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19/04/2013

Promotion pour Caroline Espinal-Vincent chez Aberdeen AM

Caroline Espinal-Vincent devient regional marketing manager - Europe chez Aberdeen Asset Management supervisant désormais la France et le Benelux. L’intéressée était depuis 2010 responsable marketing & communication France, après avoir transité par les équipes appels d’offres puis analyse crédit à Londres.L'équipe marketing France s’est par ailleurs étoffée avec l’arrivée d’Angelina Puyo, marketing executive.
19/04/2013
Fonds

Phitrust Impact Investors lance un nouveau FCPI

La société de gestion française Phitrust Impact Investors a annoncé le 18 avril le lancement du FCPI PhiTrust Innovation II, qui investira en France et en Europe dans des sociétés développant des produits ou services technologiques innovants. Son objectif est d’apporter une solution à ces enjeux sociaux ou environnementaux nouveaux.PhiTrust Impact Investors est l’une des premières sociétés de gestion françaises spécialisées dans la gestion de fonds de capital risque dédiés au financement d’entreprises non cotées apportant un bénéfice sociétal à la collectivité.Principales caractérisques du fondsCode ISIN FR0011442946 (part A)Durée de vie du fonds 8 ans, prorogeable deux fois un an sur décision de la société de gestion, soit jusqu’au 30 juin 2023 au plus tardDurée de blocage des parts Jusqu’au 30 juin 2021, sauf (i) cas de déblocage anticipé prévu par le règlement du FCPI ou (ii) prorogation de la durée de vie du FCPI, soit jusqu’au 30 juin 2023 au plus tardDroits d’entrée et de sortie 0,50% TTC (taux de frais annuel moyen gestionnaire et distributeur maximum)Valeur d’origine des parts A 100 euros, hors droits d’entrée, jusqu’à l’établissement de la première valeur liquidative puis le montant le plus élevé (hors droits d’entrée) entre la valeur nominale et la valeur liquidative des partsSouscription minimale 10 parts puis en nombre entier de partsValorisation SemestrielleFrais récurrents de gestion et de fonctionnement 3,42% TTCFrais de constitution du fonds 0,1% TTCFrais non récurrents de fonctionnement liés à l’acquisition, au suivi et à la cession des participations 0,70% TTC
Fonds
19/04/2013

Crédit Mutuel Arkéa et Oseo signent un partenariat en faveur du préfinancement du CICE

Crédit Mutuel ARKEA et OSEO ont annoncé hier la signature d’une convention de partenariat en faveur du préfinancement du Crédit d’impôt pour la compétitivité et l’emploi (CICE).Via sa filiale Arkéa Banque Entreprises et Institutionnels, la banque et la future branche «Financement» de la Banque Publique d’Investissement, permettent à toutes les entreprises de bénéficier, dès 2013, d’une avance de trésorerie sur le CICE. Le CICE autorise un allègement des cotisations sociales pour les salaires allant jusqu’à 2.5 Smic, prend la forme d’une réduction de l’impôt à acquitter en 2014 au titre de l’exercice 2013, indique un communiqué.
19/04/2013
Fonds

Vanguard bascule huit ETF sur des indices CRSP

Comme annoncé il y a un peu plus de six mois (lire Newsmanagers du 3 octobre), Vanguard a abandonné le 18 avril les indices MSCI comme référence pour huit de ses ETF d’actions américaines, au profit d’indices CRSP. Dans son ensemble, la démarche doit concerner 22 ETF, dont six d’actions internationales, qui répliqueront des indices FTSE, et seize d’actions américaines, qui adoptent les indices CSRP. Tous les acronymes demeurent inchangés.Index Universe a indiqué que deux des huit fonds changent de nom. Il s’agit du Vanguard Mega Cap 300 Value ETF (acronyme sur NYSE Arca: MGV), qui devient le Vanguard Mega Cap Value ETF et réplique désormais le CRSP U.S. Mega Cap Value Index, et du Vanguard Mega Cap 300 Growth ETF (MGK), qui abandonne également la mention «300» et réplique à présent le CRSP U.S. Mega Cap Growth Index.Le Vanguard Value ETF (VTV) utilise désormais le CRSP U.S. Large Cap Value Index, tandis que le Vanguard Growth ETF (VUG) suit le CRSP U.S. Large Cap Growth Index.Les Vanguard Mid-Cap Growth ETF (VOT), Vanguard Mid-Cap Value ETF (VOE), Vanguard Small-Cap Growth ETF (VBK) et Vanguard Small-Cap Value ETF (VBR) répliquent des indices CSRP correspondants.
Fonds
19/04/2013

Assemblée générale d'Altamir : rejet de la résolution présentée par Moneta AM et l'Adam

Lors de l’assemblée générale d’Altamir, rapporte L’Agefi, la résolution dissidente présentée par Moneta Asset Management et par l’Association de défense des actionnaires minoritaires (Adam) proposant un programme de rachat d’actions a été rejetée à 71%. Deux autres résolutions n’ont pas été approuvées. Finalement, note le quotidien, les grands gagnants de cette AG sont les administrateurs. Non seulement, l’enveloppe de jetons de présence a été quasiment doublée de 135.000 euros à 260.000 euros, mais encore le nombre d’administrateurs passe de 8 l’an dernier à 6. Soit un montant moyen augmentant de 16.875 euros à 43.333 euros.
19/04/2013

Michael Strobaek CIO du pôle PB&WM de Credit Suisse

Credit Suisse a annoncé la nomination de Michael Strobaek en qualité de Chief Investment Officer (CIO) de Private Banking & Wealth Management (PB&WM), avec effet au 1er mai. Il prendra également la tête de la nouvelle division Investment Strategy and Research Group, indique Credit Suisse dans un communiqué publié le 18 avril. Il sera directement subordonné à Robert Shafir, responsable Private Banking & Wealth Management Products.La nouvelle division Strategy and Research Group comprend les services Global CIO Office, Research PB&WM, les CIO régionaux et d’autres groupes de la division proposant des contenus d’investissement complémentaires. Giles Keating, responsable Research PB&WM, est nommé adjoint de Michael Strobaek.Michael Strobaek était encore récemment CEO et CIO d’un family office suisse. Il a aussi passé 13 ans chez UBS, en dernier lieu en tant que responsable Investment Management pour Wealth Management.
19/04/2013

Daniel Truchi ouvre un multi-family office à Genève

Actif pendant plus de vingt ans en Asie avant de diriger la gestion privée mondiale de Société Générale depuis Paris, Daniel Truchi ouvre un multi-family office à Genève, rapporte L’Agefi suisse. Daniel Truchi explique au quotidien qu’il a préféré Genève à Singapour «pour le savoir-faire des hommes, la sophistication sans équivalent des systèmes en Suisse et la culture du private banking, qui lui inspirent une vraie confiance dans l’avenir de la place financière».Servant majoritairement de grandes fortunes asiatiques et européennes, le Bordelais d’origine reconnaît qu’il aurait pu exercer ce «retour aux fondamentaux de la gestion privée» à Singapour, mais il «est plus difficile d’être gérant indépendant là-bas qu’en Suisse», estime-t-il. A Singapour, «la réglementation s’est rigidifiée et la création d’une société de gestion est plus contraignante en termes de licences ou d’organisation».
19/04/2013

Valartis a collecté plus de 900 millions de francs suisses en 2012

Le groupe suisse Valartis a enregistré l’an dernier une collecte nette de 929 millions de francs suisses, en progression de 7,7% d’une année sur l’autre, selon un communiqué publié le 18 avril.Les actifs sous gestion ont progressé de 15% à 7,8 milliards de francs suisses, dont 86% émanant de clients privés. Le groupe est par ailleurs revenu dans le vert avec un bénéfice net de 10,2 millions de francs au titre de 2012, après une perte de 19,5 millions de francs en 2011. Valartis indique en outre que son objectif à moyen terme est que ses actifs sous gestion dépassent la barre des 10 milliards de francs suisses d’ici à 2015.
19/04/2013

Nouvelle réduction des effectifs chez Aviva

Reprenant un message électronique envoyé par Mark Wilson, le directeur général du groupe Aviva, L’Agefi rapporte que l’assureur britannique Aviva va supprimer 2.000 postes, soit l'équivalent de 6% de sa masse salariale en Grande-Bretagne, en Europe, et en Asie au cours des six prochains mois. Aviva qui a déjà supprimé 2.500 postes l’an dernier employait 31.200 salariés dans le monde au 31 décembre 2012. Ces suppressions de postes s’inscrivent dans le cadre d’un plan visant 400 millions de livres (environ 468 millions d’euros) d'économies d’ici à la fin de l’année.
19/04/2013

Promotion for Caroline Espinal-Vincent at Aberdeen

P { margin-bottom: 0.08in; } Caroline Espinal-Vincent is becoming regional marketing manager – Europe at Aberdeen Asset Management, and now oversees France and Benelux. Espinal-Vincent had since 2010 been head of marketing & communication for France, after being transferred for requests for proposals and credit analysis in London. The France marketing team has also grown with the recruitment of Angelina Puyo, marketing executive.
19/04/2013

One-time loss for BNY Mellon

P { margin-bottom: 0.08in; } Due to a write-down of USD854m due to a ruling on certain foreign tax credits, the Bank of New York Mellon Corporation has posted a loss for first quarter of USD266m, compared with net profits of USD622m in October-December, and USD619m in the corresponding period of last year. However, BNY Mellon is increasing its cash quarterly dividend to 15 cents per share, from 13 cents, for shareholders registered by 29 April.As of 31 March, assets under custody or administration totalled USD26.3trn, as three months previously. That represents an increase of 2% over the USD25.7trn of the end of March 2012. Assets under management, for their part, reached a record total of USD1.429trn, compared with USD1.386trn as of 31 December, and USD1.308trn one month previously. In first quarter, net subscriptions totalled USD40bn for long-term products, while net outflows totalled USD13bn for short-term products. Net inflows to long-term products boosted high demand from investors for liability-driven investments and bond funds.Management and performance commission revenues totalled USD822m, 4% less than in fourth quarter, and 10% more than in January-March 2012. One percentage point of the increase in annual terms is due to the purchase of the remaining 50% stake in Meriten Investment Management (formerly WestLB Mellon Asset Management). The decline compared with the fourth quarter of 2012 is due to a seasonal decline in performance commission revenues, and money market funds fee waivers.
19/04/2013

Morgan Stanley: Asset management assets remain stable

P { margin-bottom: 0.08in; } For first quarter 2013, the asset management unit of Morgan Stanley has posted a net profit of USD85m, compared with a loss of USD11m the previous quarter, and a profit of USD26m in January-March 2012. Before taxes, however, profits will total USD187m, compared with USD221m in October-December, and USD128m in the corresponding period of last year.As of the end of March, assets under management or supervision totalled USD341bn, compared with USD338bn as of 31 December, and USD304bn one year previously. In first quarter, the asset management unit posted net outflows of USD2.9bn, offset by net inflows of USD0.4bn from merchant banking.For its part, net profits for the global wealth management unit fell to USD255m, from USD267m the previous quarter, but up from USD198m in January-March 2012. Fee-based client account assets rose to USD631bn as of 31 March, compared with USD554m three months previously, and USD512bn as of the end of March 2012.Overall, Morgan Stanley has posted a net profit in January-March of USD1.003bn, compared with USD680m in October-December, and a loss of USD79m the previous year. For continued operations, net profits total USD1.614bn, compared with USD859 in the previous quarter, and USD202m for the corresponding period of last year.
19/04/2013

Record assets for Blackstone on 31 March

P { margin-bottom: 0.08in; } As of the end of March, assets under management by Blackstone reached a record total of USD218.21bn, which represents an increase of USD28.14bn, or 15%, in one year. Fee-earning assets under management, for their part, increased by 9% to USD170.95bn.Profits by GAAP standards totalled slightly over USD167.63m, compared with USD58.32m (+187%), while distributable earnings rose 134% compared with first quarter 2012, to USD378.83m. Dividend for the frist quarter is up 200%, to 30 cents per common unit.
19/04/2013

LaSalle IM granted an asset management license for South Korea

P { margin-bottom: 0.08in; } Asian Investor reports that LaSalle IM has obtained an asset management license for South Korea. It may now offer real estate funds, as well as investments in real estate operations. Real estate assets at LaSalle IM are valued at USD47.7bn. There has been strong demand on the South Korean market for real estate funds, particularly from institutional investors, the asset management firm says.
19/04/2013

Real estate investment division of M&G opens an office in Paris

P { margin-bottom: 0.08in; } Prupim, the division responsible for management of real estate investments for M&G Investments, on Thursday morning announced that it is opening an office in Paris, and making a recruitment in Frankfurt. The Paris team, which has been in place for one year, now occupies new premises in the centre of Paris, at 5 rue Royale in the 8th district. It is responsible for identifying the principal investment opportunities in France, Germany, Benelux and the Scandinavian countries, and of operating these properties. The most recent acquisitions in these countries had a total of EUR113.4m, bringing total assets under management in continental Europe to EUR848.9m. In Frankfurt, the appointment of Thomas Kächele to the position of associate director will allow Prupim to strengthen its personnel in Germany. The Prupim division of the M&G group has GBP17bn in assets under management. It is also entering investment management for retail and institutional clients other than M&G/Prudential Plc. Prupim will be renamed as M&G Real Estate by the end of June 2013.
19/04/2013

Eastspring Investments creates an entity in Luxembourg

P { margin-bottom: 0.08in; } Eastspring Investments, the asset management unit of Prudential Corporation Asia, will create a Luxembourg entity in order to distribute its funds in Europe, according to Funds Europe. The Luxembourg regulator, the financial sector surveillance commission (CSSF), has issued a license for Eastspring Investments (Luxembourg). Henk Ruitenberg, former CEO of Eastspring Investments in Vietnam, has been transferred to Luxembourg as executive board member.
19/04/2013

Valartis posts inflows of more than CHF90m in 2012

P { margin-bottom: 0.08in; } The Swiss Valartis group last year posted inflows of CHF929m, up 7.7% year on year, according to a statement released on 18 April. Assets under management rose 15% to CHF7.8bn, of which 86% come from private clients. The group has also returned to profitability, with net profits fo CHF10.2m in 2012, following losses of CHF19.5m in 2011. Valatris has also announced that its mid-term objective is for its assets under management to exceed CHF10bn by 2015.
19/04/2013

Michael Strobaek becomes CIO of Credit Suisse Private Banking & Wealth Management

P { margin-bottom: 0.08in; } Credit Suisse has announced that Michael Strobaek will join the bank as chief investment officer for the Private Banking & Wealth Management division, effective May 1, 2013. In addition to this role, he will head the newly established Investment Strategy and Research Group within the division. He will report to Robert Shafir, head Private Banking & Wealth Management Products. The Investment Strategy and Research Group is comprised of the global CIO Office, Research for Private Banking & Wealth Management, regional CIOs and additional groups within the division that produce complementary investment content. Giles Keating, head of research for Private Banking & Wealth Management, will assume the role of deputy head of the Investment Strategy and Research Group in addition to his current role. Research will partner closely with the CIO office on actionable ideas, while retaining the independence of process. Michael Strobaek joins Credit Suisse from a Swiss family office, where he was CEO and CIO. Prior to that, he spent 13 years at UBS in a number of senior positions, most recently head of investment Management for Wealth Management, and prior to that global head of Investment Solutions.
19/04/2013

Syz & Co takes a majority stake in Banca Albertini Syz

The Swiss banking group Syz & Co announced on April that it has increased to 64.3% its stake in the holding company of the Italian bank Banca Albertini Syz & C., of which it previously held 50% of the shares This operation was conducted by taking over the shares of two of Albertini’s Italian shareholders, Giampaolo Gamba and Ernesto Marelli, who are staying on as directors and continuing their present activity within the bank. Alberto Albertini retains the remaining 35.7% of the capital.Based in Milan and with offices in Rome, Bologna and Reggio Emilia, the Italian private bank Banca Albertini Syz & C. SpA was established as a result of the partnership initiated in January 2002 between Syz & Co and the Milanese group Albertini. With assets under management of CHF 3.3 billion, Banca Albertini Syz & Co specializes in high-end private banking for an Italian clientele.
19/04/2013

Fidelity selects its new head for Italy

P { margin-bottom: 0.08in; } Francesca Martignoni will be the new head for Italy at the Fidelity group, according to leaks reported by Bluerating. Martignoni, currently head of marketing and corporate communications for Italy, will succeed Paolo Federici, who has been promoted to head for Southern Europe and Latin America and the US asset management firm. Martignoni joined Fidelity Worldwide Investment in 2007.
19/04/2013

Caja España Fondos overhauls its product range

P { margin-bottom: 0.08in; } Funds People reports that Caja España Fondos will be adjusting its catalogue of funds by the end of first half, following the merger of two asset management firms, Caja Duero and Caja España. The CEO of Francisco Zuriarrain, with the assistance of Martin Huete as deputy CEO.The new entity has 36 employees, and assets of EUR2.180bn, managed by a group of six managers led by David Azcona (who joins from Caja España) as CIO.
19/04/2013

IOSCO consults on regulations of retail structured products

P { margin-bottom: 0.08in; } The International Organization of Securities Commissions (IOSCO) published on April 18 a consultation report on Regulation of Retail Structured Products, which analyses trends in the retail structured product market, and proposes a regulatory toolkit for IOSCO members. The retail structured products work responds to concern among IOSCO members about the regulatory challenges these products pose, particularly in the area of investor protection. The toolkit deals with various issues related to these products, including structuring and post-sale practices, as well as disclosure and marketing issues. The closing date for comments is Thursday 13 June 2013.
19/04/2013

Two new EMD funds from BlackRock

P { margin-bottom: 0.08in; } As announced by Newsmanagers on 15 April, BlackRock on 18 April announced the launch of emerging market bond sub-funds of its Luxembourg Sicav Barclays Global Funds, or BGF, the PGF Emerging Market Corporate Bond and BGF Emerging Market Investment-Grade Bond, which come as additions to a range that already includes the BGF Emerging Markets Bond and BGF Emerging Markets Local Currency Bond funds. The products are aimed at European investors.BlackRock in 2012 created a team of seven managers dedicated to emerging market debt, led by Sergio Trigo-Paz, who is co-manager of the two new funds, the first with Chris Kelly and Jane Yu, and the second with Kelly and Raphael Marechal. Before joining BlackRock in 2012, Trigo Paz had been chief investment officer for the management of emerging market bonds at FFTW, a partner firm at BNP Paribas Investment Managers, while Kelly, Marechal and Yu had been maangers in the emerging market debt team at FFTW.CharacteristicsName: BGF Emerging Markets Corporate Bond FundISIN code: LU0843229971 (A share class)Minimum investment: USD5,000 (or equivalent)Annual management fees: 1.5%Front-end fees: 5%Name: BGF Emerging Markets Investment Grade BondISIN: LU0843234039 (A share class)Minimum investment: USD5,000 (or equivalent)Annual management fees: 1.25%Front-end fee: 5%
19/04/2013

UK asset management firms on the offensive

P { margin-bottom: 0.08in; } The British Investment Management Association (IMA) has decided to create a centre to help foreign asset management firms which would like to set up shop in London, rather than Dublin or Luxembourg, Investment Week reports. The professional association is responding to an initiative by Chancellor of the Exchequer George Osborne to improve the attractiveness of the United Kingdom to asset management firms. Among the measures taken are the discontinuation of a tax of funds, which is often cited as slowing the inflow of foreign firms to the UK. The director general of the IMA, Daniel Godfrey, has said that a working group would study the priority measures that may be passed within the next few weeks to capture billions of pounds in assets in UCITS funds domiciled in Ireland, but mostly sold to British investors, within the next few weeks.
19/04/2013

RDR “costs” two additional hours

P { margin-bottom: 0.08in; } According to a survey by Fundweb, the introduction of the new RDR legislation has extended the time required to process orders by advisers by two hours. The RDR imposes a back-check of information, and product providers are not all interpreting the new laws in the same way, which means that advisers have to work differently with each of them. Such is the opinion of Carl Lamb, managing director of Almary Green, Tom Kean, director of Thameside Wealth, and Gordon Crothers, managing director of Attain Wealth Management.
19/04/2013

Daniel Truchi opens a multi-family office in Geneva

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; } Daniel Truchi, who was active for more than 20 years in Asia, before heading global private management at Société Générale, based in Paris, is opening a multi-family office in Geneva, Agefi Switzerland reports. Truchi explains to the newspaper that he prefers Geneva to Singapore “for the expertise of the people, the unrivalled sophistication of systems in Switzerland, and the culture of private banking, which inspire true confidence in the future of the financial centre.” Truchi, originally from Bordeaux, who will primarily serve Asian and European high net worth clients, admits that he could have gone “back to basis in private management” in Singapore, but “it is more difficult to be an independent manager there than in Switzerland,” he says. In Singapore, “regulations have become rigid, and the creation of an asset management firm is more restrictive in terms of licenses and organisation.”
19/04/2013

Assets up at M.M. Warburg

P { margin-bottom: 0.08in; } As of the end of December, assets under management by the Hamburg-based private banking group M.M Warburg & Co. totalled EUR44.4bn, an increase of about 16% over EUR38.1bn as of the end of 2011.Pre-tax profits for the group, for their part, fell to USD39.8m from USD43.6m the previous year.
19/04/2013

Record profits for DVAG in 2012

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 financial advising network Deutsche Vermögensberatung AG (DVAG), which has 37,000 full- or part-time employees, has posted record net profits for last year of EUR184.8m, 8.1% more than the previous year, on revenues up 6.7% to EUR1.1858bn.In the area of investment funds, DVAG intermediated net subscriptions totalling EUR1.9bn in 2012, of which EUR1.7bn benefited its premium partner, DWS Investment (Deutsche Bank group). This brings total assets intermediated by DVAG to EUR16bn, an increase of 8.1% year on year.
19/04/2013

Jupiter benefits from rosy markets in first quarter

P { margin-bottom: 0.08in; } Assets under management at Jupiter rose by more than 10% in first quarter, to GBP29.1bn, according to an interim report published on April 18. This increase of nearly GBP3bn compared with the end of December 2012 is largely due to positive market effects of GBP2.66bn. Meanwhile, net inflows fell by 70% compared with the previous quarter, to GBP209m. This development is attributed to the rollout of RDR regulations on 1 January, which results in a slowing of inflows from independent financial advisers (IFAs). Jupiter has also announced that it expects to earn a profit of GBP16.5m, probably in second quarter, from the sale of its stake in the Cofunds platform to Legal & General. The proceeds will be used to reduce debt. The asset management firm has also announced that it is recruiting in Asia, with a former BlackRock employee, Peter Swarbreck in Hong Kong, as head of the Asia-Pacific region. Swarbreck had previously been managing director, responsible for Hong Kong at BlackRock, which he left in late 2012.
19/04/2013

Head of marketing at Hermes joins Henderson

P { margin-bottom: 0.08in; } Rob Page, the head of marketing at Hermes, is leaving the firm to join Henderson Global Investors, Investment Week reveals. He will become global head of marketing at the firm in July. He will be responsible for marketing, public relations and e-commerce for Europe and the United Kingdom. Page will report to Greg Jones, head of retail for Europe, the Middle East and Africa, and will work in close collaboration with Phil Wagstaff, head of global distribution for the brand and internal and external communications.

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