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12/06/2012

Alstom and FSI sign agreement to acquire Translohr

Alstom and the Strategic Investment Fund (FSI) on 11 June announced in a joint statement that they are taking over Translohr, a guided bus manufacturing affiliate of the Alsacian business Lohr, for a total of EUR35m. Alstom and the FSI have announced in a joint statement that they are taking over 51% and 49%, respectively, of capital in Translohr as part of an agreement which will be finalised “at the conclusion of current procedures, information processes and approval by the relevant authorities.” The Lohr grou[, based in Duppingheim (lower Rhine), has a total of 940 employees, and submitted its balance sheet on 4 June. The future of the business, which is facing debts of EUR94m and earnings which have fallen to one third of their 2008 levels since the onset of the economic crisis, is the subject of negotiations with the productivity recovery ministry.
12/06/2012

BNP Paribas planning to sell asset management activities

BNP Paribas is in the process of studying alternatives for its asset management activities, according to Financial News, citing several sources. Fauchier Partners, a fund of hedge fund firm with USD7bn in assets under management, is considered a clear candidate for sale, due to its relative indepenndence. Fischer Francis Trees & Watts, a bond management firm owned wholly by BNP Paribas, is also seen as an attrractive candidate for sale by investment bankers.
12/06/2012

Geneviève Werner leaves Efigest

“Due to differences of opinion about the management of the business,” Geneviève Werner on 8 June 2012 resigned from her positions as deputy CEO and director of the asset management firm Efigest Asset Management, which she joined in late August 2011 from IT Asset Management. According to reports received by Newsmanagers, Werner is now considering other projects, and has not ruled out founding her own firm.Efigest for its part, claims it has been a victim of unfair competition from Geneviève Werner.
12/06/2012

Businesses choose the most engaged managers

Fidelity Worldwide, BlackRock and Norges Bank Investment Management are the best asset management firms for active engagement with businesses in which they invest to earn long-term shareholder value, according to a survey of 780 selected companies in Europe and the United Kingdom, cited by Financial Times Fund Management. The top three finish ahead of four US asset management firms: Capital International, JPMorgan, Wellington and Capital Research Global Investors.
12/06/2012

Major asset management firms take the lead

European mid-sized asset management firms are in fragile financial health, and will be under increasing pressure from dominant asset management firms, according to a study by McKinsey & Co, cited by Financial Times Fund Management. European groups in the top quartile increased their share of profits in the sector from 50% to 58% between 2007 and 2011, and this percentage may rise to 70% by next year.
12/06/2012

Feri EuroRating recruits a director from Invesco

Andreas Kuschmann, head of investment consulting & product marketing for Europe at Invesco Asset Management, will be joining the managing board at Feri EuroRating Services, alongside Tobias Schmidt, chairman, and Matthias Klöpper.Kuschmann will be responsible for developing relationships with institutional and retail clients, and for enlarging the portfolio of products and services, particularly in the area of systematic selection of products and managers.
12/06/2012

Comgest tops EUR2.5bn in assets in Germany

In only seven years, the French asset management boutique Comgest has built up assets under management in Germany of EUR2.5bn, which is a good result considering that Comgest invests exclusively in equities, while Germans are particularly circumspect about this asset class, the Börsen-Zeitung reports. The sales team led by Christoph Zitt is convincing because Comgest practices stock-picking for shares likely to be successful in the long term, without frequent modifications to the portfolio, and because there has been no change of fund managers for 25 years.In Düsseldorf, the five institutional sales staff at Comgest cover the German, Austrian, Swiss and Luxembourg markets.
12/06/2012

Sal. Oppenheim replaces chief economist

Norbert Braems, chief economist at Sal. Oppenheim (Deutsche Bank group), has decided to leave his position on 1 July, while remaining as senior economic adviser to the private bank. His role will be held in the interim by Frank Hübner, head of the economics department.By January 2013 at the latest, his successor will be Martin Moryson, who has most recently been director of corporate advisory at HSH Nordbank, after serving as adviser to institutional investors at Feri Institutional Mangement, and as head of empirical research and econometric analysis for the German Council of the Wise.
12/06/2012

Swedish investors pull out of equity funds

In May, equity funds on sale in Sweden for the second consecutive month have recorded net outflows, totalling SEK9.7bn, or EUR1.09bn, according to the most recent statistics from Fondbolagens Förening, the Swedish investment fund association. Outflows form equities profited bond and money market funds, which posted net inflows of SEK4bn (EUR0.45bn) and SEK4.6bn (EUR0.52bn), respectively. Balanced funds, meanwhile, have seen inflows of SEK1.1bn (EUR0.12bn). These inflows, however, were not enough to compensate for overall redemptions, as funds on sale in Sweden saw outflows of SEK0.7bn (EUR0.08bn). As of the end of May, Swedish funds managed a total of SEK1.892trn (EUR213bn), of which SEK998bn (EUR112.4bn) were in equity funds.
12/06/2012

High net worth retail investors have about 10% of their assets in precious metals

About 10% of the total wealth of high net worth retail investors are held in the form of precious metals, according to a study published on 11 June in Geneva in the Barclays Wealth Insights series. This figure is 18% for high net worth invetors in the United Arab Emirates.In Brazil, China and Singapore, precious objects represent an average of one sixth of total wealth, while the percentage is lower in Switzerland (6%), the United Kingdom (7%) and India (3%). For its survey, the bank spoke to 2000 high net worth retail clients worldwide. One third of them have confirmed that they currently have a larger range of precious objects than five years ago.Despite growing public interest in collectible objects and record prices at auctions, the report finds that investors are more likely to buy assets for sentimental than financial reasons. 62% of precious objects owned by respondents worldwide were bought for pleasure, compared with 60% in Switzerland, as much as 79% in Monaco and 75% in the United Arab Emirates.Greg Davies, head of the department dedicated to behavioural finance at Barclays, remarks that “it is a good idea to be prudent before considering assets as a direct alternative to traditional asset classes, given that they carry numerous risks, ranging from insurance and maintenance costs to the subjective nature of markets.”
12/06/2012

S&P Capital IQ launches an advising service

With Global Markets Intelligence (GMI), S&P Capital IQ has created an advisory operation which provides asset managers with risk-based, non-discretionary services for equity and fixed portfolio strategies, asset allocation and fund review. Currently, GMI advises assets totalling USD18bn. The new service is distributed by S&P Investment Advisory Services in the United States, and by McGraw Hill Research Europe Ltd in the United Kingdom and Western Europe, relying on the proprietary resources of S&P Captial IQ in data, analysis and research. The characteristic of GMI is that its methodologies integrate risk mitigation as a core element, and not as a separate overlay, a statement released on 11 June states.
12/06/2012

Bonds still favoured by investors

The combined forces of disappointing employment data in the US and another week of no clear policy consensus in Europe, along with the fear that Chinese economic growth is slowing faster than previously thought, rattled global markets and encouraged investors to stay on course with the current bond buying spree while continuing to dump equities.In the week ending June 6 EPFR global tracked fixed income funds absorbed another USD3.4 billion of inflows, their 31st consecutive weekly inflow and extending YTD total inflows to about USD190 billion, a pace that is set to break the full year inflow record set in 2010.Investors were retreating from the perceived higher risk of equities as they made net withdrawals of USD7.6 billion from Equity Funds during the week, the second strongest weekly outflow this year.Meanwhile, money market Funds attracted nearly USD9 billion of net inflows, but it was only European based investors feeling the love for this cash equivalent and ultra-low yielding fund vehicle, pumping in nearly USD13 billion of net inflows while US domiciled Money Market Funds saw another week of substantial withdrawals. So far this year Europe domiciled funds have taken in about USD38 billion of net inflows while the US domiciled funds have seen USD107 billion of redemptions.
12/06/2012

Putnam opens rep office in Beijing

The Boston-based Putnam Investmnts (USD124bn in assets as of the end of April) has announced the opening of a representative office in Beijing, which will be directed by Michael Luo, formerly of Invesco Great Wall, where he helped to set up a fixed income team, has he had previously done at China Investment Corporation. Luo will report directly to Joseph T. Phoenix, head of global institutional management.The Beijing office will be in charge of establishing and managing relationships with government and private institutions in China. Luo will also be responsible for developing Putnam’s long-term strategy in the country.
12/06/2012

Vincenzo Di Perri appointed as CEO of Valartis Bank Schweiz

The board of directors at the banking group Valartis has appointed Vincenzo Di Pierri as CEO of Valartis Bank AG Switzerland. He succeeds Daniel Reptsis, who took over the position for the interim following the departure of Stefan Holzer in May, according to a statement published on 11 June by Valartis. Reptsis will concentrate on his role as chief financial and risk officer for the finance & risk and banking operations units.Di Pierri worked from 2003 to 2011 at Privat Bank Finter, as CEO. Currently, he is head of the Italian chamber of commerce for Switzerland (CCIS).Valartis, formerly a simple brokerage firm, has recently refocused on wealth management. Its assets under management total about CHF6.8bn.
12/06/2012

Gonet group appoints a head for Asia-Pacific

The Gonet private bank has appointed Alex Jagmetti as head of its activities in Asia. Following the opening of the Gonet Asia Pte Ltd company in Singapore in November last year, the group has strengthened its involvement in Asia and is now entering a new phase in its development. Jagmetti has 10 years of experience in Asia, where he has served as Managing Director at HSBC and then at UBS, before becoming head of Asia-Pacific at Falcon Private Bank.
12/06/2012

Record inflows to actively-managed ETF Man GLG Plus Source

The alternative asset management firm Man Group on 11 June announced that the ETF Man GLG Europe Plus Source, launched in January 2011, topped USD565m in assets on 31 May 2012. That makes it one of the largest ETFs in the world seeking to outperform an equity index. It is also one of the most attractive European ETF funds in 2012, both in terms of performance and inflows.The ETF replicates the Man GLG Europe Plus index, created by Man Systematic Strategies (MSS). The index is a long-only total return equity index, designed to capture outperformance through recommendations from brokers on behalf of Man GLG.The exposure of the Man GLG Europe Plus index to large caps is near that of the European equity market overall, while also presenting potential for optimised performance. Between the creation of the index on 30 December 2010 and 30 April 2012, the Man GLG Europe Plus index has outperformed the MSCI Europe by 2.1%. Since 2007, MSS has a managed account, which is based on a similar strategy and provides a track record for the index. Between its launch on 31 December 2007 and 30 april 2012, the performance of the strategy exceeds that of the MSCI Europe index by 13.2%, or 2.9% in annualised figures.
12/06/2012

Suitors line up for Robeco

The asset management affiliate of Rabobank, Robeco, appears to be generating some strong interest, Agefi reports. Since April, offers to acquire the firm have been flooding in. According to the Netherlands newspaper Het Financieele Tagblad, several dozen potential acquirers have expressed interest. Among these are private equity funds from outside the euro zone, including the British (widely international) funds CVC Capital Partners and Apax Partners, and the US firm Hellman & Friedman. Buyers in continental Europe are less interested, Agefi reports.
12/06/2012

Asset managers encourage reforms in management pay scales

UK asset management firms are pushing major banks and businesses to reform their practices in the area of pay scales, the Financial Times reports. Fidelity Worldwide Investment, Standard Life Investments and Hermes Equity Ownership Services are encourging remuneration committees to model their long-term incentive plans on those rolled out by HSBC, which require the top 100 employees on the pay scale to hold onto the shares issued to them under long-term plans until they leave the bank.
12/06/2012

Vestra recruits from Deutsche Bank

The wealth management firm Vestra, based in London and Jersey, has appointed David Campbell as managing partner. Campbell previously worked at Deutsche Bank, where he was director of the British wealth management unit. Assets under management at Vestra total about GBP2.5bn.
12/06/2012

India may be the first BRIC country to lose its investment grade rating

India may be the first of the BRIC countries (Brazil, Russia, India and China) to lose its status as an investment grade country (BBB-) Standard & Poor’s announced on 11 June, two months after putting the rating on a negative watch. “The slowdown in GDP growth and political obstacles to economic decisions are among the factors which are increasing risk, and may see India lost its investment grade rating,” the ratings agency says. Growth in Indian GDP totalled 5.3% in first quarter, the lowest level in nine years, and “inability to more extensively liberalise the economy may reduce long-term growth potential for India, and thus affect its sovereign rating,” Standard & Poor’s indicates.
12/06/2012
Fonds

Vontobel lance un fonds high yield

La banque privée suisse a annoncé le 11 juin le lancement d’un fonds dédié aux obligations d’entreprises, le Vontobel Fund – High Yield Bond qui devrait permettre aux investisseurs de dégager des revenus comparables à ceux des actions, avec une volatilité et un risque réduits. Le nouveau fonds propose aux investisseurs l’accès à un vaste éventail d’obligations d’entreprises à haut rendement avec des notations entre BB+ à CCC-. Avec un objectif de rendement de 5% jusqu’à 9% par an (considéré sur un cycle économique complet) le fonds cherche à dégager des revenus comparables aux actions et aspire donc à une protection contre l’inflation, tout en présentant une volatilité et un risque réduits par rapport aux titres à dividendes. Le supplément de rendement par rapport aux obligations gouvernementales qui jouissent d’une solvabilité élevée est une compensation pour le risque de crédit. Nom du fonds Vontobel Fund – High Yield Bond Indice de référence Customized Merrill Lynch High Yield, 50% EUR et 50% USD hedged Monnaie du fonds EUR Domicile du fonds Luxembourg Clôture de l’exercice Août Date de lancement 11.06.2012 Gérant de portefeuilles Stefan Chappot Numéro ISIN B: LU0571066462 I: LU0571066975 (exclusivement pour les investisseurs institutionnels) Commissions de gestion p.a. 1.10% (B), 0.55% (I)
Fonds
12/06/2012

Putnam ouvre un bureau de représentation à Pékin

Le bostonien Putnam Investments (124 milliards de dollars d’encours fin avril) a annoncé l’ouverture de son bureau de représentation à Pékin, dont la direction est confiée à Michael Luo, un ancien d’Invesco Great Wall, où il a contribué à monter une équipe obligataire comme il l’avait fait précédemment chez China Investment Corporation. L’intéressé est directement subordonné à Joseph T. Phoenix, head of global institutional management.Le bureau de représentation de Pékin sera chargé d'établir et de gérer les relations avec les institutions gouvernementales et privées en Chine, Michael Luo ayant aussi pour mission de mettre au point la stratégie de long terme de Putnam dans ce pays.
12/06/2012
Fonds

Forte croissance des actifs sous gestion dans le secteur des ETF

Les actifs sous gestion du secteur des ETF en Europe ont progressé au premier trimestre de 8,71% pour s'élever à 250,81 milliards d’euros, selon des statistiques communiquées par Lipper. Sur l’ensemble de 2011, les actifs sous gestion avaient progressé de 3,75%.La collecte des ETF actions s’est élevée au premier trimestre à plus de 3 milliards d’euros, contre 1,5 milliard d’euros pour les ETF obligataires et 770 millions d’euros pour les ETF de matières premières. Les ETF monétaires ont subi des rachats pour un montant de 990 millions d’euros. Le nombre d’ETF lancés au premier trimestre s’est élevé à 62, dont la moitié environ dans la sphère actions. Seulement 19 ETF obligataires ont été lancés au premier trimestre mais qui ont attiré 63% des actifs des nouveaux ETF. La collecte des nouveaux ETF s’est élevée à 490 millions d’euros au premier trimestre, dont 311 millions pour les ETF obligataires, et 102 millions pour les ETF actions. Lipper relève que sur les 1.711 ETF enregistrés en Europe, 241 figurent sur une liste de «condamnés à mort», autrement dit sur une liste rouge comprenant les ETF jugés peu rentables par les promoteurs. Ces ETF ont généralement plus de trois ans d'âge et ont moins de 100 millions d’euros d’actifs.
Fonds
12/06/2012

Sal. Oppenheim change de chef économiste

Norbert Braems, chef économiste de Sal. Oppenheim (groupe Deutsche Bank), ayant décidé de quitter ce poste au 1er juillet tout en restant senior economic adviser de la banque privée, ses fonctions seront reprises de manière intérimaire par Frank Hübner, qui dirige le service économique.En janvier 2013 au plus tard, son successeur sera Martin Moryson, qui était en dernier lieu directeur du corporate advisory de HSH Nordbank après avoir travaillé comme conseiller des investisseurs institutionnels chez Feri Institutional Management et comme responsable des études empiriques ainsi que des analyses économétriques pour le Conseil des Sages allemand.
12/06/2012
Fonds

Cinq nouveaux ETF d'UBS Global AM cotés à Francfort

Depuisle 11 juin, le segment XTF de la plate-forme Xetra (Deutsche Börse) cote 986 ETF, avec l’admission à la négociation de cinq produits UBS Global Asset Management de droit irlandais, dont quatre sur des indices MSCI Canada et Japon (deux chacun) et un sur le FTSE 100. Les TFE s'échelonnent entre 0,28 % et 0,50 %.
Fonds
12/06/2012

Feri EuroRating recrute un dirigeant chez Invesco

Headof investment consulting & product marketing pour l’Europe chez Invesco Asset Management, Andreas Kuschmann rejoint le directoire de Feri EuroRating Services aux côté de Tobias Schmidt (président) et de Matthias Klöpper.L’intéressé sera plus particulièrement chargé du développement des relations avec les clientèles institutionnelle et de particuliers ainsi que de l'élargissement de portefeuille de produits et de services, notamment dans le domaine de la sélection systématique de produits et de gérants.
12/06/2012

Comgest atteint 2,5 milliards d'euros d'encours outre-Rhin

En l’espace de seulement sept ans, la boutique de gestion française Comgest est parvenue à amasser en Allemagne des actifs sous gestion de 2,5 milliards d’euros, ce qui est un bon résultat si l’on considère que Comgest investit exclusivement en actions alors que les Allemands sont particulièrement réfractaires à cette classe d’actifs, note la Börsen-Zeitung. L'équipe commerciale dirigée par Christoph Zitt parvient à convaincre parce que Comgest pratique la sélection de valeurs qui ont des perspectives de succès à long terme, sans modifications fréquentes du portefeuille, et parce qu’il n’y a pas eu de changement de gérant de fonds depuis un quart de siècle. De Düsseldorf, les cinq commerciaux institutionnels de Comgest couvrent les marchés allemand, autrichien, suisse et luxembourgeois.
12/06/2012

Vanguard est autorisé à commercialiser ses ETF en Allemagne

L’américain Vanguard vient d’obtenir de la BaFin l’agrément decommercialisation en Allemagne de cinq ETF (sur le FTSE 100, le S&P 500, le FTSE All World, le FTSE Emerging Markets et les gilts) qui ont été admis à la négociation fin mai sur le London Stock Exchange (LSE), mais on ne sait pas encore si l'émetteur va demander la cotation de ces produits sur la Deutsche Börse, rapporte le Handelsblatt. Tim Huver, product manager, n’a pas non plus indiqué comment Vanguard compte commercialiser ces produits en Allemagne. Pour l’instant, le gestionnaire américain n’a pas de succursale dans le pays. La stratégie sur le marché allemand devrait être fixée durant les quatre prochaines semaines.
12/06/2012
Fonds

EQT acquiert BSN Medical

Le capital-investisseur EQT de la famille suédoise Wallenberg achète pour 1,8 milliard d’euros le hambourgeois BSN Medical (pansements adhésifs de la marque Leukoplast, notamment) auprès du capital-investisseur Montagu, rapporte la Frankfurter Allgemeine Zeitung. Le prix représente plus de 10 fois l’ebitda de 2011 (168 millions d’euros). BSN Medical emploie plus de 4.000 personnes.
Fonds
12/06/2012
Fonds

Collecte record pour l'ETF de gestion active Man GLG Europe Plus Source

La société de gestion alternative Man Group a indiqué le 11 juin que l’ETF Man GLG Europe Plus Source, lancé en janvier 2011, a passé le cap des 565 millions de dollars d’encours au 31 mai 2012. Il devient ainsi un des plus gros ETF au monde offrant une surperformance par rapport à un indice actions. En outre, il constitue un des ETF actions européennes les plus attractifs en 2012, à la fois en termes de performance et de collecte.L’ETF réplique l’indice Man GLG Europe Plus créé par Man Systematic Strategies (MSS). Cet indice est un indice de type long only performance absolue (long-only total return equity index), conçu pour capter une surperformance à partir des recommandations émises par des brokers pour le compte de Man GLG.L’exposition de l’indice Man GLG Europe Plus aux titres de grande capitalisation se rapproche de celle de l’ensemble du marché d’actions européen, tout en présentant un potentiel de performance optimisé. Entre le lancement de l’indice le 30 décembre 2010 et le 30 avril 2012, l’indice Man GLG Europe Plus a surperformé le MSCI Europe de 2,1 %. Depuis 2007, MSS dispose d’un compte géré qui repose sur une stratégie similaire et fournit l’historique de performance de l’indice. Entre son lancement le 31 décembre 2007 et le 30 avril 2012, la performance de la stratégie a dépassé de 13,2 % celle du MSCI Europe, soit 2,9 % en chiffres annualisés.
Fonds

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