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14/12/2012

Bansabadell Inversión absorbe les fonds de CAM

Funds People rapporte que la filiale de gestion d’actifs du Banco Sabadell, Bansabadell Inversión, a désormais absorbé les fonds d’investissement de celle de la Caja de Ahorros del Mediterráneo (CAM), SGIIC Gestora de Fondos del Mediterráneo, un an après que la Banque d’Espagne ait adjugé la CAM au Sabadell.Bansabadell Inversión gère 72 fonds de valeurs mobilières avec un encours de 4.117 millions d’euros tandis que la filiale de la CAM gère 22 fonds pour un total de 345 millions d’euros. L’entité résultat de la fusion donne le septième gestionnaire espagnol par la taille, dépassant ainsi Ibercaja Gestión.
14/12/2012
Fonds

Les fonds allemands enregistrent une collecte de plus de 13 milliards d'euros en octobre

La collecte nette des fonds d’investissement allemands s’est élevée en octobre à 13,2 milliards d’euros, selon l’association allemande des gestionnaires de fonds (BVI). Les fonds offerts au public ont drainé 3 milliards d’euros durant le mois sous revue tandis que les fonds dédiés enregistraient des souscriptions pour un montant net de 6,6 milliards d’euros.Les fonds obligataires ont réalisé une collecte nette de 4,1 milliards d’euros si bien que depuis le début de l’année, les souscriptions s'élèvent d’ores et déjà à 24,1 milliards d’euros. En octobre, les fonds obligataires libellés en dollars ont notamment attiré 1,7 milliard d’euros.Les fonds immobiliers ouverts ont pour leur collecté 0,2 milliard d’euros. Toutes les autres classes d’actifs ont terminé le mois en décollecte. Les rachats se sont élevés à 0,1 milliard pour les fonds actions, 0,3 milliard pour les fonds diversifiés et 0,6 milliard d’euros pour les fonds monétaires.Les actifs gérés par le secteur des fonds allemands s’inscrivaient à 1.988 milliards d’euros à fin octobre, dont 952 milliards d’euros pour les investisseurs institutionnels et 715 milliards d’euros pour les fonds ouverts au public.
Fonds
14/12/2012

Man Group va annoncer des dépréciations liées à GLG

Man Group envisage d’importantes dépréciations comptables l’an prochain liées à son acquisition en 2010 de GLG Partners, alors que la société vient de nommer Emmanuel Roman comme nouveau directeur général, selon les informations du Financial Times. D’après un analyste de RBC Peter Lenardos, les dépréciations pourraient se monter entre 500 millions de dollars et 1 milliard de dollars.
14/12/2012

La Frankfurter Bankgesellschaft va étoffer sa gestion de fortune

Pour les cinq prochaines années, la Frankfurter Bankgesellschaft compte se focaliser sur la clientèle de particuliers haut de gamme avec au moins 5 millions d’euros d’épargne financière disponible, l’objectif étant de dégager pour 2017 un bénéfice net compris entre 10 millions et 20 millions de francs suisses, contre 7 millions transférés l’an dernier à sa maison-mère la Landesbank Hessen-Thüringen (Helaba), rapporte la Börsen-Zeitung.
14/12/2012

BHF-Bank (Suisse) externalise son back office auprès d'Oddo Services

BHF-Bank (Suisse), spécialiste du conseil en portefeuilles et des services de gestion, a annoncé l’externalisation de ses opérations de back office auprès d’Oddo Services. La banque privée suisse et le groupe Oddo ont signé un accord à cet effet, indique la banque dans un communiqué publié le 13 décembre.Dans cette perspective, Oddo Services a créé une filiale basée à Zurich. Le périmètre des services couvre le back office, la comptabilité et les systèmes d’Information. Björn H. Robens, directeur associé de BHF-Bank Suisse: «ce partenariat avec Oddo va nous permettre de nous concentrer pleinement sur nos activités bancaires et de répondre aux besoins de notre clientèle exigeante. Ce rapprochement va considérablement améliorer l’efficacité et la solidité de notre banque.»
14/12/2012

German funds post inflows of over EUR13bn in October

Net inflows to German investment funds in October totalled EUR13.2bn, according to the German fund management association (BVI). Open-ended funds attracted EUR3bn in the month under review, while dedicated funds posted subscriptions totalling a net EUR6.6bn. Bond funds have posted net inflows of EUR4.1bn, while since the beginning of the year, subscriptions already total EUR24.1bn. In October, bond funds denominated in US dollars attracted EUR1.7bn. Open-ended real estate funds, for their part, have posted inflows of EUR0.2bn. All other asset classes finished the month with outflows. Redemptions totalled EUR0.1bn for equity funds, EUR0.3bn for diversified funds, and EUR0.6bn for money market funds. Assets under management in the German fund sector totalled EUR1.988trn as of the end of October, of which EUR952bn were for institutional investors, and EUR715bn for open-ended funds.
14/12/2012

Allianz and Union continue to dominate funds industry

In the first ten months of this year, net subscriptions to open-ended security funds in Germany totalled EUR11.9759bn, the BVI reports. These overall results, however, conceal significant disparities, as Allianz Asset Management Group alone has net inflows of EUR21.3128bn, of which EUR17.2945bn were for Pimco.The other major firm to post net subscriptions is Union Investment (German co-operative banks), with EUR1.7123bn.However, the Deutsche Bank group has posted net outflows of EUR2.8035bn, while Deka (savings banks) has seen net redemptions of EUR4.6909bn.In the ETF segment, only ETFlab (Deka) has posted net subscriptions, with EUR470m, but other providers show outflows. iShares from BlackRock has seen net outflows of EUR1.1701bn, higher than the EUR1.0289bn at ComStage (Commerzbank) and EUR776.5m at db x-trackers (Deutsche Bank).In terms of assets, the Deutsche Bank group continues to lead, with EUR139.408bn, slightly ahead of Allianz Asset Management (EUR131.7397bn). Deka, with EUR89.6182bn, no longer has a large lead over Union (EUR87.7192bn).
14/12/2012

UBS has closed a Japanese equity fund

UBS has closed the Swiss-domiciled version of its Japanese equity fund due to a decline in investment in the strategy, Citywire reports. The UBS(CH) Equity Fund – Japan P, launched in 1972, had CHF44m (EUR36m) in assets when the firm decided to close it at the end of September.
14/12/2012

New Deutsche Bank wealth management unit fleshes out

Deutsche Bank on 13 December announced that its new Asset & Wealth Management (AWM) unit now includes ETFs and alternative management activities which had previously been a part of Corporate Banking & Securities (CB&S). As of 30 September this year, assets under management in these ETFs and alternative products totalled EUR100bn, the bank says in a statement. Deutsche Bank has also warned of poor results for fourth quarter of its 2012 fiscal year, due to several one-time effects, including an ongoing restructuring of its activities, the integration of Postbank, and reductions of high-risk assets. These one-time items will have a significant negative effect on the bank’s profits in fourth quarter 2012, the bank says in a statement. In addition, fourth quarter has so far been marked by a difficult macroeconomic environment, with lower volatility and the usual end-of-year seasonal slowdown, the group adds. Despite this unfavourable context, the bank posted solid operating results in October and November for all of its core activities, the statement says. Deutsche Bank has also stated that it has completed an examination of its non-strategic activities, which totalled EUR122bn as of 30 September 2012, and which in November were moved into a separate entity.
14/12/2012

Credit Suisse to close branches in Germany

One week after UBS announced the closure of four branches in Germany, Credit Suisse has become the next to cut back its presence in the country. According to reports in Finews, the Swiss firm is planning to close branches in Bielefeld, Düsseldorf and Stuttgart. The Braunschweig branch may also be in danger.
14/12/2012

Pioneer recruits two for its European fixed income team

Pioneer Investments has announced the appointment of two senior investment professionals in Dublin. Vianney Hocquet joined the firm as a corporate portfolio manager and Elisabeth Van Sante joined as a credit analyst. Vianney Hocquet, who joins from BNP Paribas where he was a credit trader on the fixed-income proprietary desk, reports to Tanguy Le Saout, head of European fixed income. Elisabeth Van Sante, who joins from Credit Agricole CIB in London, where she was a credit research analyst covering European financials, reports to Garrett Walsh, head of credit research Europe. Pioneer Investments manages over EUR90 billion globally in fixed income assets.
14/12/2012

BHF-Bank (Switzerland) outsources its back office to Oddo Services

BHF-Bank (Switzerland), a specialist in portfolio advising and management services, has announced that it has outsources its back office operations to Oddo Services. The Swiss private bank and the Oddo group have signed an agreement, the bank says in a statement released on 13 December. To this end, Oddo Services has created an affiliate based in Zurich. The perimeter of services includes back office, accounting and IT systems. Björn H. Robens, director and partner at BHF-Bank Switzerland, says “this partnership with Oddo will allow us to concentrate fully on our banking activities and to meet the needs of our existing customers. The partnership will considerably improve the effectiveness and solidity of our bank.”
14/12/2012

Mitsubishi UFJ acquires 49% of private banking operation from Merrill Lynch

The Japanese banking group Mitsubishi UFJ Financial Group (MUFG) on 13 December announced that it has acquired the 49% stake in a private banking joint venture to serve Japanese high net worth clients held by the US firm Bank of America Merrill Lynch.The joint venture, Mitsubishi UFJ Merrill Lynch PB Securities, founded in May 2006, is currently 50.98% controlled by the Mitsubishi UFJ Financial Gruop, via two affiliates, and 49.02% controlled by Merrill Lynch Japan Securities.After the change, the two affiliates of MUFG (The Bank of Tokyo Mitsubishi UFJ and Mitsubishi UFJ Securities Holdings) will control 49% and 51%, respectively, of shares in the entity, which offers services to Japanese high net worth investors.The transaction, valued at about JPY40bn, or nearly EUR400m, will be completed on 26 December.
14/12/2012

BNP Paribas IP sells Fauchier Partners to Legg Mason

BNP Paribas Investment Partners is selling its fund of hedge fund affiliate Fauchier Partners to Legg Mason, the latter announced on Thursday. The firm sold, which as of 30 November had about USD6bn in assets under management, will be combined with Permal, the alternative management affiliate of Legg mason, to create a platform with approximately USD24bn in assets under management. The investment team for the entity will include 60 investment professionals based in New York, London, Paris and Singapore. It will be led by Robert Kaplan of Permal, and Clark Fenton of Fauchier Partners. The press statement released by Legg Mason states that Fauchier is particularly noted for equity hedged and event driven, and Permal for fixed income, credit and macro investing The sale of Fauchier by BNP Paribas IP is not a total surprise, in light of rumours on the subject which circulated in June this year. The asset management affiliate of the French bank will remain a partner of its ex affiliate «with a global distribution agreement for Fauchier and Permal products». The deal, which is expected to close in the first quarter of 2013, comes as part of a vast consolidation movement in the alternative multi-management sector. The number of funds of hedge funds has fallen below 1,900, a level not seen since first quarter 2005, according to the most recent statistics from Hedge Fund Research.
14/12/2012

Comgest recruits for investment research teams

Comgest has announced the arrival of the Danish Emil Wolter as an analyst and manager for Asian and emerging markets. Wolter will be based in Paris, and will report to Vincent Strauss, chairman of the asset management firm. He will initially, for a few months, practice from Singapore. Wolter began his career in 1995 as a financial analyst, before becoming a manager-analyst for Asian and emerging market equities from 1997. After working at Pictet Asset Management in London, he took charge of emerging markets at Polar Capital Partners in London and Singapore. More recently, he has served as head of Asian equities in Singapore at the Royal Bank of Scotland and Macquarie, a statement says.
14/12/2012

Zadig AM manager to take over Maxime Carmignac's fund

Carmignac Gestion yesterday announced the arrival of Vincent Steenman at the beginning of 2013 at a part of its management team, as manager of the long/short international equity fund Carmignac Market Neutral. The future recruit, who currently works at Zadig Asset Asset Management in London for over 5 years as a partner, will join the team dedicated to alternative strategies, alongside François-Joseph Furry, manager of the Carmignac Euro-Patrimoine fund. In practice, Steenman will replace Maxime Carmignac, who is taking a maternity leave. “When she returns,” a statement from the asset management firm says, “the daughter of Edouard Carmignac will assume managerial responsibilities at Carmignac Gestion.” Maxime Carmignac joined the management team in January 2010, to take charge of the Carmignac Market Neutral fund, after previously working in the United States and the UK.
14/12/2012

Stoxx launches an index for businesses exposed to emerging markets

Stoxx Limited on Thursday introduced the Stoxx Global 1800 EM Exposed Index. The new index represents those companies within the Stoxx Global 1800 Index that derive a substantial part of their revenues from emerging markets countries, thus providing exposure to these growing markets through liquid securities.
14/12/2012

Frankfurter Bankgesellschaft to develop wealth management

In the next five years, Frankfurter Bankgesellschaft is planning to focus on high net worth retail clients with at leat EUR5m in disposable financial savings, with the objective of earning total net profits in 2017 of CHF10m to CHF20m, compared with CHF7m transferred last year to its parent company, the Landesbank Hessen-Thüringen (Helaba), the Börsen-Zeitung reports.
14/12/2012

Bansabadell Inversión absorbs CAM funds

Funds People reports that the asset management affiliate of Banco Sabadell, Bansabadell Inversión, has now absorbed the investment funds into those from Caja de Ahorros del Mediterráneo (CAM), SGIIC Gestora de Fondos del Mediterráneo, one year after the Bank of Spain awarded CAM to Sabadell.Bansabadell Inversión has 72 securities funds under management, with assets of EUR4.117bn, while the CAM affiliate manages 22 funds with a total of EUR345m. The entity emerging from the merger will become the seventh-largest Spanish asset management firm by size, ahead of Ibercaja Gestión.
14/12/2012

ProShares launches merger arbitrage ETF

The asset management firm ProShares, based in Bethesda, Maryland, on 13 December announced the launch of the ProShares Merger ETF (acronym: MRGR), which it claims is the first ETF based on a “genuine” merger arbitrage strategy, on the BATS alternative platform. It will replicate the S&P Merger Arbitrage Index.The TER is 0.75%, one basis point less than the IQ ARB Merger Arbitrage ETF (NYSEArca ticker: MNA) from Index IQ.
14/12/2012

Over EUR20bn in Scandinavian hedge funds

Assets in hedge funds in Northern Europe topped SEK200bn as of the end of June 2012, or nearly EUR23bn, according to a study by OE Capital cited by Fondbranschen. This represents an increase of SEK22bn compared with June 2011, or EUR2.5bn. The research covered 209 hedge funds. Sweden dominates the market in the region, with 69% of total funds, followed by Finland (11%), Norway (10%) and Denmark (8%). Managed futures/CTA represent the most popular strategy (25%). Fondbranschen notes that many hedge funds are too small, which prevents them from attracting assets form institutional assets, and results in closures. In the past 12 months, 37 hedge funds have closed while 6 have been launched.
14/12/2012

German-Swiss tax agreement is repealed

On Thursday, 13 December, the conciliation commission for the two houses of the German Parliament (Bundestag and Bundesrat) voted 19 to 10 to repeal ratification of the German-Swiss tax agreement. The agreement is now completely repealed, Fondsprofessionell reports.The agreement had included a grandfathering clause for final and anonymous regularisation of illegal sums of money at total tax rates of 21% to 41%, which would have brought in EUR10bn for Germany. Subsequent capital gains would habe been taxed at 26%.Instead, the existing regime will be maintained, under which the German tax authorities will be required to seek administrative assistance from Switzerland on a case-by-case basis, providing concrete indices.Switzerland has not ruled out negotiating a new agreement, says Eveline Widmer-Schlumpf, head of the Federal council (Swiss government).
14/12/2012

Henderson chairman leaves firm

The chairman of Henderson Group, Rupert Pennant-Rea, will stand down from the board at the annual general meeting in May 2013, when he will have been a director for almost nine years. He has been appointed to the Royal London Group board as a non-executive director and chairman designate. A comprehensive search for his successor is underway. In addition, the asset manager has announced a change in its tax residency from the Republic of Ireland to the UK by means of a corporate restructuring. Furthermore, as all strategic decision making will now reside in the UK, the board has decided to reduce the number of executive directors on the board and therefore David Jacob and James Darkins have stepped down with effect from 12 December 2012.
14/12/2012

Man Group to announce write-offs due to GLG

Man Group is weighing up major accounting write-offs next year relating to its 2010 acquisition of GLG Partners, after the recent announcement that Emmanuel Roman is to be the new chief executive of the company, according to the Financial Times. The hedge fund manager could discount goodwill by “between USD500m and USD1bn”, said Peter Lenardos, analyst at RBC.
14/12/2012

Schroders launches high yield fund in euros

Schroders has announced the launch of Schroder ISF EURO High Yield, a new fund which will invest a minimum of 70% in a portfolio of bonds rated below investment grade, mainly from European issuers.The fund will be managed by fixed income fund manager, Konstantin Leidman. Konstantin, who currently manages the euro high yield component of Schroder ISF Global High Yield, joined Schroders in August 2012 from UBS Global Asset Management.
14/12/2012

Boost ETP launches Dax and EuroStoxx leveraged products

The London-based management firm Boost ETP has obtained a license from Deutsche Börse for the ShortDax x 3 and LevDax x 3 indices; it has also received licenses from Stoxx Ltd for the Euro Stoxx 50 Daily Leverage 3 and Euro Stoxx 50 Daily Short 3 indices. The corresponding leveraged and inverse ETPs were admitted to trading on the London Stock Exchange on 13 December.
14/12/2012

L'AFT adjugera entre 5,1 et 6,3 milliards de BTF lundi

L’Agence France Trésor a annoncé l’adjudication, le lundi 17 décembre, de bons du Trésor (BTF). Cette opération portera sur des montants compris entre 3,0 et 3,4 milliards d’euros de bons à 12 semaines qui arriveront à échéance le 14 mars, entre 800 millions et 1,2 milliard d’euros de bons à 21 semaines à échéance du 16 mai, et entre 1,5 et 1,7 milliard d’euros de bons à 51 semaines à échéance du 12 décembre.
14/12/2012

Fitch maintient le triple «A» de la France

Fitch Ratings a maintenu la note «AAA» attachée à la dette souveraine de la France, tout en prévenant que le niveau attendu d’endettement du pays en 2014 se situe à la limite compatible avec cette évaluation, la plus élevée dans l'échelle. La perspective liée à cette note reste négative avec un risque de dégradation légèrement supérieur à 50%, sur lequel Fitch statuera dans le courant de l’année prochaine, précise l’agence. Pour le ministre de l’Economie et des Finances Pierre Moscovici a voulu voir dans cette annonce « un encouragement pour le présent parce que cette agence dit bien que la France va dans la bonne direction, que nous sommes en train de faire des réformes structurelles dont ce pays a besoin, notamment sur la compétitivité, en train aussi de réduire nos déficits, de nous désendetter, ce qui est indispensable», a-t-il dit sur Europe1.
Photo: PHB/Agefi

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