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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

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

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

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

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

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

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

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

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

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.
24/08/2012

EIG conteste l’acquisition de TCW par Carlyle

EIG Global Energy Partners a porté plainte aux Etats-Unis pour annuler l’acquisition de TCW par Carlyle, rapporte l’un des blogs du Wall Street Journal citant LBO Wire. Le plaignant estime notamment qu’avec cette opération Carlyle, qu’il juge être un concurrent, va mettre la main sur ses données propriétaires.EIG affirme que la transaction viole son droit d’approuver tout changement de contrôle chez TCW, détenu jusqu’ici par Société Générale.EIG était précédemment connu sous le nom d’Energy and Infrastructure Group of Trust of the West, le prédécesseur de TCW. Il s’est séparé de TCW en octobre 2009 via un spin out.
24/08/2012

Safa Investment Services se lance dans la gestion de produits conformes à la Charia

Créée en début d’année, la société Safa Investment Services, implantée à Genève et à Riyadh, se lance dans la gestion active de produits compatibles avec les préceptes de la Charia, rapporte L’Agefi suisse. Selon le cofondateur de la société, John Sandwick, la gestion d’actifs est le segment le moins développé dans le domaine de la finance islamique.
24/08/2012

L’américain AQR Capital Management arrive en Europe

AQR Capital Management, une société de gestion alternative basée dans le Connecticut, va ouvrir un bureau à Londres, rapporte Investment Europe. La société, qui gère 54,5 milliards de dollars, cible les institutionnels avec une approche systématique de l’allocation d’actifs, de la construction de portefeuille et du contrôle des risques. Ce bureau londonien permettra à la société de se rapprocher de ses clients en Europe, de plus en plus nombreux.
24/08/2012

SIG perd son directeur du développement

Le directeur du développement de Skandia Investment Group (SIG), John Campbell, a quitté la société, rapporte Money Marketing. Ce départ est lié à la fusion de SIG avec Old Mutual Asset Managers qui implique la suppression d’une trentaine de postes.John Campbell, qui travaillait depuis plus de trois ans pour SIG, avait occupé précédemment des fonctions de distribution chez Veritas AM et Threadneedle AM.
24/08/2012
Fonds

Aberdeen concocte des parts "dégroupées"

Pour être prêt lors de l’entrée en vigueur de la réglementation RDR (Retail Distribution Review) au 1er janvier 2013, Aberdeen Asset Management a l’intention de lancer prochainement des classes de parts «dégroupées» pour ses gammes de 32 fonds ouverts domiciliés au Royaume-Uni et de 69 fonds de droit luxembourgeois, ce qui concerne dans le premier cas des encours de 7,8 milliards de livres et dans le second des actifs sous gestion de 27,3 milliards de livres (chiffres au 31 juillet).Ces nouvelles parts «dégroupées» comporteront une commission de gestion forfaitaire échelonnée entre 0,25 % et 1 % en fonction de la classe d’actifs et de la stratégie, sans autres commissions ni ristournes pour la souscription au travers d’une plate-forme.
Fonds
24/08/2012

Nouveau directeur du développement pour Lyxor à Amsterdam

Directeur des ventes institutionnelles de Schroders pour les Pays-Bas, Tim Soetens a été recruté comme directeur du développement dans ce pays par Lyxor Asset Management (Société Générale), rapporte Funds People. L’intéressé sera subordonné à Amber Kizilbash, responsable du développement pour l’Europe du Nord et le Moyen-Orient.Avant de rejoindre son précédent employeur, Tim Soetens a travaillé chez BlackRock et pour le fonds de pension de Philips.
24/08/2012

Sept gestionnaires étrangers se sont lancés sur le marché espagnol

Au 1er août, Funds People recensait l’arrivée sur le marché espagnol de sept sociétés de gestion étrangères, la dernière en date étant le britannique CF Ruffer, qui a fait enregistrer sa sicav luxembourgeoise par la CNMV. Les autres nouveaux arrivants ont été Jyske Invest, Bantleon, Zest Asset Management, Diapason, Heptagon Capital (qui représente Yacktman AM, Helicon et Oppenheimer Developing Markets) et Saxo Invest.
24/08/2012

Augmentation de 12% des actifs gérés et administrés de Rabobank

Les actifs sous gestion et sous administration du groupe Rabobank s’inscrivaient au 30 juin 2012 à 294,4 milliards d’euros, en augmentation de 12% par rapport à fin décembre 2011, selon les données publiés le 23 août.Robeco, la filiale de de gestion d’actifs de Rabobank, avait fait état il y a quelques jours d’encours sous gestion de 179 milliards d’euros au 30 juin (Newsmanagers du 16 août).Le groupe déclare un bénéfice net en baisse de 29% au premier semestre à 1,31 milliard d’euros. Le bénéfice net du pôle gestion d’actifs s’inscrit à 113 millions d’euros, en recul de 16%.Rabobank a en outre indiqué ne pas vouloir commenter les enquêtes en cours, notamment à son encontre, dans l’affaire des manipulations du Libor, se limitant à assurer qu’elle coopère avec les autorités compétentes.
24/08/2012
Fonds

BlackRock prépare 10 nouveaux ETF iShares

Alors que Scottrade et Russell Investments ont récemment annoncé leur intention de fermer le premier la gamme d’ETF FocusShares et le second ses ETF américains à gestion passive, BlackRock a déposé le 20 août une demande d’agrément pour dix nouveaux ETF auprès de la SEC, rapporte Mutual Fund Wire.Il s’agit des fonds suivants :• iShares MSCI Emerging Markets Investable Market Index Fund• iShares MSCI EFM Africa ex South Africa Index Fund• iShares Barclays Global Aggregate ex USD Bond Fund• iShares MSCI USA High Dividend Yield Index Fund• iShares MSCI ACWI Investable Market Index Fund• iShares Barclays 1-5 Year Government/Credit Bond Fund• iShares Barclays Global Aggregate Bond Fund• iShares MSCI ACWI ex US Investable Market Index Fund• iShares MSCI GCC Countries ex Saudi Arabia Index Fundet• iShares MSCI EAFE Investable Market Index Fund
Fonds
24/08/2012

Légère progression des actifs sous gestion de Och-Ziff

Les actifs sous gestion d’Och-Ziff s'élevaient au 30 juin 2012 à 29,9 milliads de dollars, en recul de 189,1 millions de dollars par rapport au 31 mars mais en hausse de 160,2 millions de dollars par rapport au 30 juin 2011.La progression sur un an est liée à un effet marché positif de 218 millions de dollars et à une décollecte nette de 57,8 millions de dollars.Au 1er août, les actifs sous gestion s’inscrivaient à 30,3 milliards de dollars. Och-Ziff a subi des rachats nets pour un montant de 200 millions de dollars depuis le début de l’année mais enregistre par ailleurs un effet marché positif de 1,7 milliard de dollars.A noter par ailleurs que Och-Ziff compte depuis fin juillet un nouveau grand client, en l’occurrence le fonds de pension de l’Etat de Floride.
24/08/2012

Calamos recrute Gary Black et achète sa société

Le gestionnaire américain Calamos Investments (33,6 milliards de dollars d’encours fin juillet) remplace Nick Calamos (neveu du fondateur) comme co-CIO et membre du comité d’investissement par Gary Douglas Black, CEO et CIO de Black Capital Management LLC après avoir été CEO de Janus Capital Group de janvier 2006 à juillet 2009.Parallèlement, Calamos achète Black Capital Management, spécialiste des investissements long-short equity, société fondée par Gary D. Black en octobre 2009.
24/08/2012

Oppenheimer nomme un nouveau patron pour l'Asie

Robin Green rejoint Oppenheimer Investments en tant que chief executive pour piloter le développement de la société en Asie, rapporte Asian Investor. Il remplace à ce poste Steve Bernstein, qui a quitté la société en décembre 2011.Robin Green, qui sera basé à Hong Kong, travaillait précédemment chez MF Global.

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