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05/03/2012
Fonds

Hedge funds : Guernesey privilégiée pour l'administration de fonds outre-Manche

Les gérants de fonds alternatifs basés au Royaume-Uni ont une préférence marquée pour Guernesey. Selon une enquête réalisée par Fund Domiciles, 24% d’entre eux ont leurs fonds domiciliés à Guernesey, contre 21% au Royaume-Uni, 18% à Jersey, 12% aux îles Cayman et 9% au Luxembourg. Pour 24% des gérants, les services d’administration de leurs fonds sont exécutés à Guernesey, contre 20% au Royaume-Uni, 18% en Irlande et 16% à Jersey. Selon Fund Domiciles, ces résultats reflètent la progression à la troisième place de Guernesey dans l'évaluation de la place en termes de stabilté. Guernesey est particulièrement prisée par le secteur du capital investissement. Le nombre d'établissements disposant d’une licence s'établissait fin 2011 à 35, Bank Sarasin notamment n’ayant pas renouvelé sa licence, contre un sommet à 79 à la fin des années 90.
Fonds
05/03/2012

Newton se sépare de son CIO pour la clientèle privée

Philip Collins, chief investment officer for private clients and charities, a quitté Newton Investment Management (groupe BNY Mellon), son poste ayant été supprimé à la suite de la promotion de Simon Pryke au poste de CIO, rapporte FundWeb.Aux commandes du fonds Newton Phoenix, Philip Collins sera remplacé par son co-gérant Paul Flood, auquel succède Ben Ward.
05/03/2012

Henderson GI veut se développer dans la dette immobilière

Henderson Global Investors a annoncé le 2 mars le recrutement de John Feeney en qualité de responsable de la dette immobilière au sein de l'équipe secured credit. Il travaillera en étroite collaboration avec le pôle immobilier et l'équipe du fixed income pour développer le pôle de la dette immobilière.John Feeney travaillait précédemment chez Bank of America Merrill Lynch en qualité de responsable «Asia real estate Special Assets Group».
05/03/2012
Fonds

Changement de gérant pour un fonds de petites capitalisations de Scottish Widows

Scottish Widows a décidé de confier à une équipe maison la gestion du Scottish Widows HIFML UK Smaller Companies Alpha fund. En conséquence, le fonds, piloté jusqu’ici par Harry Nimmo, le spécialiste des petites capitalisations de Standard Life Investments, sera désormais géré par deux membres de l'équipe actions de SWIP, Gregor Macdonald et Andrew Paisley. Ils sont également responsables de la gestion du SWIP UK Smaller Companies fund et du SW UK Smaller Companies fund.Chez Standard Life Investments, Harry Nimmo gère le SLI UK Smaller Companies fund, dont les actifs sous gestion s'élèvent à 1 milliard de livres, le Standard Life UK Smaller Companies trus (140 millions de livres), et le SLI Global Smaller Companies fund, tout récemment créé.
Fonds
05/03/2012

Sarasin invite Safra à injecter des fonds pour soutenir son essor

Le Groupe Safra a acquis en novembre dernier une participation majoritaire dans la Banque Sarasin, soit 46,07% des actions et 68,63% des droits de vote, cédés par Rabobank. Dans un entretien accordé à Bloomberg, le directeur général de la banque privée suisse, Joachim Straehle, a indiqué qu’il compte sur Safra pour se développer.Selon Le Temps, l’appel lancé vendredi par le patron de la banque privée s’inscrit dans la volonté de son établissement d’étoffer ses réseaux d’agences en Allemagne, en Inde, au Moyen-Orient ainsi qu’en Asie. Sarasin table également sur un certain nombre de synergies avec le groupe brésilien concernant les marchés d’Amérique latine.La banque privée vise ainsi d’ici à trois ans 150 milliards de francs suisses d’encours, contre 103,4 milliards en 2010.
05/03/2012
Fonds

L'emploi d'une cagnotte de CIC encore inconnu

Selon Jesse Wang, son vice-président exécutif, le fonds souverain China Investment Corp a obtenu l’an dernier un financement additionnel de 30 milliards de dollars, rapporte L’Agefi. Le responsable a toutefois refusé de dire si ce montant pourrait servir à acheter des actifs en Europe. «Ce n’est pas parce que l’Europe a ses problèmes que nous changerons notre méthode d’examen», a déclaré le dirigeant.
Fonds
05/03/2012
Fonds

Les investisseurs évitent encore l’Europe

L’appétit pour le risque est resté élevé durant les derniers jours de février, mais les investisseurs ont évité l’Europe, en raison des incertitudes sur la dette grecque et du ralentissement de la croissance dans la zone. Les fonds d’actions européennes ont ainsi subi durant la semaine au 29 février un montant de rachats nets jamais vu depuis quatorze semaines, selon les statistiques d’EPFR Global. Les fonds d’actions dans leur ensemble ont néanmoins enregistré une collecte nette de 4,7 milliards de dollars, si bien que les souscriptions nettes depuis le début de l’année atteignent 24 milliards de dollars contre 40,2 milliards pour la période correspondante de 2011. Durant les derniers jours de février, les fonds d’actions américaines notamment ont enregistré des souscriptions nette pour un montant de plus de 3 milliards de dollars.Les fonds obligataires ont drainé sur la semaine plus de 5 milliards de dollars et depuis le début de l’année 48,8 milliards de dollars contre 15,5 milliards de dollars pour la période correspondante de 2010. Fin février, les fonds obligataires high yield ont notamment enregistré une collecte de plus de 1 milliard de dollars. Depuis le début de l’année, ils affichent une collecte de plus de 22 milliards de dollars.Les fonds monétaires ont de leur côté subi des rachats pour un montant de 21 milliards de dollars durant la dernière semaine de février, les fonds monétaires européens notamment enregistrant leur plus forte décollecte depuis 2007.
Fonds
05/03/2012

Trois candidats seraient en lice pour la reprise de Gan Eurocourtage

L’Agefi, qui cite une information de L’Argus de l’assurance, rapporte que Groupama aurait enfin arrêté sa liste réduite de candidats à la reprise de Gan Eurocourtage. Il s’agirait d’Allianz, Aviva et Covéa. Contactées par L’Agefi, aucune de ces compagnies n’a souhaité faire de commentaires.
05/03/2012
Fonds

Un ancien de JPMorgan va lancer son hedge fund

Mike Stewart, le responsable global du trading pour compte propre de JPMorgan basé à Londres, et ancien responsable des marchés émergents, va lancer son hedge fund, Whart Stewart, au deuxième trimestre, rapporte le Financial Times, citant des sources proches du dossier. L’équipe marchés émergents de la banque devrait le rejoindre.
Fonds
05/03/2012

ING marque un point contre la Commission européenne

La Cour de justice des communautés européennes a jugé vendredi que la Commission avait surévalué le montant de l’aide d’Etat reçue par le groupe néerlandais ING, rapporte L’Agefi. Cette décision autorise ce dernier à espérer un allègement du plan de restructuration imposé en 2009 par Bruxelles en échange de l’acceptation du soutien public en 2008 et 2009 de 10 milliards d’euros de capital (remboursable), avec une garantie de 22 milliards d’euros sur son portefeuille de créances hypothécaires américaines titrisées (RMBS).Le calcul par Bruxelles du montant de l’aide de l’Etat néerlandais laissait apparaître un écart substantiel de 2 milliards d’euros, précise le quotidien, et les mesures de restructuration paraissaient disproportionnées dont notamment une sortie de l’assurance et de la gestion, et un recentrage de l’activité bancaire.
05/03/2012
Fonds

Henderson et Tantallon ferment des hegde funds asiatiques

La société de gestion britannique Henderson Global Investors a fermé le 23 février son fonds Asia-Pacific Multi-Strategy, lancé en 2006, rapporte Asian Investor. Ses actifs sous gestion s'établissaient à environ 30 millions de dollars. Selon une porte-parole de Hendeson, ce fonds affichait un bon historique de performance mais n’a pas réussi à attirer de nouveaux investisseurs.La société basée à Singapour Tantallon a pour sa part fermé son fonds long only, le Bass Rock Fund dont les actifs sous gestion s'élevaient à environ 14 millions de dollars fin 2011.Macquarie Funds Group et Pinpoint Asset Management ont récemment pris des mesures similaires pour faire face à l’environnement difficile pour les hedge funds.
Fonds
05/03/2012

Deputy head of external distribution leaves Carmignac Gestion

Nicolas Demoro, who had for more than five years worked at Carmignac Gestion, serving independent financial advisers, firstly as regional director for south-eastern France, and then as deputy director of external distritbution, has left the firm to open a new entrepreneurial venture dedicated to wealth management.
05/03/2012

Avenir Finance IM: Two managers take over from Guillaume Nicoulaud

Following the departure of Guillaume Nicoulaud, manager of the quantitative fund Opéra US, the asset management firm Avenir Finance Investment Managers (AIFM) has placed the management of the fund in the hands of Guillaume Garchery and Emmanuel Faik, managers at AFIM since September 2009 and July 2011, respectively.Gerchery, a former quantitative trader in the statistical arbitrage team at Société Générale Corporate & Investment Banking from 2006 to 2009, where he was in charge of development and application of low-frequency strategies on European equities, joined Avenir Finance Investment Managers in order to implement quantitative equity and global macro strategies in particular. He worked on the development of equity strategies based on risk premiums, which were implemented with US Opéra.Faik, previously in the Investment division at the European Central Bank, which manages the currency reserves for the European system and the implementation of the Securities Markets Programme for bond markets, contributed to publications from that institution on the subject of unconventional monetary policy.
05/03/2012

Carmignac practices exclusion for its funds

Edouard Carmignac, founder of the eponymous asset management firm, has been excluding weapons manufacturers and tobacco producers from his funds for 20 years, Financial Times Fund Management reveals. Eric le Coz, deputy CEO, says in the FT weekly supplement that the exclusion is not an explicit policy of the fund, but that a study is underway to “formalise the process.” The move comes at a time when regulations will require French asset management firms to disclose how they take environmental, social and governance (ESG) issues into account.
05/03/2012

Sparinvest to launch two emerging markets funds

The Danish asset management firm Sparinvest will launch two value type emerging markets funds in UCITS format in May this year, according to reports in Citywire Global. The two funds will replicate the Sparinvest Value Emerging Markets, launched in September 2011, representing EUR54m, which is available only in Denmark.
05/03/2012

Investors steer clear of Europe

Appetite for risk has remained high in the last few days of February, but investors have been avoiding Europe, due to uncertainty about Greek debt and a downturn in growth in the region. European equity funds have seen levels of redemptions in the week to 29 February not seen in 14 weeks, according to statistics from EPFR Global. Equity funds overall nonetheless posted net inflows of USD4.7bn, and net subscriptions since the beginning of the year have totalled USd24bn, compared with USD40.2bn in the corresponding period of 2011. In the last few days of February, US equity funds have posted net subscriptions totalling over USD3bn. Bond funds in the week attracted more than USD5bn in assets, and USD48.8bn since the beginning of the year, compared with USD15.5bn in the corresponding period of 2010. As of the end of February, high yield bond funds have posted inflows of over USD1bn. Since the beginning of the year, they show inflows of over USD22bn. Money market funds, for their part, have seen redemptions totalling USD21bn in the last week of February, while European money market funds have posted their heaviest outflow since 2007.
05/03/2012

Investors steer clear of Europe

Appetite for risk has remained high in the last few days of February, but investors have been avoiding Europe, due to uncertainty about Greek debt and a downturn in growth in the region. European equity funds have seen levels of redemptions in the week to 29 February not seen in 14 weeks, according to statistics from EPFR Global.Equity funds overall nonetheless posted net inflows of USD4.7bn, and net subscriptions since the beginning of the year have totalled USD24bn, compared with USD40.2bn in the corresponding period of 2011. In the last few days of February, US equity funds have posted net subscriptions totalling over USD3bn.Bond funds in the week attracted more than USD5bn in assets, and USD48.8bn since the beginning of the year, compared with USD15.5bn in the corresponding period of 2010. As of the end of February, high yield bond funds have posted inflows of over USD1bn. Since the beginning of the year, they show inflows of over USD22bn.Money market funds, for their part, have seen redemptions totalling USD21bn in the last week of February, while European money market funds have posted their heaviest outflow since 2007.
05/03/2012

Change in managers for a Scottish Widows small caps fund

Scottish Widows has decided to entrust the management of the Scottish Widows HIFML UK Smaller Companies Alpha fund to an in-house team. As a result, the fund, which had previously been managed by Harry Nimmo, the small caps specialist at Standard Life Investments, will now be managed by two members of the SWIP equities team, Gregor Macdonald and Andrew Paisley. They are also responsible for the management of the SWIP UK Smaller Companies fund and the SW UK Smaller Companies fund. At Standard Life Investments, Nimmo manages the SLI UK Smaller Companies fund, whose assets under management total GBP1bn, the Standard Life UK Smaller Companies trust (GBP140m), and the SLI Global Smaller Companies fund, which has recently been created.
05/03/2012

Two Italian asset management firms merge

Sara Assicurazioni is selling Mc Gestioni to Zenit Sgr, according to an article in Milano Finanza. The operation, which is pending approval from the Bank of Italy, would create an asset management firm with EUR800m in assets under management.
05/03/2012

CIC handed a fresh purse

Jesse Wang, executive vice president, says that the sovereign fund China Investment Corp last year received additional financing of USD30bn, Agefi reports. The head refused, however, to say whether this amount would be used to purchase assets in Europe. “It’s not because Europe has its problems that we will be changing our examination methods,” the manager says.
05/03/2012

HansaInvest recruits from H&A

On 1 March, Herbert Dietz, who had been a director at Hauck & Aufhäuser Asset Management (H&A AM) in Munich, joined HansaInvest Hanseatische Investment GmbH as director of distribution. He will be in charge of intensifying relationship management for distribution partners, and will report to Dirk Zabel, a member of the board responsible for distribution.
05/03/2012

“We can offer funds for all investment objectives”

Unlike the group overall, whose assets totalled USD670.3bn as of the end of December, the French affiliate of Franklin Templeton continued to post net inflows in fourth quarter last year. Dominique de Préneuf, CEO, attributes this result both to the quality and variety of products on offer, and to the vast diversity of client segments.
05/03/2012

BlackRock bullish on Asia-Pacific

In an interview with The Wall Street Journal, Mark McCombe, chairman of BlackRock for Asia-Pacific, says the firm is “bullish” on the Chinese economy, as the Chinese government has done a good job of managing it centrally through times of numerous economic uncertainties, with the situation in Europe and structural issues in the United States. He is also bullish on India, due to the entrepreneurial spirit there, but its major challenge is infrastructure, and it will take time for the country to catch up with China in this area.McCombe says that he has always regarded Indonesia as a sleeping giant, which is now trying to overcome its structural problems. In Australia, the overactive economy actually reflects growth in inter-regional trade, and the fact that growth in China is advancing at a fast pitch, which means that China will need to find resources or partners capable of supplying it with commodities it needs, and Australia is in a position to be that partner.
05/03/2012

Thomas Miller Investment creates an onshore activity

The asset management firm Thomas Miller Investment is launching an onshore activity based in the United Kingdom, as a complment to its existing activities on the Isle of Man, Investment Europe reports. The new activity will be based in Edinburgh, and will be led by Harry Morgan, former head of investment management at Adam & Company. He will lead a team of 15 people. Assets under management at Thomas Miller Investment total GBP2.7bn.
05/03/2012

Guernsey, a preferred place for fund administration

Hedge fund managers in the United Kingdom have a marked preference for Guernsey. According to a survey by Fund Domiciles, 24% of them have their funds domiciled in Guernsry, compared with 21% in the United Kingdom, 18% in Jersey, 12% in the Cayman Islands and 9% in Luxembourg. For 24% of managers, administration services for their funds are done in Guernsey, compared with 20% in the United Kingdom, 18% in Ireland, and 16% in Jersey. According to Fund Domiciles, these results reflect the rise of Guernsey to third place in the evaluation of the market in terms of stability. Guernsey is especially highly regarded by the private equity sector. The number of establishments with a license as of 2011 totalled 35, as Bank Sarasin has not renewed its license, down from a peak of 79 at the end of the 1990s.
05/03/2012

Newton parts with its CIO for private clients

Philip Collins, chief investment officer for private clients and charities, has left Newton Investment Management (BNY Mellon group). His position has been discontinued following the promotion of Simon Pryke to the position of CIO, FundWeb reports.Collins, who had been manager of the Newton Phoenix fund, will be replaced by his co-manager Paul Flood, who will be succeeded by Ben Ward.
05/03/2012

Henderson GI looks to develop in real estate debt

Henderson Global Investors has hired John Feeney as head of real estate debt in its secured credit team. He will work closely with Henderson’s property business as well as the fixed income team to drive business growth in real estate debt as traditional lenders retreat from the market. Feeney most recently headed Bank of America Merrill Lynch’s Asia real estate Special Assets Group with responsibility for the region’s legacy debt book.
05/03/2012

Henderson and Tantallon close Asian hedge funds

The British asset management firm Henderson Global Investors on 23 February closed its Asia-Pacific Multi-Strategy fund, launched in 2006, Asian Investor reports. Its assets under management total about USD30m. According to a spokesperson from Henderson, the fund has a good track record, but has not managed to attract new investors. The Singapore-based firm Tantallon, for its part, has closed its long-only fund, the Bass Rock Fund, whose assets under management totalled about USD145m as of the end of 2011. Macquarie Funds Group and Pinpoint Asset Management have recently taken similar measures to confront a difficult environment for hedge funds.
05/03/2012

Risk of hedge fund fire sales still looms, says FSA

The British Financial Services Authority (FSA) claims that there is still a systemic risk of fire sales of assets by distressed hedge funds during periods of market turbulence, according to its most recent study of the sector (“Assessing the possible sources of systemic risk from hedge funds.»)The most recent surveys by the FSA suggest that the footprint of hedge funds remains modest in most markets, with the possible exceptions of convertible bond, interest rate derivative and commodity derivative markets.For most hedge funds, leverage remains relatively low, and most funds estimate that they would be able to liquidate their assets more rapidly then the deadlines on their liabilities, which suggests that the transformation of maturities into liquidity is not highly developed. The FSA adds, however, that these estimates are not necessarily appropriate in times of market stress.Statistics also suggest that counterparties have increased their requirements in terms of margin calls, and toughened up the terms for hedge fund exposures since the financial crisis, which has increased resistance to hedge fund defaults.

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