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12/04/2011

Financière de l’Echiquier renforce son équipe commerciale dédiée à l'Allemagne

Après avoir récemment obtenu l’agrément de commercialisation sur le marché allemand de son fonds diversifié Arty (voir NewsManagers du 06/04/2011), Financière de l’Echiquier donne un nouveau coup d’accélérateur à son développement, en étoffant son équipe commerciale outre-Rhin. La boutique française a recruté Csaba Dani, un ancien d’Eurogroup Consulting. L’Autrichien viendra épauler Sébastien Guedy pour développer la vente des fonds sur le marché allemand, où la société de gestion présidée par Didier Le Menestrel est active depuis 2006. Avec ce recrutement, l'équipe commerciale de Financière de l’Echiquier dédiée à l’international compte désormais 15 personnes, précise un communiqué. La société de gestion, qui compte tripler ses encours à 15 milliards d’euros d’ici à 2015 (voir NewsManagers du 21/01/2011) a enregistré en 2010 des souscriptions nettes de 700 millions d’euros, dont 36 % proviennent de clients hors des frontières françaises. Depuis le début de l’année, la collecte s'élève à 400 millions d’euros.
12/04/2011

Manque de personnel dans la finance suisse

Le nombre des emplois vacants a nettement augmenté l’an dernier dans la finance en Suisse, rapporte L’Agefi suisse. Le secteur a recherché 23% de personnes en plus que l’année précédente, selon le portail internet «finews.ch». Et la situation tend à se confirmer cette année. Sur les sites internet de 1400 banques, assurances et autres entreprises financières, 4312 emplois étaient à pourvoir à fin mars.
12/04/2011

Aviva Investors créé un comité exécutif dédié à l'Europe

Le directeur général d’Aviva Investors Europe, Jean-François Boulier, a annoncé le 11 avril la constitution d’un comité exécutif dédié aux activités d’Aviva Investors en Europe (hors Royaume-Uni). “La constitution d’un comité exécutif dédié à l’Europe a pour objet de nous aider à intégrer nos activités de gestion et de distribution dans la région, et d’intensifier le développement de nos activités sur nos marchés prioritaires “, indique dans un communiqué Jean-François Boulier.Le comité exécutif européen est composé de :· Jean-François Boulier, Directeur Général Aviva Investors Europe· Emmanuel Babinet, Directeur des Opérations Europe· Christian Dormeau, Directeur Financier et Ressources Humaines Europe· Shaun Meadows, Directeur de la Stratégie Aviva Investors· Ted Potter, Directeur du Business Développement en Europe· Marek Przybylski, Directeur du Développement en Europe Centrale Les membres de ce comité exécutif régional exercent de manière générale déjà des rôles dans leurs lignes métiers ou leurs pays respectifs. Aviva Investors souligne que le comité exécutif européen a quatre chantiers principaux qui s’inscrivent dans sa stratégie mondiale : l’accélération du développement commercial en Europe, la mise en place de la plateforme internationale opérationnelle d’Aviva Investors, le maintien de services d’investissements d’excellente qualité pour Aviva Europe et enfin, le développement d’activités communes au sein d’Aviva Investors en Europe.
12/04/2011

Gestion de fortune : poursuite des investissements IT outre-Atlantique

Après le rebond observé l’an dernier, les investissements des gérants de fortune nord-américains dans les technologies de l’information devraient encore augmenter cette année, estime la firme de conseil et de recherche Celent dans un nouveau rapport («The Financial Planning Market», avril 2011).Selon Celent, ces dépenses pourraient croître de 7,6% en 2011 à environ 1,6 milliard de dollars. C’est le front office (45%) qui devrait absorber une bonne partie de ces dépenses, devant le back office (30%) et le middle office (25%).
12/04/2011

Interrogations sur l'évolution de la marge des entreprises américaines

Alors que démarre la saison des résultats, les analystes attendent une nouvelle croissance des profits ce trimestre, aux Etats-Unis, rapporte Les Echos. Toutefois, l‘évolution à court terme des marges inquiète les spécialistes, dans un contexte de hausse du prix des matières premières. Les marges des secteurs les plus proches du consommateur (agroalimentaire, distribution, automobile) pourraient souffrir davantage, dans la mesure où ils peuvent avoir plus de difficulté à répercuter leurs coûts sur leurs prix de vente.
12/04/2011

Hausse de 20% de la rémunération moyenne des dirigeants américains en 2010

Après deux années de baisse, la rémunération moyenne des dirigeants des 200 premières entreprises américaines s’est envolée de 20% en 2010 pour atteindre 11,6 millions de dollars, selon la dernière enquête annuelle «New York Times»-Equilar, rapporte Les Echos. Le record de hausse est détenu par le patron de Black& Decker, John Lundgren, dont la rémunération a bondi de 253% (à 32,6 millions), à la suite de la fusion avec Stanley, qui doit se traduire par 4.000 suppressions de postes. A titre de comparaison, le salaire moyen des employés du secteur privé a seulement progressé de 2,1% sur la même période, selon le Bureau des statistiques de l’emploi.
12/04/2011

Credit Suisse lance un fonds obligataire en Italie

Credit Suisse vient de lancer en Italie le fonds Credit Suisse Fund (Lux) Fixed Income Cycle Invest, un fonds obligataire géré de manière dynamique. Il peut être investi sur les obligations d’entreprises ou les obligations souveraines, quelle que soit leur notation. L’allocation est définie en fonction du contexte économique.
12/04/2011

State Street recrute un spécialiste ETF en Italie

State Street Global Advisors vient de nommer Francesco Lomartire en tant que spécialiste des ETF, selon Bluerating. Il fera ainsi partie de l’équipe IBG (Intermediary Business Groups) et travaillera sous la direction de Danilo Verdecanna, managing director de SSgA Italia. Francesco Lomartire vient de Morgan Stanley Capital International.
12/04/2011
Fonds

Deux fonds de pension canadiens rachètent un exploitant forestier

Les fonds de pension canadiens British Columbia Investment Management et Public Sector Pension Investment Board vont racheter l’exploitant forestier TimberWest Forest pour 1,03 milliard de dollars canadiens (910 millions d’euros), dette comprise, rapporte L’Agefi suisse. Les fonds proposent 6,48 dollars canadiens par titre, en numéraire, ce qui représente une prime de 25% par rapport au cours de l’action sur une période de vingt jours achevée vendredi 8 avril. L’exploitant forestier a repoussé son assemblée générale, initialement prévue le 26 avril, pour permettre à ses actionnaires de se prononcer sur ce rachat.
Fonds
12/04/2011
Fonds

Les investisseurs suédois délaissent les fonds actions

En mars, les investisseurs suédois ont continué à sortir des fonds actions. Après une décollecte nette de 9,3 milliards de couronnes suédoises en février (environ 1 milliard d’euros), ces produits ont vu sortir en mars 5,3 milliards de couronnes (près de 600 millions d’euros), selon les dernières statistiques de Fondbolagens Förening. Cela a concerné principalement les fonds investis sur des actions suédoises, des fonds actions suédoises et internationales et des fonds actions asiatiques. Cela porte le total des retraits nets depuis le début de l’année à 8,2 milliards de couronnes (911 millions d’euros). Néanmoins, grâce aux fonds monétaires qui ont enregistré des souscriptions nettes de 7,6 milliards de couronnes, le secteur des fonds commercialisés en Suède a terminé le mois de mars sur un solde positif : 3,6 milliards de couronnes. Les autres secteurs n’ont pratiquement pas bougé à l’exception des hedge funds qui ont recueilli en net 1,2 milliard de couronnes. Pia Nilsson, de Fondbolagens Förening, explique ce transfert des fonds actions vers les fonds monétaires par le contexte international, marqué par de fortes incertitudes, qui pousse les investisseurs à rechercher des placements moins risqués. A fin mars, les encours des fonds commercialisés en Suède ressortaient à 1.946 milliards de couronnes suédoises (216 milliards d’euros), dont encore 1.158 milliards pour les fonds actions.
Fonds
12/04/2011

Le coréen Tong Yang AM veut se développer en Asie

La société de gestion coréenne Tong Yang Asset Management souhaite renforcer sa présence dans plusieurs pays du sud-est asiatique et mène des pourparlers avec plusieurs clients potentiels au Japon, rapporte Asian Investor. Les actifs sous gestion du secteur de la gestion d’actifs coréenne représente quelque 267 milliards de dollars, dont 20% issus de l'étranger. Cette proportion devrait fortement augmenter, estime Paik Chang-ki, CEO de Tog Yang AM.
12/04/2011

CalPERS helped to create 1 million jobs in California

The Californian pension fund CalPERS on 11 April announced that it has invested over USD17bn in companies based in California, which helped to create nearly 1 million jobs in the state of California in the 2009-2010 fiscal year. These investments represented 8.5% of the USD200.5bn total portfolio of the fund as of 30 June 2010, CalPERS says, adding that it plans to continue its investment efforts in capital investment and infrastructure, particularly in the renewable energies sector, as well as in real estate.
12/04/2011

UBS hit with a fine and ordered to reimburse US funds

One of the United States financial regulatory bodies, Finra, announced on 11 April that the UBS group will be required to pay a total of USD10.75m, of which USD2.5m is fines, and USD8.25m are restitution, for misinforming clients about products with ties to Lehman Brothers. “Between March and June 2008, when the credit crisis was at its height, UBS promoted … structured securities such as protected investments on a principal, without mentioning that these were non-securitised bonds of (the business bank) Lehman Brothers, which ultimately collapsed in September 2008,” FINRA explains in a statement. “In some cases, financial advisers at UBS did not themselves understand the complex products they were selling, and they thus failed to reveal the necessary information to investors,” in a way that might have made them able to understand the magnitude of the potential losses, a Finra chief, Brad Bennett, added. UBS neither confirmed nor denied the accusations, but agreed to the proposed settlement, Finra says in its statement.
12/04/2011

Major UK banking reforms in the works

The Independent Commission on Banking (ICB) on 11 April published its interim report on the British banking system, at the request of the government. The commission, led by the economist Sir John Vickers, recommends a separation of retail banking and investment banking activities in a document of over 200 pages, without making any definitive statements about the details of the separation. Rather than a structural radicalism, which would require the universal banking model to be dismantled, or a laisser-faire policy which would require much higher levels of owners’ equity at banks, the Commission estimates that “the most effective policy is probably a combination of more moderate measures in terms of absorption of risks or structures.” The report recommends increasing the owners’ equity ratio from 7% currently to 10% for banks which present systemic risks, and for major British retail banks. In structural terms, the report suggests that an entity protected by taxpayer money should be created, distinct from the larger entity, and with its own share of owners’ equity. The report will now be submitted to a period of consultation of several months, which will likely be very active. The Commission will submit its final report to the government in September.
12/04/2011

Skandia IG to serve the Netherlands from Paris

Bogdan Popescu, head of distribution in France for Skandia Investment Group, will now serve the Netherlands, in addition to Monaco and France. The firm was not previously represented in the Netherlands. It will offer sub-funds of the Skandia Global Funds Sicav, which are already available in France. These will be aimed primarily at the major financial institutions based or present in the Netherlands, as well as family offices and institutional investors. Popescu will continue to be based in Paris.
12/04/2011

Wealth management: IT investments in North America continue

Following the rebound observed last year, investments by North American wealth managers in IT industries are expected to increase further this year, the research and consulting firm Celent says in a new report (“The Financial Planning Market,” April 2011). Celent finds that spending may increase by 7.6% in 2011, to about USD1.6bn. Front office (45%) will absorb a considerable part of that spending, followed by back office (30%) and middle office (25%).
12/04/2011

Financière de l’Echiquier adds to sales team for Germany

Financière de l’Echiquier, having recently received a sales license on the German market for its diversified fund Arty (see Newsmanagers of 06/04/2011), is now stepping up its development in Germany further, with an addition to its German sales team. The French asset management boutique has recruited Csaba Dani, formerly of Eurogroup Consulting. The Austrian Dani will assist Sébastien Guedy in developing sales of funds on the German market, where the management firm led by Didier La Menestrel has been present since 2006. With this recruitment, the sales team at Financière de l’Echiquier dedicated to international sales now includes 15 people, a statement says. The management firm, which is planning to triple its assets to EUR15bn by 2015 (see Newsmanagers of 21/01/2011), posted net subscriptions in 2010 of EUR700m, of which 36% came from clients outside France. Since the beginning of the year, inflows have totalled EUR400m.
12/04/2011

Steep fall in defaults in 2010

After a year 2009 marked by succeeding records in corporate defaults, the year 2010 was characterised by a reversal of that spectacular trend. Defaults of corporate debt issuers worldwide last year totalled 81, compared with a record 265 in 2009, according to annual statistics compiled by Standard & Poor’s (“2010 Annual Global Corporate Default Study and Rating Transitions.”) None of the 81 defaulting companies began the year 2010 with investment-grade ratings, while 87.3% of them were rated B- or lower as of the beginning of the year. Alongside the fall in defaults, an improvement in credit quality has also been observed. There have been 1.36 upward ratings revisions for every 1 downward revision, while the percentage of unchanged ratings is 72.7%, a level not seen in six years. As of the end of 2010, the default rate for speculative category issuers was down to 3.27% in the United States, compared with 1.03% in Europe, and 1.23% in emerging markets. The global default rate came to 1.14% in 2010, compared with 4.04% the previous year.
12/04/2011

Aviva Investors creates an executive board dedicated to Europe

The CEO of Aviva Investors Europe, Jean-François Boulier, announced on 11 April that he has created an executive board dedicated to the activities of Aviva Investors in Europe (excluding the UK). “The creation of an executive board dedicated to Europe will help us to integrate our management and distribution activities in the region, and to step up development of our activities in our priority markets,” Boulier says in a statement. The European executive board includes: · Jean-François Boulier, CEO of Aviva Investors Europe· Emmanuel Babinet, COO for Europe· Christian Dormeau, CFO and head of human resources for Europe· Shaun Meadows, head of strategy for Aviva Investors· Ted Potter, head of business development for Europe· Marek Przybylski, head of development for central Europe The members of the regional executive board already generally serve in similar roles in their respective areas or countries. Aviva Investors adds that the European executive board has four major missions, which fall into its global strategy: accelerate commercial development in Europe; set up an international operational platform for Aviva Investors; maintain excellent quality investment services by Aviva Europe, and to develop joint activities of Aviva Investors in Europe.
12/04/2011

Stoxx launches ESG indices

The index provider Stoxx on 11 April announced the launch of a series of equities indices which will include ESG (environmental, social and governance) criteria, based on data and research from the Sustainanalytics company. The series will include three specialised indices covering the E, S and G criteria, as well as an overall index. The indices are entitled Stoxx Global ESG Environmental Leaders, Stoxx Global ESG Social Leaders, Stoxx Glboal ESG Governance Leaders and Stoxx Global ESG Leaders. The universe for the indices is the Stoxx Glboal 1800 index. Stoxx says that the innovation of the new family of indices is that ratings of companies in various categories and the methodology used will be made public on the Stoxx website as well as on the new Deutsche Börse site dedicated to sustainable investment.
12/04/2011

Lyxor Hedge Fund index down in March

The Lyxor Hedge Fund index lost 0.34% in March. In the month, the alternative strategies which performed best were: Lyxor L/S Equity Statistical Arbitrage Index (1.26%); Lyxor Convertible Bonds & Volatility Arbitrage Index (0.81%); Lyxor Equity Market Neutral Index (0.57%), and Lyxor Fixed Income Arbitrage Index (0.31%). The least well-performing strategies were: Lyxor L/S Equity Short Bias Index (-3.02%), Lyxor Special Situation Index (-1.47%) and Lyxor CTA Long Terme Index (-1.18%). From the beginning of the year to the end of March, the global index has gained 0.76%.
12/04/2011

Tong Yang AM looks to develop in Asia

The Korean management firm Tong Yang Asset Management is seeking to strengthen its presence in several countries of south-east Asia, and is in talks with several potential clients in Japan, Asian Investor reports. Assets under management in the Korean asset management sector represent about USD267bn, of which 20% come from abroad. This percentage is expected to increase strongly, says Paik Chang-ki, CEO of Tong Yang AM.
12/04/2011

Credit Suisse launches a bond fund in Italy

Credit Suisse has launched the Credit Suisse (Lux) Fixed Income Cycle Invest fund, a dynamically-managed bond fund, in Italy. The fund may invest in government or corporate bonds of any rating. Allocation is defined as a function of the economic context.
12/04/2011

State Street recruits an ETF specialist in Italy

State Street Global Advisors has appointed Francesco Lomartire as an ETF specialist, Bluerating reports. He will also belong to the IBG (Intermediary Business Groups) team, and will report to Danilo Verdecanna, managing director of SSgA Italia. Lomartire joins from Morgan Stanley Capital International.
12/04/2011

Nest awards mandates to F&C and HSBC GAM

NEST Corporation has announced the fund managers it has appointed for its ethical and sharia mandates, the building blocks for the scheme’s ethical and sharia funds.NEST’s Ethical Mandate has been awarded to F&C Asset Management.NEST’s Sharia Mandate has been awarded to HSBC Global Asset Management.More specifically, the equity portion of NEST’s Ethical Fund will be invested in the F&C Stewardship International Fund, an actively managed global equity fund.NEST’s Sharia Fund will invest solely in the HSBC Life Amanah Pension Fund. This fund passively tracks the Dow Jones Islamic Titans 100 index, a global equity index screened so as to be in accordance with Sharia principles.
12/04/2011

iShares releases four ETC funds

iShares, the Exchange Traded Funds (ETF) platform of BlackRock, has launched its first physically backed Exchange Traded Commodities (ETCs) in the UK.The iShares Physical Gold ETC, iShares Physical Silver ETC, iShares Physical Platinum ETC and iShares Physical Palladium ETC listed on the London Stock Exchange on Monday morning.
12/04/2011

Head of Hermes Fund Managers resigns

Glyn Jones, head of Hermes Fund Managers, the management firm for the BT Pension Scheme, has resigned from his job, Responsible Investor reports. Jones took over as head of the firm in 2008. The recruitment of a successor to Jones is underway, Hermes states.
12/04/2011

LV=AM for sale

Investment Week cites reports in the Financial Mail that Liverpool Victoria is looking to sell its management business, LV= Asset Management. Four potential buyers are reported to be interested.
12/04/2011

Gulf countries improve their corporate governance practices

Member countries of the Gulf Cooperation Council (GCC) are making progress in terms of corporate governance, according to a report published recently by Standard & Poor’s (“Corporate Governance Moves Center Stage as Gulf Countries Aim for Increased Transparency.”) “Corporate governance, which has long been considered an Achilles heel for companies in the Gulf region, is beginning to appear on the radar of political leaders,” says Amra Balic, an analyst at Standard & Poor’s. However, the agency continues, significant changes in the long term will only take hold if pressure from investors keeps up.

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