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27/09/2010

AXA IM creates a cell dedicated to total return management

Axa IM announced on 24 September that it has created a cell dedicated to total return management, “in a market context which remains volatile, so as to meet the growing needs of clients for capital preservation and stable returns.” A team will be assembled in the next few weeks, which will report to Serge Pizem, currently head of management teams at Axa Framlingon in Paris.The team will initially take over the Optimal Income range from AXA Framlington, whose characteristics are similar to total return type products which will subsequently be developed, which will be based on all possible sources of financial performance creation, including stock-picking. To do this, it will rely on all the shared expertise at AXA IM, including research, product management and distribution. The new structure will include the teams led by Thibaud de Vitry, head of Investment Solutions expertise at AXA Investment Managers. Pizem will be leaving Axa Framlington, and Mark Beveridge, global head of the expertise area, will now directly manage the Paris teams.
27/09/2010

Private banks sell bank branches to investors

p { margin-bottom: 0.08in; } In the past few months, Spanish private banks are giving their clients an opportunity to invest in a product which offers higher returns, and which is longer-term than traditional savings accounts: bank branches, Expansión reports. The average profitability of branches with good locations is 6%, according to CB Richard Ellis, with average prices ranging from EUR0.6m to EUR1m. The investments are often offered as sale & lease-back deals for 10 or 20 years. For branches with the best locations, returns may be slightly under 5%, but for the less good, it may be 7.5% to 8%. So far, institutions which have offered investments of this type include Banesto, Caja Madrid, Barclays, Banco Popular and Banco Guipuzcoano.
27/09/2010

Christian Wiesendanger takes over as head of Swiss wealth management at UBS

p { margin-bottom: 0.08in; } The head of wealth management for Latin America at Credit Suisse, Christian Wiesendanger, will take over on 1 October as head of wealth management for Switzerland at UBS. On 24 September, UBS announced that Wiesendanger will report directly to Lukas Gähwiler, CEO of UBS Switzerland. Wiesendanger succeeds Stefan Bodmer, who after 23 years at UBS has decided to take his career in a new direction.
27/09/2010

Norwegian sovereign fund sues Citi

p { margin-bottom: 0.08in; } The Norwegian central bank has filed suit against Citigroup for misstatements on its financial condition before the crisis, which resulted in heavy losses for the Norwegian sovereign fund, the Financial Times reports. Norges Bank claims to have lost USD835m because the US bank did not completely disclose the financial risks it was facing, including its investments in subprime.
27/09/2010

HSBC appoints a new president

p { margin-bottom: 0.08in; } In line to succeed Stephen Green, group chairman of HSBC, Michael Geoghegan, the outgoing CEO of HSBC who has accepted a position as UK minister of commerce, will be handing off his mantle by the end of the year, Agefi reports. CFO Douglas Flint has been chosen to replace him as CEO from 3 December. The position he leaves vacant will be assumed by Iain Mackay, who previously served as CFO for the Asia-Pacific region, the newspaper states. Geoghegan will be replaced by the current head of investment banking at HSBC, Stuart Gulliver.
27/09/2010

RBC Wealth Management steps up internationalisation

RBC Wealth Management, part of Royal Bank of Canada, has announced that Michael Lagopoulos, formerly president and CEO of RBC Wealth Management’s international business, has been appointed deputy chairman, RBC Wealth Management, Ultra High Net Worth (UHNW) - International. He will focus on developing RBC Wealth Management’s UHNW business by deepening existing relationships and acquiring new UHNW clients outside of Canada.Mr. Lagopoulos’ appointment comes as part of an organizational change by RBC Wealth Management to accelerate the growth of its international business, with a particular focus on serving emerging markets and UK clients in any of its key locations around the world. Mr. Lagopoulos will continue to sit on the boards of RBC Wealth Management’s main international subsidiaries and will also focus on international wealth management acquisitions and alliances. As part of this restructuring, RBC Wealth Management will move from three geographic businesses to four: Canada, United States, United Kingdom and Emerging Markets. The new structure will include three cross-border groups - Global Asset Management, Global Trust and Global Wealth Services - reflecting the business’s focus on continued international expansion of its core services. The new structure takes effect November 1, 2010.
27/09/2010

MF Global launches a CTA fund

p { margin-bottom: 0.08in; } Asian Investor reports that MF Global has launched a CTA strategy in Taiwan, with the creation of a new vehicle, the MF Global Futures Trust, from which the first product is the MF Global Multi-Strategy Futures Trust Fund. The fund will invest in 110 markets and products, and will be offered to institutional and retail investors. MF Global is planning to subsequently launch a CTA product in continental China, where the firm is studying the possibilities of the new offering with two counterparties.
27/09/2010

BNY Mellon launches an offshore value fund

fundstrategy reports that BNY Mellon Asset Management has launched a UCITS III-compliant international equities fund domiciled in Dublin, entitled BNY Mellon Global Equity Higher Income Fund. The fund, which will be managed by Newton Investment Mangaement, is in the process of being registered in several European countries. The strategy of the fund is inspired by that of the Newton Global Higher Income Fund, a British product launched in late 2005.
27/09/2010

Obam: Peter Ranty succeeds Rolf Stout

Rolf Stout will be retiring at the end of November from his position as CIO for OBAM strategy at BNP Paribas, Das Investment reports. Stout, who will become a member of the supervisory board on 1 July 2011, will be replaced in this position and as fund manager for the equities fund BNP Paribas L1 Obam Equity World by Peter Ranty, who is already senior portfolio manager, and who has been a part of the team since 2003.The portfolio managers, Roeland Tso, Edwin Simon and Nurit Konijnendijk, and investment specialist Lilli Charlotte Bialluch will retain their positions, and a recruitment is planned in the next few months.
27/09/2010

C-Quadrat launches its first ETF

p { margin-bottom: 0.08in; } The 704th ETF to be admitted to trading on the XTF segment of the Xetra electronic trading platform, on 24 September, is the first “intelligent” ETF to be released by the Austrian-German management firm C-Quadrat (see Newsmanagers of 26 March and 16 April). The Luxembourg-registered fund C-QUADRAT IQ European Equity ETF replicates a strategy index, the C-Quadrat European Equity Index, which is calculated by Stoxx. The index is composed of futures on the Euro Stoxx 50 traded on the Eurex market, with an exposure set every morning at 8 AM. The fund may operate with no leverage or with leverage of 1.5 or as much as 2. The level of exposure is determined with a model based on past data indicators. Characteristics Name: C-QUADRAT IQ European Equity ETF ISIN: LU0531943461 TER: 0.70%
27/09/2010

Yale endowment makes up some lost ground

p { margin-bottom: 0.08in; } In the twelve months to the end of June, the Yale University endowment has posted returns of 8.9%, compared with losses of 25% for the year to 30 June 2009, the Wall Street Journal reports. Assets in this period increased by USD400m, to a total of USD16.7bn. However, returns as of 30 June 2010 remain below the 13.3% average returns calculated by Wilshire Associates for the major endowments and pension funds, and the 11% returns reported by Harvard, while the Dow Jones Industrial Average has gained 18.9%. Losses for the year to the end of August 2009 were largely due to private equity investments.
27/09/2010

France and Germany oppose Belgian compromise on AIFM directive

p { margin-bottom: 0.08in; } Agefi reports, citing sources familiar with the matter, that the governments of France and Germany may join forces to block the introduction of a European passport for hedge fund management firms based outside the European Union. The French minister of the economy, Christine Lagarde, who has been opposed from the beginning to the idea of creating a single point of entry for all American or Asian management firms to the European market, is said to have finally lined up the support of Germany to block a compromise proposed by Didier Reynders, the Belgian finance minister. The Belgian text under discussion, dated Friday and obtained by Agefi, would have the current national provate placement regime on the one hand existing alongside the European passport on the other hand. After an extensible period of five years, the national regimes would be discontinued. But this system remains unsatisfactory for France, which says that the US Treasury has been exerting external pressure for several months. The European Parliament, for its part, may be tempted ot agree to a compromise to bring a conclusion to the discussions. It will vote on 18 October, the newspaper notes.
27/09/2010

Slight increase in assets in Asian hedge funds in first half

p { margin-bottom: 0.08in; } AsiaHedge reports that assets under management in Asian hedge funds increased only 3.9% in first half, to a total of USD137.75bn, compared with USD132.5bn as of the end of 2009. This development substantiates concerns which have been expressed about the development of alternative management activities in the region in a highly fragile economic environment. An aggravating factor is that Asian hedge funds have earned some of the worst returns of all hedge funds in first half, with losses of 0.17%.
27/09/2010

Savings account interest rates one quarter higher in Spain than in the rest of Europe

p { margin-bottom: 0.08in; } In July, Spanish banks paid an average of 2.94% on new deposits, according to the Bank of Spain, compared with an average of 2.31% in the Euro zone, according to the ECB. Expansión reports that this means savings returns in Spain are 25% higher than in the rest of Europe. This phenomenon has been observable since the beginning of the crisis in mid-2007. It is due both to the closure of capital markets, which has prevented banks from issuing debt under normal conditions, and the atomisation of the Spanish financial sector. As the ways to finance were not available to banks, they were obliged to bring in deposits with seductive interest rates far higher than the official price of money. Commercial networks are highly developed, which has intensified competition: in Spain, there is one bank branch for every 1,000 inhabitants, compared with 0.6 in France, 0.5 in Germany, and 0.2 in the United Kingdom.
24/09/2010

Jones Lang LaSalle poursuit le redéploiement de ses activités en Allemagne

En plus de la création de sa filiale de gestion de fonds immobiliers institutionnels LaSalle Vermögensverwaltung à Munich (lire nos dépêches du 27 août et du 20 septembre, Jones Lang LaSalle réorganise son activité en regroupant dans un seul pôle «real estate advisory services», les segments investor consulting, project & development services et energy & sustainability services.Le nouvel ensemble démarrera début octobre avec 30 personnes sous la direction d’Ingo Weiß, qui était jusqu'à présent responsable du «property management» (160 personnes), fonction à laquelle il sera remplacée par Christina Hoffmann et Tina Reuter.D’ici à fin 2011, le pôle real estate advisory services devrait compter 45 salariés. Ingo Weiß sera directement subordonné à Andreas Quint, head of Germany.
24/09/2010

DWS se dote d'un pôle multi classes d'actifs

Le 23 septembre, DWS (Deutsche Bank) a annoncé la création d’une équipe de 24 professionnels chevronnés dédiée à la gestion multi-classes d’actifs. Elle démarre avec un encours d’environ 7 milliards d’euros. Ce segment a déjà attiré en Allemagne plus de 10 milliards d’euros depuis le début de l’année, et DWS s’attend sur le moyen terme à une croissance moyenne d’environ 8 % par an dans ce domaine.L'équipe est dirigée par Christian Hille et Udo Rosendahl. Le pôle couvre quatre équipes spécialisées sur les actions, les obligations, les devises, la volatilité et les matières premières, qui partagent le même processus d’investissement sur la base des projections de DWS sur les classes d’actifs, les régions et les marchés. Au sein du dispositif de gestion de fonds, le nouveau groupe sera à égalité de droits avec les équipes actions et obligations.
24/09/2010
Fonds

Starquest Capital a réalisé onze investissements pour la campagne ISF 2010

Starquest Capital, une société regroupant des entrepreneurs souhaitant participer au développement des PME innovantes, a noté une forte progression de la collecte de ses Holdings ISF dans le cadre de la campagne ISF de juin 2010. Ce qui lui a permis de réaliser onze investissements dans le capital de PME innovantes et technologiques. Ces opérations portent à 24 le nombre d’entreprises suivies par Starquest Capital dont les fonds sous gestion approchent les 10 millions d’euros.Starquest Capital s’est concentrée sur les secteurs des télécoms (monétique), du web (marketing opérationnel, fiabilité et sécurité des réseaux), du greentech (leds, recyclage de mobiles, de déchets verts, centrale solaire) et du soft (plateforme collaborative, workflow). Sur les 11 investissements, 7 correspondent à des nouveaux dossiers et 4 ont été réalisés aux côtés d’investisseurs institutionnels et financiers dans des seconds tours parmi les participations existantes de Starquest Capital. La société précise qu’elle doit lancer prochainement une société de capital risque et communiquera également sur son offre pour décembre 2010 (holdings IR/ISF).
Fonds
24/09/2010
Fonds

Nouveau fonds garanti chez Federal Finance

Jusqu’au 14 décembre, Federal Finance commercialise Formul’ actions sécurité, un fonds à formule garantissant le capital à l'échéance fixée le 28 décembre 2018. La performance du fonds sera égale à 85 % de la performance moyenne positive de l’indice Eurostoxx 50 calculée sur la base de constatations trimestrielles. Si lors d’un constat, la valeur de l’indice est inférieure à celle de l’indice retenu initialement, c’est ce dernier niveau qui est retenu.Caractéristiques :Code Isin : FR0010927962
Fonds
24/09/2010

AQR confie l'administration de ses fonds à J.P. Morgan

AQR Capital management, qui conseille les fonds AQR, a attribué à JP Morgan Worldwide Securities Services, le mandat d’administration de fonds, de prime-custody et de services connexes pour ses mutual funds qui représente un encours de plus de 2 milliards de dollars sur des actifs totaux de quelque 27 milliards de dollars.
24/09/2010

Promotions chez BNY Mellon

Le groupe BNY Mellon annonce plusieurs promotions au sein de sa direction. Thomas (Todd) Gibbons a ainsi été nommé Chief Financial Officer de la société alors que Timothy Keaney, devient CEO de BNY Mellon Asset Servicing. Karen Peetz a été promue au poste de CEO de la division Financial Markets and Treasury Services. Enfin, Brian Rogan est nommé Vice Chairman. Par ailleurs, James Palermo, également Vice Chairman, se voit confier de nouvelles responsabilités en tant que co-CEO de BNY Mellon Asset Servicing.
24/09/2010
Fonds

Net déficit attendu pour les fonds de pension à prestations définies

Selon les analystes de Credit Suisse cités par la Tribune, le déficit des fonds de pension à prestations définies des groupes du S&P 500 pourrait atteindre les 402 milliards de dollars cette année, après 268 milliards de dollars en 2009. Soit un taux de couverture des obligations futures de retraites actualisées par les actifs des fonds de seulement 75%. La remontée devrait être lente, précise le quotidien. A moins d’un rally boursier d’ici à la fin de l’année, peu vraisemblable. la situation des fonds de pensions n’a guère de chance de s’améliorer. Pour les experts de Credit Suisse, l’augmentation des contributions pourrait peser sur les résultats de 265 des sociétés du S&P 500 l’an prochain. Le coût de retraites pourrait en effet passer de 40 milliards cette année à 53 milliards de dollars en 2011.
Fonds
24/09/2010

Des traders de Credit Suisse montent leur hedge fund

p.MsoNormal, li.MsoNormal, div.MsoNormal { margin: 0cm 0cm 0.0001pt; font-size: 12pt; font-family: «Times New Roman"; }div.Section1 { page: Section1; } Une équipe de huit traders va quitter Credit Suisse aux Etats-Unis pour démarrer un hedge fund avec l’aide de Blackstone Group, rapporte le Wall Street Journal citant des personnes proches du dossier. Ces départs font suite au renforcement de la réglementation outre-Atlantique qui limite le trading pour compte propre dans les banques. L’équipe est emmenée par George «Beau» Taylor, l’actuel responsable mondial de Credit Suisse pour le trading de l’arbitrage de matières premières, et Trevor Woods, responsable du trading de l’arbitrage d’énergie. Le lancement est prévu début 2011, et Blackstone investirait 150 millions de dollars. p.MsoNormal, li.MsoNormal, div.MsoNormal { margin: 0cm 0cm 0.0001pt; font-size: 12pt; font-family: «Times New Roman"; }div.Section1 { page: Section1; }

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