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28/03/2012

Man Group lance un portail pour les managed accounts

Le groupe britannique Man a annoncé le 27 mars le lancement d’un portail online dédié aux investisseurs dans des comptes gérés.Le nouveau système, Clarus, offre aux investisseurs davantage de transparence dans leurs investissements sous-jacents. Il permet notamment aux clients de visualiser leur exposition aux facteurs de risque sous-jacents dans leurs comptes gérés et plus largement l’exposition agrégée de leurs comptes gérés au sein de leur portefeuille. Parmi les informations proposées par Clarus figurent également la performance, la décomposition de la performance, l’attribution de performance, la valeur en risque, avec l’analyse des sensibilités aux taux de change, aux matières premières, aux actions et aux taux d’intérêt. Les actifs sous gestion de Man au sein de comptes gérés s'élèvent actuellement à 8 milliards de dollars.
28/03/2012

Hugh Mullan prend la succession de Gary Shaughnessy chez Fidelity

Gary Shaughnessy, le patron de l’activité retail de Fidelity, quitte la société, rapporte Investment Week. Il est remplacé par Hugh Mullan, l’actuel chief operating officer pour l’Europe, qui prendra ses nouvelles fonctions début avril. Gary Shaughnessy devient directeur général de l’activité assurance vie britannique de Zurich. Il travaillera sous la direction de David Sims, CEO de Zurich Global Life en Europe.
28/03/2012

Le patron d'Aviva Investors jette l'éponge

Money Marketing rapporte que le patron d’Aviva Investors, John Clougherty, serait sur le point de quitter la société.Le groupe avait annoncé en janvier une réduction de 12% de ses effectifs, pour l’essentiel à Londres. Aviva Investors devrait rester actif dans les secteurs du fixed income, de l’immobilier et de la multi-classe classes d’actifs.
28/03/2012

John Clougherty quitte Aviva Investors

John Clougherty, le directeur général de l’activité de fonds britanniques d’Aviva Investors, a quitté la société, rapporte Investment Week. «Nous procédons à des changements dans l’organisation de notre activité vie au Royaume-Uni. John Clougherty a décidé que le temps était venu de poursuivre d’autres opportunités (…)», selon un porte-parole d’Aviva cité par le site Internet. Fin janvier, le groupe a annoncé la suppression de 160 emplois, rappelle Investment Week.
28/03/2012

Baisse de 86% du bénéfice de la LLB en 2011

La Liechtensteinische Landesbank (LLB) a finalement accusé une baisse de 86% de son bénéfice en 2011 à 15,4 millions de francs suisses, contre 108,5 millions un an plus tôt, selon les résultats définitifs publiés le 27 mars. Dans sa première estimation, la banque avait dit s’attendre à un bénéfice de 15 millions de francs.La collecte nette s’est élevée en 2011 à 600 millions de francs contre 2,7 milliards de francs l’année précédente. Les actifs s'établissaient fin décembre à 48,1 milliards de francs contre 49,8 milliards à fin décembre 2010.
28/03/2012
Fonds

Catella Fonder lance trois fonds en Suède

Catella Fonder a fait une demande à l’autorité suédoise des marchés pour trois nouveaux fonds qu’il gérera pour le compte d’ICA Banken, rapporte Investment Europe. Les fonds seront pilotés par Ola Mårtensson.
Fonds
28/03/2012

Céline Crestaux- Desplanche devient responsable du pôle AM de Perial

Céline Crestaux-Desplanche prend la responsabilité du pôle Asset Management au sein de la direction immobilière de Perial Asset Management (Perial AM), annonce mardi la société de gestion, qui précise qu’il s’agit d’une création de poste. Elle aura notamment la responsabilité de la stratégie de valorisation et de relocation des actifs immobiliers, de la gestion du patrimoine immobilier et des relations avec les locataires ainsi que la gestion des risques tant locatifs qu’immobiliers, précise un communiqué. Elle assurera également le management du pôle composé de 8 collaborateurs et la gestion des relations avec les experts immobiliers, les observateurs et partenaires externes.Céline Crestaux-Desplanche a rejoint la direction comptable puis la direction juridique du groupe Perial en 2002. En 2003, elle devient asset manager en charge plus précisément de la relocation au sein de Perial AM.
28/03/2012

Philippe Lecomte rejoint La Française AM

La Française AM a confirmé mardi l’arrivée dans ses équipes de Philippe Lecomte, une information que nous avions anticipée après l’annonce de son départ de Schroders Investment Management France dont il était directeur général. Il rejoint la société en tant que directeur général de La Française AM Finance Services et La Française AM International en charge de la clientèle institutionnelle et du développement international. Basé à Paris, il intègrera la structure au cours du mois d’avril 2012 et sera membre du comité exécutif de La Française AM.Cette arrivée coïncide avec une évolution de l’organisation de la société de gestion française. "(…) Nous avons ainsi décidé de placer la Direction «institutionnel France» et le développement international sous la même responsabilité managériale. L’expérience de Philippe Lecomte auprès de la clientèle institutionnelle française et à l’international répond pleinement à nos objectifs», commente Patrick Rivière, directeur général de La Française AM.Parallèlement, La Française AM confirme qu’elle confie à Nicolas Duban, qui assurait jusqu’à présent la responsabilité du développement Institutionnel France au sein de La Française AM, la présidence de NExT AM, Nouvelles Expertises et Talents, sa filiale de prises de participations, une information que nous avions également déjà annoncée.
28/03/2012

SGSS et Orient Capital coopèrent dans la tenue de registre

Société Générale Securities Services (SGSS) et Orient Capital ont annoncé la signature d’un accord de partenariat grâce auquel Orient Capital offrira aux clients émetteurs de SGSS sa gamme de services de gestion de la relation investisseurs, reconnue dans l’industrie des Titres.SGSS souligne avoir choisi Orient Capital «pour sa capacité à fournir des services de gestion de la relation investisseurs de grande qualité, basés sur son service d’analyse de registre (SRA) et sa plate-forme propriétaire en ligne, «miraqle ®". En fournissant ce service innovant à ses clients émetteurs français, SGSS leur propose une information plus détaillée et une analyse plus fine de leurs actionnaires, notamment l’actionnariat étranger».
28/03/2012

La Française AM prend 20 % du capital de Trecento AM

La Française Asset Management a pris une participation de 20 % dans le capital de la société de gestion entrepreneuriale française Trecento Asset Management. La Française AM apporte 15 millions d’euros à la jeune structure. Cette participation a été effectuée à travers la filiale de la Française «Nouvelles Expertises et Talents (NEXT)», spécialisée dans l’incubation et de l’amorçage dirigée par Nicolas Duban.La gamme de fonds de Trecento AM comprend pour le moment deux fonds : Trecento Market Neutral, un fonds d’arbitrage actions et Trecento European Equities, un fonds actions européennes. La société de gestion qui a été créée fin 2011 est présidée par Alice Lhabouz, ancienne gérante actions chez Turgot Asset Management après avoir travaillé plusieurs années en tant que gérante privée pour Meeschaert. Julien Jérémie, ancien directeur général associé de la banque d’affaire Croissance Partenaires, en assure la direction générale.
28/03/2012
Gestion d'actifs

Le délai de communication du reporting est un critère déterminant de sélection des gérants

En janvier, la mutuelle Unéo, organisme de protection sociale de référence pour les militaires, a annoncé son rapprochement avec La France Mutualiste, la mutuelle historique des anciens combattants. Proches en raison des ayant-droits qu'elles regroupent, les deux structures instaureront entre elles un partenariat privilégié d'ici la fin de l'année. A cette occasion, Pascal Pigot, son directeur général adjoint, est revenu sur les stratégies d'investissement de la mutuelle et ses grands projets pour 2012.
Gestion d'actifs
28/03/2012

Poste Italiane brings life insurance management in-house

Poste Italiane is in the process of bringing the management of investments related to Poste Vita life insurance policies in-house, Il Sole – 24 Ore reports. In February, the firm brought on board more than EUR7bn in assets, reducing a mandate to Credit Suisse. This strategy will be continued, and will affect other asset management firms. The objective is to increase assets with the goal of an IPO for Posta Italiana or a part of the group.
28/03/2012

State Street confidence index up in March

Globally, the State Street Investor Confidence Index for March 2012 rose to 91.6, up 5.0 points from February’s revised level of 86.6. The increase was driven by North American investors, whose confidence rose 8.7 points to 89.5. The outlook of European investors was similarly improved, rising 5.4 points to 100.6 from a revised February reading of 95.2. Among Asian institutional investors, sentiment declined slightly, down 2.2 points from a revised February reading of 96.7 to end at 94.5.“This month we saw a significant curtailment of the selling that institutional investors have been engaged in since late 2011,” commented Harvard University professor Kenneth Froot, who developed the index. “Indeed we observed net buying of equities by real money investors in the week ended March 19th. As mentioned in past commentaries, institutions have been content to play the role of liquidity provider over much of the recent rally, taking the other side of non-institutional trades. This month they have engaged in more liquidity-taking behavior, adding further to core equity positions.”
28/03/2012

SGSS and Orient Capital cooperate in keeping of registries

Société Générale Securities Services (SGSS) and Orient Capital have announced that they have signed a partnership agreement, by which Orient Capital will offer SGSS securities issuer clients its range of investor relationship management services, known throughout the securities industry. SGSS states that it has selected Orient Capital “for its ability to provide investor relationship management services of a high quality, based on its registry analysis service (SRA) and its proprietary online platform, “miraqle ®.” By providing this innovative service to its French issuer clients, SGSS offers them more detailed information and more refined analysis of their shareholders, including foreign shareholders.”
28/03/2012

Philippe Lecomte joins La Française AM

La Française AM on Tuesday confirmed the arrival of Philippe Lecomte as a member of its teams. Newsmanagers anticipated this news following the announcement of his departure from Schroders Investment Management, where he had been CEO. He joins the firm as CEO of La Française AM Finance Services and La Française AM International, in charge of institutional clients and international development. Lecomte will be based in Paris, and will join the firm in April 2012, and will be a member of the executive board at La Française AM.The arrival coincides with a development in the organisation of the French asset management firm. “We have decided to put the direction of institutional activities in France and international development under the same managerial responsibility. Philippe’s experience serving French and international institutional clients fully meets our objectives,” says Patrick Rivière, CEO of La Française AM.Meanwhile, La Française AM has also confirmed that it will be appointing Nicolas Duban, who had previously handled development of institutional activities in France at La Française AM, as president of NexT AM, New Expertise and Talent, its affiliate specialised in acquiring stakes in small businesses, in an announcement which Newsmanagers had also anticipated.
28/03/2012

Matmut board member joins OFI

Franck Dussoge is joining the OFI group, where he will serve as chairman of the board at OFI Mandates, an affiliate dedicated to the management of mandated institutional assets, replacing Maxime de Chayla, who will be appointed as deputy CEO of OFI Asset Management. Dussoge joins from the Matmut group, a shareholder in OFI Asset Management with a 34% stake, where he spent 5 years on the board in charge of accounting and finances. His arrival follows the recent departure of Thierry Callault, who had been deputy CEO of OFI AM, and who will be replaced by de Chayla and Jean-Marie Mercadal. At Matmut, Dussoge will be succeeded by Nicolas Gomart, who is leaving OFI Asset Management, where he had been deputy CEO. The appointments will take effect on 1 June 2012. OFI AM, owned by Matmut and Macif, had EUR49.6bn in assets under management as of the end of February.
28/03/2012

Sale of Korean asset management firm SEI is imminent

The sale of the Korean asset management firm SEI Asset Korea may be completed in the next few days, according to Asian Investor. Among the potential candidates are local actors and international heavyweights such as BNY Mellon. Assets under management at SEI Asste Korea totalled about USd7bn as of the end of February 2012.
28/03/2012

Philippe Lecomte joins La Française AM

La Française AM on Tuesday confirmed the arrival of Philippe Lecomte as a member of its teams. Newsmanagers anticipated this news following the announcement of his departure from Schroders Investment Management, where he had been CEO. He joins the firm as CEO of La Française AM Finance Services and La Française AM International, in charge of institutional clients and international development. Lecomte will be based in Paris, and will join the firm in April 2012, and will be a member of the executive board at La Française AM. The arrival coincides with a development in the organisation of the French asset management firm. “We have decided to put the direction of institutional activities in France and international development under the same managerial responsibility. Philippe’s experience serving French and international institutional clients fully meets our objectives,” says Patrick Rivière, CEO of La Française AM. Meanwhile, La Française AM has also confirmed that it will be appointing Nicolas Duban, who had previously handled development of institutional activities in France at La Française AM, as president of NexT AM, New Expertise and Talent, its affiliate specialised in acquiring stakes in small businesses, in an announcement which Newsmanagers had also anticipated.
28/03/2012

La Française AM acquires 20% stake in Trecento AM

La Française Asset Management has acquired a 20% stake in the capital of the entrepreneurial asset management firm Trecento Asset Management. La Française AM is investing EUR15m in the young firm. The stake has been acquired via the La Française affiliate “Nouvelles Expertises et Talents (NEXT),” which is specialised in incubation and seed capital, and is led by Nicolas Duban.The range of funds from Trecento AM currently includes two funds: Trecento Market Neutral, an equities arbitrage fund, and Trecento European Equities, a European equities fund. The asset management firm was founded in late 2011.The firm is led by Alice Lhabouz, former equity manager at Turgot Asset Management, who previously spend several years as private manager at Meeschaert. Julien Jérémie, former deputy CEO of the business bank Croissance Partenaires, is its CEO.
28/03/2012

LBO funds rediscover IPOs

Agefi reports that Blackstone and Bain Capital are preparing an initial public offering for Michaels Stores, six years after buying the business for USD6bn, relaying reports in several sources. JPMorgan Chase, Goldman Sachs, Barclays Capital and Deutsche bank are already reported to have been mandated to handle the operation, and the IPO documents may be submitted to authorities as soon as next week. The IPO may reawaken the appetites of investors, and also of funds, form whom the stock markets are again becoming a means of exit from private equity investments, Agefi adds.
28/03/2012

Investors in DebiSelect fund have lost their money

A notice from the German fund manager DebiSelect has confirmed investors’ fears: the value of their shares, initially EUR115m, has fallen 90%, Handelsblatt reports. There will be no payments of interest or capital redemptions for the next four and a half years.DebiSelect admits that instead of investing in a diversified portfolio, concentrated its investments on the low-cost energy provider TelDaFax, which has gone bankrupt. It will be years until TelDaFax’s renewable energy projects are completed, and this is only if buyers are found to take over the business.The CEO of DebiSelect, Josef Geltinger, has recently resigned, and left the management of the firm to the lawyer Werner Klumpe, who says he has found no signs of the potential buyer claimed to exist by his predecessor, nor any trace of the payments that the buyer was said to have made.
28/03/2012

German government backs off planned financial transaction tax

Agefi reports that the German government has decided that a proposed tax on financial transactions would not at all be what it had proposed to the European Commission, and which the French government had wanted to institute rapidly. The German finance minister, Wolfgang Schäuble, claims that Germany needs to “try other things,” and will meet with his 26 EU counterparts on Friday in Copenhagen to discuss these. Schäuble would like to combine taxation and regulatory initiatives to meet both financial and prudential objectives.
28/03/2012

Commerzbank releases 12 ETNs in Frankfurt

Since Monday, the Xetra electronic trading platform from Deutsche Börse has listed 135 products in its ETN segment, with the introduction of 12 such products registered in Germany from Commerzbank. These are ETNs with a leverage of 3 or 4 in long and short versions based on the SGX Nikkei 225 Index Future, the Hang Seng Index future and the HSCEI Future (H shares). The list of new ETNs is available as an attachment.
28/03/2012

Lyxor lists 4 new commodities ETFs on Xetra

Four new Luxembourg-registered commodities ETFs were on 26 March admitted to trading on the XTF segment of the Xetra electronic trading platform from Deutsche Börse. The listings now include 952 products. The new products are from Lyxor Asset Management (Société Générale group).CharacteristicsName: Lyxor ETF Broad Commodities Optimix TRBenchmark: S&P Commodities Curve Momentum Beta+ TR TMISIN: LU0721447596TER: 0.35%Name: Lyxor ETF Broad Commodities Optimix TRBenchmark: S&P Commodities Optimix TR TMISIN: LU0721447919TER: 0.35%Name: Lyxor ETF S&P GSCI Aggregate 3 Months ForwardBenchmark: S&P GSCI 3-Month Forward Capped Sector Equal Weight Composite IndexISIN: LU0721447083TER: 0.35%Name: Lyxor ETF S&P GSCI Aggregate Inverse 1 Month ForwardBenchmark: S&P GSCI Inverse 1-Month Forward Capped Sector Equal Weight Composite Index Total ReturnISIN: LU0721446606TER: 0.40%
28/03/2012

Regulatory approval for ETFs based on CSI 300 index

The Chinese regulator, the CSRC, has granted permission for Harvest and Huatai-PineBridge to list ETFs based on the CSI 300 index in Shenzhen and Shanghai, respectively. Z-Ben Advisors remarks that these are the first cross-market ETFs in China, which will provide investors added ways to conduct arbitrage. After preparing the products for years, and given the support of regulators and the position of the two providers of the new products, Harvest and Huatai-PineBridge are expected to be able to bring in very high inflows in the initial launch period.
28/03/2012

Head of AIJ admits to falsifying fund performance data

Kazuhiko Asakawa, the head of the Japanese asset management firm AIJ Investment Advisors, who is suspected of having lost USD1.3bn of clients’ money, on Tuesday confessed to falsifying the performance figures for his funds in order to conceal losses, the Wall Street Journal reports. However, he denies having wanted to deceive his clients, and adds that no money went into his own pocket.
28/03/2012

Swiss wealth management facing considerable challenges

The Swiss financial market, and particularly wealth management, is confronting some major challenges, the director of the Swiss federal financial market surveillance authority (FINMA) Patrick Raaflaub, stated on 27 March at the institution’s annual conference. Although wealth management is working to defend its leading international position, the establishment of a strategy based on quality has become necessary, at three levels: financial establishments need to offer quality services, politicians need to work to optimise economic and regulatory conditions, and at the end of the chain, FINMA needs to work to ensure “attentively and integrally” that these requirements are adhered to in its day-to-day surveillance efforts. The surveillance authority aims to ensure the smooth functioning of the Swiss financial market and the protection of clients, says Raaflaub. To this end, FINMA must be able to rely on legal bases that allow it to act adequately at the place and time it deems necessary. Far from an obstacle in the eyes of the director of FINMA, regulations “create the required conditions for the Swiss financial market to be able to continue a strategy focused on quality.” “Switzerland is behind many other countries,” says Raaflaub. “Facilitating or tolerating tax evasion by foreigners is not in any way a sustainable business model. That’s why FINMA is in favour of orienting the financial markets to declared assets and increased exchange of information in the areas of surveillance and taxation.” he says.
28/03/2012

Gottex returns to operating profits

The alternative management firm Gottex Fund Management has reported a net loss for the 2011 fiscal year, taking minority interests into account, of USD2.5m, compared with a loss of USD3m the previous year. However, the firm has returned to operating profits, with a positive operating profit of USD0.7m, compared with a loss of USD5m in 2010. According to a statement published on 27 March, assets under management as of the end of December 2011 totalled USD7.34bn, compared with USD8.26bn at the end of December 2010, a decline of 11% year on year. This development is largely due to the conjunction of three factors: net outflows of USD240m, negative market impact of USD340m, and negative forex effects of USD250m. More than 90% of assets under management at Gottex are institutional in origin. The firm had previously stated that it was optimistic for 2012. Gottex would like to develop in the United States and Asia, and has not ruled out participating in non-organic growth opportunities, partnerships or acquisitions to increase its assets under management.

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