Nettle Capital a fermé l’un des premiers fonds Ucits IV à avoir été lancé après un peu plus d’un an d’existence, compte tenu de la taille trop faible des encours, rapporte FundWeb. Le TB Nettle European Micro Cap avait été lancé en novembre 2011 avec l’objectif de lever 20 millions de livres. Mais il n’a recueilli qu’un dixième des actifs ciblés.

Frank Richter, qui dirigeait l’activité institutionnelle d’Axa Investment Managers pour l’Allemagne et l’Autriche, succède à Michael Geier (lire Newsmanagers du 21 janvier)comme investment director pour la distribution institutionnelle de Standard Life Investments, également pour l’Allemagne et l’Autriche. Il sera basé à Francfort.Avant de passer sept ans chez Axa IM, il avait été pendant neuf ans chez Merrill Lynch Investment Managers Allemagne.

Le hedge fund quantitatif D.E. Shaw, dont les actifs sous gestion s'élèvent à plus de 25 milliards de dollars, a connu une bonne année 2012 malgré les revirements incessants des marchés, rapporte Les Echos. En hausse de près 16 % en 2012, son fonds opérant sur plusieurs stratégies telle l’arbitrage statistique sur les actions, sa spécialité historique, a fait mieux que la moyenne du secteur, de 9 % selon Hedge Fund Research. Son global macro, qui parie simultanément sur plusieurs marchés, a bondi de 20 % grâce notamment à la baisse du yen qu’il a bien anticipée.

Les fonds ouverts commercialisés en Italie ont enregistré en 2012 des souscriptions nettes de 1,7 milliard, selon les dernières statistiques d’Assogestioni, l’association italienne des professionnels de la gestion.Cette collecte a été tirée, comme dans de nombreux autres pays d’Europe, par les fonds obligataires, qui ont drainé 23 milliards d’euros. En revanche, les fonds actions ont vu sortir 7,8 milliards d’euros. Les fonds monétaires sont aussi dans le rouge, à hauteur de 10 milliards d’euros.Autre fait marquant, les fonds de droit étranger ont enregistré des souscriptions nettes de 15,5 milliards d’euros, tandis que les fonds domiciliés en Italie ont vu sortir 13,8 milliards.A fin 2012, les encours des fonds ouverts ressortaient à 487 milliards d’euros. En ajoutant les fonds fermés et les mandats, les encours pointent à 1.199 milliards d’euros.

L’Agefi rapporte que les pertes liées aux dérivés que Banca Monte dei Paschi di Siena a noué avec trois banques, dont Nomura et Deutsche Bank, entre 2006 et 2009, sont de l’ordre de 720 millions d’euros, selon l’administrateur délégué Fabrizio Viola. L’impact sur les résultats devrait encore varier en raison des effets fiscaux.

La banque privée de Citigroup a décidé de demander le remboursement de son investissement de 187 millions de dollars dans SAC Capital Advisors, rapporte The Wall Street Journal. Il s’agit de la dernière défection en date alors que la société de hedge funds fait face à une enquête des autorités sur des délits d’initié. SAC devrait accuser des rachats pour 1 milliard de dollars au premier trimestre.

Genesis a vendu pour 125 millions de livres 401 logements dans le complexe Stratford Halo de Londres, près de l’entrée principale du site olympique, à M&G Investments. Cette transaction s’effectue dans le cadre d’un contrat de sale & lease-back, Genesis conservant la gestion du site. Cet actif est attribué au portefeuille du fonds M&G Secured Property Income (SPIF) lancé en 2007 et qui a collecté 1,5 milliard de livres.

Open-ended funds on sale in Italy in 2012 recorded net inflows of EUR1.7bn, according to the most recent statistics from Assogestioni, the Italian association of management professionals. Inflows were driven by bond funds, as in many other countries of Europe, which attracted EUR23bn. However, equity funds saw outflows of EUR7.8bn. Money market funds also showed outflows, totalling EUR10bn. Another significant point is that foreign-registered funds posted net subscriptions of EUR15.5bn, while funds domiciled in Italy saw outflows of EUR13.8bn. As of the end of 2012, assets in open-ended funds totalled EUR487bn. With the addition of closed funds and mandates, assets total EUR1.199trn.

More than 80% of shareholders, compared with only 42% six years ago, say they are in favour of holding consultative votes at general shareholders’ meetings on pay policies for directors, following the “Say on Pay” model, which would represent a major axis of legislation currently in preparation, according to the 8th annual Capitalcom survey of expectations by individual investors going into the 2013 general shareholders’ meetings. This trend comes as part of a wider trend on the markets, which showed s shift strongly in favour of “Say on Pay” in a consultation held by the French Treasury in September 2012. Legislation proposed by the French minister of the economy to regulate pay practices and modernise corporate governance will be sent to the Council of State in March. “Say on Pay” is currently applied in 17 countries on a non-binding basis (United Kingdom, Australia, Soain, Belgium, Brazil, Germany, the United States, Italy, Ireland), on a binding basis (Netherlands, Sweden, Denmark, Norway, Portugal, South Africa) or on a voluntary basis (Switzerland, Canada). Although the AFEP-MEDEP code of governance is expected to be updated to anticipate the minister of the economy’s proposed legislation, individual shareholders expect specific information on corporate governance: evaluation of advisory work (18.4% of respondents make this criterion the top priority for general shareholders’ meetings in 2013), criteria for the selection of new directors (17.7%), the motivations and experiences of candidates for the position of director (15.7%), and lastly, justification for the independence of administrators (13.4%). Independence, abilities and a lack of previous terms as director are mentioned in the comments of shareholders surveyed as sine qua non conditions for exemplary governance. Opening boards to new members may also reassure shareholders: 62% estimate the presence of employees on the board could improve operations, putting them in favour of the second aim of the bill. Last year, 39 directors representing employees or employee shareholders were present on boards of CAC 40 companies, with seats on 16 boards of directors.

The European Union is aware of a letter which the Autorité de Contrôle des Assurances et des Mutuelles (ACAM) is said to have sent to UMR, recommending that it retain its activities in France, and is investigating the question of whether the law was infringed, IPE.com reports, citing Jung-Duk Lichtenberger, a member of the insurance and pensions unit at the European Commission. Earlier this month, IPE revealed that UMR (EUR10.2bn) suspended its plans to launch a cross-border fund in Belgium, after receiving a letter from the French regulator.

Assets under management at the alternative asset management firm Gottex Fund Management as of 31 December 2012 totalled USD6.99bn, down 7.5% compared with the end of September. Of this total, USD5.9bn (down 3.6% compared with the end of September) are managed by Gottex Fund Management, and USD1.05bn (-25%) are managed by Luma Gottex Solutions Services (GSS). The decline in assets under management is largely due to the departure of managed accounts from the LUMA platform, which generated limited levels of commissions. Net inflows remain low, a statement says. Gottex has noted a rising interest on the part of investors in alternative and absolute return investment solutions, as investors are increasingly concerned about the high exposure to bonds of their portfolios, according to CEO Joachim Gottschalk, cited in a statement.

Tocqueville Finance, a French asset management boutique controlled by La Banque Postale, yesterday announced the appointment of a new CEO, Hervé Guiriec.Guiriec succeeds, Bruno Julien, who arrived as CEO at the French asset management firm in October 2009, just after La Banque Postale entered its capital. He will move to new responsibilities at the banking business.Guiriec comes from La Banque Postale, which he joined at its inception in 2005, as director of operations, processes and procedures. Since 2007, he had been director of accounting at the bank.Tocqueville Finance at the end of December 2012 had assets under management of EUR1.2bn, compared with EUR2bn at the end of June 2011. The firm then announced that it was aiming for EUR4bn in assets by 2015.

Man Group, a major player in alternative asset management, with USD60bn in assets under management, will acquire a 20% stake in OFI MGA, the alternative multi-management affiliate of the French OFI group, which has EUR600m in assets under management, for EUR1.6m. The group, listed in London, has also purchased an option to become a majority shareholder within three years.OFI MGA, which manages assets for French institutional investors, may now invest in the managed accounts platform developed by Man, whose assets total USD9bn, managed by about 80 managers.The partnership, which is subject to approval by the AMF, carries an exclusivity clause for OFI MGA, which would become the only French asset management firm able to invest on the Man Group managed accounts platform.The operation comes at a time when OFI AM has been sanctioned twice by the AMF precisely for its alternative multi-management activities. It is also a sign of a trend towards concentration in the alternative multi-management sector. Man Group had previously participated in this trend, with the acquisition of GLG a few years ago.At the annual OFI conference in Paris on 24 January, Maxime du Chayla, deputy CEO responsible for development, announced that OFI will be the only French actor to buy a 10% stake in the Geneva-based Blue Orchard (USD700m in assets in 10 funds), which would allow it to enter the microfinance sector.Gérard Bourret, CEO of OFI AM, has stated that assets at the French asset management firm as of the end of December had increased by EUR6bn, to over EUR53bn. About EUR2bn of this total comes from net inflows.

The Denver-based asset management firm Janus Capital in 2012 earned net profits of USD102.3m, or USD0.55 per share, compared with USD142.9m, or USD0.78 per share in 2011, according to a statement released on 24 January. Assets under management as of the end of December totalled USD156.8bn, compared with USD158.2bn as of the end of September, and USD148.2bn as of the end of December 2011. This year-on-year growth is due to a positive market effect of USD20.6bn, partly offset by net outflows of USD12bn.

Pre-tax asset management profits at Raymond James Financial in October-December were up 32% over the previous quarter, at USD20.94m, while the increase year on year comes to 18%. Revenues for the asset management unit rose 7% in July-September to USD65.63m, Raymond James states that an acquisition of 45% of Clarivest by its affiliate Eagle Asset Management (see Newsmanagers of 28 December 2012) and the recruitment of a team dedicated to small and midcaps in the quarter under review will allow the asset management unit to continue its growth trajectory.In the third quarter of its fiscal year, to 31 December, Raymond James Financal earned total net profits of USD85.87m, compared with USD67.32m in the three months to the end of September, and USD83.32m in the corresponding period of 2011.

The family office sector, which is highly discreet by construction, appears to be desirous of becoming less reserved in order to promote the profession. “Recognition of the profession is our primary objective. We would also like to organise to develop a professional code of ethics,” Jean-Marie Paluel Marmont, president of the French association of family offices (AFFO) said at a pres conference on 24 January. To assist its members, about 100, or half, of whom are single and multi-family offices, and the other half of which are professional partners of family offices, the association is regularly holding themed mornings, such as one held recently on “Africa: new horizons for investment?” The association has also created dedicated commissions. There are currently four: philanthropy, education and training, family governance, and lastly, asset allocation. After publishing a white paper last year on philanthropy, the association is planning to publish two guides in 2013, one on family governance in first half, and one on education and training in second half. As a result of this work, the AFFO plans to gradually create a presence for itself as “the natural point of reference in the family office world” and “may in the future become the privileged interlocutor with market authorities.”

Thomas Schaufler was on 1 January appointed as a board member at the Austrian asset management firm Erste Asset Management, alongside Heinz Bednar, chairman, and Christian Schön. He becomes head of retail sales.Since mid-2012, Schaufler had most recently been head of retail activities for securities at Erste Bank Group.

MSCI Inc is acquiring Investor Force Holdings from ICG for USD23.5m. The target is a provider of custom performance and reporting software solutions for consultants to institutional investors in the United States. The transaction is expected to be completed by the end of March.The Investor Force platform is used by consultants for reporting on USD3.5trn in assets. Products from Investor Force come as additions to the Barra and RiskMetrics risk management product range from MSCI.MSCI has also announced the appointment of Deborah Yang as head of index activities for Europe, the Middle East, Africa and India. She joins Diana Tidd and Theodore Niggli, who are heads of the same operation, one for the Americas, and the other for Asia-Pacific. All three will report to Baer Pettit, managing director and global head of the global indices unit at MSCI.Yang, who joined MSCI in 2001, had most recently been managing director and head of client coverage at MSCI Asia ex Japan, in Hong Kong.

Neel Kashkari, managing director in charge of global equities at Pimco, is leaving the firm, as he is planning to run for political office in California as a Republican, Reuters reports, citing sources familiar with the matter. Kashkari, a former Goldman Sachs banker who oversaw TARP at the Treasury, joined Pimco in December 2009.

Nettle Capital has closed one of the first UCITS IV funds ever launched, after barely one year in existence, due to the excessively small volume of assets, FundWeb reports. The TB Nettle European Micro Cap fund was launched in November 2012, with the objective of raising GBP20m, but it received only a tenth of the target investment volume.

The quantitative hedge fund D.E. Shaw, whose assets under management total over USD25bn, had a good year in 2012 despite continuing turbulence on the market, Les Echos reports. With gains of nearly 16% in 2012, its fund, which operates several strategies, such as statistical equity arbitrage, its historical specialty, did better than the sectoral average of 9%, according to Hedge Fund Research. Its global macro strategy, which bets on several markets simultaneously, gained 20%, largely due to a falling yen, which it anticipated.

Phoenix Group refused a series of offers to buy its asset management firm Ignis Asset Management, which has over GBP73bn in assets under management, according to reports on Sky News. Aberdeen Asset Management is reported to have been interested in early 2012. The bids value the firm at about GBP400m.

Genesis has sold 401 housing units in the Stratford Halo complex in London, near the main entrance to the Olympic site, for GBP125m, to M&G Investments. The transaction comes as part of a sale & lease-back agreement, by which Genesis will continue to be responsible for the management of the site. The property will be added to the portfolio of the M&G Secured Property Income (SPFI) fund, launched in 2007, which has since then raised GBP1.5bn.

Adapting to new regulations remains a major preoccupation, but maintaining a certain level of performane represents another major challenge in 2013, according to the third annual survey by Linedata of the priorities and challenges encountered by the global asset management community.Adapting to new regulations is cited as the top priority for 2013 by 48% of those surveyed, and by more than 71% of fund administrators, reflecting a current global trend as part of which financial establishments are finding themselves confronted by vast and increasingly complex regulatory changes.Maintaining the level of returns on investments represents a challenge this year is cited by hedge funds (68%) and asset managers (59%) as the top challenge for 2013. These findings reflect the general climate for fund managers who must adapt to the changing needs of the market.Asset management firms are clearly seeking to concentrate on their core professions, while letting external experts handle their IT, as 45% of respondents are planning to transfer some of their management processes into the cloud, and 25% have already moved some functions to the cloud.When asked to name the top priorities in IT, all respondents cite solutions for compliance with risk management systems as the first priority.

Frank Richter, who had been head of institutional at Axa Investment Managers for Germany and Austria, succeeds Micael Geier (see Newsmanagers of 21 January) as investment director for institutional distribution at Standard Life Investments, also for Germany and Austria. He will be based in Frankfurt.Before spending seven years at Axa IM, he spent nine years at Merrill Lynch Investment Managers Germany.

JP Morgan Asset Management has recruited Heidi Sutton, of Goldman Sachs AM, as director of marketing for Asia-Pacific, a newly-created position, Asian Investor reports. She is based in Hong Kong, and began in her new position on 21 January. At Goldman Sachs, Sutton was managing director in charge of marketing strategy for the Asia-Pacific region.

The Citigroup private bank has decided to request redemption of its USD187m investment in SAC Capital Advisors, the Wall Street Journal reports. It is the most recent defection in a series, as the hedge fund firm is facing an investigation by regulatory authorities into allegations of insider trading. SAC is expected to undergo USD1bn in redemptions in first quarter.

Schroders has launched “Investimente” in Italy, an initiative which applies behavioural finance to advising activities, Bluerating reports. On the website of the same name, financial advisers and private bankers will be able to put their clients to the “investor awareness test,” to identify psychological aspects which condition their investment decisions. The outcome of the test is a personalised psychological-financial report which provides practical advice to avoid major decision-making errors, and increase awareness.

A former hedge fund manager based in California, Doug Whitman, was on Thursday sentenced to two years in prison, after pleading guilty to insider trading, the Wall Street Journal reports. Whitman, the founder of Whitman Capital, made nearly USD1bn through trading on confidential information about Google and other tech firms.

Les banques de la zone euro effectueront la semaine prochaine des remboursements anticipés à la Banque centrale européenne (BCE) pour un montant global de 137,2 milliards d’euros, un chiffre plus important qu’attendu qui marque une nouvelle étape du retour progressif à la normale du système financier. La BCE avait prêté aux banques plus de 1.000 milliards d’euros trois ans lors de deux «opérations de refinancement à plus long terme» (LTRO) lancées pour soutenir le crédit, en décembre 2011 et en février 2012. Aujourd’hui, a annoncé la BCE vendredi, ce sont 278 banques qui ont saisi la première opportunité de réaliser un remboursement anticipé, le 30 janvier. Les banques pourront désormais effectuer des remboursements anticipés chaque semaine. Au total, 523 banques de la zone euro avaient eu recours fin 2011 au premier LTRO. Une enquête de Reuters avait montré en début de semaine que les marchés s’attendaient à un premier remboursement de 100 milliards d’euros. Les valeurs bancaires de la zone euro gagnaient près de 1% quelques minutes après l’annonce de la BCE, tandis que les obligations d’Etat allemandes, valeur refuge traditionnelle, cédaient du terrain et que l’euro remontait au-dessus de 1,34 dollar.