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31/03/2011

German high net worth investors rediscover risk

Hakan Strängh, head of private banking operations at JP Morgan for Germany and Austria, says propensity to risk-taking by investors has increased in the past few months: they are choosing to convert their liquid assets into equities or high yield bonds. In addition, he says, clients’ confidence in their wealth manager is on the rise, the Frankfurter Allgemeine Zeitung reports.JP Morgan accepts only clients with wealth of at least EUR25-30m, of which EUR10m must be in liquid assets.The two major trends among clients at present are a rediscovery of domestic markets, Dax and Mdax equities, and investments in emerging markets. The latter are not limited to China, and also include Latin America.
31/03/2011

Asian hedge funds will need to use a wider range of strategies

Sam Tabar, who recently joined Bank of America Merrill Lynch as head of fundraising for the Asia-Pacific region, estimates that hedge funds dedicated to Asia will need to deploy a wider range of strategies in the next 12 months, Asian Investor reports. Tabar previously worked for the hedge fund management firm PMA Investment Advisors, based in Hong Kong.
31/03/2011

Jamie Stuttard joins Fidelity

Jamie Stuttard, a former Schroders bond manager, has joined Fidelity Management & Research, the London affiliate of Fidelity specialised in bonds, Investment Week reports.
31/03/2011

Impax AM opens an office in the United States

Impax Asset Management Group plc, the specialist environmental investment manager based in the UK, has established a subsidiary in the United States, Impax Asset Management (US) LLC, and hired Ken Locklin as Managing Director. He joins Impax from the Clean Energy Group where he was Director of Finance and Investment.Impax is expanding into the US in response to rising interest in environmental markets portfolios from institutional investors, investment advisors and consultants based in the United States.
31/03/2011

Edram recruits a former Axa IM manager for RFPs

Edmond de Rothschild Asset Management has hired Kevin Thozet as head of requests for proposals. Thozet, 32, was previously at Axa Investment Managers, as senior RFP manager. He was in charge of international institutional contracts in particular. Thozet’s arrival will allow Edmond de Rothschild Asset Management to strenghten its expertise in requests for proposals from French and international institutional clients. The asset management firm says that its product engineering and requests for proposals team, led by Maria Kahane, is now composed of six people.
31/03/2011

Buffett's heir apparent resigns

David Sokol, the heir apparent to Warren Buffett as head of Berkshire Hathaway, has resigned, Agefi reports. Acquisitions of shares in the Lubrizol chemical group in his own name before Berkshire was able to take control of the company in a deal strenuously encouraged by Sokol are said to have been the cause of the rift.
31/03/2011

A recruitment and a promotion at Lazard Frères Gestion

Lazard Frères Gestion announced on Wednesday, 30 March that it has added to its Paris-based private management team. Jean-Marie Combes, 33, joins Lazard Frères Gestion as a private banker in the private management development team, led by Sophie de Nadaillac. Since April 2004, Combes has worked for the Rothschild & Cie group as an advising banker and then as a private banker. For her part, de Nadaillac, 38, is appointed as managing partner of Lazard Frères Gestion. Since 2007 she had served as head of development of private management at Lazard Frères Gestion; she joined the group in 1995.
31/03/2011

Julius Baer creates a position for COO, appoints Bernhard Hodler

Bank Julius Baer has appointed Bernhard Hodler, a member of the executive board at Julius Baer Group and Banque Julius Baer, to the newly-created position of chief operating officer (COO) from 1 April 2011, the Swiss financial group (CHF170bn in assets as of the end of 2010) announced on 31 March.The creation of the COO position is intended to “further strengthen the Bank’s organisation and the transformation of its business model, facilitating the implementation of its growth strategy.”In his new role, Hodler will directly oversee risk management, legal and compliance, IT, operations and shared services operations.
31/03/2011

Threadneedle overweight on Japan

Threadneedle has increased its allocation to Japanese equities following the earthquake, moving from a neutral to an overweight position, Money Marketing reports. The asset management firm manages over GBP1bn in Japanese assets.
31/03/2011

Assets up at Brummer & Partners

2010 was not a good year for many funds from the Swedish hedge fund management firm Brummer & Partners, E 24 reports. But the number of clients has increased from 7,000 to 10,000, and assets have increased from SEK54bn to SEK78bn. In this environment, profits have increased, and shareholders have approved dividends of SEK400m, of which SEK116m will go to Patrik Brummer, a shareholder who controls nearly 29% of the firm.
31/03/2011

Aegon AM appoints a head of institutional sales

Jon Dadswell has been appointed as head of institutional sales at Aegon Asset Management. He was previously head of sales for the real estate arm of the management firm, and will also continue to serve in this role. Dadswell joined Aegon AM in June 2007 after working at Credit Suisse Asset Management, Henderson Global Investors, Gartmore and Morgan Grenfell.
31/03/2011

Positive subscriptions for Liontrust AM

Liontrust Asset Management has recorded positive net sales of GBP79 million in the period from 1 April 2010 to 29 March 2011. It is the first time since the financial year ended 31 March 2004 that the asset management company has been in a net positive sales position over a financial year. On 29 March 2011, our assets under management stood at GBP1,335 million.
31/03/2011

GBP1.9bn in net inflows in UK in February

Net inflows from retail clients in February totalled GBP1.9bn, compared with GBP900m in January, according to statistics from the British investment management association (IMA). Net inflows have returned to their monthly average level of the past 12 months. Assets under management as of the end of February totalled GBP575.9bn, compared with GBP483.2bn one year earlier. In the month under review, equities were the asset class in highest demand, with net inflows of GBP774m, followed by diversified funds, with GBP424m, and bonds (GBP195m). The IMA observes that inflows were particularly strong in the North American equities sector, with a record total of USD222m in February, five times larger than the monthly average over the past twelve months (GBP41m).
31/03/2011

Barings closes UK Smaller Companies Trust

Barings will close its UK Smaller Companies Trust, as it is not expected to attract further investors in the short term, Investment Week reports. The fund, with GBP37m in assets, will be closed in June. Investors may transfer free of charge to another fund of the range.
31/03/2011

Les agences de nouveau décriées

Selon une étude du FMI, les baisses des notations souveraines en Europe affectent les marchés dans le pays visé mais aussi ceux d’autres pays de la zone euro.
31/03/2011

La Fed à l'école de la BCE en communication

La BCE ne se dédira plus. Elle augmentera les taux la semaine prochaine, malgré le Japon, malgré le Portugal, principalement à cause du pétrole. Et c’est pour cette raison qu’il nous faut parler de la Fed. Expliquons.
31/03/2011

LBO France favori pour racheter Promovacances

«Sauf rebondissement» assure le quotidien, le fonds d’investissement devrait mettre la main sur le voyagiste en ligne. Lancée en décembre, «l’opération a été menée tambour battant». La proposition de LBO France valorise Promovacances à plus de 200 millions d’euros, l’équivalent de 10 fois sa marge brute opérationnelle. LBO France a distancé quatre autres offres.
31/03/2011

Jürgen Stark défend une hausse de taux de la BCE

Dans un entretien accordé au quotidien, le membre du conseil des gouverneurs de la BCE a estimé que la BCE se devait de revenir sur les mesures exceptionnelles prises durant la crise financière. «Dans la mesure où les risques tendent à diminuer, la BCE doit renverser sa politique de taux» indique-t-il. Et d’ajouter que si elle ne le fait pas «les investisseurs demanderont bientôt des primes de risque élevés pour se couvrir contre les risques inflationnistes».
31/03/2011

La suppression de l'ISF reste d'actualité

Selon le quotidien, le gouvernement aurait présenté aux parlementaires UMP un nouveau scénario qui permettrait de supprimer l’ISF tout en évitant de taxer l’enrichissement, une option très critiquée. Ce scénario supposerait d’accroître la taxation des plus-values, au-delà d’un seuil élevé, ainsi que les très gros héritages. La taxation des plus-values latentes ne concernerait plus que l’assurance-vie car les plus-values sont rarement exercées.
31/03/2011

Forte baisse des profits des fonds chinois en 2010

Les quelque 656 fonds communs de placements chinois, gérés par 60 sociétés d’investissement dans le pays, ont généré des gains d’un montant total de 5,08 milliards de yuans (550 millions d’euros) l’année dernière, indique le Shanghai Securities News. Et de préciser que ce niveau est très inférieur à celui de 900 milliards de yuans enregistré en 2009.
31/03/2011

BC Partners place 14,6% du capital de Medica

Le fonds d’investissement a placé sept millions d’actions Medica, soit 14,6% du capital du spécialiste français de la prise en charge de la dépendance, au prix de 13,75 euros par action. Cette opération rapporte quelque 96,25 millions d’euros à BC Partners, qui détient désormais 30,5% du capital et des droits de vote, le capital flottant étant porté à 53,6% du total.

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