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30/09/2011

ABN Amro achète LGT Bank Deutschland

La banque privée allemande Delbrück Bethmann Maffei (groupe ABN Amro) va prendre 100 % de LGT Bank Deutschland pour un montant qui n’a pas été divulgué. Sous réserve de l’obtention des autorisations de l’Office des Cartels et de la BaFin, cette transaction devrait être bouclée d’ici à la fin de cette année. En outre, les deux entités ont conclu un accord de coopération dans le domaine des produits, accord selon lequel les clients de Delbrück Bethmann Maffei auront accès aux compétences et aux supports d’investissement du liechtensteinois LGT (88,1 milliards de francs suisses d’encours).
30/09/2011
Fonds

Les actifs gérés par les fonds espagnols ont poursuvi leur baisse en septembre

Selon les estimations de VDOS relayées par Cinco Días, l’encours des fonds espagnols a diminué entre le 1er et le 23 septembre de 2,4 milliards d’euros ou de 1,75 % pour revenir à un peu moins de 135,13 milliards d’euros. Cette diminution est imputable à un effet de marché négatif de 1,65 milliard d’euros et à des remboursements nets de 750 millions.
Fonds
30/09/2011

Oliver Bilal rejoint le comité exécutif de Pioneer Allemagne

Arrivé en mars chez Pioneer Investments Allemagne (lire NEWSManagers du 11/03/2011) en provenance d’Allianz Global Investors Europe GmbH, Oliver Bilal vient d'être nommé au comité exécutif de la société de gestion. Il était jusqu'à présent directeur central. Dans ses nouvelles fonctions, il prend en charge le marketing en plus de ses anciennes compétences de responsable de la distribution institutionnelle et «wholesale» de Pioneer Investments en Allemagne.
30/09/2011

Le BVI élit son nouveau directoire

L’assemblée générale de l’association allemande BVI des sociétés de gestion a élu le 29 septembre son directoire pour les trois prochaines années. Cette instance a ensuite reconduit à la présidence Thomas Neiße, qui est par ailleurs président du comité exécutif de Deka Investment.Quatre nouveaux membres ont été élus, à savoir Georg Allendorf (RREEF, groupe Deutsche Bank), Holger Nauman (DWS, groupe Deutsche Bank), Tobias C. Pross (Allianz Global Investors) et Alexander Schindler (Union Asset Management Holding).Quatre membres ont été reconduits. Il s’agit de Dirk Klee (BlackRock Asset Management Deutschland), Barbara Knoflach (SEB Asset Management), Karl Stäcker (Frankfurt Trust, groupe BHF Bank) et Bernd Vorbeck (Union Investment Gesellschaft. Ils remplacent Oliver Clasen (Allianz Global Investors), Klaus Kaldemorgen (DWS) et Götz Kirchhoff (Avana Invest).
30/09/2011

State Street recrute une responsable des relations clients en Italie

Marietta Cisari rejoint State Street en tant que responsable des relations clients pour l’Italie et l’Europe du sud au sein de l’équipe Global Relationship Management. Elle sera basée à Milan sous la direction de Thomas Bergenroth, directeur général et responsable mondial du service Global Relationship Management chez State Street.Avant de rejoindre State Street, Marietta Cisari a travaillé six ans chez BNY Mellon à Londres où elle était responsable grands comptes pour la région EMEA couvrant les banques d’investissement, compagnies d’assurances, gestionnaires de fonds, grandes entreprises et banques.
30/09/2011

Etica Sgr aurait un nouvel actionnaire de poids

Selon les informations de Bluerating, la banque italienne régionale Banca Popolare dell’Emilia Romagna vient d’entrer au capital de la petite société de gestion spécialisée dans l’investissement socialement responsable, Etica Sgr. La banque aurait investi 500.000 euros.
30/09/2011

Swisscanto noue un partenariat avec Allfunds en Italie

Swisscanto Asset Management International a noué un partenariat avec Allfunds Bank aux termes duquel la plate-forme distribuera en Italie les 23 fonds du groupe suisse enregistrés dans la péninsule, selon Bluerating. La société du groupe Swisscanto, présente en Italie depuis septembre 2010, va par ailleurs bientôt transformer son bureau de représentation italien en succursale une fois obtenue l’autorisation de la Banque d’Italie.
30/09/2011

Le fonds de pension taïwanais lance un appel d'offre

Le fonds de pension taïwanais PSPF lance un appel d’offre à destination des sociétés de gestion pour trois mandats de global fixed income totalisant 450 millions de dollars. Pour le moment, la gestion des mandats de ce type se font en interne, précise Asian Investor. Les candidatures doivent être déposées avant le 26 octobre.
30/09/2011

Nouveau responsable pays pour la Suisse chez BlackRock

BlackRock a nommé Martin Gut au poste de «Country Head» pour la Suisse à compter du 1er octobre 2011. Il succède à Heinz Rothacher, selon un communiqué publié le 29 septembre. Martin Gut s’occupe d’ores et déjà des activités institutionnelles de BlackRock en Suisse.Martin Gut travaillait précédemment au Credit Suisse, où il dirigeait l'équipe s’occupant des gros investisseurs institutionnels. Dans ses nouvelles fonctions, il sera aussi membre de l’EMEA Leadership Committee (Europe, Moyen-Orient et Afrique).
30/09/2011

Julius Bär va supprimer 150 emplois dans le monde

Dans le cadre de ses efforts d'économies, Julius Bär va supprimer environ 150 emplois dans le monde, selon un porte-parole de la banque cité par la «Neue Zürcher Zeitung». La direction mise surtout sur les fluctuations naturelles, mais des licenciements ne sont pas exclus, selon le quotidien de Zurich.Le porte-parole n’a pas voulu préciser quel sera le montant des économies ainsi réalisées. Des collaborateurs de toutes les régions seront touchés, y compris à Singapour et Hong Kong. Le journal précise que les suppressions concerneront surtout le Private Banking et l’Investment Solutions, alors que «Markets and Custody» devrait être plutôt épargné. Au milieu de cette année, Julius Bär employait environ 3700 collaborateurs en équivalent plein temps.
30/09/2011
Fonds

HSBC lance trois fonds de fonds à bas coûts

HSBC va lancer trois fonds de fonds à bas coûts au cours des quatre à six prochains semaines, rapporte Money Marketing.Les trois fonds utiliseront des fonds passifs sélectionnés dans sa gamme mais aussi à l’extérieur. La tarification de ces fonds sera structurée comme celle des fonds low cost de Fidelity Worldwide Investment, avec une commission de gestion de 0,5% par an mais pas de plafond pour le total des frais sur encours (TFE ou TER).
Fonds
30/09/2011

Rob Hall promu responsable de la multigestion de Schroders

Schroders vient de promouvoir Rob Hall en tant que responsable de la multigestion, sous la responsabilité de Johanna Kyrklund, responsable des investissements multi-actifs.Rob Hall avait rejoint Schroders en mars 2011, en provenance de Russell, en tant que responsable de la sélection de gérants. Il continuera à exercer ces fonctions tout en assumant de sucroît des responsabilités de gestion de portefeuilles et de service clients. Ainsi, il cogérera les trois fonds multigérés du groupe - Schroders Cautious Managed, Schroders Strategic Balanced et Schroders High Alpha Funds – aux côtés de Jane Turner, qui contribue à la gestion de ces fonds depuis 2005.Ces changements font suite à la refonte de l’équipe multi-actifs de Schroders en mars dernier, fruit de la fusion des équipes multi-manager et multi-asset. Cette équipe se compose de 70 professionnels de l’investissement dans le monde et gère 35 milliards de livres.
30/09/2011
Fonds

Lloyd George envisage une version Ucits de son fonds de marchés frontières

La boutique de gestion Lloyd George Management, filiale de BMO Asset Management, a indiqué vouloir proposer une version Ucits IV de son fonds d’actions dédié aux marchés frontières lancé début septembre (NewsManagers du 27 septembre), rapporte Citywire.Le fonds domicilié à Dublin devrait être lancé dans les toutes prochaines semaines. La version britannique du fonds sera pilotée par Thomas Vester Nielsen, récemment recruté.
Fonds
30/09/2011

Pimco veut développer ses activités de gestion alternative

Pacific Investment Management (Pimco, groupe Allianz) a nommé Jennifer Bridwell en qualité de responsable du développement des produits alternatifs, rapporte Bloomberg.Jennifer Bridwell était précédemment responsable des stratégies hypothécaires. Cette nomination illustre la volonté de Pimco de développer ses activités dans les hedge funds et la dette distressed au sein d’un nouveau pôle alternatif qui sera dirigé par Jennifer Bridwell.
30/09/2011
Gestion d'actifs

Le Fonds de pension de Total en Belgique a augmenté son exposition à l'immobilier

Le Fonds de pension de Total en Belgique (400 millions d’euros) a augmenté son exposition à l’immobilier et réduit son allocation en actions. Ces décisions ont été prises suite à une étude ALM menée par le Fonds. Cette augmentation de l’exposition en immobilier a été faite avec son gérant en immobilier existant, Petercam. Le Fonds n’inclue plus l’immobilier dans sa poche actions mais le compte désormais séparément. La nouvelle allocation d’actifs est la suivante : 57% en fixed income, 33% en actions et 10% en immobilier. Total Belgique a retenu BNP Paribas IP sur les actions et les taux, Aberdeen AM uniquement sur les taux, PIMCO sur les obligations d’entreprises, Dexia AM sur les actions et Blackfriars AM sur les actions émergentes, en particulier sur l’Asie.
Gestion d'actifs
30/09/2011

Oddo launches a new bond horizon fund

Oddo Asset Management has announced the launch of the Oddo Rendement 2017 fund, which has received a license from the AMF. Via a selection of convertible bonds and private bonds selected from a flexible universe (in the non-publicly traded invesment category), the fund will seek to profit from the high returns currently available in European bond markets. Oddo Am already has several active horizon bond funds, representing EUR462m of overall assets. The management team is composed of two senior managers, Xavier Hoche, head of convertibles management, and Muriel Blanchier, convertibles manager, and two dedicated credit analysts, Anne-Claire Saussun and Olivier Mulin. The objective for the new fund is to earn higher returns than the euro-denominated bonds issued by the French government by 2017, with an investment horizon of 6 years from the date of creation of the fund. The fund will mature on 31 December 2017. The initial portfolio includes 20% to 40% investment grade bonds, 20% to 40% high yield, and 20% to 50% non-publicly traded securities. 40% of convertible bonds are unrated, meaning high levels of opportunities in this segment. Primary characteristics of the fund Name: Oddo Rendement 2017 Legal format: French-registered FCP AMF classification: diversified OPCVM ISIN codes: A share class, FR0011113380 – B share class FR0011113398 Minimal investment duration: 6 years Benchmark: none Minimal initial subscription: A share class: EUR100; B share class: EUR1m Front-end fee: Maximum 4% TTC, assets not acquired by the OPCVM fund Redemption commission: none Management fees: A share class: maximum 1.4% TTC of net assets; B share class: 0.6% TTC of net assets Performance commission: 10% TTC of performance exceeding 6% annual returns
30/09/2011

OMAM releases a hedge fund on Lyxor UCITS platform

Lyxor Asset Management and Old Mutual Asset Managers (UK) are launching the first single hedge fund manager on the UCITS Lyxor Dimension Platform. The Lyxor/Old Mutual Global Statistical Arbitrage Strategy Index Fund offers exposure to a pure alpha strategy managed by Old Mutual Asset Managers (UK).Paul Simpson, head of systematic investments and senior portfolio manager at Old Mutual Asset Managers (UK) commented: “Our strategy is a quantitative equity market neutral model exploiting short term pricing opportunities and actively trading large capitalisation equities.” This investment process has been in place since 2007 at Old Mutual. “It is the first time we are implementing it in a UCITS vehicle,” adds Paul Simpson. Launched in 2009, Lyxor Dimension offers investors access to a variety of alternative strategies and themes in a UCITS format. It complements Lyxor’s established offshore managed account platform and consists of more than 10 multimanager funds and one absolute return program. Old Mutual will be the first single hedge fund manager on the platform and Lyxor plans to launch more UCITS hedge funds in the coming months.
30/09/2011

GAM launches an Asean fund

GAM launches GAM Star Emerging Asia Equity, a fund which aims to access the potential of ASEAN markets. The fund, managed by Michael Lai, investment director with Camille Vergara, investment manager, invests in quoted securities in ASEAN markets, primarily Singapore, Malaysia, Thailand, Indonesia and the Philippines, with opportunistic allocations to companies in other ASEAN markets, as well as other emerging Asian countries outside China. This results in a high conviction portfolio of 35-45 stocks focused on mid-cap, under researched, overlooked and mispriced companies. The fund seeks to outperform the MSCI AC South East Asia index over the long-term and is authorised for sale in Austria, Finland, Germany, Hong Kong, Ireland, Luxembourg, Macau, Netherlands, Norway, Spain, Singapore, Sweden, Switzerland and the UK.
30/09/2011

State Street recruits a head for client relationships in Italy

Marietta Cisari has joined State Street as head of client relationships for Italy and southern Europe in the Global Relationship Management Team. She will be based in Milan, and will report to Thomas Bergenroth, CEO and global head of the Global Relationship Management team at State Street. Before joining State Street, Cisari spent six years at BNY Mellon in London, where she was head of key accounts for the EMEA region, covering investment banks, insurers, fund managers, large corporations, and banks.
30/09/2011

Swisscanto forms a partnership with Allfunds in Italy

Swisscanto Asset Management International has formed a partnership with Allfunds Bank, by the terms of which the platform will distribute the 23 funds of the Swiss group registered for sale in Italy, Bluerating reports. The firm of the Swisscanto group, which has been present in Italy since September 2010, will also soon be converting its Italian representative office into a branch office, once it obtains permission from the Bank of Italy.
30/09/2011

Etica Sgr has a new major investor

According to information obtained by Bluerating, the Italian regional bank Banca Popolare dell’Emilia Romagna has entered the capital of the small asset management firm specialised in socially responsible investment Etica Sgr. The bank is reported to have invested EUR500,000.
30/09/2011

Pimco plans to develop alternative management activities

Pacific Investment Management (Pimco, Allianz group) has appointed Jennifer Bridwell as head of development for alternative products, Bloomberg reports. Bridwell had previously been head of mortgage strategies. The appointment is a sign of Pimco’s desire to develop its activities in hedge funds and distressed debt in a new alternative management unit which will be led by Bridwell.
30/09/2011

OFI AM appoints a new head of projects for Asia

Following the departure of Haiyan Li-Labbé to Carmignac Gestion (see Newsmanagers of 28 September 2011), OFI Asset Management has appointed a new head for its Asian projects. According to information obtained by Newsmanagers, the new head of Xinghang Li, who previously worked with Li-Labbé at ADI Alternative Investments. Like Li-Labbé, Li will be responsible for investment and development projects of the OFI group in Asia, and will lead the management team specialised in Asian markets. He will also manage the Luxembourg-registered SIF fund from OFI AM specialised in China, which invests in local Chinese equities (A-class shares) and is aimed at institutional investors, in cooperation with manager-analysts at Great Wall Fund Management (see Newsmanagers of 7 January 2011).
30/09/2011

KKR and BlackRock woo Axa PE

The Financial Times reports that Kohlberg Kravis Roberts and BlackRock are interested in acquiring Axa Private Equity. They are two of several candidates who have been asked to submit an initial offer next week, according to sources familiar with the matter.
30/09/2011

European finance industry highly concerned about FATCA legislation

The FATCA law (Foreign Account Tax Compliance Act) appears to be attracting a lot of attention worldwide already, particularly in Europe. According to a survey by RBC Dexia Investor Services, only 26% of financial companies surveyed had little or no knowledge of the legislation, which was passed last year, but about which few details are known so far. The survey finds that European financial institutions appear to attach a particularly high importance to the FATCA law, with 86% of respondents familiar with it. Despite questions which remain about the legislation, institutions which know about the law are actively preparing for it. The cost of application for the law is estimated at about USD1m. At the annual conference of the Luxembourg Investment Fund Association (ALFI), held on 27 and 28 September in Luxembourg, the president of the American financial management association (ICI), Paul Scott Stevens, expressed some reservations about the potential impact of the law. “We understand the concerns of foreign actors on this subject. But I don’t think the law can be substantially amended,” Stevens says. “I therefore think that we need to set up a functional framework.” After all, he concludes, “tax evasion is a subject which is not limited to the US tax authorities. Tax evasion is a concern for many authorities worldwide.”
30/09/2011

Financial innovation and ETFs under the eye of ESMA

ETFs remain of central concern for the European Securities Markets Authority (ESMA). “Activities such as securities lending, or specific forms of ETFs, such as synthetic ETFs, require more attention from the point of view of financial stability,” ESMA’s chairman, Steven Maijoor, said in a speech in Vienna on 29 September. Maijoor says that ESMA is planning to launch a consultation on proposals for legislation of ETFs and UCITS funds by the end of this year, with the primary objective of improving the transparency of these products. The ESMA chairman also stated that a permanent financial innovation committee (FISC) has been recently created, and will play a central preventative role in the area of financial products.
30/09/2011

Sovereign funds may invest more in alternative assets

The disastrous situation on the markets may lead sovereign funds to pull out of equities in favour of alternative investments, Reuters reports. More than half of all assets in sovereign funds are often invested in equities, 31% in bonds and cash, and the remainder in alternative strategies, hedge funds, commodities, real estate, and infrastructure. This distribution may yet change, due to the disappointing performance of equity markets in the past ten years. According to statistics from Thomson Reuters, the real estate sector represented more than 12% of total acquisitions by sovereign funds in the past twelve months, behind the financial, energy and industrial sectors.
30/09/2011

Frontier markets do not carry higher risk than emerging markets

Investing in frontier markets does not involve more risk than investing in most countries considered emerging markets, according to the most recent publication from the Research Foundation at the CFA Institute, on the subject of frontier markets (“Frontier Market Equity Investing: Finding the Winners of the Future”). The study encourages investors not to underestimate the potential of frontier markets. Since the beginning of the 1990s, the economies of many frontier markets have been totally restructured, and have become more emerging than stagnant, from an economic point of view. Frontier markets offer investors a way to identify high potential investments, which have previously been ignored by the traditional investment community. Frontier markets are not merely distant stock markets: they represent more than 1.2 billion people, a total market capitalisation of USD270bn, and daily liquidity of USD388m.
30/09/2011

New country head for Switzerland at BlackRock

BlackRock has appointed Martin Gut as Country Head for Switzerland, from 1 October 2011. He succeeds Heinz Rothacher, according to a statement published on 29 September. Gut is already in charge of the institutional activities of BlackRock in Switzerland. Gut previously worked at Credit Suisse, where he was in charge of the team for major institutional investors. In his new role, he will also be a member of the EMEA Leadership Committee (Europe, the Middle East and Africa).
30/09/2011

BeCapital closes a EUR150m fund

The private equity firm BeCapital, specialised in investments in ecologically innovative companies, on 29 September announced that it has closed its first fund with EUR148.32m, well above its initial objective of EUR100m. BeCapital, created by BeCitizen, Cobepa and La Compagnie Benjamin de Rothschild, brings together a unique network of investors, composed primarily of European families with diverse industrial and geographical roots. BeCapital aims to adhere to the principles of Economie Positive (TM), a concept developed by BeCitizen, which holds that growth may only be sustainable if it conserves and restores the environment and natural resources. BeCapital has made four investments so far: Northern Power Systems (a company based in the United States which manufactures new generation wind turbines, whose website is at www.northernpower.com); Helveta (a British firm, which is a global leader in timber supply chain monitoring and tracking; www.helveta.com); Goëmar (a French business which develops products for agricultural use with high added value, from algae; www.goemar.com); and most recently, Pavatex (a provider of high quality wood fibre insulation systems, which is based in Switzerland, and which is a European leader in its market; www.pavatex.com).

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