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11/07/2012

Source se renforce en Suisse

Source a recruté Mark Vallon au poste de responsable des ventes aux clients institutionnels et aux banques privées en Suisse et au Liechtenstein, rapporte Finews. L’intéressé était auparavant sales director chez BNP Paribas Investment Partners à Zurich.
11/07/2012

Edmond de Rothschild Holding nomme un nouveau CFO

Jean-Christophe Pernollet rejoint au 3 septembre la banque privée Edmond de Rothschild Holding, rapporte Finews. Il sera le nouveau chief financial officer (CFO). L’intéressé occupait jusqu'à présent le même poste chez EFG International.
11/07/2012

Banque Privée Edmond de Rothschild recrute en Espagne

Carlos Servera rejoint l'équipe de développement de Banque Privée Edmond de Rothschild España, sous les ordres du directeur général Antonio Salgado, rapporte Funds People. Il sera banquier privé senior et aura pour mission de recruter une équipe de développement de la clientèle de particuliers qui viendra s’ajouter à celle de trois personnes existant déjà au bureau de Madrid. Carlos Servera a quitté Lombard Odier il y a deux ans.
11/07/2012

Blanchiment : HSBC va devoir s'expliquer devant le Sénat américain

Selon Les Echos, HSBC doit être auditionnée le 17 juillet par une sous-commission d’enquête du Sénat américain qui va se pencher sur la conformité de ses dispositifs aux lois américaines sur le blanchiment, le contrôle des actifs étrangers et le secret bancaire. Les enquêtes menées par la Commission seraient très à charge contre la banque. «Entre 2004 et 2010, nos systèmes de contrôle de l’antiblanchiment auraient dû être plus résistants et plus efficaces et nous n’avons pas su détecter et gérer des comportements inacceptables» a admis Stuart Gulliver, le directeur général de la banque dans une lettre adressée aux salariés de la banque.
11/07/2012

Muzinich Paris a collecté 700 millions de dollars au premier semestre

Au premier semestre, le gestionnaire américain Muzinich, spécialiste du haut rendement, a attiré des souscriptions de 2,4 milliards de dollars pour son Ucits Muzinich Funds s’élève, dont 700 millions en provenance du bureau parisien couvrant la zone francophone – France, Belgique, Genève, Luxembourg et Monaco, précise un communiqué. Au total, les encours de Muzinich & Co s’établissent à 17 milliards de dollars au 30 juin 2012 dont 50% dans le cadre du Ucits irlandais. Les encours pour la zone francophone s'élèvent à 2,5 milliards de dollars.Ce sont surtout les fonds ShortDurationHighYield, Enhancedyield et Americayield qui ont attiré les souscriptions, ces trois produits représentant respectivement 60%, 20% et 10% de la collecte nette globale. Cette collecte provient dʹinvestisseurs institutionnels au sens large (banques privées, family offices, compagnies d’assurances, caisses de pension, fonds de fonds), précise Muzinich.Par ailleurs, au premier semestre, Muzinich a accueilli deux nouvelles personnes au sein de ses équipes parisiennes : Anne Petit au poste de directeur de la clientèle institutionnelle et Charles Kanengieser en tant que sales & marketing support.
11/07/2012

Deux nominations pour renforcer l'ingénierie patrimoniale de l'UFF

L’Union Financière de France (UFF) a annoncé la nomination, mardi 10 juillet, de Vincent Dupin, responsable du Département des Techniques Patrimoniales et de Yann Drunet, animateur et coordinateur des Ingénieurs Patrimoniaux. La création du département des Techniques Patrimoniales et l’optimisation de l’animation et de la coordination commerciale de ses Ingénieurs Patrimoniaux a pour ambition de mieux répondre aux questions posées par les situations de ses clients, précise l’UFF. Vincent Dupin sera rattaché à Nicolas Schimel, président directeur général de l’UFF. Pour sa part, Yann Drunet, ingénieur patrimonial de l’agence UFF Ain et Savoies aura pour mission, au sein de la direction commerciale d’assurer le lien entre les ingénieurs patrimoniaux et tous les maillons de la chaîne UFF (*) dédiés aux clients détenteurs d’un patrimoine supérieur à 3 millions d’euros.Vincent Dupin a rejoint l’UFF en 2009 pour y occuper la fonction de consultant en Ingénierie Patrimoniale en appui de la Direction de la Clientèle Patrimoniale et Entrepreneuriale et du Département UFF Sport Conseil dédié aux sportifs professionnels et aux athlètes de haut niveau. De son côté, Yann Drunet, a rejoint l’UFF en 2001, où il a exercé successivement les métiers de conseiller en gestion de patrimoine puis d’ingénieur patrimonial.(*) Le département des Techniques Patrimoniales; le département Entreprise et Partenariat; le département Formation.
11/07/2012

Tax raid on German clients of Credit Suisse

According to exclusive reports in Handelsblatt, tax inspectors have conducted searches of the homes of German clients of Credit Suisse, who are suspected of tax evasion involving the use of “Bermuda products». The operation is said to involve about 7,000 clients, and the fraud is thought to run to billions of euros.The new information obtained by the tax authorities reportedly resulted in a near-100% success rate for inspectors. The average tax evasion discovered is estimated at EUR500,000, but the sums in question may in some cases be more than EUR12m.The information is thought to have been leaked from the inside at Credit Suisse, but it is not yet known who the German tax authority’s informer was, and if he or she was paid for the information.
11/07/2012

Investec Structured Products recruits for sales team

According to the website FundWeb, Investec Structured Products has recruited three more members for its sales team: Bruce Kirclady, Bobby Owen and Alex Hale. Kircaldy had previously worked at London & Capital as a sales manager. He will work alongside Colin Brockman. For their part, Owen and Hale will assist the regional teams of intermediaries at Investec responsible for sales, led by Gary Dale. Owen and Hale join the firm from Axa Investment Managers and Aviva Investors, respectively.
11/07/2012

Pioneer recruits a head of distribution for United Kingdom

Brian Clay, head of sales for intermediary wholesale and sub-advisory business at Janus Capital, joins Pioneer Investments in London as head of UK wholesale business. He reports to Hanratty, head of distribution of Pioneer for the UK and Ireland, Fundweb reports.
11/07/2012

Ashcourt Rowan appoints two executives

Ashcourt Rowan has appointed Chris Williams and Christopher Jeffreys as chief executives for its financial planning and asset management branches, respectively, Money Marketing reports.
11/07/2012

Multi-asset and fixed income teams combined at Jupiter AM

Jupiter AM will be merging its multi-asset and fixed income teams, the firm’s website has announced. The asset management firm will place the unit under the leadership of Miles Geldard, who has more than 18 years of experience in management of fixed income and multi-asset strategies. Geldard joined Jupiter in 2010 as manager of the Jupiter Global Convertibles Sicav Strategic Total Return Sicav and the Strategic Reserve Unit Trust. However, John Hamilton, head of fixed income, will be leaving the business where he has spent 21 years, and where, among other duties, he has managed GBP234m in asset in the Corporate Bond Fund since 1998.
11/07/2012

Net redemptions from European funds in May

According to statistics from Lipper, European funds have posted net redemptions in May totalling EUR3.6bn. May was the first month of net outflows this year, meaning that net subscriptions in January-May totalled EUR108.8bn.Net subscriptions of EUR8.2bn for money market funds helped to conceal the distress for long-term funds, which, without the support of money markets, would have seen outflows of EUR11.8bn. Net inflows to bond funds fell to their lowest level since the beginning of the year, at EUR6.6bn, while equity funds saw outflows of EUR13.1bn.By group, BlackRock has the best results, with net subscriptions of EUR1.8bn in May. However, not counting ETFs, the best inflows were to Allianz/Pimco, with EUR1.6bn.The top three for sales of mutual funds in May were the Pimco GIS Global Investment Grade Credit with EUR830m, AllianceBernstein American Income Portfolio (EUR750m) and Allianz US High Yield fund, with EUR740m.Lipper also notes that subscriptions to absolute return funds in May were at their lowest levels since the beginning of the year, at EUR350m. However, net inflows to this category in the first five months of 2012 totalled EUR5.6bn.
11/07/2012

Inflows continue for European ETP funds

After inflows of USD3.1bn in May, European ETPs attracted USD2.16bn in June, bringing net subscriptions since the beginning of the year to USD7.43bn, on assets of USD305.5bn as of the end of June, according to the BlackRock Investment Institute, while SPDR, from State Street Global Investors (SSgA), estimates assets at USD250bn in its ETFs as of the end of May (USD297bn for ETPs, according to BlackRock).Of USD7.43bn in net inflows, USD5.8bn went to iShares (BlackRock) in first half. Second place for net subscriptions goes to Source, with USD1.7bn.Among the top ten players, four have seen net redemptions in January-June: firstly, db x-trackers (Deutsche Bank), with outflows of USD1.3bn, followed by ComStage (Commerzbank), with redemptions of USD0.9bn, Lyxor Asset Management (Société Générale) with USD0.8bn, and Credit Suisse Asset Management with USD0.1bn.
11/07/2012

Banque Privée Edmond de Rothschild recruits in Spain

Carlos Servera will be leaving Lombard Odier to join the development team at Banque Privée Edmond de Rothschild España, where he will report to CEO Antonio Salgado, Funds People reports. He will be a senior private banker, and will aim to recruit a retail client development team, which will come as an addition to the three people already working in this area in the Madrid office.
11/07/2012

Aviva Investors liquidates its tactical allocation range

The asset management affiliate of Aviva, Aviva Investors, has announced that on 11 July it will be closing the tactical asset allocation fund Absolute TAA (GBP192m), launched in 2006, and the Absolute TAA 5 (EUR14.5m), launched in 2007, due to their excessively low net asset value levels, Investment Europe reports. The funds are managed by Adrian Jarvia and Hassan Johaadien, respectively. The two will remain at the business with other responsibilities.
11/07/2012

JPMorgan launches an emerging market fund

Richard Titherington, CIO for emerging market equities at JPMorgan Asset Managemnt, has been put in charge of managing the new Global Emerging Markets Income Fund, whose performance objective is 4% per year, Fundweb reports. Titherington will be able to rely on both the resources of the emerging market equities team and the emerging market bond team, led by the Frenchman Pierre-Yves Bareau, as the portfolio may contain up to 20% emerging market debt.
11/07/2012

Natixis registers Sélection Obli Juin 2016 in Spain

The French firm Natixis Asset Mangaement has received a sales license for Spain from the CNMV for its credit fund Sélection Obli Juin 2016, managed by a team led by Philippe Berthelot, Funds People reports.
11/07/2012

iShares expecting bond ETF assets to boom by a factor of six in 10 years

Recently, Stephen Cohen, director of investment strategy for the Europe, Middle East and Africa (EMEA) region, announced that iShares is planning to strongly develop its bond ETF range (see Newsmanagers of 9 July). A study by the asset management firm published on Tuesday finds that the global bond ETF market is expected to reach USD2trn in ten years, while it represents only USD302bn and 18.1% of total ETF assets currently. Of this total of USD2trn, USD1.4trn will come from the US market, while the EMEA region and Asia will supply the rest.Growth in the global market is expected to be driven by three factors: the impact of demographic changes, which are driving investors to seek out investments that generate income, permanent changes on global bond markets, and lastly, the discovery of bond ETFs as an attractive form of investment by a growing number of investors.
11/07/2012

Blackstone to liquidate its office property portfolio in the US

The private equity investor Blackstone is planning to sell off its portfolio of office real estate in the United States, which analysts value at USD22bn, in regional consignments, the Wall Street Journal reports. The properties might also be placed in a REIT vehicle and launched on the stock exchange.The move is a sign that one of the most active buyers on the real estate market has moved over to the sell side, and that the high-end office property market is looking at a recovery.
11/07/2012

Muzinich Paris had inflows of USD700m in first half

In first half, the US asset management firm Muzinich, a specialist in high yield, attracted subscriptions of USD2.4bn for its Ucits Muzinich Funds, of which USD700m came from the Paris office, serving the French-speaking countries – France, Belgium, Geneva, Luxembourg, and Monaco, a statement says. Total assets at Muzinich & Co totalled USD17bn as of 30 June 2012, of which 50% were in Irish UCITS products. Assets in French-speaking countries, total USD2.5bn. The ShortDurationHighYield, Enhancedyield and Americayield fund have attracted the most subscriptions, and these three products represent 60%, 20% and 10%, respectively, of global net assets. These inflows have come largely from institutional investors in the wider sense (private banks, family offices, insurers, pension funds, funds of funds), says Muzinich.In first half, Muzinich also welcomed two new members of its Paris-based teams: Anne Petit as director of institutional clients, and Charles Kanengieser for sales & marketing support.
11/07/2012

Source recruits in Switzerland

Source has recruited Mark Vallon as head of sales to institutional clients and private banks in Switzerland and Liechtenstein, Finews reports. Vallon had previously been sales director at BNP Paribas Investment Partners in Zurich.
11/07/2012

Edmond de Rothschild Holding appoints a new CFO

Jean-Christophe Pernollet will join the private bank Edmond de Rothschild Holding on 3 September, Finews reports. He will be the new chief financial officer (CFO). Pernollet had previously served in the same position at EFG International.
11/07/2012

Mandates awarded to asset managers by Japanese pension funds down

In the year to 31 March 2012, Japanese pension funds entrusted JPY79trn (USD99bn) to asset management firms under mandates, Asian Investor reports, citing statistics from the Japan Securities Investment Advisers Association (JSIAA). This is a decline of 4.54% year on year. BlackRock Japan, Sumitomo Mitsui Trust Bank and Mizuho Trust & Banking lead the field, representing more than 44% of total market share for mandates between them. Overall, 110 asset management firms manage 5,186 mandates in Japan. Asian Investor notes that foreign asset management firms represent 14 of the 25 largest asset managers, including BlackRock, which leads with JPY13.8trn, State Street (5th with JPY4.1trn), JP Morgan Asset Management (10th, with JPY1.5trn), Goldman Sachs Asset Managemnt (11th, JPY1.5trn) and Pimco (14th place, JPY1.4trn).
11/07/2012

Dimensional Fund Advisors recruits a head for Asia

Dimensional Fund Advisors has recruited Chen Peng for the newly-created position of CEO for the Asia ex Japan region. He joined the quantitative asset management firm from Morningstar, where he had been president of the global investment management division. Offices will be opened in Hong Kong and Singapore to strengthen the presence of Dimensional Fund Advisors in the region.
11/07/2012

Lehman: No special treatment for hedge funds

Judge James Peck of New York’s bankruptcy court on Tuesday ruled that more than 20 hedge funds and asset managers who had soft dollar agreements with the brokerage affiliate of Lehman Brothers should not be considered clients, and therefore cannot be reimbursed ahead of other creditors, the Wall Street Journal reports.
11/07/2012

J.P. Morgan to seek millions from heads responsible for the “whale”

The Wall Street Journal reports that J.P. Morgan Chase & Co will Friday announce that it will be clawing back millions of dollars from the directors of the department which was responsible for the “whale.” The defendants will include Ina Drew, who had been CIO and resigned when the size of the losses was revealed.
11/07/2012

db ETC launches a product on Xetra

The British firm db ETC index Plc (Deutsche Bank group) has added a new German-registered ETC replicating the db Commodity Momentum EUR Index to trading on the Xetra electronic platform from Deutsche Börse. The index covers the short-term momentum of various commodities in a basket composed from sub-indices of the S&P GSCI index. Like all ETCs from db ETC, the new product has a physical gold collateral.The ETC is the 274th on the specialist Deutsche Börse segment, where monthly trading volumes total about EUR700m.CharacteristicsName: db Commodity Momentum Euro Hedged ETCISIN code: DE000A1N4341TER: 0.45%
11/07/2012

Peregrine enters chapter 7

In Chicago on Tuesday night, Peregrine Financial Group entered liquidation under chapter 7 of the United States bankruptcy code, amidst a scandal in which regulators are seeking USD215m in client money which has gone missing from the coffers of the business, the Wall Street Journal reports. Earlier, the Commodities Futures Trading Commission (CFTC) had filed a lawsuit in the Chicago courts against Peregrine Financial and its founder, Russell Wasendorf Sr., for fraud, customer fund violations, and false statements.
10/07/2012

Le crédit aux entreprises plonge en Italie

L’encours de prêts aux entreprises a diminué de 0,4% sur un an à fin mai, selon les statistiques de la Banque d’Italie, alors qu’il affichait encore une hausse de 1,3% en glissement annuel le mois précédent. Le signe d’une aggravation du credit crunch dans la Botte. Le crédit aux ménages reste en hausse de 1,4%, contre 1,8% en avril et 5,2% il y a un an. Bonne nouvelle pour les banques, les dépôts continuent à progresser, de 2,1% en mai contre 1,8% en avril.

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