Andrew Formica, le CEO de Henderson Global Investors, a confié à Newsmanagers qu’il espère embaucher d’ici à la fin de l’année un ou plusieurs spécialistes des actions marchés émergents mondiaux et qu’il souhaite s’adjoindre une équipe dédiée aux actions américaines. La dette émergente est aussi un domaine qui l’intéresse, a-t-il déclaré en marge du Fund Forum International à Monaco.Ces projets visent à diversifier les expertises de la société de gestion britannique et font suite à plusieurs opérations allant dans ce sens. Ainsi, Henderson a récemment acquis 33 % de la société de gestion australienne 90 West Asset Management, un spécialiste des ressources naturelles à l’international, et recruté une équipe de crédit US.En revanche, les grosses opérations de type acquisition de New Star ou Gartmore appartiennent au passé. Pour Andrew Formica, les prix sont désormais trop élevés dans la gestion d’actifs. « Ils ont doublé en cinq ans. Nous avons payé New Star 5 fois l’Ebit. Aujourd’hui, les prix tournent autour de neuf fois ».Une hausse des prix qui reflète l’amélioration de la situation pour les sociétés de gestion. « De formidables opportunités s’ouvrent à nous aujourd’hui. D’abord, les clients, inquiets d’avoir autant de liquidités, cherchent de nouvelles sources de rendements. Parallèlement, avec le désengagement des banques, de nouvelles activités s’offrent à nous, comme les prêts en direct, l’immobilier, la dette d’infrastructures… ». L’opération récemment nouée par Henderson avec Tiaa-Cref dans l’immobilier s’inscrit d’ailleurs dans cette tendance.Concernant la Retail distribution review (RDR), elle devrait être pénalisante sur le court terme, mais bénéfique à plus long terme. « La RDR va avoir un impact sur les volumes. L’argent devrait se reporter sur les ETF, au détriment de la gestion active. Mais dans le même temps, cela va augmenter les barrières à l’entrée. De plus, plutôt que de travailler avec toutes les sociétés, les conseillers vont privilégier quelques sociétés de gestion seulement. Cela va aussi favoriser un meilleur dialogue avec les clients », conclut Andrew Formica.

Amundi (750 milliards d’euros d’actifs sous gestion) vient de recruter Nicholas Melhuish en tant que responsable actions internationales, un poste nouvellement créé. Basé à Londres, il aura pour mission de développer la gestion actions internationales de la société de gestion française et de lui donner une nouvelle dimension.Avant de rejoindre Amundi, Nicholas Melhuish travaillait chez UBS Global Asset Management (2007-2012) où il était responsable de la gestion actions mondiales.

Fidelity Worldwide Investment vient de nommer Mike Nikou au poste de managing director pour l’Asie du Sud-Est, basé à Singapour, avec effet le 15 juillet 2013. Il aura pour mission de développer la stratégie et de mettre en oeuvre les projets de croissance de l’activité retail et institutionnelle de la société à Singapour et dans les pays de l’Asie du Sud-Est. En outre, il prend la responsabilité du développement produits pour l’Asie hors Japon. Mike Nikou travaille chez Fidelity depuis 16 ans, dernièrement comme managing director pour l’Europe du Nord et du Sud. Il supervise notamment la distribution en Europe du Nord, en Pologne, en Italie, en Espagne et en Amérique latine. En 1996, il avait notamment monté l’activité de Fidelity en Europe du Nord en créant un bureau à Stockholm. Ce dernier compte désormais 12 personnes.

Aviva Investors vient de lancer un fonds obligataire high yield dédié au marché asiatique, rapporte Citywire. Ce fonds domicilié au Luxembourg sera piloté par Tim Jagger, senior vice president et gérant de portefeuille obligataire basé à Singapour.Selon le prospectus, Aviva Investors High Yield fund sera pour l’essentiel investi dans des obligations corporate high yield émises par des sociétés installées dans des pays asiatiques. Les deux tiers au moins de ces sociétés seront soit non notées soit notées en dessous de BBB- par Standard & Poor’s ou Baa3 par Moody’s.Le fonds, dont l’indice de référence est le JP Morgan USD Asian Non-Investment Grade Corporate, est autorisé à la vente à Luxembourg et à Singapour.

KBL European Private Bankers (KBL epb) a annoncé le 1er juillet la nomination de Jonathan Grosvenor au poste de general manager, Global Financial Markets. Fort de 25 ans d’expérience internationale dans le secteur des services financiers, il sera basé à Luxembourg. Outre les activités de private banking qui sont au cœur des activités du groupe paneuropéen, le département Global Financial Markets est l’un des piliers de la franchise KBL ebp et propose un éventail complet de solutions pour la clientèle institutionnelle et les traders professionnels. Jonathan Grosvenor était précédemment basé à Hong Kong où il occupait le poste de managing director, head of corporate clients chez BBVA, groupe espagnol dans lequel il a également commencé sa carrière à Londres, puis à Madrid. Entre ces deux affectations, il a travaillé plus de dix ans chez WestLB, où il s’est hissé au rang de joint head of global financial markets Asia à Singapour.

Le groupe australien Macquarie vient de renforcer son pôle fixed income, devises et matières premières (FICC) avec la nomination de Thierry Albert Wizman en qualité de stratégiste global interest rates et currencies, rapporte le site spécialisé wealthadviser.Thierry Wizman, qui sera basé à New York, travaillait précédemment chez le spécialiste des marchés émergents Artha Capital en tant qu’analyste senior et directeur de la recherche.

L’allemand HSBC Global Asset Management (Deutschland) GmbH a annoncé le 1er juillet le lancement du compartiment Mexico Equity Fund de sa sicav luxembourgeoise HSBC GIF, un fonds d’actions mexicaines libellé en dollars et géré par Aline de Souza Cardoso.L’univers d’investissement du fonds comporte 127 valeurs de sociétés exerçant leur activité principale au Mexique. Le portefeuille comportera entre 30 et 50 lignes sélectionnées selon une approche «bottom up». La gérante prend en compte des critères de gouvernement d’entreprise ainsi qu’un volume journalier de transactions de 0,4 million de dollars.CaractéristiquesDénomination : HSBC GIF Mexico Equity FundCode Isin : LU0877824093 (classe de parts AC)Droit d’entrée : 5,54 %Commission de gestion : 2,15 %

Monika Ritter rejoint Axa Investments Managers (Axa IM) en Allemagne comme senior institutional sales manager. Elle était responsable ces six dernières années des relations avec les consultants et de la clientèle institutionnelle chez ING Investment Management après avoir passé trois ans chez Goldman Sachs Private Wealth Management et Asset Management,Elle sera chargée à la fois du conseil aux entreprises et aux fondations et des contacts avec les consultants. Elle est subordonnée directement à Jörg Schomburg, head of institutional sales pour l’Allemagne.

Sur les 6,35 milliards d’euros d’encours du fonds immobilier offert au public ImmoInvest* en mai 2012, SEB Asset Management a désormais remboursé 1,707 milliard d’euros ou 29 % du total aux porteurs de ce fonds qui doit être liquidé d’ici au 30 avril 2017. En effet, au 1er juillet, il a été distribué 3,16 euros par part, après 1,24 euro au 28 décembre et 10,25 euros au 29 juin 2012. Le versement de juillet représente 368 millions d’euros après 145 millions il y a six mois et 1.195 millions à la mi-2012.La distribution du 1er juillet a été rendue possible par les cessions d’actifs, notamment celles d’un portefeuille Allemagne à Dundee International REIT, de deux hôtels berlinois à Artic (groupe Al Faisal Holding) et de deux autres immeubles, l’un à Berlin, l’autre à Prague. * DE0009802306

Spécialiste de la clientèle des gestionnaires de fortune indépendants depuis 2001, d’abord chez UBS, puis chez Hauck & Aufhäuser Privatbankiers (H&A), Michael Gillessen a été recruté à compter du 1er juillet 2013 comme directeur de la clientèle des gestionnaires de fortune de la banque privée Berenberg, sous les ordres de Tindaro Siragusano, responsable de la banque privée et de la gestion d’actifs.Berenberg a l’intention de développer son activité au service des gestionnaires de fortune, clientèle avec laquelle elle travaille déjà en tant que banque dépositaire (transactions boursières et reporting). Elle monte déjà des fonds d’investissement pour certains opérateurs et exerce des activités de conseil ,notamment pour la planification et la réalisation de successions.

Quatre des 19 anciens d’ING IM vont gérer les trois nouveaux fonds coordonnés de dette émergente lancés par Neuberger Berman, indique Fundweb.Bart van der Made sera chargé du Neuberger Berman Emerging Market Debt - Hard Currency fund tandis que le Neuberger Berman Emerging Market Debt - Local Currency fund sera confié à Raoul Luttik. Quant au Neuberger Berman Emerging Market Debt Corporate Debt fund, il sera piloté par Nish Popat et Jennifer Gorgoll.

P { margin-bottom: 0.08in; } The Netherlands are preparing to limit bonuses in the financial sector more strictly than in Europe, Financial Times Fund Management reports. Jeroen Dijsselbloem, the Netherlands Finance minister, would like to reduce the limit for variable pay scales from 100% of fixed salary currently (which is in line with European projects) to 20% from January 2015. That could also apply to employees of Dutch groups based in the United States or Asia. Banks would be affected, as well as insurers, pension funds, and asset management firms.

KBL European Private Bankers (KBL epb) announced on July 1st the appointment of Jonathan Grosvenor, a financial services professional with over 25 years of international experience, as general manager, Global Financial Markets, based in Luxembourg.Offering a range of solutions for institutional investors and professional traders, the Global Financial Markets department is one of the pillars of KBL epb’s franchise, complementing the pan-European group’s core business of private banking.Most recently, Grosvenor served as the Hong Kong-based managing director, head of corporate clients, at BBVA, where he also began his professional career, serving first in London and then in Madrid. Between those two stints at the Spanish headquartered group, he served for over a decade at WestLB, rising to the position of joint head of global financial markets Asia, based in Singapore.

P { margin-bottom: 0.08in; } Aviva Investors has launched a high yield fund dedicated to the Asian market, Citywire reports. The fund, domiciled in Luxembourg, will be managed by Tim Jagger, senior vice president and bond portfolio manager based in Singapore. According to the prospectus, the Aviva Investors High Yield fund will largely invest in corporate high yield bonds issued by businesses located in Asian countries. At least two thirds of these companies must be either unrated or rated below BBB- by Standard & Poor’s or Baa3 by Moody’s. The fund, whose benchmark index is the JP Morgan USD Asian Non-Investment Grade Corporate, is licensed for sale in Luxembourg and Singapore.

Andrew Formica, CEO of Henderson Global Investors, has told Newsmanagers that he hopes to recruit one or more global emerging market equity specialists by the end of the year, and that he would like to add a team dedicated to US equities. Emerging market debt is also an area which interests him, he said at the International Fund Forum in Monaco.The plans aim to diversify the expertise of the British asset management firm, and follow several operations of this type. Henderson has recently acquired 33% of the Australian asset management firm 30 West Asset Management, a specialist in international natural resources, and has recruited a US credit team.However, major deals such as an acquisition of New Star or Gartmore are a thing of the past. Formica says the prices are now too high in the asset management industry. “They have doubled in five years. We paid 5 times EBIT for New Star, and now, prices are about 9 times.”This price rise reflects the improved situation for asset management firms. “Formidable opportunities are opening up to us today. Firstly, clients, who are concerned about having too much cash, are looking for new sources of returns. Meanwhile, as banks disengage from sectors, new activities are becoming available to us, such as direct lending, real estate, infrastructure debt, etc.” the operation recently initiated by Henderson with TIAA-CREF in real estate is an indication of this trend.With respect to the Retail Distribution Review, it can be expected to penalise asset management businesses in the short term, but benefit them in the long term. “RDR will have an impact on volume. The money will move to ETFs, to the detriment of active management. But at the same time, that will remove barriers to entry. In addition, rather than working with all companies, advisers will prefer only a few asset management firms. That will also promote better dialogue with clients,” Formica concludes.

P { margin-bottom: 0.08in; } The British firm GLG Partners would like to recruit James Ind as an addition to its Macro and Relative Value teams, and launch a new total return fund, Investment Week reports. The new fund, which will be domiciled in the United Kingdom, will be a value strategy which will aim for returns of Libor + 5%. It will be managed by the macro team, conisting of Jamil Baz and Sudi Marappa, who has recently left Pimco to join GLG. Ind previously worked at Russell Investments, where he was a portfolio manager for multi-asset class strategies.

P { margin-bottom: 0.08in; } The European Commission on 1 July sent a letter of complaint to 13 major European banks, including BNP Paribas, and US banks suspected of having conspired to prevent rivals from trading on the credit derivative swap (CDS) market, or to delay their entry into this market. In addition to BNP Paribas, the establishments concerned are Bank of America Merrill Lynch, Barclays, Bear Stearns (acquired since then by JP Morgan Chase), Citigroup, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley, Credit Suisse, UBS and Royal Bank of Scotland, as well as the largest provider of financial information on the CDS market, the consultant Markit and the international derivative association ISDA, the Commission says in a statement. “It would be unacceptable if banks collectively blocked trades in order to protect their revenues in the over-the-counter derivatives sector,” the European commissioner, Joaquin Almunia, says in a statement.

The European Securities and Markets Authority (ESMA) has published a peer review of the supervisory practices EEA national competent authorities (NCAs) apply in enforcing the requirements of the Market Abuse Directive (MAD). The Directive deals with the prevention of the dissemination of misleading information, the breach of reporting obligations and market abuse.

P { margin-bottom: 0.08in; } Kay Swinburne, a member of European parliament and a member of the economic and monetary affairs committee, has called on the European Commission to identify the important asset management firms from a systemic point of view, Financial News reports. While she recognises that the sector does not present systemic risks, she says “we are seeing much larger growth of big asset management firms, several of which are exploring new business opportunities which may fundamentally alter their business model and in time increase their systemic importance,” the website says.

P { margin-bottom: 0.08in; } Declining markets in June led to a fall of EUR180m in assets in Spanish funds, to EUR137.780bn as of 30 June, Expansión reports. This represents the first decline since the beginning of the year, according to Ahorro Corporación. However, net subscriptions have continued. They have totalled EUR2.140bn, due to EUR2.2bn in net inflows to bond funds. Guaranty funds have seen further net redemptions of EUR410m.

P { margin-bottom: 0.08in; } Funds People reports that the asset management affiliate of Inversis Banco, Inversis Gestión, has launched its third umbrella fund (after Fongrum Fi and Gestión Multiperfil), Gestión Boutique SI, which has received a license from the CNMV and consists of five funds managed by four Spanish-registered financial advisory firms (EAFIs): C2 Asesoramiento Patrimonial, GInvest Patrimonis, Bissan Value Investing and GP Invest.C2 asesoriamento Patrimonial manages a prudent fund (C2 Estrategia Equilibrada, maximum 20% equities), and a higher-risk fund (C2 Estrategia Dinámica, maximum 40 % equities). GInvest Patrimonis manages the GinvestSmart 9primarily diversified fund, 35-65% international equities), while Bissan Value Investing is responsible for the Bissan Value Fund, an international equity sub-fund managed with a quantitative approach.GP Invest EAFI manages the GPI Global Investment Allocation, which invests 70% of its assets in third-party funds and 30% in equities, bonds and derivatives which are expected to generate outperformance.

The European Securities and Markets Authority (ESMA) has formally approved the registration of Spread Research SAS, based in France, as a credit rating agency (CRA). The registration takes effect from 1 July 2013.There are currently 22 registered and two certified CRAs in the EU. Amongst the 22 registered CRAs, three operate under a group structure, totalling 16 legal entities in the EU, which means that the total number of CRA entities registered in the EU is now 35.

P { margin-bottom: 0.08in; } In an interview with the Börsen-Zeitung, Klaus Riester, CEO of Union Investment Privatfonds, says that in the first four months of the year, the central asset management firm for the Geran co-operative banks has posted net inflows of EUR1.5bn from retail investors, larger than the total of EUR1.1bn in inflows in 2012.

P { margin-bottom: 0.08in; } Michael Gillessen, a client specialist and independent financial adviser since 2001, first at UBS and then at Hauck & Aufhäuser Privatbankiers (H&A), has been recruited from 1 July 2013 as director of wealth management clients at the Berenberg private bank, where he will report to Tindaro Siragusano, head of the private bank and asset management.Berenberg plans to develop its activities serving wealth managers, with which clients it has already been working as a depository bank (market transactions and reporting). It is already setting up investment funds for some of them, and exercises consulting activities, particularly for planning and execution of transfers to a new generation of entrepreneurs.

P { margin-bottom: 0.08in; } The Mirabaud group is following in the footsteps of Pictet and Lombard Odier. Yesterday, the group announced the launch early 2014 of a partnership limited by shares under Swiss law (“société en commandite par actions” or “SCA”) and the opening of a Luxembourg bank. Within the new partnership limited by shares Mirabaud & Cie SCA, the managing partners will define the global strategy and the objectives of all the Group entities. The managing partners will bear unlimited personal liability for the partnership limited by shares. The latter will be the parent company of all Group entities in Switzerland and abroad, including the Swiss bank Mirabaud & Cie that – subject to FINMA’s approval – will become a limited company. The three business lines, currently functionally organised, will be exercised within distinct legal entities. There will be no impact on the services provided, the group’s commercial structure or its personnel. The entities dedicated to Asset Management will remain under the high authority of Lionel Aeschlimann, managing partner and the Intermediation activities will continue to be run by Giles Morland, managing partner. Management of Banque Mirabaud & Cie Sa will also remain in the hands of Antonio Palma, managing partner.The new bank in Luxembourg, with an opening also scheduled for early 2014, will develop the private banking activities of the Group in Europe, and will head these activities in the United Kingdom, in France and in Spain. “This will allow Mirabaud to improve the range and the quality of its services in Europe,” the Mirabaud group states.

La banque Julius Baer a entamé lundi l’intégration des activités IWF de la banque Merrill Lynch en Grande-Bretagne, en Espagne et en Israël, a-t-elle indiqué dans un communiqué publié le 2 juillet. Cette étape, qui sera finalisée d’ici l'été 2014, fera de Julius Baer l’une des banques privées les plus importantes de Londres."Les activités en Grande-Bretagne représentent plus du quart des activités de gestion de fortune internationale (IWF)», indique Boris Collardi, directeur général, cité dans le communiqué. «Le marché britannique sera désormais le plus grand marché en dehors de Suisse», a-t-il précisé.Les activités en Grande-Bretagne étaient les «dernières grosses activités à transférer» dans le cadre de l’intégration au sein de la banque zurichoise des activités IWF de Merrill Lynch. En Espagne, Julius Baer va disposer désormais d’une franchise significative sur le marché local de la gestion de fortune. En Israël, Julius Baer va renforcer sa présence sur ce marché.Dans les trois pays, les conseillers financiers ont été transférés dès le 1er juillet. Les fonds de la clientèle vont être intégrés au sein des plateformes de la banque zurichoise d’ici ) l'été 2014. Les prochaines activités à être intégrées dans Julius Baer concerneront Bahreïn, le Liban et les Emirats arabes unis en septembre et en octobre.

Julius Baer announced on July 2 that the transfer of the UK, Spain and Israel businesses of Merrill Lynch’s International Wealth Management (IWM) started yesterday. This step will make Julius Baer one of the largest private banks in London. The process for these markets is expected to be completed by mid-2014.Boris F.J. Collardi, chief executive officer of Julius Baer Group Ltd., said: “Representing more than a quarter of IWM’s entire business in scope, the integration of the UK business is crucial to the transaction. The UK will be one of the biggest markets by client base outside Switzerland, thus being a key market for Julius Baer overall. In addition Spain and Israel will further enhance our footprint in the global private banking landscape.”The UK is now the last of the big businesses to transfer. In Spain, Julius Baer will gain a new foothold with a significant franchise in the local wealth management market, and in Israel the Bank will strengthen its presence in the local wealth management market.IWM’s financial advisers have transferred in all locations on 1 July 2013. Client relationships and related assets under management of the respective businesses will transfer to the Julius Baer platforms in stages and in line with appropriate regulations in the various jurisdictions. The next businesses to transfer, expected to occur in September and October, are in Bahrain, Lebanon and the UAE. The preparations for these transfers are well under way.

P { margin-bottom: 0.08in; } The conclusion of the sale process of Dexia Asset Management to GCS Capital, which was meant to complete last Friday, has been delayed, Dexia announced on Friday. When contacted by Agefi, the bank had no further comment. In December last year an agreement with the Asian fund GCS Capital was officially signed, for EUR380m, a total far lower than analysts’ estimates at the time, The operation is a major step in the court-ordered dismantling of Dexia, which is 95% controlled by the Belgian and Frech governments.

P { margin-bottom: 0.08in; } Chris Jackson, formerly product director at M&G for 10 years, has been appointed as head of international product at Natixis Global Asset Management, Fundweb reports. Jackson will report to Hervé Guinament, chairman & chief executive for international distribution, and to Mark Doyle, executive vice president of marketing and product. He will concentrate on global product strategy.

P { margin-bottom: 0.08in; } The Financial Conduct Authority (FCA) has introduced new tax-transparent fund structures, in order to bring British regulations into line with the terms of the AIFM directive, which will come into effect on 22 July this year. As part of the rollout of the AIFM directive in the UK, the FCA has introduced two new legal co-ownership and limited partnership structures, to facilitate investment in British funds.