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27/08/2012

Pyramis étoffe ses capacités de distribution

Pyramis Global Advisors, qui appartient au groupe Fidelity Investments, a annoncé le 23 août un renforcement significatif de ses capacités de distribution avec trois nominations.Maureen Fitzgerald, précédemment chez State Street Global Advisors, rejoint la société en qualité de responsable de la distribution institutionnelle pour l’Amérique du Nord, une fonction nouvellement créée.Colin Fitzgerald, précédemment chez Robeco, rejoint Pyramis en tant responsable de la distribution institutionnelle à l’international, une fonction également nouvelle dans la société.Enfin, Michael Barnett est nommé responsable de la distribution institutionnelle au Canada. Il était précédemment executive vice president du pôle Institutional Sales.Au 30 juin, les actifs sous gestion de Pyramis s'élevaient à 180 milliards de dollars.
27/08/2012
Fonds

UBS fait coter son ETF Brésil à Zurich

Les deux classes de parts (*) de l’ETF de droit irlandais répliquant l’indice MSCI Brésil lancé par UBS Global Asset Management (lire Newsmanagers du 20 août) ont également été admises à la cotation sur la Bourse Suisse (SIX Swiss Exchange) à compter du 20 août.(*) A-dis : code Isin IE00B6SBCY47I-dis : code Isin IE00B7VZ2C84
Fonds
27/08/2012
Fonds

Fidelity change de gérants pour un fonds Japon

Fidelity Worlwide Investment a confié son fonds Japan Advantage de 1,1 milliard de livres à Mark Buffett, après que Ron Slattery a quitté la gestion du fonds pour des motifs familiaux, rapporte Investment Week. Mark Buffett a rejoint Fidelity en 1998 en tant qu’analyste actions japonaises et a depuis géré plusieurs fonds. Il est basé à Tokyo.
Fonds
27/08/2012

Les caisses d'épargne incitent Deka à la prudence

Rolf Gerlach, président de l’association des caisses d'épargne de Westphalie-Lippe, a demandé à Deka, le gestionnaire d’actifs central des caisses d'épargne allemandes, de se préparer soigneusement et de se montrer prudent avant de se lancer dans de nouvelles activités, rapporte le Handelsblatt. En effet, le conseil d’administration de Deka devrait donner en septembre son feu vert à la création d’un pôle certificats sur un marché où il règne en Allemagne déjà une très forte concurrence, ce qui a incité Macquarie et ING à s’en retirer.D’autre part, Deka devra faire preuve d’une grande vigilance dans son rapprochement programmé avec la Landesbank Berlin, compte tenu des doublons dans les domaines de l’immobilier et des fonds d’investissement.
27/08/2012
Fonds

Liquidation d'un dixième fonds immobilier en Allemagne

Un dixième fonds immobilier offert au public va être liquidé en Allemagne : le hambourgeois HansaInvest a en effet indiqué qu’il dénoncera au 4 octobre 2012 son contrat de gestion du HansaImmobilia (268 millions d’euros fin juin) avec effet au 5 avril 2013, date à laquelle l’administration de ce fonds sera reprise par la banque dépositaire, Donner & Reuschel. La création de parts est définitivement arrêtée.Les porteurs peuvent présenter leurs parts au remboursement jusqu’au 2 octobre 2012. Ceux qui les conserveront jusqu’au 5 avril seront associés aux plus-values éventuelles tirées de la cession des actifs jusqu’en 2018. Les actifs qui n’auront pas été vendus d’ici à fin 2012 seront transférés à un fonds immobilier institutionnel.Dans la brochure de 32 pages expliquant le processus de liquidation, HansaInvest précise que les porteurs présentant leurs parts au remboursement jusqu’au 2 octobre sont assurés, compte tenu des liquidités disponibles, de percevoir la valeur liquidative du fonds. Ultérieurement, il existe un risque que la valeur liquidative se dégrade du fait que le taux de vacance atteint 30 % pour les actifs du portefeuille… Les montants remboursés peuvent être réinvestis sans frais dans d’autres fonds HansaInvest ou dans d’autres fonds immobiliers.Le HansaImmobilia avait été lancé le 4 janvier 1988. Il a affiché depuis lors une performance annuelle moyenne de presque 8 %.HansaInvest explique sa décision de liquider le HansaImmobilia par la chute des encours (qui étaient encore de 490 millions d’euros fin 2008), le durcissement de la réglementation, la mauvaise image des fonds immobiliers en Allemagne et la dégradation prévisible de la performance du fonds.
Fonds
27/08/2012

Oddo AM signe un accord de distribution en Italie

Oddo Asset Management vient de passer un accord avec Unicasim, société indépendante d’intermédiation financière dotée d’un réseau de conseillers financiers en Italie, afin de distribuer ses fonds agréés dans la Péninsule, rapporte FondiOnline. Jurgen Mahler, responsable Italie d’Oddo AM, explique que cela permet à la société de gestion de continuer à se développer sur le marché retail.La gamme d’Oddo AM qui sera disponible via les conseillers d’Unicasim comprend 10 fonds : trois fonds obligations convertibles, un fonds high yield échéance 2017, un fonds flexible, un long/short et cinq fonds actions spécialisés. Oddo Avenir Europe Oddo Generation Europe Oddo Immobilier Oddo Active Equities € Oddo Proactif Europe Oddo Convertibles Taux Oddo Convertibles Oddo Commodities Convertibles Oddo Haut Rendement 2017 Orsay Arbitrages Actions
27/08/2012

Petercam ouvre un bureau à Milan

La société de gestion belge Petercam va ouvrir un bureau de représentation à Milan, en Italie, dans le courant de la première semaine de septembre, selon les informations de Newsmanagers. Il sera situé Via Monte di Pietà.Ce bureau sera occupé par Alessandro Fonzi, qui a été recruté en juin en tant que country head Italy. Cet Italo-Suisse, qui affiche 22 ans d’expérience dans la finance et la banque, travaillait précédemment chez Lombard Odier où il était depuis 2009 responsable du marché italien pour la clientèle institutionnelle et professionnelle.Chez Petercam, il prendra en charge le développement des marchés italophones (Italie et Tessin Suisse), sous la direction d’Ives Hup, responsable commercial France et Italie. C’est d’ailleurs ce dernier qui jusqu’ici couvrait le marché Italie depuis Bruxelles.Alessandro Fonzi va cibler à la fois les investisseurs institutionnels et la clientèle privée. Courant septembre, les fonds pour les institutionnels doivent être enregistrés, tandis que ceux dédiés à la clientèle privés le seront un peu plus tard dans l’année.Ce nouveau développement, envisagé depuis quelques mois, fait suite à l’ouverture de bureaux en Espagne et en Allemagne par Petercam annoncée en mars dernier.
27/08/2012

Fidelity replaces manager of a Japan fund

Fidelity Worldwide Investment has entrusted its Japan Advantage fund, with GBP1.1bn in assets, to Mark Buffett, after Ron Slattery quit as manager of the fund for family reasons, Investment Week reports. Buffett joined Fidelity in 1998 as a Japanese equity analyst, and has since managed several funds. He is based in Tokyo.
27/08/2012

Petercam opens an office in Milan

The Belgian asset management firm Petercam is going to open a representative office in Milan, Italy, in the first week of September, in Via Monte di Pietà. The office will be occupied by Alessandro Fonzi, who was recruited in June as country head Italy. The Italian-Swiss Fonzi, who has 22 years of experience in finance and banking, previously worked at Lombard Odier, where since 2009 he had been head of the Italian market for institutional and professional clients. At Petercam, he will be responsible for development of the Italian-speaking markets (Italy and Swiss Tessino), under the direction of Ives Hup, head of sales for France and Italy. Hup had previously been responsible for the Italian market from Brussels. Fonzi will cover both institutional and private clients. The new development follows the opening of offices in Spain and Germany, announced by Petercam in March this year.
27/08/2012

Oddo AM signs a distribution agreement in Italy

Oddo Asset Managemetn has signed an agreement with Unicasim, an independent financial intermediation firm with a network of financial advisers in Italy, to distribute its funds licensed for sale in the Iberian peninsula, FondiOnline reports. Jurgen Mahler, head for Italy at Oddo Am, explains that the move will allow the asset management firm to continue its development on the retail market. The product range from Oddo AM which will be available via advisers at Unicasim includes 10 funds: three convertible bond funds, one high yield horizon fund maturing in 2017, one flexible fund, one long/short fund and five specialised equity funds. Oddo Avenir Europe Oddo Generation Europe Oddo Immobilier Oddo Active Equities € Oddo Proactif Europe Oddo Convertibles Taux Oddo Convertibles Oddo Commodities Convertibles Oddo Haut Rendement 2017 Orsay Arbitrages Actions
27/08/2012

Only three major platforms accept FATCA regulations

Fidelity FundsNetwork, Skandia and Standard Life are the only three major platforms to have announced that they will continue to accept transactions from US taxpayers based in the United Kingdom, despite the requirements of the Foreign Account Tax Compliance Act, FundWeb reports. Under the terms of the new law, which is expected to come into force on 30 June 2013, foreign financial institutions are required to disclose a certain quantity of information it possesses about US taxpayers to the ends of preventing tax evasion. The Cofunds platform has announced that it will no longer be accepting transactions from US taxpayers, and that it would be postponing its decision about assets currently held by US clients. Ascentric, for its part, has decided no longer to accept US clients, due to uncertainty surrounding the FATCA law. Transact has not yet announced a decision, while Aviva only trades with British clients.
27/08/2012

Money market funds: IOSCO continues work

In the wake of the failure of efforts to reform money market funds in the United States, the International Organisation of Securities Commissions (IOSCO) has declared in a statement released on 25 August that it will be continuing efforts to step up regulation of these funds.The chairman of the board of IOSCO, Masamichi Kono, said that he had taken careful note of Mary Schapiro’s statement on money market fund reform in the United States, but also reaffirmed that IOSCO will continue its work on the basis of the mandate given to it by the G20 heads of State and the FSB, to develop policy recommendations for strengthening oversight and regulation of the shadow banking system, including money market funds.With this in mind, the IOSCO committee on Investment Management will meet later this month to consider the public feedback received to its consultation report “Money Market Fund Systemic Risk Analysis and Reform Options” of 27 April 2012, and to elaborate draft final recommendations for addressing regulatory reforms to mitigate MMF’s susceptibility to runs and other systemic risks.
27/08/2012

M&G launches a class of RDR-compatible shares

On 24 August, M&G Investments announced the launch of new R (retail) share classes in a “vast majority” of its funds, with a management commission typically of 1% for equity funds. The new share class is aimed at subscribers via intermediaries, and does not carry a trail commission.The British asset management firm is also introducing I (institutional) share classes for most of its funds, with a commission of 0.75% for equity funds.From January 2013, when RDR (Retail Distribution Review) regulations come into effect, all new subscriptions via intermediaries will be routed to the new R share class with no trail commission, while legacy business subscriptions will be allowed to continue to A and X share classes, on which trail commissions are paid.
27/08/2012

Citi private bank pulls out of Paulson funds

The Citigroup private bank has requested redemption of USD410m from the hedge fund firm Paulson & Co, according to two sources familiar with the matter cited by Bloomberg. More precisely, the bank is pulling out of the Advantage Fund and the Advantage Plus Fund. Citigroup is also selling its shares in the Merger and Recovery funds.
27/08/2012

Pyramis adds to distribution capacities

Pyramis Global Advisors, a part of the Fidelity Investments group, on 23 August announced a significant addition to its distribution capacities, with three appointments. Maureen Fitzgerland, previously of State Street Global Advisors, is joining the firm as head of institutional distribution for North America, a newly-created position. Colin Fitzgerlad, previously of Robeco, is joining Pyramis as head of international institutional distribution, also a new position at the firm. Lastly, Michael Barnett is appointed as head of institutional distribution for Canada. He had previously been executive vice president of the Institutional Sales unit. As of 30 June, assets under management at Pyramis totalled USD180bn.
27/08/2012

ProShares plans to consolidate its leading position in alternative ETFs

The asset management firm ProShares, billed as “The Alternative ETF Company,” based in Bethesda, Maryland, has announced that in a drive to develop its distribution and consolidate its leading position among providers of alternative ETFs in the United States. It will be opening an office in New York, under the leadership of Sanjay Yodh, who also becomes head of institutional sales, a newly-created position. Yodh joins from Guggenheim Partners, where he had most recently been managing director, institutional business.ProShares has also recruited Timothy Brand from Calamos as director, financial professionals. He will be based in Bethesda, and will be in charge of a team responsible for training finance professionals in the ProShares range of 133 ETFs.Lastly, the asset management firm has recruited Jason Behrens, who had previously been internal sales manager at Invesco, also for its Bethesda offices, where he will serve in the same role at ProShares, at the head of a team of 12 internal sales associates.
27/08/2012

Popular Gestión launches a guaranteed fund linked to S&P BRIC40 index

Funds People reports that Popular Gestión has received a license from the CNMV for the new Eurovalor Garantizado BRIC II fund, which guarantees capital at maturity (July 2016), plus a return tied to the evolution of the S&P BRIC40 index in three intermediary payouts (2013, 2014 and 2015). Annual payouts will be at least 2.01%, and at most 6.85%. Minimal subscription is set at EUR500. Management commission and early withdrawal penalty are 2.25% and 5%, respectively.
27/08/2012

Liquidation of a tenth real estate fund in Germany

A tenth open-ended real estate fund will be liquidated in Germany: the Hamburg-based HansaInvest has announced that on 4 October 2012, it will be cancelling its management contract with HansaImmobilia (EUR268m as of the end of June), effective from 5 April 2013, on which the administration of the fund will be taken over by its depository bank, Donner & Reuschel. The creation of shares has been permanently discontinued.Shareholders may present their shares for redemption until 2 October 2012. Those who retain their shares until 5 April 2013 will receive any potential proceeds from sales of properties until 2018. Properties which have not been sold by the end of 2012 will be transferred to an institutional real estate fund.In a 32-page manual explaining the liquidation process, HansaInvest explains that shareholders who present their shares for redemption by 2 October will be certain to receive the full net asset value of their shares, provided that there is enough available liquidity. After that date, there is a danger that the net asset value of the fund will deteriorate due to a vacancy rate which is as high as 30% for properties in the portfolio. The sums redeemed from the fund may be reinvested with no fees in other funds from HansaInvest or in other real estate funds.HansaImmobilia was launched on 4 January 1988. Since then, it has posted average annual returns of nearly 8%.HansaInvest explains that the decision to liquidate the HansaImmobilia fund was due to a decline in assets under management (which still totalled EUR490m as of the end of 2008), toughening regulations, the poor image of real estate funds in Germany, and an expected decline in the performance of the fund.
27/08/2012

Hedge funds look to SRI

A growing number of hedge fund managers, who continue to have difficulty attracting institutional assets, are integrating exclusionary filters into their investment strategies, Pensions & Investments reports. These filters provide a way for them to bring their portfolios into compliance with the principles of socially responsible investment (SRI), in order to satisfy the requirements of investors with religious convictions.
27/08/2012

Savings banks preach prudence to Deka

Rolf Gerlach, chairman of the association of savings banks of Westphalia-Lippe, has asked Deka, the central asset management firm for the German savings banks, to undertake careful preparation and be prudent with the launch of new activities, Handelsblatt reports. The board of directors at Deka had been expected to approve the creation of a certificates unit in September, on a market in which there is already very strong competition in Germany, which has driven ING and Macquarie to drop out. Deka will also need to be highly vigilant in its planned merger with the Landesbank Berlin, due to redundancies in the areas of real estate and investment funds, Gerlach adds.
27/08/2012

Morgan Stanley Infrastructure acquires Southern Star Central

The US asset management firm Morgan Stanley Investment Management (MSIM) has announced that its global infrastructure fund Morgan Stanley Infrastructure Partners (MSIP, USD4bn) has acquired the remaining ordinary shares in Southern Star Central Corp, the parent company of Southern Star Central Gas Pipeline, in which it had acquired 40% of shares and 50% of voting rights in March 2010.The sale price, which is still subject to review under Hart-Scott-Rodino antitrust regulations, has not yet been disclosed.Southern Star operates a 6,000-mile network of gas pipelines, with daily capacity of 2.4 billion cubic feet, and storage installations with a capacity of 47 billion cubic feet.
27/08/2012

UBS lists its Brazilian ETF in Zurich

The two share classes in the Irish-registered ETF replicating the MSCI Brazil index from UBS Global Asset Management (see Newsmanagers of 20 August), A-dis: ISIN code IE00B6SBCY47, and I-dis: ISIN code IE00B7VZ2C84, have also been admitted to trading on the SIX Swiss Exchange from 20 August.
27/08/2012

Tax scandal: More data stolen from Julius Baer

The private bank Julius Baer has once again been the victim of theft of banking information, Sonntagszeitung reports. An employee of the firm suspected of the theft was arrested and subsequently released. The bank had no comment on the quantity of data stolen, which has been transmitted to Germany. The theft was discovered due to “strengthened control mechanisms and an internal investigation,” the CEO of Julius Baer tells the German newspaper. The stolen banking information had apparently been copied onto a CD-ROM, and sent to the tax authorities of the German region of Rhenania-North Westphalia. The tax authorities in that region had previously, in October 2010, acquired a CD containing data from Julius Baer. They paid about EUR1.5m for the disc, containing information on 200 clients of the bank, including Germans who were dodging taxes in the country.
27/08/2012

Profits down at ATP Group

In first half 2012, the Danish pension fund ATP Group has posted net profits of SEK3.928bn, or about EUR540m, compared with SEK8.125bn in the corresponding period of last year.Profits from investment activities fell to SEK4.435bn from SEK8.406bn, while hedging activities generated net profits of SEK1.321bn, compared with a loss of SEK1.277bn in January-June 2011.Assets as of 30 June totalled SEK602bn, compared with SEK579bn as of the end of December, and SEK469bn one year previously.
27/08/2012

Assets under management up at Saxo Bank

Assets under management at Saxo Bank as of the end of June totalled DKK35.69bn, or about EUR4.8bn, compared with EUR32.35bn (EUR4.34bn) as of the end of December 2011, the group announced on 24 August at a presentation of its semiannual results. In the period under review, Saxo Bank has added to its product range with the launch of an online platform dedicated to wealth management. However, due to feeble market activity, net profits at the group fell to DKK44m, from DKK346m in first half 2011.
27/08/2012

Barclays recruits in Singapore

The British firm Barclays has set up a team of three people in Singapore to develop activities with local independent managers, Asian Investor reports. The team will be led by Cedric Lizin, who will retain his responsibilities as country head fo Japan and head of ultra-high net worth clients (UHNW) in the Asia-Pacific region. He will be assisted by Annabelle Chow and Josephine Koh, both of whom join from Credit Suisse. Independent managers manage about 5% of assets at private banks in Singapore, compared with 30% in Switzerland, but Barclays estimates that the segment is expected to develop in the next few years.
27/08/2012

Michael Spinks (ex Schroders) joins Investec

According to the British press, Michael Spinks, who recently left Schroder Investment Management, where he had been co-manager with Johanna Kyrklund of the Schroder Diversified Growth fund (GBP4.5bn, see Newsmanagers of 21 August 2012), has joined Investec Asset Management as head of multi-asset class investment in the United Kingdom. He will work with Philip Saunder, global head of multi-asset investments.Assets at Investec total USD95bn (as of the end of June), of which USD13bn are in multi-asset class categories.
27/08/2012

Changes to management at RBC Wealth Management

RBC Wealth Management, part of Royal Bank of Canada, has announced changes to its senior leadership team.Paul Patterson, currently head, global trust, has been appointed to the position of deputy chair, RBC Wealth Management, Ultra High Net Worth (UHNW) – International. Based in London, he will focus on developing RBC Wealth Management’s UHNW offer by deepening existing relationships and acquiring new business amongst the wealthiest international families and institutional clients. This appointment follows Michael Lagopoulos’ decision to retire from RBC after 26 years’ service, on 31 October 2012.Stuart Rutledge, currently head, global wealth services, strategy & transformation, has been appointed to the position of head, global trust, RBC Wealth Management. Both Paul Patterson and Stuart Rutledge, whose appointments become effective as of 1 October 2012, will remain on RBC Wealth Management’s operating committee and continue to report to George Lewis, global head, RBC Wealth Management.
27/08/2012

Banco Madrid to recruit 40 professionals for private banking

The Spanish Banco Madrid, which was acquired in July 2011 by Banca Privada d’Andorra (BPA), has begun recruiting private banking specialists to serve clients with over EUR500,000 in assets. It is planning to set up a team by the end of the year with 40 professionals in this area, Funds People reports.Two deputy CEOs have joined the team: Arturo Barreda (ex Deutsche Bank and UBS) and José María Sáinz-Pardo (formerly of Barclays, Banesto and Degroof). Six other recruitments have been made in Andalusia, Madrid, Barcelona and Valencia, in addition to Manuel Izquierdo (ex UBS) who has been appointed as director of personnel.
27/08/2012

Chute du bénéfice d'ATP Group

Pour le premier semestre 2012, le fonds de pension danois ATP Group affiche un bénéfice net de 3.928 millions de couronnes, soit environ 540 millions d’euros, contre 8.125 millions de couronnes pour la période correspondante de l’an dernier.Le bénéfice après impôt des activités d’investissement est tombé à 4.435 millions contre 8.406 millions de couronnes pendant que les activités de couverture généraient un bénéfice net de 1.321 millions de couronnes contre une perte de 1.277 millions pour janvier-juin 2011.L’encours au 30 juin ressortait à 602 milliards de couronnes contre 579 milliards fin décembre et 469 milliards un an auparavant.

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