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08/10/2013

Manulife plans to develop in wealth management in Asia

The Canadian Manulife group has appointed Donna Cotter as head of distribution for the wealth management unit in Asia, Asian Investor reports. She will be responsible for developing relationships with private banks and insurers.
08/10/2013

Malaysian sovereign fund acquires nearly 5% of Beijing Water

Khazanah National Bhd, the Malaysian sovereign fund, will acquire a 4.95% stake in Beijing Enterprises Water Group, for a total of USD152m, Opalesque reports. The Malaysian sovereign fund becomes one of the largest shareholders in the Chinese company.
08/10/2013

UK regulator cracks down on the asset management industry

The British Financial Conduct Authority has met with directors of all of the major asset management firms based in the United Kingdom, Financial Times fund management reports, stating that the regulator is seeking to confront misconducts in the asset management industry. Tracey McDermott, the director of enforcement and financial crime at the FCA, has warned that the authority will take strong measures against business which do not respect these rules. In addition, the regulator has creatd its own asset management surveillance team, composed of over 50 employees.
08/10/2013

Russell Investments welcomes new PM

Russell Investments has announced the recruitment of Rob Hall in London as portfolio manager in its multi-asset class management team, which includes 37 people.Hall will be based in London, and will report to Christophe Caspar, chief investment officer for multi-asset.Hall joined the firm from Schroders, where he had been head of manager selection. In particular, he was responsible for the management and selection of internal or external investment strategies to implement Schroders multi-asset products. From 1988 to 2008, Hall previously served as head of portfolio management at Russell Investments for European equity portfolios.
08/10/2013

Nutmeg attacks the competition

The online asset management firm Nutmeg, based in London, on 7 October launched a publicity campaign in the London Underground which is not pleasing the competition, Fund Web reports. Nutmeg presents asset managers as “fat cats” who, it is suggested, have practices with relation to fees which are not always transparent, while Nutmeg offers a top-quality service for a modest fee of 0.3% for GBP500000 up to 1% for GBP1,000.
08/10/2013

Schroders recruits from BlackRock

Ugo Montrucchio, director and portfolio manager in the multi-asset class group at BlackRock, has been recruited as a portfolio manager in the multi-asset class and portfolio solutions unit at Schroders in London, which he will join on 1 January 2014. He will report to Joanna Kyrklund.
08/10/2013

Vontobel plans to acquire a multi-asset class boutique

Vontobel, seduced by the success of GARS, the multi-asset class fund from Standard Life, is sounding the British market to acquire a multi-asset class boutique, Financial Times fund management reports. “However, we are also going to continue our own organic growth projects in terms of investments in multi-asset classes, and we will not be too devastated if no external opportunity emerges,” says Zeno Staub, CEO of Vontobel.
08/10/2013

Neuberger Berman recruits a head for Northern Europe

Mark Oestergaard has joined Neuberger Berman to cover the Northern European market from London, Fondbranschen reports. Oestergaard joins from Gottex, where he had been head of sales to institutional investors in Northern Europe.
08/10/2013

Situation improves for finance recruitments

The most recent PwC survey for the British CBI is optimistic about the finance industry in the UK overall, Les Echos reports. After a survey of 99 firms, it finds that British financial institutions recruited 10,000 people in the third quarter of this year, and that they are planning to recruit 2,000 more by December. According to figures by the consultant, the number of financial sector positions in the United Kingdom is thus 73,000 below its pre-crisis peak, compared with 85,000 below previusly. It stands at 1.14 million. Optimism among directors of financial sector businesses overall is at a 17-year high. Paradoxically, activity volumes have fallen in third quarter, the study notes, particularly in banking. However, profits have improved for the fourth consecutive quarter, due to an increase in the interest rate curves and volumes which are expected to pick up strongly by the end of the year.
08/10/2013

Vincent Juvyns leaves ING IM for JPMorgan AM

Vincent Juvyns has left ING Investment Managers to join JP Morgan Asset Management as executive director, global market strategist, according to his LinkedIn profile. He had previously been client portfolio manager, specialised in money market strategy. He joined ING in 2007.
08/10/2013

iShares adds to EMEA sales team

Investment Europe reports that Jessica Eistrand (formerly of StormHarbour) and Deri Bainge (formerly of Crédit Agricole CIB) have been apopinted as directors at iShares, the former for bond sales in Nordic countries, and the latter for Germany, Switzerland and Austria. Both will report to Leen Meijaard, head of EMEA sales.
08/10/2013

Assets up at Reyl

As of 30 June, assets under management at the Reyl group totalled CHF9.3bn, 26% more than six months previously.Consolidated operating revenues in first half are up 64% year on year, to EUR59.1m.
08/10/2013

Odey AM opens an office in Geneva

The alternative asset management firm Odey Asset Management, based in London, has opened an office in Geneva, Agefi Switzerland reports. “We are happy to be opening an office in Geneva,” a partner at the asset management firm Orlando Montagu has said, “since Odey already invests for many institutional and industrial families in continental Europe.” No further comment has been made about the number of employees, but market sources say that the small team being set up will concentrate on marketing. Odey AM has USD9.7bn in assets under management n 18 funds, and has nearly 90 employees.
08/10/2013

GLG Partners to close a fund to new investors

GLG Partners is preparing to close its GLG Market Neutral Fund, managed by Steve Roth, to new investors, when it reaches USD1bn in assets, in order to preserve its performance, Financial News reports. The size of the fund is currently USD870m. It will top USD1bn by the end of the year.
08/10/2013

Fidelity offers two new funds

Fidelity Worldwide Investment has announced that it is extending its Fidelity Active Strategy (FAST) with the launch of the FAST Global long/short equity, a portfolio of 70-110 positions managed by Dmitry Solomakhin. The trial version of FAST Global, created in January 2013, has beaten out 99% of its peers, in terms of both performance and information ratio. The fund is aimed exclusively for professional investors. Its net exposure will range from 90% to 110%, and the manager is able to short-sell up to 30% of assets in unattractive equities.The asset management firm also reports that in September the Undiscovered Talent fund of funds was launched, aimed at high net worth retail clients affiliated to the Fidelity Wealth Service, with a minimal subscription of GBP100,000. The portfolio, managed by Nick Peters and James Bateman, invests in portfolios of managers who are still relatively little known.CharacteristicsName: FAST GlobalManagement commission: 1% (Y share class in pounds sterling)Minimal subscrption: USD1mPerformance commission: 20% of performance exceeding the MSCI AC World (N) fund by over 200 basis points
08/10/2013

L'EBA n'a pas discuté d'une prise en compte des LTRO dans ses prochains tests

Dans un bref communiqué publié en réponse à un article du Financial Times, l’Autorité bancaire européenne indique ne pas avoir discuté du traitement des LTRO utilisés par les banques dans le cadre de ses futurs stress tests, prévus pour 2014. Elle rappelle que la méthodologie de ces tests est toujours en cours d'élaboration et fait l’objet de relations de travail proches avec la Banque centrale européenne.
08/10/2013

Les pays de la Coopération économique pour l'Asie-Pacifique veulent se relancer

Les 21 pays de la Coopération économique pour l’Asie-Pacifique (Apec) se sont engagés à prendre des mesures macro-économiques afin de compenser un ralentissement de la croissance mondiale et une faiblesse persistante du commerce international. «Nous mettrons en oeuvre des mesures macro-économiques de façon prudente et responsable, afin de garantir que la croissance nous renforce mutuellement, de maintenir la stabilité économique et financière de la région et d'éviter les retombées négatives», indiquent-ils.
08/10/2013

Le MES ouvre les livres de son émission à 5 ans

Le Mécanisme européen de stabilité a lancé mardi sa première émission à moyen et long terme, d’une maturité de 5 ans. Alors que le livre d’ordre atteignait 15 milliards d’euros en début de matinée, la taille de la transaction inaugurale devrait être fixée à 7 milliards. La marge, initialement annoncée à +1 pb au-dessus des mid-swaps, a été resserrée à -1 pb.
08/10/2013

Record pour les émissions souveraines en Afrique

Les émissions de dettes souveraines de pays africains ont atteint un montant record de 8 milliards de dollars depuis le début de l’année, selon Moody’s. Le précédent record était de 7,2 milliards pour l’ensemble de l’année 2010. L’agence estime en outre qu’il existe un «potentiel important» à moyen terme, seulement 14 des 54 pays africains ayant eu recours à des émissions libellées en devises étrangères sur les marchés internationaux. La croissance économique moyenne sur le continent devrait atteindre entre 5% et 6% sur les cinq prochaines années.
08/10/2013

Bats Chi-X entre sur le marché des ETF

Bats Chi-X Europe, qui revendique une part de marché de 23% sur le trading d’actions européennes, lancera en novembre son activité de cotation primaire. Les ETF d’IShares (BlackRock) ouvriront le bal: le iShares MSCI Emerging Markets Ucits ETF et le iShares MSCI World Minimum Volatility Ucits ETF seront listés le mois prochain, dans le cadre d’un listing secondaire.
08/10/2013

L'EBA prête à sanctionner une dépendance à la BCE

Citant des sources proches des discussions, l’Autorité bancaire européenne (EBA) prévoit de mesurer la dépendance des banques aux opérations de refinancement à long terme (LTRO) de la Banque centrale européenne. Dans le cadre des stress tests prévus pour l’an prochain, l’EBA dévaloriserait tout établissement ayant recours au LTRO.
08/10/2013

L'immobilier francilien reste déprimé

Le volume des transactions de location de bureaux est en recul par rapport à l’année dernière. Il a atteint seulement 1,3 million de m² depuis le début de l’année. L’investissement de son côté se montre plus dynamique. 3,6 millions d’euros ont été investis au troisième trimestre.
08/10/2013

DE Shaw ferme ses portes à de nouveaux investisseurs

Le gérant alternatif n’accueille plus de nouveaux investisseurs. Les fonds Oculus et Heliant ont été fermés plus tôt cette année, tandis que le fonds vedette multistratégie Composite l’a été à la fin de l'été. Cela signifie que parmi les six premiers hedge funds, seulement deux - Man Group et Och-Ziff - acceptent encore des investissements dans leurs fonds vedettes.
08/10/2013

Les fonds monétaires américains encore plus exposés à l'Europe

Les money market funds (MMF) américains ont encore accru en septembre et octobre leur exposition aux contreparties européennes, selon une note de Moody’s. La hausse atteint 16%, soit 27 milliards de dollars, tirée par l’exposition aux banques suédoises (+40%) et françaises (+22%).

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