p { margin-bottom: 0.08in; } The supervisory board at Deutsche Bank on 11 March announced that at a general shareholders’ meeting on 26 May, it will elect Katherine Garrett-Cox as a board member, replacing Sir Peter Job, whose term is coming to an end.Garrett-Cox has since 2008 been CEO of Allianz Trust plc, the largest publicly-traded management firm in the UK, and previous to that was CIO of the firm, from 2007. Before that, she was CIO and executive director of Morley Fund Management (Aviva group).
p { margin-bottom: 0.08in; } Hedgeweek reports that Pinebridge Investments has announced the appointment of Arthur Lau as head of Asia ex Japan bond activities. Lau will be based in Hong Kong, and will be a member of the emerging markets and international bonds team. His team will include eight people. Lau previously worked at JP Morgan AM, as senior portfolio manager and head of the Asian Credits unit.
p { margin-bottom: 0.08in; } According to reports received by Citywire, Frédéric Motte and Jérôme Archambeaud are leaving SPGP and are reportedly about to found their own management boutique. The two managers were in charge of the Focus Europa fund.
p { margin-bottom: 0.08in; } The pension fund for retail employees in the Netherlands, Stichting Bedrijfstakpensioenfonds voor de Detailhandel, with a coverage rate as of the end of January of 98.4% (compared with 96.6% as of the end of December), has announced that it has selected Kas Bank for custody and administration of all of its assets, totalling about EUR8-9bn. Kas Bank will also handle risk monitoring as well as informing the fund’s board and investment committee.
p { margin-bottom: 0.08in; } After two years as CIO of Limus Capital Partners, Steen Jakobsen on 17 March returned to Saxo Bank, as economist in chief. David Karsbol, who was economist in chief during the past two years, has joined the banking team of senior vice president Christian Kofoed Jakobsen. He will be responsible for product development in the areas of retirement and investment.
Schroders a recruté Rob Hall de Russell Investments pour travailler au sein de l’équipe multi classes d’actifs du groupe en tant que responsable de la sélection de gérants, rapporte Citywire.
Schroders has strengthened its manager selection team within its GBP31.5 billion FUM Multi-Asset business by appointing Rob Hall to the newly created role of head of manager selection. He joins from Russell Investments with over 23 years’ industry experience and 20 years in manager research and selection. This announcement follows the appointment of Nicolaas Marais, who joined Schroders this week as head of multi-asset investments and portfolio solutions. Nicolaas Marais joins from BlackRock’s Multi-Asset Client Solutions Group where he was global head of active portfolio management. He is a member of Schroders’ Group management committee, reporting to Michael Dobson, chief executive.
p { margin-bottom: 0.08in; } Hume Capital has announced the launch of the OEIC Global Opportunities fund on 28 March. The portfolio, managed by Stephen Watson, will be invested in 40 to 60 mid and large caps from the MSCI World universe. The portfolio will initially be exposed primarily to Asian growth, and the infrastructure needs of emerging countries.
p { margin-bottom: 0.08in; } Invesco Perpetual is planning to raise EUR100m for a regular distribution equities fund (Invesco Global Income Trust), which will be managed by Paul Boyne and Doug McGraw. The fund will invest in equities that pay high dividends, with the objective of achieving an average of 3.5% in dividends, and protecting investors against inflation. The portfolio will include 50 to 70 positions.
p { margin-bottom: 0.08in; } A spokesperson for DekaBank on Saturday confirmed to Reuters that there is truth to claims in the Börsen-Zeitung on Saturday that the central asset management firm for the German savings banks has committed some irregularities in accounting some equities transactions, which may cost the firm EUR50m, the Frankfurter Allgemeine Zeitung reports. Deka is said to have missed some legal deadlines, and may no longer claim tax refunds on dividends on equities hosted for non-residents at the time when dividends are paid out.
p { margin-bottom: 0.08in; } In 2010, Banca Fideuram posted net subscriptions of EUR1.9bn, compared with EUR2.8bn in 2009. For asset management alone, inflows totalled EUR4.2bn, compared with EUR2.9bn one year previously. Assets under management increased to EUR71.6bn, up 5.6% compared with 31 December 2009. The bank of the Intesa Sanpaolo group earned net profits for 2010 of EUR311.6m, up 27% compared with 2009.
p { margin-bottom: 0.08in; } From June, the new CEO of Macquarie Group Ltd for Europe, the Middle East and Africa will be David Fass, who had worked in corporate finance since leaving his position of head of European global banking at Deutsche Bank in October 2009. He replaces Benoît Savoret, who left the position after five weeks to join Nomura.
Beijing’s municipal government has agreed to create China’s first local currency fund for foreign investments with A Capital Asia, a European private equity group, in order to support Chinese companies’ overseas expansion, according to the Financial Times. The fund aims to raise Rmb3bn and partner with Chinese companies investing in technology, distribution channels and brands, especially in Europe.
p { margin-bottom: 0.08in; } BlackRock, DWS, Fidelity, JP Morgan Asset Management and Schroders have founded the Fund Experts Forum, which La Tribune reports will aim to raise discussion about the understanding of major developments in international investment.
Le gouvernement philippin prévoit de lever quelque 200 milliards de pesos (4,6 milliards de dollars) auprès d’institutions financières publiques locales afin de contribuer au financement de routes, voies ferrées et installations portuaires, a indiqué le secrétaire au plan. «Nous voulons puiser dans le marché domestique et éviter les risques de change», a déclaré Cayetano Paderanga. L’Asian Development Bank conseille le gouvernement sur la création de ce fonds.
Les stocks des entreprises ont augmenté un peu plus que prévu en janvier, pour atteindre 1.453,1 milliards de dollars, selon les chiffres du département du Commerce. Leur hausse a atteint 0,9% contre 0,7% attendu, tandis que les ventes progressaient de 2,0% à 1.177,8 milliards de dollars.
La filiale de Natixis dédiée aux fonds de fonds, voit partir cinq de ses collaborateurs (Mireille Klitting, Jonathan Bayle, Laetitia Beillard, Benoit-Olivier Boureau et Benjamin Breard). Cette équipe entend «débuter un nouveau projet», a indiqué une source proche du dossier à l’Agefi. Outre Dahlia Partners, le groupe BPCE dispose d’une autre activité fonds de fonds avec Masseran Gestion.
Les ventes au détail ont augmenté en février aux Etats-Unis, la hausse des prix du pétrole ayant accentué le chiffre d’affaires des stations-service, selon les données officielles publiées vendredi. Les ventes au détail ont augmenté de 1,0% par rapport à janvier, selon le département du Commerce, conformément aux attentes des économistes interrogés par Reuters. Il s’agit du huitième mois de hausse consécutif.
Selon l’indice Thomson Reuters/Université du Michigan publié vendredi, l’indice de confiance du consommateur américain est ressorti en mars à 68,2 en première estimation contre 77,5 en février, alors que le consensus ne prévoyait qu’un léger recul à 76,5. Il est à son plus bas niveau depuis octobre 2010.
La banque centrale du Japon a injecté quelque 15.000 milliards de yens ce matin pour éviter une panique bancaire dans les régions touchées par les conséquences du séisme.
Le gouvernement municipal de Pékin a convenu en partenariat avec la société de private equity européenne A Capital Asia de mettre en œuvre le tout premier fonds d’investissement libellé en yuan destiné à des engagements internationaux. Cela dans le cadre des efforts déployés par les autorités chinoises pour soutenir le développement des entreprises du pays au-delà des frontières de l’Empire du Milieu. L’accord devrait être rendu public dès aujourd’hui, selon le quotidien britannique. Le fonds espère lever quelque trois milliards de yuans, l’équivalent de près de 330 millions d’euros. Les partenariats seraient envisagés surtout en Europe et notamment dans les secteurs technologiques.
Alors que le marché joue le maintien jusqu'à son terme du second tour d’assouplissement quantitatif (QE2), beaucoup s’attendent à ce que la Fed répète mardi son discours accommodant et garde la mention de «niveaux exceptionnellement bas des Fed funds pendant une période prolongée».