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04/02/2013

Axa IM replaces its head of institutional sales for Germany

Axa Investment Managers on 1 February recruited Jörg Schomburg to replace Frank Richter, who has left the business, as head of institutional sales for Germany. Schomburg had since 1999 been at Allianz Global Investors (AGI), where he had since 2007 directed the institutional sales team.
04/02/2013

Warburg Invest recruits head of portfolios

Matthias Reimer, who was head of portfolio management for guaranteed funds and multi-asset class strategies in the wealth management unit of DWS (Deutsche Bank group), is joining Warburg Invest (EUR14.8bn in assets), Das Investment reports.At his new employer, Reimer will direct the portfolio engineering team, which includes multi-asset class strategies and the development of custom investment strategies for private clients.
04/02/2013

Four promotions in asset allocation at Putnam

Following the departure of Jeff Knight, head of the global asset allocation (GAA) team, Putnam Investments on 1 February announced the appointment with immediate effect of four co-heads for the strategy, for which the asset manager has a total of 13 employees, and assets of about USD10bn.The four new co-heads, who joined Putnam between 1998 and 2000, will retain their current responsibilities, and will “work in close cooperation” with Walter C. Donovan, CIO.James Fetch will remain as head of portfolio construction and risk management, while Robert Kea will continue to direct top-down analysis, Robert Schoen remains responsible for equities, and Jason Vaillancourt remains head of the global macro approach.
04/02/2013

Amundi aims for USD100bn in assets in Asia

The asset management firm Amundi, who is celebrating 30 years of presence in Hong Kong, is aiming for USD100bn in Asia “in the next fie years,” according to CEO Yves Perrier, Les Echos reports. The asset management firm currently has USD70bn, out of just under USD1trn in assets under management worldwide (EUR711bn as of 30 September). “Among the asset management firms present in Asia, whether they be foreign or local, Amundi has one of he most complete personnel teams, and we have room to grow everywhere to increase our presence,” Perrier says.
04/02/2013

Assets under management at Legg Mason down

The US asset management firm Legg Mason has reported assets under management of USD648.9bn for the third quarter of its 2012-2013 fiscal year, ending on 31 December, compared with USD650.7bn as of the end of September, according to statistics released on 1 February. Outflows in the quarter totalled USD7.5bn, and were only partially offset by a positive market effect of USD5.7bn, while assets under management have nonetheless risen 3% compared with their levels at the end of December 2011. Legg Mason has announced that outflows from equities totalled USD8.3bn, while outflows from bonds totalled USD6.8bn. Money market funds, however, attracted USD7.6bn in fourth quarter. As of 31 December, assets under management consisted 57% of bonds, compared with 22% for equities. 60% of clients are American. Legg Mason finished the quarter to the end of December with a net loss of USD453.9m, or USD3.45 per share, compared with net profits of USD80.8m, or USD0.60 per share in the quarter to the end of September, and USD28.1m, or USD0.20 per share in fourth quarter 2011. Losses in the quarter under review are due to charges for depreciation of intangible assets totalling USD734m.
04/02/2013

Assets and profits up at Franklin Templeton

As of 31 December, Franklin Resources, which is known as Franklin Templeton Investments, had assets under management of USD781.8bn (see Newsmanagers of 14 January), which represented an increase of USD31.9bn, or 4%, in the first three months of fiscal 2013, due to market effectss of USD24.8bn, and USD8.7bn due to the acquisition of K2Advisors (see Newsmanagers of 6 November 2012).Compared with October-December 2011, assets have increased by USD111.5bn, or 17%, largely due to USD94bn in market effects and USD13.6bn in net subscriptions.Net profits for the California-based asset management firm in the first quarter of its fiscal year ending on 30 September 2013 totalled USD516.1m, compared with USD492.1m in July-September, and USD480.8m in the corresponding period of 2011.
04/02/2013

Cécile Imbert leaves Prigest

After eight years at Prigest, Cécile Imbert left the firm ten days ago. The fund manager, who had worked alongside Matthieu Rollin on the Prigest Europe and Prigest US funds for three years, will not be replaced, Christian Cambier, CEO of the asset management firm, has told Newsmanagers. However, the departure of the manager will result in a reorganisation. “Rollin and I will now work as a pair,” the manager explains, while unlike in the case of Imbert, “there will not be a two-headed management structure, but instead management with a head.” In practice, Rollin will have control of Prigest Europe and Prigest USA, while ValFrance and Prigest Pacifique will be led by Cambier. The departure of Imbert comes at a time when Prigest has seen a reduction in assets in its equity funds. Alongside Valfrance, the flagship fund from the asset management firm, which has net assets of only EUR170m, the US fund has only EUR27m, and the Europe fund has only EUR38m in assets under management, while the Pacific fund has EUR52m. As part of the changes, the question of merging the France fund and the European fund has been raised. “That would depend on the major shareholder, SwissLife Banque Privée,” Cambier says, suggesting that the merger between the asset management firm and its shareholder may come more rapidly than expected, justifying the choice not to replace the manager. In June 2011, SLBP announced that it had acquired a 25% stake in the capital of Prigest, stating that its “engagement” would eventually result in a wedding. The big step has been set for “two years from now,” but SLBP could increase its stake to 51% within a shortened time.
04/02/2013

Operating profits at Ameriprise up 11% in fourth quarter

Pre-tax operating profits for the asset management unit of the US group Ameriprise Financial totalled USD141m in fourth quarter, up 11% compared with third quarter 2011, according to statistics released by the group. Assets under management at Columbia Management and Threadneedle as of the end of 2012 totalled USD455bn, up 5% compared with the end of December 2011. Assets under management at Threadneedle have incerased 12% to USD128bn, while Columbia assets have risen by a more limited 1%. The asset management unit finished the year with outflows of USD3.9bn, largely due to net redemptions totalling USD3.6bn to institutional clients.
04/02/2013

Julius Baer enregistre une collecte de près de 10 milliards de francs en 2012

Les actifs sous gestion de Julius Baer ont progressé l’an dernier de 11%, soit 19 milliards de francs suisses, à 189 milliards de francs suisses, slon un communiqué publié le 4 février. La progression des actifs sous gestion résulte d’un impact positif de la performance du marché de près de 11 milliards de francs suisses grâce à des améliorations substantielles dans plusieurs catégories d’investissement, notamment les actions, d’une collecte nette de de 9,7 milliards de francs et enfin d’incidences de change négatives de 1 milliard de francs, dues principalement au recul de la valeur du dollar vers la fin de l’année. Comme les années précédentes, si toutes les régions ont produit une contribution positive, la majorité de la collecte provient des marchés de croissance - Asie, Amérique latine, Moyen-Orient, Russie et Europe centrale et de l’Est.
04/02/2013

Julius Baer posts inflows of nearly CHF10bn in 2012

Assets under management at Julius Baer increased by 11%, or CHF 19 billion, to CHF 189 billion in 2012. The increase in AuM was the result of a positive market performance of almost CHF 11 billion on the back of significant improvements across many investment categories, especially equities, net new money of CHF 9.7 billion and a negative currency impact of CHF 1 billion, mainly due to the decline in the value of the US dollar towards the end of the year. As in previous years, while all market regions contributed positively, the majority of inflows originated from the growth markets – Asia, Latin America, the Middle East, Russia and Central & Eastern Europe. Separately, in January 2013, Julius Baer strengthened its presence in the Japanese private wealth market through a 60% equity participation in TFM Asset Management Ltd. (TFM), a Swiss-registered independent asset management company. TFM was founded in 1996 and has offices in Tokyo and Zurich. The company holds investment advisory and investment management licences granted by the Japanese FSA and concentrates predominantly on serving Japanese high net worth private clients. TFM manages a few hundred million CHF of client assets. Julius Baer will have the right to take full ownership three years after the closing planned for April 2013. Both parties agreed not to disclose the purchase price.
04/02/2013

Credit Suisse publishes revised results adapted to the new architecture of the group

Credit Suisse bank on 1 February published revised results, adapted to the new structure of the group. In the Private Banking & Wealth Management (BP&WM) division, asset management profits are now declared as a separate unit, as are resuls for Wealth Management Clients and Corporate & Institutional Clients. Securities trading in Switzerland has been largely transferred from the business bank to the PB&WM division, Credit Suisse says in a statement. These changes will have an effect on results for the three units of the PB&WM division, and on the business bank. The changes, and the transfer of securities trading, will have no effect on consolidated profits or net profits for Credit Suisse, however, which will adapt its figures retroactively to 2008. Credit Suisse in November 2012 announced a reorganisation of its organisation and its management, and plans to transfer private banking and asset management units to the PB&WM division.
04/02/2013

Julius Baer enregistre une collecte de près de 10 milliards de francs en 2012

Les actifs sous gestion de Julius Baer ont progressé l’an dernier de 11%, soit 19 milliards de francs suisses, à 189 milliards de francs suisses, selon un communiqué publié le 4 février. La progression des actifs sous gestion résulte d’un impact positif de la performance du marché de près de 11 milliards de francs suisses, d’une collecte nette de de 9,7 milliards de francs et d’incidences de change négatives de 1 milliard de francs, dues principalement au recul de la valeur du dollar vers la fin de l’année. Comme les années précédentes, si toutes les régions ont produit une contribution positive, la majorité de la collecte provient des marchés de croissance - Asie, Amérique latine, Moyen-Orient, Russie et Europe centrale et de l’Est.Par ailleurs, Julius Baer indique avoir le mois dernier renforcé sa présence sur le marché japonais de la gestion de fortune, en prenant une participation de 60% dans TFM Asset Management Ltd. (TFM), société de gestion d’actifs indépendante enregistrée en Suisse. Fondée en 1996, TFM a des bureaux à Tokyo et Zurich. La société détient des licences de conseil en placements et de gestion d’investissements délivrées par la FSA japonaise et se concentre essentiellement sur le service aux clients privés japonais à haut potentiel financier. TFM gère quelques centaines de millions de francs suisses d’actifs de clients. Julius Baer aura un droit de propriété intégrale trois ans après l’opération de bouclage prévue pour avril 2013. Les deux parties sont convenues de ne pas divulguer le prix d’achat.
04/02/2013

Rebalancing of flows towards equities continues

Equity funds attracted another USD18.7 billion during the final week of January, according to EPFR.They close the books on a month when they outgained bond funds by a nearly 3-to-1 margin and fueled talk of a “great rotation” from fixed income assets to equity.Emerging markets equity and bond funds maintained their strong starts to 2013, pulling in a combined USD5.12 billion, with emerging Asia by far the preferred region.Money market funds recorded net outflows of USD12.16 billion, their third straight week of outflows in excess of USD10 billion, with Europe money market funds accounting for the bulk of those redemptions after two weeks of US money market funds leading the way.
04/02/2013

Short-selling: ESMA publishes recommendations and exemptions

The European Securities and Markets Authority (ESMA) has published its final Guidelines and a Feedback Statement on the exemption for market making activities and primary market operations under the Short Selling Regulation. The Guidelines will be translated into all the official EU languages and will be applicable two months after the translations are published.ESMA will publish on its website the lists of those entities who have been granted exemptions without further details on the financial instruments and markets, with this latter information being available to national authorities.
04/02/2013

Assets in funds managed by BBVA in Spain contract

Preferring to emphasize sales of savings accounts rather than investment funds, BBVA in 2012 saw a decline of 2.5% in assets in its funds in Spain, to EUR19.116bn as of the end of December, Funds People reports.In the rest of the world, assets under management in investment funds rose 13%, to EUR22.255trn, while assets in pension funds increased by 16.3% to EUR71.743bn, and the volume of portfolio management mandates for clients increased 6.95 to EUR13.652bn.Last year, the BBVA group saw a 45.3% decline in its net profits, to EUR1.676bn.
04/02/2013

BTG Pactual closes its macro hedge fund to new investors

The Global Emerging Markets and Macro (GEMM) hedge fund has announced to investors that it will no longer accept new capital, and that it has already refused about EUR500m in assets since the beginning of the year, the news agency Reuters reports. Since its inception in 2009, assets in the fund have increased strongly, and now total about EUR5bn. The head of asset managemnt at BTG, Steve Jacobs, says that reopening the fund has not been ruled out, but that it will remain closed “indefinitely». Last year, GEMM earned returns of 28% which makes it one of the best-performing funds in the world.
04/02/2013

ING IM recruits for institutional sales team

Rob Heins, a former manager at PGGM, Robeco and Rabobank Netherlands, is joining the institutional sales team for the Netherlands at ING Investment Management, led by Michael Jasper, which now has five members, Fondnieuws reports.ING IM has about EUR316bn in assets under management for institutional and retail clients.
04/02/2013

Santander to double minimal level for access to private banking

The integration of Banif into Santander will result in an increase in the minimal level of financial savings required by the group for access to private banking services, from EUR500,000 currently, to EUR1m, within six months, Funds People reports.The absorption of Banif is expected to generate synergies in the third year of EUR520m, of which EUR420m are savings, and EUR00m are additional revenues.
04/02/2013

Berkowitz closes three mutual funds to new investors

Bruce Berkowitz, the founder of the asset management firm Fairholem Funds, has announced that he has decided to close three mutual funds to new investors, at the end of the trading day on 28 February this year. Current shareholders will be permitted to continue to invest in the various funds. Fairholme explains in a statement that the decision comes largely as a result of the risk of diluting the current shareholders and the currently good positioning of the various funds for financing operations and realising new investments. Among the three funds which have been closed to new investors is the Fairholme Fund, whose assets under management total about USD7.5bn.
04/02/2013

Tocqueville Finance reshuffles its product range

French boutique Tocqueville Finance on Thursday announced at its annual convention that it is overhauling its fund product range. Funds investing solely in France will have their investment universe extended to cover all of Europe and all capitalisation sizes. This includes Ulysse, the flagship fund from the firm, which was managed by the star fund manager Marc Tournier until his departure about one year ago, which becomes a euro zone fund for all cap sizes. It is now managed by Daniel Fighiera, CIO since May 2012, with the assistance of Nelly Davies, co-manager. Tocqueville Dividende and Odyssée also open to Europe. Tocqueville Finance also announced the transformation of Ithaque, a value fund, into a megatrend fund. The new fund will be managed by Nelly Davies with Thibault Moureu as analyst. Tocqueville Finance had assets under management of EUR1.2bn as of Decembre 31, 2012, against EUR2bn as of June 2011. But the new CEO, Hervé Guiriec still targets AUM of EUR4bn in 2015.
04/02/2013

Julius Baer annonce une hausse de 11% des actifs sous gestion en 2012

Julius Baer a annoncé une hausse de 11% de ses actifs sous gestion en 2012, à la faveur de la bonne tenue des marchés boursiers. L'établissement suisse spécialisé dans la banque privée a ainsi précisé que le total des actifs gérés pour ses clients s'était établi à 189 milliards de francs (153 milliards d’euros). Le bénéfice net 2012 a été de 298 millions de francs alors que les analystes financiers avaient anticipé 281 millions.
04/02/2013

LCH.Clearnet réduit ses appels de marge sur la France et l'Espagne

La chambre de compensation LCH.Clearnet a annoncé son intention de réduire les appels de marge qu’elle exige pour de nombreuses catégories d’obligations françaises et espagnoles. Elle abaissera la marge initiale exigée pour la dette souveraine française à des échéances situées entre un mois et 15 ans, ainsi qu’aux titres à maturités de 30 à 50 ans, précise Clearnet. Elle va aussi réduire la marge sur la dette espagnole, y compris sur les titres dont les maturités se situent entre un et trois mois, ainsi qu’entre sept et quinze ans.
04/02/2013

Croissance modeste du secteur des services en Chine

Le secteur des services a été en croissance en janvier pour le quatrième mois d’affilée, mais à un rythme de croissance quasi stable. L’indice officiel PMI des directeurs d’achats ressort à 56,2 en janvier contre 56,1 en décembre, a fait savoir hier le Bureau national de la statistique. Le sous-indice des contrats nouveaux a reculé à 53,7 contre 54,3, attestant d’un ralentissement de la demande.
04/02/2013

La SFIL notée par les agences

Détenue à 75% par l’Etat Français, 20% par la Caisse des Dépôts (CDC) et 5% par La Banque Postale, la Société de Financement Local (SFIL) est désormais notée Aa2/P1 par Moody’s, AA+/ A-1+par S&P et AA+/F1+ par Fitch. La notation long terme de chacune des trois agences est assortie d’une perspective négative reflétant celle attribuée à l’Etat Français. SFIL refinancera les prêts mis en place par la nouvelle coentreprise entre La Banque Postale et la CDC via sa filiale société de crédit foncier, la Caisse Française de Financement Local. « Deux des agences soulignent par ailleurs la fragilité du business mode, exclusivement centré sur la France d’une part et sur les collectivités locales et EPS (établissements publics de santé, ndlr) d’autre part, entités destinées à réduire leur besoin de financement », souligne Philippe Rogier, président de PublicFinance, une société de conseil en gestion et renégociation de la dette pour le secteur public local.
04/02/2013

Bercy maintient une prévision de croissance à 0,8% du PIB

La France maintient sa prévision de croissance pour 2013 à 0,8% du produit intérieur brut, a indiqué hier Pierre Moscovici sur France 2, qui n’exclut pas de l'«adapter» en fonction des discussions avec la Commission européenne. Le ministre de l’Economie et des Finances a par ailleurs annoncé la présentation d’ici deux à trois semaines de son projet de taxe sur les hauts revenus, qui sera conjugalisée.
04/02/2013

Pas d’accord en vue sur le budget européen

Les conditions ne sont pas encore réunies pour un accord sur le budget européen à l’occasion du conseil qui doit se tenir les 7 et 8 février à Bruxelles, a déclaré hier le président français François Hollande lors d’une déclaration à l’Elysée aux côtés du président du Conseil italien, Mario Monti. «Mais il nous reste encore quelques jours, et j’imagine des nuits entières, pour aboutir», a-t-il ajouté.
04/02/2013

Des fonds de pension poursuivent BlackRock

Deux fonds de pension américains, basés à Cincinnati et à Nashville, ont engagé des poursuites à l’encontre du gestionnaire d’actifs, l’accusant d’avoir détourné des gains issus de prêts de titres au sein des fonds indiciels cotés (ETF) gérés par iShares. Le gestionnaire aurait selon la plainte «systématiquement violé ses obligations fiduciaires, en mettant en œuvre un système de commissions excessives destiné à détourner des revenus de prêts de titres normalement dus aux clients d’iShares».

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