Le gestionnaire de fortune Sal. Oppenheim, acquis par la Deutsche Bank en 2009 pour 1 milliard d’euros, devrait renouer avec les bénéfices en 2015, selon son CEO, Wolfgang Leoni, rapporte l’agence Reuters. L’activité serait déficitaire depuis 2011.Wolfgang Leoni estime que les seules réductions de coûts annoncées récemment (Newsmanagers du 29 mai 2013) devraient permettre à Sal. Oppenheim de redevenir bénéficiaire. Cela dit, les souscriptions des cinq premiers mois de l’année est qualifiée de «satisfaisante» par Wolfgang Leoni. La collecte nette sur l’ensemble de l’année 2012 s'était élevée à 3,6 milliards d’euros.

La société de service RBC Investor & Treasury Services, qui appartient au groupe canadien Royal bank of Canada, a annoncé le 11 juin avoir été nommé conservateur global par le gestionnaire de fonds Polaris Investment SA. RBC va ainsi fournir des services de conservation globale, de comptabilité, d’agent de transfert, de prêts de titres, de gestion de trésorerie, et de gestion du collatéral et du risque.Polaris est la plus importante plateforme italienne domiciliée au Luxembourg. Ses actifs sous gestion s'élèvent à plus de 6 milliards d’euros, émanant d’investisseurs institutionnels. Polaris détient par ailleurs 100% de la société de gestion quantitative basée à Milan, Quaestio Capital Management.

Thornburg Investment Management se lance en Europe. Selon les informations de Citywire, le gestionnaire américain, qui totalise 87 milliards de dollars d’encours sous gestion, a ouvert un bureau à Londres. La société cible une clientèle d’investisseurs institutionnels et professionnels. Ce premier bureau doit aider Thornburg Investment Management à répondre aux appels d’offres pour des mandats de gestion publiés par des clients européens. L’antenne londonienne sera pilotée conjointement par Chris Elsmark et Karim Elfar, qui ont récemment rejoint la société.

Pioneer Investments vient de recruter deux analystes actions senior, Martin Dolan et Michael Morris, qui vont renforcer l'équipe dédiée aux actions européennes, rapporte Citywire.Martin Dolan sera en charge du secteur des biens de consommation. Il travaillait précédemment à la banque portugaise Espirito Santo où il couvrait notamment l’agro-alimentaire et les boissons. Michael Morris sera responsable du secteur des matériaux. Il occupait précédemment le poste de responsable d’une équipe de 12 analystes chez JP Morgan Cazenove, spécialisés dans la construction et les matériaux de construction.

Nomura a cédé 1,75 million d’actions de sa filiale immobilière Nomura Real Estate Master Fund, ce qui lui a permis de lever 175,1 milliards de yens, soit 1,4 milliard d’euros, rapporte L’Agefi. Le cours de Nomura Real Estate Master Fund a chuté cette nuit de 4,8% pour son premier jour de cotation à la Bourse de Tokyo, précise le quotidien.

L’intérêt des investisseurs nationaux et internationaux dans le private equity japonais est en train de revenir et pratiquement tous les fonds qui ont survécu à la crise de 2008 chercher à collecter des fonds, rapporte Asian Investor.Parmi les sociétés envisageant de lever de nouveaux fonds figurent notamment Unison Capital Bain & Co Japan, Advantage Partners, Polaris Capital Group et Carlyle Group Japan, tandis que J-Star Co vient de boucler un fonds de 200 millions de dollars visant les moyennes capitalisations.

Le managing director de Vanguard, Thomas Rampulla, et le responsable d’Axa IM UK Irshaad Ahmad, ont rejoint le conseil d’administration de l’IMA, l’association britannique de la gestion d’actifs, portant le nombre total de membres à 18, rapporte Investment Week.Ce conseil d’administration se compose déjà de Will Nott, responsable de l’activité retail de M&G, du CEO de Threadneedle Campbell Fleming, du CEO d’Henderson Andrew Formica et de l’ancien CIO de Schroders Alan Brown.

Le britannique Schroders a annoncé le 11 juin le recrutement de Bogdan Popovici en tant que gérant de portefeuille pour l’obligataire global. Bogdan Popovici travaillait précédemment chez le gestionnaire américain Wellington Management en tant que gérant de portefeuille macro au sein de l'équipe «global rates and foreign exchange». Avant de rejoindre Wellington en 2011, Bogdan Popovici avait travaillé chez BlackRock Investment Management au sein du pôle des stratégies alpha.

Les actifs sous gestion et sous administration du britannique Charles Stanley s’inscrivaient à 17,7 milliards de livres au terme de l’exercice clos le 31 mars dernier, en progression de 14,9% par rapport à mars 2012, selon les chiffres communiqués le 11 juin par la société.Les seuls actifs discrétionnaires sous gestion affichent un bond de 28% durant l’exercice à 6,4 milliards de livres. Le résultat avant impôts s’inscrit à 9,1 millions de livres, en hausse de 7% d’une année sur l’autre.

OFI AM a annoncé mardi 11 juin la nomination de trois directeurs. Xavier Michel est promu directeur de la stratégie corporate et de la coordination des projets groupe. Stéphane Ciccardini est promu directeur juridique et Charles Soullard, directeur commercial. Charles Soullard et Xavier Michel seront membres du comité exécutif groupe, précise un communiqué.Xavier Michel a travaillé en banque d’affaires chez Deutsche Bank et Barclays Capital de 1996 à 2009 et pendant un an, en 2010, au sein du cabinet du président de la FNMF (Fédération nationale de la mutualité française) avant de rejoindre la direction du groupe OFI en 2011.Charles Soullard a commencé sa carrière chez BNP Paribas en 1999 puis CDC Ixis AM en 2001 avant de rejoindre le groupe OFI en 2005.Enfin, Stéphane Ciccardini a démarré sa carrière en 2001 au Maroc au sein des départements « Tax & Legal » d’importants cabinets de conseil (Ernst & Young et Deloitte & Touch) avant de rejoindre la direction juridique du groupe OFI en 2003.

La société de gestion d’actifs immobiliers AEW Europe a annoncé mardi, en qualité d’asset manager, la finalisation de la commercialisation des 10.800 m² que comprend l’immeuble de bureaux Le Palatis à Montrouge. Le Palatis est maintenant loué à 100%. Le bien immobilier livré en août 2012 en blanc, est labellisé BBC et certifié HQE. Il est géré par AEW Europe et a été réalisé par SODEARIF pour le compte d’un client institutionnel, note un communiqué.

Comme annoncé par Newsmanagers à la mi mai, la Financière Tiepolo a annoncé cette semaine la commercialisation du fonds Tiepolo Europe Rendement. Géré par Dominique Dequidt, le fonds est investi en actions des pays de la Communauté Européenne et d’autres pays d’Europe (Suisse, Norvège, entre autres). Il focalise sa recherche sur les sociétés offrant à leurs actionnaires des dividendes réguliers et en croissance au cours des dernières années. Le fonds devrait se caractériser par un taux de rotation faible et sera composé d’une quarantaine de lignes au maximum.Caractéristiques :Code Isin : FR0011465681Frais de gestion : 2% netsEligible aux PEA et à l’assurance vie

Wendel a réalisé avec succès la cession de la totalité des 14,4 millions actions qu’elle détenait encore dans Legrand S.A., soit 5,4% du capital, au prix de 36 euros par action, selon un communiqué publié le 11 juin. Avec un produit de cession d’environ 520 millions d’euros, cette opération permet à Wendel d’enregistrer une plus value d’environ 370 millions d’euros. La réalisation de cette cession constitue la dernière étape du désengagement progressif du capital de Legrand par Wendel, qui, en 2002, avait mené l’acquisition avec Kohlberg Kravis Roberts & Co (KKR). Au total, l’investissement dans Legrand par Wendel a généré un TRI global de 19% et un multiple de 3,9x sur 11 ans. «Les ressources dégagées par cette opération permettront à Wendel de poursuivre sa stratégie visant à renouveler son portefeuille et augmenter son exposition aux investissements « non-cotés »", souligne le communiqué.

P { margin-bottom: 0.08in; } Pioneer Investments has recruited two senior equity analysts, Martin Dolan and Michael Morris, as additions to the team dedicated to European equities, Citywire reports. Dolan will be responsible for the consumer staples sector. He previously worked at the Portuguese bank Espirito Santo, where he covered agribusiness and beverages in particular. Morris will be responsible for the materials sector. He previously served as head of a team of 12 analysts at JP Morgan Cazenove, specialised in construction and construction materials.

P { margin-bottom: 0.08in; } The services firm RBC Investor & Treasury Services, which belongs to the Canadian Royal Bank of Canada group, on 11 June announced that it has been appointed as global custodian for the fund management firm Polaris Investment SA. RBC will provide global custory, accounting, transfer agency, securities lending, treasury management, and collateral and risk management services. Polaris is the largest Italian platform domiciled in Luxembourg. Its assets under management total over EUR6bn, from institutional investors. Polaris also controls 100% of the Milan-based quantitative asset management firm Quaestio Capital Management.

P { margin-bottom: 0.08in; } The European Securities and Markets Authority (ESMA) has published guidelines on remuneration policies and practices which apply to relevant staff of investment firms, credit institutions and fund management companies when providing investment services, and to national securities regulators enforcing those rules. The guidelines strengthen investor protection by improving the implementation of the conflicts of interest and conduct of business provisions set out in the Markets in Financial Instruments Directive (MiFID) in the area of remuneration. “A root problem behind the selling of unsuitable financial products is the presence of financial incentive schemes, including target setting or performance management, that do not take into account the clients’ best interests. ESMA’s remuneration guidelines reinforce the MiFID provisions in this regard, and if correctly put in place by investment firms, avoid misleading incentives from the start,” Steven Maijoor, ESMA chair, said in a statement.

P { margin-bottom: 0.08in; } Currencies, equities and bonds from emerging markets on Tuesday underwent massive sales due to growing concerns on the part of investors about the prospects of a slowdown in the Federal Reserve’s bond purchasing programme, the Financial Times reports. Emerging market economies had been the primary beneficiaries of accommodating monetary policies on the part of central banks. The South African rand and the Brazilian real on Tuesday hit four-year lows against the US dollar, and the Indian rupee hit an all-time record low. The FTSE emerging markets index has lost 1.7%, and has lost more than 10% since May.

P { margin-bottom: 0.08in; } The 40 sub-funds of the Sicav from Goldman Sachs Asset Management will be released on the Italian internet platform Online Sim, Bluerating reports. The range from Online Sim now includes 3,500 funds from 130 asset management firms.

P { margin-bottom: 0.08in; } According to sources familiar with the matter cited by the Wall Street Journal, Carlyle Group is planning to set up a USD4bn fund to invest in real estate in the United States. It will be its seventh fund of this type.The private equity investor is seeking to profit from positive publicity surrounding its recent sales, with capital gains of about USD500m for the resale of 650 Madison Avenue, and of USD350m on 666 Fifth Avenue.

P { margin-bottom: 0.08in; } Holger Naumann, a member of the executive committee at DWS Investment, has been unanimously elected to the position of chairman of the managing board at the German BVI asset management association. He had already been a member of this board since 2011, and from 1 July will replace Thomas Neiße, chairman of the executive committee at Deka Investment, who will remain as a board member at BVI. Neiße had been chairman of the managing board at BVI since 2010. The managing board at BVI includes Georg Allendorf (RREEF Investment), Barbara Knoflach (SEB AM), Holger Naumann (DWS Investment), Thomas Neiße (Deka Investment), Tobias C. Pross (Allianz Global Investors Europa), Alexander Schindler (Union AM Holding), Karl Stäcker (Franfkurt Trust) and Bernd Vorbeck (Universal-Investment).

After encountering some difficulties in selling off its institutional management unit, Deutsche Bank, with its new management team in place (June 2012), has decided to regroup as a single platform, Deutsche Asset & Wealth Management (DeAWM), with no less than 23 different entities or “silos,” to build a platform including asset management, wealth management (including Sal. Oppenheim), and corporate banking & securities operations, including ETFs from db x-trackers. According to the head of the division, Michele Faissola, this represents “a EUR1trn startup.” DeAWM is composed of six business lines: lending & deposits, wealth products, active management, passive management, alternatives/real assets and alternative/fund solutions. The main thrust will be on insurance companies, alternative investmenets,, high net worth and ultra-high net worth retail clients worldwide, and tracker products.The objective is to generate pre-tax profits by 2015 of EUR1.7bn, compared with EUR700m in 2012, and to improve the cost/income ratio from 80% last year to 65% in 2015.The reshuffle began in September 2012 has already resulted in staff cuts of 12%, to slightly over 6,000 people worldwide (this Malthusian process has already been completed) and to cost savings investment programs for EUR400m in the period from September 2012-September 2015. As of 31 March 2013, these programmes wera ahieved to the tunes of EUR100m and EUR150m, respectively.In January-March 2013, the new division posted its first net subscriptions since 2011 (EUR6bn), which contributed to an increase in assets of EUR29bn, to EUR973bn, while the remainder of the increase is due to market and forex effects.After three highly discrete years, the Deutsche Bank group has concluded that the restructuring is sufficiently well along to provide some information about the volumes of management activities.As of 31 December 2012, active management had EUR529bn in assets (52% of which was in bonds, 16% in equities, 10% in multi-assets and 22% in money markets) with 400 investment professionals. It attracted a net EUR5bn in first quarter 2013, its head, Wolfgang Matis, told Newsmanagers.Passive management (50 investment professionals) had EUR98.5bn, and its head, Reinhard Bellet, is expecting EUR150bn by 2015, “without external growth.”The alternatives/fund solutions business, with 215 specialists led by Stéphane Farouze, has EUR44bn in assets (and USD1.5bn in net inflows in the first five months of 2013), while alternatives/real assets, led by Pierre Cherki, has EUR51.8bn, with 500 investment professionals. Wealth management, for its part, has EUR297bn.

P { margin-bottom: 0.08in; } Since the beginning of the year, Comgest has posted inflows especially in Europe, with subscriptions of about EUR600m, says Vincent Strauss, chairman of Comgest and head of management, at a press conference on 11 June. Comgest has also posted subscriptions to the Global/US unit. The Europe unit now has about EUR4bn in assets, compared with EUR3.2bn as of the end of 2012, and the Global/US unit has EUR1.5bn, compared with EUR1.2bn. This is a welcome development, says Strauss, as it helps to rebalance geographical regions. Meanwhile, the emerging markets unit, which continued to post inflows earlier in the year, has since seen significant redemptions. As a result, since the beginning of the year, Comgest shows outflows of about EUR150m, while assets under management remain stable at about EUR15.5bn. Citing the Global Equity strategy of Comgest, Strauss says that the growth in profits at Japanese firms is not yet a reality. Japan has strong GDP growth outlooks for 2013 and 2014 (48.3% and 19.3% according to Citigroup/Nomura), in comparison with emerging markets (14.5% and 11.3%) and the United States (7.4% and 11.3%), while the portfolios of major investors are often underweight on Japan.

P { margin-bottom: 0.08in; } In May, funds on sale in Sweden recorded net inflows of SEK9.1bn, or slightly over EUR1bn, bringing total inflows since the beginning of the year to SEK46.3bn (EUR5.3bn), according to statistics from the Swedish fund association, Fondbolagens Förening. In April, they posted inflows of SEK10.7bn (EUR1.2bn). All fund categories were in positive territory but it was primarily balanced funds which were favoured by investors, with SEK6.2bn in May (EUR0.7bn), and SEK26.7bn since the beginning of the year (EUR3bn). Equity funds are next, with SEK1.2bn (EUR0.1bn), and SEK 21.5bn since the beginning of the year (EUR2.46bn). Bond and money market funds each show net inflows of EUR0.7bn, and hedge funds of EUR0.4bn. As of the end of May, assets in funds on sale in Sweden totalled SEK2.289trn (EUR262bn), about 55% of it in equity funds.

P { margin-bottom: 0.08in; } As announced by Newsmanagers in mid-May, La Financière Tiepolo this week announced the release for sale of the Tiepolo Europe Rendement fund. The fund, managed by Dominique Dequidt, invests in equities from countries of the European Community and other European countries (Switzerland, Norway, and others). It focuses on research into companies which have offered shareholders the best regular dividends and growth in past years. The fund will have a low turnover rate and will be composed of a maximum of 40 positions. Characteristics: ISIN code: FR0011465681 Management fees: net 2% Eligible for investment from PEA and life insurance policies

P { margin-bottom: 0.08in; } OFI AM on Tuesday, 11 June announced the appointment of three directors. Xavier Micel is promoted to director of corporate strategy and director of group projects. Stéphane Ciccardini becomes legal director, and Charles Soullard director of sales. Soullard and Michel will be members of the executive board at the group, a statement says. Michel worked in business banking at Deutsche Bank from 1996 to 2009, and for one year, in 2010, at the office of the president of the National Federal of French Mutuals (FNMF) before joining the office of the legal director at OFI in 2011. Soullard began his career at BNP Paribas in 1999, and then at CDC Ixis AM in 2011 before joining the OFI group in 2005. Ciccardini began his career in 2001 in Morocco in the Tax & Legal departments of major consulting firms (Ernst & Young and Deloitte & Touche) before joining the office of the legal director at the OFI group in 2003.

P { margin-bottom: 0.08in; } The service provider S&P Capital IQ has launched a new tool to improve the ability of users to identify systemic and counterparty risks, while reducing operating expenses.The new tool, Business Entity Cross Reference Service, provides ways to collate information on more than two million public and private entities, on the basis of standard and proprietary identifiers, including international identifiers for legal entities (LEI).

P { margin-bottom: 0.08in; } Retail alternative products, meaning investment strategies traditionally used by hedge funds or private equity firms, which are restructured for retail clients, mot often in UCITS format, represent a new and fast-growing market segment, according to a study published by SEI. Assets in mutual hedge funds in the United States have more than doubled since 2008, and now represent over USD550bn in 883 portfolios. Alternative UCITS funds have followed a similar trajectory. The study also finds that nearly three out of four financial advisers uses alternative strategies, an an equivalent percentage of advisers says that they have increased their use of these strategies in the past 12 months. Well-known private equity groups, such as AQR, Morgan Stanley Alternatives Investment Partners, Blackstone Group, Carlyle Group, Apollo Global Management and Visum Asset Management, have already launched or have submitted applications for licenses to launch such products. Analysts of the sector, including McKinsey, estimate that the number of alternative strategies in the US mutual fund segment may double between 2010 and 2015. Alternative strategies may then represent nearly one quarter of all retail revenues by the end of that period.

P { margin-bottom: 0.08in; } The Irish green finance promotion firm Green International Financial Services Centre (GIFSC) on 11 June announced the creation of Amarenco, a firm investing in renewable energies. Amsrenco, whose offices will be located in Dublin and London, will concentrate on investments in solar electricity in Europe. The firm is in the process of finalising the creation of a fund dedicated to solar electricity with EUR150m in assets, which will invest as a priority in assets located in the South of England and in France. The founder of the firm, John Mullins, former CEO of Bord Gais, is assisted by Kevin Lynch, chief investment officer, Alain Desvigne, chief operating officer, Nick Howard, company treasurer, and Kevin McNamara, chief financial officer. Staff at Amenco, which currently totals six people, may increase to as many as 20 employees. The partners at Amenco are the independent wealth management firm Davy, as investment manager, DHKN, a wealth management services firm, and Investec, both of which provide financial services and origination.

P { margin-bottom: 0.08in; } The British market authority, the FCA, has fined an asset management firm, Xcap Securities, GBP120,900 for failure to protect the assets of its clients. Between June 2010 and August 2011, the incriminated firm did not correctly separate the assets of clients from its own assets, and did not ensure exact accounting of the movements on client accounts.The total fine is calculated according to the average assets of clients and assets during the period of the regulation violation, at rates of 2% and 0.2%, respectively.

P { margin-bottom: 0.08in; } The British firm Schroders has recruited Bogdan Popovici as a portfolio manager for global bonds. Popovici had previously worked at the US asset management firm Wellington Management, as a macro portfolio manager in the global rates and foreign exchange team. Before joining Wellington in 2011, Popovici worked at BlackRock Investment Management in the alpha strategies unit.