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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

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

“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

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

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

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

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

Former JP Morgan head to launch his own hedge fund

Mike Stewart, global head of proprietary trading at JP Morgan in London, and former head of emerging markets, will launch his own hedge fund, Whart Stewart, in second quarter, the Financial Times reports, citing sources familiar with the matter. The emerging markets team at the bank will join him at the new fund.
05/03/2012

State Street offers two new equity ETFs

The SPDR ETF range from State Street Global Advisors (SSgA) on 28 February grew with the admission to trading on NYSE Arca of two new equity products.One of these, the SPDR MSCI ACWI IMI ETF, whose acronym is ACIM, replicates the MSCI All Country Investable Market index; it charges 0.25%.The other, the SPDR AM 50 ETF (EMFT), tracks the MSCI EM 50 emerging markets index, which covers the 50 largest shares of the MSCI Emerging Markets index. Its total expense ratio is 0.50%.
05/03/2012

Invesco RE and Hannover Leasing liquidate a US fund

The property located at 33 Maiden Lane in New York has been sold for USD207.5m to the Federal Reserve Bank of New York by an institutional real estate fund from Invesco Real Estate and Hannover Leasing, which earned capital gains on the sale of 56%.As the fund had already sold the property at 10 Exchange Plance in New Jersey for USD285m, the fund will be liquidated. The two properties were acquired in 2002 for USD330m. Over the life of the fund, the performance in US dollars was 12.5% per year.
05/03/2012

No shadow banking by credit hedge funds, AIMA says

In a 25-page report entitled “The Role of Credit Hedge Funds in the Financial System: Asset Managers, Not Shadow Banks,” the Alternative Investment Management Association (AIMA) challenges the association by the G20 of credit hedge funds with entities related to “shadow banking,” on three main grounds.Firstly, they don’t operate in the shadows, but will soon be subject to strict regulations everywhere in the world. Secondly, these funds are not banks, and do not make any maturity transformation. Lastly, they are aimed at “sophisticated” institutional investors.In addition to these points, the hedge funds represent only a relatively modest volume compared with banks, use only limited amounts of leverage, and do not have implicit or explicit guarantees from taxpayers.According to the Association, credit or credit-related hedge funds represent one third of the global hedge fund sector, and they use a vast range of investment strategies, ranging from fundamental credit analysis and arbitrage to trading of complex derivatives.
05/03/2012
Gestion d'actifs

La Caisse de Retraite des Sénateurs de Belgique a sélectionné les mandataires de son appel d'offres Specialty Managers

La Caisse de retraite des sénateurs de Belgique a sélectionné, fin février, six gérants pour son appel d’offres Specialty managers, avec l’aide de la société de conseil Econopolis Strategy. Les mandats de gestion discrétionnaires étaient répartis sur plusieurs thèmes d’investissement spécialisés: Le lot 1 portait sur une poche d’actifs ISR énergie. Il a été attribué à KBC AM. Le lot 2 concernait une poche agri-food. Son gérant sera Petercam. Le lot 3, real assets, n’a pas été adjugé. Le lot 4 sur les actions européennes large cap a été attribué à Edmond de Rothschild AM et Capital at Work (Banque Delen) Le lot 5, actions à haut dividendes a été attribué à Axa IM et KBC AM Chaque lot du mandat est compris entre 5 et 10 millions d’euros. Il s’agit uniquement de poches actions. La Caisse de retraite des sénateurs de Belgique gère un portefeuille d’actifs de 180 millions d’euros. Seuls 40 % de ces encours sont externalisés. Pour lire l’avis complet: cliquez ici
Gestion d'actifs
05/03/2012

Des fonds s’organisent pour la branche peinture auto de DuPont

Reuters croit savoir que des fonds de capital investissement tâchent d’unir leurs forces pour tenter de racheter les activités de peinture pour véhicules de DuPont, dont le prix pourrait dépasser 4 milliards de dollars. Blackstone se serait d’ores et déjà allié avec Bain Capital, tandis que le fonds Clayton, Dubilier & Rice ferait équipe avec CVC Capital Partners.
05/03/2012

Le fonds souverain CIC reçoit un financement additionnel

Jesse Wang, vice-président exécutif du fonds souverain China Investment Corp, a fait part de l’obtention l’an dernier d’un financement additionnel de 30 milliards de dollars. Le responsable a 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.
05/03/2012

Un fonds s’invite au capital de Latécoère

Selon Le Figaro, le fonds de gestion alternative Alura Partners a franchi le seuil de 2% du capital de l’équipementier aéronautique. Le groupe a finalisé en décembre dernier sa restructuration financière avec ses créanciers bancaires et entend prendre part à la consolidation du secteur «dans un horizon de 2-3 ans».
05/03/2012

Naxicap Partners entre chez Lipp

Le fonds d’investissement a racheté 37% du capital de Groupe Bertrand aux fonds L Capital et Capzanine. Fondé par Olivier Bertrand, le groupe compte notamment parmi ses enseignes la brasserie Lipp et les boulangeries Moisan. Olivier Bertrand en reste le PDG et le premier actionnaire.
05/03/2012

LVMH entend grandir en Inde

L Capital, le fonds d’investissement du groupe LVMH, tiendrait la corde pour le rachat de l’indien Lilliput Kidswear. KKR, Mahindra & Mahindra et IVF (India Value Fund) auraient toutefois également signé des accords de confidentialité afin de négocier la transaction, selon le quotidien. Les discussions avec L Capital en seraient à un stade avancé et pourraient se conclure d’ici quelques semaines.
05/03/2012

Les technologiques chinoises émettent à haut rendement

Le 21st Century Business Herald indique de source anonyme que le régulateur chinois des marchés, la CSRC, a autorisé les petites et moyennes entreprises du pays au sein des secteurs technologique et agricole à émettre des obligations à haut rendement négociables sur les Bourses de Shanghai et de Shenzhen.
05/03/2012

Un trader vedette de JPMorgan lance son propre fonds

Mike Stewart, responsable mondial du négoce pour compte propre de la banque américaine depuis un an, devrait lancer à Londres au cours du deuxième trimestre 2012 selon le quotidien son propre hedge fund, dénommé Whard Stewart. Il s’agirait de l’un des plus importants lancements de fonds alternatifs outre-Manche cette année. L’ancienne équipe du dirigeant en charge des marchés émergents devrait le rejoindre.

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