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09/02/2011

Shedlin hires a director from Charlemagne

p { margin-bottom: 0.08in; } Dennis Selinas, country manager and managing director for Germany at Charlemagne Capital, has been recruited by Shedlin Capital as head of property investments. He will be in charge of local investment teams and will share his time between the the Nuremberg, London and Bucharest offices.
09/02/2011

Bernard Stadler elected chairman of board of directors at Banque Heritage

p { margin-bottom: 0.08in; } Agefi Switzerland reports that the board of directors at Banque Heritage has elected Bernard Stadler as chairman of the board of directors. Jorge Esteve has also been appointed as a member of the board. Stadler, chairman of the board of directors at the Banque Cantonale du Valais (BCVs), served in several positions at UBS, Citibank, the Clariden group, and Clariden Leu between 1991 and 2007, including CEO, a position he held for 10 years. Esteve previously worked at HSBC Mexico.
09/02/2011

Berenberg and Universal launch a German value equities fund

p { margin-bottom: 0.08in; } The Hamburg branch of Berenberg Lux Invest and Germany-based Universal-Investment are joining forces to launch the German-registered fund Berenberg Deutschland Dividenden PLUS-Universal, which aims for regular returns through investment in equities from German companies which pay high dividends and earning premiums on options, while limiting risk with a covered call strategy, relying on volatility data which make it possible to actively manage maturities for each option. Stock-picking relies on a quantitative process which identifies businesses with solid balance sheets, higher than average profits, and attractive dividends.CharacteristicsName: Berenberg Deutschland Dividenden PLUS-UniversalISIN: DE000A1C7DF9Front-end fee: 5.50% maximumManagement commission: currently 1.55%Performance commission: 10% of outperformance on the Dax, with high watermark
09/02/2011

ETFlab launches four French government bond products

p { margin-bottom: 0.08in; } The XTF segment of the Xetra electronic platform from Deutsche Börse has gained four ETFs based on French government bonds. They replicate four of the five indices of the new Eurogov France range from Deutsche Börse for French government bonds in euros. The bond issues must have residual assets of at least EUR4bn and zero coupon issues are excluded from the universe. The number of issues incuded in the index is limited to 15.ETFlab, an affiliate of DekaBank, has released the ETFlab Deutsche Börse EUROGOV France, ISIN: DE000ETFL425, ETFlab Deutsche Börse EUROGOV France 1-3, ISIN: DE000ETFL391, ETFlab Deutsche Börse EUROGOV France 3-5, ISIN: DE000ETFL409 and ETFlab Deutsche Börse EUROGOV France 5-10, ISIN: DE000ETFL417, all of which charge fees of 0.15%. The new products bring the total number of ETFs listed in Frankfurt to 771.
09/02/2011

HSBC adds to Asian firepower in wealth management

p { margin-bottom: 0.08in; } Asian Investor reports that HSBC Global Asset Management has scaled up its capacities in the wealth management sector in Asia, particularly in the multi-asset class segment, with the objective of diversifying to counterbalance the volatility expected to affect all asset classes in 2011. With this in mind, HSBC has recently transferred Simona Paravani from London to Hong Konf as global chief investment officer for wealth management.
09/02/2011

DBS recruits for Indonesia

p { margin-bottom: 0.08in; } DBS Private Bank has recruited two senior bankers, as additions to the team specialised in Indonesia, which will now have 40 members, FinanceAsia reports. Stanley Puah Soon Kwang and Tan See Wee joined DBS in January of this year, and are both based in Singapore. Indonesia, like China, India and Taiwan, are priority growth markets for DBS, which employes more than 330 people in the region. Kwang, who was previously senior director at HSBC Private Bank in Singapore, joined DBS as senior vice president, in charge of a team of 10 private bankers. Wee, who previously worked at the regional entity Great Eastern Life Assurance as chief strategist, joined DBS as senior vice president and deputy team head.
09/02/2011

Laffitte Capital Management doubles AUM in one year

p { margin-bottom: 0.08in; } After a difficult start, marked by the financial crisis and then the Lehman Brothers crisis, Laffitte Capital Management, an asset management firm founded in 2007, has finally had a “normal” year in 2010, says David Lenfant, founding partner at the firm, which also includes three other market professionals. The firm’s flagship fund, the Laffitte Risk Arbitrage, dedicated to merger and acquisition arbitrage in the Euro zone and the United States, now has nearly EUR100m in assets. The second fund, the Laffitte Equity Abitrage, launched in late 2009, has only about EUR6m in assets. But the asset management firm is planning to more actively market this fund this year. In total, assets at the firm represent EUR127.3m, more than double the total as of the end of 2009 (EUR45.6m). They are managed in equal proportions for institutionals, retail investors, and multi-management. International investors represent 20% of assets. The asset management firm has signed distribution agreements in Austria, Switzerland and Luxembourg, and is now planning to develop in southern Europe. The declared objective is to reach EUR250m in assets in 2011.
09/02/2011

Benjamin de Frouville joins M&G France

p { margin-bottom: 0.08in; } According to information obtained by Newsmanagers, Benjamin de Frouville, head of development at Keren, will soon join M&G France, where he will succeed Violaine de Serrant, who left the firm a few weeks ago (see Newsmanagers of 20 December 2010). De Frouville will start in his new role in early March. Like de Serrant, he will be in charge of services to the IFA market.
09/02/2011

UFF posts increase in assets under management

p { margin-bottom: 0.08in; } Union Financière de France on February, 9th, announced that as of 31 December 2010, total assets under management came to EUR7.2bn, up from EUR6.8bn as of 31 December 2009. This increase in assets is partly due to valuation of assets (market appreciation), and partly to net subscriptions of EUR48m.In terms of product sales, UFF reports that flexible and corporate bond funds have been popular with clients, which “boosted new business in life insurance on the retail market,” with contributions up 10%.Sales of real estate investments were poor (-11%), after a very dynamic year in 2009.UFF announced a consolidated net profit of EUR35.9m, compared with EUR21.3m in 2009.
09/02/2011

Alicia Frank joins BNPP IP

p { margin-bottom: 0.08in; } Alicia Frank, portfolio manager and analyst on a Fidelity team in charge of USD6bn in assets in emerging markets equities, has joined BNP Paribas Investment Partners as senior portfolio manager in the global emerging equity assets team, which managed USD3bn as of the end of December, with a growth bias.Frank will be based in Boston, and will report to Gabriel Wallach, CIO for global emerging markets equities. Overall, BNPP IP manages more than USD60bn in emerging markets equities.
09/02/2011

Pension fund assets up 12% in 2010

As of the end of 2010, assets in pension funds in the 13 largest retirement markets in the world (Australia, Brazil, Canada, France, Germany, Hong Kong, Ireland, Japan, the Netherlands, South Africa, Switzerland, the United Kingdom, and the United States) totalled USD26.496trn, an increase of 12% compared with the end of 2009. This is a record level, according to Towers Watson, the compiler of the data. However, this total represents only 76% of GDP, which is lower than the percentage in 2007 (78%). Growth is largely due to the good performance of financial markets.In 2010, retirement assets expressed in US dollars increased in all markets analysed by Towers Watson, except Ireland and France.The largest pension fund market remains the United States, at 58%, far ahead of Japan and the United Kingdom, at 13% and 9% respectively.But the country which showed the largest increase in assets in US dollars is South Africa, with 28%Pension fund allocations from the seven largest retirement markets (Australia, Canada, Japan, the Netherlands, Switzerland, the United Kingdom and the United States) remained relatively unchanged compared with 2009: 47% in equities, 33% in bonds, 1% in cash and 19% in other asset classes (real estate and other alternative investments). The United Kingdom, the United States and Australia had the highest exposure to equities compared with other markets.In France, Towers Watson estimates that pension fund assets total Usd133bn, or only 5% of GDP (the lowest percentage in any of the 13 countries). As of the end of 2000, this total was USD85bn.
09/02/2011

Hennessee hedge fund index up 0.65% in January

p { margin-bottom: 0.08in; } The consulting firm Hennessee Group LLC on 9 February announced that its hedge fund benchmark index gained 0.65% in the month of January, while the S&P 500 index gained 2.26%.
09/02/2011

GAM launches a tech stock fund

p { margin-bottom: 0.08in; } Fundstrategy reports that GAM is launching a long-only fund dedicated to IT sector equities, the GAM Star Technology fund, to benefit from new trends in the sector and the “profound defiance” which it inspires. The manager of the fund, Mark Hawtin, will invest in IT sector shares worldwide, particularly in the United States, which will represent more than 70% of the portfolio. Hawlin says that research into IT shares has considerably diminished since the bubble of 2000, as a result of which the sector is misunderstood and there are many price aberrations. Management fees are set at 1.50% per year, and performance commissions are 10% of gains exceeding the benchmark index (MSCI World IT).
09/02/2011

Jean-Pierre Mustier to join UniCredit

p { margin-bottom: 0.08in; } Jean-Pierre Mustier, the former head of Société Générale’s corporate and investment bank, has been selected to head the corporate & investment banking division of UniCredit, replacing Sergio Ermotti, Il Sole – 24 Ore reports, confirming speculation in recent weeks. The choice of the Frenchman was announced on Tuesday by the appointments committee. It will become official on Thursday at an extraordinary ad-hoc board meeting.
09/02/2011

Italians pull out of money market and bond funds

p { margin-bottom: 0.08in; } In January, funds on sale in Italy posted experienced net outflows of EUR3.7bn, according to the most recent statistics from Assogestioni (the Italian association of asset managers). Bond funds and money market funds both saw redemptions of EUR2.2bn. Hedge funds are also in the red, with outflows of EUR514m. Flexible funds, balanced funds and equities funds, however, had net inflows (of EUR745m, EUR304m and EUR171m, respectively). At the end of January, assets were down to EUR446bn, from EUR452bn as of the end of December, of which 23% were in equities funds, 4.8% in balanced funds, 40.9% in bond funds, 13.4% in money market funds, 15.1% in flexible funds, and 2.7% in hedge funds. Asset management firms with the largest inflows in January were Gruppo Generali (EUR169.6m) and JP Morgan Asset Management (EUR66.6m). The firms with the heaviest net outflows were Pioneer Investments (EUR732.9m) and Gruppo Intesa Sanpaolo (EUR680.2m).
09/02/2011

Ignis reshuffles UK equities team

In order to address the recent sub optimal performance of its UK Life Company funds and to build a stronger UK equity proposition for the future, Ignis has taken the decision to restructure the US equity team. Since his appointment as CIO equities in October 2010, Mark Lovett has conducted a detailed review of Ignis’ UK equity proposition. «Whilst the performance of our third party retail funds has improved substantially our Life Company funds have performed below expectations», Ignis said. As a result of Mark Lovett’s review, Ignis has taken the decision to restructure the team. Head of UK equities, Neil Richardson, and four other members of the UK equity team will be leaving their current posts (Gary McAleese, Finlay MacDonald and Jon Stewart). Stacey Cassidy will also be leaving the team but will be joining the Asia Pacific team. «We are currently consulting with former members of the team concerning opportunities that may exist in the new structure or elsewhere within the company», Ignis adds. Mark Lovett will become head of UK equities as well as CIO of equities and will be directly responsible for the management of the Life Co funds. Management of retail funds – which are performing well - remains unaffected. Ralph Brook-Fox, Martin Brown and David Clark will remain lead managers of their respective funds – UK Focus, Equity Income and Smaller Companies.
09/02/2011

Ignis AM redéploie sa gestion actions britanniques

Selon Money Marketing, Mark Lovett, CIO d’Ignis Asset Management, a passé les fonds d’actions britanniques au banc d’essai et a decide de se séparer de Neil Richardson, head of UK equities ainsi que de quatre analystes, dont un - Stacey Cassidy- a été réaffecté à l'équipe Asie. Les trois analystes restant et Neil Richardson sont toujours en attente d’autres mission au sein d’Ignis.
09/02/2011

Bercy table sur un déficit inférieur à 7,7% du PIB en 2010

Le déficit public 2010 de la France devrait être un peu inférieur à 7,7% du PIB, selon Christine Lagarde. La ministre de l'économie a souligné que la préparation du budget 2012 serait très difficile étant donnés les engagements impératifs de réduction du déficit.
CLM
09/02/2011

Jeffrey Lacker envisage un réexamen du QE2

Le président de la Fed de Richmond a estimé que l’accélération de la reprise américaine signifiait que les responsables de la politique monétaire devaient prendre «assez sérieusement» leur engagement de réviser le deuxième round du programme d’assouplissement quantitatif. Il n’a toutefois pas appelé à une modification immédiate du QE2.
VL
09/02/2011

Unigestion recrute son responsable « clients institutionnels »

La société de gestion européenne indépendante a fait part de la nomination de Tom Leavitt au poste nouvellement créé de responsable «clients institutionnels». Ce dernier, qui était précédemment en charge de l’activité commerciale institutionnelle au sein de Fortis Investments, devient également membre du comité exécutif.
09/02/2011

Les activités américaines de Centro Properties très convoitées

Trois groupes resteraient encore en lice pour le rachat des centres commerciaux américains du groupe immobilier australien Centro Properties d’une valeur estimée de 9,5 milliards de dollars, selon des sources Reuters. A savoir Blackstone, Morgan Stanley Real Estate, associé pour l’occasion à Starwood Capital, et un consortium dirigé par NRDC Equity.
EB
09/02/2011

Assouplissement à l’étude pour les CDS souverains

Selon un projet de la présidence hongroise de l’Union européenne obtenu par Bloomberg, les Etats membres pourraient adoucir les règles destinées à limiter les positions non couvertes sur les CDS souverains en retirant l’obligation de posséder l’emprunt d’Etat sous-jacent. Une position qui vient amender les propositions faites en septembre par la Commission européenne.
JLC
09/02/2011

Pékin réagit de nouveau face à l’inflation

La banque centrale chinoise a relevé mardi ses taux directeurs de 25 points de base, son deuxième resserrement monétaire en un peu plus d’un mois. Cette annonce a pris les investisseurs de court même s’ils anticipaient une poursuite de la politique de lutte contre l’envolée des prix et la bulle immobilière. Le taux sur les dépôts à un an est relevé dès aujourd’hui de 25 points de base à 3%, tandis que le taux des prêts à un an augmentera également de 25 points de base à 6,06%. Même si l’inflation en rythme annuel a ralenti à 4,6% en décembre en Chine, elle est attendue en rebond en janvier avec la progression des prix alimentaires. «C’est la première hausse des taux d’intérêt de l’année du Lapin, mais ce ne sera pas la dernière», a estimé Xu Biao, économiste de la China Merchants Bank, faisant allusion à la nouvelle année commencée la semaine dernière selon le calendrier chinois.
PdC
09/02/2011

La Fed consulte sur le « too big to fail »

La Fed a soumis à consultation publique un projet de règlement lié à la catégorisation des établissements financiers non bancaires d’importance systémique. Il établit notamment les critères pour déterminer si une société est «engagée de manière prédominante dans des activités financières» et définit les dénominations «société financière non bancaire importante» et «holding bancaire importante». Une société serait jugée «importante» si elle détient notamment au moins 50 milliards de dollars d’actifs.
CH
09/02/2011

Les taux du crédit immobilier poursuivent leur remontée

Selon l’Observatoire du financement des marchés résidentiels, les taux des prêts immobiliers du secteur concurrentiel, hors assurance, ont atteint 3,47% en janvier, soit 22 points de base de plus qu’en novembre. Les taux remontent mécaniquement au-delà de la progression attendue au vu de l'évolution des marchés obligataires et monétaires et de la nécessité pour les banques d’augmenter leurs marges face aux nouvelles règles prudentielles.
AG
09/02/2011

Le Portugal confiant sur la vigueur de ses exportations

Le gouvernement portugais pense que la croissance des exportations sera en mesure de compenser l’impact récessif des mesures d’austérité prises pour réduire le déficit budgétaire, selon le Premier ministre. Jose Socrates a réaffirmé les priorités du gouvernement : ramener le déficit public à 4,6% du PIB cette année, contre environ 7% en 2010, remettre de l’ordre dans les comptes publics et soutenir la croissance.
OH

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