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16/07/2013

Le président de l'ABBL passera la main en avril 2014

L’Association des Banques et Banquiers, Luxembourg (ABBL) a annoncé hier avoir pris acte de la demande de son président Jean-Jacques Rommes à être déchargé de ses responsabilités à l’association après son assemblée générale en avril 2014. Le cadre entend se consacrer pleinement à la tâche d’administrateur délégué et président du comité exécutif qu’il a accepté d’occuper dans l’Union des Entreprises, Luxembourg (UEL).Dans un premier temps, le Conseil a arrêté de nouvelles nominations au sein du Management Board de l’association, à savoir :• Catherine Bourin• Fernand Grulms• Marc HemmerlingSerge de Cillia est confirmé comme membre du Management Board. Le conseil a également accepté la demande de messieurs Daniel Lehmeier et Rüdiger Jung de se voir confier des missions spéciales dans leurs domaines de compétence. Ils resteront étroitement associés à la direction de l’association avec le titre de «General Counselor», indique un communiqué.
16/07/2013

Forte hausse du bénéfice de la gestion d’actifs et de fortune pour SEB

Pour le premier semestre 2013, la division wealth management de SEB a gonflé de 40 % en glissement annuel à 859 millions de couronnes contre 613 millions en janvier-juin 2012, dont 468 millions au deuxième trimestre et 391 millions au premier. L’amélioration est surtout attribuable à une hausse des recettes de commissions de performance sur les mandats discrétionnaires, à 120 millions de couronnes contre 57 millions. Les charges d’exploitation ont par ailleurs baissé de 8 %.Les fonds gérés ou non par SEB ont enregistré des souscriptions nettes de 8 milliards de couronnes et l’encours total de la division est ressorti fin juin à 1.302 millions de couronnes, ce qui représente une augmentation de 6 % par rapport à la fin de 2012.Le bénéfice net du groupe SEB pour les six premiers mois de l’année est ressorti à 6,8 milliards de couronnes contre 5,6 milliards, dont 3,8 milliards contre 3 milliards pour le deuxième trimestre.
16/07/2013

Allianz Popular devient le 5ème gestionnaire de fonds de pension

Pour 50 millions d’euros, le Banco Popular a vendu le pôle de gestion de fonds de Pastor Vida à Allianz Popular. Cela permet à ce dernier de gagner deux places et de devenir le cinquième plus gros gestionnaire de fonds de pension en Espagne, rapporte Funds People.Allianz Popular gérait déjà 4.355 millions d’euros dans ce domaine. Avec les 570 millions d’euros de Pastor Vida, Allianz Popular affiche un encours total de 4.915 millions d’euros à fin mars, ce qui lui permet de dépasser Mapfre (4.897 millions) et de se classer juste derrière Aviva (5.324 millions).Les poids lourds du secteur sont le BBVA (17.182 millions d’euros), VidaCaixa (14.900 millions) et le Santander (8.750 millions).
16/07/2013

KAS Bank vendrait son activité allemande de Master KAG

Selon efinancialcareers, qui cite un proche du dossier, le néerlandais KAS Bank serait sur le point de vendre son activité de Master KAG (administration de fonds) en Allemagne, KAS Investment Servicing, lancée en 2008.Apparemment, cette activité n’a pas évolué aussi bien que prévu. KAS Investment Servicing emploie environ 40 personnes à Wiesbaden. Elle administrait fin 2012 un total de 24 fonds pour un encours de 608,5 millions d’euros.
16/07/2013

UFF launches UFF Innovation no. 16

P { margin-bottom: 0.08in; } UFF has announced the launch of its 16th innovation common investment fund (FCPI). The fund, which is managed by Truffle Capital, will participate in the financing of development at innovative businesses in the healthcare, IT and energy sectors, a statement says.The objective for the fund is to invest 75% of assets in innovative companies, typically private businesses in sectors such as IT, energy and life sciences. UFF Innovation no. 16 will also invest in a diversified manner in three sectors with a focus on businesses which develop breakthrough technologies, and a preference for the creation of businesses or spinoffs.Characteristics:Manager: Truffle CapitalExclusive distributor: Union Financière de FranceRecommended investment duration: 7 years, until maturity on 30 September 2020 (may be extended three times for one year each)A share class: EUR1000Subscription commission: 4%Withdrawal penalty: 4%Management commission, including all taxes: 3.76%Subscription period: July 2013 to February 2014
16/07/2013

Nuveen launches volley of nine funds “powered by Bob Doll”

P { margin-bottom: 0.08in; } Bob Doll, chief equity strategist and senior portfolio manager at Nuveen Asset Management since 26 November, after several years as executive managing director an chief strategist at BlackRock, has overseen the launch of nine Nuveen equity funds, three of them traditional funds, three “specialty” funds and three hedge funds. Of this total, six of them are newly-created products, and three were transferred to Doll.Doll will use a balanced strategy combining fundamental analysis and quantitative management, with the assistance of 17 fundamental analysts and three quantitative analysts.The new funds are as follows:TraditionalNuveen Large Cap Value Fund (acronym: NNGAX)Nuveen Large Cap Core Fund (NLACX)Nuveen Large Cap GrowthFund(NLAGX)SpecialtyNuveen Core Dividend Fund (NCDAX)Nuveen Concentrated Core Fund (NCADX)Nuveen Growth Fund (NSAGX)AlternativeNuveen Large Cap Core Plus Fund (NLAPX)Nuveen Equity/Long Short Fund (NELAX)Nuveen Equity Market Neutral Fund (NMAEX)
16/07/2013

Bernheim, Dreyfus & Co. launches a predominantly bond diversified fund

P { margin-bottom: 0.08in; } Bernheim, Dreyfus & Co. has launched Carmel Global Opportunities, an asset allocation fund containing primarily bonds investing in various asset classes in OECD countries.Carmel Global Opportunities uses prudent allocation of capital based on a bond “core” and a “satellite” to expose the fund to more dynamic asset classes, a statement says. The objective for the fund is to offer investors regular long-term capital appreciation through diversification of investment strategies. The management process is based on fundamental analysis combining a top-down approach based on analysis of macro-economic cycles, and a bottom-up approach based on detailed financial analysis and valuation of businesses.At launch, the mutual fund has seed capital of about EUR50m (of which EUR20m are invested). The maangement team is projecting assets of EUR200m within 18 months.ISIN code: FR0011452887UCITS IV fund
16/07/2013

360 AM launches a flexible fund eligible for PEA

P { margin-bottom: 0.08in; } 360 Asset Managers at the end of May initiated a partnership with Financière Roche Noire, a flexible wealth heritage fund eligible for investment from PEA policies. All assets on which it is based are eligible for the tax benefit (“PEAble” money market funds, trackers which reproduct the behaviour of the Japanese equity market, etc.) Assets in the fund total EUR850,000. Characteristics: ISIN code: FR0011452929 Front-end fee: maximum 4% all taxes included (0% paid into the fund) Withdrawal penalty: None Management fee: maximum 2.2% including all taxes Performance commission: 20% including all taxes of positive performance exceeding the benchmark index Nominal value per share: EUR100 Valuation: Daily Eligible for investment from life insurance policies
16/07/2013

Hof Hoorneman launches three funds on Euronext

P { margin-bottom: 0.08in; } The Netherlands-based Hof Hoorneman on 15 July listed three new funds on NYSE Euronext Amsterdam, bringing the total number of products on sale on Euronext Fund Services (EFS) to 204.The new products are as follows:HH EM Fund (ISIN code: NL0010514196)HH Obligatie Fund (NL0010514204) andHH RE Value Fund (NL0010514212)
16/07/2013

KAS Bank to sell German Master KAG activity

P { margin-bottom: 0.08in; } According to efinancialcareers, citing a source familiar with the matters, the Netherlands-based KAS Bank may soon sell its Master KAG (fund administration) activity in Germany, KAS Investment servicing, launched in 2008. The activity has not developed as well as expected. KAS Investment Servicing employs about 40 people in Wiesbaden. As of the end of 2012, it administered a total of 24 funds, with assets of EUR608.5m.
16/07/2013

Twelve Capital recuits Markus Stricher

P { margin-bottom: 0.08in; } Markus Stricher, a specialist in risk management at Swiss Re and Aon ReSolution, has joined Twelve Capital as a partner responsible for risk management. He will be responsible for the developmen tof exclusive analytical tools at Twelve Capital. Stricher was also a professor at ETH in Zurich and at the University of Chicago. When he taught at Georgia State University, he created an applied research centre at the Willis Economic Capital Forum.The Zurich-based Twelve Capital, a majority of whose capital belongs to the investment team, is an independent wealth management firm specialised in investment in the insurance sector.
16/07/2013

Vontobel and Helvetia renew their co-operation agreement

P { margin-bottom: 0.08in; } Axel Schwarzer, CEO of the asset management unit of Vontobel (Vontobel Asset Management, CHF150bn in assets as of the end of December 2012), and Ralph Honegger, CIO of the Helvetia group, on 15 July announced that an agreement to combine the two asset management firms has been renewed for five years, until 2018.That will allow the 0.75m Helvetia clients to continue to benefit from the expertise of Vontobel AM in investments for insurance and retirement products.
16/07/2013

Starbucks removed from Natur-Aktien-Index

P { margin-bottom: 0.08in; } The committee of the German Natur-Aktien-Index (NAI) has decided to exclude the Starbucks coffee chain from the composition of the index, because the firm uses tricks to avoid taxes, which runs against the principles of management in line with sustainable development, says Horst Hamm, chairman of the committee. The NAI admits, however, that Starbucks remains highly engaged in the promotion of ecological coffee.Starbucks is replaced on the NAI with the coffee wholesales Green Mountain Coffee, which is involved in the area of biological coffee and fair trade. Green Mountain, which employs 5,000 people, had USD3.8bn in turnover last year. Its market share in the fair trade and biological coffee market in the United States is about 10%.The NAI committee has also announced that the British firm Kingfisher has been admitted to the index, since the home improvement group stands out for its low-cost and energy-efficient solutions. Kingfisher replaces the Austrian water distributor BWT, which has been acquired by another firm.
16/07/2013

Allianz Popular becomes the 5th-largest pension fund management firm

P { margin-bottom: 0.08in; } For EUR50m, Banco Popular has sold the fund management unit of Pastor Vida to Allianz Popular. This allows the latter to gain two places, to become the fifth-largest pension fund management firm in Spain, Funds People reports.Allianz Popular already had EUR4.355bn in this area. With EUR570m at Pastor Vida, Allianz Popular has total assets of EUR4.915bn as of the end of March, which puts it ahead of Mapfre (EUR4.897bn) and just behind Aviva (EUR5.324bn).The heavyweights in the sector are BBVA (EUR17.182bn), VidaCaixa (EUR14.9bn) and Santander (EUR8.750bn).
16/07/2013

Fitch downgrades EFSF

P { margin-bottom: 0.08in; } “Largely due to the downgrade in the sovereign credit rating of France” late last week, the ratings agency Fitch Ratings on Monday downgraded the European Financial Stability Facility from AAA previously to AA+.
16/07/2013

Man Group teams up with Nomura for UCITS-compliant bond fund

P { margin-bottom: 0.08in; } The quantitative management unit at Man Group, Man Systematic Strategies (MSS), which was merged this year with AHL, will with Nomura Alternative Investment Management manage the Nomura Man Systematic Fixed Income UCITS Fund, whose objective is to capture directional opportunities on 50 emerging and developed markets for swaps, futures and urrencies, using about 300 trading signals, HedgeWeek reports.The fund is co-managed by André Rzym and Stefan Sluke, who worked on AHL managed futures funds.
16/07/2013

HSBC GAM preparing range of index-based funds

P { margin-bottom: 0.08in; } UK-based HSBC Global Asset Management is planning to sell tracker funds in fourth quarter replicating the new low-volatility Economic Scale Indices (ESI), which weight issuers according to their added value, Investment Week reports. The top three funds will replicate global, US and Japanese ESIs.
16/07/2013

Cayman Islands sign MoUs with 25 ESMA countries

P { margin-bottom: 0.08in; } The Cayman Islands Monetary Authority (CIMA) has announced that it has signed memoranda of understanding (MoUs) with 25 European countries in the area of competence with the European securities markets authority (ESMA) to allow hedge funds registered in the Cayman Islands to be sold throughout the European Union. The agreements are related to the introduction of the alternative investment management directive (AIFMD) on 22 July 2013. Five European countries have not yet signed the agreements: Austria, Germany, Italy, Slovenia and Spain. The signatories, so far, are as follows, according to the CIMA:Autoriteit Financiële Markten (The Netherlands); Autorité des marchés financiers (France); Financial Services and Markets Authority (Belgium); Central Bank of Ireland (Ireland); Comissão do Mercado de Valores Mobiliários (Portugal); Financial Supervisory Authority (Romania); Commission de Surveillance du Secteur Financier (Luxembourg); Cyprus Securities and Exchange Commission (Cyprus); Czech National Bank (Czech Republic); Finansinspektionen (Sweden); Finanssivalvonta (Finland); Finanstilsynet (Denmark); Finanšu un kapitāla tirgus komisija (Latvia); Estonian Financial Supervision Authority (Estonia); Polish Financial Supervision Authority (Poland); Financial Conduct Authority (United Kingdom); Financial Supervision Commission (Bulgaria); Hellenic Capital Market Commission (Greece); Bank of Lithuania (Lithuania); Malta Financial Services Authority (Malta); Národná banka Slovenska (Slovak Republic); Pénzügyi Szervezetek Állami Felügyelete (Hungary); Fjármálaeftirlitið (Iceland); Finanstilsynet (Norway) andFinanzmarktaufsicht (Liechtenstein).
16/07/2013

Strong increase in asset and wealth management profits at SEB

P { margin-bottom: 0.08in; } In first half 2013, the wealth management division of SEB gained 40% year on year, to SEK859m, compared with SEK613m in January-June 2012, of which SEK468m were in second quarter, and EUR391m in first quarter. The improvement is primarily due to an increase in performance commission revenues from discretionary mandates, to SEK120m from SEK57m. Operating costs were also reduced by 8%.Both SEB managed and non-SEB managed funds posted net subscriptions of SEK8bn, and total assets in the division came to SEK1.302bn as of the end of June, which represents an increase of 6% compared with the end of 2012.Net profits at the SEB group for the first six months of the year totalled SEK6.8bn, compared with SEK5.6bn, of which SEK3.8bn, compared with SEK3bn, were in second quarter.
16/07/2013

Assets down at Charlemagne Capital

P { margin-bottom: 0.08in; } An “interim management statement” released by the British firm Charlemagne Capital Limited reveals that as of 30 June, assets totalled less than USD2.42bn, compared with USD2.63bn as of 1 January.However, net income from management commissions increased in first half to GBP11.9m, compared with GBP10.8m in July-December 2012, and GBP9.7m in the corresponding period of last year, due to the fact that average assets in the period under reveiew with USD2.6bn, compared with USD2.4bn in January-June 2012. But income on performance commissions fell to USD0.5m, compared with USD0.9m in the corresponding period of last year.Charlemagne posted net subscriptions in first half 2013 only for the Magna fund range, which had USD420m in assets as of the end of June, despite negative performance effects of USD30m. Net outflows from the OCCO product range totalled USD36m, while institutional outflows totalled USD113m.Although the group has remained profitable overall since the beginning of the year, Charlemagne admits that it needs to increase its assets in order to generate recurrent profits on the basis of management commissions. The British asset management firm has announced plans to cut back its cost base, but will look at retaining the infrastrucure necessary to continue to provide quality service to investors and to manage subsequent growth of activities.
16/07/2013

Banking: bonuses fall for biggest earners

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } The average bonus for British bankers who make over EUR1m is in free-fall, the Financial Times reports, citing statistics from the European banking authority. In 2011, these bankers received bonuses representing an average of 3.5 times their annual salary, compared with 6.1 times the previous year. In the United Kingdom, 2,436 people employed in banking make more than EUR1m per year.
16/07/2013

Lyxor looks to United Kingdom for growth to its ETF unit

P { margin-bottom: 0.08in; } Arnaud Llinas, global head of ETF & indexing since December, has announced that Lyxor Asset Management considers the United Kingdom a key market to bring new growth to its ETF unit. The French group has since the beginning of the year recruited Chanchal Samadder from iShares as director of institutional ETF sales for the United Kingdom and Ireland, Financial Times FM reports.Llinas has announced that he plans to make further additions to the United Kingdom sales team, as he expects an increase in demand for ETFs both from institutional investors and retail clients.
16/07/2013

Coba sells UK real estate credit portfolio

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Germany-based Commerzbank (Coba) has announced that it has sold its EUR5bn professional real estate portfolio at a markdown of only 3.5% to a consortium led by Wells Fargo and Lone Star. The transaction includes all commercial real estate financing activities of Hypothekenbank Frankfurt in the United Kingdom, and employees will join Wells Fargo.
16/07/2013

Libor scandal: two indictments

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } The UK Serious Fraud Office (SFO) has announced that two former brokers at RP Martin Holdings, Terry Farr and James Gilmour, have been accused od conspiracy to defraud as part of an investigation into manipulation of Libor, the Wall Street Journal reports. The two men were arrested in December, at the same time as Tom Hayes, a former trader at UBS and Citigroup.
16/07/2013

LGIM, BlackRock and Insight dominate pension fund market

P { margin-bottom: 0.08in; } The financial crisis has completely transformed the pension fund market, and some asset management firms have lost a lot of assets in the process, Financial Times FM reports. Between 2006 and 2012, assets from pension funds fell by proportions ranings form 11% at Fidelity to 86% to AllianceBernstein, with a contraction of 16% at JPMorgan, and declines of 32% at Aberdeen, 50% at Axa IM, 60% at UBS and 65% at Goldman Sachs.The market is now dominated by far by Legal & General IM, with GBP285.43bn. BlackRock, with GBP226.19bn, and Insight Investment Management, with GBP193.832bn. In fourth place, Standard Life Investments has only GBP60.56bn.
16/07/2013
Gestion d'actifs

La Caisse de pension de la fonction publique du canton de Neuchâtel a effectué ses premiers investissements dans le private equity

La Caisse de pension de la fonction publique du canton de Neuchâtel (2,8 milliards de francs suisses d’actifs sous gestion) a effectué son premier investissement dans le private equity. Un investissement a aussi été effectué sur l’or alors que les discussions concernant les placements de la poche immobilier international ont été repoussées. La caisse de retraite collabore avec Coninco Advisory pour la stratégie et Synopsis Asset Management pour le conseil en allocation tactique. Suite à un appel d’offres, les premiers investissements en private equity ont été réalisés. Une nouvelle exposition sur l’or a été intégrée aux placements sur les matières premières, a indiqué le dernier rapport annuel du fonds, sans pour autant divulguer qui a été retenu pour gérer les actifs. La Caisse de pension de la fonction publique du canton de Neuchâtel a opéré à 2 changements de gérants : un gestionnaire dédié à l’investissement sur les actions suisses et un gestionnaire en charge des investissements sur les actions internationales, leurs noms n’ont pas été divulgués. Par ailleurs, le rapport indique que le fonds a l’intention de discuter de sa poche immobilier à l’international, jusqu’alors délaissée au profit de la poche immobilier suisse. Le rapport ajoute également que le fonds n’a pas pris de décisions importantes en matière d’immobilier international indirect car cette classe d’actifs n’a pas été entièrement allouée pour l’instant. À la fin de 2012, la poche immobilier international représentait 0.6 % des actifs alors que l’objectif était d’atteindre 3 %.
Gestion d'actifs
16/07/2013
Gestion d'actifs

Allianz France investit 40 millions d'euros dans le fonds Novo

L’assureur Allianz France annonce qu’il investit 40 M€ dans le fonds Novo présenté par le ministre de l’Economie et des Finances, Pierre Moscovici, le 10 juillet 2013. Ce dispositif destiné à encourager le financement des petites et moyennes entreprises (PME) et des entreprises de taille intermédiaire (ETI) non cotées, est soutenu par 18 assureurs dont Allianz France, ainsi que par la Caisse des dépôts et le Fonds de réserve des retraites. Dans un premier temps, le fonds structuré en deux compartiments sera doté d’un milliard d’euros, chacun des investisseurs impliqués ne pouvant allouer plus de 100 M€. Ce dispositif, qui a nécessité une réforme du Code des assurances, devrait permettre à 30 ou 40 entreprises de souscrire des prêts obligataires d’un montant de 10 M€ à 50 M€, à taux fixe, sur une durée de 5 à 7 ans.
Gestion d'actifs
16/07/2013

Calpers en bonne forme

Le fonds de pension des salariés du secteur public californien a dévoilé une performance de gestion de 12,5% sur son exercice à fin juin, supérieure de 1,5 point à celle de son indice de référence, sur fond de bonne tenue des actions internationales ou de l’immobilier. Le montant des actifs de Calpers s’élève à quelque 260 milliards de dollars.
16/07/2013

La TTF met à mal les volumes

Carlo Cottarelli, directeur de la division des affaires fiscales du FMI, a souligné que l’instauration d’une taxe sur les transactions financières en France et en Italie avait entraîné un repli des volumes de transaction. Le gouvernement français estime que cette taxe devrait rapporter 800 millions d’euros en 2013.

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