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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

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

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

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

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

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).
10/11/2011

F&C Thames River recruits a manager from Deutsche Bank

Torquil Wheatley, director, GFFX global markets structuring and head of currency solutions for pension funds and insurers at Deutsche Bank in London, has been recruited as product & performance manager at F&C Thames River. He will report to Ken Kinsey-Quick, head of multi-manager alternatives.In his new role, Wheatley will be in charge of internal communications and communications to clients for the multi-alternative product range.
10/11/2011

Friends Life creates its own asset management firm

Friends Life has announced the creation of Friends Life Investments - a new in-house asset management business - which will launch in the second half of 2012. The new activity, which will be a 100% owned subsidiary of the Friends Life Group, will initially be run by the chief investment officer, Mark Versey. LFI will have initial assets under management of GBP8bn, which will be invested primarily in fixed income assets. Further investment classes will be considered as the business grows. LFI will initially employ an in-house team of 30 investment professionals, which will subsequently be enlarged. One-time costs related to the launch of the branch are estimated at GBP5m, while operating costs are estimated at GBP4m per year. Group assets managed externally currently total GBP61bn.
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

Hedge funds made 2.46% in October, according to Hennessee

The Hennessee hedge fund index in October earned returns of 2.46%, after five consecutive months of losses, including losses of 3.23% in August and 3.81% in September. Year to date, the index is down 2.95%. All strategies showed gains last month.
10/11/2011

Net outflows of USD5bn from hedge funds in September

BarclayHedge and TrimTabs estimate that in September, hedge funds saw net redemptions of USD5bn, which represents the second net outflow in the past three months under review. Assets fell to USD1.72trn, their lowest level in 12 months. Net subscriptions totalled USD58.5bn in first quarter.The largest net redemptions were from emerging markets hedge funds, with net outflows of USD3.7bn. This is the third consecutive month of net redemptions, and the heaviest outflows since April 2009.
10/11/2011

Global ETP assets up by USD150bn in October

As of the end of October, global assets in exchange-traded products (ETPs) totalled USD1.578trn, compared with USD1.428trn as of the end of September, and USD1.482trn as of 31 December 2010, according to BlackRock. Of the increase of USD150bn last month, USD123bn come from positive forex and market effects, and USD26.5bn in net subscriptions, of which USD24.2bn were in the United States and USD1.3bn in Europe.Since the beginning of this year, net subscriptions to ETPs in the United States totalled USD102.6bn, while in Europe, they totalled USD27.9bn.In the global rankings, iShares, remains on top, with USD612bn as of the end of October, and an incrase of USD15.3bn since the end of December 2010. However, the division of BlackRock lost 1.5 percentage points in market share in this period, to 38.8%, while State Street Global Advisors (SSgA) and Vanguard gained 0.5% to 17.4%, and 0.8% to 10.8%, respectively. Lyxor Asset Management (Société Générale) is the only major actor to show a loss in market share (overall), to 2.6%. Assets as of the end of October totalled USD40.6bn, which represents a contraction of USD12.7bn compared with the end of 2010. BlackRock states that the Lyxor range is largely composed of synthetic replication products, which have suffered significant net outflows in Europe recently.
10/11/2011
Gestion d'actifs

L'ERAFP mène une réflexion sur les prochains investissements sur l'immobilier en Europe, les infrastructures et le non coté

Catherine Vialonga, directrice des investissements, a indiqué à IPE que l’ERAFP a l’intention pour diversifier son portefeuille de lancer deux nouveaux fonds immobiliers supplémentaires qui seraient focalisés l’un sur la France et l’autre sur l’ensemble de l’Europe. Tout récemment, l’ERAFP a attribué un mandat de gestion d’actifs immobiliers sur 40 millions d’euros à AEW Europe SGP. La directrice des investissement a également affirmé que l’ERAFP se prépare sur les classes d’actifs alternatives telles que les infrastructures et le non coté.
Gestion d'actifs
10/11/2011

S&P confirme le triple A de la Finlande

L’agence de notation a confirmé mercredi la note de crédit «AAA» de la Finlande avec perspective stable, évoquant la «compétitivité de l'économie» et la «politique budgétaire prudente» du gouvernement.
10/11/2011

La Grèce attend toujours son Premier ministre

Depuis hier soir, la Grèce n’a plus de Premier ministre. George Papandréou a démissionné de ses fonctions et son successeur n’a toujours pas été désigné. Il pourrait l’être ce matin, au terme de nouvelles discussions entre les différents partis politiques du pays. Hier, un accord a bien été trouvé sur la répartition des forces au sein du futur gouvernement, mais les négociations menées depuis quatre jours autour du chef de l’Etat, Karolos Papoulias, n’avaient toujours pas permis de trouver un consensus sur le nom du futur Premier ministre. De quoi provoquer la stupéfaction au sein même de l’administration grecque. Un temps écartée, la candidature de Lucas Papademos, ancien vice-président de la BCE, était de nouveau évoquée hier soir. En partant, George Papandréou a assuré que la Grèce appliquera les mesures de renflouement réclamées par l’Union européenne et fera tout son possible pour rester dans la zone euro.

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