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14/02/2013

First Trust plans to launch ETFs in Europe

The US asset management firm First Trust Advisors looks to enter the European market, with the launch of its family of “intelligent” ETFs, Fund Web reports. The firm, which already has USD9.3bn in assets under management in its US-based ETFs, is applying to approve its AlphaDEX ETFs next quarter. The aim is to offer most of its 30 ETFs.
14/02/2013

Citi awarded a mandate by William Blair

The asset management firm William Blair has asked Citi to provide it with offshore administration services for its Sicav domiciled in Luxembourg, according to Hedgeweek. Assets under management in the William Blair Luxmembourg Sicav domiciled in Luxembourg totalled USD1.6bn as of the end of December 2012.
14/02/2013

Hermann Pfeifer promoted at Lyxor Germany

Hermann Pfeifer, head of institutional ETF sales Germany & Austria at Lyxor Asset Management (Société Générale) since 2011, and previously head of European fund sales (North) at db x-trackers (Deutscche Bank), has been promoted to the newly-created position of head of Lyxor ETF Germany, Austria & Eastern Europe.He is responsible for overseeing the development of Lyxor’s activities on the German, Austrian and Eastern European markets. Germany is one of the largest ETF markets for the French asset management firm, whose Frankfurt office has five employees.
14/02/2013

Revised law on collective investments comes into effect on 1 March

The Swiss Federal Council on 13 February announced that it has set the date of 1 March for the introduction of the revised law on collective investments, which also aims to guarantee access to the Swiss financial market to the European market. Switzerland urgently had to close loopholes in its regulations to prevent some financial actors restricting access to European markets. The European Union is planning to introduce the AIFM directive in July this year. The revised ordinance, which provides for a tax hike and fees charges by the financial regulator (Finma), will also cone into effect on 1 March. Reservations expressed by those affected have been taken into consideration, the government says. Two new clauses in the law will come into effect on 1 June. One of these concerns qualified investors. According to the definition adopted by Parliament, all parties who sign a wealth management contract are considered “qualified investors,” unless explicitly stated otherwise in writing. The law will only protect “unqualified” investors. The other clause related to key investor information. Investors will receive a written record of information exchanged when they subscribe to a fund.
14/02/2013

Morningstar profits up 10% in 2012

From USD98.36m in 2011, net profits declared by Morningstar Inc rose to USD108.08m last year. That represents an increase of 9.9%, and profits per share totalled USD2.10, compared with USD1.92.Joe Mansueto, chairman & CEO, points out that for the past year as a whole, revenues grew organically by 5%, with Morningstar Direct and Morningstar Data driving this growth. As of 31 December, the group had USD321.4m in cash, compared with USD470.2m twelve months previously.Assets under management or advisement contracted, as predicted, by 31.4% year on year, to USD94.3bn for the investment advisory services unit, while they gained 26.2% to USD47.2bn for retirement solutions, and rose 51.6% for Morningstar Managed Portfolios. Lastly, Ibbotson Australia has gained 13.8% in assets under management or advisement, to USD3.3bn.
14/02/2013

Scor Global Investments wants to start out in third-party management

Scor Global Investments, the asset management unit of the Scor group, has launched a website independent of that of its parent company. Agefi Weekly reports that the tool is intended to help the company grow, as it is planning to develop third-party activities. So far, results remain modest, as the firm has posted inflows of slightly over EUR100m. Without setting an overly ambitious objective, François de Varenne, chairman of the board, sees bigger. “If, in three to five years, I have the equivalent of 10% of assets from the Scor group under management for third parties, which would be EUR1bn to EUR2bn, I would be delighted,” he says. At this stage, activities are concentrated on continental Europe. Scor GI is targeting private banks, family offices and large institutional investors as its first priority.
14/02/2013

AUM in Investment Solutions unit of BNP Paribas up 5.6% in 2012

The Investment Solutions unit of BNP Paribas last year posted a 5.6% increase in its assets under management compared with 31 December 2011, to EUR889bn (EUR842bn as of 31 December 2011). This increase is primarily due to favourable performance effects, driven by gains on the financial markets, particularly in second half. The firm recorded net outflows at -EUR6.1bn, penalised by the reinernalisation of a distribution contract by a fund management firm in third quarter. Excluding this effect, net inflows were +EUR5.2bn in 2012. Net inflows were positive to all professions in 2012, except asset management. Inflows to wealth management were good, particularly in the domestic and Asian markets, with good contributions from insurance outside France, particularly in Asia (Taiwan, South Korea), as well as from Personal Investors, particularly in Germany. Inflows to asset management in money market and bond funds, for their part, more than offset outflows from other asset classes. As of 31 December 2012, assets under management in Investment Solutions were distributed as follows: EUR405bn in asset management, EUR266bn in Wealth Management, EUR170bn in Insurance, EUR35bn in Personal Investors, and EUR13bn in Real Estate Services.
14/02/2013

Gregory Molinaro to leave CPR AM

Gregory Molinaro will be leaving CPR AM at the end of February, after more than seven years at the asset management firm, an affiliate of Amundi. The professional is head of the beta allocation unit, and manager of the growth range, which has more than EUR850m in assets overall. A reorganisation of the management team will be announced in a few days, but it already appears tha Mark Haddouk, head of balanced management, will take over management of the funds which Molinaro had been responsible for.
14/02/2013

Françoise Rochette joins Mandarine

Newsmanagers understands that Françoise Rochette, head of the asset allocation unit at Edmond de Rothschild Asset Management (EdRAM), will in slightly over two months be joining French Boutique Mandarine Gestion, a firm for which she already externally manages asset allocation for the diversified FCP fund Mandarine Reflex (FR0010753608). The funds is officially managed by Marc Renaud and Joëlle Morlet-Selmer, with assets, according to Morningstar, of EUR195.05m as of 11 February.
14/02/2013

Record assets for Paris office of Franklin Templeton

Several asset management firms have had a highly positive quarter in terms of subscriptions. As of the end of December, the Paris office of Franklin Templeton returned to record asset levels of about USD4.5bn, with a very strong acceleration of inflows from 15 December on. This dynamic has continued in early 2013, the CEO of the firm, Dominique de Préneuf, has told Newsmanagers. The office in Paris opened in 1994 with USD230m (not including CBOs).In the coming months, Franklin Templeton is planning to highlight its Asian and European small and midcaps products, and European equities, with the Franklin European Growth and Franklin Mutual Euroland. The latter has the advantage for IFAs of being eligible for PEA savings plans. The firm also plans to promote three emerging market equity funds managed by the team led by Mark Mobius, Templeton Asian Growth, Templeton Frontier Markets, and Templeton Africa, all of which are particularly well-suited to platforms. “Of course, in fixed income, the Templeton Glboal Total Return fund, managed by another start of the group, Michael Hasenstab,” will be «pushed».
14/02/2013

Legg Mason confirms Joseph Sullivan as CEO

The board of directors of Legg Mason (USD654bn of AUM as of the end of January) on February 13 announced that it has appointed Joseph A. Sullivan president and chief executive officer and a member of the board of directors, effective immediately.Since October 1, 2012, Mr. Sullivan has served as Legg Mason’s interim CEO, after the departure of Mark Fetting. He joined Legg Mason in 2008 as senior executive vice president and chief administrative officer and more recently, served as head of global distribution.In addition, the board of directors announced that Dennis M. Kass, a veteran leader in the asset management industry, will join the Legg Mason board, effective April 1, 2013. Mr. Kass retired in 2012 as CEO of Jennison Associates, an asset management company wholly‐owned by Prudential Financial, Inc., having served in this position since 2003. Previously, he had spent more than a decade with JP Morgan’s Investment Management unit, culminating in the position of vice chairman of JP Morgan Fleming Asset Management.
14/02/2013

Morgan Stanley appoints Maximilien deWailly as head of MSREI In France

Morgan Stanley on 13 February announced the appointment of Maximilien de Wailly as Managing Director, to direct Morgan Stanley Real Estate Investing (MSREI) in France, the real estate investment activity of Morgan Stanley IM on the French market. Before joining Morgan Stanley, de Wailly spent nine years (2004-2013) at RREEF Real Estate (Deutsche Bank), where he led real estate private equity fund activities investing in France. In this period, he was in charge of acquisitions and management of a portfolio of EUR4.5bn. He had previously worked at Morgan Stanley from 1999 to 2004. He was also chairman of the supervisory committee of the Le Printemps group. De Wailly will report directly to Brian Niles, head of MSREI Europe.
14/02/2013

Assets under management at Banque Cantonale Vaudoise

Assets under management at Banque Cantonale Vaudoise rose 6% in 3012, to CHF81.7bn, according to statistics released by the group on 14 February. Net inflows totalled CHF160m, due to an inflow of CHF1.2bn to onshore funds, and an expected withdrawal of CHF1bn from offshore funds.
14/02/2013

Credit Suisse launches a website for structured investments

Credit Suisse has launched an online resource for structured investment solutions, according to a statement released on 13 February. The website, aimed ta banks, external wealth managers and client advisers at the major bank, can trade structured products and custom securitised derivative products based on over 300 asets (equities, currencies and precious metals). The minimal investment for equity products is CHF20,000, and CHF50,000 for products related to currencies, the bank says.
14/02/2013

Funds of funds still on the decline

Assets under management in funds of hedge funds fell by USD44.3bn in 2012, to a total as of the end of December of USD501bn, according to statistics from Trim Tabs Investment Research, the New York Post reports. Assets in these funds have continually been on the decline since 2008, when they peaked at over USD800bn. Fund of funds generally underperform hedge funds, due to the added commission burden. They gained 4.5% last year, compared with 8.5% for hedge funds.
14/02/2013

Net outflows of USD14.2bn from hedge funds in 2012

On the basis of a sample of 3,492 hedge funds, BarclayHedge and TrimTabs Investment Research estimate that investors withdrew a net total of USD14.2bn from hedge funds last year, after placing USD50.7bn in net subscriptions with them in 2011.Redemptions hit a 44-month high in December, at USD20.7bn, the two firms report, adding that the average performance of hedge funds was 8.5% in 2012, while the performance of the S&P 500 index was 13.4%. In the last three months of the year, hedge funds gained 2.46%, while the S&P 500 lost 1%.In January 2013, the BarclayHedge index, on the basis of results from 1,288 hedge funds as of 13 February, has earned 2.81%.
14/02/2013

ESMA seeks comments on short-selling and CDS

The European Securities and Markets Authority (ESMA) has published a call for evidence on the evaluation of the regulation on short selling and certain aspects of credit default swaps (SSR). This follows receipt of a formal mandate from the European Commission seeking technical advice on the evaluation of the effects of the SSR.In order to prepare its technical advice on the effects of the SSR, ESMA is inviting investors, market participants and any other interested stakeholders to provide responses to the questions outlined in the call for evidence by 15 March.
14/02/2013

Promotions in global strategic solutions at Schroders

Lesley-Ann Morgan, senior strategist in the global strategic solutions team since June 2011, has been appointed as head of global strategic solutions at Schroders, replacing Neil Walton, who now serves in the newly-created position of head of institutional business development group, and chairs the UK institutional management committee at Schroders, with assets of GBP46bn (as of 30 September 2012).Meanwhile, Schroders has recruited Scott Lothian as senior strategist. He will report to Morgan. He had spent four years as head of multi-asset at BEA Union investments in Hong Kong.
14/02/2013

Sweden's Coeli launches a Luxembourg-based asset management firm

The Swedish multi-management business Coeli has launched an asset management firm in Luxembourg, Coeli Asset Management. To head the new firm. Johan Lindberg has been recruited as CEO. He had previously been CEO of the Luxembourg-based company of BankInvesto. He has also worked as CEO of SEB Fund Services in Luxembourg. The Coeli office in Luxembourg will allow it to distribute its funds worldwide.
14/02/2013

Aberdeen AM réalise deux acquisitions

Le gérant britannique a annoncé le rachat de l’américain Artio Global Investors pour 175 millions de dollars. Spécialiste des taux, Artio gère environ 14 milliards de dollars d’actifs pour le compte d’une clientèle de particuliers et d’institutionnels. Aberdeen AM a aussi pris 50,1% de SVG Advisers, société de capital investissement britannique qui gère 4 milliards de livres, pour 17,5 millions de sterling. Cette expertise sera combinée avec celle d’Aberdeen pour donner naissance à un pôle private equity de 5 milliards d’encours.
14/02/2013

La zone euro s’enfonce davantage dans la récession

L'économie de la zone euro s’est enfoncée davantage qu’attendu dans la récession au quatrième trimestre 2012. Le produit intérieur brut (PIB) des Dix-Sept a reculé de 0,6% par rapport au troisième trimestre, a annoncé Eurostat, après une baisse de 0,1% sur juillet-septembre. L’année 2012 est la première durant laquelle la zone euro n’a enregistré aucun trimestre de croissance. L'économie allemande s’est contractée de 0,6% au quatrième trimestre, enregistrant sa plus mauvaise performance sur un trimestre depuis le point bas de la crise financière en 2009. En France aussi, le recul de 0,3% de l’activité au quatrième trimestre est supérieur aux attentes des économistes qui anticipaient en moyenne une contraction de 0,2%. La situation est plus critique encore dans les pays périphériques. L’Espagne a fait état il y a quinze jours d’une contraction de 0,7% de l’activité au quatrième trimestre. L'économie italienne s’est contractée de 0,9%, soit plus qu’attendu, au quatrième trimestre. Aux Pays-Bas, le PIB s’est contracté de 0,2% au quatrième trimestre, donnant une baisse annuelle de 0,9%, confirmant que le pays était en récession, la troisième depuis 2009. Le PIB de la Grèce s’est contracté de 6% en rythme annuel au quatrième trimestre 2012. L’activité économique au Portugal a reculé plus qu’attendu au quatrième trimestre, portant à 3,8% la baisse du PIB par rapport aux trois derniers mois de 2011.
Photo : Fotolia
14/02/2013

La Suisse s'attaque à la surchauffe immobilière

Face à la hausse des prix immobiliers, le Conseil Fédéral a demandé aux banques de mettre en place un volant de fonds propres anticycliques pour les prêts hypothécaires finançant les logements d’ici à la fin du mois de septembre prochain. Les banquiers traînent des pieds.

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