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02/04/2013

Appointment at Vontobel

P { margin-bottom: 0.08in; } The Swiss bank Vontobel on 28 March announced the appointment of Jean-Pierre Stillhart as director of Private Banking for Switzerland. He will begin in the role on 1 October this year, after serving as director for private clients in Switzerland at the Rothschild private bank, and several roles at the cantonal bank of Zurich and at UBS. Assets under management at Vontobel totalled CHF150bn as of the end of December 2012.
02/04/2013

Dexia AM registers Global Opportunities fund in Spain

P { margin-bottom: 0.08in; }A:link { } The CNMV has issued a sales license for Spain to the UCITS-compliant hedge fund Dexia Global Opportunities, launched slightly over two years ago (see Newsmanagers of 11 March 2011), in Spain, Funds People reports. The objective is to outperform the capitalised Eonia over a recommended investment duration of three years, regardless of market conditions.
02/04/2013

Spanish funds attract EUR3.7bn in assets in January-March

P { margin-bottom: 0.08in; }A:link { } According to statistics from the Inverco association of Spanish asset management firms, Spanish securities funds in first quarter posted net subscriptions of EUR3.72bn, (including EUR1.05bn in March), the highest level since 2006, which has brought total assets back up to EUR128.257bn, EUR1.5bn, or 1.2% higher than as of the end of February.This confirms previous estimates by VDOS (see Newsmanagers of 28 March), according to which Spanish funds in first quarter overall took in more assets than they lost in all of 2012: overall, assets increased over the three-month period by EUR5.935bn, EUR526m more than their decline for the whole of last year.This return of funds to investors’ good graces is certainly related to a Bank of Spain regulation to limit on returns on bank deposits to 1.75% for one year, 2.25% over two years, and 2.75% for longer periods.
02/04/2013

Assénagon lance un fonds d'obligations d'entreprises

Le nouveau fonds du munichois Assénagon Asset M anagement (qui gère les portefeuilles des ETDF de Source), Assenagon Credit Selectionn est un produit coordonné institutionnel de droit luxembourgeois, le Assénago Credit Selection, un fonds d’obligations d’entreprises qui vise à générer des recettes d’intérêts de 3,5 points de pourcentage supérieurs à l’Euribor 3 mois, tout en shuntang les risque de taux et de change.Le nouveau produit est géré par Michael Hünseler, directeur général d’Assénagon depuis le 1er août 2012 (c’est un ancien de la Bayrische HypoVereinsbank, du groupe UniCredit, et de Deka) et le fonds démarre avec un encours de plus de 100 millions d’euros.Le portefeuille est principalement investi en obligations d’entreprises et en CDS. Afin d'éviter les risques de concentration, le fonds n’utilise aucun indice de référence et se focalise sur des émetteurs notés au moins B- (Fitch et S&P) ou B3 (Moody’s). Actuellement, le fonds est alloué principalement à des lignes industrielles européennes.CaractéristiquesDénomination Assénagon Credit SelectionCode Isin : LU0890803710Droit d’entrée : 2,5 % maximu pour les parts P (particuliers)Commission de gestion:0,70 % (parts I institutionnelles)1,20 % (parts P)Commission de performance : 15 % de la surperformance par rapport au taux butoir (Euribor 3 mois) + 350 points de base par an.
02/04/2013

SAC Capital: SEC investigation moves higher up the ranks

P { margin-bottom: 0.08in; }A:link { } On Friday, before sunrise, FBI agents arrested hedge fund manager Michael Steinberg, one of the closest collaborators of Steven A. Cohen, founder and head of SAC Capital Management. He is being charged with five criminal counts of securities fraud, including insider trading of shares in Dell and Nvidia, when he was employed by Sigma Capital Management (an affiliate of SAC Capital).Steinberg is also named in a civil suit filed by the SEC. He has been released on bail of USD3m.
02/04/2013

Amin Snehal leaves Theleme Partners

P { margin-bottom: 0.08in; }A:link { } One of the largest new hedge funds created since the 2008 crisis, Theleme Partners, has lost its second in command. Amin Snehal, former head of US research at TCI, has decided to leave the firm to found his own investment firm, FTfm reports. Theleme Partners was founded by Snehal and the Frenchman Patrick Degorce, a former partner at TCI, following their departure from the activist firm led by Chris Hohn in 2009. Theleme Partners last year earned returns of 20%, compared with an average of less than 7% for hedge funds overall.
02/04/2013

Credit Suisse sells off JO Hambro

P { margin-bottom: 0.08in; }A:link { } The financial holding company Utilico, whose headquarters are located in Bermuda, has acquired the British firm JO Hambro (CHF5.5bn in assets) from Credit Suisse, finews.ch reports, relaying information in Citywire.JO Hambro Investment Management was acquired by the Swiss group in 2000. It has 100 employees, including 20 portfolio managers.
02/04/2013

New head for Asia appointed at Martin Currie IM

P { margin-bottom: 0.08in; }A:link { } Martin Currie Investment Management has appointed Andrew Graham as head for Asia, following the previously announced departure of Jason McCay. McCay will be leaving his position during summer 2013, to “take a significant career break,” after 15 years at Martin Currie. Graham is co-manager with McCay of Martin Currie’s two Asian strategies. McCay will be replaced at the helm of the two funds by chief investment officer Paul Danes.
02/04/2013

Natixis GAM launches a multi-strategy fund

P { margin-bottom: 0.08in; }A:link { } Natixis Global Asset Management has launched the Aurora Horizons Fund, a dynamic asset allocation fund investing in multiple alternative strategies, Hedgeweek reports. The fund, managed by Aurora Investment Management, is a diversification tool for use within a traditional long-only portfolio investing in equities and bonds.
02/04/2013

Eaton Vance breaks new ground with EMTFs

Eaton Vance announced that it has filed an application with the U.S. Securities and Exchange Commission (SEC) seeking exemptive relief to permit the offering of exchange-traded managed funds (ETMFs), a proposed new type of open-end fund designed to bring the cost and tax efficiencies and shareholder protections of the exchange-traded fund (ETF) structure to active investment strategies, while maintaining the confidentiality of current portfolio trading information.The promoter seeks to launch a family of ETMFs that mirror existing Eaton Vance mutual funds and to license the underlying technology to other fund groups through its subsidiary Navigate Fund Solutions. Navigate FS and Eaton Vance expect ETMFs to reliably generate 50 basis points or more of improved annual returns versus similar mutual funds across a range of strategies, reflecting lower operating expenses and reduced flow-related trading costs in the ETMF structure.ETMFs would trade on an exchange at prices directly linked to the fund’s next-determined daily net asset value (NAV). Because ETMFs would provide market makers with opportunities to earn reliable arbitrage profits without intraday hedging of their inventory positions, they can be expected to trade at consistently tight spreads to NAV in the absence of full holdings disclosure. By removing the requirement for daily portfolio transparency, ETMFs can enable investors to access a broad range of active strategies through a vehicle that provides the investor benefits of an exchange-traded fund.
02/04/2013
Fonds

Union Investment revend un actif à Prague

L’allemand Union Investment Real Estate a cédé pour 53,8 millions d’euros l’immeuble de bureaux Trianon de Prague (20.600 mètres carrés) à la société d’investissement Reico, une coentreprise de l’autrichienne Erste Bank et de la caisse d'épargne Česká Spořitelna. Cet actif du fonds immobilier offert au public UniImmo: Europa avait été acheté en 2005 pour 44,5 millions d’euros.
Fonds
02/04/2013

L'Italie confie ses réformes à des sages

Créés ce week-end par le président Napolitano, deux groupes d’experts, l’un économique, l’autre politique, doivent rendre des propositions de programme précises dans les prochaines semaines. D’ici là, le gouvernement sortant de Mario Monti continue de gérer les affaires courantes.
Alain Krief
02/04/2013

Le déblocage du PEE irrite les gérants

Alors que le rapport Berger-Lefebvre est remis aujourd’hui, l’AFG s’inquiète de cette mesure qu’elle juge inefficace et qui risque de pénaliser l'économie solidaire.
Torbjörn Hamnmark
02/04/2013

KKR sur le point de s'offrir Maje, Sandro et Pierlot

Le groupe de capital investissement américain est entré en négociations exclusives pour racheter au moins 51% du capital de SMCP, qui regroupe les marques françaises de prêt-à -porter Sandro, Maje et Claudie Pierlot, selon Le Figaro. L’offre présentée valoriserait les trois marques à 650 millions d’euros, soit près de onze fois son excédent brut d’exploitation 2012.
02/04/2013

Croissance décevante en Turquie

Sur les trois derniers mois de 2012, le PIB de la Turquie a augmenté de 1,4%, alors que le consensus Reuters tablait sur une hausse de 2,3%. Sur l’ensemble de 2012, la croissance est retombée à 2,2% contre +8,8% en 2011. Le moteur de la consommation est tombé à l’arrêt après le relèvement des taux par la banque centrale.
02/04/2013

Accélération de l'activité manufacturière aux Etats-Unis

L’indice PMI manufacturier est ressorti à 54,6 le mois dernier, contre 54,9 en première estimation («flash») et 54,3 en février, porté par la hausse des nouvelles commandes et des embauches, selon l’enquête Markit auprès des directeurs d’achats. A l’inverse, l’enquête de l’Institute for Supply Management montre une décélération, l’indice du secteur s'établissant à 51,3 contre 54,2 en février.
02/04/2013

3 grandes villes chinoises s'attaquent à la surchauffe immobilière

Pékin, Shanghai et Chongqing vont appliquer des mesures strictes dans le cadre du plan du gouvernement pour éviter une bulle du marché immobilier, selon la presse locale. Les célibataires habitant à Pékin se verront ainsi interdire l’achat d’un deuxième logement. Les prix de l’immobilier dans les cent plus grandes villes chinoises ont augmenté en moyenne de 1,1% en mars, à 9.998 yuans (1.254 euros) le mètre carré, selon le consultant CREIS.

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