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09/10/2012

BNY Mellon se renforce en Asie

BNY Mellon a annoncé le 8 octobre la nomination de Navin Suri en qualité de responsable de la distribution intermédiée pour la région Asie-Pacifique.L’objectif sera de développer des partenariats dans la région avec des intermédiaires financiers tels que banques privées, family offices, fonds de pension, compagnies d’assurances ou encore conseillers financiers indépendants (IFAs). Navin Suri travaillait précédemment chez ING Investment Management où il était managing director et CEO pour les activités de BNY Mellon en Inde.
09/10/2012

Hedge funds up 2.9% in third quarter

The HFRI Fund Weighted Composite hedge fund index has gained 1.1% in the month of September, putting gains for third quarter at 2.9%, according to statistics from HFR.In the first nine months of the year, the index shows gains of 4.7%.In September, strategies related to equities generally progressed well, with the HFRI equity hedge index showing gains of 1.94%, and positive contributions from both growth and value strategies. The HFRI emerging markets index, for its part, earned returns of 3.1% in September.The Lyxor hedge fund index, for its part, has posted gains of 0.2% in September, while 11 Lyxor strategy indices finished the month with gains.
09/10/2012

BNY Mellon wins mandate from Allianz Global Investors

The global services specialist BNY Mellon has been mandated by Allianz Global Services (AGI) to provide data management and accounting services for discretionary mandates managed by AGI. AGI manages about EUR300bn in retail funds, dedicated funds and discretionary mandates. These discretionary mandates, which include international portfolios invested in securities and derivatives, will be taken over by BNY Mellon Service Kapitalanlage-Gesellschaft mbH.
09/10/2012

Janus opens office in Dubai

Janus Capital International Limited, the international arm of Janus Capital Group, announced the appointment of Meshal Jaber Al Faras, as head of the Middle East for Janus Capital’s international business, effective immediately.The firm has also opened a representative office in Dubai out of which Meshal will be based.Meshal comes to Janus with over 15 years of experience in the investment industry. Prior to joining Janus, he was Head of GCC Business Development at Royal Capital in Abu Dhabi. Before that, he was a Director at Natixis Global Associates and a spent a decade with the Kuwait Investment Authority. Meshal will report directly to Augustus Cheh, President of Janus Capital International.The new office in the Dubai International Finance Centre will service existing and new clients in the Middle East. The office opening marks the fifth for Janus in 2012, with offices opened to date this year in The Hague, Frankfurt, Paris, and Zurich.
09/10/2012

Deka Investment signs UN-PRI

On 8 October, Deka Investment GmbH, the central asset management firm for the German savings banks, announced that it has officially signed the United Nations Principles for Responsible Investment (UN PRI), which in practice it had been following for some time, says Victor Moftakhar, CEO.The complete range of open-ended funds from Deka already respects certain exclusionary criteria, such as a man on makers of cluster bombs. Since the beginning of 2012, Deka has also launched a range of sustainable development products, Deka-Nachhaltigkeit, in which financial and extra-financial criteria are taken into account together.Overall, assets in open-ended sustainable development funds at Deka total about EUR2bn.
09/10/2012

Hedge funds prudently return to Greece

A few intrepid hedge funds have tiptoed back to Greek government bonds, the Financial Times reports. A 10-year issue of reference by the country has seen its price more than double since the end of May, to slightly over EUR0.30. The rally was largely provoked by a promise on the part of Mario Draghi, chairman of the European Central Bank, to save the euro zone, and has been dominated by hedge funds, particularly funds based in New York. One of these is Third Point, the FT reports.
09/10/2012

Internal promotions at Tressis

Following the departure of Ángel de Molina (see Newsmangers of 4 October), Tressis has promoted Javier Monjardin as director of analysis, and Montserrat Formoso as director of management, thus dividing the responsibilities of the outgoing man, who has joined Santander Asset Management as director of market intelligence.
09/10/2012

Julius Baer: 80% of assets at Merrill Lynch will have been transferred by the end of 2013

The Julius Baer private bank on 9 October released an informational supplement on the integration of wealth management activities of Merrill Lynch outside the United States. Baer states that 80% of assets under management related to this transaction will have been transferred by the end of 2013.At an investor day in London, Julius Baer will also announce that job cuts related to the operation will represent 15% to 18% of staff, and that the cost-income ratio for international wealth management (IWM) activities will come in at about 70%.The impact of the transaction on per-share profits is expected to be neutral in 2014, but to favour an increase of 15% in 2015.As of the end of August 2012, assets under management at Julius Baer total CHF184bn, up CHF14bn, or 8%, compared with the end of December 2011.
09/10/2012

Yves Thieffry appointed as CEO of Société Générale Private Banking (Switzerland)

As announced by Newsmanagers on 3 August 2012, the management of Société Générale Private Banking has this year undergone a reorganisation. As a part of this process, the appointment of Yves Thieffry as CEO of Société Générale Private Banking (Switzerland) has recently been announced by the firm. Thieffry is responsible for the management and development of Societe Generale Private Banking (Suisse) SA and its subsidiaries. Yves Thieffry succeeds Guillaume Lejoindre, who becomes chairman of the board of directors of Société Générale Private Banking (Switerland) SA, replacing Jean-François Mazaud, head of the Société Générale Private Banking, who remains a member of the board of director in Switzerland and becomes its vice president.
09/10/2012

EFG Financial Products launches IPO

The Zurich-based banking group EFG International is launching an IPO process on the Swiss stock exchange for its unit dedicated to structured investment products. The subscription price for equities will total between CHF40 and CHF50, with the first day of listing scheduled for 19 October.The placement operation for EFG Financial Products, announced on 25 Sptember, will bring in CHF51m to CHF64m for EFG International. If the full greenshoe option is activated, the total will be in a range from CHF63m to CHF78m, the company announced in a statement on 8 October.The proceeds will have no impact on profits at EFG International, insofar as the entity placed on the stock market will continue to be fully consolidated within the group, a statement says. Tier 1 equity will be improved with the move, with a BRI total capital ratio up to about 17%.Once the IPO is complete, EFG International will still control at least 20% of capital in EFG Financial Products Holding, compared with about 58% currently. The stake will continue to be locked in for a 12-month period starting from the first day of trading.The deal is based on a basic offering of a maximum of 2,937,137 shares. EFG International will sell 1,270,472 at most of the existing shares it holds. Subscribers may profit from a greenshoe option of 293,713 shares at most, within 30 days from 19 October.The bookbuilding began on Monday, and will complete on 18 October at noon. The issue price will be set on Friday, 19 October, before the market opens. The initial capitalisation will total between CHF267m and CHF333m, with a float of 44%, or 49% with the greenshoe option.
09/10/2012

AGI single-handedly posts inflows twice higher than the industry

In January-August, asset management firms belonging to the German BVI association for the sector posted net subscriptions of EUR7.85bn for their security funds. With EUR12.35bn going to Pimco, the Allianz Asset Management group alone posted inflows of EUR15.41bn.The other big winner in the first two thirds of the year is Union Investment (Co-operative banks), with net subscriptions of EUR2.37bn.However, the other two top actors in the sector show outflows, with net redemptions of EUR3.57bn for Deka (savings banks) and EUR3.82bn for Deutsche Bank.ETFs posted outflows, aside from products from ETFlab (Deka group), which posted net inflows of EUR427.6m: the other three major promoters belonging to the BVI have seen outflows of more than EUR800m each: EUR879.7m from iShares (BlackRok), EUR807.8m from db x-trackers (Deutsche Bank), and EUR802.2m from ComStage (Commerzbank).
09/10/2012

Record AUM for German asset management industry

As of the end of August, assets under management by companies belonging to the German BVI trade group totalled a new record of EUR1.93698trn, compared with EUR1.92624trn as of the end of July, and EUR1.76221trn one year previously.Net subscriptions totalled EUR4.39bn in August, compared with EUR6.69bn the previous month, to a total of EUR48.99bn in the first eight months of the year, compared with EUR13.13bn in January-August 2011.However, in the first eight months of the year, open-ended equity funds underwent net outflows of EUR5.9bn, while net redemptions total EUR3.72bn for garanteed funds and EUR1.73bn for money market funds. Open-ended bond funds, however, benefited from net subscriptions of EUR18.44bn.Institutional funds had inflows of a net EUR40.375bn, compared with EUR20.379bn for the corresponding period of last year. Mandates managed outside funds underwent net redemptions of EUR1.81bn in January-August, compared with EUR3.64bn in the first eight months of 2011.
09/10/2012

Natixis GAM recruits two

Natixis Global Asset Management has recruited two people for its international products unit, Investment Europe reports. James Beaumont joins from Standard Life Investment, and becomes head of product consulting and solutions, durable portfolio consultant. Catherine Morat joins from Wellington Management. She becomes head of the product marketing team. Both will be based in London.
09/10/2012

Source nabs Samaran from Man Investments

A senior member of the product structuring and financing group at Man Investments in Switzerland, Nicolas Samaran, has been appointed head of investment content at Source (EUR11.5bn in AUM at end-September).Samaran will have responsibility for the search and selection for new and innovative investment content from external providers and report to Peter Thompson, head of distribution and strategy.
09/10/2012

Rathbones acquires 20% stake in a financial adviser

Rathbone Brothers has acquired a 19.9% stake in Vision Independent Financial Planning, a financial advising company, and its sister company, Castle Investment Solutions, for GBP2m. The specialist in wealth management is planning to acquire all of the two entities by 2015, Investment Week reports.
09/10/2012

Paradigm launches asset management operation

The Paradigm group is planning to launch an asset management operation which will include the fund product range from Paradigm, discretionary fund management services, and model portfolios.The firm is currently in the process of recruiting an investment team to manage third-party fund mandates.
09/10/2012

Norwegian Oil Fund purchases shopping mall near Sheffield

The Norwegian Government Pension Fund Global, the former Oil Fund, has bought 50% of the UK shopping centre Meadowhall, near Sheffield, for GBP348m.The stake was purchased from a joint venture between London & Stamford Properties and Green Park Investments. The transaction, completed on 6 October, values the entire asset at GBP1.525 billion pounds, including debt.
09/10/2012

Fidelity planning to merge two multi-management funds

Fidelity Worldwide Investments is proposing to merge two multi-management funds, the Fidelity MultiManager Balanced Portfolio and Fidelity MultiManager Income Portfolio, Fund Web reports.More precisely, the first fund, whose assets under management total GBP3m, will be integrated into the second, which has a 50% exposure to growth assets (equities, commodities and real estate), and 50% to value securities (bonds).The merger is pending the approval of shareholders and supervisory authorities.
09/10/2012

Alfred Berg takes over management of funds of funds

On 15 November, the Swedish group Länsförsäkringar, specialised in insurance, will be outsourcing the management of its funds of funds to Alfred Berg, the Scandinavian affiliate of BNP Paribas. These activities represent assets of SEK4.8bn. The fixed income and asset allocation team, led by Stefan Gothenby, will be responsible for managing the funds.
09/10/2012

BGAM launches platform to accomodate UCITs hedge funds

HedgeWeek reports that Bryan, Garnier Asset Management (BGAM) has recently launched the Bryan Garnier Umbrella Fund SICAV plc domiciled in Malta and managed by Paris-based BGAM. This platform aims to introduce a range of US hedge funds into the UCITS universe. The first US sub-fund to join the platform is Denver-based Madison Street Partners (USD175m in AUM), an equity long/short shop
09/10/2012

Investec opens office in Singapore

Investec Asset Management has opened an office in Singapore and installed Tobie van Heerden as head of institutional sales for South-East Asia and Korea, Asian Investor reports.
09/10/2012

SSgA Jacqueline Pang as head of CM for SPDR ETFs

State Street Global Advisors (SSgA) announced it has appointed Jacqueline Pang as the Head of Capital Markets for SPDR ETFs, Asia Pacific.Based in Hong Kong, Pang will be responsible for overseeing and driving SSgA’s exchange traded funds (ETF) global capital markets’ group activities.
09/10/2012

PriorNilsson launches Swedish equity fund

PriorNilsson Fonder, a Swedish asset management firm which manages two hedge funds, is launching a Swedish equity fund, Fondbranschen reports. The management firm is hoping to attract investors with active management and competitive fees (1% management fees).
09/10/2012

Cyrille de Montgolfier appointed head of European and institutional affairs at AXA

AXA on 8 October announced the appointment of Cyrille de Montgolfier as director of European and institutional affairs for the group. De Montgolfier, previously head of the Central and Eastern European region, replaces Jérôme Hamilius, who has decided to leave the group. In his new role, he will report to Denis Duverne, deputy CEO of the Axa Group.Jef Van In is taking over as director of the Central and Eastern European region. These new responsibilities come in addition to his current responsibilities as CEO of AXA Bank Europe. In both cases, he reports to Jacques de Vaucleroy, CEO for the Northern, Central and Eastern European region, and international head of life, savings, retirement and health insurance activities.The two appointments will take effect from 15 October 2012.
09/10/2012

BNY Mellon builds up in Asia

BNY Mellon on Monday announced it has appointed Navin Suri as Asia-Pacific (APAC) Head of Intermediary Distribution to spearhead the expansion of the company’s distribution partnerships in the region. He will be responsible for developing and managing the build out of the APAC intermediary sales strategy and distribution channel network and relationships, mainly new partnerships with consumer banks, private banks and family offices, insurance and pension providers, securities companies, IFAs and other financial intermediaries.Based in Hong Kong, Suri will report into Alan Harden, CEO for BNY Mellon’s APAC investment management business, and to PeterPaul Pardi, BNY Mellon’s head of global distribution, based in London. Suri joins BNY Mellon’s APAC Investment Management Executive Committee and BNY Mellon’s APAC Operating Committee.Suri joins BNY Mellon from ING Investment Management where he was MD and CEO for the firm’s business in India.
09/10/2012

RBC IS gets mandate from Italian PF

The Fondo Pensione per il Personale della Banca di Legnano, the pension fund of Banca di Legnano’s staff, announced it has recently awarded a custody, portfolio valuation and depositary bank mandate to RBC Investor Services.
09/10/2012

FSA plans to enforce rules for absolute return funds

The British Financial Services Authority (FSA) is planning to require of fund managers that information on absolute return funds contain warnings about the risks related to these funds, when their presentation implies that there are guaranteed returns or protection of capital, even though this is not necessarily the case.In its most recent quarterly consultation, published just before the weekend, the FSA announces that it would like to introduce additional information on absolute return and total return funds. “We have already in the past presented absolute return funds as a subject of potential concern, pointing out that clients may interpret the terms ‘absolute return’ and ‘total return’ as a guarantee of positive returns on their investments. We would like it to be absolutely clear to investors that their capital is at risk in these funds,” the FSA states.
09/10/2012

UCITS-compliant hedge funds gained 0.29% in September

According to Swiss-based Alix Capital, UCITS-compliant hedge funds in September posted average performance as measured by the global UCITS Alternative Index of 0.29%, following a gain of 0.18% in August. In the first nine months of the year, it shows gains of 0.98%. The index of UCITS-compliant funds of hedge funds gained 0.11%, following 0.12% the previous month, but it shows losses of 1.36% in the first nine months of this year.Of the eleven strategies measured by sub-indices, four show losses for last month, with losses of 2.39% for commodities and 0.98% for CTAs. The best returns in September were for emerging markets (+1.78%).In January-September, the two heaviest losses were for CTAs (-1.85%) and commodities (-1.74%), with the strongest gains for fixed income with 3.77%, followed by emerging markets (+2.67%).
09/10/2012

Very slight increase in default rates in third quarter

The global default rate for speculative-grade debt increased 0.1 percentage point during the third quarter to 3 percent in September, the highest level in almost two years, according to Moody’s Investors Service. U.S. junk-rated defaults increased to 3.5 percent in September from a 3.2 percent rate in the second quarter. In Europe, the pace of high-yield defaults fell to 2.6 percent last month from 2.8 percent in the second quarter, Moody’s said. High-yield global corporate defaults will end 2012 unchanged at 3 percent, before decreasing to 2.9 percent by September 2013, according to Moody’s. Since the beginning of the year, 46 companies defaulted, compared with 17 in the corresponding period of 2011.
09/10/2012
Gestion d'actifs

Swiss Life sélectionne 3 gérants pour le lancement d'un fonds de fonds à destination des institutionnels

La société de gestion Swiss Life AM qui concourt au sein des mandats d’amLeague s’est impliquée dans la mise en place de portefeuilles investissables à destination des investisseurs institutionnels et a, pour ce faire, reçu l’agrément de l’Autorité des marchés financiers le 4 juillet, dernier. Le fonds de Swiss Life AM se réfère à un indice - l’indice SL amLeague actions euro TOP3 - qui est composé de trois asset-managers dont la gestion sous amLeague a été retenue et agrégée. En fonction des préférences de Swiss Life AM, une pondération fixe est attribuée à chacune des trois sociétés retenues : 4/9 pour la mieux considérée, 3/9 pour la suivante et 2/9 pour la dernière. Le trio est revu chaque fin de mois. Pour octobre, par ordre de préférence, Allianz GI, Dexia AM et Ecofi Investissements sont les trois sociétés retenues par Swiss Life AM.
Gestion d'actifs

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