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02/09/2011

Axa IM appoints Katrin Boström as head of distribution for Scandinavia

AXA Investment Managers on September 1 announced the appointment of Katrin Boström as head of Nordic Sales. Reporting to Irshaad Ahmad, head of UK and Nordics, she will be responsible for building on AXA IM’s presence in the region. Katrin Boström, who will be based in the region, working from AXA IM’s office in Stockholm, commences her role on 1 September 2011. Katrin Boström joins from Morgan Stanley Investment Management where she was executive director, head of sales and business development, Nordic Region. Before that, she was executive director, institutional sales and business development, Nordic region for Goldman Sachs Asset Management, London.
02/09/2011

David Loggia leaves Carmignac Gestion

According to information received by Newsmanagers, David Loggia, one of the star managers at the management firm Carmignac Gestion, who took a six-month leave of absence last year, and whose contract expired this May, has left the management firm based in the place Vendôme in Paris. Loggia had been co-manager of the Carmignac Grande Europe fund.
02/09/2011

Sycomore AM hires a portfolio manager

French boutique Sycomore Asset Management has announced the recruitment of Arnaud d’Aligny as analyst-portfolio manager for European equities. He will assist with the Sycomore Eurocap fund (EUR555m as of 31 July), alongside Emeric Préaubert and Frédéric Ponchon. After three years at HSBC – CCF Charterhouse as assistant vice president in the structured finance department, d’Aligny joined the Goldman Sachs investment bank in 2002 as executive director in charge of the Building & Construction and Business Services sectors. Sycomore AM has nearly EUR2bn in assets under management.
02/09/2011

Frank Rudert rejoins Threadneedle Germany

Four years after quitting the business and moving to cominvest (which has since become Allianz Global Investors), Frank Rudert is returning to Threadneedle Germany. He will be operational manager, a position midway between distribution and back-office. He will report to the Austrian Werner Kolitsch, head of Germany and Austria.
02/09/2011

Franklin Templeton recruits for German distribution

Sabine Stöhr has been appointed as head of wealth management clients for Germany at Franklin Templeton Germany. The asset management firm is now seeking a replacement for Stöhr as head of IFA clients, savings banks and co-operative banks for Bavaria. The distribution team at Franklin Templeton includes 24 members.
02/09/2011

Changes at the top at AWD Germany

Following the departure of Rolf Wiswesser, who will be moving to the insurer Ergo to restore order in its distribution division (see Newsmanagers of 23 August), Swiss Life has opted for an internal promotion for its financial services affiliate AWD Germany. Götz Wenker, 60, director of distribution, has been appointed as chairman of the board. He will be responsible for strategy, distribution, training, press and public relations, as well as client services and assistance. Thomas Bilitewski, 48, becomes head of the products professional areas, and of relations with partners and advising activities. He is also CEO of Horback, an AWD affiliate specialised in advising university graduates.
02/09/2011

German asset management association creates mediation framework

The German asset management association (BVI) on 1 September announced that it has created a mediation framework for investment funds. The framework includes a mediation office, located in Berlin, with two independent lawyerrs. The choice of Berlin is a sign of the will on the part of the professional association to have a larger presence in the German capital, the BVI says in a statement.
02/09/2011

UBS has already recruited more than 300 people this year for wealth management activities in Asia

Since the beginning of this year, UBS has recruited more than 300 people in the Asia-Pacific region for its wealth management activities, according to Kathryn Shih, director of the UBS wealth management division for Asia-Pacific, Asian Investor reports. The recruitments are continuing. UBS has also recruited Alan Branigan, previously head of a consulting firm he founded, as head of the corporate advisory group in Singapore.
02/09/2011

Securities lending called into question in UK

Several of the largest British management firms are making tens of millions of pounds from using their clients’ capital for securities lending, according to a study by the wealth management firm SCM Private, the Guardian newspaper reports. The SCM study finds that 19 of the 20 companies studied had terms and conditions in place which allow them to lend out up to 100% of their clients’ equities, and half of the sample had participated in securities lending. According to the research firm Data Explorers, global earnings from securities lending operations last year totalled about GBP4.5bn, of which about GBP850m were in the United Kingdom. Of this latter total, a considerable but unknown proportion involved retail funds. The co-founder of SCM, Gina Miller, tells the newspaper that many investors are not aware that management firms are legally authorised to put 100% of their capital at risk for these securities lending operations. “Complete and comprehensive information should be required in order to protect investors. From our point of view, the minimal levels of information and protection for retail investors under British legislation are completely unsuitable,” Miller says.
02/09/2011

Nick Little promoted at BlackRock

Nick Little has been named, with effect from 1 September 2011, as co-manager of the BlackRock UK Fund, alongside existing manager, Mark Lyttleton. His promotion recognises his experience in managing Core UK equity portfolios over the past seven years for institutional clients, during his ten years with the company. The BlackRock UK Fund currently has GBP444 million assets under management having launched almost 20 years ago. The Fund’s investment philosophy will remain unchanged.
02/09/2011

Dipankar Shewaram resigns from Western Asset Management

Dipankar Shewaram has resigned from Western Asset Management, an affiliate of Legg Mason specialised in bond management, where he had been head of non-US credit and manager of the Legg Mason Western Asset Global Credit Absolute Return fund, based in London. According to information received by Newsmanagers, Shewaram is planning to create a new entrepreneurial business. The management of Shewaram’s former fund will now be taken over by Mike Buchanan, head of global credit, and Prashant Chandran, global head of derivatives. They will adhere to the same management strategy, the management firm says.
02/09/2011

More than one third of active British workforce don't know when they will retire

The number of British people planning to retire between the ages of 66 and 70 doubled last year, from 5% to 11% this year, according to a study by ICM on behalf of Baring Asset Management. The survey, undertaken by ICM, spoke to 1589 adult, actively employed British people between 1 and 3 July 2011. The study also finds that 10% of the active population, equivalen to about 3.5 million people, are not planning to retire, while 36% of them (12.8 million people) are unable to say at what age they will want to retire from active life. More than one third of active British people (37%) are planning to retire later than the age of 61. This is an 11% increase compared with last year’s figures. Meanwhile, the number of people planning to retire between the ages of 56 and 60 fell further this year, to only 11%, whereas more than 30% were planning to do so in 2008, before the financial crisis triggered by the collapse of Lehman Brothers. A more troublesome development is that among the active population aged 65 and over, one quarter of respondents, who would be equivalent to a population of nearly 260,000, say they have no plans to retire, and 10% of the 55-64 year old age range (514,000 people) say that retirement is an “impossibility.” The number of women planning to retire between the ages of 66 and 70 more than doubled between 2010 and 2011, from 4% last year to 9% this year. A lengthening life expectancy certainly has some relation to these developments, which the economic environment has probably accentuated. “The cost of living continues to increase, which is raising the cost of retirement, and driving a larger portion of the population to put of retirement for a few years,” says Marino Valensise, CIO of Barings, who predicts that the trend will continue.
02/09/2011

RBC Dexia IS poaches a manager from UBS Investment Bank

RBC Dexia Investor Services has announced the expansion of its Market Products and Services team with the appointment of Paul Luff as director, portfolio solutions. Reporting to Blair McPherson, head of portfolio solutions, he will work with key clients to tailor bespoke offerings that leverage the breadth of portfolio solutions available from the company. Paul Luff joins RBC Dexia from UBS Investment Bank, where he was most recently a senior relationship manager in its FX business.
02/09/2011

Aberdeen to change its director of development

In November, John Brett, director of sales & marketing at Scottish Widows Investment Partnership (SWIP), will become global head of distribution at Aberdeen Asset Management, Fundweb reports. Brett will succeed Chris Ellyatt, global head of business development, who has resigned after nine years at the business.
02/09/2011

Asset managers have the blues

Asset management bosses are unusually glum, the Financial Times observes. Not only are the markets in torment, but asset management companies are increasingly under pressure from clients who are turning to investments other than funds (ETFs, structured products), and are calling for lower fees. In private, asset management firm heads are concerned about erosion of their profits, due to falling returns and fees. Jupiter, for example, last month announced that it is it expects its average fee per asset under management to fall 2 to 3 basis points a year.
02/09/2011

Equities: German retail investors at their most pessimistic since 2003, according to Union Investment

A quarterly survey of retail investors by Forsa on behalf of Union Investment has found that in July-September, 30% of German households were expecting a slight decline in share prices, compared with 14% in second quarter. In addition, 14% of respondents, compared with 4%, predict a heavy fall on the stock markets. In total, 44% of respondents (500 people aged 20 to 59), expected stock markets to fall, the highest level since January-March 2003 (the study began in early 2001).
02/09/2011

Révision en baisse du déficit budgétaire américain

Selon l’administration américaine, le déficit devrait atteindre 8,8% du PIB cette année, contre une précédente estimation de 10,9% publiée en février. Cette révision à la baisse est en grande partie due aux coupes budgétaires qui ont accompagné début août l’accord entre républicains et démocrates sur le relèvement du plafond de la dette américaine.
02/09/2011

L'Europe critique le FMI sur les fonds propres bancaires

Responsables politiques et dirigeants bancaires européens sont une nouvelle fois vent debout contre le Fonds monétaire international (FMI) selon lequel le système bancaire de l’Union européenne souffre d’un déficit de fonds propres. Selon une source européenne, le FMI estime que les banques européennes risquent d'être confrontées à un manque de fonds propres de l’ordre de 200 milliards d’euros pour affronter la crise de la dette souveraine dans la zone euro et à un ralentissement de la croissance. La Commission européenne a toutefois réaffirmé que l’Union européenne n’avait pas besoin de recapitaliser ses banques au-delà de ce qui a été décidé en juillet à l’issue des résultats des tests de résistance menés par l’Autorité bancaire européenne. Ces craintes sont également jugées sans fondement par les banques allemandes. «Les banques sont bien capitalisées», a déclaré à Die Welt Michael Kemmer, directeur de la fédération professionnelle BdB.
02/09/2011

La Grèce en passe de manquer son objectif budgétaire annuel

Athènes va manquer son objectif budgétaire pour 2011 d’au moins un point de pourcentage, a révélé jeudi une source proche de la mission d’inspection FMI/UE citée par Reuters. Selon des chiffres non définitifs, le déficit budgétaire de la Grèce en 2011 va s'élever à au moins 8,6% du produit intérieur brut (PIB) contre un objectif de 7,6% du PIB. Le dépassement de l’objectif de déficit est dû à la récession, à des recettes fiscales moins importantes que prévu, mais surtout «aux retards de mise en oeuvre du plan budgétaire à moyen terme», selon les inspecteurs en mission depuis lundi en Grèce. Ces derniers ont par ailleurs de sérieux doutes sur la capacité du pays à atteindre les objectifs prévus par son plan de privatisations. Athènes s’est en effet engagé à lever cinq milliards d’euros d’ici la fin de l’année par ce biais. Il est toutefois encore trop tôt pour dire si la prochaine tranche d’aide financière est susceptible de ne pas être versée.
02/09/2011

Ewald Nowotny confiant dans le triple A français

Membre du conseil des gouverneurs de la Banque centrale européenne, Ewald Nowotny a déclaré jeudi qu’il ne pensait pas que la France puisse perdre sa note triple A, après les propos d’un conseiller économique allemand sous-entendant qu’une restructuration d’ampleur de la dette grecque pourrait entraîner un tel déclassement.
02/09/2011

Idex cédé par IK Investment Partners

IK Investment Partners a conclu un accord avec Cube Infrastructure, fonds dédié aux investissements en infrastructures et services publics, pour la cession d’Idex, premier groupe indépendant français de services à l'énergie et à l’environnement. Les détails financiers de la transaction n’ont pas été divulgués. Le groupe compte environ 3.500 employés et son chiffre d’affaires au titre de l’exercice clôturé en février 2011 est de 525 millions d’euros.
02/09/2011

Démission de l'auteur du rapport sur la dette grecque

La présidente de la commission indépendante sur le budget grec a démissionné jeudi après avoir été critiquée par le ministre des Finances pour avoir écrit dans un rapport parlementaire que la dette du pays était «hors de contrôle».
02/09/2011

UBS sous le feu des médias chinois

Le Shanghai Securities News a accusé la banque suisse d’avoir livré des estimations erronées aux investisseurs et de ne pas avoir souligné des risques clés lors de deux introductions en Bourse dont elle avait la charge. Les critiques portent sur les IPOs de Pangda Automobile Trade et BYD, un constructeur automobile soutenu par Warren Buffett.
02/09/2011

La dette espagnole séduit moins

Le soutien de la BCE tirant les rendements à la baisse, la demande des investisseurs pour l'émission de rentrée de l’Espagne a été moins forte qu’en juillet.
02/09/2011

Le LSE fait une offre de rachat sur LCH.Clearnet

Le London Stock Exchange aurait fait une offre pour acquérir une part majoritaire dans LCH.Clearnet, valorisant la chambre de compensation à environ un milliard d’euros, selon le quotidien. Cette offre met le LSE en concurrence directe avec la société britannique Markit pour le contrôle stratégique de LCH.Clearnet, un des actifs les plus prisé sur le marché des dérivés.

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