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24/09/2010

UBS pays out USD18bn in redemptions

Le Temps reports that the US market authority, the SEC, announced on 23 September that UBS had respected the requirements of the authority regarding its Auction Rate Securities (ARS), financial products which were described as safe, but which lost all of their value at the height of the crisis in February 2008. By the terms of the agreement with the SEC, UBS agreed to redeem USD18bn to clients who lost money on these products. This has now been achieved, and “nearly 100% of investors” have now received some compensation, the SEC notes. The agency will therefore not impose a fine on UBS.
24/09/2010

DWS builds a multi-asset class unit

On 23 September, DWS (Deutsche Bank) announced the creation of a team of 24 qualified professionals dedicated to multi-asset class management. The unit will start up with assets of about EUR7bn. The segment has already attracted over EUR10bn in investments in Germany since the beginning of the year, and DWS expects average growth in the mid-term of about 8% p.a. in this area.The team is led by Christian Hille and Udo Rosendahl. The unit includes four teams specialised in equities, bonds, currencies, volatility and commodities, which share a common investment process based on DWS projections for asset classes, regions and markets. In the fund management framework, the new group will have as much power as the equities and bond teams.
24/09/2010

James Lang LaSalle continues redeployment of its German activities

p { margin-bottom: 0.08in; } In addition to the creation of its institutional real estate fund management affiliate LaSalle Vermögensverwaltung in Munich (see Newsmanagers of 27 August and 20 September), Jones Lang LaSalle is reorganizing its German activities, combining real estate advisory services, investor consulting, project & development services and energy & sustainability services into a single unit. The new division will start at the beginning of October with 30 people, led by Ingo Weiß, who was previously head of portfolio management (160 people), in which role he will be replaced by Christina Hoffmann and Tina Reuter. By the end of 2011, the real estate advisory services unit will include 45 employees. Weiß will report directly to Andreas Quint, head of Germany.
24/09/2010

Perella Weinberg opens an office in Abu Dhabi

p { margin-bottom: 0.08in; } Perella Weinberg Partners announced on 22 September that it has opened an office in Abu Dhabi, in the United Arab Emirates. The firm, a specialist in corporate consulting and asset management services, has also announced the recruitment of Jameel Akhrass and Nabil F. Lahham as partners; they will concentrate largely on the development of asset management and strategic advising activities in the Middle East. The two new partners previously worked at Nomura International for the MENA (Middle East and North Africa) region. Hesham Ali, who for 13 years has been a member of the asset management group at Perella Weinberg Partners, has also been appointed head of marketing and investor relations, as head of asset management in the Middle East.
24/09/2010

Mirabaud develops institutional activities in Zurich

Mirabaud & Cie, private bankers, active since 2001 in the institutional client sector, is now developing this activity in Zurich, the bank announced in a statement on 23 September. Matthias Schroedter and Thomas Brun have recently joined Mirabaud and taken charge of distribution of funds and mandates to financial intermediaries and institutional clients in German-speaking Switzerland.Schroedter, Mirabaud’s new head of distribution in German-speaking Switzerland to financial intermediaries and banks (wholesale), has over 10 years’ experience in distribution to the institutional sector. He previously worked for Invesco, Banque Sarasin and WMPartners. Brun, in charge of institutional client relationship management for German-speaking Switzerland, has been working for over 20 years in fund and mandate distribution to institutionals. He held key roles at Lombard Odier, Eurofima and Swiss Bank Corp.
24/09/2010

Santander acquires Meliorbanca Private

Via its affiliate Santander Private Banking, the Spanish firm Santander has completed its acquisition, announced on 23 September, of 100% of Meliorbanca Private, the private banking division of Banca Popolare dell’Emilia Romagna (BPER). Expansión reports that the transaction price has not been disclosed, but was about EUR32m.
24/09/2010

Lyxor launches 10 ETFs in Milan

p { margin-bottom: 0.08in; } Lyxor will launch a range of 10 ETFs in Italy, each of which will replicate a sector MSCI World index, bringing the number of ETFs listed on the ETFplus segment of the Milan stock exchange to 101, Bluerating reports.
24/09/2010

Promotions at BNY Mellon

p { margin-bottom: 0.08in; } The BNY Mellon group has announced promotions in its management team. Thomas (Todd) Gibbons has been appointed chief financial officer of the firm, while Timothy Keaney becomes CEO of BNY Mellon Asset Servicing. Karen Peetz has been promoted to CEO of the Financial Markets and Treasury Services division. Lastly, Brian Rogan becomes vice chairman, and James Palermo, also vice chairman, has been granted new responsibilities as co-CEO of BNY Mellon Asset Servicing.
24/09/2010

US managers consider the market undervalued

p { margin-bottom: 0.08in; } According to the most recent quarterly survey from Russell Investments, 57% of US managers estimate that the market is currently undervalued, one of the highest percentages in the history of the survey, and the highest level observed since March 2009. Only 7% of managers consider the market overvalued. However, the study finds that the fact that managers are talking about the undervaluation of the market does not necessarily mean that they expect a rally similar to the one which followed the low point of March 2009. But they do, however, seem to have recovered some optimism, based on the conviction that the economy will regain some of its health, although it is not necessarily at its best yet. Nearly half of managers (49%) estimate that the growth of the economy in the next 12 months will be led by investment spending. Only 9% predict a stagnation of the economy. This is a very low percentage in light of continuing widespread speculation that there will be a double-dip in the economy in the coming months.
24/09/2010

Nairobi stock exchange to open small caps market

The Kenyan stock exchange is planning to launch a new market dedicated to small caps in the next twelve months. The planned new market which will focus on small businesses is part of an overall development plan for the market, which is seeking to double the number of listed companies in the next two years.The Nairobi stock exchange gained 43% this year, the newspaper adds.
24/09/2010

Fidelity Clearing Canada recruits

The clearing specialist firm Fidelity Clearing Canada has announced recruitments for its management team. Thomas A. White, former director and vice president of global markets and investment banking (GMI) services at Merrill Lynch Canada, has been appointed chief operating officer (COO). Ronald White becomes chief financial officer (CFO), and Bryan Moffitt becomes chief compliance officer (CCO). The three new arrivals will report to William (Bill) J. Henderson, CEO of Fidelity Clearing Canada.
24/09/2010

FSA publishes a guide to preventing insider trading

In the 37th issue of its “Market Watch” publication, released on 23 September and dedicated to the subject of information leaks, the FSA makes 25 recommendations for regulated companies and issuers to prevent insider information which could influence the price of assets or about transactions in preparation from getting out. The text is available at the address http://www.fsa.gov.uk/pubs/newsletters/mw_newsletter37.pdfAmong the recommendations, the regulator states (point 2) that all questions from the media to personnel at a regulated business should immediately be transferred to the media relations team, and that all personnel not belonging to the media relations team should be forbidden from responding directly to any questions from the media, regardless of their seniority.
24/09/2010

Schroders recruits a director from Threadneedle

Schroders has appointed Tjeerd Voskamp as senior relationship director in the Global Financial Institutions Group with immediate effect. His role will involve expanding and deepening Schroders’ relationships with financial institutions that have global distribution and he will report to Robert Noach, head of Global Financial Institutions Group. Tjeerd has spent 10 years at Threadneedle Asset Management. He held several senior client facing roles with a particular focus on European distribution in Belgium, Holland and Scandinavia.
24/09/2010

Deka Immobilien sells an office complex in Stockholm

p { margin-bottom: 0.08in; } The Swedish pension fund AMF has acquired the City Cronan office complex in Stockhom (42,000 square metres) from the Deka-ImmobilienEuropa fund. The acquisition price, the largest in Sweden in the past three years according to Deka Immobilien, has now been disclosed, but the sale took place at a price higher than the asset’s market value. The German management firm states that it is the twelfth sale this year above market value. In total, these sales have taken place at 13% above the market value of the properties concerned.
24/09/2010

Over EUR4bn in guaranteed funds to mature in Q4

p { margin-bottom: 0.08in; } According to statistics from VDOS Stochastics, 65 guaranteed funds with assets of EUR4.06bn will mature in Spain in fourth quarter, Expansión reports. 25 more funds will remain in a sales phase at that time. The largest of the maturing funds is the Foncaixa Garantia Renta Fija 15, with EUR969m. Total assets in guaranteed funds, at EUR49.33bn, represent 32.14% of assets under management in Spanish funds overall. Since the beginning of the year, bond guaranteed funds have posted net subscriptions of EUR3.81bn.
24/09/2010

91% of Austrian funds post one-year gains

According to statistics from the Austrian VÖIG association of asset management firms, 1,421 funds out of a total of 1,562 which have been in existence for over one year show positive twelve-month performance to the end of August, equivalent to 90.97% of the funds overall. Only 141 funds show losses. By an arithmetical average, without taking into account the size of individual funds, the average performance of Austrian funds comes to 8.26%, compared with 10.63% in July and 13.85% in June.The largest gains of the past twelve months, as in previous months, were for the Kepler Asset Backed Securities Fund, with 81.52%, while the worst performer was the sDoubleStock from the savings bank of Upper Austria (Sparkasse Oberösterreich KAG). Over three years to the end of August, the best Sharpe ratio was for the real estate fund Real Invest Austria (Bank Austria), with 2.18, just ahead of the EuroHighgrade funds from Pioneer Investments Austria (2.17) and the Tirolrent from Tirolinvest (2.11).
24/09/2010

Vanguard launches seven funds replicating Russell indices

As announced (see Newsmanagers of 13 September), Vanguard has extended its range of passive funds, with the launch of seven equities tracker funds with institutional share classes, and ETF shares exposed to value, growth and blend segments of the Russell 1000 large caps index, and the Russell 2000 index of small caps.The ETF shares carry commissions of 0.12%, for the fund based on the Russell 1000, and 0.15% for the funds based on the Russell 1000 Value and Growth indices and on the Russell 2000, and 0.20% for funds based on the Russell 2000 Value and Growth. The Russell 3000 ETF charges 0.15%. Vanguard has also announced plans to launch its first three tracker funds of municipal bonds, with traditional and ETF share classes, which will replicate indices of the S&P National AMT-Free Municipal Bond series, and which will charge fees of 0.12%, in the next few months.
23/09/2010

EFG Banque Privée se dote d'un nouveau directeur

EFG Banque Privée, la filiale d’EFG International en France, a nommé Maxime Vermesse au poste de directeur général, sous réserve de l’agrément des autorités de tutelle. L’intéressé, qui a rejoint la banque basée à Paris en septembre, travaillera en collaboration étroite avec Fabrice Moullé-Berteaux et Antoine Lacourt, qui dirigeaient précédemment l’entité, dans l’objectif d’accélérer la croissance de l’activité, indique un communiqué. Maxime Vermesse a fait l’essentiel de sa carrière chez BNP Paribas. Dernièrement, il était responsable de l’Europe et de l’Amérique latine chez BNP Paribas Wealth Management Monaco, dont il était aussi membre du comité exécutif. Cette nomination fait suite à l’acquisition par EFG International de la société de gestion Sycomore Gestion Privée, finalisée en juillet 2008 et renommé EFG Banque Privée en janvier 2010 après avoir obtenu l’agrément bancaire par les autorités de tutelle. «Après une première phase d’intégration, la société dirigée par Fabrice Moullé-Berteaux et Antoine Lacourt s’est développée rapidement grâce au renforcement de ses capacités et au recrutement sélectif de CROs (Client Relationship Officers) de grande qualité», indique le communiqué.
23/09/2010
Fonds

Les Newcits se développent rapidement

Les «Newcits» - les stratégies alternatives logées dans des fonds coordonnés Ucits III – sont l’un des segments du secteur de la gestion alternative qui se développe le plus rapidement, selon Eurekahedge. Le nombre de ces fonds est estimé à 775, pour un encours sous gestion de plus de 130 milliards de dollars. Pour Eurekahedge, 500 autres Newcits devraient être ajoutés à sa base de données dans les mois qui viennent. A fin août, les encours du secteur de la gestion alternative s’établissaient à 1.540 milliards de dollars, après des souscriptions nettes de 7,1 milliards de dollars.
Fonds
23/09/2010

Lochiel Crafter nommé reponsable des investissements chez SSgA Asia

State Street Global Advisors (SSgA) a annoncé le 21 septembre la nomination de Lochiel Crafter en qualité de responsable des investissements pour la zone Asie-Pacifique. «Cette fonction nouvellement créée illustre l’importance de la zone Asie-Pacifique dans la stratégie croissance de SSgA», souligne la société dans un communiqué.Lochiel Crafter aura la responsabilité des équipes d’investissement à Sydney, Hong Kong, Tokyo et Singapour.Avant de rejoindre SSgA, où il a déjà travaillé dans le passé, Lochiel Crafter était le CEO du fonds de pension australien Australian Reward Investment Alliance (Sydney). Il restera basé à Sydney.
23/09/2010

AMG veut s'installer à Hong Kong

Selon Asian Investor, le groupe américain AMG (250 milliards de dollars d’ctifs sous gestion) envisage d’ouvrir un bureau à Hong Kong d’ici à la fin de l’année.Le patron d’AMG, Sean Healey, était récemment de passage à Hong Kong où il a indiqué qu’il avait déjà recruté un patron pour l’Asie. AMG est investi à hauteur de seulement 30% dans les actions américaines, 35% de son portefeuille étant dédié aux actions internationales, et au moins 10% du total des actifs sous gestion est constitué d’actions des marchés émergents.
23/09/2010
Fonds

La Pologne accueille son premier ETF

La Bourse de Varsovie accueille mercredi son premier ETF, selon le Financial Times. Créé par Lyxor Asset Management, ce fonds est lié à l’indice des valeurs vedettes du marché polonais, le WIG20. D’autres devraient suivre.
Fonds
23/09/2010

Axa PE négocie la vente d'Eliokem

Selon l’Agefi, la société de capital investissement Axa PE a indiqué avoir reçu une offre ferme de la part du groupe américain Omnova Solutions concernant la cession de la majorité du capital d’Eliokem, le groupe de chimie de spécialités. Le montant de l’opération s'élèverait à 227,5 millions d’euros avec une période d’exclusivité jusqu'à fin décembre.
23/09/2010

La reprise de Fortis par BNP Paribas est déjà un succès

La Tribune rapporte que le plan de marche lié à la reprise de Fortis par BNP Paribas a aujourd’hui « six mois d’avance », selon Jean-Laurent Bonnafé le directeur général délégué de la banque de la rue d’Antin. Au 30 juin 2010, le programme de synergies de coûts avait déjà permis de dégager 402 millions d’euros, un niveau qui devait être atteint en 2011. La banque vise le chiffre de 900 millions d’euros à horizon 2012, mais devrait réviser à la hausse cet objectif. Au deuxième trimestre, la filiale belge de BNP Paribas a également tiré les revenus du groupe. Sans elle, ils auraient stagné au lieu d’augmenter de 11,8 %. BNP Paribas achève actuellement l’intégration des 1.300 collaborateurs de Fortis Banque France (FBF), note le quotidien, 80 % d’entre eux s'étant déjà vu présenter une nouvelle affectation. Cependant, les organisations syndicales notent un décalage parfois entre les anciennes et les nouvelles fonctions pour les salariés.
23/09/2010

BlackRock veut se renforcer au Brésil

BlackRock a annoncé le 21 septembre la nomination de Luiz Felipe Andrade en qualité de managing director et responsable pays pour le Brésil, avec pour mission de développer les activités du groupe au Brésil.Luiz Felipe Andrade sera à la tête d’une équipe de seize professionnels installés dans les bureaux de BlackRock à Sao Paulo. Luiz Felipe Andrade a travaillé auparavant pendant treize ans chez Itaù-Unibanco où il était dernièrement director of markets and liquidity risk.
23/09/2010

Alfred Moeckli prend les rênes de bank zweiplus

bank zweiplus, détenue majoritairement par la banque Sarasin, a annoncé le 22 septembre la nomination avec effet immédiat de Alfred Moeckli en qualité de Chief Executive Officer (CEO) et président de la direction générale de la banque Zweiplus. Alfred Moeckli a repris le poste de Marco Weber qui a décidé de quitter la banque après avoir contribué à la réussite de la phase de lancement.Alfred Moeckli travaillait précédemment chez Falcon Private Bank en tant que deputy CEO, responsable Institutional and Treasury et membre du conseil d’administration.
23/09/2010

Rebond des bonus pour les spécialistes du risque dans la gestion

Les rémunérations des professionnels du risque dans la gestion d’actifs ont rebondi l’an dernier après des reculs en 2007 et 2008, selon la dernière enquête annuelle réalisée par Risk Talent Associates. Le total des rémunérations a progressé de 4%, avec une stagnation ou une légère baisse des salaires mais une augmentation de 7% des bonus.L’enquête précise que l’an dernier, 90% des professionnels de la gestion alternative ont perçu des bonus, contre 86% dans la gestion d’actifs traditionnelle et 81% dans l’assurance.

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