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29/04/2013

Record assets for T. Rowe Price at March 31st

Assets under management at T. Rowe Price Group Inc as of 31 March reached a record total of USD617.4bn, compared with USD554.8bn one year previously, already a record. They increased by USD40.6bn in first quarter, compared with USD576.8bn as of the end of December, also a record.In first quarter, net subscriptions totalled USD3.3bn, compared with net outflows of USD4.2bn in October-December, and net inflows of USD12.4bn in the corresponding period of 2012. Market appreciation represented USD37.3bn, compared with USD6.6bn in fourth quarter last year, and USD52.9bn in January-March 2012.Net profits in January-March totalled USD241.9m, compared with USD188.4m in the previous quarter, and USD197.5m in the corresponding period of last year.
29/04/2013

AUM at Lazard up 3%

Assets under management at Lazard as of the end of March totalled a record USD172bn, up 3% compared with the end of December, and up 10% compared with the end of March 2012, according to a statement released on 26 April.In first quarter, the asset management unit posted a net outflow of USD995m, which was offset by positive market effects. Management commissions totalled USD220m, up 5% compared with third quarter 2012, and up 10% compared with first quarter 2012. Operating revenues from management totalled a record USD240m, up 14% compared with first quarter 2012. The French-US bank posted a decline of 40% to its net profits in third quarter, however, to USD15m (by US GAAP accounting standards), due to a significant decline (-39%) in earnings from merger and acquisition activities, and a one-time charge of USD26m related to its cost reduction programme.
29/04/2013

Hedge fund indices becoming more popular with institutionals

A growing number of institutional investors are considering allocating assets to alternative indices as a new active approach to beta management, according to a study by Northern Trust of 51 institutional investors representing cumulative assets of USD800bn under management.“Rather than considering investment strategy options as active or passive, investors are now considering that there is a continuum of options within beta solutions, with traditional indices weighted by cap-sizes on one hand, and 10)% active strategies on the other,” explains John Krief, managing director of asset management for Europe, the Middle East and Africa (EMEA) at Northern Trust.Among the institutionals surveyed by Northern Trust, three out of ten are invested in alternative indices, while 32% are considering using these indices. Among those who already use them, six out of ten say that they have increased their allocation in the past two years.Alternative indices are attractive to investors, since they allow access to returns, while capturing exposure to specific factors such as value momentum and volatility. But the study finds that taking a decision to invest in a hedge fund, and choosing which index to invest in, represent active decisions: 60% of investors surveyed say that the decision to allocate to an alternative index is equivalent to an active investment decision, and required the same level of due diligence. The study finds that value and low volatility are the factors most sought after by investors (more than 50% of respondents), and that the vast majority of them (over 92%) say that they are seeking to reduce risk via exposure to alternative indices. Diversification is also cited by 84.6% of investors, while only 54% mention returns.
29/04/2013

Laurent Guillet appointed as CEO of Amundi London Branch

Amundi on Friday announced the appointment of LaurentGuillet as chief executive officer (CEO) of Amundi London Branch. He replaces Laurent Crosnier, who had held the dual role of CEO and chief investment officer since October 2010. Amundi has now decided to separate these two roles. Laurent Guillet will take on his responsibilities as chief executive officer, Amundi London Branch on 1st June, subject to regulatory approval, while maintaining his role as chief executive officer of Amundi Alternative Investments which he has held since May 2011. “Laurent’s objective will be two-fold,” a statement from Amundi states: “to focus on business development with UK investors building on Amundi’s strong expertise and to promote Amundi London’s fund management expertise globally.” Now focusing on the investment side of the business, Laurent Crosnier will maintain his responsibilities as CIO of the London Branch and deputy head of Amundi’s Fixed Income platform under the direction of Eric Brard, global head of Fixed Income.“In this role,” the firm says, “Laurent will continue to drive the business as a centre of excellence in fund management for all global products including credit, government bonds, and emerging market debt, and equities.” Laurent Guillet has been CEO of Amundi AI since May 2011 and was previously Deputy CEO, having joined in April 2007 to focus on the managed account platform. Crosnier, for his part, was appointed CIO of Amundi London Branch. In October 2010, he took on the position of CEO of Amundi London Branch, retaining his role of CIO and continuing to act in this capacity.
29/04/2013

Commerz Real replaces CRO

As of 1 June, Eduardo Moran will join the board at Commerz Real (the real estate unit of Commerzbank) as chief risk officer. Moran, who who joined Commerzbank in 1997, is currently chief credit officer corporates for all of the German and international portfolio of business clients of the SMB bank (Mittelstandsbank), for both enterprise clients and the corporates & markets division.Moran will replace Frank Jenes, who will now sit on the board with responsibility for participations in businesses and asset structuring.
29/04/2013

Profits down at comdirect

For first quarter 2013, comdirect bank has posted net profits of EUR16.85m, compared with EUR19.45m in October-December 2012, and EUR22.05m for the corresponding period of last year. A fall in market interest rates has led to a 20% fall in revenues from interest, after risk provisions, at EUR33.4m.Assets under management or administration as of 31 March were up by nearly EUR2bn compared with the end of December, at EUR50.82bn, compared with EUR48.85bn, of which EUR28.98bn were for B2C (comdirect) and EUR21.84bn, compared with EUR20.95bn, for B2B (ebase).
29/04/2013

Four former Berenberg employees found a wealth management firm

Sven Albrecht, Andreas Kitta, Holger Knaup and Carsten Riehemann, who spent years as private bankers at Berenberg until summer 2012, have founded the wealth management firm Albrecht, Kita & Co. in Hamburg, with each of them holding an equal stake.The new firm is aimed at retail clients, family businesses, family offices and foundations. st1:*{behavior:url(#ieooui) }
29/04/2013

Investors rotate back to bond funds

EPFR global-tracked bond funds outgained their equity fund counterparts by the widest margin since late October during the third week of April as a mixed earnings season, weak macroeconomic data and concerns about the impact of Japan’s current monetary policy on emerging markets export stories curbed investor appetite for equities. Emerging market equity funds saw outflows of USD2.1bn in theweek to 24 April, while Japanese equity funds nonetheless continued to post inflows, largely due to subscriptions from Japanese investors. Investors sought to satisfy their appetite for returns with high dividend equity and high yield corporate bond funds. Overall, bond funds took in a net USD7.58 billion – a 23 week high – as they extended an inflow streak stretching back to late December while equity funds recorded net redemptions of USD3.73 billion, their first outflow since the third week of November. Investors pulled USD9.27 billion out of money market funds with Europe money market funds accounting for over half of that total.
29/04/2013

Long/short HFs outperform other strategies in first quarter

Long/short hedge funds have led the best-performing strategies in first quarter, according to the research firm Preqin. Cumulative net assets from these strategies totalled 4.43%, the most recent Hedge Fund Spotlight from Preqin reports.Long/short strategies were also the most popular with investors, as 43% of those planning to turn to hedge funds in the next twelve months planned to favour long/short. And long/short funds also represented 58% of all new product launched in first quarter 2013, compared with 36% in first quarter 2012.Macro strategies posted returns of only 1.17% in first quarter, but launches of new products dedicated to this strategy fell from 32% of the total in first quarter 2012 to only 14% in first quarter 2013. The appetite of investors for this strategy, however, remains at its highest level since second quarter 2012. 29% of investors continue to choose such funds, compared with 37% in second quarter 2012.
29/04/2013

Laurent Guillet nommé directeur général d'Amundi London Branch

Amundi a annoncé vendredi la nomination de Laurent Guillet au poste de directeur général d’Amundi London Branch. Il remplace Laurent Crosnier qui occupait à la fois les postes de directeur général et de directeur de la gestion depuis octobre 2010, Amundi ayant décidé désormais de séparer ces deux fonctions. En pratique, Laurent Guillet prendra ses nouvelles fonctions le 1er juin - sous réserve de l’approbation des autorités de tutelle compétentes - tout en conservant celles de directeur général d’Amundi Alternative Investments qu’il dirige depuis mai 2011. «Son objectif est double», indique un communiqué d’Amundi : «développer l’activité commerciale auprès des investisseurs britanniques en s’appuyant sur des expertises reconnues de la société de gestion et promouvoir mondialement l’expertise de gestion d’Amundi London Branch.» Pour sa part, Laurent Crosnier conserve donc ses fonctions de directeur de la gestion d’Amundi London Branch et de directeur général adjoint de la plateforme de Gestion taux sous la responsabilité d’Eric Brard, responsable Mondial des gestions Taux. «Dans ce rôle», indique la société, «il poursuivra sa mission consistant à faire de Londres le centre d’excellence pour la gestion de l’ensemble des produits internationaux : crédit, dette souveraine, dette marchés émergents et actions.» Directeur général d’Amundi Alternative Investments depuis mai 2011, Laurent Guillet occupait auparavant, depuis avril 2007, le poste de directeur général délégué. Pour sa part, Laurent Crosnier a été promu directeur de la gestion d’Amundi London Branch en 2010 puis, nommé la même année directeur général d’Amundi London Branch, tout en conservant son rôle de directeur de la gestion.
29/04/2013

"Nous avons fait décoller le marché des OPCI Grand Public"

A la tête du pôle de gestion immobilière du groupe Amundi, Nicolas Simon peut se réjouir du succès rencontré par l'OPCI Grand Public Opcimmo l'an dernier. Avec 75 % de parts de marché, ce produit a été l'un des moteurs pour le décollage de ce marché longtemps atone. Le directeur général d'Amundi Immobilier revient pour Newsmanagers sur les raisons de cette réussite, tout en détaillant les projets pour la clientèle institutionnelle, autre axe fort de la société.
29/04/2013

Kempen Capital Management renforce son équipe dédiée aux hedge funds

Kempen Capital Management a annoncé le recrutement de deux gérants de portefeuille senior. Ils intègrent l’équipe dédiée aux hedge funds. Igor Puljic, 36 ans, rejoint la société néerlandaise en provenance de Key Asset Management, où il occupait les fonctions de CIO adjoint et de gérant du fonds de fonds alternatif multistratégie de la maison. Marjoleine van der Peet, 38 ans, rejoindra Kempen CM en juillet. Elle travaillait auparavant chez GAM en tant que senior investment analyst and gérante. KCM gère deux fonds de fonds, Kempen Orange Investment Partenership et Kempen Non-Directional Partnership, avec des encours totaux de 738 millions de dollars à fin mars.
29/04/2013

Rendement au plus bas depuis octobre 2010 pour l’émission italienne

L’Italie a adjugé six milliards d’euros de dette sur des échéances de cinq et 10 ans, avec des rendements revenus à des plus bas sans précédent depuis octobre 2010. Les investisseurs semblaient rassurés après l’annonce de la formation du gouvernement. Le Trésor a levé trois milliards d’euros à échéance 2018, avec un rendement brut en baisse à 2,84% contre 3,65% lors de la précédente adjudication de ce type.Sur l'échéance à 2023, Rome a également adjugé trois milliards d’euros de titres à un rendement de 3,94% contre 4,66%.
29/04/2013

Les gros CLO sont de retour en Europe

Intermediate Capital Group et Lloyds Bank seraient en négociations pour lancer le CLO (collateralised loan obligation) le plus important en Europe depuis la crise financière, indique le journal qui cite des sources proches. ICG aurait serait ainsi en phase de collecte d’un fonds pour monter un véhicule de financement structuré de 400 millions d’euros. L’opération pourrait être clôturée avant l’été.
29/04/2013

Vienne vise un accord rapide sur le secret bancaire

L’Autriche, jusqu’ici opposée à la levée de son secret bancaire, espère un accord avec l’Union européenne sur l'échange d’informations bancaires d’ici le sommet européen du 22 mai, a déclaré samedi son chancelier Werner Faymann. «Le plus grand dommage économique serait d’avoir la réputation de protéger la fraude», a-t-il estimé sur la chaîne ORF.
29/04/2013

L’Italie réussit à se doter d’un nouveau gouvernement

Trois jours après sa nomination, Enrico Letta a présenté samedi au président italien Giorgio Napolitano la composition de son gouvernement de coalition dans lequel Angelino Alfano, l’un des plus proches alliés de Silvio Berlusconi, aura le rang de vice-président du Conseil. «Je n’ai pas besoin de formule spéciale pour définir la nature de ce gouvernement: c’est un gouvernement politique (...), l’unique possible», a commenté le président de la République. Outre la vice-présidence du Conseil, Angelino Alfano, secrétaire général de Peuple de la liberté (PDL), sera également ministre de l’Intérieur. Le ministère de l’Economie revient en revanche à un «expert» sans affiliation politique, l’actuel directeur général de la Banque d’Italie, Fabrizzio Saccomanni, tandis qu’Emma Bonino, ancienne commissaire européenne, prendra en charge les Affaires étrangères. Une fusillade a éclaté durant la prestation de serment devant le palais Chigi, siège du gouvernement à Rome.
29/04/2013

Le secteur public grec subit les effets de la rigueur

Le parlement grec a adopté hier soir, à 58% des voix exprimées, une loi sur de nouvelles mesures de rigueur réclamées par la troïka comprenant la restructuration du secteur public et le renvoi de 15.000 fonctionnaires d’ici fin 2014. La baisse des effectifs de la fonction publique était l’une des conditions posées par la troïka pour débloquer une nouvelle tranche de prêts de 8,8 milliards d’euros dont le pays a besoin pour payer ses salaires et retraites.

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