Le gestionnaire de fortune Dynapartners se renforce dans le secteur du luxe avec le recrutement de l’ex-gérante de Clariden Leu, Makiko Zürcher-Hosaka, qui prendra ses fonctions le 1er octobre, rapporte l’agence finews.La spécialiste du luxe sera la responsable des investissements dans le secteur. Dynapartners envisage d’ailleurs de lancer un fonds dédié au luxe d’ici à la fin de l’année. Dynapartners a par ailleurs engagé le britannique James Ogilvy en tant que conseiller indépendant à compter du 1er septembre. James Ogilvy, créateur du magazine «Luxury Briefing», compte parmi les meilleurs consultants internationaux dans le secteur du luxe.

Le gestionnaire francfortois MainFirst Asset Management a annoncé selon Das Investment son intention de recruter trois équipes pour muscler son dispositif sur les obligations d’entreprises européennes, les obligations émergentes et le multi-classes d’actifs.Il recrute ainsi pour début septembre Frank Schwarz, Adrian Daniel et Patrick Vogel chez Deutsche Asset Management pour sa nouvelle équipe mutlistratégies/performance absolue.De même, l'équipe marchés émergents sera dirigée par Cornel Bruhin et Dorothea Fröhlich, qui viendront de Clariden Leu.Enfin il est prévu quatre recrutements pour l'équipe obligations d’entreprises européennes, mais leur identité n’a pas encore été divulguée.

La banque de la famille princière du Liechtenstein, LGT Group, a déclaré pour le premier semestre un bénéfice net de 129,8 millions de francs suisses, ce qui représente un bond en avant de 58,1 % par rapport à la période correspondante de 2011. Le coefficient d’exploitation s’est amélioré à 65 % contre 75 % (hors charges liées à la vente de LGT Bank Deutschland) pour l’an dernier.Au 30 juin, l’encours total ressortait à 94,7 milliards de francs contre 86,8 milliards fin décembre (+ 9 %), notamment grâce à des rentrées nettes de 5,5 milliards de francs, ce qui représente une hausse annualisée de 13 %.

ING a cédé sa filiale canadienne à Scotiabank pour 2,5 milliards d’euros, rapporte L’Agefi. Et le groupe étudie également une cession de son assurance en Asie. Plusieurs sources ont indiqué hier à Reuters que le bancassureur néerlandais envisageait cependant la vente séparée de sa filiale hongkongaise, dont la valeur est évaluée à environ 1 milliard de dollars. Un acquéreur unique pour l’ensemble de ses activités asiatiques, estimées à 7 milliards de dollars, n’aurait pas été trouvé. Si le groupe a tenu à assurer que ses activités en Australie, en France, en Allemagne, en Italie et en Espagne ne seront pas touchées, il a néanmoins précisé que la revue stratégique de ses activités britanniques était toujours en cours.

L’allemand Feri EuroRating Services a l’intention de mettre en place un pôle «structured finance & covered bond rating» qui sera consacré à la notation des structured collateralised bonds et des covered bonds (obligations sécurisées).Cette nouvelle activité sera pilotée par Gerald Dorsch qui a été recruté chez Deutsche Postbank à Francfort, où il était entre autres responsable des transactions de portefeuille dans le domaine de la gestion des liquidités et du capital ainsi que de la notation et du reporting sur les Pfandbriefe.

Pour le premier semestre 2012, DekaBank, le gestionnaire central des caisses d'épargne allemandes, déclare un «bénéfice économique» (bénéfice aux normes IFRS avant impôt plus résultat de la valorisation des instruments financiers) de 313,8 millions d’euros contre 336,6 millions pour la période correspondante de l’an dernier.Au 30 juin, l’encours avait diminué de 0,8 % sur fin décembre, à 149,8 milliards d’euros contre 151 milliards.Les fonds immobiliers de Deka ont enregistré des souscriptions nettes de 1,1 milliard d’euros contre 0,3 milliard pour janvier-juin 2011 tandis que ceux de valeurs mobilières subissaient des sorties nettes de 3,2 milliards d’euros contre 3,6 milliards. Au total, la maison affiche des remboursements nets de 2.109 millions d’euros pour le premier semestre contre 3.311 millions en janvier-juin 2011.

Scottish Widows Investment Partnership (Swip) a nommé Alan Bridges en tant que directeur des investissements pour les taux britanniques, rapporte FundWeb. Il travaillait précédemment chez UBS Global Asset Management en tant que gérant de portefeuilles senior.

Compte tenu des turbulences sur les marchés, le gestionnaire de fonds des caisses d’épargne, DekaBank s’attend à des difficultés pour le second semestre 2012. Par précaution, indique le Handelsblatt, Deka a provisionné forfaitairement 80 millions d’euros afin de couvrir d’éventuelles dépréciations ou une modification de sa notation. Mais Oliver Behrens, président du directoire par intérim, est confiant : selon lui, le bénéfice économique de Deka sera pour l’ensemble de 2012 supérieur à celui de 2011 (où il avait plongé de 58,6 % à 383,1 millions d’euros, ndlr).

Les actifs sous gestion de Piguet Galland & Cie, la nouvelle unité banque de gestion privée de la Banque Cantonale Vaudoise (BCV), sont demeurés stables au premier semestre 2012 à 7,6 milliards de francs suisses, rapporte L’Agefi suisse. Piguet Galland a dégagé premier semestre un bénéfice net consolidé de 8,3 millions de francs, pour un chiffre d’affaires de 35,2 millions, en recul de 2,6%. Entre le mois de janvier et le mois de juin, le bénéfice brut a progressé de 6% par rapport à la même période de l’année précédente, passant de 6,3 millions à 6,7 millions de francs. Cette progression est due en grande partie à la réduction des charges d’exploitation obtenue grâce à la fusion entre Banque Piguet et Franck Galland, annoncée fin 2010 par la BCV.

The SEC commissioners on Wednesday, by a vote of four to one, agreed to raise a decades-old ban on advertising by hedge funds for private investments, the Wall Street Journal reports.

In order to settle legal actions, Citigroup has agreed to pay USD590m to its shareholders who purchased their shares in 2007 and 2008, and who claim that the bank concealed the scale of its exposure to toxic sub-prime assets from them, the Wall Street Journal reports.

Carmignac Gestion has decided to offer its clients a wider variety of share classes to invest into its funds. In addition to the current existing share classes, Carmignac Gestion’s clients will now have access to both accumulating units denominated in CHF and USD and distributing units denominated in EUR. For units denominated in a currency other than euro, currency risk vis-à-vis the euro is systematically hedged. List of funds concerned: Carmignac Investissement (A) EUR / accCarmignac Investissement (E) EUR / accCarmignac Investissement (D) EUR / incCarmignac Investissement (A) CHF / accCarmignac Investissement (A) USD / accCarmignac Euro-Entrepreneurs (A) EUR / accCarmignac Emergents (A) EUR / accCarmignac Emergents (E) EUR / accCarmignac Emergents (D) EUR / incCarmignac Emergents (A) CHF / accCarmignac Emergents (A) USD / accCarmignac Patrimoine (A) EUR / accCarmignac Patrimoine (E) EUR / accCarmignac Patrimoine (D) EUR / incCarmignac Patrimoine (A) CHF / accCarmignac Patrimoine (A) USD / accCarmignac Euro-Patrimoine (A) EUR / accCarmignac Euro-Patrimoine (D) EUR / incCarmignac Euro-Patrimoine (A) CHF / accCarmignac Euro-Patrimoine (A) USD / acc Carmignac Investissement Latitude (A) EUR / accCarmignac Profil Reactif 100 (A) EUR / accCarmignac Profil Réactif 75 (A) EUR / accCarmignac Profil Réactif 50 (A) EUR / accCarmignac Sécurité (A) EUR / accCarmignac Sécurité (D) EUR / incCarmignac Sécurité (A) CHF / accCarmignac Sécurité (A) USD / accCarmignac Court Terme (A) EUR / accCarmignac Court Terme (A) CHF / accCarmignac Court Terme (A) USD / acc

After only one month on sale, the Banesto Garantizado Selección Española 4 fund, inspired by the victory of the Spanish football team (“La Roja”) at the Euro 2012 football championships has reached the EUR75m limit set by its prospectus.The ceiling is now raised to EUR90m; when this total is reached, or by 14 September at the latest, Banesto will apply a front-end fee of 5%, Funds People reports. The fund is managed by Santander Asset Management. Banesto, which is the sponsor of the Spanish team, launched the guaranteed fund (maturing on 31 July 2015) with returns of 11.95%, an annual rate of 4%, an allusion to the Spanish victory against Italy (4-0).

The financial ratings agency Moody’s on 29 August announced that it has lowered its long-term credit rating for 3i Group from Baa1 to Baa2, with a stable outlook. Moody’s explains in a statement that several factors contributed to this decision, including pressure on revenues for the group in a difficult environment in Europe, where 3i retains 76% of its investment portfolio as of the end of March 2012, and uncertainties about the ability of the group to generate cash flow now that it has moves its strategy toward asset management.

Assets under management by the top 100 alternative investment managers have reached over USD3trn, with a total of about USD3.136trn as of the end of 2011, according to a Towers Watson investigation undertaken in partnership with the Financial Times, Global Alternatives Survey, which also includes private equity and hedge funds.Among the top 100 managers, real estate management firms hold the largest share of assets (35%), followed by private equity managers (22%), hedge funds (21%), private equity funds of funds (9%), funds of hedge funds (6%), infrastructure (4%), and commodities (3%).More generally, data also shows that total global alternative assets now total USD4.9trn, distributed over various asset classes in similar proportions to those observed for the top 100 asset managers, excepting real estate, which falls to 28%, and funds of funds, which increase to 9% of the total.Assets in pension funds represent 33% of total assets under management by the top 100 asset managers, followed by insurers, sovereign funds and foundations. According to Thierry de la Noue, head of the Investments department at Towers Watson France. “The current global economic crisis has led all types of institutional investors to investment or diversified placement portfolios. Allocations to alternative assets in particular now represent nearly 20% of all assets in international retirement funds, compared with 5% 15 years ago.”De la Noue adds that “retirement funds that carry a pension liability have always been and still remain the central clientele for alternative asset management firms. However, demand from other types of very long-term investors such as sovereign funds will continue to increase in the future.”North America remains the primary destination for alternative management (48%), excepting infrastructure, which is doing well in Europe. More generally, one third of assets are invested in Europe, one tenth in Asia-Pacitic, and 5% in the rest of the world.De la Noue estimates that “the current economic uncertainty will likely encourage investors to hold on equities such as growth shares, and to use alternative investments more. If we think that such an effort at diversification is worth the trouble, investors still need to be prudent in their choice of the most effective investment vehicles, while taking into account the most economic means to improve the effectiveness of investments, such as the use of “Smart Beta,” for example.”No French company places in the rankings of the top 10 (see below). AXA Real Estate is in eleventh place, with assets under management of USD54.54bn. rank Manager Cdomicile Total assets under management (millions of USD) Asset class 1 CBRE Global Investors United States 94.100 Real Estate 2 The Carlyle Group* United States 90.741 Private equity 3 Macquarie Group Australia 88.665 Infrastructure 4 Brookfield Asset Management Canada 84.346 Real Estate 5 Goldman, Sachs & Co. United States 78.000 Private equity 6 BlackRock United Kingdom 77.335 Consumer products 7 Bridgewater Associates United States 76.100 Speculative funds 8 UBS Global Asset Management United Kingdom 59.971 Real Estate 9 RREEF Alternatives Germany 57.419 Real Estate 10 Morgan Stanley United States 56.391 Real Estate

What is the favourite sector for sovereign funds in the mid- to long-term? Between 2005 and 2011, sovereign funds have invested primarily in the finance sector, according to statistics from the SWF Institute. In this period, investments by sovereign funds in finance sector shares totalled USD164.91bn. It is followed by real estate, with a total of USD54.49bn, and then energy, infrastructure and utilities. The least popular sectors were health and IT.

The wealth management firm Dynapartners is building its presence in the luxuries sector with the recruitment of a former Clariden Leu manager, Makiko Zürcher-Hosaka, who will begin on 1 October, the news agency finews reports. The luxuries specialist will be responsible for investments in the sector. Dynapartners is also planning to launch a fund dedicated to luxuries by the end of the year. Dynapartners has also engaged the British James Ogilvy as independent adviser from 1 September. Ogilvy, founder of the magazine “Luxury Briefing,” is one of the top international consultants in the luxury sector.

The Wall Street Journal reports that at the request of Morgan Stanley and Citigroup, Perella Weinberg Partners will postpone until 10 September, rather than this week its verdict on the evaluation of the additional 14% stake in Morgan Stanley Smith Barney which Morgan Stanley is seeking to acquire in the joint venture. Estimates differ: Citigroup values Smith Barney wealth management operation at USD22bn, while Morgan Stanley values it at only USD9bn. Morgan Stanley already controls 51% of Smith Barney.

The French boutique Tocqueville Finance has confirmed the recruitment of Anne-France Gauthier in July. The new recruit had previously served as head of Key Account and Private Banking partnerships at Skandia, and previously as head of distribution for France at Métropole Gestion, from January 2008 to May 2010.Gauthier’s arrival, in a postion which has not been fully disclosed, comes at a time when Benjamin Biard, former head of distribution at Tocqueville Finance, left the firm in February, and François l’Hénoret, former head of partner relations (France) left in June.

This summer, the Swedish firm Fonder Stockpicker sold its two funds Stockpicker Norden Aktiv and Stockpicker J.F Commodity Energy to the asset management firm GustaviaDavegårdh Fonder. This is the most recent example of consolidation in the asset management industry in Sweden, the online newspaper Privata Affärer notes. Ola Gilstring, one of the founders of Gustavia Fonder, suggests two reasons for this trend: decreasing interest on the part of the public in equity funds, a large sector in Sweden; and the growing weight of compliance, which is leading to rising costs. Gilstring adds that there are currently many asset management firms up for sale in Sweden.

In January 2012, Principal Global Investors received a Qualified Foreign Institutional Investor (QFII) license from the Chinese securities commission (CSRC). Now, Z-Ben Advisors reports, the US asset management firm has received a QFII quota from the State Agency of Foreign Exchange (SAFE) of USD150m.Principal has already opened an office in Beijing, and its QFII investment team will be based in Hong Kong. Its Chinese joint venture, CCB-Principal Asset Management Co Ltd, has been retained as a consultant, but will not participate in the investment decision process.

Handelsblatt relays reports in Bloomberg citing John Gilbert, head strategist for the British General Re-New England Asset Management, a company of the Warren Buffett empire, as claiming that French government bonds are not better value than Spanish or Italian ones. France is clearly overvalued, he says in a letter to his clients, and OATs should be paying 4.5% to 5%. Businesses in the country have become less competitive in the past decade, and personnel costs are higher in France than Germany.Buffett also last month told CNBC that he had reduced his exposure to Spanish, Italian and French bonds two years ago. Jamie Stuttard, CIO fixed income at Fidelity in London, says that French fundamentals provide no support for bonds: unemployment is rising, while budget and payments deficits are increasing.Nicholas Spiro, of Spiro Sovereign Strategy in London, says the problem is that François Hollande is hesitating. He has manoeuvered himself into a political impasse, and the only thing that will make him announce significant reforms will be market pressure.

Ping An Insurance, one of the largest insurance companies in China, will be one of the first to take advantage of a new law authorising insurers to employ external asset managers, Financial News reports, citing Z-Ben Advisors. Requests for proposals have been announced to this end. Ping An has a portfolio of about EUR123bn.

Assets under management at Piguet Galland & Cie, the new private banking unit of the Banque Cantonale Vaudoise (BCV), remained stable in first half 2012 at CHF7.6bn, Agefi Switzerland reports. Piguet Galland earned consolidated net profits in first half of CHF8.3m, on earnings of CHF35.2m, down 2.6%. Between January and June, gross profits rose 6% compared with the same period of the previous year, from CHF6.3m to CHF6.7m. This increase is largely due to a reduction in operating costs due to a merger of Banque Piguet and Franck Galland, announced by BCV in late 2010.

Das Investment reports that Frankfurt-based MainFirst Asset Management has announced plans to recruit three teams as additions to its European corporate bond, emerging market bond and multi-asset class personnel.It is recruiting Frank Schwartz, Adrian Daniel and Patrick Vogel from Deutsche Asset Management, to begin at the start of September on its new multi-strategy/absolute return team.The emerging markets team will be led by Cornel Bruhin and Dorothea Fröhlich, who join from Clariden Leu.Four recruitments are planned for the European corporate bond team, but their identities have not yet been disclosed.

Due to market turbulence, the fund management firm for the German savings banks, DekaBank is predicting difficulties in second half 2012. As a precaution, Handelsblatt reports, Deka has set aside EUR80m to cover potential depreciations or a modification to its ratings. But Oliver Behrens, interim chairman of the managing board, is confident: he says economic profit at Deka will be higher in 2012 overall than 2011 (when it fell 58.6% to EUR383.1m, ed).

In first half 2012, DekaBank, the central asset management firm for the German savings banks, has announced an “economic profit” (pre-tax profits according to IFRS accounting standards, plus the results of a valuation of financial instruments) of EUR313.8m, compared with EUR336.6m in the corresponding period of last year.As of 30 June, assets were down 0.8% compared with the end of December, at EUR149.8bn, compared with EUR151bn.Real estate funds from Deka posted net subscriptions of EUR1.1bn, compared with EUR0.3bn in January-June 2011, while securities funds had undergone net outflows of EUR3.2bn, compared with EUR3.6bn. In total, the firm has posted net redemptions of EUR2.109bn in first half, compared with EUR3.311bn in January-June 2011.

The German firm Feri EuroRating Services is planning to create a “structured finance & covered bond rating” unit, which will be dedicated to ratings of structured collateralised bonds and covered bonds. The new operation will be led by Gerald Dorsch, who has been recruited from Deutsche Postbank in Frankfurt, where he had been head of portfolio transactions in the area of liquidity and capital management, as well as ratings and reporting on Pfandbriefe.

The bank owned by the royal family of Liechtenstein, LGT Group, has declared a net profit for first half of CHF129.8m, which represents a 58.1% increase over the corresponding period of last year. The cost-income ratio improved to 65% from 75% (excluding charges related to the sale of LGT Bank Deutschland) last year.As of 30 June, total assets were CHF94.7bn, compared with CHF86.8bn as of the end of December (+9%), largely due to net inflows of CHF5.5bn, which represents an annualised increase of 13%.

In a filing to the CNMV, BBVA Asset Management has announced that it has now completed its acquisition of Unnim Gesfonds, an affiliate of the Unnim savings bank, which it acquired for a symbolic price of one euro (see Newsmanagers of 8 March), Funds People reports. BBVA AM thus adds EUR219m to its EUR18.5bn in assets (as of the end of June), in 11 Unnim Gesfonds products.