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14/12/2012

Credit Suisse fermerait des agences en Allemagne

Une semaine après l’annonce par UBS de la fermeture de quatre agences en Allemagne, c’est au tour de Credit Suisse de réduire sa présence dans le pays. Selon les informations de Finews, l'établissement suisse compte fermer les agences situées à Bielefeld, Düsseldorf et Stuttgart. L’agence de Braunschweig pourrait également être en danger.
14/12/2012

Courtage actions : BNP Paribas cherche un partenariat avec un acteur local

BNP Paribas, qui prévoit d’accroître sa participation au capital de Bank of Nanjing à quelque 20%, se dit par ailleurs intéressé par un partenariat avec un acteur local dans le domaine du courtage actions, rapporte L’Agefi. La Chine a augmenté en mai le plafond de détention dans ce type de joint venture pour une banque étrangère à 49%, contre 33% auparavant. Mais BNP Paribas entend rechercher son partenaire de manière très prudente, note le quotidien.
14/12/2012

Nominations chez Partners Group

Partners Group a annoncé le 14 décembre un certain nombre de changements au sein de son management. Le groupe de private equity a nommé deux nouveaux partenaires et huit Managing Directors. Michael Studer, partenaire et actuellement Head Portfolio & Risk Management, entre à la direction du groupe au 1er janvier 2013. Il sera responsable du renforcement des activités d’investissement globales, précise un communiqué.Pamela Alsterlind, Partner et Co-Head Private Real Estate, se concentrera à l’avenir sur sa fonction de directeur du Private Real Estate Investment Committee, ainsi que sur ses activités d’Asset Management au sein du département Private Real Estate. Elle sera remplacée à la direction générale par Claude Angéloz, Partner et Co-Head Private Real Estate. Les deux nouveaux partenaires sont Andreas Knecht, General Counsel, Zoug, et Marlis Morin, Head Internal Audit, Zoug.Les huit nouveaux directeurs sont Lukas Bucher, Head Human Resources, Zoug, Andrew Campbell, Head Legal Services & Transactions, Londres, Karin Hallin, Investment Solutions Americas, São Paulo, Fredrik Henzler, Co-Head Industry Value Creation, Zoug, Adam Howarth, Private Equity Secondaries, Singapour, David Layton, Private Equity Directs, New York, Martin Scott, Head Sydney, et Guy Waller, Investment Solutions Europe, Londres.
14/12/2012

Le président d’Henderson quitte la société

Le président (chairman) d’Henderson, Rupert Pennant-Rea, va démissionner du conseil d’administration lors de l’assemblée générale de mai 2013, après avoir été administrateur pendant près de 9 ans. Il a été nommé au conseil d’administration du Royal London Group en tant qu’administrateur non exécutif et président désigné.Henderson précise par voie de communiqué être en train de chercher un successeur à Rupert Pennant-Rea. Par ailleurs, Henderson annonce abandonner la République d’Irlande comme résidence fiscale pour le Royaume-Uni. Conséquence, le conseil d’administration a réduit le nombre d’administrateurs exécutifs. David Jacob et James Darkins quitteront donc le conseil avec effet au 12 décembre 2012.
14/12/2012
Fonds

Boost ETP lance des produits à levier sur le Dax et l'EuroStoxx

Le gestionnaire londonien Boost ETP a obtenu de la Deutsche Börse la licence des indices ShortDax x 3 et LevDax x 3 ; il a également reçu de Stoxx Ltd les licences pour les indices Euro Stoxx 50 Daily Leverage 3 and Euro Stoxx 50 Daily Short 3. Les ETP correspondants avec effet de levier et inversés ont été admis à la négociation sur le London Stock Exchange le 13 décembre.
Fonds
14/12/2012
Fonds

Schroders lance un fonds haut rendement en euros

Schroders lance le Schroder ISF1 EURO High Yield, un fonds investi à au moins 70 % dans des obligations principalement émises par les émetteurs européens dont la notation est inférieure à la catégorie investment grade.Le fonds à haut rendement sera géré par le gérant obligataire Konstantin Leidman, qui a rejoint Schroders en août 2012 en provenance d’UBS Global Asset Management.
Fonds
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

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

ATP chooses new head

The Danish pension fund ATP (over EUR100m in assets) has appointed Carsten Stendevad as its new director. He joins from Citigroup in New York, where he was managing director and global head of the Financial Strategy Group.Stendevad will succeed Lars Rohde, who will become governor of the National Bank of Denmark on 1 February 2013.
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

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

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

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

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

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

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

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

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

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

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

LRI Invest adds to management team

Utz Schüller, who joined LRI Invest in May 2011 (from PwC Luxembourg) as head of fund controlling & finance, will on 1 January become a managing board member responsible for the Fund Accounting Alternative & Traditional Investments, Fund Controlling & Valuation, and Finance sectors. He will also be responsible for the new securitisation platform as a board member at LRI Invest Securitisation S.A. and LRI Invest Issuance S.A.Markus Gierke, CEO, will in future be responsible for all front office areas (Business Development Alternative Investments, Relationship Management, the Frankfurt office and shareholdings) as well as IT and organisation.The third board member, Bernd Schlichter, will be responsible for the Risk & Reporting, Legal & Fund Consulting, Compliance, Internal Audit and Human Resources sectors.LRI Invest has 90 employees and manages over EUR8bn in 230 funds.
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.

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