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01/07/2013

Avaloq retained by Deutsche Bank in Switzerland for wealth management

P { margin-bottom: 0.08in; } On 1 July 2013, the B-Source company, an affiliate of Avaloq will take over responsibility for the operation of the Operations back office at Deutsche Bank (Switzerland) SA for Wealth Management, according to a statement released on 28 june. B-Source, a provider of back-office services belonging to the Avaloq group, will be responsible for the operation of the Operations back office as well as the 80 employees at the Geneva site. The replacement of the central banking platform with the integrated Avaloq Banking Suite will take place in summer 2014. “B-Source thus supports the bank’s objective, which is now to concentrate on its core profession,” a statement says. Markus Gröninger, CEO of B-Source SA, says “the ongoing reinforcement of our community is a clear sign of our growth strategy, which is based in providing highly industrialised services which allow banks to concentrate on their core profession and on generating future growth.”
01/07/2013

Investors reconsider the case of EMD

P { margin-bottom: 0.08in; }A:link { } According to some investors cited by the Wall Street Journal, the wave of selloffs in emerging market bonds may not be over. It is the result both of the prospect of a slowdown both in bond purchases by the Fed and in growth in emerging markets. This is expected to lead investors to become more selective in future.Sergio Trio Paz, who manages about USD4bn in emerging market debt (EMD) at BlackRock, prefers Brazil to India, where returns are equivalent, because the Brazilian fundamentals are better and the Brazilian market is more liquid.Colm McDonagh, who had USD755m in EMD under management at Insight, prefers government debt issued by Mexico and the Philippines, fiscally solid countries, which are beginning to become attractive. However, South Africa is expected to remain under pressure, due to a lack of progress in fiscal recovery.Tim Dingemans, who manages USD80m in EMD at Adelante Asset Management, expects Chile and Indonesia, exporters of commodities, to remain under pressure, along with Turkey, due to political instability.
01/07/2013

Bond funds post another record outflow

Investors and financial markets responded to the US central bank’s desire to start winding down its current quantitative easing program, and possibly end it next year, by stampeding towards the exits. Investors pulled a net USD23.3 billion out bond funds going in the week ending June 26, according to EPFR.Among the fund groups setting new weekly redemption records were US, global, emerging markets, municipal, high yield and total return bond funds. At the country level, Italy, Spain, Canada, Mexico and Sweden Bonds were the only groups to attract over USD1 million in fresh money.The week ending June 26 also saw USD13.1 billion pulled out of all equity funds with dividend equity funds posting their biggest weekly outflow in over two years. China equity funds again posted outflows as net redemptions since the last week of February moved over the USD7 billion mark. There were modest inflows for Japanese equity funds.EPFR Global reports, without citing statistics, that France and Germany equity funds have posted inflows three and four consecutive weeks respectively, the longest inflow streaks for both since 3Q11.
01/07/2013

Margins at asset management firms return to 2007 levels

P { margin-bottom: 0.08in; }A:link { } Pre-tax operating profits in the global asset management industry increased to 32%, their highest level since 2007, according to a survey by the consultant Casey, Quirk and Associates, cited by Financial News. Profits reached 34% in 2007, and then fell to 25% in 2009. The most rapid growth was for firms managing USD50m to USD200m.
01/07/2013

Commerz Real sells off institutional RE fund management

P { margin-bottom: 0.08in; }A:link { } For an undisclosed amount, Commerz Real (Commerzbank group) is selling its affiliate Commerz Real Spezialfondsgesellschaft (CRS), which includes institutional funds (Spezialfonds) with assets totalling EUR1.6bn to the institutional asset management firm Internos.The sale of this operation, which is “less profitable than others,” explicitly does not mean that Commerz Real (EUR35bn) is completely withdrawing from institutional real estate management.The transaction does not include the firm’s stake in Amprion (the former high voltage network from RWE), which was acquired in 2011 as part of a club deal.The Internos group has about EUR1.9bn in assets under management, the majority of which are on the German market.
01/07/2013

We prefer local distribution partners for our international development

The British asset management firm M&G Investments set out to conquer the European market in 2011, with a major geographical coverage.International assets now represent 25% of the EUR 72bn in retail assets under management at the firm. But eventually, it may reach 50%, Jonathan Willcocks, head of retail sales, tells Newsmanagers. To achieve this ambitious objective, it is relying on the strength of its relationships with its local distribution partners and its emphasis on multi-asset class products.
01/07/2013

Amundi SGR recruits for sales

P { margin-bottom: 0.08in; }A:link { } Stefan Aquati, who previously worked at ING IM, antonveneta and Scottish Equitable, is joining Amundi SGR as senior relationship manager for third party distribution, Investment Europe reports. He will report to Paolo Proli, director of external distribution. Amundi SGR currently has about EUR6bn in assets under management.
01/07/2013

Amundi recruits a senior client relationship manager

P { margin-bottom: 0.08in; }A:link { } Amundi Sgr, the Italian arm of the French asset management firm, has recruited Stefano Acquati as its new senior relationship manager in the third-party distribution team, Bluerating reports. He had previously been a retail side client adviser at ING Investment Management.
01/07/2013

Franklin Templeton recruits four in Italy

P { margin-bottom: 0.08in; } Franklin Templeton has recruited three people in Italy, who will become responsible for the new offices in Rome, Florence and Padua, Bluerating reports. Marco Magi, who will be based in Rome, previously worked at Monte Paschi di Siena. Alessia Pagni, who becomes head of the Florence office, joins from Deutsche Bank. Lastly, in Padua, Alessandro Gibelli is appointed. He had previously been at Eurobroker Italia. The institutional team at Franklin Templeton has also been reinforced with the arrival of Laura Belotti, who previously worked at Fineco Investimenti, Capitalia AM and Axa IM.
01/07/2013

Vontobel shuts down its private bank in Italy

P { margin-bottom: 0.08in; } Vontobel is on 1 July closing down its private bank in Italy, according to reports from Bluerating. The Swiss bank will now oversee this activity from Zurich. The decision comes as a result of the fact that private banking services in Italy were no longer in a position to achieve the necessary volumes to keep up with regulations and rising costs.
01/07/2013

Spread Research est agréé comme agence de notation

Spread Research a reçu l’agrément de l’Autorité européenne des marchés financiers (Esma) en tant qu’agence de notation. A compter du 1er juillet, les notes que la société attribue peuvent être utilisées à des fins réglementaires dans la législation de l’Union européenne, comme les 34 autres CRA (credit rating agencies) agréées dans l’UE. Spread Research, basé à Lyon avec un bureau à Londres, a été fondé en 2004.
01/07/2013

Orix boucle le rachat de Robeco

La vente de Robeco au groupe japonais Orix, annoncée en février dernier, a été bouclée, selon un communiqué commun publié ce lundi. Orix prend 90% du capital de l’ex-filiale de gestion d’actifs de Rabobank. Ajustée des dernières performances de Robeco, la valeur de la transaction atteint 1,937 milliard d’euros. Orix et Rabobank sont convenus d’explorer des développements communs dans d’autres domaines.
01/07/2013

Des fonds misent sur un relèvement de l’offre sur ClubMed

Si Fidelity a cédé jeudi 1,5 million de titres Club Med à 17,42 euros, le même jour Boussard & Gavaudan achetait 651.000 titres à 17,43 euros et 35.000 CFD à 17,47 euros tout en déclarant son intention de ne pas apporter ses titres à l’offre, selon une déclaration faite à l’AMF. Pour sa part, Tyrus Capital a acquis 685.500 CFD à 17,42 euros. Vendredi, le titre Club Med clôturait pour la première fois au-dessus du prix d’offre à 17,53 euros.
01/07/2013

Meilleur premier semestre du S&P-500 depuis 1998

Wall Street a terminé la séance de vendredi sur une note baissière mais l’indice S&P-500 n’en a pas moins réalisé son meilleur premier semestre de 1998, avec un gain de 12,6%, grâce à ses records de mai à la faveur d’un rally porté par la politique de de la Fed. Sur le trimestre écoulé, le Dow progresse de 2,2%, le S&P de 2,3% et le Nasdaq de 4,2%.
01/07/2013

Eurazeo PME acquiert Cap Vert Finance

La filiale d’Eurazeo spécialisée dans les entreprises de taille moyenne fait l’acquisition de Cap Vert Finance (CVF), leader européen de la gestion du cycle de vie des infrastructures informatiques, sur la base d’une valeur d’entreprise de près de 70 millions d’euros. Eurazeo PME détiendra 57% du capital aux côtés des dirigeants, notamment Bruno Demolin, président du directoire. Loïc Villers, fondateur, conserve 8% du capital et reste président du conseil de surveillance.
01/07/2013

L’AMF veut sanctionner l’usage d’un CDO

Société Générale Gestion risque 300.000 euros d’amende pour conflit d’intérêts : elle était collateral manager d’un fonds dont elle assurait aussi la gestion.
01/07/2013

La Sfil peaufine son émission inaugurale

La Sfil a mandaté cinq banques pour l’émission inaugurale de Caffil, son véhicule de refinancement. La nouvelle banque publique des collectivités locales a désigné BNP Paribas, Natixis, HSBC, Barclays et Deutsche Bank, a appris L’Agefi de sources concordantes. Depuis lundi dernier, elle est allée à la rencontre des investisseurs à Londres, puis à Paris, Vienne et Francfort avant de finir son road-show en Scandinavie. Son émission d’un milliard d’euros d’obligations foncières doit intervenir durant la première quinzaine de juillet, si les conditions de marché le permettent. La semaine dernière, le Crédit Mutuel Arkéa a placé 500 millions d’euros de covered bonds à 10 ans au lieu des 700 millions escomptés. Sur le terrain juridique, les inquiétudes liées à la contestation du taux des emprunts toxiques de Dexia, dont la Sfil a hérité, ont été partiellement levées par les annonces récentes du gouvernement.
01/07/2013

GLG voit grand pour sa mine de cuivre

Le hedge fund introduit ce mois-ci en Bourse de Londres le groupe minier russe dédié au cuivre Sibanthracite, pour lequel il vise une capitalisation allant jusqu’à 855 millions de dollars. Un quart du capital sera placé à raison de 7,0 à 9,5 dollars par certificat de dépôt (GDR, global depository receipt). Sibanthracite a engrangé l’an dernier un chiffre d’affaires de 508 millions de dollars.
01/07/2013

Le Koweït vise les infrastructures outre-Manche

Les dirigeants de KIA (Kuwait Investment Authority) ont accordé un entretien au quotidien en marge de la célébration à Londres des soixante ans du fonds souverain. Le Royaume-Uni, et particulièrement le secteur des infrastructures, constitue une priorité. Ce secteur bénéficie selon le directeur général Bader al-Saad «l’un des meilleurs environnements au monde». Le fonds est en quête d’opportunités pour des investissements au sein de secteurs très réglementés dans des actifs déjà existants générant des liquidités. KIA pourrait consacrer à ce thème d’investissement jusqu’à 5 milliards de dollars au cours des 3 à 5 prochaines années.

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