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11/03/2011

Franklin Templeton appoints a head of sales to RFAs

p { margin-bottom: 0.08in; } Franklin Templeton has announced the appointment of Pierre Caramazza as head of sales to Registered Financial Advisers in the United States. Caramazza has several years of experience at the firm, most recently as head of the Fixed Income Product Management division.
11/03/2011

Former McKinsey partner testifies in Galleon trial

p { margin-bottom: 0.08in; } Anil Kumar, a former partner at McKinsey, has testified in the trial of Raj Rajaratnam, the founder of Galleon, that he shared confidential client information with Rajaratnam, because he felt indebted due to personally receiving USD500,000 per year in consulting fees from him, the Financial Times reports. He told of how Rajaratnam advised him to open a Swiss bank account and an offshore account invested with Galleon, using the name of his housekeeper in order to avoid detection.
11/03/2011

Strong growth for Standard Life in 2010

p { margin-bottom: 0.08in; } As of the end of December, assets under administration by the Standard Life group totalled GBP196.8bn, up 16% year on year. Net inflows excluding British and Indian money market funds rose by 46% to GBP8.3bn, while long-term savings inflows rose 77% to GBP4.7bn. Assets under management for third parties at Standard Life Inestments (SLI) increased by 26% to a record GBP71.6bn.
11/03/2011

Henderson to slough off some funds and managers at Gartmore

p { margin-bottom: 0.08in; } According to reports in Citywire, the managers Dan Roberts, John Anderson and Leigh Himsworth and their teams will not be joining Henderson when the firm completes its acquisition of Gartmore. Their funds will be merged into other products over the summer. In total, Citywire reports, 14 Gartmore funds will be closed down. However, John Bennett, Charlie Awdry, Chris Palmer, Ben Wallace and Luke Newman will be joining Henderson.
11/03/2011

Schroders doubles net inflows in 2010

In 2010, Schroders had net new business inflows of GBP27.1 billion (2009: GBP15.0 billion) taking funds under management at the year end to an all time high of GBP 196.7 billion (2009: GBP 148.4 billion). Net revenue was GBP 1.16 billion (2009: GBP 749.8 million) and profit before tax was GBP 406.9 million (2009: GBP 137.5 million).Net inflows into fixed income were particularly noteworthy at GBP 9.8 billion taking fixed income assets under management to GBP 33.8 billion, almost double the level of two years ago. Schroders also had GBP 5.0 billion of net inflows in multi-asset with major new mandates from UK and international clients.
11/03/2011

Loomis Sayles launches an absolute return bond fund

p { margin-bottom: 0.08in; } Loomis, Sayles & Company, an affiliate of Natixis Global Asset Management based in Boston, has launched the Loomis Sayles Absolute Strategies Bond Fund, to meet demand from investors for absolute return bond strategies in the United Kingdom and Europe. The all-weather product may invest in several asset classes and categories of shares, in order to manage market risks (bonds, equities, currencies, securitisations), and will use long/short positions and derivatives. The Loomis Sayles Absolute Strategies Bond Fund is co-managed by Matthew Eagan, a bond portfolio manager, Kevin Kearns, senior bond portfolio and derivative strategies manager, and Todd Vandam, a bond portfolio manager and credit strategist. The fund, registered in the United Kingdom on 2 March, is a sub-fund of the UCITS III-compliant Natixis International Funds I Sicav, and is available in euros and pounds Sterling.
11/03/2011

Union Investment Real Estate plans to recruit for the French market

p { margin-bottom: 0.08in; } At the MIPIM conference in Cannes, Karl-Joseph Hermanns-Engel, a member of the executive board at Union Investment Real Estate (UIRE), announced on 10 March that the opening of an office in France at the beginning of this year (with the acquisition of Euragone, see Newsmanagers of 10 January) will allow the German real estate fund management firm easier access to regional markets such as Lyon, Lille and Marseilles, and thus to smaller properties (valued between EUR15m and EUR80m), which it is seeking for the portfolios of its institutional funds. In 2010, UIRE made EUR2.6bn in transactions, including 24 acquisitions for EUR1.6bn, and 17 sales (noticeably in Germany, London, Paris and Seoul), for EUR1bn. In 2011, the German management firm is planning to invest EUR1bn to EUR1.5bn, while also making sales, particularly in core European markets.
11/03/2011

Munich Re increases exposure to equities

p { margin-bottom: 0.08in; } The 2010 annual report from Munich Re states that of an investment portfolio of EUR196bn as of the end of December, the proportion invested in bonds was down to 57.7% from 60% one year previously, while stocks, shares in equities funds and stakes in businesses totalled 4%, or 4.4% including derivatives, compared with 2.8% one year previously. Allocations to land and real estate, for their part, were down to 2.9% from 3%.
11/03/2011

Aviva Investors team scales up in Frankfurt

p { margin-bottom: 0.08in; } As a part of the European expansion of Aviva Investors, which will soon involve the appointment of members of an ad-hoc executive committee to assist Jean-François Boulier, CEO of Aviva Investors Europe (see Newsmanagers of 10 March), the asset management firm is adding to its team in Germany.In Frankfurt, Aviva Investors already has two sales staff and one person for client service, and two real estate specialists. This year, two more team members will be recruited, one for institutional clients and one for distribution.The recruitment of one person in Sweden, from SEB, has also been announced. There are also plans to recruit in Denmark, and one person in the Netherlands in early June.
11/03/2011

Pioneer recruits a big name from Allianz Global Investors Europe

p { margin-bottom: 0.08in; } As of 1 April, Oliver Bilal, who was European head of institutional business development & consultant relations at Allianz Global Investors Europe GmbH, will be joining Pioneer Investments Germany as head of institutional distribution and wholesale. He will report to Evi Vogl, chairwoman of the executive board at Pioneer Investments Kapitalanlagegesellschaft mbH.
11/03/2011

Profits down at Azimut

p { margin-bottom: 0.08in; } In 2010, the Italian management firm Azimut Holding earned consolidated net profits of EUR84.3m, down from the EUR118.2bn in profits it reported for 2009. Consolidated earnings, however, were up to EUR358.4m from EUR347.4m the previous year.
11/03/2011

European pension funds planning to adopt more dynamic management

European defined-benefit pension plans are seeking new solutions to manage their portfolios more actively in 2011, according to a study by Pyramis Global Advisors of 160 European pension funds (British, Dutch, Swiss and Scandinavian), representing a total of EUR880bn.Among the major themes cited by pension funds are dynamic allocation strategies and portfolio diversification. The Pyramis study also finds that the major lesson from the financial crisis for pension funds is that their portfolios were not as diversified as they through.European pension funds are also prepared to return to higher-risk asset classes. They are planning to increase their exposure to emerging markets, which they understand will be the most volatile asset class.p { margin-bottom: 0.08in; }
11/03/2011

Allianz Global Investors streamlines legal structures in Europe

In a continuation of its integration of its various entities in Europe (EUR400bn in assets) and a simplification of its structures, Allianz Global Investors (EUR1.5trn) on 10 March announced the absorption of Allianz Global Investors Deutschland GmbH, which includes all activities in the German market, into Allianz Global Investors Europe Holding GmbH by the end of the month.AllianzGI Product Solutions GmbH, which provides development and management of products, will be absorbed into Allianz Global Investors Europe GmbH, which will also take on Allianz Global Investors Advisory GmbH by the end of the year.Due to the increasing internationalisation of its activities and the forthcoming introduction of the UCITS IV directive, Allianz Global Investors has also decided to adopt a single title of «managing director» for all of its high-level directors in Europe. In addition, the board of directors of the German-registered management firm Allianz Global Investors Kapitalanlagegesellschaft has been increased to five members, in order to bring the affiliate into compliance with regulations.The list of managing directors at Allianz Global Investors Europe is as follows (EEC= European Executive Committee):Giovanni Bagiotti (EEC),Oliver Clasen,Jose Maria Concejo,Elizabeth Corley (EEC),Wolf Diederichs,James Dilworth (EEC),Franck Dixmier,Tomaso Giorgetti,Michel Haski (EEC),Martin Keil,Nina Klingspor;Claudia Kock,Michael Korn,Daniel Lehmann,Thomas Linker,Markus Lohmann,Fabrice Neyroumande,Michael Peters (EEC),Tobias Pross,Wolfgang Pütz (EEC),Livio Raimondi,Ernst Riegel,Nick Smithand Thomas Wiesemann (EEC).The board of directors at Allianz Global Investors KAG is composed of:James Dilworth (chairman)Andrew Bosomworth,Michael Hartmann,Daniel Lehmannand Andreas Utermann.
11/03/2011

Commodities: the best defence against inflation

p { margin-bottom: 0.08in; } Asian Investor reports that Peter Kerger, head of DG Advisors for Asia-Pacific in Singapore, claims that inflation-linked products, which are theoretically the ultimate defence against inflation, are not the best solution to gain from inflationary trends. From this point of view, it’s a better idea to look to real assets such as commodities.The price of commodities rises in crises, he explains, while inflation-linked bonds are only attractive if prices rise further.Peter Kerger adds that Deutsche Asset Management, of which DB Advisors is the institutional unit, is seeking new solutions to cover against inflation, as part of its plans to become a niche player in Asia. It is planning to offer an unusual vehicle (other than an Asian equities product), which would be a complement to a fund of fund portfolio.In first quarter, Asian pension funds were widely demanding multi-asset class absolute return investments, in mandates totalling USD50m to USD500m, he says.
11/03/2011

Julius Baer scales up range of yuan-denominated services in Hong Kong and Singapore

p { margin-bottom: 0.08in; } The Swiss private bank Julius Baer, which has ambitions to make Asia its second home market, announced in Hong Kong on 10 February that it is adding to its range of products denominated in Chinese yuan to meet growing demand from its clients. It is now offering CNY conversion services, current and fixed deposit accounts, CNY-denominated trusts, currency-linked investments and bonds. As the market grows, Julius Baer is also planning to offer other products, such as shares in investment funds.Julius Baer, the only private bank with a QFII license in China, which it received in December, obtained a complete banking license in Hong Kong late last year (see Newsmanagers of 4 November). It is also planning to open a representative office in Shanghai this year, and to create a trust company in Singapore, as previously announced (see Newsmanagers of 13 September 2010).
11/03/2011

Jean-Luc Eyssautier joins Martin Currie

p { margin-bottom: 0.08in; } The UK investment firm Martin Currie has recruited Jean-Luc Eyssautier as director of sales and client services for Asia. In this position, he replaces Chen Ee-Fang, who joined Northern Trust last October. In his new role, Eyssautier will be in charge of institutional investors and private banks, largely in Hong Kong and Singapore. Eyssautier was previously head of fund distribution in Asia at Axa Investment Managers.
11/03/2011

Clariden Leu gets a new CEO

p { margin-bottom: 0.08in; } Clariden Leu on 10 March announced the appointment of Olivier Jaquet, doctor of law, as CEO with immediate effect, specialised in tax and insurance law. The former CEO, Hans Nützi, will become senior advisor to the chairman of the board of directors at Clariden Leu, Peter Eckert, former CEO for insurance operations at the Zurich group. Eckert has spoken explicitly of a new growth phase, with a concentration on selected regions and client segments. Last year, assets under management at Clariden Leu fell from CHF103bn to CHF96bn.Jaquet began his career at SBS before joining Credit Suisse in 1999. Jaquet has served in various management roles in private banking and Winterthur Assurances, which was then owned by Credit Suisse. He was appointed CEO of the Credit Suisse trust in 2006. The Credit Suisse affiliate, founded in 1910, is active in the area of inheritance planning, and manages over USD100bn in assets.
11/03/2011

Mirabaud recruits a head for its alternative investment marketing unit

Bertrand Bricheux is joining Mirabaud to boost the marketing of alternative investments. He has been appointed head of hedge funds marketing and business development, with the task of seeing through the development strategy for funds of hedge funds and strengthening institutional distribution of the full Mirabaud product offering.As a specialist in the world of alternatives, Bertrand Bricheux has worked in hedge fund and fund of hedge fund marketing and distribution for a range of institutional investors, including Citigroup, UBP and Allianz Hedge Fund Partners, where he was a founding partner.
11/03/2011

Schroders signe un grand millésime 2010

Le gérant britannique a quasiment triplé son résultat avant impôt l’an dernier, à 406 millions de livres. A fin 2010, Schroders affichait 197 milliards de livres d’actifs (contre 148 milliards fin 2009). A 27 milliards, la collecte nette a presque doublé.
11/03/2011

Duke Street investit dans la gestion

Le fonds de capital-investissement a pris une participation majoritaire dans la société UK Wealth Management, un spécialiste de la gestion de patrimoine et de l’épargne salariale en Grande-Bretagne. Le montant n’est pas communiqué. Duke Street, qui a déjà investi en 2010 dans Payzone (paiements) et Marlin (rachat de crédits), a fait des services financiers un secteur privilégié.
11/03/2011

UFG Rem augmente ses investissements

La filiale de gestion immobilière d’UFG LFP prévoit d’investir 500 millions d’euros en 2011, soit 25% de plus que l’an dernier. Une enveloppe minimale de 300 millions est prévue pour les SCPI et OPCI du groupe, ainsi qu’un plan d’arbitrage de 80 millions, et enfin 120 millions dans le résidentiel neuf.
11/03/2011

Le Conseil de coopération du Golfe aide deux de ses membres

Le Conseil de coopération du Golfe réuni jeudi à Ryad a annoncé le déblocage d’une aide de 20 milliards de dollars sur dix ans destinée à améliorer les infrastructures et les logements d’Oman et de Bahreïn, ses deux Etats membres les moins riches, touchés par la vague de révoltes qui souffle sur le monde arabe.
11/03/2011

Bruxelles reste à l'affût sur les agences de notation

La Commission européenne a déclaré hier qu’elle approfondirait encore la régulation des agences de notation, alors que ces dernières sont à nouveau sous le feu des critiques après les dégradations des notes grecque lundi et espagnole hier. «Une nouvelle révision en profondeur des règles applicables aux agences de notation est nécessaire», ont indiqué les commissaires européens Michel Barnier et Olli Rehn. «Nous pouvons assurer que les réformes seront fondamentales et s’attaqueront aux nombreux problèmes qui continuent d’exister», ont-ils ajouté, précisant que les derniers jours avaient mis en évidence la nécessité d’un environnement régulé pour les notations. Les réformes envisagées viseront à apporter plus de concurrence au secteur, domimé par Standard & Poor’s, Moody’s et Fitch, et chercheront à réduire la dépendance aux notes, à améliorer leur qualité et à réduire les conflits d’intérêts dans le secteur.
11/03/2011

Le déficit commercial américain se creuse plus qu'attendu

Le déficit commercial des Etats-Unis s’est creusé plus que prévu en janvier en raison de l’envolée des importations de pétrole, d’automobiles et de biens d'équipement, selon le département du Commerce. La balance des échanges affiche un déficit de 46,34 milliards de dollars, alors que le marché attendait un «trou» de 41,5 milliards. En décembre, le déficit s'était élevé à 40,3 milliards.
11/03/2011

Le FRR s’adapte à son nouveau modèle

Face à ses engagements envers la Cades, le fonds articule sa stratégie autour de deux poches, de couverture (60% de l’actif net) et de performance.
11/03/2011

Deutsche Börse pourrait se laisser diluer au sein de Direct Edge

L’opérateur de la Bourse de Francfort pourrait solliciter des investisseurs bancaires afin de laisser diluer sa participation au capital de la plate-forme américaine. Cela afin d’atténuer les critiques potentielles des autorités de la concurrence aux Etats-Unis dans le cadre du projet de fusion entre Deutsche Börse et Nyse Euronext.
11/03/2011

L'immobilier en manque d'actifs sécurisés

Le Mipim, salon international de l’immobilier, se clôt sur un bilan plutôt positif. Mais derrière la stabilisation du marché, les investisseurs - au rang desquels les fonds souverains montent en puissance - sont confrontés à une pénurie de biens de premier choix.

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