P { margin-bottom: 0.08in; } Neuberger Berman has closed its second co-investment fund, with USD1.1bn in assets. The NB Strategic Co-Investment Partners Fund II, which will invest in all global regions including Asia-Pacific, had an initial objective of USD750m. The Fund II already has nine investments in its portfolio, for a total of about USD185m, in Latin America, the United States and Europe.

P { margin-bottom: 0.08in; } Alcentra Limited, a boutique of BNY Mellon Asset Management, has appointed Jack Yang to the position of managing director of development for the Americas. Michael Johnson meanwhile becomes managing director and head of UK direct lending. Yang had previously been head of business development at Onex Credit Partners and Highland Capital. Johnson most recently served as head of European leveraged capital markets at Cantor Fitzgerald.

P { margin-bottom: 0.08in; } Amundi has opened a representative office in Stockholm, the Swedish website Fondsbraschen reports. The objective for the office is to sell ETFs from the French asset management firm to Nordic clients. As a part of that endeavour, Björn Sandberg has been recruited as head of the Amundi Sweden representative office and head of ETF Client Relationships for the Nordic region.

P { margin-bottom: 0.08in; } The real estate unit at Henderson Global Investors on 14 March announced the recruitment of Anna Sjöberg as a manager in its Swedish team. Sjöberg will be based in Stockholm, where she will report directly to Johan Aström, head of the real estate unit in Sweden, a statement from the firm says. Sjöberg, previously of Fortin Properties, where she was responsible for the Swedish retail portfolio, will be responsible for the management of the Scandinavian portfolio for Henderson.

P { margin-bottom: 0.08in; } Ian Pollock has joined ABN Amro as director of the private bank for Asia. He left VP Bank in October Asian Investor states. He will begin in his new role on 13 May. He will be responsible for the private bank in China, Taiwan, Hong Kong and the Philippines. Pollock is based in Hong Kong, and in his new position replaces Arjan de Boer, who has been promoted to a global operational role in the management of ABN Amro.

P { margin-bottom: 0.08in; } Tom Keaney, global CEO for the investment services unit at BNY Mellon, has added two global CEOs for the asset servicing and depository receipts divisions, with the promotions of Samir Pandiri, who had previously been CEO Americas asset servicing, and Chris Keams, previously deputy CEO for the division.Lou Maiuri, for his part, will report to Pandiri as deputy CEO for global asset servicing, while retaining his role as head of the global financial institutions group within the asset servicing activity, alternative investment services group and asset servicing activities for Latin America.Michael Cole-Fontayn, who had been head of the depositary receipts division worldwide since 2008, will now focus full-time on his activities as chairman of Europe, Middle East & Africa, and as a member of the executive board at BNY Mellon. With the investment services unit and the creation of an integrated front office, BNY Mellon is uniting operations in a single entity positioned for various stages of the investment cycle, Keaney says.

P { margin-bottom: 0.08in; } External assets under management by the Generali insurance group last year increased 14.4% to EUR96.38bn, compared with EUR88.20bn previously, according to statistics released on 14 March at a publication of annual results by the Italian group. Operating profits at the financial group rose 21.7%, to EUR408m, while the operating ratio improved to 69%, from 73.2% previously. As of 31 December 2012, investments by Generali totalled EUR392.7bn, up 11.2% year on year. The group last year continued its policy of reducing sensitivity to risk for all portfolios. Exposure to bonds increased to 81.1% compared with 77.6% as of the end of 2011, while exposure to equities was reduced to 4.6% from 5.5%.

Credit Suisse Group cesse l’activité de sa filiale Asset Management Finance qui investissait dans des hedge funds et d’autres sociétés de gestion, en réponse aux règles plus sévères pour les banques, rapporte le Wall Street Journal. Le groupe voulait vendre une partie de son portefeuille à Blackstone et Carlyle, mais sans succès. Aussi la banque conservera la filiale mais ne fera plus d’investissements. De ce fait, la plupart des dirigeants de la structure sont partis. Le portefeuille d’AMF inclut des participations dans Reservoir Capital Group et Brigade Capital Management.

P { margin-bottom: 0.08in; } Credit Suisse Group is winding down the activities of its affiliate Asset Management Finance, which had invested in hedge funds and other asset management firms, in response to stricter rules governing banks, the Wall Street Journal reports. The group had sought to sell a part of its portfolio to Blackstone and Carlyle, but were unsuccessful. The bank will retain the affiliate, but will no longer make investments. As a result, most of the management of the structure have left. The portfolio at AMF includes stakes in Reservoir Capital Group and Brigade Capital Management.

P { margin-bottom: 0.08in; } Andrea Sturm, most recently director of sales & relationship management at the depositary banking unit at Portigon (formerly WestLB), has been recruited as head of sales for asset servicing activities at BNY Mellon for the German-speaking countries, and for central and eastern Europe. She will report to Thomas Brand, head of investment services for these regions.

P { margin-bottom: 0.08in; } Frank W. Straatman, CEO in charge of private mandates at Feri Trust GmbH, has been appointed as a managing board member at Feri AG, a body which has been extend to four people. He joins Arnd Thorn (chairman), Matthias Klöpper (finances) and Heinz-Werner Rapp (CIO).Straatman joined the Feri group in 2001, and has been a board member at Feri trust since 2006.Feri AG is part of the MLP group, with whom it has assets under management or administration of EUR21bn.

P { margin-bottom: 0.08in; } A planned tax on financial transactions (FTT) limited to 11 countries of the European Union has come in for criticism by the European Fund and Asset Management Association (EFAMA). According to estimates by the professional association, the new version of the FTT would have cost EUR13bn if the tax had been applied from the beginning of 2011. This total includes EUR7.3bn coing from countries in the FTT area, and EUR5.7bn from the non-FTT area.At a time when governments are expected to do more to encourage long-term financial savings and reduce dependency on the state to finance retirement, “the planned FTT is a move in the opposite direction, and punishes savers,” EFAMA claims. The application of FTT in a limited number of member states will lead to discussions about competition within the single European market which will lead asset management activities to move out of the FTT area.EFAMA “strongly opposes the FTT, which investors will have to pay (at least) twice, and which will considerably reduce the attractiveness of savings in funds and pension programmes. The result will be totally unjustified with regard to the important social role which investment funds play, and the international reputation acquired by UCITS funds as a model of excellence on the long-term savings market,” Peter de Proft, CEO of EFAMA, says.

P { margin-bottom: 0.08in; } The co-heads of European real estate funds at Carlyle, Eric Sasson and Robert Hodges, are leaving the firm, according to a letter to investors obtained by the Financial Times. The move has provoked anger on the part of investors in one fund, which has seen heavy losses. The second fund, raised in 2004, will pay only USD0.40 on each dollar invested.

P { margin-bottom: 0.08in; } In 2012, 873 hedge funds were liquidated, out of a total of 9,800, compared with 775 in 2010, the Financial Times reports, citing HFR. It is the third consecutive year in which the number of hedge funds closed has risen. Meanwhile, in 2012, 1,108 hedge funds were launched, down slightly compared with 2011.

P { margin-bottom: 0.08in; } After the United Kingdom, France and Germany, the four minimal volatility ETFs lauched recently by iShares have been admitted to trading on the Spanish stock exchange. They are the iShares MSCI Europe Minimum Volatility, iShares MSCI World Minimum Volatility, iShares MSCI Emerging Markets Minimum Volatility and iShares S&P 500 Minimum Volatility.

P { margin-bottom: 0.08in; } The CNMV has registered the Wealth Preservation USD wealth management sub-fund of its Luxembourg Sicav Schroders International Select Fund (ISF), the British firm Schroders reports in a statement published by Funds People. Sales of the product, managed by Malcolm Melville (see Newsmanagers of 5 February) have now begun in Spain.

P { margin-bottom: 0.08in; } According to José María Marcos, CEO of the “entities” department at the CNMV, 28 of the 105 Spanish asset management firms posted losses in 2012, Funds People reports. Total pre-tax profits came to EUR286m, compared with EUR278m in 2011 but they were 62% lower than their 2007 levels (EUR771m). Returns on owners’ equity (ROE) totalled 20.1%, where they had been 60.5% five years previously.The regulator also found that revenues from management commissions last year fell 5.7% to EUR1.416bn, and that the average management commission fell to 0.87% from 1.08% in 2011.

P { margin-bottom: 0.08in; } According to the HFR Market Microstructure Industry Report, average management and performance (incentive) commissions for hedge funds in 2012 were down to 1.56% from 1.57%, and 18.54% from 18.71% in 2011, respectively. Funds launched in 2012 had average management commissions of 1.62%, compared with 1.61% for the 2011 vintage, and the average performance commission dipped to 17.74% fro 18.08% the previous year, Hedge Fund Research (HFR) states.Meanwhile, the survey reports that 2012 brought the launch of 1,108 hedge funds, compared with 1,113 in 2011, while the number of liquidations increased to 873, from 775. This is the highest attrition rate in the sector since 2009, when more than 1,000 hedge funds were liquidated.

P { margin-bottom: 0.08in; } Richard Buxton, head of UK equities at Schroders, has resigned after 11 years at the British asset management firm, the Financial Times reports. Buxton will continue his career at another fund management firm in the City, according to sources familiar with the matter. Buxton’s teammate, Errol Francis, is also leaving Schroders. The pair together managed assets of GBP6bn. Schroders has not yet decided who will replace Buxton, the FT adds.

P { margin-bottom: 0.08in; } The two former co-heads of emerging markets at Man Group, Bart Turtelboom and Karim Abdel-Motaal, have begun raising capital for a new hedge fund firm, APQ Partners, the Financial Times reports. The first fund from the structure will be entitled Alexandria, and is expected to be focused on emerging markets. It will be soft-launched in second quarter, with USD100m to USD200m in capital from friends, family and a few investors. It will officially be launched slightly later, with over USD500m.

P { margin-bottom: 0.08in; } Non-recurring costs related to the enactment of RDR legislation, which came into force on 1 January this year, may total about GBP1.5bn, according to estimates by Money Marketing, on the basis of figures disclosed to the website by the British Financial Services Authority (FSA). Operating costs may total an annual GBP233m, which would bring the total cost for all companies overall to GBP2.6bn in five years, according to estimates by Money Marketing. This amount is much higher than initial estimates released by the FSA. In June 2009, the British authority released figures of GBP430m for non-recurring costs, and GBP40m in recurring costs. In March 2010, the FSA estimated that the total cost of RDR legislation would range from GBP1.4bn to GBP1.7bn in five years.

P { margin-bottom: 0.08in; } The to management of Investec Asset Management have signed an agreement with the parent company Investec to acquire a minority stake which will amount to 15% of capital in the asset management firm. The agreement will include an option to allow this stake to be increased to 20% in the next seven years. The acquisition price is EUR180m in cash.The plans affect 40 members of management, who have been employed by the business for over five years. It will be financed with GBP90m in equity provided by employees, and GBP90m in debt.

P { margin-bottom: 0.08in; } The UK asset management firm F&C in 2012 saw a 4.9% contraction in its assets, to GBP95.2bn, which did not prevent it from posting an 11% increase in its underlying pre-tax profits to GBP52.4m.This decline in assets is largely related to net redemptions of GBP11.4bn from «strategic partners,» and GBP1.9bn from consumer and institutional branch. This also resulted in a decline in revenues, from GBP267m in 2011 to GBP243.5m in 2012.But the underlying operating costs (excluding one-time elements) were reduced from GBP202.1m to GBP172.1m, largely due to a restructuring by the firm which is now “complete.”

P { margin-bottom: 0.08in; } The US firm Legg Mason has announced that, with its affiliate Permal, it has completed the acquisition of Fauchier Partners from BNP Paribas Investment Partners. The European hedge fund management firm as of 28 February had estimated assets of USD5.4bn.

P { margin-bottom: 0.08in; } The London-based alternative management firm Ivaldi Capital, founded by three former prime brokers from Citigroup, is assisting two new Asian hedge funds, which are expected to start their activities during first half 2013, the news agency Bloomberg reports. A market neutral and long/short equity strategy are planned, as well as an equity fund dedicated to the telecommunications sector in the region. Ivaldi opened an office in Singapore in December 2012. Currently, Ivaldi has funds under management solely for European public pension funds.

Amundi a ouvert un bureau de représentation à Stockholm, rapporte le site Internet suédois Fondbranschen.L’objectif de cette implantation est de commercialiser les ETF de la société française auprès de la clientèle nordique.Dans ce cadre, Björn Sandberg a été recruté comme responsable du bureau de représentation d’Amundi Sweden et responsable ETF Client Relationships pour la région nordique.

Ian Pollock rejoint ABN Amro au poste de directeur de la banque privée en Asie. Il avait quitté VP Bank en octobre, précise Asian Investor. Il prendra ses nouvelles fonctions le 13 mai. Il sera en charge de la banque privée pour la Chine, Taiwan, Hong-Kong et les Philippines. Basé à Hong-Kong, Ian Pollock remplace à ce nouveau poste Arjan de Boer, qui a été promu à un poste opérationnel mondial au sein de la direction d’ABN Amro.

Les actifs sous gestion de la première banque du Liechtenstein, LGT, se sont accrus l’an dernier de 18% à 102,1 milliards de francs suisses, grâce aux bonnes performances de ses placements et à une collecte nette de 10,5 milliards de francs, en progression de 12% d’une année sur l’autre, selon un communiqué publié le 14 mars.LGT a triplé son bénéfice l’an dernier à 216 millions de francs suisses, contre 70 millions de francs l’année précédente. Ce rebond s’explique en partie par un effet de base, la banque ayant vu son bénéfice baisser de 52% l’année précédente en raison de charges exceptionnelles liée à la cession de sa filiale allemande.L’an dernier, LGT par ailleurs étendu ses activités au Moyen-Orient avec l’ouverture d’une filiale à Dubaï qui propose des services de banque privée notamment dans l’est de la Méditerranée, la Turquie et l’Afrique. La banque a également repris les activités d’investissement du gestionnaire de fortune Clariden Leu pour le compte d’assureurs.

Fidelity fait place nette. La société de gestion annonce ce jour la vente de sa plateforme internet Fidelity Vie à Fortuneo, le site concurrent du Crédit Mutuel Arkéa. Lancée en 2006, la plateforme de distribution avait dès son lancement, suscité des réactions hostiles de la part des conseillers en gestion de patrimoine indépendants, qui voyaient dans cette offre à prix discomptés un redoutable concurrent. Et ce alors que Fidelity était simultanément un fournisseur d’OPCVM, tissant avec eux des liens étroits en termes de services et assurant des formations validantes sur l’ensemble du territoire…Arrivé en 2011 avec la ferme intention de remettre les CGPI au centre du développement de la maison, son président Christophe Gloser se débarrasse donc de ce qui apparaissait de plus en plus comme un « caillou dans la chaussure » de la société… « Nous avons sous-estimé la réaction des conseillers en gestion de patrimoine », a admis le dirigeant en précisant que le marché français n’était pas encore mûr en la matière. Si le prix de la transaction n’a pas été divulgué, « mais », assure Christophe Gloser, « n’a été qu’un élément secondaire », la plateforme affiche 75 millions d’euros d’encours investis sur 84 fonds proposés - dont 41 estampillés Fidelity – souscrits par 2 800 clients qui seront repris de façon effective en juin prochain par Fortuneo. Cela dit, le montant reste modeste comparé aux 800 millions d’encours que représente le « canal CGPI » pour la société de gestion. Et ce d’autant que ces derniers devraient par ailleurs apprécier le geste et permettre à Fidelity d’accroître sa présence auprès d’eux… « Notre objectif est clairement de figurer parmi les trois plus importants fournisseurs auprès de ces professionnels en gagnant de fait deux ou trois places dans le classement », a indiqué Christophe Gloser. Et de rappeler que pour y parvenir, la société a, depuis l’an dernier, reconstitué des équipes de vente, et s’est doté en 2011 d’un fonds Fidelity Patrimoine – OPCVM indispensable auprès des conseillers - tout en resserrant sa gamme de fonds. Reste que le président de Fidelity qui n’a jamais caché les ambitions de sa maison auprès des conseillers n’entend pas non plus négliger les autres clientèles auprès desquelles Fidelity s’est fait connaître. « La société a passé les crises sans que son image ne soit écornée par les scandales. Le groupe dispose de quinze centres de gestion dans le monde et, en France, nous sommes présents depuis près de vingt ans avec des actifs sous gestion représentant cinq milliards d’euros », a rappelé Christophe Gloser. « De fait », a assuré le dirigeant, « notre objectif est de parvenir à un horizon de trois ans, à 7 milliards d’euros d’encours ». Pour ce faire, Fidelity compte développer sa présence auprès des institutionnels qui représentent actuellement 1,6 milliard d’euros d’actifs sous gestion, principalement investis dans des fonds ouverts. « Nous voulons être plus présents sur ce créneau via des fonds dédiés ou des mandats ou encore par l’intermédiaire d’appels d’offres », a confirmé Christophe Gloser. Autre axe de développement - qui se présente d’ores et déjà comme le premier canal de distribution de la société : les partenariats bancaires qu’il s’agisse de gestion privée ou de multigestion. Cela posé, Christophe Gloser entend se donner les moyens de ses ambitions. « En termes d’offre, l’image de Fidelity est résolument ‘actions’ », a expliqué le dirigeant qui rappelle que ces actifs ‘risqués’ représentent 85 % des actifs gérés à Paris contre 15 % pour les actifs obligataires. » A titre de comparaison, en Italie, les obligations représentent 50 % des encours et ces titres ont capté 80 % de la collecte l’an dernier. « Nous devons nous inspirer de nos voisins italiens», insiste Christophe Gloser qui entend ainsi, tant auprès des investisseurs institutionnels que des banques partenaires, pousser les feux de la gestion obligataire forte d’une équipe de 34 analystes crédit. Pour cela, la société de gestion va s’appuyer sur le fonds flexible obligataire FF Global Strategic Bond Fund et le fonds à courte duration, FF Euro Short Term Bond Fund. « Certes », admet le Christophe Gloser, « l’âge d’or de l’obligataire est derrière nous, mais trois raisons militent pour que nous développions cette offre: tout d’abord, l’aversion au risque des investisseurs qui reste forte, les réglementations qui conduisent les investisseurs institutionnels à conserver une poche obligataire importante et enfin, le marché français de l’assurance vie dont les rendements de plus en plus faibles devraient progressivement laisser de la place à des offres obligataires complémentaires. » En attendant, selon le responsable, en 2013, Fidelity enregistre des résultats satisfaisants en termes de collecte nette. Alors qu’un objectif annuel a été fixé à 400 millions d’euros (en novembre 2012), la société de gestion affiche des souscriptions nettes à la mi-mars de 300 millions d’euros.

Andrea Sturm, en dernier lieu directrice sales & relationship management dans le pôle banque dépositaire de Portigon (ex WestLB), a été recrutée comme head of sales de l’activité asset servicing de BNY Mellon pour l’espace germanophone ainsi que pour l’Europe centrale et orientale. Elle est subordonnée à Thomas Brand, head of investment services pour ces mêmes régions.