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08/01/2013

Le GIC aura un nouveau directeur de l'investissement en février

Lim Chow Kiat, deputy group chief investment officer, sera promu au 1er février 2013 group CIO du fonds souverain Government of Singapore Investment Corporation (GIC), en remplacement de Ng Kok Song, qui prendra sa retraite après avoir géré pendant 42 ans les réserves de change de la ville-Etat. Il était group CIO depuis 2007.Le nouveau global CIO conservera jusqu'à nouvel ordre ses fonctions de président de GIC Asset Management.
08/01/2013

Le fonds Cerberus cède l'essentiel de sa part dans la banque nippone Aozora

La banque japonaise Aozora a annoncé le 7 janvier que son premier actionnaire, le fonds d’investissement américain Cerberus Capital Management, allait céder une grande partie de sa part, une décision attendue depuis des mois. La part de Cerberus dans Aozora va tomber à 7,74% contre 57,8%. Il restera quand même le premier détenteur de titres de la banque.Le prix unitaire des 632,50 millions d’actions (intégrant une option de surallocation de 41,25 millions de titres) que s’apprête à vendre Cerberus sera déterminé entre le 16 et le 18 janvier, a précisé Aozora dans un document destiné aux investisseurs.Cette cession marquera une réduction significative de la présence du fonds Cerberus au Japon où il est aussi actionnaire de Seibu Holdings, un groupe de chemin de fer et d’hôtellerie.
08/01/2013

AWD va manquer ses objectifs 2012

La filiale allemande de Swiss Life, AWD, renommée en novembre 2012 Swiss Life Select, a largement manqué ses objectifs de bénéfices annuels. Le spécialiste du conseil financier «ne va même pas atteindre 10%» des 50 à 60 millions de francs suisses de bénéfice prévus, selon le magazine Focus du 6 janvier.Le magazine, qui se réfère à des sources proches du dossier, cite comme raison de ces mauvais résultats des provisions qu’AWD a dû effectuer en prévision de demandes de dédommagement pour de mauvais conseils notamment en Autriche. Une autre raison évoquée est le départ de nombreux conseillers.Swiss Life avait notamment annoncé en novembre, lors de sa journée des investisseurs, une réorganisation de la distribution des produits financiers et le changement de nom de sa filiale allemande. Cette opération va provoquer au quatrième trimestre des amortissements sur des biens immatériels de 576 millions de francs suisses. Le changement de nom coûtera 94 millions de francs suisses à Swiss Life. Les amortissements atteignent 96 millions de francs suisses pour les activités abandonnées en Slovaquie et en Hongrie. Le reliquat de 386 millions de francs concerne la survaleur (goodwill).
08/01/2013

Deux nominations chez Sanford C. Bernstein et AllianceBernstein

AllianceBernstein a annoncé que sa filiale Sanford C. Bernstein, spécialiste de la recherche et du courtage dans le domaine des actions, a recruté le responsable mondiale des actions de Jefferies & Company, Jason Griffith, comme responsable mondial du trading. Il sera subordonné directement à Robert van Brugge, chairman & CEO de la société.D’autre part, suite à la démission de Richard Haxe co-responsable du EMEA client group, AllianceBernstein a promu Timothy Ryan comme seul responsable du EMEA client group. Ce dernier était jusqu'à présent CEO d’AllianceBernstein Ltd et co-head du EMEA client group. Il reste subordonné à Robert Keith, responsable des services clients institutionnels et retail, des ventes et du marketing.
08/01/2013

L'AFG annonce deux nominations parmi ses cadres

Dans son dernier numéro d’information, l’Association Financière de la Gestion financière (AFG) a annoncé la nomination d’Eric Pinon à la fonction de président de la commission Sociétés de Gestion Entrepreneuriales de l’association. Eric Pinon qui dirige Acer Finance et siège au conseil d’administration de l’AFG ainsi qu’à la commission consultative des activités de gestion individuelle et collective de l’AMF succède à Muriel Faure qui reste vice-président. Par ailleurs, Pierre Bollon, l’actuel délégué général de l’AFG, a été nommé vice-président de PensionsEurope, l’association européenne des dispositifs de retraite d’entreprise.
08/01/2013

Société Générale Private Banking nomme deux nouveaux patrons pays

Après la Suisse et le Japon, le Luxembourg change de responsable de la banque privée. La Société Générale vient d’y nommer Olivier Lecler directeur général adjoint de Société Générale Bank & Trust, son entité locale, rapporte L’Agefi. Jusque-là patron de Société Générale Private Banking (SGPB) Monaco, il sera en charge de l’activité de banque privée au Grand-Duché, en remplacement de Claudio Bacceli. Ce dernier devient directeur de la clientèle des intermédiaires financiers pour l’ensemble du métier.Thierry Garde remplace quant à lui Olivier Lecler au poste de directeur général de SGPB Monaco. Il était jusqu’alors directeur adjoint de l’activité en Belgique, après des fonctions similaires en Grande-Bretagne.
08/01/2013
Fonds

Carlyle sort du capital de China Pacific

Selon L’Agefi, la société de private-equity Carlyle a levé 796 millions de dollars en cédant le reliquat de sa participation dans le groupe chinois China Pacific coté à Hong Kong. Carlyle aurait ainsi cédé 204 millions d’actions de China Pacific, soit 2,2% du capital.
Fonds
08/01/2013

AMAC welcomes 25 new members

In December, the Chinese securities commission (CSRC) authorised insurers, private equity companies and brokerage firms to become active in the management of investment funds. As a result, Asian Investor reports, the Asset Management Association of China (AMAC) has opened to members in these three categories, and has accepted 25 new members, as membership in the association is a requirement for receiving a license to offer funds.Among the new members are PICC Asset Management, the asset management arm of the People’s Insurance Company, Ping An Russell Investment Management, Fidelity (Hong Kong), HSBC (China) and UBS Global Asset Management (Singapore and China).
08/01/2013

Vacancies in Swiss finance are increasingly rare

Job vacancies in the finance sector in Switzerland are increasingly scarce. At the end of December 2012, 3,077 positions were vacant, as many as at the end of 2009. Free positions were down 7.1% compared with the beginning of the year. The decline is visible throughout all professions (banking, insurance, services companies). Finews reports that a growing number of positions are being awarded to young graduates and interns and that outsourcing is a trend which will be likely to last.
08/01/2013

Sarasin to publish 13 sustainability studies in 2013

In 2013, the sustainability analysis team at Sarasin will publish a detailed report every month including commentary on an economic theme or sector. Two publications will be released in January 2013: the sustainability of government borrowing, and tourism will be the first subjects treated.Among the subjects that will be addressed subsequently are communication technologies and consumer spending, water desalination, urban sustainability, sustainable investment in Brazil, and fracking.
08/01/2013

BNY Mellon launches a central securities depository entity

BNY Mellon has received regulatory approval to launch a new Issuer Central Securities Depository (CSD) entity that will offer market participants enhanced interoperability and efficiency in the global post-trade arena.BNY Mellon CSD SA/NV will offer issuer, settlement and safekeeping services for the benefit of all market participants across Europe and the wider global marketplace.Incorporated in Belgium as a non-bank subsidiary of The Bank of New York Mellon Corporation, BNY Mellon CSD will be regulated by the National Bank of Belgium. Chris Prior-Willeard has been appointed CEO of the new entity; he brings over 30 years’ experience in the financial services industry, including a range of executive positions within BNY Mellon.
08/01/2013

Vanguard shatters inflows records

Vanguard last year destroyed the record in the asset management sector for net inflows, with USD141.4bn in 2012, Financial Times Fund Management reports, citing preliminary figures from the asset management firm. The previous record was set by JPMorgan in 2008 with USD129.6bn. Bill McNabb, CEO of Vanguard, admits that the low cost of funds from the firm has been “incredibly important” to the success of the firm, but that the “reputation and consistency” of the manager also counted.
08/01/2013

Strong increase in assets at Fisch AM in 2012

As of the end of December 2012, assets under management by Fisch Asset Management totalled CHF7.3bn, compared with CHF5.2bn twelve months earlier, largely due to net subscriptions of CHF1.7bn, Fonds Professionell reports.
08/01/2013

Cerberus fund sells most of it stake in Japanese Aozora bank

U.S. private-equity firm Cerberus Capital Management plans to sell most of its 57.8% stake in Japanese lender Aozora Bank. It will keep 7.74% and thus remain the largest shareholder in the bank. The unit price for the 632.50 million shares (including a greenshoe option of 41.25 million shares) at which Cerberus is prepared to sell will be determined between 16 and 18 January, Aozora states in a document for investors. The sale will mark a significant reduction in the presence of the Cerberus fund in Japan, where it is also a shareholder in Seibu Holdings, a railway and hotel group.
08/01/2013

AWD will miss its 2012 objectives

The German affiliate of Swiss Life, AWD, which in November 2012 was renamed as Swiss Life Select, has missed its annual profit objectives by a wide margin. The specialist in financial advising “will not even achieve 10%” of its expected CHF50m to CHF60m profits, Focus magazine reported on 6 January.The magazine, which refers to sources familiar with the matter, cites poor results and provisions that AWD was forced to make to cover reimbursement for poor advising, particularly in Austria, as reasons. Another reason given is the departure of several advisers.Swiss Life in November announced at its investor day that it was reorganising distribution of financial products and changing the name of its German affiliate. This will lead to a fourth quarter charge of CHF576m. The name change will cost Swiss Life CHF94m. Amortisations total CHF96m for activities abandoned in Slovakia and Hungary. The remaining CHF386m is goodwill.
08/01/2013

Société Générale Private Banking appoints two new country heads

Following Switzerland and Japan, Lxuembourg is getting a new head of private banking. Société Générale has appointed Olivier Lecler as deputy CEO of Société Générale Bank & Trust, its local entity, Agefi reports. Lecler, who had previously been head of Société Générale Private Banking (SGPB) Monaco, will be responsible for private banking activities in Luxembourg, replacing Claudio Bacceli, who becomes director of financial intermediary clients for the entire profession. Thierry Garde replaces Lecler as CEO of SGPB Monaco, He had previously been deputy director of the activity in Belgium, and previously held a similar role in the UK.
08/01/2013

Appointments at Sanford C. Bernstein and AllianceBernstein

AllianceBernstein has announced that its affiliate Sanford C. Bernstein, a specialist in research and brokerage in equities, has recruited the global head of equities from Jefferies & Company, Jason Griffith, as global head of trading. He will report directly to Robert van Brugge, chairman & CEO of the firm.Meanwhile, following the resignation of Richard Haxe as co-head of the EMEA client group, AllianceBernstein has promoted Timothy Ryan as sole head of the EMEA client group. He had previously been CEO of AllianceBernstein Ltd and co-head of the EMEA client group. He will continue to report to Robert Keith, head of institutional and retail client services, sales and marketing.
08/01/2013

Philippe Loiseau appointed as COO of Edmond de Rothschild group

According to multiple sources, Philippe Loiseau yesterday became chief operating officer (COO) at the Edmond de Rothschild group, Agefi reports. For five years, he had served as director of resources at Société Générale Private Banking, after seven years at PwC as a consultant, and eight years at the BNP Paribas private bank. Lioseau will be based in Paris, and will oversee operations and IT systems for the entire French-Swiss group. He will be involved in the mutualisation or co-ordination of resources (including back office, middle office and IT activities) as part of a strategic plan for 2016 unveiled last month, the newspaper reports.
08/01/2013

New head of marketing at Pax World Management

The head of marketing at Eaton Vance, Judy May, has joined the SRI asset management firm Pax World Management as senior vice president of marketing. She will report to Joe Keefe, chairman & CEO.
08/01/2013

Munich Re invests in wind energy in France via MEAG

As part of its EUR2.5bn Renewable Energies and New Technologies (RENT) programme, Munich Re has invested an amount in the hundreds of millions of euros to acquire a 40% stake in a joint venture which has acquired 32 wind farms in France. The units, with a total power generating capacity of 321.4 megawatts, were added to the French electricity network between 2006 and 2012; they use turbines from various manufacturers.Munich Re is participating in the deal via its asset management joint venture with Ergo, the Munich-based MEAG. The other two partners are GE Energy Financial Services, which also holds 40% of shares in the joint venture, and EDF Energies Nouvelles, which controls the remainder and is responsible for operating the facilities.
08/01/2013

MEAG recruits a CEO

Philipp Waldstein Wartenberg, who had been head of group strategic funding & portfolio at UniCredit in Milan since 2006, was on 1 December appointed as a managing director of MEAG (EUR24bn in assets), to be responsible for the portfolio management of securities, currencies and money market instruments.Meanwhile, MEAG, a joint venture of Munich Re and Ergo, has announced that its CEO, Dieter Wolf, 62, will be retiring on 31 March 2013.
08/01/2013

Strong sales for Union's institutional RE unit

Christoph Schumacher, one of Union Investment Institutional Property GmbH’s MDs, has announced that net subscriptions and subscription commitments from institutional clients to in-house real estate products (EUR3.5bn in assets) totalled over EUR1.5bn in 2012, compared with EUR1bn in 2011.The open-ended real estate funds reserved for institutional investors UniInstitutional European Real Estate and UniInstitutional German Real Estate attracted EUR620m. The second fund, launched on 17 October, was three times oversubscribed within the first five hours. It is a fund reserved for religious organisations, co-operative banks and foundations, with subscriptions limited to EUR2m per investor.Institutional real estate funds have also posted subscription commitments of EUR960m, of which EUR850m were for retirement schemes, banks and insurers, and EUR100m in additional new subscriptions to existing institutional funds.Lastly, Union last year launched the institutional infrastructure fund UniInstututional Erneuerbare Energien Sicav-SIF, which specialises in renewable energies, particularly wind, in Europe. The fund reached EUR48m at its first closing.
08/01/2013

amLeague: market rally works to the advantage of active management

The behaviour of the financial markets in December will once again benefit active management. More precisely, asset management firms whose portfolios are most exposed to the markets have earned the highest returns. Within the euro zone equity mandate, six companies performed better than the benchmark Eurostoxx Net Return (2.44%): the first three of these, ING IM, Mandarine Gestion and Invesco AM have betas higher than 1 for the past three months. Their respective gains are 4.49%, 3.76% and 3.74%. The choice of shares also played a role, particularly in the portfolios of Mandarine Gestion and AllianceBernstein (3.35%).History is repeating itself in the area of Europe equity mandates: In the eight portfolios from 20 rivals which outperformed the Stoxx 600 Net Return (1.48%), the top three – Bestinver (4.69%), Mandarine Gestion (3.67%) and AllianceBernstein (2.24%) - do not all have a beta of higher than 1 for the past three months. However, stock-picking did have a predominant role, particularly at Bestinver.For competitors for the Global Equities prize, in which seven asset management firms out of 13 outperformed the Stoxx 1800 Net Return (0.60%), the results were slightly different: of the top three, AllianceBernstein is the only firm whose portfolio has posted both an overexposure to the equity markets for the past three months and a largely positive pick of stocks. The next two, Ecofi Investissements and Petercam, with gains of 1.48% and 1.21%, respectively, stand out with low beta but a positive stock pick.
08/01/2013

DJ Credit Suisse hedge fund index up 0.99%

The Dow Jones Credit Suisse Core Hedge Fund index rose 0.99% in December, as each component of the index contributed to gains. The best-performing strategy in December was event-driven (2.14%), followed by emerging markets (1.34%) and Global Macro (0.89%), while the worst performer was managed futures (0.15%). For the year as a whole, the benchmark index shows gains of 3.38%, with contributions of 6.99% from convertible arbitrage and 6.75% for event-driven. Managed futures strategies finished the year with losses of 5.51%.
08/01/2013

Pictet launches corporate EMD fund

Pictet & Cie is launching the Pictet Emerging Corporate Bonds fund, a sub-fund of its Luxembourg Sicav investing in private bonds from companies in emerging markets. The fund will be managed by Alain Nsiona Defise, who is based in London, and who left JPMorgan AM last year to join the Swiss asset management firm and become head of a team of specialists in emerging market corporate bonds.The fund has been registered in France since 10 December 2012.CharacteristicsISIN code: LU0844697853Front-end fees: Maximum 5%Withdrawal penalty: Maximum 1%Management commission: 1.5%
08/01/2013

Goldman and Perry to float a part of LEG on stock market

According to reports in Die Welt, the Whitehall fund from Goldman Sachs and the private equity investor Perry Capital are planning to launch part (probably one third) of the residential real estate firm LEG (91,000 housing units), which they acquired in 2008 from the German region of North Rhine/Westphalia for EUR3.4bn, of which EUR2.6bn were debt, on the German stock market. The IPO, planned for the first half of February, would be led by Goldman Sachs and Deutsche Bank.
08/01/2013

Pyramis hires head of portfolio management

Pam R. Holding, who had been managing director, global value equities at Putnam Investments from 2001 to 2009, has joined Pyramis Global Advisors (PGA, Fidelity group), which has USD190bn in assets under management, of which USD112bn are in equity products, as head of portfolio management. In this newly-created position, Holding will report to Young Chin, chief investment officer.Holding will be responsible for directing equity portfolio management teams, and overseeing strategy and its implementation for institutional clients.
08/01/2013

Inflows of over USD85bn for iShares ETPs

iShares has posted inflows of USD85.3bn on USD262.7bn in the ETP sector, iShares has announced in a statement released on 7 January.All regions of the world contributed to the growth of inflows at iShares. Inflows to US products represented a record USD61bn, beating a previous record of USD59.1bn set in 2007.In Europe, inflows totalled USD18.3bn, equivalent to 56% of subscriptions to European ETPs.iShares says that ETFs represented a preferred means of access to the bond market. Inflows to fixed income ETFs at iShares totalled USD28.8bn, representing 41% of all subscriptions to bond ETFs.As of 31 December 2012, assets under management at iShares totalled USD758.6bn.
08/01/2013

Coverage rate for pension funds continues to rise in December

The average coverage rate for the liabilities of US corporate pension funds rose 1.9 percentage points in the month of December, to a total of 7.63%, according to BNY Mellon. For the year as a whole, the coverage rate is up 1 percentage point. In the month under review, assets in pension funds rose 0.9% due to the strength of stock markets, while liabilities, for their part, were down 1.7%. The actualisation rate rose 13 basis points to 3.89% for companies rated Aa.
08/01/2013

Mandarine Europe Opportunités fund launched

Mandarine Gestion has announced that it is adding to its “Growth” unit with the launch of the Mandarine Europe Opportunités fund, which invests in European growth shares of all cap sizes. It is managed by Marie-Jeanne Missoffe, who joined the team led by Joëlle Morlet-Selmer and Diane Bruno from SPGP in late 2012 (see NewsManagers of 23 October, 2012). Mandarine Europe Opportunités is actively managed, and fully invested in equities (90% to 100%) without the constraint of a benchmark, sector or cap size. Within an investment universe of 250 shares, 50 to 60 are selected to construct the portfolio. Three perennial drivers of growth have been identified for stock-picking by the manager: innovation, leadership and geographical diversification. The sectoral and geographical structure of the portfolio are then adjusted according to a top-down analysis. The “Growth” unit at Mandarine Gestion now includes three funds specialised in growth equities: France, with Mandarine Opportunités, European Small and Mid caps with Mandarine Unique, and now Europe, with Mandarine Europe Opportunités. Characteristics ISIN code: FR0011351626 (R share class), FR0011352160 (I share class)Currency: EUR Minimal initial subscription: 1 share (R share class), EUR1m (I share class)

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