 260 German-registered cominvest funds were successfully migrated on 1 July 2010. Dealis now administers about 2,500 funds domiciled in Germany and Luxembourg, with assets of over EUR340bn. AGI and Deka in late 2008 decided to move all their back office operations into a central joint venture, Dealis, which commenced its operations in early 2009. Dealis may now develop its range of services, and may invite other German and Luxembourg asset management firms to join the SCD platform, which operates independently of its two parent companies.
20/01/2011

End of the line for Agathon Investment

p { margin-bottom: 0.08in; } Michael Hallacker, former director of Deka Investment, and founder of the management boutique Agathon Invest in 2009, sold his remaining shares in the asset management firm specialised in bonds and currencies in late December, portfolio institutionell reports. The sale spells the end for Agathon Invest, which had launched only one bond fund, and which had only one client, who invested EUR2.5m in the product.
20/01/2011

Vontobel gearing up for external growth

p { margin-bottom: 0.08in; } Herbert J. Scheidt, chairman of the board, announced on 19 January in Frankfurt that with 20% owners’ equity, Vontobel has the adequate means to acquire private banks in Switzerland and Germany, the Frankfurter Allgemeine Zeitung reports. In Germany, assets total EUR2bn, half of which is in private banking, and half in institutional management.Meanwhile, the Swiss firm has a choice between three teams of advisers to recruit for its Munich offices, and the team in Cologne, where Sal. Oppenheim is showing signs of weakness, will be adding to its range of products aimed at high net worth private clients, under the leadership of Johannes Ollischläger (ex Deutsche Bank). In Frankfurt, Vontobel has recruited Petra Mennong (ex UBS) to direct the private banking operation, and in Hamburg, the Swiss bank has recruited a team of advisers from Hauck & Aufhäuser.
20/01/2011

Vontobel clients approve of all-in fee structure

p { margin-bottom: 0.08in; } Frank Wieser, chairman of the board at the Munich-based firm Vontobel Europe, has announced increases of 31%. in assets and 40% in earnings for private banking activities in Germany last year, while costs increased by only 3%, the Börsen-Zeitung reports. Personnel will increase this year from 73 to 86.The manager says the minimal amount of assets required to engage the services of Vontobel has been doubled, to EUR1m. 90% of clients have accepted the new all-in fee structure, with a commission of 1% on assets, while all commissions and kickbacks are paid back to the client.
20/01/2011

Allianz backs price transparency

p { margin-bottom: 0.08in; } Maximilian Zimmerer, chairman of the board at Allianz Lebensversicherung, has announced that his company will in the future release all-in fee information for its life insurance products, the Börsen-Zeitung reports. On the one hand, this will explain the impact of performance on costs, and on the other, will make products more comparable with competing products. According to Zimmerer, fund manager DWS (Deutsche Bank) has already adopted a comparable system.
20/01/2011

Former Sal. Oppenheim company bought out by management

p { margin-bottom: 0.08in; } Agefi Switzerland reports that the Zurich-based management firm 4IP has been taken over by its management. The former entity of Sal. Oppenheim Corporate Finance (Suisse) will not be involved in the transaction, as its parent is in the process of being acquired by the Italian bank Banca Leonardo. 4IP advises institutional or family investors in indirect real estate investments, i.e., investments not in real estate properties, but in real estate funds or realty companies, for example.
20/01/2011

S&P warns United States

p { margin-bottom: 0.08in; } La Tribune reports that US government debt is becoming a subject of concern for ratings agencies. After Moody’s, Standard & Poor’s estimates that “in the absence of a credible plan, the AAA rating of the US federal government will be under pressure,” as the stable outlook for the rating supposes “that the government will soon unveil a credible plan to tighten its budgetary policy,” the newspaper reports.
20/01/2011

OMAM to merge funds

p { margin-bottom: 0.08in; } Old Mutual Asset Managers will merge its income funds, managed by Stephen Message, Investment Week reports. Pending approval from the FSA and shareholders, the Equity Income fund will absorb the Extra Income fund at the beginning of March, resulting in a vehicle with GBP58m in assets.
20/01/2011

Scottish Widows launches a currency fund

p { margin-bottom: 0.08in; } Roddy Macpherson, investment director, currencies, is the manager of the new Currency Alpha fund, which was launched on 21 December by Scottish Widows Investment Partnership.The fund is an OEIC product focused on currencies, aimed at the “discretionary” market, meaning mainly wealth managers and multi-managers, using a quantitative model developed internally three years ago which gives good results.The capacity of the fund is limited to GBP400m, and the objective is to outperform the Libid 7-day in pounds sterling by 400 basis points, before fees. There will be a performance commission.CharacteristicsName: SWIP Currency Alpha FundISIN codes: G Acc shares: GB00B5KQZ301G Inc shares: GB00B5M00B30H shares: GB00B59V4845Front-end fee: 3.75%Management commission: 1% (H shares)0.75% (G shares)Minimal subscription: GBP10m
20/01/2011

Changing of the guard in M&G fund manager personnel

p { margin-bottom: 0.08in; } Giles Worthington, manager of the M&G Pan European Fund (EUR363m), and Tim Short, manager of the M&G European Fund (EUR196m) and the M&G Special Situations Fund (EUR47m), are leaving the British management firm M&G Investments.Greg Alridge, manager of the M^&G Global Growth Fund, and Charles Anniss, manager of the M&G European Smaller Companies Fund (EUR123m) are appointed as co-managers of the M&G Pan-European Fund and the M&G European Fund. In addition, Anniss is taking over the M&G European Smaller Companies Fund. The M&G Special Situations Fund is now managed by Richard O’Connor, of the equities structured products team, until a decision is made about the future of the product.M&G also announced on 19 January that all of its multi-asset class funds will now be managed in a single global investment framework, developed and deployed for over 10 years by Dave Fishwick, an M&G “veteran” with more than 20 years’ seniority, who was appointed as head of macro and equities in July 2010. The framework involves the conviction that the best approach to manage a portfolio is a flexible allocation between various global asset classes which varies in response to changes in the valuation of assets as well as to economic and behavioural factors which determine these valuations.The adoption of the single framework has triggered a change in the management team. George Tsinonis, manager of the M&G Glboal Dynamic Allocation Fund, has left the business, and the fund is now managed by Juan Nevado and Tony Finding, who are longstanding members of the macro investment team. The risk profile and objectives of the fund remain unchanged.
20/01/2011

Former Julius Baer banker sentenced

p { margin-bottom: 0.08in; } Rudolf Elmer, former head of the Julius Baer affiliate in the Cayman Islands, who earlier this week handed over disks with bank data to Julian Assange, the founder of Wikileaks, has been fined 240 fine-days (equivalent to CHF7,200), with the sentence suspended. The Zurich district court found Elmer guilty of repeated violations of banking confidentiality, attempted coercion and threats to his former employer.
20/01/2011

Les clients de Vontobel apprécient le tarif "all-in fee"

Frank Wieser, président du directoire du munichois Vontobel Europe, a fait état de hausses de 31 % de l’encours et de 40 % du chiffre d’affaires pour l’activité de banque privée en Allemagne l’an dernier, tandis que les charges ne progressaient que de 3 %, rapporte la Börsen-Zeitung. L’effectif va passer cette année de 73 à 86 personnes.Le manager a indiqué que le montant minimal pour accéder aux services de Vontobel a été doublé à 1 million d’euros. D’autre part, 90 % des clients ont accepté le nouveau système de facturation du type «tout-compris», avec une commission de 1 % sur l’encours, et rétrocession des rétrocommissions.
20/01/2011

Allianz mise sur la transparence des prix

Maximilian Zimmerer, président du directoire d’Allianz Lebensversicherung, a annoncé que sa compagnie va afficher à l’avenir le taux de changement global de ses produits d’assurance-vie, indique la Börsen-Zeitung. Cela permettra d’une part d’expliquer l’incidence de la performance sur les coûts et de l’autre de rendre les produits comparables avec ceux des concurrents. D’après Maximilian Zimmerer, le gestionnaire DWS (Deutsche Bank) a déjà adopté un système comparable.
20/01/2011
Fonds

UBS fait coter trois ETF sur les hedge funds à Francfort

Depuis le 19 janvier, trois nouveaux ETF de droit irlandais répliquant des indices HFRX de hedge funds sont admis sur le segment XTF de la plate-forme de négociation électronique Xetra de la Deutsche Börse, ce qui porte à 763 le nombre de produits cotés.Deux de ces nouveaux fonds de hedge funds d’actions, l’UBS ETFs plc HFRX Global Hedge Fund Index SF (EUR) A-acc et le UBS ETFs plc HFRX Global Hedge Fund Index SF (USD) A-acc, sont chargés à 2 % tandis que le UBS ETFs plc HFRX Global Hedge Fund Index SF (USD) I-acc est assorti d’une commission de gestion de 1,50 %.Dans l’indice, les différentes stratégies sont pondérées en fonction de la répartition des encours au sein du secteur des hedge funds. Le troisième de ces nouveaux produits s’adresse avant tout aux investisseurs institutionnels.
Fonds
20/01/2011

Dealis administre désormais 2.500 fonds

Ponctuellement pour le 31 décembre, Dealis Fund Operations GmbH, filiale commune d’Allianz Global Investors (AGI) et de DekaBank, a bouclé les 18 mois de migration des 1.300 fonds offerts au public et institutionnels du groupe DekaBank sur sa plate-forme SimCorp Dimension (SCD), alors que celle des 260 fonds cominvest de droit allemand avait été parachevée au 1er juillet 2010.Désormais, Dealis administre environ 2.500 fonds domiciliés en Allemagne et au Luxembourg pour un encours supérieur à 340 milliards d’euros. AGI et Deka avaient décidé fin 2008 de regrouper leurs activités centres de back-office dans une filiale commune, Dealis, qui a entamé ses activités début 2009.A présent, Dealis peut développer son offre de services et proposer à d’autres sociétés de gestion allemandes et luxembourgeoises de rejoindre la plate-forme SCD, qui opère de manière indépendante vis-à-vis de ses deux maisons mères.
20/01/2011

Fin de l'aventure Agathon Invest

Michael Hallacker, ancien dirigeant de Deka Investment et fondateur en 2009 de la boutique de gestion Agathon Invest, a vendu fin décembre les parts qu’il détenait dans la société de gestion spécialisée sur l’obligataire et les changes, indique portfolio institutionell. Cette vente signifie la fin d’Agathon Invest, qui n’avait lancé qu’un seul fonds obligataire et ne comptait qu’un seul client, qui avait investi 2,5 millions d’euros dans le produit.

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