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12/11/2010

Peng Chen becomes president of the global investment management division at Morningstar

p { margin-bottom: 0.08in; } On 10 November, Morningstar Inc announced that Patrick Reinkemeyer, president of Morningstar Associates, has decided to resign in mid-December, though he will continue as an external consultant. Peng Chen, president of the affiliate Ibbotson Associates, has been appointed as president of the global investment management division. He will oversee investment advising, retirement advising and investment management in North America, Europe, Asia and Australia, which also includes Morningstar Associates, Ibbotson Associates, Morningstar Investment Services, Old Broad Street Research (OBSR) and the French firm Seeds Finance.
12/11/2010

Isabelle Bourcier on the outs at Lyxor

p { margin-bottom: 0.08in; } According to her email autoreply, Isabelle Bourcier is absent until 29 November; she is now reportedly leaving Lyxor Asset management and the Société Générale group at the end of the year, according to internal information cited by portfolio international. The departure of the global head of ETFs is reportedly the result of a disagreement about the future orientation of the activity, with Thierry Aulagnon, head of the investment banking unit at the French bank. It has recently been reported that Thomas Meyed zu Drewer (formerly of Indexchange) will be leaving his position as head of Lyxor Germany at the end of the year to join the Commerzbank group, as head of the European activities of ComStage. He may be replaced by Simon Klein, director of ETF distribution at Deutsche Bank until the end of September, who is also reported to have been appointed head of European ETF distribution at Lyxor.
12/11/2010

Pershing accepts Janus and Pacific Life for FundVest

p { margin-bottom: 0.08in; } BNY Mellon has announced that its affiliate, Pershing, has admitted funds from Janus Funds and Pacific Life onto its FundVest platform. The platform now offers transactions between over 3,700 load and no-load funds managed by 230 firms at no charge.
12/11/2010

Alain Taillefer rejoint Convictions AM

La société de Gestion Convictions AM a annoncé le 10 novembre le recrutement d’Alain Taillefer en qualité d’analyste-gérant, responsable du market timing et du money management de la gamme des fonds Convictions.Agé de 47 ans, Alain Taillefer a effectué l’essentiel de sa carrière au Crédit Lyonnais (1981-2009).
12/11/2010

Record assets for Swedish funds

p { margin-bottom: 0.08in; } As of the end of October, assets in funds on sale in Sweden totalled SEK1.850trn, or nearly EUR200bn. This is all time record, according to the Swedish investment fund association Fondbolagens Förening, which publishes the statistics. The figure is the result of strong net subscriptions, which represented SEK56.8bn in the first ten months of the year, or over EUR6bn. In the month of October alone, Swedish funds collected SEK2.5bn, of which hSEK4.4bn were for equities funds, and SEK2.8bn for the bond category. Of total assets under management, SEK1.082rtn are invested in equities funds. The remainder is divided between diversified funds (SEK329bn), money market funds (SEK202bn), bond funds (SEK190bn) and hedge funds (EUR37bn).
12/11/2010

Investors pull out from Gartmore funds

Private clients have withdrawn millions of pounds from Gartmore funds after the surprise announcement on Monday that star portfolio manager Roger Guy would quit and that the asset manager was up for sale, according to the Financial Times. One fund platform said on Wednesday that its investors had pulled out a total of GBP2m ($3m) from Gartmore’s funds since Monday.
12/11/2010

Amélioration des résultats d'AWD

Le prestataire de services financiers AWD (groupe Swiss Life) a dégagé sur les neuf premiers mois de l’année un résultat opérationnel avant impôts de 28,8 millions d’euros pour un chiffre d’affaires en augmentation de 2% à 388 millions d’euros. AWD accusait une perte de 19,4 millions d’euros sur les neuf premiers mois de 2009.Swiss Life précise dans un communiqué que le nombre des conseillers d’AWD est resté stable à environ 5.300.
12/11/2010

Allianz Global Investors has attracted EUR100bn in net subscriptions since January

p { margin-bottom: 0.08in; } As of the end of September, assets in the asset management division at Allianz totalled EUR1.443trn, up 25.5% year on year. Of this total, assets managed for third parties represent EUR1.131trn, compared with EUR878bn as of 30 September 2009. Assets managed by the group totalled EUR312bn, compared with EUR272bn one year previously. In terms of assets managed for third parties, equities represented EUR146bn, while bonds totalled EUR983bn, compared with EUR137bn and EUR740bn twelve months previously. Net subscriptions for bonds over twelve months totalled EUR127bn. For Allianz Global Investors (AGI), net subscriptions totalled EUR40.2bn in third quarter, compared with EUR22.6bn in second quarter and EUR37bn in first quarter. Net inflows since the beginning of the year thus total EUR99.8bn. By comparison, the first three quarters of 2009 saw net subscriptions of EUR60.9bn. In the first three quarters of the year, net profits for the asset management division totalled EUR654m (of which EUR281m were in July-September), compared with EUR349m for the corresponding period of last year (of which EUR146m were in third quarter).
12/11/2010

Directive AIFM: "Un impact négatif sur la compétitivité de l'Europe"

Selon Christopher Fawcett, senior partner chez le gérant de hedge funds Fauchier Partners, la directive AIFM a un impact négatif c’est sur la compétitivité de l’Europe. «Pour un certains types de stratégies d’investissement, de gérants, notamment des single hedge funds, elle est restrictive. Ces derniers pourraient être tentés de s’installer en Asie, aux États-Unis ou en Suisse, des places qui offrent, en plus, une fiscalité moins lourde et aucune contrainte sur la rémunération des gérants», note-il dans un entretien à La Tribune, en ajoutant que cela entraînerait une baisse de l’emploi et des recettes fiscales, «surtout au Royaume-Uni qui représente 80 % de l’industrie en Europe».
12/11/2010

European Parliament approves planned AIFM directive

On 11 November, the European Parliament, meeting in a plenary session in Brussels, adopted the planned AIFM directive by a very large majority of 513 votes in favour, 92 against and 3 abstentions. The law represents “one of the essential elements of Europe’s response to the financial crisis,” said the Parliamentary reporter for the bill, French conservative Jean-Paul Gauzès.The European fund and asset management association (EFAMA) issued a statement welcoming the end to a period of uncertainty for non-UCITS-compliant fund managers. The bill passed represents “a reasonable compromise, in light of the starting point for negotiations,” the professional association says, adding that there is still enormous work to be done to apply the bill in the next twelve months.EFAMA adds that the principles of best regulation were not necessarily taken into account in the elaboration of the directive, with the result that “the final result is far from optimal.”
12/11/2010

Aviva Investors releases Index Opportunities Fund

p { margin-bottom: 0.08in; } After France, Germany and the United Kingdom (see Newsmanagers of 9 November), Spain has been chosen by Aviva Investors as the next country to release its new Luxembourg-registered index arbitrage fund, the Index Arbitrage Fund, in. The product is now available on the Spanish market as well, after receiving a license from the CNMV on 15 October 2010. It is part of a SICAV registered on 11 June 1990.
12/11/2010

Barings Germany takes over sales for Switzerland and Scandinavia

p { margin-bottom: 0.08in; } Effective immediately, from 10 November, the distribution office of Baring Asset Management in Frankfurt, which is headed by Oliver Morath, is taking over responsibility for distribution of the Baring fund range in Switzerland and Scandinavia. The office already handles Luxembourg and Austria.
12/11/2010

Delta Lloyd Deutschland revend Gries & Heissel

Delta Lloyd Deutschland, filiale allemande du Delta Lloyd Groep néerlandais, a indiqué avoir vendu pour un montant non divulgué la banque privée Gries & Heissel Bankiers AG de Wiesbaden "à des investisseurs privés allemands et luxembourgeois». Gries & Heissel, qui dispose d’une succursale à Berlin, a été fondée en 1987 et faisait partie du groupe Delta Lloyd depuis 1999.
12/11/2010

Losses down at Putnam

p { margin-bottom: 0.08in; } According to statistics from its Canadian parent company Great-West LifeCo, Putnam Investments earned a loss in third quarter of USD1m, compared with USD26m in April-June, and USD10m in the corresponding period of last year. Assets as of 30 September totalled USD119.71bn, compared with USD109.66bn as of 30 June, USD114.95bn as of the end of December, and USD113.6bn one year previously.
12/11/2010

Amundi registered net inflows of EUR2.1bn in 9 months

In the first 9 months of 2010, Amundi (the asset managament unit of Crédit Agricole, including BFT Gestion) registered net new inflows of EUR2.1 billion, « driven mainly by institutional investors, strong sales in the branch networks of high value-added products (mainly guaranteed funds), and the successful launch of ETFs initiated 18 months ago (AUM of 5 billion euros at 30 September 2010). In addition, the market effect contributed 18.9 billion euros over the same period », says Crédit Agricole in a press release. These elements resulted in a rise of the AUM by 6.9% year-on-year in the first nine months to 710 billion euros. On a like-for-like basis and excluding restructuring costs, Amundi’s net banking income rose by 11.6% between September 2009 and September 2010, to 1,160 million euros (including 385 million euros for the third quarter 2010 on the same basis). Together with tightly controlled costs, which rose by only 1.6% excluding restructuring costs, this resulted in a 26.1% rise in Amundi’s gross operating income over the same period, which amounted to 535 million euros in the first nine months on a like-for-like basis excluding restructuring costs (including 176 million euros in the third quarter). Excluding restructuring costs, the cost/income ratio shrank by 5.3 percentage points over the period to 53.9% at 30 September 2010 on a like-for-like basis. After taking into account 71.1 million euros in restructuring costs since January 2010 (of which 14.4 million euros in the third quarter), net income for Asset management was almost 309 million euros in the first nine months of 2010 (up 8.8% year-on-year on a like-for-like basis) and over 113 million euros in the third quarter.
12/11/2010

CalSTRS invests cautiously in commodities

After nine months of deliberating, the California State Teachers’ Retirement System decided against plowing USD2.5 billion into the commodities market after missing a historic rally, says the Wall Street Journal. Instead it will tiptoe in with a USD150 million investment.
12/11/2010

Mizuho to buy 2% of BlackRock

p { margin-bottom: 0.08in; } Mizuho Financial Group is about to announce that it is investing in BlackRock. According to several sources cited by Agefi, the Japanese bank may acquire up to 2% of the asset management group from Bank of America, for USD500m. Mizuho and BlackRock declined to comment on the reports, Agefi adds.
12/11/2010

Harbinger reassures investors

Harbinger Capital, one of New York’s most important hedge fund managers, has been forced to defend itself against rumours it would have to liquidate its flagship USD3.4bn fund after redemptions by some of its biggest investors like Goldman Sachs and Blackstone, says the Financial Times.Harbinger founder Philip Falcone on Thursday assured clients there were “no issues” concerning the ability of Harbinger to meet withdrawal requests.
12/11/2010

Assets under management up 4,6% at Dexia

In 3Q 2010, pre-tax income of Dexia’s Asset Management and Services amounted to EUR 114 million, twice the level of 2Q 2010 and 3Q 2009 mainly driven by Insurance. For the first 9 months of 2010 pre-tax income stood at EUR 242 million, 6.5 times more than 9M 2009. Assets under Management reached EUR 86.2 billion at the end of September 2010, up 4.6% compared to December 2009. This increase of EUR 3.8 billion was supported by EUR 0.8 billion inflow of net new cash and EUR 3 billion of positive market effect (+3.7%). Retail funds and low-margin institutional money market funds suffered from YTD outflows (EUR 3.0 billion) while year to date, private and institutional mandates gathered EUR 3.8 billion of net new cash. Qoq, AuM increased by EUR 3.5 billion or 4.3%. Whereas in the first half of 2010 there were still limited outflows of funds (EUR -0.2 billion), the third quarter was marked by a net inflow of new cash (EUR +0.9 billion). During 3Q 2010, retail funds continued to suffer from net outflows (EUR -0.3 billion) whereas institutional funds (for the first time in 2010) and private and institutional mandates generated EUR 1.2 billion net new cash.
12/11/2010

Lombard Odier signs distribution agreements in Italy

p { margin-bottom: 0.08in; } Lombard Odier Investment Managers has signed distribution agreements in Italy with the private banking departments of the Cariparma Friuladria group and the Casa di Risparmio di Genova (Carige) group, Bluerating reports. The two firms will thus be able to offer their private clients UCITS III sub-funds of the Sicav LO Funds which are licensed for sale in Italy.
12/11/2010

Asset management profits up at UniCredit

p { margin-bottom: 0.08in; } In the first nine months of 2010, pre-tax net profits for the asset management activities of the UniCredit group totalled EUR247m (of which EUR80m were in third quarter), compared with EUR182m for January-September 2009, in increase of 36%. The cost/income ratio for the first three quarters improved to 58% (56.3% in July-September), compared with 66.7% for the first nine months of last year. As of 30 September, assets totalled EUR184.97bn, up 9.3% compared with the level twelve months earlier (EUR169.15bn). Of this total, assets under management in Italy totalled EUR99.17bn, compared with EUR92.74bn as of 30 September 2009. In the United States, they totalled EUR33.76bn, compared with EUR30.83bn, while in Germany they totalled over EUR22.91bn, compared with EUR20.86bn.
12/11/2010

Pioneer: Timing of sale is not set in stone

p { margin-bottom: 0.08in; } At a presentation of third-quarter results, the new CEO of UniCredit, Federico Ghizonni, has announced that the process of selling or merging Pioneer is underway, Il Sole – 24 Ore reports. “We have received some offers, and we are studying them to see if they are up to our expectations, but it is difficult to say when the deal will be completed,” the manager said.
12/11/2010

BBVA et CNCB vont coopérer sur les fonds de pension en Chine

L’espagnol BBVA a annoncé le 10 novembre avoir conclu un accord de coopération de douze mois au minimum avec China CITIC Bank (CNCB) dans le domaine des retraites. Les deux établissements vont développer en commun des activités de conseil, concevoir des produits et des services. Cet accord pourra être reconduit.Conformément à la législation chinoise, CNCB pourra fournir au BBVA un accès à ses systèmes de conservation et à ses spécialistes du secteur des retraites ainsi que toutes les informations pertinentes concernant les clients pour lesquels CNCB et BBVA travaillent déjà conjointement et qui auront conclu des accords de coopération en matière de conservation avec la CNCB.Le BBVA précise que les fonds de pension en Chine couvraient 200 millions de personnes début 2010 et affichaient un encours supérieur à 1.250 milliards de yuans (188,5 milliards de dollars). Les actifs gérés augmentent très rapidement et devraient franchir la barre de 1.700 milliards de yuans pour la fin de cette année.
12/11/2010

EDRAM puts Bruno Aguilar in charge of Iberian arm

p { margin-bottom: 0.08in; } Edmond de Rothschild Asset Management (EDRAM) has appointed Bruno Aguilar as head of its Spanish unit. Since 1999, he had been managing director of Credit Suisse Asset Management for Spain and Portugal. The recruitment had been in preparation for some time, Philippe Couvrecelle, chairman of the board at EDRAM (see Newsmanagers of 27 September) told Newsmanagers. Aguilar will report to Eduardo Ruiz Moreno, head of Latin America and Spain. Aguilar’s mission will be to develop and consolidate the client base for EDRAM in Spain and Portugal, which are strategic markets in which the French bank is hoping to offer its expertise and investment solutions to institutional clients, private banks and family offices.
12/11/2010

Russell va coopérer en matière d'indices avec la Bourse saoudienne

Le 9 novembre, Russell Investments et Tadawul (la Bourse saoudienne) ont annoncé la signature d’un accord par lequel le groupe américain est autorisé à proposer ses indices sur le marché saoudien. Russell pourra utiliser des cours et d’autres données de Tadawul en temps réel pour créer des indices Russell permettant de mesure la performance du marché d’actions saoudien ainsi que des indices régionaux de Russell pour les pays du Conseil de coopération du Golfe.De tels indices pourront pour leur part servir de sous-jacents pour des produits d’investissement de tiers, tels que mutual funds, ETF et autres produits financiers.

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