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24/02/2014

Axa SPDB plans to launch funds and increase assets

P { margin-bottom: 0.08in; } Axa SPDB Investment Managers, the joint venture from the Axa group based in Shanghai, is planning to launch funds this year, including an internet-based financial product aimed at corporate investors, Asian Investor reports. The firm would meanwhile like to increase its assets under management by 50%, its Ceo, Diana Yu, states. Last year, assets under management already leapt 150%, to BMR32bn, or about USD5.27bn, of which RMB25bn are in segregated accounts. The growth strategy of the joint venture is based on three pillars: open-ended funds, segregated accounts, and an affiliate dedicated to segregated accounts. Axa SPDB Asset Management (located in the Shanghai free zone), which allows Chinese investors for the first time to buy assets on the primary market.
24/02/2014

Manager from Valartis AM joins VTB CIM

P { margin-bottom: 0.08in; } Tim McCarthy has left his position as head of equities at Valartis Asset Management to take on a position as managing director at VTB Capital Investment Management, a boutique based in Geneva specialised in the Russian market, Citywire reports. This coincided with the selection by Valartis Bank, parent company of Valartis Asset Management, of VTB as outsourced manager of the Valartis Russian Market fund.
24/02/2014

Clarissa Haller appointed as director of Corporate Communications at Credit Suisse

P { margin-bottom: 0.08in; } Credit Suisse Group (CS) has appointed Clarissa Haller as head of Corporate Communications. She will report directly to CEO Brady W. Dougan, Credit Suisse announced in a statement on 21 February. “Ms. Haller has long experience and will be responsible for communication within the business and communication concerning activities in our four regions of the world,” the CEO states. Before joining Credit Suisse, Haller had been head of the Corporate Communications Group at ABB. Haller succeeds Andrés Luther, who joins Hirzel.Neef.Schmid.Konsulenten as a partner.
24/02/2014

BlackRock increases its stake in the capital of Intesa Sanpaolo

P { margin-bottom: 0.08in; } The US asset management firm BlackRock has increased its stake in the Italian bank Intesa Sanpaolo to 5.004%, according to the website of the italian group. BlackRock had previously owned less than 2% of capital. The US asset management firm becomes the second largest shareholder in Intesa Sanpaolo.
24/02/2014

Assets at March Gestión up 80% in 2013

P { margin-bottom: 0.08in; } March Gestión, the asset management affiliate of the Spanish March group, has finished the year 2013 with more than EUR4bn in assets under management, up 80% compared with 2012. This development is largely linked to a net inflow of EUR1.6m via funds registered in Spain, Luxembourg and the United Kingdom. March Gestión has also benefited from its merger with Consulnor Gestión, which brought in nearly EUR500m in assets. In the past five years, the firm has tripled its assets under management, driven largely by sales of its products in Austria, Chile, Italy, Luxembourg and the United Kingdom.
24/02/2014

Charles Morrison becomes president of asset management at Fidelity

Fidelity Investments on February 20 announced the appointment of Charles Morrison as president of the company’s Asset Management organization. He succeeds Ronald P. O’Hanley, who recently announced his plans to leave the firm.In his new role, Morrison, 53, will oversee Fidelity’s investment divisions that collectively manage USD1.9 trillion in retail and institutional assets on behalf of individual investors, intermediaries, and institutions worldwide. He will report to Abigail P. Johnson, president of Fidelity Financial Services.Morrison most recently served as president of the company’s more than USD750 billion Fixed Income division. He joined Fidelity as a corporate bond analyst in 1987, and, over the next several years, assumed roles with increasing responsibility including managing portfolios for Fidelity Management Trust Company.
24/02/2014

Legal & General acquires US firm Global Index Advisors

On February 21, Legal & General Group agreed to acquire the business of Global Index Advisors (GIA), an Atlanta based investment advisor focused on target date funds. GIA is in the top 5 of target date providers in the US, according to Morningstar. The acquisition, by the Group’s subsidiary Legal & General Investment Management America, for a maximum consideration of USD50.4m, is expected to complete mid 2014, subject to fund shareholder approval.Legal & General has identified international expansion of asset management as one of its five key themes for growth, and with this acquisition LGIMA now has proforma assets which exceed USD50bn. The acquisition provides Legal & General with scale and distribution in the USD6 trillion US defined contribution market, where target date funds assets are forecast to double by 2017, according to a press release. The initial consideration is USD30.75m with deferred consideration of USD1.5m payable over the period of 2 years from the date of completion and further payments of up to a maximum of USD18.15m payable over 3 years from the date of completion, subject to performance and other conditions being met including additional assets.
24/02/2014

S&P Capital IQ recruits from London Stock Exchange

P { margin-bottom: 0.08in; } The data research provider S&P Capital IQ has announced the arrival of Imogen Dillon Hatcher as chief commercial officer from 14 April. In her newly-created role, Dillon Hatcher will direct sales by S&P Capital IQ worldwide, customer services, and marketing and research activities. Dillon Hatcher previously worked at London Stock Exchange, where she was executive director for sales worldwide.
24/02/2014

Pictet would like to get closer to end clients

P { margin-bottom: 0.08in; } The Paris office of Pictet, which is celebrating its tenth anniversary this year, is preparing a new offensive on the French market. “We would like to get closer to our end clients. We would like to develop our relations with direct prescribers, independent wealth management advisers and investment advisers at banking networks and insurers,” Hervé Thiard, CEO of Pictet & Cie in France and head of Pictet Asset Management France & benelux, tells Newsmanagers. With this in mind, Pictet Paris is in the process of recruiting a salesperson, who will be dedicated to developing relatinoships with prescribers. With this in mind, “Pictet AM France is working to develop a new site with appropriate content which will allow for better communication with end clients or presribers,” Thiard says. Work is advanced and the site is expected to be operational in the next few weeks. Another project for 2014 is the redeployment of sales resources to intensify monitoring in the institutional investor segment. “In particular we would like to offer reporting which is better adapted to the new regulatory environment,” says Thiard. Institutionals now represent about 40% of clients, compared with about 50% for wholesale distributors and 10% for prescribers. There is a project of adapting an existing market neutral offshore strategy to European equities. “However, we have no plans for launches in the immediate future,” Thiard says, adding that the available range is already very large.
24/02/2014

Pimco appoints successors for El-Erian funds

P { margin-bottom: 0.08in; } Pimco has announced the appointment of successors for two funds previously managed by Mohamed El-Erian, co-CIO of Pimco, who has recently announced that he will be leaving in March this year. The bond manager Mihir Worah will replace El-Erian to manage the Pimco GIS Global Multi-Asset fund. He will work with the other two managers of the fund, Curtis Mewbourne and Vineer Bhansali. In a second change, Lupin Rahmatu, an emerging market specialist, is taking over El-Erian’s responsibilities for the Pimco GIS Global Advantage fund. She will work with Andew Ball and Ramin Toloui.
24/02/2014

Online dictionary to understand hedge funds

P { margin-bottom: 0.08in; } The international alternative management fund association MFA has published a hedge fund glossary on its website, the The Book of Jargon® – Hedge Funds, written by the law firm Latham & Watkins. Alongside important terms for beginners such as “basis point,” readers will find more obscure vocabulary such as “bear hug letter” and “Bermuda option.” The online dictionary of more than 900 terms comes as a complement tot he pedagogical range already available from the professional association.
24/02/2014

Retail clients return to bonds in force

Flows into – and out of -- equity and bond funds during the seven days ending February 19 stuck largely to the previous week’s script: Japan, US and Europe equity funds again attracted solid amounts of fresh money while redemptions from emerging markets equity and bond funds continued to moderate, according to EPFR.One difference, however, was the level of retail interest, especially in some bond classes, especially global bond funds and high yield bond funds. Overall, equity funds took in another USD13.3 billion during the third week of February and bond funds USD2.58 billion while USD44.5 billion flowed out of money market funds.
24/02/2014

Un accord sur la TTF est possible d'ici à fin mai

Un accord sur l’introduction de la taxe sur les transactions financières (TTF) pourrait intervenir entre les onze pays de la zone euro qui s’y sont ralliés d’ici au mois de mai, a déclaré le Commissaire européen à la fiscalité Algirdas Semeta à un quotidien autrichien. La France et l’Allemagne veulent un accord sur la TTF avant les élections européennes du 25 mai, ont déclaré la semaine dernière François Hollande et Angela Merkel.
24/02/2014

Le climat des affaires poursuit son embellie en Allemagne

L’indice Ifo, indicateur du climat des affaires en Allemagne basé sur une enquête mensuelle auprès de 7.000 entreprises, a progressé à 111,3 en février, alors que le consensus tablait sur un chiffre stable à 110,6. Cette publication, qui laisse prévoir une accélération de la croissance au premier trimestre après une performance modeste l’an passé, a permis à l’euro de progresser à 1,3772 dollar et fait tomber les futures sur Bunds à un plus bas de séance.
24/02/2014

L'Ukraine demande 35 milliards de dollars d'aide internationale

L’Ukraine, lourdement endettée, a besoin de 35 milliards de dollars d’aide internationale sur deux ans et a souhaite obtenir un premier versement dans les jours ou les semaines qui viennent, annonce lundi le ministère des Finances du pays dans un communiqué. Il demande en outre l’organisation d’une conférence des donateurs.
24/02/2014

Detroit présente son plan de restructuration de dette

La ville du Michigan a enregistré auprès du tribunal des faillites une proposition visant à restructurer sa dette après le défaut de la municipalité sur 18 milliards de dollars de dette en juillet 2013. Ces propositions avaient été transmises aux créanciers le mois dernier. Detroit envisage de réduire la valeur des avoirs des fonds de pension des fonctionnaires de la ville. Le plan prévoit aussi que certains créanciers obligataires ne touchent que 20% du nominal de leurs titres.
24/02/2014

La SEC veut renforcer son contrôle sur les grands gérants d'actifs

La présidente de la SEC a indiqué que le gendarme américain des marchés établit un plan destiné à renforcer son contrôle sur les risques des gérants d’actifs les plus importants du pays. «Parmi les initiatives qui seront prises à court terme figurent l’extension des stress tests, un reporting plus solide des données, et une plus grande supervision des sociétés de gestion les plus importantes», a précisé Mary Jo White. Une démarche qui s’inscrit dans le cadre de celle engagée par le conseil du risque américain visant à estimer les risques systémiques posés par les géants tels que BlackRock ou Fidelity.
24/02/2014

Fannie Mae et Freddie Mac soldent leur dette vis-à-vis de l’Etat américain

L’agence Fannie Mae a annoncé qu’elle verserait prochainement au Trésor 7,2 milliards de dollars de dividendes, achevant ainsi le remboursement de son sauvetage et de celui de Freddie Mac. Les deux géants du refinancement de prêts immobiliers aux Etats-Unis resteront publics jusqu'à ce que le Congrès décide de les démanteler ou de les remplacer. Fannie Mae a dégagé un résultat annuel record de 84 milliards de dollars en 2013.
24/02/2014

Le Livret A retrouve une collecte positive en janvier

La collecte du Livret A et du Livret de Développement Durable (LDD) au mois de janvier est ressortie positive à 2,19 milliards d’euros pour l’ensemble des réseaux (1,60 milliard pour le Livret A et 0,59 milliard pour le LDD), selon la Caisse des Dépôts. Il s’agit du montant le plus élevé depuis avril 2013. L’encours total sur les deux produits atteignait ainsi 369,4 milliards d’euros fin janvier.
24/02/2014

La BaFin autorise la cession de BHF Bank

L’organisme de tutelle du secteur financier allemand a donné son feu vert au rachat par RHJ International (RHJI) de la filiale BHF Bank de Deutsche Bank plus de deux ans après l’ouverture de discussions exclusives. Le courtier londonien KBG, une filiale de la holding belge RHJI, rachètera BHF pour 354 millions d’euros. KBG prendra 91% de BHF pour 322 millions d’euros et RHJI s’octroiera les 9% restants en émettant des actions destinées à Deutsche Bank. RHJI conservera 65% de KBG, tandis que le chinois Fosun, Stefan Quandt, héritier de BMW, et des fonds contrôlés par l’investisseur américain Timothy Collins se partageront les 35% restants.
24/02/2014

Credit Suisse scelle un accord avec la SEC

La banque a dévoilé un accord avec le gendarme des marchés américains, prévoyant le versement de 174 millions de francs (143 millions d’euros) pour mettre fin à une enquête sur des services fournis à des clients américains sans autorisation préalable. Credit Suisse aurait selon la SEC ouvert entre 2002 et 2008 à 8.500 clients des comptes représentant un total de 5,6 milliards de dollars dans le cadre de ses opérations transfrontalières.

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