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29/03/2010
Fonds

AGI rationalise la gamme de fonds en multigestion de cominvest

Depuis le 1er mars, la responsabilité des fonds de multigestion de cominvest a été transférée à RCM, une filiale d’Allianz Global Investors (AGI) spécialiste des actions, parce que le conseiller de ces produits, SEI Investments, s’est retiré du marché allemand. La gestion des produits a ainsi été confiée à l'équipe RCM MultiManagement qui assurait déjà la gestion des fonds Commerzbank allstars-anlage, Dresdner Vermögensmanagement, cominvest Best-In-One World I et cominvest Multi Asia Active.Trois des quatre fonds en multigestion restant chez cominvest seront fusionnés avec d’autre produits : le cominvest Multi Manager Global Balanced II sera absorbé le 14 mai par le cominvest Multi Manager Global Balanced I. Ensuite, le cominvest Multi manager Global Dynamic sera repris par le cominvest Best-In-One World I le 16 juillet et le cominvest Multi Manager Global Conservative sera absorbé par le Allianz Pimco Rentenfonds le 3 décembre. Le dernier fonds, le cominvest Multi Manager Global Balanced I, subsistera, mais l’allocation d’actifs sera plus dynamique. L'équipe de gestion pourra investir non seulement dans des fonds AGI mais aussi dans des produits d’autres sociétés de gestion.
Fonds
29/03/2010

Jean-Paul Malpuech rejoint Acropole AM

Jean-Paul Malpuech, l’ancien directeur général de la Banque d’Orsay, rejoint Acropole Asset Management en tant que conseiller du président. Il aura pour mission de promouvoir la société de gestion spécialisée sur les obligations convertibles auprès des investisseurs institutionnels. Il vient ainsi appuyer l’équipe développement d’Acropole AM dirigée par Nathalie Sabathier (lire interview de Jacques Joakimides).Agé de 58 ans, Jean-Paul Malpuech retrouve chez Acropole AM Jacques Joakimides, fondateur et président, avec lequel il avait travaillé à la Banque d’Orsay. Il avait participé à la création de cette banque en 1990, devenue filiale de West LB en 1995. Il en est directeur général jusqu’en novembre 2008.
29/03/2010

La BPCE et Qatar Islamic Bank signent un protocole d'accord sur la finance islamique

Selon l’Agefi, qui cite une source proche du dossier, Banque Populaire Caisse d’Epargne (BPCE) et Qatar Islamic Bank (QIB) ont signé, le 25 mars, un protocole d’accord (memorendum of understanding) établissant «le cadre d’une réflexion commune dans le domaine de la finance islamique». Il s’agit de voir comment les deux banques peuvent appréhender le sujet de la finance islamique et coopérer ensemble. Même si l’accent a souvent été mis en France sur la banque de gros, les dirigeants de QIB n’ont jamais caché leur intérêt pour les produits destinés à une clientèle de particuliers comme des prêts immobiliers, des prêts à la consommation, des dépôts et des produits structurés. La joint-venture sera opérationnelle d’ici la fin de l’année mais d’ici là, un certain nombre d’obstacles restent à lever. Parmi ceux-ci figure la compatibilité des moyens de refinancement sur le marché interbancaire avec la prohibition par l’Islam de l’intérêt et la garantie des dépôts qui est en contradiction avec le principe de partage des pertes et des profits.
29/03/2010

Bolloré prend la vice-présidence de Generali

Selon Les Echos, le comité des nominations de Mediobanca a arrêté vendredi la liste des personnalités appelées à composer le nouveau conseil d’administration de Generali, à partir du 24 avril. Antoine Bernheim n’y figure pas. Il sera remplacé par Cesare Geronzi à la présidence de l’assureur. Vincent Bolloré crée la surprise en devenant vice-président.
29/03/2010
Fonds

L'UFF complète son offre "GPS"

Le dispositif de Gestion Pilotée et Suivi (GPS) mis en place fin 2009 par l’Union Financière de France (NewsManagers du 8 janvier 2010) est désormais complet. Outre les trois fonds proposés début novembre gérés par UFG-LFP (UFF Gestion Flexible 0-30 et UFF Gestion Flexible 0-70) et Aviva Investors France (UFF Diversifié 0-70), l’UFF a lancé début mars un fonds à risque fort pour les investisseurs les plus dynamiques, UFF Gestion Flexible 0-100 dont la gestion a été confiée à Pictet Asset Management.La gestion du mandat UFF Gestion Flexible est assurée par l’équipe de gestion diversifiée de Pictet Asset Management. Placée sous la responsabilité d’Olivier Ginguené, l’équipe est composée de neuf spécialistes, dotés d’une expérience de 14 ans en moyenne, et gère 6 milliards d’euros.
Fonds
29/03/2010
Fonds

Disparition du patron du plus gros fonds souverain mondial

Samedi, l’agence d’information des Emirats arabes unis a annoncé que le planeur d’Ahmed bin Saïed al Nahjan, CEO de l’Abu Dhabi Investment Authority (ADIA) s'était abimé la veille dans un lac de retenue près de Skhirat au Maroc, rapporte le Handelsblatt.Le pilote a pu être sauvé, mais les secours n’ont pas retrouvé le patron du plus gros fonds souverain mondial (entre 400 milliards et 800 milliards de dollars). Le disparu était aussi le frère du président des Emirats.
Fonds
29/03/2010
Fonds

Le patron de l’Adia porté disparu

Dimanche, les sauveteurs continuaient à rechercher Sheikh Ahmed bin Zayed al-Nahyan, le managing director du fonds souverain Abu Dhabi Investment Authority (Adia), qui manquait toujours à l’appel deux jours après un accident de planeur au Maroc. L’appareil s’est écrasé près de Rabat vendredi.
Fonds
29/03/2010

Le Sabadell vend 378 agences à Moorpark

Dans le cadre d’une opération de sale & lease-back, le Banco Sabadell a réalisé une plus-value de 265 millions d’euros sur la cession pour 403 millions d’euros de 378 agences au fonds Moorpark Capital Partners, rapporte Cinco Días. Cela permet de porter le ratio de fonds propres de premier rang du Sabadell à près de 8 % contre 7,6 %.
29/03/2010
Fonds

Le Sabadell mise sur les hedge funds non coordonnés

Au moment où plusieurs gestionnaires lancent des fonds de hedge funds coordonnés, BanSabadell Inversión commence à commercialiser activement auprès des particuliers haut de gamme et des investisseurs institutionnels le Sabadell BS Selección Hedge Top, qui a commencé à investir en septembre dans les hedge funds traditionnels, a indiqué Sergio Miguez, directeur de la gestion performance absolue.Funds People rapporte que le fonds a affiché une performance de 2,17 % sur les quatre derniers mois de 2009 et qu’il reste en territoire positif depuis le début de l’année.Ce produit à liquidité trimestrielle est investi à 60 % dans des hedge funds à liquidité mensuelle ou plus fréquente. A la différence d’autres maisons espagnoles, BanSabadell Inversión dispose d’une équipe en interne pour la gestion du produit
Fonds
26/03/2010

Strong rise in profits and assets at Mediolanum

In 2009, Banca Mediolanum has announced net profits of EUR217m, up 66% on the pro forma results for 2008, when net profits including the impact of the Lehman collapse came in at EUR24m. Pre-tax profits are up 56%, to EUR258m. Net subscriptions rose 177% compared with 2008 to total EUR6.94bn, which represents an all-time high. Assets increased 37% last year, to total more than EUR40.39bn. In terms of the Italian market, including the group’s 50% stake in Esperia, net profits increased 55% to EUR224m, and assets increased 38%, to a total of EUR38.53bn as of the end of December. For Banca Mediolanum, net subscriptions rose 122% to EUR5.795bn, while net inflows to managed accounts totalled EUR1.99bn (+1.01%), of which 57% went to equities products. In Spain, 2009 saw losses of EUR0.1m, compared with losses of EUR6.3m the previous year, but Fibanc Mediolanum earned profits of EUR0.5m. In Germany, losses remained similar to those in 2008, at EUR6.8m, while activities retained at Bankhaus August Lenz brought losses of EUR7.6m. In total, foreign banking affiliates of the group as of the end of December had assets of EUR1.86bn, which represents a 13% increase in one year.
26/03/2010

Amundi ETF plans to list 50 funds in Italy

Amundi ETF is planning to list up to 50 products in Italy by the end of 2010, an article from Soldi published on the Italian website Bluerating states. In early March, the firm launched 15 new equities products.
26/03/2010

Sovereign funds to increase risk exposure

Sovereign funds, which have accumulated more than USD3.5trn in assets worldwide, now have cash allocations that are not doing anything for them. They are thus planning to make a further increase in their allocation to higher risk investments, but their investments will be for far lower amounts each, and far more diversified. In addition, says Bernard Eschweiler, senior economic advisor for the German independent investment bank Silvia Quandt & Cie AG, the centre of gravity for these investments will move from industrialised countries towards emerging markets, and from financial institutions to infrastructure and alternative energies. According to the study by Eschweiler, sovereign funds in 2008-2009 lost nearly 15% of their assets, while incoming amounts fell due to the recession and the falling price of oil. However, even at a more moderate rate of growth, assets will probably exceed USD6trn in five years.
26/03/2010

Guy Wyser-Pratte denounces limited partnership tactics of Lagardère at Poussielgue group

The French-American financier Guy Wyser-Pratte has denounced the law of limited partnership of shareholders which allows Arnaud Lagardère to completely control his group Poussielgue with only a 10% stake in its capital, Les Echos reports. He claims that the partnership has a negative impact on the value of shares. He is seeking a place on the supervisory board of the group, and to reform the group’s statutes.
26/03/2010

Madoff: UBS faces Paris courts

Les Echos reports, citing AFP, that UBS has been summoned before the Paris courts on charges of defrauding 80 investors who lost money they had invested in the Luxembourg-registered fund Luxalpha, which was offered for sale by the bank, and which invested in companies operated by Bernard Madoff. The investors accuse UBS of having presented Luxalpha as a low-risk investment, and of having neglected its responsibilities as a manager and depositary for the product, which funnelled investments to the firm of the frauster Madoff without informing clients. The savings investors, who lost all of their investments in Luxalpha, have “strong grounds to seek reparation for the prejudice they suffered as a result of the deception of which they were victims and of the serious errors committed by UBS,” says the summons, of which a copy was obtained by AFP.
26/03/2010

SEC probes use of derivatives by funds

The Wall Street Journal reports that the SEC has announced that it has launched a review into the use of derivatives by mutual funds, exchange-traded funds and other investment companies. The review effectively means that any new or pending exemptive requests under the Investment Company Act submitted by ETF management firms that are seeking to heavily invest in derivatives will be suspended until the results of the study are clear, the SEC says. The regulator is seeking to verify that current market practices using derivatives respect the regulations of the Investment Company Act in relation to leverage and risk distribution. The regulator will also seek to determine what risk control instruments are used by funds which invest in derivatives.
26/03/2010

Financière de Champlain warns against bastardisation of SRI process

At a time of growing demand for socially responsible investment (SRI) products by institutional as well as retail investors, asset management firms are stepping up their efforts to integrate environmental, social and governance (ESG) issues into their traditional management. Though the development may be welcome news, Financière de Champlain, an asset manager specialised in sustainable management, warns of the dangers of SRI funds becoming too commonplace. “One of the approaches used by asset management compnaies for SRI integration is to use analysis undertaken for their SRI funds to set up ratings of traditional equities portfolios partly composed of the same shares,” the firm explains in a note. This type of analysis is known as “ex post.” Financière de Champlain claims that it “is not, fundamentally, based on a stock-picking process on the basis of extra-financial criteria.” Even though ESG integration practices make extra-financial information available to managers which could allow them to identify new risks, “they do not constrain the manager,” the asset management firm states. “The danger is thus high that this might create some confusion in the minds of retail investors between management firms which are genuinely in the process of converting their product ranges to SRI, and others who see the trend as an opportunity to paint themselves green,” Financière de Champlain concludes.
26/03/2010

Invesco to cut back on sales staff

A spokesperson for Invesco AIM has announced that, following the completion of the firm’s acquisition of retail asset management activities at Morgan Stanley, the combined sales team to be led by John cooper will include 375 people, 60 less than at present, Mutual Fund Wire reports.
26/03/2010

Jenny Bell promoted to COO of Franklin Resources

From 16 March, Jennifer Bell has been appointed executive vice president and COO of Franklin Resources, Franklin Templeton Investments has announced. She will continue to report to Gregory F. Johnson, president and CEO of Franklin Resources. Bell was previously executive vice president of operations and technology. In addition to her current responsibilities, she will now be in charge of HR and compensation.
26/03/2010

Man hoping to build presence in United States

Man Group, the London-based hedge fund, has approached several US hedge fund managers with an eye to expanding its operations in the country. The aim is to sound out hedge funds for possible distribution agreements or takeovers. Among those Peter Clarke, chief executive of Man Group, has met are SAC Capital Advisors and Millennium Partners.
26/03/2010

Net redemptions from Liontrust

On Thursday, Liontrust Asset Management announced that it had assets as of 24 March of GBP1.16bn, of which GBP312m were for institutional clients, GBP781m in retail funds, and GBP67m in offshore funds. As of 1 January, assets under management totalled GBP1.18bn, of which GBP316m were for institutional clients, GBP795m in retail funds, and GBP69m in offshore funds. In the period from 1 January to 24 March, the UK asset management firm had net outflows of GBP53m, but market effects were positive to the tune of GBP33m.
26/03/2010

Morningstar acquires an equities research specialist

Morningstar Australasia, the Australian affiliate of the Morningstar group, on 24 March announced the acquisition of the firm Aegis Equities Research, which produces independent research into equities from more than 200 firms listed on the ASX. The acquisition, for an undisclosed price, will be completed in the next few weeks.
26/03/2010

Cantonal Bank of Geneva seeks to develop in Asia

The Cantonal Bank of Geneva (BCGE), minuscule compared with the giants of Swiss finance, and which, like most other Swiss cantonal banks, has been largely spared from the crisis, and even profited from a wave of capital in search of higher quality, is now planning to develop its international presence, particularly in Asia. The BCGE opened an office in Hong Kong on 1 January of this year, Asian Investor reports. The bank is also planning to open a Dubai office.
26/03/2010

C-Quadrat to launch ETF funds

In a press statement, the Austrian-German management firm C-Quadrat has announced that it is planning to add a range of ETF funds, entitled iQ Products, to its offerings. The funds will represent a new generation of ETFs which limit the risk of losses. The issuer of the first iQ ETF is Commerzbank. The products of the range will be unveiled in mid-April.
26/03/2010

La Banque cantonale de Genève veut se développer en Asie

Minuscule par rapport aus géants de la finance suisse, la Banque cantonale de Genève (BCGE), qui comme la plupart des autres banques cantonales suisses, a été largement épargnée par la crise si ce n’est pour profiter de la fuite vers la qualité avec des apports de capitaux sans précédent, veut se développer à l’international, notamment en Asie.La BCGE a ainsi ouvert un bureau à Hong Kong le 1er janvier dernier, selon Asian Investor. La banque envisage également d’ouvrir une antenne à Dubai.

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