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10/01/2014

Lazard AM recrute le patron de sa filiale japonaise

Lazard Asset Management a annoncé le 9 janvier la nomination de Yugo Ishida, débauché de chez Nomura, au poste de directeur général de sa filiale au Japon avec pour mission d’accélérer le développement de la société de gestion en terre nippone. Au cours de sa carrière chez Nomura, Yugo Ishida a occupé différentes fonctions, dont celles de président et chief operating officer et, dernièrement, de conseiller du conseil d’administration de Nomura Asset Management.
10/01/2014

Thomas Couvret rejoint Banque Hottinger & Cie

Thomas Couvret a rejoint en janvier Banque Hottinger & Cie à Genève en tant que spécialiste produits, selon son profil LinkedIn. Il sera notamment chargé des ventes et du marketing en Suisse, en France et au Luxembourg.Thomas Couvret était précédemment sales manager chez URAM, une société de gestion basée à Genève et spécialisée dans les ressources naturelles. Auparavant, il était business development manager chez PIM Gestion France (devenue FourPoints Investment Managers après sa fusion avec IT AM) à Paris.
10/01/2014

Nominations aux conseils d'administration de Mirabaud

Le groupe Mirabaud vient d’annoncer la nomination au conseil d’administration de Mirabaud & Cie SA de Luc Thévenoz, Suzanne Wettenschwiler et Antonio Vegezzi. Ce dernier siège également au conseil d’administration des entités suisse et londonienne de Mirabaud Asset Management, aux côtés d’Yvar Mentha et Christopher Fawcett. Ils rejoignent Yves Mirabaud, Lionel Aeschlimann et Thierry de Marignac au sein du conseil d’administration de la banque, ainsi que Lionel Aeschlimann et Giles Morland à celui des entités d’asset management. Le groupe fait également part des nominations de Pierre Bongard, Bernard Vischer et François Sunier à la tête de l’organe de contrôle de Mirabaud SCA, structure faîtière du groupe nouvellement créée.Professeur ordinaire à la Faculté de droit de l’Université de Genève et fin connaisseur du droit bancaire suisse et international, Luc Thévenoz apportera sa maîtrise des enjeux juridiques et réglementaires. Docteur en droit de l’Université de Zurich et associée de l’Étude Stadlin à Zoug, Suzanne Wettenschwiler amènera sa compétence éprouvée d’avocate d’affaires. Le conseil d’administration bénéficiera également de la longue expérience des services financiers et de la gestion d’actifs d’Antonio Vegezzi. Mirabaud & Cie SA est dirigée par un comité exécutif, présidé par Antonio Palma (CEO) et composé de Camille Vial, Cédric Anker, Jérôme Desponds et Walter Baumgartner.Au sein de l’organe de contrôle de Mirabaud SCA, Pierre Bongard apportera son expertise dans le domaine de l’audit et de la gouvernance d’entreprise, Bernard Vischer amènera sa connaissance pointue du droit des sociétés ainsi que du droit bancaire et financier. Enfin, l’organe de contrôle bénéficiera de la longue expérience de François Sunier dans le domaine des services financiers.
10/01/2014

PGGM pulls out of five Israeli banks

The Netherlands-based pension fund PGGM has ceased to invest in five Israeli banks because they finance Jewish settlements and have branches in the West Bank, Investment Europe reports, citing the Israeli newspaper Haaretz. The fund’s decision is based on UN resolutions ruling that the settlements are illegal.
10/01/2014

Former Moore trader to be charged with insider trading

Julian Rifat, a former junior trader at Moore Capital, will be charged of insider trading by the British financial regulator, the Financial Conduct Authority, nearly four years after his arrest, the Financial Times reports. Rifat had previously denied all wrongdoing. He no longer works at Moore.
10/01/2014

Alfred Berg hires two fund managers

Peter Norhammar, who had been a manager at SEB until spring 2013, has joined Alfred Berg, the Swedish affiliate of BNP Paribas Investment Partners, the Swedish website Realtid.se reports. His arrival coincides with that of Petter Löfqvist, who had previously worked at Evli. They will both work on real estate and small caps. Commenting on these appointments, Tomas Scherp, CEO of Alfred Berg, says that the firm will soon be launching its Scandinavian small caps fund internationally.
10/01/2014

British investors are underweight on venture capital

The majority of British independent financial advisers (IFAs) feel that sophisticated investors are underweight on the venture capital sector, according to a survey carried out by Albion Ventures. Advisers say that less than one fifth of their clients (17%) are directly exposed to venture capital, but 48% of them say that the exposure of their clients to venture capital is likely to rise in the next five years.
10/01/2014

Dalton Strategic Partnership recruits a former equity manager from GLG

Mark Greenhoff, former equity manager at GLG Partners, was recruited in early 2014 by the British boutique Dalton Strategic Partnership as a senior analyst and an addition to its European long/short equity team, Citywire reports. Greenhoff has 18 years of experience in European equity markets, as he previously worked at BZW Investment Management, Royal London Asset Management and Millennium.
10/01/2014

Royal London adds to distribution team

Royal London Asset Management (RLAM) announces two additions to its distribution team, together with the appointment of a head of proposition.Tracy Fennell joins as head of marketing, reporting to Rob Williams, head of distribution, as Newsmanagers had previously announced. She was previously head of marketing & communications at F&C Asset Management, prior to which she held marketing roles at Scottish Widows Investment Partnership, AXA Investment Managers and Newton Investment Management. She will be responsible for marketing strategy and implementation across all of RLAM’s distribution channels, as well as brand management and digital.Tracy Fennell succeeds Susan Spiller, who takes up a new role as head of proposition, responsible for product strategy, development and management.Finally, Louise Merritt joins as a product manager within the proposition team, reporting to Susan Spiller. She also previously worked at F&C Asset Management, as well as Aviva Investors, in product development roles. She will work alongside the existing members of the team on both new product development and management of the existing product range.
10/01/2014

Vanguard reduces management fees for its LifeStrategy range

In a context of an ongoing price war, Vanguard Asset Management (AM) will at the end of January undertake a reduction in the fees for five funds of its LifeStrategy range. The five products will, from 31 January 2014, charge annual management fees of 0.29%, where they had previously ranged from 0.30% to 0.33%. The full range will also see its structure modified, from the NURS to the UCITS standards, in order to facilitate access to retail clients. Vanguard AM will also be revising its asset allocation policy for the fund, in order to bring more diversification in terms of countries, sectors and securities.
10/01/2014

Strong growth in assets under management at Rathbones

Assets under management at Rathbone Brothers rose 22.2% last year, or about GBP4bn, to a total of GBP22bn, according to a statement released on 9 January. In fourth quarter alone, assets increased by GBP1.2bn, or 5.8%. Funds managed by Rathbone Investment Management were up by GBP3.5bn, to a total of GBP20.2bn as of the end of 2013.
10/01/2014

Paulson Europe returns to growth in 2013

Paulson Europe LLP, the European entity from the US hedge fund Paulson & Co, has posted growth of 76% in its operating profits, to GBP6.5m, at the conclusion of its fiscal year on 31 March 2013, eFinancial News reports, citing documents published by Companies House. This strong growth is a sign of the recovery of the firm, which in its previous fiscal year, saw an 80% decline in its profits to GBP3.7m. Earnings from the European structure rose 14% year on year to a total of GBP152m.
10/01/2014

Primonial posts inflows of EUR2.5bn in 2013

Primonial has had quite a year in 2013. Last year, the French wealth management firm posted “record” inflows of EUR2.5bn. Inflows from retail clients totalled EUR1.53bn in 2013, compared with EUR1.26bn one year previously, an increase of 22%. All asset classes have a satisfactory balance sheet. While collective real estate shows EUR395m in gross inflows to SCPI funds, direct real estate, for its part, has seen double the inflows of 2012. Asset management activities have also doubled their assets managed by Roche Brune AM. Lastly, the life insurane policy SéréniPierre, launched in partnership with Suravenir, has taken in more than EUR400m in new inflows in 2013. Its activity serving institutional investors has not been left behind. Its inflows total EUR974m. In this context, the Primonial group now has managed or advised assets of over EUR7bn, the objective set at the beginning of 2013. These positive trends “place us in the best conditions to continue this dynamic in 2014,” says André Camo, chairman of the Primonial group, in a statement.
10/01/2014

State Street teams up with MFS to launch active ETFs

State Street, the world’s number two provider of exchange-traded funds (ETF), has launched its first three actively-managed ETFs in partnership with MFS Investment Management. The three funds concerned, SPRD MFS Systematic Core Equity ETF (SYE), Growth Equity ETF and Value Equity ETF, were launched on 9 January on the New York Stock Exchange.
10/01/2014

Ramius recruits a veteran from Merrill Lynch

Ramius, the international asset management firm from Cowen Group, which has over USD9bn in assets under management, has announced the appointment of Bradley Sussman as managing director, in charge of the Liquid Alternative Products division. Sussman previously worked at Merrill Lynch as a hedge fund strategist and member of the investment committee for alternative investments.
10/01/2014

KKR closes a USD2bn fund to invest in troubled companies

The investment group KKR on 9 January announced that it has finally raised USD2bn, two times more than initially planned, for a fund dedicated to companies in difficulty. The KKR Special Situations “has received the support of a diversified group of new and existing investors, including pension funds, sovereign funds, insurers, charities, private banking structures, family offices and private investors,” KKR says in a statement. KKR Special Situations is managed by 15 professionals based in London, New York, San Francisco and Sydney. Its objective is to earn “high profits,” by investing in opportunities created by “market dislocations,” “complex situations” and the existence of assets whose owners are required to sell rapidly. But KKR assures that its search for profit will be accompanied by a desire to be “a constructive partner” to the companies in difficulty. Among the investments made by the fund since its constitution are a stake in the French abrasive powder Winoa, the statement says.
10/01/2014

Korean sovereign fund seeks a CIO

Korean Investment Corporation (KIC), the Korean sovereign fund, which has USD65bn in assets, is seeking a new chief investment offier, following the departure of the incumbent, Lee Dong-Ik, Asian Investor reports. Lee, who has also been serving as interim chairman of KIC since the end of October 2013, resigned from his position with 15 months remaining on his three-year term, until April 2015. In the space of a few months, this is the second departure of a top manager from the institution, following the resignation of its chairman and CEO, Choi Chong-Suk, for personal reasons at the end of October 2013.
10/01/2014

Michel Pinault becomes chairman of French regulator sanctions commission

Michel Pinault has been elected as chairman of the sanctions commission at the French Autorité des marchés financiers (AMF), following a partial renewal of the terms of its members, the AMF announced in a statement on 9 January. Ms. Marie-Hélène Tric will chair the second section of the Commission.
10/01/2014

ING launches SRI strategy for European equities

ING Investment Management has launched a European equity SRI fund aimed at retail and institutional investors in Europe and Africa, Citywire reports. ING IM announced the launch of the fund on 26 November at its annual press conference (Newsmanagers on 27 November 2013). The ING (L) Invest Sustainable Equities fund, domiciled in Luxembourg, was launched on 19 December, with EUR40m under management. The fund, which has 50 to 90 positions, will seek to outperform the MSCI Europe Net Index by 2% per year.
10/01/2014

Lazard AM recruits head of its Japanese affiliate

Lazard Asset Management on 9 January announced the appointment of Yugo Ishida, who has been recruited from Nomura, as CEO of its Japanese affiliate, responsible for accelerating the development of the asset management firm in Japan. During her career at Nomura, Ishida served in various role, including chairman and chief operating officer, and most recently, adviser to the board of directors at Nomura Asset Management.
10/01/2014

Appointments to boards of directors at Mirabaud

The Mirabaud group has announced the appointment of Luc Thévenoz, Suzanne Wettenschwiler and Antonio Vegezzi to the board of directors at Mirabaud & Cie SA. Mr. Vegezzi will also sit on the boards of directors of the Swiss and London-based entities of Mirabaud Asset Management, alongside Yvar Mentha and Christopher Fawcett. They join Yves Mirabaud, Lionel Aeschlimann and Thierry de Marignac on the board of directors at the bank, and Aeschlimann and Morland on its asset management entities. The group has also appointed Pierre Bongard, Bernard Vischer and François Sunier as head of the control organism for Mirabaud SCA, the group’s newly-created holding company.
10/01/2014

Thomas Couvret joins Banque Hottinger & Cie

Thomas Couvret in January joined Banque Hottinger & Cie in Geneva as a product specialist, according to its LinkedIn profile. He will be in charge of sales and marketing in Switzerland, France and Luxembourg. Couvret was previously sales manager at URAM, an asset management firm based in Geneva specialsied in natural resources. He was previously business development manager at PIM Gestion France (which has become FourPoints Investment Managers after its merger with IT AM) in Paris.
10/01/2014

amLeague recruits more competitors than it loses

In addition to the arrival of Schroders last year, amLeague is now welcoming the asset management firms Primonial and Exane AM. In the event, the platform is more than compensating for the outgoing competitors, Mandarine Gestion and Lombard Odier, which dropped out last year.
10/01/2014

Brooks Macdonald launches a UCITS real estate fund

The British asset management firm Brooks Macdonald Funds has formed a new joint venture entitled North Row Capital, to manage the launch of a UCITS real estate fund. The vehicle, entitled IFSL North Row Liquid Property Fund and available from February, will be managed by Steven Grahame, former chief investment officer at Hermes Real Estate Alternatives and initiator of the project. The fund will offer investors liquid exposure to the global real estate market, investing primarily in derivatives, equities and real estate debt. The open-ended fund is aiming for total returns of 4.5% to 5.5%, with low volatility. The minimal initial investment in the vehicle is set at GBP10,000. IFSL North Row Liquid Property Fund is the first product on sale from the joint venture North Row Capital, controlled 60% by Brooks Macdonald, while the remainder is held by Steven Grahame and Gerald Parkes.
10/01/2014

Record inflows to Banca Generali

In December, Banca Generali posted total net inflows of EUR131m, bringing the total for 2013 to EUR2.26bn, according to Il Sole – 24 Ore. That represents a 40% increase compared with the previous fiscal year. Funds and Sicavs attracted EUR1.489bn, up 235% compared with 2012.
10/01/2014

Deutsche Bank achète le futur siège de Vinci Immobilier

Vinci Immobilier et Nexity ont signé avec Deutsche Asset & Wealth Management (l’ex-Rreef) la vente en l'état futur d’achèvement de l’immeuble In Situ, situé à Boulogne-Billancourt, pour un montant non communiqué. Cet immeuble de 12.200 m2 de bureaux a vocation à accueillir le futur siège de Vinci Immobilier.
10/01/2014

La Banque de France confirme sa prévision de croissance

La Banque de France confirme sa prévision d’une croissance de 0,5% de l'économie française au quatrième trimestre 2013 dans sa troisième et dernière estimation fondée sur son enquête mensuelle de conjoncture de décembre, publiée vendredi. Cette prévision est légèrement supérieure à celle de l’Insee, qui prévoit une croissance de 0,4% sur les trois derniers mois de l’an dernier.
10/01/2014

La Banque d'Angleterre opte pour le statu quo

La BoE a laissé sa politique monétaire inchangée, comme attendu, maintenant son taux directeur à son plus bas historique de 0,5%. L'économie britannique bénéfice actuellement d’une croissance proche de 3% en données annualisées mais la Banque d’Angleterre avait prévenu en août qu’elle n’envisagerait pas de relever son taux directeur tant que le taux de chômage ne serait pas revenu en dessous de 7%.
10/01/2014

Le Brésil paie très cher son nouvel emprunt à 10 ans

Le Trésor brésilien a dû consentir un rendement record pour pouvoir émettre un nouvel emprunt de référence à 10 ans. Le Brésil a levé 1,64 milliard de réaux (503 millions d’euros) à un rendement de 13,39%, largement supérieur au taux directeur Selic du pays de 10%. Une cherté qui reflète les craintes des investisseurs au sujet de la détérioration des perspectives économiques du pays.

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