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10/11/2011

Groupama AM launches two Luxembourg based funds

Groupama AM has added two new sub-funds to its Luxembourg-registered Sicav G Fund. The G Fund European Equity High Conviction is a concentrated European equity fund, which aims to select the current leaders or firms which are set to become leaders in high growth sectors. G Fund Apple Equity Market Neutral is a European equity fund which aims to deliver absolute returns, with low correlation to equity markets. Overall, the Sicav from Groupama AM managed in Paris, which has EUR230m in assets under management (as of 30 September 2011), has five sub-funds, of which the first three are G Fund Euro Corporate Bonds, G Fund European Convertible Bonds and G Fund European Equity High Dividend.
10/11/2011

US pension funds sue depositories for price-fixing

US pension funds are accusing their providers, BNY Mellon and State Street, of considerably overcharging them over the past few years, and are seeking hundreds of millions of dollars in restitution, Les Echos reports. Some of the current legal actions began in October 2009, as institutional investors resolved to take back control of costs after the crisis. As a result, the major depository banks began to heavily slash their prices for currency trades in 2010, by more than 63% compared with the previous years, according to “Pensions and Investments.”
10/11/2011

BearingPoint launches a Solvency II reporting solution

The consulting firm BearingPoint has announced the launch of Abacus/Solvency II, a specialised reporting solution for European insurers, which allowed them to collect, consolidate, validate and send their reports under Solvency II regulations in a “simple, effective and cost-efficient way.” Abacus/Solvency II is based on the IT platform of the bank reporting solution Abacus/DaVinci, which is used in Europe by many banking and financial establishments. The system makes it possible to produce all quantitative reports in the structures defined by the regulator (Quantitative Reporting Templates, or QRTs), which are currently established by the European Indurance and Occupational Pensions Authority (EIOPA), and to update thee reports to take into account future regulatory changes and new requirements in this area. “BearingPoint’s objective is to establish ABACUS/Solvency II as a standard regulatory reporting solution for the insurance sector,” Jean-Christophe Gaury, head of France for the Insurance sector at BearingPoint, explains. The agency is essentially making an easy-to-use, accessible and multilingual interface at the disposal of the widest possible number of users in Europe.
10/11/2011

SEC to revote on 2009 ruling on indemnisation of Madoff victims

The US Federal prosecutor’s office last week announced that it will not open an investigation to determine whether David Becker, former lawyer for the SEC violated conflict of interest regulations. However, the Wall Street Journal reports, the SEC is planning to put the formula selected in 2009 to indemnise victims of the Madoff scandal to a new vote, to free the matter of any bias or taint.Becker, who along with his brother was heir to a woman who has profited from the Madoff fraud, played a major role in the adoption of the reimbursement formula at the time. The ruling sets the total amount that may be claimed by victims as the amount they had invested, minus their withdrawals, adjusted for inflation.The inspector general of the SEC, David Kotz, has recommended that the ruling go to a new vote. He has already convinced the commissioners to change the system so that the SEC ethical office reports directly to the chairman, and that its recommendations be documented.
10/11/2011

UBS closes Asset Backed Securities unit in the United States

UBS is closing down its Asset Backed Securities unit in the United States, Handelszeitung reports on its 10 November issue, five months after recruiting a banking star to oversee the activity. UBS had hired Ken Cohen from the wealth management firm G2 Investment Group in May this year, the newspaper reports, and his team had been making a profit. UBS has declined to comment on the reports.
10/11/2011

Assets under management down at Banque Cantonale Vaudoise

Assets under management at Banque Cantonale Vaudoise (BCV) as of the end of September totalled CHF75.3bn, down 0.8%, or CHF571m, compared with the end of December 2010, due to negative market effects, the bank announced in a statement on 10 November. The effect of the consolidation of the Banque Franck Galland & Cie SA into the group brought in CHF3bn. Net inflows in the first nine months of the year totalled CHF600m.Gross profits in the first nine months of the year were down 3%, to CHF360m.
10/11/2011

Michel Juvet becomes a partner at Bordier & Cie

On 1 January 2012, Michel Juvet, head of research since 1995 and a member of the board of directors since 1998, will become a partner with unrestricted liabilities at Bordier & Cie, a Geneva-based private bank which manages CHF9.5bn in assets. Juvet was appointed to this role by the partners at the bank.
10/11/2011

New chief operating officer for Pictet in Spain

Amaury von Arnim, who has left Madrid to become COO of Pictet & Cie in Northern Asia, has been replaced as chief operations officer of the Spanish arm by José Monjardin Álvarez de Estrada. Monjardin becomes head of two professions: asset management (Pictet Asset Management) and wealth management (Pictet Wealth), Pictet Geneva has told Newsmanagers.José Monjardin, who had been COO for Banca della Svizzera Italiana (BSI, Generali group) in Spain, will become the boss of Gonzalo Rengifo Abbad (Pictet AM) and Luis Sánchez de Lamadrid (Pictet WM).
10/11/2011

Changes at the top at Santander AM

After four years as CEO of Santander AM España, Dolores Ybarra has been appointed as global chief investment officer at Santander Asset Management, Funds People reports.Ybarra replaces Elena Eyries, who has joined the wholesale banking division of Santander. She will now direct global teams for mandate management, multi-management, and macroeconomic analysis.As a part of the changes at Santander AM, José Cuervo has been appointed as global head of Latin American equities, and Alfredo Mordezki becomes director of Latin American bond management. Agustin Carles becomes head of the global macroeconomic analysis and strategy team.Louay Mikdashi becomes global head of the multi-management team, while José María Martínez-Sanjuán takes carge of multi-management fund selection, and Tom Caddick becomes head of multi-management fund management.
10/11/2011

Refinancing needs set to balloon for non-financial sector businesses

Businesses outside the financial sector rated investment grade (IG) in Europe, the Middle East and Africa (EMEA) will see their refinancing needs increase to over USD1.2trn (EUR876bn) in the next four years, according to a study published on 9 November by the ratings agency Moody’s («EMEA Invesment-Grade Companies Face Higher Refunding Risks and Needs in 2012-15»). The three most affected sectors will be telecommunications, energy and automotive.Of this total of USD1.2trn in debt, to mature between 2012 and 2015, the needs of banks represent only 32% (compared with 37% in June 2010), in a sign of a gradual trend away from intermediation and increasing use of capital markets by businesses, the agency notes. In addition, “the percentage of bank debt is decreasing, while maturities are getting longer.”Moody’s also reports that investor demand for investment-grade corporate debt has decreased slightly since the beginning of the year. A flight to quality remains a strong trend, but any issue activity observed since mid-year shows that the market has been affected by the sovereign debt crisis and deterioration of the economic environment. That said, many businesses have more comfortable padding in their treasuries. As of the end of second quarter 2011, corporate investment grade issuers in the EMEA region had more than USD690bn in cash, up 17% compared with June 2010.
10/11/2011

Natixis asset management penalised by market effects

Profits at Natixis in third quarter 2011 show a decline in revenues for the Savings unit of 4% compared with the same period in 2010, to EUR410m. In the first nine months of 2011, however, they are up 5% compared with 2010, to EUR1.335bn. Earnings in Asset Management, meanwhile, are down 3% comapred with third quarter 2010, to EUR341m, but up 4% to EUR1.062bn in the first 9 months of the year, compared with the same period in 2010.Assets in Asset Management totalled EUR525bn as of 30 September 2011, compared with EUR533bn as of 30 June 2011. Negative market effects (-EUR28bn) outweighed positive forex effects (+EUR17bn). For their part, largely as a result of bond products and alternative management via the centralised distribution platform NGAM, net inflows were positive at EUR3.1bn.In Europe, assets total EUR309bn, down 3% since the beginning of the year. The European market remains difficult, largely due to a serious decline on the equity markets, but inflows have become positive again to money market supports (+EUR1.1bn).In the United States, assets total EUR289bn, down 0.9% year to date.
10/11/2011

DTZ AM recruits a senior analyst

Amélie Charles has joined the valuation department at DTZ Asset Management, in charge of managed assets in Germany, the asset management firm announced on 9 November. Since 2006, Charles has been employed in England, where she served as an autidor at KPMG, and then as a manager at GBR Phoenix Beard.The recruitment comes at a time when the firm is growing rapidly, and is a sign of the desire of DTZ Asset Management to consolidate its leading position on the third-party real estate asset management market.DTZ Asset Management, with 60 employees, now manages a portfolio of European assets of more than EUR3.6bn at its offices in Paris and Frankfurt.
10/11/2011

ERAFP preparing two new real estate funds

Catherine Vialonga, chief investment officer, has told IPE that the French civil servants pension fund (ERAFP) is planning to diversify its portfolio with the launch of two new real estate funds, one of which will be focused on France, and the other wiollbe a Pan-Europe vehicle.ERAFP recently awarded a EUR40m real estate asset management mandate to AEW Europe SGP (see Newsmanagers of 9 November).
10/11/2011

La chute des bonus frappe de plein fouet les traders obligataires

Cette année, les traders spécialisés dans les obligations à Wall Street verront leur bonus chuter de 35 % à 45 %, au titre de 2011, selon le cabinet Johnson Associates cité par La Tribune. La baisse pour l’ensemble de la profession est estimée entre 20 % et 30 %. La rémunération variable des traders actions subira une coupe moindre (de 30 % au maximum) que celles des courtiers en obligations, malgré la crise boursière. Selon La Tribune, les professionnels de la gestion de fortune verront au pire leurs bonus stagner, et, au mieux, augmenter de 5 %.
10/11/2011

Assets under management at AllianceBernstein up 5%

AllianceBernstein on 9 November announced that its assets under management as of 31 October totalled USD424bn, compared with USD402bn in October. This increase of 5% is due to positive market effects and a “modest” outflow, a statement from the firm states.
10/11/2011

Olympia CM's profitability is yet to be restored, says Fitch

“Relieved from its debt burden, following its acquisition by Richmond Park Capital Holding Limited (RPCHL) in April 2011, Olympia Capital Management now benefits from improved financial flexibility, although profitability is yet to be restored,” Fitch Ratings says in its most recent report of the alternative management firm based in Paris. The ratings agency has affirmed Paris-based company Asset Manager Rating of ‘M2' for its fund of hedge funds activities. Fitch finds that OCM, which manages USD2bn in assets, half of which are in funds of hedge funds, is still faced with the challenge to enlarge its operations, against a backdrop of turbulent market conditions, in order to restore the company’s financial standing. The company has continued to refine its operational efficiency while selectively expanding resources, notably in the international client relationship domain, and renewing research staff. A new CFO was appointed in October. The agency notes that cost-cutting measures implemented over the past six months should fully materialise in 2012 financials.
10/11/2011

La Banque Postale targets high net worth clients

High net worth clients are of interest to La Banque Postale (LBP), Agefi Hebdo reports, adding that in an effort to attract them, the firm is aiming to acquire a specialised IT system for handling operations for high net worth clients. LBP is also planning to internally develop free and delegated management offerings, as well as tax advising.
10/11/2011

BNP Paribas earns points in fund administration

The financial crisis appears to have triggered major changes in the most recent annual rankings of fund administration and accounting services provicers from R & M Surveys.The eighth edition of the rankings, which evaluates the performance of banks active in the British institutional and retail asset management sectors, with total assets of about GBP3trn for onshore and offshore entities (Dublin, Luxembourg), puts BNP Paribas in first place, where the bank had been further down the rankings last year. JP Morgan has also seen remarkable growth, as the US group returns to second place, ahead of HSBC Securities Services, Northern Trust, BNY Mellon and State Street.The major factors behing these developments are valuation of derivative products, valuation of shares, and quality of support functions. Asset management firms are increasingly preoccupied by the slow response and vagueness of the valuation process for derivatives, R & M Surveys reports.
10/11/2011

Aviva s'implante sur le marché du Benelux

Aviva Investors a annoncé le 9 novembre l’ouverture d’un bureau à Utrecht et la nomination de Catrinus van Willigen au poste de Directeur général pour les marchés Belgique, Pays- Bas et Luxembourg (Benelux), dans le cadre de ses ambitions stratégiques de développement dans la région.Cette création de poste et l’entrée sur le marché du Benelux font suite à l’obtention des mandats de Philips Pensioenfonds et Stichting Pensioenfonds Medisch Specialisten (SPMS), deux des vingt plus grands fonds de retraite néerlandais. Catrinus van Willigen a travaillé pendant 16 ans chez Robeco avant d’intégrer Aviva Investors. Dans sa dernière fonction chez Robeco, au poste de Vice-président exécutif, il était responsable de la création des relations stratégiques, du service aux institutionnels et des ventes croisées, tout en supervisant la gestion des comptes institutionnels.
10/11/2011

Vanguard recruits a head for retail distribution in Europe

The US Vanguard group has recruited Neil Cowell for the newly-created position of head of retail distribution for Europe, Money Marketing reports. Cowell previously worked at Standard Life, as head of retail distribution for the UK.
10/11/2011

Defined-contribution pension funds heading for growth spurt

In Europe, defined-benefit pension funds are still omnipresent, but defined-contribution funds are growing most quickly. According to a survey by Cerulli («Quantitative update : European Defined Contribution Markets 2011"), assets under management in this relatively new sector on many European markets may reach as much as EUR2.8trn by 2015.In 2009, defined-contribution assets totalled EUR1.6trn, 39% of total European pension fund assets. In the next five years, the average annual growth rate for this segment may reach as much as 10.8%.Pension funds are working to improve these funds, with the introduction of a multi-asset class approach, and approaches which allow to modify the asset allocation as retirement approaches. However, the study finds, a very high number of European savings investors still do not have access to these solutions.Meanwhile, other savings vehicles which offer tax advantages are used, such as the PEA in France, or investment savings accounts (ISA) in the UK. These developments represent new opportunities for asset management firms which are not yet present on the pension fund market.
10/11/2011

BlackRock Germany hires a COO from Allianz GI

Thomas Groffmann, who since 2009 had been director of relations between Allianz Global Investors and multinationals in the area of international retirement solutions, was recruited on 1 November as COO for Germany, Austria and Eastern Europe at BlackRock Asset Management Deutschland.Groffmann will handle finance, risk management, human resources, IT and outsourcing controlling, and will report to Dirk Klee, country director for the region concerned. He will also be appointed as a managing board member, and will become a member of the “COO forum” for BlackRock in Europe, the Middle East and Africa, which is chaired by Kevin Ironmonger.
10/11/2011

Deka Immobilien invests in Birmingham

The German asset management firm Deka Immibilien has acquired Direct Line House (5,900 square metres), an office property in Burmingham, from Fuji Properties Ltd. The sale price was EUR25m.
10/11/2011

Hermes BPK Partners offers a solution to reduce equity risk

Hermes BPK Partners LLP, the USD2.1 billion alternative advisory boutique and fund of hedge funds manager, has announced the launch of Hermes BPK Global Equity Hedge Strategies with USD550m, a customizable portfolio solution designed to help institutional investors de-risk their long-only equity allocations through concentrated investments in the long/short equity space. The solution seeks to capture two thirds of the global equity markets’ upside whilst limiting the downside to one third.
10/11/2011

CortalConsors: No transaction fees for 20 db x-trackers

Deutsche Bank and CortalConsors (BNP Paribas group) have signed an agreement, by which savings plans investing in shares in 20 ETFs from db-x-trackers will have no transaction fees from the beginning of November, for all monthly deposits of over EUR25.The partnership will initially last 5 years, and will be applicable to existing accounts as well as accounts to be opened in the future. The ETFs used for the offer rely on synthetic replication. For all swaps, the counterparty is Deutsche Bank.Among the 20 ETFs involved in the offer are products replicating the Dax, the EuroStoxx 50, the MSCI World and the MSCI Emerging Markets indices, as well as individual indices for emerging markets, commodities and currencies. The range also includes bond ETFs (money markets, Pfandbriefe and linkers).
10/11/2011

Deutsche Bank lists 12 new ETCs in Frankfurt

On 7 November, ETC Index Plc listed 12 new German-registered ETCs backed by physical gold (see list) on the Xetra platform from Deutsche Börse. Among the new products is the first ETC to track the price of electricity in Germany (db Strom ETC). The ETC segment on Deutsche Börse now includes 202 funds. Monthly trading volumes total about EUR900m.
10/11/2011

UBS lists two new ETFs in Frankfurt

Since 9 November, the XTF segment of the Xetra electronic trading platform (Deutsche Börse) includes 868 listings, with the addition of two Irish-registered ETFs from UBS Global Asset Management, the UBS-ETF MSCI ACWI Risk Weighted I (IE00B6VTQH62) and UBS-ETF MSCI ACWI Risk Weighted A (IE00B6VS8T94).The former fund is aimed at institutional investors, and has a TER of 1.10%, while the second fund, designed for retail investors, charges a TER of 1.27%.Both funds replicate the MSCI ACWI Risk Weighted Total Return Index, which includes shares in large and mid-sized companies in 24 industrialised and 21 emerging markets; the weighting depends on risk factors, with less volatile shares receiving a stronger allocation. The currency of reference for these funds is the US dollar.
10/11/2011

FSA fines a private investor USD9.62m

The British Financial Services Authority (FSA) on 8 November announced that it has fined a private investor based in Dubai USD9.62m for manipulating the closing price of Reliance shares on the London stock exchange. This is the highest fine ever handed down to a private individual by the FSA, the market authority says in a statement. The fine includes USD6.5m in fines in the strict sense, while the remaining USD3.1m is the sum to be paid back to banks which were victims of the price manipulation.
10/11/2011

Two appointments in Belgium at Lazard Frères Gestion

The Belgian arm of Lazard Frères Gestion has announced the arrival of Rodolphe d’Ursel as CEO, and Miguel Robyns de Schneider as head of sales. According to François-Marc Durand, managing partner at Lazard in charge of asset management activities in France, “the arrival of this new direction team is a sign of our desire to strengthen our presence on the Belgian market, in keeping with our principle of action: bring European clients, especially French-speaking clients, expertise proven in France.” Since 1 January 2010, d’Ursel has been director of the France desk at Société Générale Private Banking Belgium, in charge of commercial development for UHNWI clients. In his new role, he will have the additional mission of directing the Brussels team and developing the portfolio of high net worth Belgian resident clients. Robyns had since 2010 been a prive banker at the France desk of Société Générale Private Banking.
10/11/2011

Skandia IG centralises fund administration at Citi

“In order to reduce administrative costs paid by clients,” Skandia Investment Group (SIG) has announced that it has outsourced administration of all of its funds to Citi. The decision on the part of SIG, which is a part of the Long Term Savings division of the Old Mutual group, is a result of developments in the fund management sector in Europe, particularly the introduction of UCITS IV regulation. SIG had USD22.9bn in assets under management as of the end of June.The Irish range from Skandia Global Funds was already administered by Citi, while the range from Skandia Investment Management had relied on another third-party administrator (TPA).

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