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21/01/2011

Forte progression des actifs sous gestion de St. James's Place

Les actifs sous gestion de St. James’s Place ont fait un bond de 5,6 milliards en 2010 pour atteindre le niveau record de 27 milliards de livres.La collecte nette a progressé l’an dernier de 30% à 3 milliards de livres contre 2,3 milliards de livres en 2009.
21/01/2011

JO Hambro IM recrute deux gérants

Deux gérants de Spencer House Capital Management (SHCM), Charles Martyn-Hemphill et Will Kenney vont rejoindre JO Hambro Investment Management (Johim) en février, rapporte Investment Week. Les deux gérants, associés fondateurs de SHCM, continueront toutefois de piloter le Spencer House Capital Management fund ainsi que d’autres mandats dédiés.
21/01/2011

Les actifs sous gestion de MAN Group à 68,6 milliards à fin 2010

Les actifs sous gestion de Man Group s'élevaient à 68,6 milliards de dollars au troisième trimestre clos au 31 décembre 2010 contre 65,9 milliards de dollars au 30 septembre dont 40,5 milliards pour Man et 25,4 milliards liés à l’acquisition de GLG.MAN précise dans un communiqué que les fonds alternatifs ont enregistré une collecte nette de 100 millions de dollars au troisième trimestre. Les fonds long only ont subi une décollecte de 1,1 milliard de dollars au troisième trimestre, en raison d’un remboursement de plus de 1 milliard de dollars sur un mandat à faible marge, l’investisseur voulant sortir des actions européennes.
21/01/2011
Fonds

Progression de 2,6% des actifs sous gestion d'Aberdeen en 2010

Au 31 décembre 2010, les actifs sous gestion du groupe écossais Aberdeen s'élevaient à 183,3 milliards de livres, en progression de 2,6% par rapport au 30 septembre 2010. Le quatrième trimestre 2010 s’est terminé sur une décollecte nette de 0,8 milliard de livres très largement compensée par un effet marché de 5,4 milliards de livres.Les fonds actions ont enregistré une collecte nette de 3,4 milliards de livres durant le trimestre, grâce pour l’essentiel aux marchés émergents, mais toutes les autres classes d’actifs ont terminé le trimestre dans le rouge : pour les stratégies alternatives la perte est de 900 millions de livres , pour l’immobilier, de 900 millions également, pour les fonds monétaires, de 400 millions et pour le fixed income, de 2 milliards de livres. Sous le double impact de la collecte nette et de l’effet marché (plus de 5 milliards de livres), les actifs sous gestion des fonds actions ont ainsi atteint 80,8 milliards de livres au 31 décembre 2010 contre 72,1 milliards de livres un trimestre plus tôt.
Fonds
21/01/2011
Fonds

CalPERS a dégagé une performance nette de 12,5% en 2010

Le fonds de pension californien Cal PERS a annoncé le 20 janvier qu’il avait dégagé l’an dernier une performance net de 12,5% sur ses investissements. Les actifs sous gestion s’élevaient fin 2010 à 225,7 milliards de dollars, soit un gain de plus de 65 milliards de dollars par rapport au point bas de mars 2009 (160 milliards de dollars).Parmi les différentes classes d’actifs, le private equity a réalisé la meilleure performance avec une hausse de 21,5%, soit un gain de plus de 7 points de pourcentage par rapport à son indice de référence. Les actions ont dégagé un rendement de 14,6%, avec une progression de 17,3% pour les actions américaines et de 12,8% pour les actions internationales. Le fixed income termine l’année sur une performance de 11,6%.Seule ombre au tableau, l’immobilier, avec toutefois une baisse limitée à 5%, la plus faible depuis le début de la crise financière, relève CalPERS.
Fonds
21/01/2011

Le bénéfice net de Raymond James a presque doublé

Au quatrième trimestre 2010, qui était le premier trimestre du nouvel exercice, le bénéfice net de Raymond James Financial est ressorti à 81,72 millions d’euros, ce qui représente une augmentation de 18 % sur le trimestre précédent et un bond en avant de 90 % sur octobre-décembre 2009.L’encours à fin décembre (hors fonds monétaires) se situait à 33,4 milliards de dollars contre 30 milliards fin septembre et 27,6 milliards un an auparavant tandis que les actifs sous administration ressortaient à 262 milliards de dollars contre 249 milliards trois mois plus tôt et 232 milliards fin décembre 2009.
21/01/2011

Doublement du bénéfice imposable du pôle gestion de fortune de Morgan Stanley

Le pôle Global Wealth Management de Morgan Stanley a fait état pour 2010 d’un bénéfice imposable de 1,2 milliard de dollars contre 559 millions pour l’exercice 2009. Les actifs sous gestion s'élevaient à 1.700 milliards de dollars à la fin de l’année, la collecte nette pour les douze mois s’inscrivant à 22,9 milliards de dollars dont 14,1 milliards de dollars au titre du quatrième trimestre. Le pôle gestion d’actifs a pour sa part dégagé un bénéfice imposable de 723 millions de dollars alors qu’il avait accusé une perte de 653 millions de dollars l’année précédente. Au 31 décembre, les actifs sous gestion ou sous supervision s’inscrivaient à 279 milliards de dollars contre 266 milliards un an plus tôt. La progression s’explique essentiellement par l’effet marché, en partie annulé par une décollecte nette sur les fonds monétaires de Morgan Stanley.
21/01/2011

Morgan Stanley diffère 60 % des bonus

Morgan Stanley a différé 60 % des bonus 2010 de ses employés, cherchant ainsi à anticiper les nouvelles règles sur les paiement en cash à Wall Street, rapporte le Financial Times. La banque a au total versé 16 milliards en salaires, bonus et avantages divers en 2010, soit 51 % de ses revenus, contre 14,4 milliards ou 62 % de ses revenus un an plus tôt.
21/01/2011

Russell complète son équipe de consultants pour l'alternatif

Darren Spencer vient d'être recruté comme director, alternative investments dans l’Americas institutional consulting group. L’intéressé, qui a travaillé pour une boutique de fonds de hedge funds et qui a été le patron mondial des investissements alternatifs chez Aon Investment Consulting, complète le réseau des directeurs du conseil en investissements alternatifs, qui comprend déjà des responsables pour l’Europe/Moyen-Orient/Afrique (EMEA), l’Australasie et le Japon/Asie du Nord-Est.Basé à New York, Darren Spencer sera chargé de diriger le développement et la mise en œuvre de stratégies d’investissement alternatif pour le compte des clients de l’activité de consultant de Russell en Amérique du Nord.
21/01/2011
Fonds

Morgan Stanley lance avec Indus un newcits

Indus Capital Partners va gérer le cinquième newcits de Morgan Stanley sur la plate-forme irlandaise FundLogic Alternatives. Il s’agit d’un produit long/short equity à liquidité journalière focalisé sur la région Asie-Pacifique.CaractéristiquesDénomination : Indus PacifiChoice Asia Fund Commission de gestion : 1,5 % Commission de performance : 20 %
Fonds
21/01/2011

Accord de partenariat entre SIX et Liquidnet sur les transactions de blocs

SIX Swiss Exchange et Liquidnet, le marché institutionnel pour le négoce d’actions, ont annoncé le 20 janvier la signature d’un accord pour permettre aux membres de SIX Swiss Exchange et aux opérateurs buy-side d’exécuter efficacement des opérations en bloc tant sur des actions suisses qu’européennes. Les liquidités détenues par le système de liquidité exclusif de Liquidnet seront disponibles pour les membres de SIX Swiss Exchange. Les membres de Liquidnet bénéficieront ainsi des liquidités supplémentaires fournies par les membres de SIX Swiss Exchange. Les membres de SIX Swiss Exchange pourront continuer d’utiliser leurs systèmes de négoce front-end pour négocier quelque 3600 titres internationaux provenant, dans un premier temps, des marchés suisse, britannique, français, allemand et néerlandais. Le lancement de cette offre est prévu pour le deuxième trimestre 2011.
21/01/2011

Vontobel launches a local currency emerging markets bond fund

p { margin-bottom: 0.08in; } Funds People reports that Vontobel Asset Management has entrusted its bond team, directed by Daniel Karnaus, with a new fund of emerging markets local currency bonds. The objective of the product, whose H share class in Swiss francs was launched on 18 January, with share classes in US dollars and Euros to be released on 24 January, is to outperform the JP Morgan GBI-EM Global Diversified index.The fund will invest in countries such as Brazil, Malaysia, Mexico, Poland, South Africa, Thailand, Turkey, Indonesia, Hungary, Russia and Colombia, among others.
21/01/2011

Morgan Stanley launches a long/short Asia-Pacific newcits with Indus

p { margin-bottom: 0.08in; } Indus Capital Partners will manage the fifth newcits from Morgan Stanley on the Irish platform FundLogic Alternatives. It is a long/short equity product with daily liquidity, which will focus on the Asia-Pacific region.CharacteristicsName: Indus PacifiChoice Asia FundManagement commission: 1.5%Performance commission: 20%
21/01/2011

Natixis AM takes its profits on emerging markets

p { margin-bottom: 0.08in; } “Now, tactically, we want to take our profits on equities from emerging markets, particularly Brazil, India and China,” says Emmanuel Bourdeix, head of equities, diversified and structured management at Natixis Asset Management. He points to risk and an overly rapid appreciation of currencies, as well as overly restrictive monetary policies in these countries. The equities specialist prefers developed markets, particularly Europe. In this region, he sees a “catch-up effect,” in a region which has suffered greatly from European debt problems. He predicts that European equities will gain 10% this year. More generally, 2011 “will be the year of equities,” says Bourdeix. For fixed income, Ibrahima Kobar, head of fixed income management at Natixis AM, says he is convinced that Portugal will seek financial assistance in 2011. He adds that the European Central Bank (ECB) is unlikely to raise its rates this year.
21/01/2011

Pre-tax profits double for wealth management unit of Morgan Stanley

p { margin-bottom: 0.08in; } The Global Wealth Management unit of Morgan Stanley has reported pre-tax profits for the year 2010 of USD1.2bn, compared with USD559m for 2009. Assets under management totalled USD1.7trn as of the end of the year, while net inflows for the year as a whole totalled USD22.9bn, of which Usd14.1bn were in fourth quarter. The asset management unit, for its part, has earned pre-tax profits of USD723m, though it lost USD653m the previous year. As of 31 December, assets under management or supervision totalled USD279bn, compared with USD266bn one year earlier, The increase is largely due to market effects, which were partly offset by a net outflow from Morgan Stanley money market funds.
21/01/2011

Lazard Frères Gestion focuses on directors who own stakes in their businesses

p { margin-bottom: 0.08in; } Lazard Frères Gestion on Thursday, 20 January announced that it has teamed up with Esprits d’Entreprises, a club of entrepreneurs and directors who are shareholders in their companies which was founded in 2004 by Diaa Elyaacoubi and Bernard Ochs. The objective of the club is to allow its members who live business reality every day to exchange and present ideas in a laboratory environment, and to debate and learn, inform, explain, transfer and promote the business spirit, and to promote the ideas and proposals of its members, a statement says.
21/01/2011

Net profits at Raymond James nearly double

p { margin-bottom: 0.08in; } In fourth quarter 2010, which was the first quarter of the new fiscal year for Raymond James Financial, net profits totalled EUR81.72bn, which represents an increase of 18% compared with the previous quarter, and an increase of 90% compared with October-December 2009. Assets as of the end of December (excluding money markets) totalled USD33.4bn, compared with USD30bn as of the end of September, and USD27.6bn one year previously, while assets under administration totalled USD262bn, compared with USD249bn three months earlier, and USD232bn at the end of December 2009.
21/01/2011

Financière de l'Echiquier posts net inflows of EUR700m in 2010

p { margin-bottom: 0.08in; } The French asset management firm Financière de l’Echiquier on Thursday, 20 January announced that it collected EUR700m in inflows in 2010. It now manages over EUR5bn, an increase of 44% for the year.One third of these inflows came form outside France, largely in Germany, Italy and Spain, countries which are growth areas for distribution of Arty funds, which include equities and bonds from European businesses, and Echiquier Global, which invests in global large cap equities.The asset management firm now manages EUR1.6bn for institutional investors, who represent nearly half of inflows.In terms of investment strategy, the management team estimates that 2011 will be as auspicious as 2010, but that the assets to bet on will be different. “For example, fiscal differences in European states will create opportunities in the sector of outsourcing of public services, and the fall of valuations in southern European countries will also make it possible to buy high-quality businesses at attractive prices,” a statement says.On the basis of these predictions and the stock-picking method practiced by the management firm, its chairman, Didier Le Menestrel, predicts assets of EUR15bn by 2015.
21/01/2011

Russell adds to alternative investment consulting team

p { margin-bottom: 0.08in; } Darren Spencer has been recruited as director, alternative investments for the Americas institutional consulting group. Spencer, who worked for a fund of hedge fund boutique, and was global head of alternative investments at Aon Investment Consulting, comes as an addition to the network of directors to advise alternative investments, which already includes head for Europe, the Middle East and Africa (EMEA), Australasia and Japan and North-East Asia. Spencer will be based in New York, and will be in charge of directing the development and deployment of alternative investment strategies for consulting clients of Russell in North America.
21/01/2011

Legg Mason releases an absolute return bond fund in Spain

p { margin-bottom: 0.08in; } Legg Mason Global Asset Management has announced that it has recently registered the Legg Mason Western Asset Global Credit Absolute Return Fund, which is managed by Western Asset Management, an affiliate of Legg Mason specialised in international bonds, with the CNMV.The product is an absolute return product which invests in a diversified portfolio of corporate and high yield bonds, Funds People reports. The objective is to generate returns of 8-10%, with similar volatility, over a three-year cycle.The UCITS-compliant fund, with daily liquidity, is domiciled in Dublin, and managed by Dipankar Shewram.
21/01/2011

Net assets up 21% for Sweden's Investor

p { margin-bottom: 0.08in; } The Swedish investment firm Investor on 20 January announced a net year-on-year increase in the value of its portfolio in 2010, Agefi Switzerland reports. Net asset value, which means the value of investments, minus debt, increased 21% in one year, to SEK167bn (EUR18.7bn) as of 31 December 2010. This total, driven up by increases in the value of Swedish large caps, puts the value of the firm at SEK224 per share, compared with a value of SEK187 per share one year ago, and SEK200 at the end of third quarter. The board of directors has therefore proposed to increase the annual dividend to SEK5 per share, from SEK4 per share in 2009.
21/01/2011

Pictet soon to release a UCITS fund

p { margin-bottom: 0.08in; } Pictet is presently still awaiting AMF approval to release a UCITS-compliant fund of hedge funds, managed by Cristina Bagnoli Mandic at Pictet Alternative Investments (PAI), in France. The product invests in CTA (futures), global macro and long/short equity markets, with a preference for liquid strategies, a major preoccupation of PAI (see Newsmanagers of 15 December 2010). The fund has weekly liquidity, and does not use swaps on offshore funds.
21/01/2011

Rothschild & Cie Gestion launches R Sovereign EuroRecovery

p { margin-bottom: 0.08in; } Rothschild & Cie Gestion has launched R Souverain EuroRecovery, a fund which invests in “high risk” government bonds of the Euro zone, including Greece, Spain and Ireland, Sébastien Barbe, director and head of fixed income management at the management firm, announced at its most recent quarterly strategy committee meeting. The French-registered FCP fund, created on 30 December, will aim to outperform the Euro MTS Global index.
21/01/2011

CalPERS earned net returns of 12.5% in 2010

p { margin-bottom: 0.08in; } The Californian pension fund CalPERS on 20 January announced that it earned net returns of 12.5% on its investments last year. Assets under management as of the end of 2010 totalled USD225.7bn, an increase of over USD65bn compared with their low point in March 2009 (USD160bn).Among the various asset classes, private equity performed best, with gains of 21.5% more than 7 percentage points more than its benchmark index. Equities earned returns of 14.6%, with gains of 17.3% for US equities and 12.8% for international equities. Fixed income has finished the year with returns of 11.6%.The only negative result was for real estate, were losses were limited to 5%, the lowest since the onset of the financial crisis, CalPERS reports.
21/01/2011

Olivier Carenini arrives at Russell Investments

p { margin-bottom: 0.08in; } The Paris office of Russell Investments on Thursday announced the appointment of Olivier Carenini as director of development, in charge of distribution and partnerships, effective from 5 January 2011. Carenini becomes responsible at the firm for development of partnerships and financial solution activities for savings and financial management professionals in France, Benelux, Switzerland and the Iberian peninsula. He will also collaborate with the EMEA (Europe, Middle East and Africa) team. Carenini previously worked at Rothschild & Cie Gestion, as director in charge of distribution teams.
21/01/2011

Aberdeen recruits Alban Arribas

p { margin-bottom: 0.08in; } As Newsmanagers reported on 18 January, the Paris office of Aberdeen has added to its real estate team, with the recruitment of Alban Arribas, who for the past ten years had been head of private investments at Acofi. Arribas becomes head of fund management France, and will be in charge of structuring for French real estate funds, including the development of OPCI fund management for French and international institutional clients.
21/01/2011

Rothschild & Cie Gestion announces a “vintage year in 2010”

“2010 was a vintage year for Rothschild & Cie Gestion,” said Arnaud Perrier, manager and director of sales and marketing for the French asset management firm, at a quarterly meeting of the strategy committee held on Thursday.“Our assets have increased 10% for the year, to EUR21.8bn as of the end of 2010,” he explains. This was achieved due to rising markets and a positive inflow, not counting money markets, of about EUR1bn,” the director of sales says.Perrier has also announced the arrival of a new addition in the institutional sales team. He is planning to recruit another person for Benelux, and says that “we will be present in Germany starting this year.”
21/01/2011

Partnership agreement between Six and Liquidnet for transactions in blocs

p { margin-bottom: 0.08in; } SIX Swiss Exchange and Liquidnet, the institutional market for equities trading, on 20 January announced that they have signed an agreement to provide members of the SIX Swiss Exchange and buy-side operators effective execution of bloc executions on Swiss and European equities. Liquidity held in the exclusive Liquidnet liquidity system will be available to members of SIX Swiss Exchange. Liquidnet members will thus benefit from added liquidity provided by members of SIX Swiss Exchange. SIX Swiss Exchange members will be able to continue to use their front-end trading systems to trade about 3,600 international equities which will initially come from the Swiss, British, French, German and Dutch markets. The launch of the offer is planned for second quarter 2011.
21/01/2011

Fresh blood at Baillie Gifford

p { margin-bottom: 0.08in; } The Scottish asset management firm Baillie Gifford Investment Management on 20 January announced the appointment of three new partners, effective from 1 May 2011, bringing the number of members at the college of partners working full-time for the business to 37.The new partners include Malcolm MacColl, senior portfolio manager and one of the three decision-makers for the global alpha equities team, Bill Pacula, who will become the first international partner, and who is in charge of business development for the United States and Canada, and David Salter, client director in the institutional clients department.As of 30 April 2012, the partners Edward Hocknell, Nigel Morecroft and Leslie Robb will be retiring. From 1 May 2012, Andrew Telfer will become joint senior partner, in charge of directing the business. He will succeed Alex Callander, who will be retiring after a 30-year career at the firm. Telfer is currently head of the institutional clients department.

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