The wealth management firm Rathbone Brothers (Rathbones) has acquired the private wealth management activities of Taylor Young Investment Management. The sale price is expecetd to total GBP10m to GBP15m, depending on the total amount of assets to be transferred in the next 18 moths. The management team at Taylor Young has joined Rathbones as a part of the transaction, which will increase assets under management at Rathbones by about 2%, to GBP17.6bn.

Andrew Lake, head of high yield portfolio management at Aviva Investors in London, will on 3 January 2013 join Mirabaud Asset Management in London, as part of the Geneva-based asset management firm’s fund range development strategy, which has already also brought the recruitment of Daniel Tubbs and his team of emerging market analysts (see Newsmanagers of 18 Jjune and 14 July). The new recruit will report to Lionel Aeschlimann, a partner responsible for asset management at Mirabaud. He is responsible for the management of global high yield solutions for Mirabaud clients. Before joining Aviva Investors, Lake spent four years at F&C Asset Management, after starting his career in high yield at Merrill Lynch Investment Managers (MLIM) in 1998.

The Credit Suisse group on 8 November announced the launch of single-family office services in India. The new initiative will allow the group to build up its product range in the fast-growing ultra-high net worth (UNHW) and high net worth individual (HNWI) client segments, the bank says in a statement. The index currently incoudes about 158,000 US dollar millionaires, and this number may rise by 17% to 242,000 by 2017, according to the Global Wealth Report from Credit Suisse.

Assets under management at the Banque Centrale Vaudoise group (BCV) rise 6%, or CHF5bn in the first nine months of the year, to a total of CHF82.1bn, according to a statement released on 8 November. Net inflows totalled CHF718m. Pre-tax profits rose slightly, to CHF364m.

Hedge funds brought down by mediocre corporate results lost 1.9% in the month of October, according to estimates by Bloomberg. As a result of these losses, hedge funds show gains of only 1.3% since the beginning of the year, while equities worldwide in the period have gained 13%. Macro funds lost 0.6% in October, and 1.3% since the beginning of the year. The flagship fund from Brevan Howard Management had lost 0.2% in the month to 19 October, which reduces gains since the beginning of the year to 1.5%. Multi-strategy funds, for their part, lost 2.5% last month, and 7.1% since the beginning of the year, while long/short equity funds lost 1.2%, limiting gains since the beginning of the year to 1.5%. The hedge fund index is also down 11% compared with its peak of July 2007.

After a tough year in 2011, global real estate equity funds have posted a rebound in first half, according to S&P Capital IQ Research. The benchmark fund from the group has gained 12.6% in first half, while it had lost 7.8% in 2011, and 10.5% in 2010. Real estate equity funds have had two consecutive quarters of gains, as the good performance of the sector in second quarter was largely due to developed Asia, including China.

The professional association representing investment trusts, the Association of Investment Companies (AIC), on 7 November announced the publication of a new guide, calling on its members to publish all assets in their portfolios, fonce RDR regulations come into effect. The association suggests that members who are primarily invested in publicly-traded businesses should publish this information on a monthly basis, with a maximum delay of three months. For investors in private equity and more sophisticated asset classes, publication could be on a quarterly basis, with a delay of a maximum of three months.

To rationalise its product range and eliminate erdundancies, Kleinwort Benson has decided to absorb 21 of the 22 funds of the Global Funds range into the corresponding funds of its Elite range, which have a lower TER, Fundweb reports.

TCW recorded a EUR +2.1 billion inflow in Q3, announced Societe Generale in its quarterly financial information document published this morning. The US asset manager’s disposal to Carlyle Group and TCW’s management was announced in August 2012. At EUR 104.7 billion, TCW’s assets under management increased by EUR +13.7 billion since the beginning of the year. This included an inflow of EUR +4.0 billion, a “market” effect of EUR +7.9 billion, a “currency” impact of EUR +0.3 billion and a “structure” effect of EUR +1.4 billion. At EUR 91 million, the asset management business line’s revenues rose +11.0% vs. Q3 11, benefiting from the good level of performance commissions at TCW. Gross operating income came to EUR +22 million in Q3 12 vs. EUR -5 million in Q3 11. The business line’s contribution to Group net income was EUR +39 million in Q3 (vs. EUR +16 million in Q3 11), including a EUR +26 million contribution from Amundi. The business line’s contribution to Group net income came to EUR -92 million for the first nine months of the year. If goodwill write-down is stripped out, the business line’s contribution amounted to EUR 108 million in 9M 12. Private Banking, Global Investment Management and Services at Societe Generale posted increased earnings for Q3 2012 vs. Q3 11, in an unfavourable market environment. This was mainly due to its efforts to control costs. At EUR 521 million in Q3, the division’s revenues were down -6.5% vs. Q3 11, while operating expenses fell -7.4% over the same period. Gross operating income amounted to EUR 58 million, up +1.8% vs. Q3 11. The division’s Q3 contribution to Group net income came to EUR 63 million, vs. EUR 60 million in Q3 11. Net banking income totalled EUR 1,607 million for the first nine months of the year, down -6.3% vs. the previous year. Operating expenses were -6.1% lower. The contribution to Group net income came to EUR 15 million. When restated for the goodwill write-down in respect of TCW recorded in Q2 12, the division’s contribution to Group net income was EUR 215 million in 9M 12, in line with the figure for 9M 11.

Credit Suisse has appointed Paolo Mancini as head of ultra high net worth individuals in Italy, and managing director of the private banking division, Bluerating reports, citing the newspaper Milano Finanza. He replaces Francesco Lombardo di San Chirico, who has joined Citibank. Mancini had previously been managing director in the investment banking division at Credit Suisse, in charge of corporate clients in Southern Europe.

The German asset management firm Bantleon has registered two funds in Italy: the Bantleon Opportunities Fund S and L, Bluerating reports. The funds will be sold to retail clients. Bantleon is an independent asset management firm specialised in fixed income management.

Threadneedle has signed an agreement with Banca MPS Promozione Finanziaria in Italy for the distribution of 27 sub-funds of the Threadneedle (Lux) Sicav, Bluerating reports. Financial advisers at the MPS bank may now sell funds from the Sicav.

The CNMV on 2 November issued a sales license for the Banif Revalorización Europea Euro II fund, created on 23 October by Santander Asset Management.This is the second edition of a bond fund launched in May (see Newsmanagers of 15 May), which at maturity (on 2 November 2016) guarantees the subscriber 95% of initial capital, plus, if applicable, 85% of gains for the EuroStoxx 50 index between 17 December 2012 and 24 October 2016. In other words, the maximal risk of loss is 1.31% per year, while the returns with a 30% gain for the index would be 4.92% per year (compared with 5.20% for the first edition of the product).CharacteristicsName: Banif Revalorización Europea Euro IIISIN code: ES0113487005Front-end fee: 5%Management commission: 0.3% up to 17 December 2012 inclusive, and 1.6% thereafterWithdrawal penalty: 5%

Taiwan is in talks with the Chinese central bank, for Taiwan financial establishments to obtain quotas denominated in RMB as qualified foreign institutional investors (QFII), and to develop ETF product ranges, Asian Investor reports.

Le nouveau programme d’achat d’obligations de la BCE lui permet des interventions illimitées sur les marchés de la dette souveraine et devrait apaiser des marchés qui craignent un éclatement de la zone euro, a déclaré le président de la BCE, Mario Draghi, lors d’une conférence bancaire. Mario Draghi a également observé que les investisseurs tendaient à nouveau à placer leur argent dans la zone euro.

Rallonger les échéances des prêts internationaux à la Grèce et réduire les intérêts perçus sur ces derniers sont des moyens de réduire l'énorme dette publique de ce pays, sans passer par le biais d’une décote qui n’est ni à l’ordre du jour ni nécessaire, a déclaré le commissaire européen Olli Rehn. Les parlementaires grecs doivent se prononcer ce soir sur le paquet de réformes structurelles.

Sanofi a annoncé avoir placé une émission obligataire de 750 millions d’euros à échéance 2017 à un taux intérêt annuel très bas 1%. BNP Paribas, Crédit Agricole CIB, HSBC, et Mitsubishi Securities ont agi en qualité de co-chefs de file de l’opération. «Cela faisait 3 ans que Sanofi n’était pas venu sur le marché des émissions en euro. Il y a eu un gros appétit de la part des investisseurs qui ont salué la qualité de crédit de Sanofi noté A2 par Moody’s», explique Jean-Philippe Brioudes, directeur des marchés de dettes et de capitaux chez HSBC France.

L’initiative Europe 2020 pour des emprunts obligataires consacrés à la réalisation de projets, qui vise à améliorer le financement d’infrastructures par les marchés de capitaux, a franchi la dernière étape de sa procédure d’adoption. Un accord de coopération ayant été signé entre la Commission européenne et la BEI pour clarifier le partage des risques, la phase pilote de ce projet va être lancée.

La commission des Affaires sociales du Sénat a rétabli le principe, supprimé par l’Assemblée nationale, d’une contribution sociale sur les revenus tirés de la gestion des fonds de placement à risque («carried interests»), estimant qu’ils ne devaient pas échapper au financement de la protection sociale. La commission a adopté au total 54 amendements dans le cadre du PLFSS 2013.

La chancelière allemande Angela Merkel a appelé mercredi les dirigeants européens à s’entendre lors du sommet de décembre sur des mesures concrètes et ambitieuses pour une plus forte intégration budgétaire et économique de la zone euro. S’exprimant devant le Parlement européen à Bruxelles, Angela Merkel a précisé que cette feuille de route devrait être mise en œuvre dans les deux ou trois prochaines années. «Je ferai en sorte que nous nous mettions d’accord sur une feuille de route ambitieuse en décembre, afin de renouveler notre union économique et monétaire», a déclaré la chancelière.

Un juge fédéral de Los Angeles a émis hier un jugement provisoire bloquant la cession de TCW par la Société Générale à Carlyle, suite à une plainte déposée par le fonds EIG Global Energy Partners. Ce dernier s’estime lésé dans le cadre d’un fonds commun avec TCW entrant en concurrence avec l’offre de Carlyle. Les avocats de TCW ont fait valoir qu’une annulation de la transaction constituerait un signal négatif à destination de marchés.

Reuters cite des éléments de reporting préliminaires rassemblés par eVestment/HFN pour mettre en lumière une performance négative du secteur des fonds alternatifs le mois dernier. La baisse de 0,34% serait la première depuis le mois de mai, sur fond de repli des marchés actions en octobre. Les hedge funds auraient ainsi engrangé un gain de 2,8% sur dix mois.

L’opérateur boursier a annoncé le lancement début 2013 d’un programme de réduction des coûts des transactions pour les investisseurs particuliers. Une initiative comparable à celle de Nyse Euronext en août dernier. Les deux opérateurs tentent de regagner des parts de marché perdues au profit des plateformes alternatives.

La Commission tablerait sur une récession de 1,5 % en 2013, le triple de la prévision du gouvernement. Même pessimisme sur le déficit

Le gouvernement écarte la baisse des charges voulue par Louis Gallois et augmente la TVA

Avec un Congrès divisé entre un Sénat Démocrate et une Chambre des représentants Républicaine, la gestion du "fiscal cliff" sera son premier défi

La banque suisse a annoncé avec Qatar Holding, son actionnaire depuis 2008, la création d’Aventicum Capital Management, une société de gestion commune. Le signe des ambitions de Credit Suisse dans les pays émergents et de la volonté d’internationalisation des qataris.

Présenté le 19 décembre, le projet de loi traitera des activités à risque, mais aussi de la résolution de crise et de la protection du consommateur

Les députés grecs doivent se prononcer ce soir sur de nouvelles économies, condition du déblocage d'une tranche d'aide de la Troïka

La réouverture dépendra des conditions des prêts immobiliers commerciaux sur le marché britannique et de la simplicité des futures opérations