Michel Cicurel, président du directoire de La Compagnie financière Edmond de Rothschild (LCF Rothschlid) a indiqué le 19 janvier que «la banque va plutôt bien et a retrouvé ses niveaux d’avant-crise». L’encours total a franchi les 100 milliards d’euros. Celui de «Paris» a pour sa part désormais dépassé les 37,6 milliards d’euros de fin décembre («un petit» 40 milliards, entre-temps) contre 33,7 milliards un an plus tôt (lire notre article du 15 janvier 2010).Sur le plan du bénéfice, le résultat de 2010, même avec une approche comptable très prudente, «sera supérieur aux 51 millions d’euros enregistrés pour 2008, mais inférieur aux 105,3 millions de 2007". En 2009, il s'était inscrit à «une petite moitié» du bénéfice de 2008.L’activité de banque privée a affiché une collecte nette de 900 millions d’euros et son encours a augmenté de 11 % à 12,6 milliards d’euros, grâce notamment au déploiement dans les régions.De son côté, la gestion d’actifs, qui a beaucoup progressé à l’international et qui pourrait se lancer cette année sur de nouveaux marchés à l'étranger, affiche des actifs de 25 milliards d’euros, dont 14 milliards d’euros (+ 16 %) pour Edmond de Rothschild Asset Management (EDRAM), avec des souscriptions nettes de 900 millions) et 9 milliards pour Edmond de Rothschild Investment Managers (EDRIM) avec une collecte nette de 600 millions d’euros, hors monétaire.Le pôle private equity, avec quatre filiales dédiées, affiche pour sa part un encours de 1,9 milliard d’euros.
Selon L’Agefi suisse, un rapport publié le 19 janvier par Hedge Fund Research indique que la valeur des actifs détenus par les hedge funds a enregistré une hausse inédite au dernier trimestre 2010 pour atteindre 1917 milliards de dollars, non loin de son pic historique de 1930 milliards de dollars (deuxième trimestre 2008).L’année 2010 s’est conclue par la plus forte augmentation trimestrielle jamais vue des actifs détenus par l’industrie des hedge funds, de près de 149 milliards de dollars, selon les données relevées par HFR. Sur l’ensemble de l’année, les nouveaux capitaux apportés au secteur des hedge funds se sont montés à 55,5 milliards de dollars, le montant total annuel le plus élevé depuis 2007, a précisé la société.
BNY Mellon a été sélectionné par la China Construction Bank en qualité de conservateur international pour un nouveau fonds QDII (investisseur institutionnel domestique qualifié) en Chine qui sera lancé par Yinhua Fubnd Management. Installé à Pékin, Yinhua est à la tête de plus de 85 milliards de RMB d’actifs sous gestion.
p { margin-bottom: 0.08in; } The external distribution sales team at AllianzGI France (AGI France) on Wednesday, 19 January announced that it has added to its sales team, led by Marie Fortez. Marielle Garandet and Olivier Taek join Pierre Marion, who has been a member of the team since July 2010. The recruitments will aim to intensify coverage of the French and Monaco markets by the firm, which since 1 January has also put the team in charge of development on the Luxembourg market, a statement says. Previously, Garandet, who joined Allianz Global Investors in London in 2007, was an external distribution sales specialist. Taek, for his part, joined Allianz Global Investors France in 2007, and served in a series of positions in the areas of calls for bids and institutional product marketing. Marion joined the external distribution team at Allianz Global Investors France in July 2010.
p { margin-bottom: 0.08in; }The OFIgroup on Wednesday, 19 January announced the launch of OFI InvestmentSolutions (OIS), a new services activity aimed at institutionalinvestors, corporates and family offices, in the area of financialproduct structuring. OFI Investment Solutions is organised as an“in-house” team, led by Guillaume Launay, and offers thefollowing services:investmentadvising, restructuring and divestmentsearchfor investment solutions via structured productscounter-valuationand reporting of positionsreceptionand transmission of ordersoriginationadvising
p { margin-bottom: 0.08in; } Last year, Goldman Sachs earned net profits of USD8.35bn, compared with USD13.38bn in 2009.Assets under management at the firm fell 4% over 12 months, to total USD840bn as of the end of December, of which USD208bn (-21%) were in money market funds, USD340bn (+8%) in bond funds, USD144bn (-1%) in equities funds, and USD148bn (+1%) in hedge funds.Revenue from asset management increased 9% to USD5.01bn.
p { margin-bottom: 0.08in; } For the year 2010, BNY Mellon has announced net profits of USD2.58bn, compared with losses of USD1.1bn in the previous year.As of the end of December, the group had record assets, both under custody and administration and under management. Assets under custody and administration totalled USD25trn, 25% higher than at the end of September and 12% higher than one year previously. Most of the increase in annual terms reflects the acquisition of Global Investment Servicing (GIS) on 1 July, and of BHF Asset Servicing on 2 August.Assets under management, excluding securities lending, as of the end of December totalled USD1.17trn, 3% higher than three months previously, and 5% higher than 31 December 2009.Accounts at BNY Mellon also show that revenues from asset and wealth management commissions totalled USD2.87bn in 2010, compared with USD2.68bn the previous year.
Michel Cicurel, chairman of the board at La Compagnie financière Edmond de Rothschild (LCF Rothschild) on 19 January announced that “the bank is doing well and has returned to its pre-crisis levels.” Total assets topped EUR100bn. Assets in Paris now total over EUR37.6bn as of the end of December, (“a little on the light side of” EUR40bn), compared with EUR33.7bn one year previously (see Newsmanagers of 15 January 2010).Profits for 2010, even with a highly prudent accounting approach, “will be higher than the EUR51m earned in 2008, but lower than the EUR105.3m earned in 2007.” In 2009, profits totalled “slightly under half” of the 2008 profits.Private banking activities posted a net inflow of EUR900m, and assets have increased 11%, to EUR12.6bn, largely due to deployment in the provinces.Asset management, which has gained a lot of momentum internationally, and which is planning to enter new international markets this year, has assets of EUR25bn, of which EUR14bn (+16%) are at Edmond de Rothschild Asset Management (EDRAM), with net subscriptions of EUR900m, while Edmond de Rothschild Investment Managers (EDRIM) has EUR9bn, with net inflows of EUR600m, excluding money markets.The private equity unit, with four dedicated affiliates, has assets of EUR1.9bn.
p { margin-bottom: 0.08in; } Agefi reports that Mark Mobius, the star emerging markets manager at Franklin Templeton, has told Reuters that he is considering launching a hedge fund at the traditional asset management firm.
p { margin-bottom: 0.08in; } Agefi Switzerland reports that a report published on 19 January by Hedge Fund Research shows that the value of assets held by hedge funds rose unprecedentedly in fourth quarter 2010, to USD1.917trn, not far off its all-time record of USD1.93trn in second quarter 2008. 2010 ended with the highest quarterly increase ever observed for assets held by the hedge fund industry, at nearly USD149bn, according to figures from HFR. For the year as a whole, inflows of new capital to the hedge fund sector totalled USD55.5bn, the highest annual total since 2007, the firm says.
p { margin-bottom: 0.08in; } The Swiss SRI management firm Sustainable Asset Management (SAM) on 19 January announced that its Dutch parent company, Robeco, has transferred the management of the Luxembourg funds Robeco Agribusiness Equities (EUR144.8m) and Robeco European Equities (EUR439.8m), which are changing prefixes to adopt the SAM name.The management of the two products, with 40-60 positions each, will become “even more sustainable” upon their transfer to Zurich. The first of the two funds, with a TER of 1.63%, will now be managed by Martin Jochum, while the second (which charges 1.47%) will be managed by Kai Fachinger.On 18 January, Robeco also transferred the management of the Robeco European Stars fund (EUR22m) and the Robeco European Midcaps (EUR142m).
p { margin-bottom: 0.08in; } BNY Mellon has been selected by China Construction Bank as international custodian for a new QDII (qualified domestic institutional investor) fund in China, which will be offered by Yinhua Fund Management. Yinhua, based in Beijing, has over RMB85bn in assets under management.
p { margin-bottom: 0.08in; } Since 19 January, three new Irish-registered ETF funds, replicating HFRX hedge fund indices, have been available for trading on the XTF segment of the Xetra electronic platform from Deutsche Börse, bringing the number of listed products to 763. Two of the new funds of equities hedge funds, the UBS ETFs plc HFRX Global Hedge Fund Index SF (EUR) A-acc and the UBS ETFs plc HFRX Global Hedge Fund Index SF (USD) A-acc, charge fees of 2%, while the UBS ETFs plc HFRX Global Hedge Fund Index SF (USD) I-acc carries a management commission of 1.50%. In the index, the various strategies are weighted depending on the distribution of assets within the hedge fund sector. The third of the new products is primarily aimed at institutional investors.
Danielle Chiesi, a former Bear Stearns hedge fund trader, pleaded guilty on Wednesday to US federal criminal charges in connection with the Galleon insider trading ase but she is not co-operating with the government, the Financial Times writes.She pleaded guilty to three counts of conspiracy to commit securities fraud for passing inside information about technology companies to hedge funds and others.
p { margin-bottom: 0.08in; } In its bulletin for fourth quarter, the Spanish securities commission (CNMV) has announced that it is expecting several applications in the next few months for licenses to allow Spanish and foreign businesses to create collective real estate management firms, Cinco Días reports. The objective will be to create vehicles starting from zero, to take advantage of recent falls in real estate prices, and to score discounts from banks seeking to unload some of their ample stock of real estate properties.
p { margin-bottom: 0.08in; } Agefi Switzerland reports that the Zurich-based management firm 4IP has been taken over by its management. The former entity of Sal. Oppenheim Corporate Finance (Suisse) will not be involved in the transaction, as its parent is in the process of being acquired by the Italian bank Banca Leonardo. 4IP advises institutional or family investors in indirect real estate investments, i.e., investments not in real estate properties, but in real estate funds or realty companies, for example.
p { margin-bottom: 0.08in; } RCM, an affiliate of Allianz Global Investors, has appointed Andres Allende as an Asia specialist in its global emerging markets team, Investment Week reports. Allende joins from RAB Capital, where he was in charge of global emerging markets long/short strategy.
Franklin Templeton Global Investors Limited (UK) has completed the acquisition of Rensburg Fund Management Limited, a subsidiary of Investec focused on UK equity. The purchase was closed in an all cash transaction for GBP 45 million (approximately USD 71 million) on 18th January 2011. Rensburg manages approximately GBP 935 million (approximately 1.5 billion USD as of 31 December 2010) in UK equities.
p { margin-bottom: 0.08in; } The acquisition of Thames River and REIT by F&C may be prejudicial to shareholders, Sherborne Investors, the activist investor which bought a 17.5% stake in F&C and is seeking to unseat the chairman, Nick MacAndrew, claims. According to Investment Week, the investor had written to shareholders in F&C calling for a vote in favour of resolutions it has submitted for the general shareholders’ meeting on 3 February.
p { margin-bottom: 0.08in; } Jupiter Fund Management has experienced net inflows of GBP772m in fourth quarter 2010. Including positive market effects of GBP1.13bn, this means that assets under management at the firm have increased by 9% to GBP24bn as of 31 December. For the year, the UK asset management firm shows net inflows of GBP2.32bn.
p { margin-bottom: 0.08in; } Agefi Switzerland reports that the UBS group has recruited two former Deutsche Bank employees, Marcus Overhaus and Ricardo Honegger, for its equity business department, in the area of structured and synthetic products, in London, according to an internal UBS memo obtained by Bloomberg. They will both report to Yassine Bouhara and Francois Gouws, join global heads of equities, and Roberto Hoornweg, global head of securities distribution. Overhaus and Honegger become managing directors, and began in their new positions last week.
p { margin-bottom: 0.08in; } According to reports in Financial News, Frederic Denjoy, a former trader at Brevan Howard Asset Management, has founded his own firm in London, Denjoy Capital Partners. The firm is planning to launch a long/short equities fund on 1 May.
p { margin-bottom: 0.08in; }a:link { } Deutsche Bank on 19 January announced the introduction of a new decision-making aid to assist investors: fundamental analysis of indices. According to a statement from the bank, the new instrument will cover up to 20 of the most representative indices of the equities, credit and commodities universes. Analysts at the bank will give positive, neutral or negative outlooks for each index. Each time the outlook for an index changes, the analysis will be updated. “Investments in indices, for example via tracker funds, are growing fast. With fundamental analysis of indices, we will cover a large variety of asset classes and provide investors with a useful decision-making aid,” says Lars Slomka, head of German equities strategy. Deutsche Bank has also published its first analysis of the DAX index, which gets a positive outlook due to a 2% growth projection for Germany, the strongest of the major Euro zone economies, and attractive valuations for DAX companies. Deutsche Bank will publish its analyses at the web address http://www.dbxtrackers.com/, on the page for institutional investors.
p { margin-bottom: 0.08in; } On schedule, on 31 December, Dealis Fund Operations GmbH, a joint venture of Allianz Global Investors (AGI) and DekaBank, completed its 18-month migration of 1,300 open-ended and institutional funds from the DekaBank group onto the SimCorp Dimension (SCD) platform. The 260 German-registered cominvest funds were successfully migrated on 1 July 2010. Dealis now administers about 2,500 funds domiciled in Germany and Luxembourg, with assets of over EUR340bn. AGI and Deka in late 2008 decided to move all their back office operations into a central joint venture, Dealis, which commenced its operations in early 2009. Dealis may now develop its range of services, and may invite other German and Luxembourg asset management firms to join the SCD platform, which operates independently of its two parent companies.
p { margin-bottom: 0.08in; } Michael Hallacker, former director of Deka Investment, and founder of the management boutique Agathon Invest in 2009, sold his remaining shares in the asset management firm specialised in bonds and currencies in late December, portfolio institutionell reports. The sale spells the end for Agathon Invest, which had launched only one bond fund, and which had only one client, who invested EUR2.5m in the product.
p { margin-bottom: 0.08in; } Herbert J. Scheidt, chairman of the board, announced on 19 January in Frankfurt that with 20% owners’ equity, Vontobel has the adequate means to acquire private banks in Switzerland and Germany, the Frankfurter Allgemeine Zeitung reports. In Germany, assets total EUR2bn, half of which is in private banking, and half in institutional management.Meanwhile, the Swiss firm has a choice between three teams of advisers to recruit for its Munich offices, and the team in Cologne, where Sal. Oppenheim is showing signs of weakness, will be adding to its range of products aimed at high net worth private clients, under the leadership of Johannes Ollischläger (ex Deutsche Bank). In Frankfurt, Vontobel has recruited Petra Mennong (ex UBS) to direct the private banking operation, and in Hamburg, the Swiss bank has recruited a team of advisers from Hauck & Aufhäuser.
p { margin-bottom: 0.08in; } Frank Wieser, chairman of the board at the Munich-based firm Vontobel Europe, has announced increases of 31%. in assets and 40% in earnings for private banking activities in Germany last year, while costs increased by only 3%, the Börsen-Zeitung reports. Personnel will increase this year from 73 to 86.The manager says the minimal amount of assets required to engage the services of Vontobel has been doubled, to EUR1m. 90% of clients have accepted the new all-in fee structure, with a commission of 1% on assets, while all commissions and kickbacks are paid back to the client.
p { margin-bottom: 0.08in; } Maximilian Zimmerer, chairman of the board at Allianz Lebensversicherung, has announced that his company will in the future release all-in fee information for its life insurance products, the Börsen-Zeitung reports. On the one hand, this will explain the impact of performance on costs, and on the other, will make products more comparable with competing products. According to Zimmerer, fund manager DWS (Deutsche Bank) has already adopted a comparable system.
p { margin-bottom: 0.08in; } Old Mutual Asset Managers will merge its income funds, managed by Stephen Message, Investment Week reports. Pending approval from the FSA and shareholders, the Equity Income fund will absorb the Extra Income fund at the beginning of March, resulting in a vehicle with GBP58m in assets.
p { margin-bottom: 0.08in; } Roddy Macpherson, investment director, currencies, is the manager of the new Currency Alpha fund, which was launched on 21 December by Scottish Widows Investment Partnership.The fund is an OEIC product focused on currencies, aimed at the “discretionary” market, meaning mainly wealth managers and multi-managers, using a quantitative model developed internally three years ago which gives good results.The capacity of the fund is limited to GBP400m, and the objective is to outperform the Libid 7-day in pounds sterling by 400 basis points, before fees. There will be a performance commission.CharacteristicsName: SWIP Currency Alpha FundISIN codes: G Acc shares: GB00B5KQZ301G Inc shares: GB00B5M00B30H shares: GB00B59V4845Front-end fee: 3.75%Management commission: 1% (H shares)0.75% (G shares)Minimal subscription: GBP10m