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12/07/2011

Hyposwiss Private Bank aura un directeur général en novembre

Hyposwiss Private Bank Genève a annoncé l’arrivée, à compter du 1er novembre prochain, de Marc Brodard en qualité de directeur général. Il succédera à Declan McAdams qui, pour sa part, a été élu au conseil d’administration, suite au départ à la retraite de Yves Burrus.Depuis avril 2007, Marc Brodard était directeur de la Division des clients francophones à très hauts revenus (UHNWI), couvrant l’Europe, la Méditerranée et l’Afrique chez Credit Suisse.
12/07/2011
Gestion d'actifs

Non coté: Agicam a investi récemment dans le fonds Citizen Capital

Dans un article paru dans Option Finance, Philippe Dutertre, président du directoire d’Agicam revient sur la stratégie d’investissement sur le non coté de son groupe: Dans le domaine du capital investissement, qui constitue une niche en termes d’encours, nous avons investi dans 55 fonds ce qui, par transparence, recouvre un apport en fonds propres à près de 200 entreprises sur le territoire national, 100 000 emplois, un chiffre d’affaires de 10milliards d’euros et un bénéfice net de 1.2 milliards d’euros. Nous évaluons la performance de cette poche d’investissement non seulement à travers le TRI (taux de rentabilité interne), mais aussi à l’aune de son utilité sociale. Nous avons à ce titre investi récemment dans le fonds Citizen Capital afin d’encourager la diversité.
Gestion d'actifs
12/07/2011

Net subscriptions to long-term funds down by half in May

According to statistics from Lipper FMI published on 11 July, equity funds in Europe excluding ETFs saw net redemptions of EUR215m in May. Including ETFs, net subscriptions to equity funds fell to EUR2bn, from EUR13.4bn in April, which explains the overall decline in net susbcriptions to all funds excluding money markets to EUR13.2bn from EUR26.6bn the previous month.Overall, thanks to net subscriptions of EUR7.1bn to French money market funds, and more generally to inflows to money market funds (EUR9.6bn), European funds in May saw net subscriptions of EUR22.7bn.It is also worth noting that net subscriptions to bond funds increased to EUR9.5bn from EUR7.7bn in April, even though net inflows to high yield bond funds slowed slightly, to EUR2.7bn (a total of EUR21.6bn for the first five months of the year).Lipper FMI also points to the “phenomenal success” of global bonds, which attracted EUR3.3bn, and excellent results for emerging markets debt (EUR2.2bn).Commodities funds attracted EUR450m in May, and EUR4.2bn in the first five months of the year, while raw materials saw net outflows of EUR180m in May, and net inflows of EUR4.3bn in January-May.The top three for inflows in May were BlackRock, with EUR3bn, including ETFs from iShares. Excluding ETFs, the winner is Invesco (EUR530m), followed by Franklin Templeton (EUR2.6bn).
12/07/2011

Heavy outflows from Swedish equities funds in June

In June, Swedish funds saw total net redemptions of SEK4bn, meaning that in first half, net subscriptions total only SEK12.6bn, much of which is due to inflows to diversified funds (SEK11.9bn, despite net outflows of SEK0.1bn in June), and money market funds (SEK11.3bn, of which EUR5.3bn were in June). Poor results in June are due to outflows of SEK13.2bn from equities funds, where the bottom line is also negative to the tune of SEK14.2bn in January-June. June was the first month of net redemptions in 2011, following net subscriptions of SEK2.1bn in May, and SEK6.9bn in April, according to statistics from Fondsbolagens förening, the Swedish association of asset management firms.Bond funds, which saw net inflows of SEK3.6bn in June, show net subscriptions of only SEK0.6bn in first half. Hedge funds attracted SEK0.5bn in June, and SEK3bn in the first six months of the year.As of the end of June, total assets in Swedish funds came to SEK1.953trn, of which SEK1.140trn are in equities funds, SEK363bn in diversified funds, SEK210bn in money market funds, and SEK190bn in equities funds.
12/07/2011

Banks court hedge funds

According to the most recent edition of a Fed survey of the 20 largest brokerage firms, undertaken since 2010, none of the banks which provide most of the financing for securities acquisitions by hedge funds toughened their lending conditions in the March-May quarter, the Financial Times reports. It is the fifth consecutive quarter in which the study has shown an easing credit conditions.Eleven brokers stated that financial conditions had been eased for hedge funds and private equity investors. Of those eleven lenders, nine cited intensifying competition as a motive for the easing of conditions, while eight also stated that the financial situation of counterparties has improved, and seven said they themselves were prepared to take on more risk.A majority of those surveyed also said that hedge funds and private equity had made efforts to obtain more advantageous conditions in negotiations.
12/07/2011

Recruitments at Credit Suisse Spain

Staff at Credit Suisse Spain has been increased, with the recruitment of two private bankers, Mariano B. Alierta Sancho (ex M&G Valores) and Rocío Cerón Sánchez (ex La Caixa). In addition, Credit Suisse Gestión (EUR2bn in assets) has recruited Verónica López-Ibor Vega-Penichet (ex UBS) as a portfolio manager.
12/07/2011

BlackRock offers FMA services in Spain

Funds People reports that Armando Senra, CEO of BlackRock for Iberia, and deputy CEO of BlackRock Latin America, has announced that the US group is planning to offer the services of Financial Markets Authority (FMA), one of the units of its division BlackRock Solutions, to Spanish entities.FMA may also assist interested establishments in setting up “bad bank” disposal structures, vehicles to house their toxic assets. The firm can also help firms which are obliged to turn to the markets to raise capital.BlackRock Solutions has a total of USD9.5trn under administration, of which USD3.6trn are for BlackRock. The remainder is distributed over 140 clients, including central banks, other asset managers, insurers, pension funds, and banks.
12/07/2011

Société Générale Private Banking plans to grow in Asia

Agefi reports that Société Générale Private Banking is planning to increase the number of advisers it has dedicated to Asian high net worth clients, from 100 currently, to 150 in the next 4 to 5 years. The group has about 400 employees in Asia outside Japan, the newspaper reports.
12/07/2011

South Korean pension fund increases exposure to emerging markets equities

The South Korean military pension fund MMAA 9Military Mutual Aid Association) is seeking to increase its allocation to equities, through investment in emerging markets in second half, Asian Investor reports. The fund, founded in 1984, has hitherto invested mostly in Korean and international real estate, but growth in its assets has led it to revise this strategy. Last year, assets under management increased 12%, to USD6.8bn as of the end of December; they now total USD7.6bn. The real estate allocation has already been lowered to 45.9%, as allocation to “financial investments” has been increased from 49.2% last year to 54.1% this year. The “financial investors” category, which will continue to increase, is 55.2% composed of engagements to private equity funds, and 44.8% of investments in equities and bonds.
12/07/2011

db x-trackers releases 11 emerging markets ETFs and a hedge fund ETF

The XTF listings of the Frankfurt Xetra platform now includes 835 ETFs: db x-trackers (Deutsche Bank) has released 12 new ETFs, ten of which replicate emerging markets sectoral sub-indices: consumer goods, energy, finance, health, industrials, IT, discretionary consumer products, telecommunications, utilities, and materials.In addition, db x-trackers has launched an inverse ETF, the MSCI Emerging Market Short Daily Index ETF, and a hedge fund ETF which replicates the db Equity Strategies Hedge Fund Index.The new products are the following (followed by their ISIN code and management commission):db x-trackers DB Equity Strategies Hedge Fund Index ETF LU0519153489 0.90%db x-trackers MSCI Emerging Market Short Daily Index ETF LU0518622286 0.95%db x-trackers MSCI Emerging Markets Materials TRN Index ETF LU0592217284 0.65%db x-trackers MSCI Emerging Markets Consumer Discretionary TRN Index ETF LU0592216476 0.65%db x-trackers MSCI Emerging Markets Consumer Staples TRN Index ETF LU0592216559 0.65%db x-trackers MSCI Emerging Markets Energy TRN Index ETF LU0592216633 0.65%db x-trackers MSCI Emerging Markets Financials TRN Index ETF LU0592216807 0.65%db x-trackers MSCI Emerging Markets Healthcare TRN Index ETF LU0592216989 0.65%db x-trackers MSCI Emerging Markets Industrials TRN Index ETF LU0592217011 0.65%db x-trackers MSCI Emerging Markets Information Technology TRN Index ETF LU0592217102 0.65%db x-trackers MSCI Emerging Markets Utilities TRN Index ETF LU0592217441 0.65%and db x-trackers MSCI Emerging Markets Telecommunication Services TRN Index ETF LU0592217367 0.65%
12/07/2011

Tobam applies its diversification principles to emerging markets

The asset management firm Tobam on Monday, 11 July announced the launch of the Anti-Benchmark Emerging Market Equity fund. The UCITS III-compliant, OPCVM format fund aims to maximise diversification through an application of the Anti-Benchmark process to the entire emerging markets universe, represented by the MSCI Emerging Market index.In order to deliver investors the risk premia that are genuinely available on this market, the fund eliminates geographical, style and sectoral biases which may be involved in more traditional management, such as weighting by cap size. In terms of performance, the fund aims to outperform the cap size-weighted emerging markets index by about 4% to 6% per year, while significantly reducing volatility (about 30%).CharacteristicsName: TOBAM Anti-Benchmark Emerging Market Equity FundISIN codes: FR0011039320Benchmark index: MSCI Emerging MarketsLiquidity: Daily
12/07/2011

John Locke Investments lance un fonds de performance absolue

John Locke Investments, le gérant quantitatif, a annoncé le lancement de son premier fonds UCITS de droit français coordonné. Il s’agit d’un fonds de performance absolue agréé AMF et représentatif d’une de ses stratégies historiques de la société - Cyril Systematic.
12/07/2011

AMP Capital Investors awards a major mandate to Intech (Janus)

Intech Investment Management, an affiliate of Janus Capital, has announced that it has been awarded a USD1.3bn mandate for a customised version of its Enhanced Global Core ex Australia strategy, from the asset management firm AMP Capital Investors, an affiliate of the insurer AMP. The objective will be to outperform the MSCI World ex Australia index with equal or less risk, using a mathematical risk-oriented process, which has been in use at Intech since 1987.
12/07/2011

Asset management assets returned to their 2007 levels in 2010

As of the end of December, assets at asset management firms had risen by 8% in one year, to USD56.4trn, following an increase of 13% in 2009 and a contraction of 17% in 2008. Assets thus slightly exceeded their total of USD56.2trn as of the end of 2007, according to the ninth annual survey by the Boston Consulting Group (Building on Success: Global Asset Management 2011).The increase in assets under management is largely due to continued rises on equities markets, while net subscriptions have remained marginal.The sector has also brought its costs under control; these remained at 20% of assets last year. Net margins have increased to 33% from 31%, which remains well below an all-time peak of 39% in 2007.
12/07/2011

Global ETF assets up 10% in first half

As of the end of June, BlackRock reports, there were 2,825 ETFs listed 6,229 times on 49 stock exchanges worldwide, with total assets of USD1.4427trn, 0.3% lower than at the end of May (USD1.4466trn), but 10% higher than USD1.3313bn as of the end of December.The three leaders in the market remain unchanged, with iShares (BlackRock) claiming USD620.7bn as of the end of June, or 43% of the market, followed by State Street Global Advisors (SSgA), with USD204.2bn and 14.2% of the market, while Vanguard takes third place with USD175.5bn and 12.2% of the market.
12/07/2011

ETFs: net outflows from db x-trackers in June, and for Lyxor in first half

According to the most recent edition of the monthly “ETF Landscape” magazine from BlackRock, as of the end of June, there were in Europe 1,185 ETF funds listed 4,050 times on 23 stock markets, from 40 issuers. Total assets came to USD321.2bn, 0.9% more than at the end of May (USD318.2bn), and 13.1% higher than at the end of December (USD284bn).The rankings remain unchanged, with iShares (BlackRock) holding USD116.3bn in assets (a market share of 36.2%), Lyxor Asset Management (Société Générale) with USD53.5bn (16.7%), and db x-trackers (Deutsche Bank) with USD51bn (15.9%).In June, total net subscriptions represented USD3.8bn, of which USD1.6bn were for iShares, and USD1bn for UBS Global Asset Management, while db x-trackers underwent net redemptions of USD0.4bn.In first half as a whole, while net subscriptions totalled USD19.2bn, iShares posted the highest net inflows, with USD9.4bn, followed by UBS Global AML (USD3.9bn). However, Lyxor has seen net outflows of USD2.4bn.
12/07/2011

Hyposwiss Private Bank will have a CEO in November

Hyposwiss Private Bank Geneva has announced the arrival of Marc Brodard on 1 November as its new CEO. He will succeed Declan McAdams, who has been elected to the board of directors, following the retirement of Yves Burrus.Since April 2007, Brodard has been director of the French-speaking ultra-high net worth clients division, covering Europe, the Mediterranean, and Africa, at Credit Suisse.
12/07/2011

McKinsey will need time to recover after Galleon scandal

Anil Kumar, a former partner at the consultant McKinsey, has pleaded guilty and confessed to passing confidential information to Raj Rajaratnam, the former head of Galleon Group. Rajat Gupta, a former McKinsey director, is facing a lawsuit filed by the SEC in connection with the case, but he denies the charges, the Financial Times reports. And Dominic Barton, global managing director, has pledged to take the necessary measures to “make the organisation stronger” in the future. He has told the Financial Times that the McKinsey brand has suffered, and that it might take it as long as two decades to recover from the scandal.
12/07/2011

Lisbon Sporting FC to have its own investment fund

On 8 July, the Portuguese securities commission (CMVM) announced that on 7 July, it issued a license to create the Sporting Portugal Fund, a Fundo Especial de Investimento Mobiliário Fechado which will be managed by ESAF Espirito Santo Fundos de Investimento Mobiliário.The product is a closed fund, which like the Benfica Stars Club (see Newsmanagers of 30 September 2009 and 6 July 2010) aims to earn a part of the revenues and profits of the football club Sporting Clube de Portugal of Lisbon on its player trades. The fund will initially have EUR15m in assets. The construction of the fund, strictly speaking, is scheduled for 8 August.
12/07/2011

Rapid growth at db-X ETC

According to a study by Deutsche Bank, the db-X ETC platform (launched in March 2010) was the fastest-growing ETC promoter in Europe, Thorsten Michalik, head of both db-X ETC and db x-trackers, announced on 11 July.db-X ETC (currently 40 products) has seen an increase in its assets in January-June of EUR592m, for a total of EUR1.4bn as of 30 June. In other words, Deutsche Bank took on virtually all net subscriptions in the sector in Europe in the period under review.The German bank says that assets in the Physical Gold Euro Hedged ETC increased in first half by EUR263m, to a total of EUR620m.Among the ETFs from db x-trackers, the commodities product db x-trackers DBLCI-OY Balanced ETF has seen net subscriptions of EUR93m in January-June, for a total of EUR1.2bn.
12/07/2011

F&C REIT recruits three people in Germany

The British asset management firm specialised in real estate F&C REIT Asset Management (EUR8.5bn in assets) has announced the recruitment of an investment analyst from Comfort München, Florian Schlomberg, and of two asset managers, Jan Abel (ex Sitwa Asset Management) and Uwe Bacher (ex TAG Immobilien).
12/07/2011

WGF returned to profitability in 2010

For 2010, WGF Westfälische Grundbesitz und Finanzverwaltung AG has declared earnings of EUR124.3m, compared with EUR28.7m, and profits of EUR12.5m, compared with losses of EUR0.4m last year.A one-time charge in 2008 for the sale of properties to three real estate funds has now been reabsorbed, as properties have successfully been sold to other investors. WGF, which is a specialist in real estate trading, is also a provider of closed real estate funds.
12/07/2011

Sarasin opens its fourth office in Germany, in Cologne

The Basel-based Baque Sarasin has announced that it will be opening offices in Cologne on 18 July, in the ultra-modern office building Kranhaus Süd, a former warehouse on the old docks. The new offices are the fourth location in Germany for the Swiss bank.Initially, the branch office will be staffed by five people, led by Michael Rivera, who joined Sarasin on 1 July from Deutsche Bank, where he was in charge of relationship management for ultra high net worth individuals.In Germany, Sarasin has had a full banking license since 2008; it already turned a first profit for the fiscal year 2010.
12/07/2011

Departure of Bruno Vanier does not spell trouble for EDRAM organisation

Philippe Couvrecelle, chairman of the board at Edmond de Rothschild Asset Management (EDRAM) has confirmed to Newsmanagers reports that appeared on the website H24 Finance that Bruno Vanier, co-chief investment officer at the firm, will be leaving. Vanier is expected to leave the company at the end of July. “Bruno is taking his career in a different direction, and the transition will be done smoothly,” says Couvrecelle, who also points out that the organisation set up since the beginning of the year will remain. EDRAM has this year recruited a director of management, Philippe Uzan, who is assisted by Vanier.Couvrecelle says no recruitments are planned at this time. “We will observe the way our company works,” he says, “knowing that by its nature, EDRAM offers a high degree of autonomy to its management teams, led by senior heads, themselves assisted by experienced professionals.” The firm will in September welcome Thomas Gerhardt (a former star manager at DWS Investments, Deutsche Bank group) as head for emerging markets and commodities into that structure. Gerhardt will be based in Frankfurt, and will rely on teams based in Paris and Hong Kong, among others.
12/07/2011

OFI launches a new asset management firm

The OFI group on Monday, 11 July announced the launch of Zencap Asset management, which has recently been issued an AMF license.Zencap Asset Management, an affiliate of OFI, is a third-party asset management firm led by Richard Jacquet, with the objective of contributing to the range of credit products managed by OFI AM with its expertise in management and dedicated investment for third parties, specialised in opportunities in the structured finance and securitisation universes. With this in mind, a private-debt type opportunistic approach is used, which allows investors optimised access to distressed and credit assets, a statement says.Zencap Asset Management, with four managers, will take over management of two contractual funds managed previously by the same team at OFI Asset Management, and an advising mandate for a French institutional investor. The new entity, whose total assets managed and advised total EUR300m, will target institutional clients, private banks and family offices for its future growth.
12/07/2011

Tikehau group recruits a legal expert

The Tikehau group has announced the recruitment of Arnaud de Pesquidoux (a former partner at Gide Loyrette Nouel) as General Counsel. The recruitment comes at a time “when inflows are growing strongly, and the selection of investment opportunities more than ever requires rigour, particularly in legal areas,” the group says.The arrival of de Pesquidoux is also an indication of Tikehau’s desire to increase its real estate expertise. The firm is launching its first real estate OPCI fund, which will invest in properties that respect the highest environmental standards, and is also looking at a growing number of opportunities resulting from the ongoing recomposition of the real estate financing market, a statement says.
12/07/2011

Strong increase in transactions in 2011 for BNP Paribas REIM

The management firm BNP Paribas Real Estate Investment Management has posted a trading volume in the first six months of the year 2011 of EUR246.55m for its managed accounts, an increase of 67% compared with first half 2010 (EUR147.73m).In terms of deals, BNP Paribas REIM sold properties for EUR39.94m, compared with a volume of EUR17.20m in first half 2010. In office real estate, EUR38.25m in deals were done, corresponding to the sale of 10 properties. In residential real estate, four apartments were sold for a total of EUR1.69m, a statement says.
12/07/2011

Schroders registers five funds from its Luxembourg range in Spain

The CNMV has issued a sales license for three equities sub-funds of the Luxembourg Sicav Schroder ISF (European Equity Focus, Global Demographic Opportunities and US Equity Alpha), and for two fixed income compartments of the same Sicav, the Currency Absolute Return and the Euro Credit Duration Hedge.
12/07/2011

Barclays preparing a Spanish mortgage fund

Subscriptions to the future Barclays Renta 13 are open until 22 July, Funds People reports. The product is a fund which will invest primarily in cedulas hipotacarias (mortgage bonds) from Spanish issuers, and which promises returns of at least 3% per year over a 2 year, 5 month period. Minimal subscription is set at EUR600.
12/07/2011

Banque Degroof registers a fund in Spain

Funds People reports that the Belgian asset management firm Bank Degroof has registered a high dividend equities sub-fund of its Luxembourg Sicav, Degroof Equities International Selection, with the CNMV for sale in Spain.Currently, the fund is overweight in shares from the energy, materials, discretionary consumer goods and health sectors, with 60% of the portfolio invested in France and Germany.Management and administration commissions are limited to 0.1% and 0.135%, respectively, while assets are still below EUR125m. Once assets exceed that limit, the fees will be lowered to 0.05% and 0.105%. Distribution and depository banking commissions are 0.35% and 0.03%, respectively.

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