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19/10/2011

BSI appoints a new head of private banking

BSI has appointed Jean-Louis Platteau as head of private banking for French-speaking Switzerland and the Geneva branch of the bank, Agefi Switzerland reports. Platteau had served as CEO of Dexia Switzerland, before joining the Cantonal Bank of Geneva (BCGE) as head of the Private Banking division.
19/10/2011

Henderson adds to sales staff in Switzerland

The Swiss affiliate of the British asset management firm Henderson Global Investors has announced that in early September it recruited Fidan Shtanaj as senior sales manager to assist institutional clients in German-speaking Switzerland.Shtanaj, who will report to Ariane Dehn, head of sales for Switzerland, had been at Credit Suisse since 2002. He had most recently been relationship manager/sales, since 2008.
19/10/2011

iShares launches an ETP campaign

Following proposals by BlackRock to reform and improve the ETF market, iShares on 17 October launched a Europe-wide initiative to help professional investors to identify risks and carry out due diligence on exchange-traded products (ETP), of which 80% to 90% are ETFs.The due diligence campaign will offer an evaluation grid that includes six fundamental criteria to take into account before investing in any ETP: structure, taxation, performance, trading, valuation, total cost of holding shares, and securities lending.As a part of the initiative, iShares has called for a new classification system for ETPs, to separate them into exchange-traded funds (ETFs), exchange-traded notes (ETNs)/exchange-traded commodities (ETCs) and ETIs. It insists on the need to make a clear distinction between physical replication ETFs and synthetic ETFs, and to reserve the term ETC only in reference to physically backed commodity products
19/10/2011

Syz recruits for institutional development

The Geneva-based banking group Syz has announced the arrival of Alessia Toricelli Dolfi as a member of its Business Development team in the institutional management division of SYZ Asset Management, Agefi Switzerland reports. Dolfi had previously been head of institutional clients at Dexia Asset Management for French-speaking Switzerland and the Ticino region.
19/10/2011

Robeco Gestions reports inflows to money market products

The centre for money market expertise for the entire Robeco Group, the Paris team at Robeco Gestions, currently has total assets of about EUR1.5bn, which remains largely unchanged compared with the end of 2010. In France, the team, led by Sabine Lodin de Lépinay, manages about EUR1bn in assets, including EUR853.6m in the Robeco Euro Cash fund as of the end of September.Half of all assets in the fund, which invests in very short maturity securities rated by S&P, come from France; the product has also done very well on the Spanish and German markets. The fund has seen net inflows of about EUR150m.However, the highest-risk fund, Robeco Euro Money Market, has seen some outflows, which have moved to the more stable Euro Cash fund.According to de Lépinay and Geoffroy Lenoir, senior fund manager, Robeco Gestions has now considerably reduced the maturities on its portfolio of money market products, and is at near-zero sensitivity to interest rates. The team is primarily positioned on French banks, and retains a restrictive attitude to Spanish and Italian institutions. It has no exposure to Greece, Portugal or Ireland. The trick is to locate liquid paper, and to work with repurchase agreements whenever possible.
19/10/2011

Russell extends coverage of defensive and dynamic indices

Russell Investments has announced an extension to the geographical coverage of its defensive and dynamic indices.The indices, which were launched early in 2011, and which had previously covered only the US equities universe, will now be extended to the 10,000 equities monitored by Russell indices worldwide.According to research undertaken largely by Russell, a defensive investment strategy may outperform other investment styles on the market over high-volatility periods as a whole.
19/10/2011

BofA: wealth and investment management profits up

In the first nine months of this year, the Global Wealth & Investment Management (GWIM) business unit at Bank of America Corporation (BofA) has posted net profits of nearly USD1.39bn, compared with USD1.02bn in January-September 2010.GWIM, which recruited 475 financial advisers in third quarter, has posted USD347m in net profit in third quarter, compared with USD506m in second quarter, and USD269m in the corresponding period of last year.Assets as of the end of September totalled USD616.9bn, compared with USD661bn as of the end of June, and USd611.5bn one year earlier.BofA states that commission revenues for asset management set a record at USD1.56bn in third quarter, 17% more than in July-September 2010, due to positive market performance and an increase in net subscriptions to long-term products.
19/10/2011

EDRIP recruits a director of participations

Romain Ohayon, who since 2007 had been investment officer at Qualium, has joined Edmond de Rothschild Investment Partners as director of participations in the Capital Development Small Caps team, led by Alexandre Foulon, managing partner.The team, in which the other director of participations is André Renaison, now includes six people. It manages a range of FCPI/FIP with EUR120m in assets, and an FCPR, Cabestan Capital, “which is completing its fundraising stage,” and already has EUR100m in assets.
19/10/2011

Eaton Vance reopens Global Macro Absolute Return fund

Eaton Vance Management has announced the reopening of its Eaton Vance Global Macro Absolute Return fund, as of Wednesday, 19 October 2011. The product had been closed to new subscribers on 1 October 2010, as growth in assets was too steep. The global income teams have since been strengthened, and the asset management firm estimates that the fund can now handle larger asset volumes.
19/10/2011

Senate hearing on ETFs

Noel Archard, an executive of iShares, and Harold Bradley, chief investment officer at the Kauffman foundation, will testify on Wednesday before a US Senate subcommittee about the role that ETFs play in the market, according to IndexUniverse, which is covering the event.
19/10/2011

Tommi Saukkoriipi leaves Nordea for SEB

Tommi Saukkoriipi has joined the Swedish bank SEB, where he will manage the SEB Nordic fund, which invests in Scandinavian equities, and is licensed for sale in France.The portfolio manager joins the firm from the Scandinavian firm Nordea, where he had also been manager of a Nordic fund, Nordea Nordic Equity. He will be replaced there by Martin Nilsson.SEB has also hired Per Colléen, who had previously worked at DnB Nor AM, as its new head of Swedish and Nordic equities, a newly-created unit which includes several former SEB teams for this asset class.
19/10/2011

New head for Nikko AM Asia

Eleanor Seeet has replaced Deborah Ho as head of Nikko Asset Management Asia (Nikko AM Asia), Asian Investor reports. The movement follows the acquisition of the Singaporean asset management firm DBS AM by Nikko AM; the target firm is now known as Nikko AM Asia.Seet, who had previously worked at iShares, will be in charge of managing the activities of Nikko AM in Singapore and South-East Asia.Ho, who had been director of BDS AM for four and a half years, and who was appointed as head of Nikko AM Asia following the acquisition, had no comment about the reasons for her departure.In parallel with the arrival of Seet, Nikko AM Asia has also made two senior hires, including a COO and a head of deontology.
19/10/2011

Profits triple for sovereign fund IPIC

In first half, earnings for the International Petroleum Investment Company (IPIC) increased by 17%, to about EUR6bn, and profits nearly tripled, to EUR814m, Handelsbaltt reports.The Abu Dhabi sovereign fund holds stakes in Austria’s ÖMV and Spain’s Cepsa, in the oil sector, and in the German firm Ferrostaal in engineering.
19/10/2011

Santander recruits a big name from HSBC Global AM

Azim Meghji has been appointed as head of credit at Santander Asset Management UK, and will manage the Santander Sterling Corporate Bond Fund (GBP977m), which is currently managed by Patrick Smith. He will now report to John Bearman, CIO of Santander AM UK.Meghji had previously been head of fund management of all London-based credit funds for retail and institutional clients at HSBC Global Asset Management.
19/10/2011

L'Allemagne va abaisser sa prévision de croissance 2012

Berlin va abaisser sa prévision de croissance 2012 pour la ramener vers celle des principaux instituts de recherche, a rapporté hier Reuters, mettant en avant un net ralentissement de la première économie européenne. Les huit grands instituts allemands ont revu en baisse leur prévision de croissance la semaine dernière, à 0,8% pour l’an prochain, après 2,9% cette année.
19/10/2011

Une mission permanente de la troïka envisagée pour la Grèce

Angela Merkel s’attend à ce que les dirigeants européens élaborent un «document de travail» sur la Grèce au cours du sommet du 23 octobre, qui pourrait comprendre l'établissement d’une mission permanente de la troïka à Athènes afin de surveiller l'évolution du dossier de la dette grecque. La chancelière allemande, qui a fait ces déclarations à des membres de sa formation politique, la CDU, a également indiqué que le sommet devrait trouver le moyen de garantir que le Fonds européen de stabilité financière (EFSF) soit utilisé avec efficacité et que sa démultiplication via la BCE soit exclue. Le Premier ministre grec, de son côté, a demandé aux parlementaires du Pasok, le parti socialiste grec, leur soutien pour l’adoption d’un nouveau train de mesures d’austérité. Le Parlement grec doit se prononcer d’ici demain sur ces mesures, alors que les syndicats ont appelé à une grève de 48 heures à compter d’aujourd’hui.
19/10/2011

Ben Bernanke défend l’usage de la politique monétaire

Le président de la Fed a estimé dans un discours que les banques centrales pourraient recourir à la politique monétaire pour combattre des bulles d’actifs, bien que la régulation soit une ligne de défense prioritaire. Il a par ailleurs assuré que la Fed continuait à «explorer des moyens pouvant renforcer la transparence concernant ses prévisions et ses projets».
19/10/2011

Forte hausse des prix à la production aux Etats-Unis

Les prix à la production ont augmenté de 0,8% en septembre aux Etats-Unis, soit la hausse la plus marquée en cinq mois. En août, les prix avaient été inchangés. Hors alimentation et énergie, la hausse s’établit à 0,2%. Sur un an, les prix à la production ont augmenté de 6,9% et de 2,5% hors alimentation et énergie.
19/10/2011

Berlin veut diminuer sa commande d'Eurofighters

Le ministre allemand de la Défense, Thomas de Maiziere, veut diminuer la commande d’avions de combat Eurofighters de l’Allemagne de 37 unités pour la ramener à 140 dans le cadre d’un projet de réforme de l’Armée, selon Reuters. Le ministre souhaiterait également diminuer une commande de chars Puma à 350 contre à 410 tout en réduisant une commande d’hélicoptères Tigre à 40 contre 80.
19/10/2011

La CFTC recule sur les chambres de compensation

Le régulateur américain des marchés à terme a rejeté une proposition visant à imposer des ressources financières plus importantes pour les chambre de compensation dont la faillite pourrait mettre le marché en péril. Dans le cadre de la loi Dodd-Frank, toute chambre de compensation qualifiée «d’importance systémique» par le FSOC pourrait accéder aux programmes de crédit de la Fed. La CFTC a en revanche voté une règle instaurant des limites de position sur les contrats futures ou swaps liés aux matières premières.
19/10/2011

S&P dégrade la note de l’Egypte

L’agence de notation a abaissé la note de l’Egypte en catégorie spéculative, de «BB» à BB-», estimant que la transition vers un nouveau gouvernement augmentait les risques pesant sur la stabilité macroéconomique. La perspective est ramenée à «négative».
18/10/2011

L'inflation britannique à un pic de 3 ans en septembre

L’inflation en Grande-Bretagne a atteint son plus haut niveau depuis trois ans en septembre, selon les chiffres officiels publiés mardi. L’Office national des statistiques (ONS) a précisé que les prix à la consommation avaient augmenté de 0,6% d’un mois sur l’autre et de 5,2% sur un an, soit leur plus forte hausse depuis septembre 2008, après +4,5% en août.

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