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02/10/2013

Threadneedle recrute une équipe de Nikko AM

Threadneedle Investments vient de recruter quatre collaborateurs de Nikko Asset Management, dont son directeur des investissements (CIO) Soo Nam Ng, nommé responsable des actions asiatiques en Asie.Ces quatre personnes, auxquelles une cinquième vient s’ajouter et qui ont toutes travaillé ensemble à un moment de leur carrière, seront basées à Singapour. Elles travailleront en étroite coopération avec l’équipe actions asiatiques de Threadneedle composée de sept personnes et dirigée par Vanessa Donegan, qui gère actuellement 3,6 milliards de livres depuis Londres et Singapour (31 août 2013). L’équipe de Singapour se concentrera sur l’offre pour les investisseurs asiatiques.Dans le détail, outre Soo Nam Ng, Threadneedle a recruté Bernard Lim, ancien de Fullerton FM, en tant que gérant de fonds senior, Asie Pacifique hors Japon. Les anciens collaborateurs de Nikko AM sont Christine Seng, nommée gérante Singapour et Australie, Weixiong Liang, analyste et Wee Jia Low, senior associate.
02/10/2013

Deutsche AWM compte muscler sa gestion de fortune en Espagne

Actuellement, le réseau pour les grandes fortunes de Deutsche Asset & Wealth Management en Espagne compte 27 conseillers. D’ici à fin 2014, il devrait en aligner 18 de plus, a indiqué à Funds People Pilar Cordón, directrice des intermédiaires financiers de la division gestion de fortune pour l’Espagne. L’idée est de capitaliser sur l’image de «banque allemande sérieuse et solide» afin d’attirer des talents.A fin 2012, le réseau local de gestionnaires de fortune gérait 650 millions d’euros (un montant qui a doublé sur les 2-3 dernières années), soit 16 % des encours de DeAWM en Espagne.
02/10/2013

APCIMS rebrands as Wealth Management Association

At their AGM, the members of the Association of Private Client Investment Managers and Stockbrokers (APCIMS) on 1 October passed a name change for their association to Wealth Management Association (WMA) by a large majority.The name change will take effect from 8 October 2013, at the first annual conference of the WMA at the Dorchester Hotel in London.The assocation includes 183 businesses, including 114 wealth management firms and brokers, who make trades directly on behalf of private clients. Member companies have over GBP500bnin assets under management in the United Kingdom, Ireland, the Channel islands and the Isle of Man, at 580 locations. They have about 31,000 employees.
02/10/2013

TCW acquires Craton Equity Partners

TCW (USD130bn in assets), recently acquired by Carlyle from Société Générale, on 1 October announced that it is acquiring Craton Equity Partners, a Los Angeles-based private equity investor specialised in socially responsible investment.Craton (USD241.5m in assets) was founded in 2006, and invests in small and weak businesses which need capital, which are generally businesses that are active in areas where they receive neither tax credits, nor public subsidies.The sale price has not been disclosed. All employees of TCW/Craton will be transferred to the TCW premises in Los Angeles.Bob McDonald and Tom Soto, managing partners at Craton, will become managing directors at TCW/Craton, while Kevin Wall, also a managing partner, becomes senior advisor, and Davis Asamow, a partner at Craton, will become vice president and chief investment officer at TCW/Craton.
02/10/2013

Gilles Guérin leaves Theam

In the new organisation at BNP Paribas IP revealed last week by Newsmanagers, Gilles Guérin, who had been head of the Theam unit dedicated to structured product activities, quantitative, index-based and alternative management since its inception in 2011, will give way to Denis Panel, currently head of investment activities, Agefi reports. Guérin is leaving Theam to join the incubation activities at BNP Paribas IP, which the group has been carrying out primarily in the United States since 2009 in partnership with Northern Lights Venture.
02/10/2013

Financière de l’Echiquier: 45% of assets attracted from institutionals

Financière de l’Echiquier, whose assets under management have recently topped EUR7bn, now has EUR3.2bn in assets under management for institutional investors, equivalent to 45% of its total assets. In five years, a statement says, the firm has boosted its assets under management for institutional investors from less than one quarter of assets under management to nearly half. The team has won management mandates from the Norwegian pension fund (NBIM) and the French Fonds de Réserve pour les Retraites (FRR). It has a team of four professionals entirely dedicated to institutional clients, led by Nathalie Sabathier, who comes as an addition to the team dedicated to private managers and funds of funds, led by Stéphane Vonthron.
02/10/2013

RWC registers with SEC

UK-based RWC Partners has announced that it has registered with the US Securities and Exchange Commission (SEC) as an investment adviser in the United States, following an increase in its assets to USD6.8bn from USD5.2bn earlier this year, and strong demand from US clients, particularly institutional clients, for income strategies, convertible bonds and Euorpean long/short, as well as for “constructive activist” funds.Registration with the SEC also provides access to assets in ERISA retirement savings plans.
02/10/2013

Settlement with JPMorgan stumbles over Washington Mutual

A settlement for about USD11bn, or EUR8.1bn, which JPMorgan Chase & Co had been seeking with the US authorities over lawsuits concerning it has been suspended over a disagreement concerning its affiliate Washington Mutual, it was learned on Monday evening from sources close to the talks, the news agency Reuters reports. The Federal Deposit Insurance Corporation (FDIC) sold Washington Mutual to JPMorgan at the peak of the crisis for USD1.9bn, and the two parties have since been disputing responsibility for losses at the businesses related to sales of mortgage assets. According to some analysts, the FDIC may find itself in trouble with this case, to the advantage of JPMorgan, whose fine will be reduced by several billion dollars.
02/10/2013

Wells Fargo pays USD869m to settle a lawsuit with Freddie Mac

The US bank Wells Fargo has announced that it will pay USD869m to settle most of its legal disputes with the para-public mortgage refinancing body Freddie Mac. The agreement allows Wells Fargo to “substantially resolve” lawsuits dealing with mortgages that were transferred to Freddie mac before 1 January 2009, according to a statement released by the California bank. The largest US bank by market capitalisation, Wells Fargo is also the top real estate lender in the country, since its acquisition of Wachovia, at the peak of the sub-prime crisis.
02/10/2013

Nordea severs ties with Tokio AM

Nordea has replaced Tokio Marine Asset Management International (TMAI), a firm based in Singapore, with an internal team to manage an Asian equity fund, Citywire Global can exclusively reveal. The Scandinavian asset management firm explains that the collaboration did not live up to its promises. The Nordea 1- Far Eastern Equity fund had been managed by Chow Wei Lee, CIO of Tokio Marine AM, since 2011. From 30 October this year, it will be managed by the International Focus Equities team at Nordea. In the past three years, the fund has earned returns of 5.03%, while its Citywire benchmark index, the FTSE World Asia Pacific ex Japan TR USD, gained 28.14%.
02/10/2013

Transparency at the heart of fund selectors' strategy

Across Europe, investment philosophy, transparency, and due diligence process are the three most important criteria to getting a foothold on a selector’s buy list. While fund selectors almost unanimously agree that a portfolio manager’s ability to articulate its investment philosophy is the most important criteria for selection, this cannot be achieved without transparency, according to Cerulli’s inaugural European Fund Selector report.Large strides to improve access to data and improve transparency have been made, yet in Cerulli’s proprietary survey fund selectors marked it as a key decision point. «Although the larger asset managers and selectors have tight-knit relationships, smaller managers may lack the resources to be reactive to a selector’s requests. Conversely, a less well-equipped fund selector will discount funds from a buy list if immediate data and portfolio manager access is not granted as they struggle to cover a requisite number of managers for their clients,» says Philip Holton, analyst, and one of the authors of the report.In particular, Swiss selectors are most sensitive to transparency as a criterion. A total of 73% of Swiss selectors reported it as their most important selection criterion. As pressure mounts on Swiss distributors to provide information to regulators, asset managers will need to be aligned to this move.
02/10/2013

Santander captures 44.2% of Spanish net subscriptions

In September, Spanish asset management firms posted net inflows of EUR1.41985bn, according to statistics from their association, Inverco. Of this total, EUR627.27m were captured by Santadner AM alone, 44.2% of the total, Funds People says.With the addition of EUR198.14m in inflows to InverCaixa Gestión and EUR152.5m to BBVA AM, the top three posted net subscriptions equivalent to 68.9% of total net inflows to all Spanish asset managers.
02/10/2013

Deutsche AWM plans to add to wealth management in Spain

Currently, the high net worth network at Deutsche Asset & Wealth Management in Spain includes 27 advisers. By the end of 2014, it will have 18 more, Funds People was told by Pilar Cordón, director of financial intermediaries in the wealth management division for Spain. The idea is to capitalise on the image of the “serious and solid German bank” to attract talent.As of the end of 2012, the local network of wealth managers had EUR650m in assets under management (this total has doubled in the past 2-3 years), equivalent to 16% of DeAWM assets in Spain.
02/10/2013

RDR regulations come in for criticism

The chairman of the treasury select committee, Andrew Tyrie, has severely criticised the British financial market supervisory authorities (FCA, Financial Conduct Authority et PRA, Prudential Regulation Authority), whom he accuses of indiscriminately amassing useless data and not taking enough interest in the real impact of RDR regulations. At the Conservative party conference in Manchester, Tyrie admitted to Money Marketing that it was too soon to evaluate the damage due to RDR regulations, which came into force earlier this year. In May, the committee called for a study of the impact of RDR regulations, at a time when the director of the FCA, Martin Wheatley, admitted to a lack of advising during the summer season. While indicating that reforms of the commissions are inevitable, Tyrie adds that the introduction of the regulation “had the unfortunate consequence of consolidating the sector around a limited number of large players.” This development could damage competition and should be closely monitored.
02/10/2013

Threadneedle recruits team from Nikko AM

Threadneedle Investments has recruited four employees from Nikko Asset Management, including its chief investment officer (CIO), Soo Nam Ng, who has been appointed as head of Asian equities in Asia.The four people, to whom a fifth person has recently been added and who have all worked together at some point in their careers, will be based in Singapore. They will work in close collaboration with the Asian equity team at Threadneedle, composed of seven people led by Vanessa Donegan, who currently manages GBP3.6bn from London and Singapore (31 august 2013). The team in Singapore will concentrate on the product range for Asian investors.In detail, in addition to Soo Nam Ng, Threadneedle has recruited Bernard Lim, formerly of Fullerton Fm, as senior fund manager, Asia Pacific ex Japan. The former Nikko AM employees are Christine Seng, who is appointed as a manager for Singapore and Australia, Weixiong Liang, analyst, and Wee Jia Low, senior associate.
02/10/2013

LGIM organises its multi-asset class unit

Emiel van den Heiligenberg, who was recruited in July as head of asset allocation by Legal & General Investment Management (LGIM), has been appointed as head of the multi-asset class fund range from the firm, Fundweb reports. He is also responsible for macro research.Aaron Meder, head of solutions, will continue to develop the various multi-asset class strategies from LGIM, such as the “pre-retirement” range, in addition to his responsibilities in the solutions group.
02/10/2013

Standard Life Wealth completes acquisition of Newton Private Clients

The British wealth management firm Standard Life Wealth has completed its acquisition of Newton Private Clients from Newton Management Limited, according to a statement released on 30 September. With this transaction, assets under management at Standard Life Wealth are expected to reach GBP5.5bn. Funds from Newton are sold under the Standard Life Wealth brand. Since the end of 2012, assets under management at Standard Life Wealth have more than tripled, a statement says, without providing more details.
02/10/2013

ESMA clarifies reporting obligations for alternative management

The European Securities and Markets Authority (ESMA) on October 1 published final guidelines on the reporting obligations for alternative investment fund managers (AIFMs).ESMA has also published an Opinion that proposes introducing additional periodic reporting including such information as Value-at-Risk of AIFs or the number of transactions carried out using high frequency algorithmic trading techniques.
02/10/2013

Edmond de Rothschild merges funds

The Edmond de Rothschild group would like to merge some of its funds in order to simplify its fund product range as part of its restructuring programme, Citywire reports. The funds concerned are currently domiciled in France. Nicolas Dubourg, head of investment solutions for the group, has said that he does not know at this stage whether funds will change their domicile to Luxembourg. Planned mergers On 4 November: Edmond de Rothschild Euro Convictions merged into Edmond de Rothschild Euro SRI On 1 October: Edmond de Rothschild Monde Flexible merged into Edmond de Rothschild Croissance Edmond de Rothschild Ecosphere merged into Edmond de Rothschild Euro SRI Edmond de Rothschild Bond Allocation merged into Edmond de Rothschild International Bonds Edmond de Rothschild Monécourt merged into Edmond de Rothschild Monétrésor Edmond de Rothschild USD Corporate Short Term merged into Euro Evolution
02/10/2013

Neuberger Berman launches fourth EMD fund

After recruiting 22 emerging market debt specialists five months ago, including 19 from ING IM, where they had managed USD16bn (see Newsmanagers of 3 May), Neuberger Berman is launching the Neuberger Berman Emerging Markets Income Fund, the fourth product since the new recruitments, on the US market (three were launched at the end of June).The principal managers are Rob Drijkoningen and Gorky Urquieta, two former ING IM employees, who lead the emerging market debt team. They are assisted by four former ING IM employees, Jennifer Gorgoll, Raoul Luttik, Nish Popat and Bart van der Made.In addition to the new fund, the team manages institutional portfolios for US and international clients, as well as three Irish-registered emerging market UCITS funds aimed at non-US clients.The tickers for the Neuberger Berman Emerging Markets Income Fund are NERAX, NERCX and NERIX.
02/10/2013

Ramius launches open-ended event-driven fund

The US firm Ramius, an alternative management entity belonging to the Cowen group, has launched an event-driven equity mutual fund, according to a statement released on 30 September. The strategy is primarily aimed at publicly-traded firms which are the target of shareholder activism, and which may be subject to merger and acquisition, recapitalisation ad restructuring operations. Investments in the fund, which offers daily liquidity, will be managed by Andrew Cohen and Ethan Johnson. The fund will be advised by Ramius Advisors, an affiliate of Ramius. Assets under management at Ramius totalled USD9.2bn as of 31 August 2013.
02/10/2013

Dreyfus offers fund to prepare for interest rate increases

With the Dreyfus Floating Rate Income Fund (ticker: DFLAX), the Dreyfus Corporation (BNY Mellon group) has launched an actively-managed mutual fund on the US market which invests primarily (at least 80%) in floating rate loans and other variable rate securities. The remaining 20% (maximum) may be used to acquire fixed rate and/or high yield bonds.Management of the product, designed to arm investors against rising interest rates, is outsourced by Dreyfus (USD250bn) to a team of two managing directors from Alcentra (an affiliate of BNY Mellon) and portfolio managers. William Lemberg will be responsible for the loans and other variable rate portion, while Chris Barris will be responsible for the fixed rate/high yield portion.The fund charges 1.25%, the front-end fee ranges from 2.50% for a subscription of less than USD100,000 to 0% for over USD1m.
02/10/2013

M&G launches its first global corporate bond fund

M&G Investments has obtained a sales license in France, as well as other European countries including Spain, Italy, the Netherlands, and Germany, for its M&G Global Corporate Bond Fund, launched in the United Kingdom in early September. Ben Lord, manager of the fund, will invest primarily in investment grade issues on the major international credit markets, as well as in sovereign debt and high yield bonds. According to a statement, this is the first global corporate bond fund from M&G. The US dollar is the base currency for the fund. Exposure to other currencies will be hedged against the dollar, and investors in euros will be able to invest in hedged shares in euros. “We are seeing a marked slide towards global bonds to the detriment of European investments. In Europe, the sector has been established for some time, particularly in Italy and Switzerland. However, demand for this asset class has been steadily rising on other European markets, particularly in France, Spain and Sweden. Clients want to profit from the diversity of investment grade bonds that bond funds from international fims can offer,” says Jonathan Willcocks, director of global sales at M&G Investments.
02/10/2013

Invesco preparing eight liquid hedge funds

Invesco Ltd, which already has USD83bn invested in alternative assets, on 1 October announced that it has submitted an application to the SEC for a license for eight new open-ended mutual hedge funds, “to be able to provide financial advisers and investors with additional resources to manage risk in the construction of portfolios.”The new fund covers various strategies, the firm says, including market neutral, unconstrained equity, long/short equity, global amcro, multi-strategy and low volatility emerging markets.
02/10/2013

Union offers new euro-denominated bond fund

On 1 October, Union Investment introduced the bond fund UniEuroAnleihen, which invests primarily in securities denominated in euros from issuers worldwide, for sale in Germany. The invetment universe includes government bonds, corporate bonds, and Pfandbriefe (covered bonds). The manager, Rüdiger Kerth, may also invest in emerging market bonds and high yield rated securities.As a general rule, UniEuroAnleihen will take positions on bonds with a moderate duration. The product is aimed at investors with a mid-term horizon, whose propensity to risk-taking is moderate.CharacteristicsName: UniEuroAnleihenISIN code: LU0966118209Front-end fee: 35Management commission: 0.6% (maximum 0.9%)Depository banking commission: 0.05%Performance commission: maximum one quarter of performance exceeding the Merrill Lynch EMU Large Cap index
02/10/2013

HSBC launches 16 ETFs in Frankfurt

Since 27 September, 16 new German-registered ETFs from HSBC have been admitted to trading on the XTF segment of the Xetra platform (Deutsche Börse). The funds, which charge from 0.35% to 0.60% (see attached list) replicate cap-size-weighted geographical indices (countries and regions) of the MSCI, as well as the FTSE EPRA/NAREIT index.
02/10/2013

La BCE confirme son statu quo en attendant Mario Draghi

La Banque centrale européenne (BCE) a laissé inchangé son taux directeur à 0,5% ainsi que le taux de sa facilité de dépôt lors de sa réunion mensuelle qui se tenait exceptionnellement ce mercredi à Paris. Son président Mario Draghi s’exprimera à 14h30 alors que deux sujets préoccupent les investisseurs: l’hypothèse du lancement d’une troisième injection de fonds à long terme (LTRO) et le futur passage en revue des actifs des banques de l’Union européenne dans le cadre de la supervision bancaire unique. Les investisseurs seront aussi attentifs à tout discours qui renforcerait le biais accommodant de la BCE et permettrait de peser sur l’euro, alors que la monnaie unique évolue à des niveaux élevés face au dollar (1,35) depuis le report du tapering de la Fed.
La Banque centrale européenne (BCE) a laissé inchangé son taux directeur. Photo: Bloomberg
02/10/2013

Berlusconi votera la confiance à Letta

Alors que son parti, le PDL, menaçait de se déchirer sur le soutien au gouvernement Letta, Silvio Berlusconi a annoncé qu’il voterait au Sénat la confiance demandée par le président du conseil. De quoi éloigner la crise politique en Italie. Le vote du Sénat, qui n’avait pas encore eu lieu à 13h45, sera suivi par celui de l’Assemblée, où Enrico Letta n'était pas en mesure d'être en minorité. La volte-face de Silvio Berlusconi, que la crise au sein de son parti menaçait de marginaliser, a eu peu d’effet sur les obligations italiennes, dont les rendements à 10 ans se détendaient encore de 3pb ce matin.
02/10/2013

OFI AM renforce son équipe de direction

Le gestionnaire d’actifs a annoncé l’arrivée de Sandrine Toulouse en tant que directeur général adjoint en charge du développement du groupe OFI, hors mandats, ainsi que celle de Gilbert Nguyen en tant que directeur de la distribution externe, hors clients CGPI. Le groupe annonce prendre une participation au capital d’Aloha Finance, société de tierce partie marketeur créée par les nouveaux arrivants en 2010.
02/10/2013

Oaktree vend des actions Belvédère

Par courrier reçu le 1er octobre 2013, la société luxembourgeoise Pilgrim, une émanation du fonds Oaktree, a déclaré avoir franchi en baisse, le 26 septembre 2013, les seuils de 5% du capital et des droits de vote de la société Belvédère, selon un avis publié par l’AMF. Elle ne détient plus aucune action du producteur de boissons alcoolisées.

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