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04/10/2011

SWIP appoints an investment director

Scottish Widows Investment Partnership (SWIP) has announced the recruitment of James Carver as investment director for absolute return bond funds. Carver will co-manage absolute return bond funds with Juan Valenzuela. Carver previously spent ten years at Aberdeen Asset Management.
04/10/2011

BlueBay AM to lend money to European businesses

BlueBay Asset Management is planning to launch a range of funds with several billions of euros in assets, which will lend money to European businesses, to fill a gap currently left vacant by banks, the Financial Times reports. The new activity, which will start up in 2012 with a closed-end fund, will directly finance small and mid-sized businesses.
04/10/2011

Cambridge Strategy recruits a CEO for Asia

The hedge fund manager Cambridge Strategy Asset Management, a specialist in emerging markets, has recruited Adam Reynolds for the newly-created position of chief executive officer for the Asian region, Asian Investor reports. Reynolds, who will begin in January 2012, previously worked at Société Générale, where he was co-head of bonds and currencies for Asia.
04/10/2011

AXA IM appoints Francisco Arcilla as global head of funds of hedge funds

AXA Investment Managers has announced the appointment of Francisco Arcilla as global head of AXA Funds of Hedge Funds (AXA FoHF) effective 3 October, 2011. He will be responsible for the overall leadership of AXA IM’s FoHF platform and accelerate its development as a provider of tailor made investment solutions in the hedge fund space. Francisco will be based in London and report to Thibaud de Vitry, global head of AXA IM’s Investment Solutions business and member of the AXA IM Management Board. Francisco Arcilla will be a member of the AXA IM executive committee.
04/10/2011

Alain Massiera joins Rothschild & Cie Gestion

Alain Massiera is joining the college of partners and the board at Rothschild & Cie Gestion, as head of the private banking unit at Rothschild & Cie Gestion, the firm announced in a statement on 3 October. “His exceptional expertise in private banking and investment banking and his international career will be at the core of the new responsibilities of Alain Massiera,” Jean-Louis Laurens, chairman of the board and managing partner at Rothschild & Cie Gestion, says in a statement. Massiera was appointed in December 2010 as global head of the private banking profession at the Crédit Agricole S.A. group in Paris.
04/10/2011

Mandarine has about EUR400m in international assets under management

“Assets under management related to the deployment of the international product range represent about 25% of total assets,” says Mandarine Gestion, whose total assets under management as of the end of August totalled EUR1.6bn. The firm has chosen once again this autumn to announce its exposure to international business, with an added reminder that this products are now available in five European countries outside France (see Newsmanagers of 30 August): Germany, Luxembourg, Austria, Spain, and Italy.In Italy, the Mandarine Valeur and Mandarine Unique funds were registered in July. In Spain and Italy, the management firm is present through a partnership with La Française AM, which has offices in Madrid and Milan. In addition, Mandarine has an office in Frankfurt, and uses the services of First Quant in Vienna.Mandarine also manages assets from Switzerland (a market it entered in 2008), Luxembourg (2008), Ireland (2011) and the United Kingdom (2009). These markets are handled by the sales team bases in Paris.
04/10/2011

Abu Dhabi's IPIC raises stake in ÖMV

In a filing released on 3 Ocotber, the Austrian oil group ÖMV announced that it has been informed by the International Petroleum Investment Company (IPIC, an affiliate of the Abu Dhabi sovereign fund), that the latter firm has increased its stake in the capital of ÖMV to 24.9%, from a previous level of 20.9%. IPIC now owns 81.49 million shares in ÖMV, and its most recent acquisition is valued at EUR320m.The holding company ÖIAG, which controls the Austrian government’s investments, remains the largest shareholder in ÖMV, with about 31.5% of the firm.
04/10/2011

Schroders to unveil GAIA CQS Credit fund in Germany and Austria

The British asset management firm Schroders, which has already released its GAIA CQS Credit fund in France (see Newsmanagers of 11 July) and in Spain (see Newsmanagers of 31 August) will now make a roadshow for the UCITS-compliant hedge fund for German and Austrian investors in the month of October, Investment Europe reports. The product has gained 6.8% since its launch in April, and its objective is returns higher than the Libor 3-month.
04/10/2011

Axa IM in absolute return fund launch

Axa Investment Managers is adding to its Optimal Investments range with the launch of the Axa WF Optimal Absolute fund, which will aim to earn positive returns every year, regardless of the direction of the markets. It joins the two flexible funds AXA Optimal Income and AXA WF Optimal Income, which have over EUR1bn in assets under management as of the end of July 2011. “Axa WF Optimal Absolute is an opportunistic fund which offers a way to take long or short positions on a wide variety of assets. These positions may be realised directly through indices, financial sector shares, equities and bonds, or via derivatives,” explains Serge Pizem, manager of the fund and head of the Optimal Investments team at Axa IM. He will be assisted by Laurent Talon, who joined Axa IM in July this year. The fund may invest in developed and emerging markets, and will include liquid asset classes in variable proportions depending on the evolution of the markets. It combines a macro and bottom-up approach in order to limit the correlations between its various investments. “Currently, the portfolio is invested primarily in money markets, as volatility is high and the correlations between the various asset classes are unstable. In addition, the impact of policy decisions on the markets is very high. These points have compelled us not to engage too much capital in this environment,” Pizem says. The fund has a wealth management approach, and is aimed primarily at distributors (private banks), funds of funds, IFA networks, and wealth management advisers, among whom absolute return strategies are currently in high demand.
04/10/2011

DoubleLine launches its fifth fund

DoubleLine Capital, the asset management firm founded by Jeff Gundlach and several former employees of TCW (Société Générale), has announced that DoubleLine Funds Trust on 30 September launched the bond product DoubleLine Low Duration Bond Fund, with two no-load share classes. The I share class carries a commission of 0.47%, while the N share class carries a commission of 0.72%. Minimal initial subscription is set at USD100,000 for I shares, and USD2,000 for N shares.It is the fifth fund of the DoubleLine range.The managers of the portfolio are Philip Barach, Luz Padilla and Bonnie Baha. The effective duration of the new fund will be a maximum of 3 years under ordinary conditions.
04/10/2011

InverCaixa to introduce three share classes for all funds

Most funds from InverCaixa now offer three share classes, Funds People reports. The first class is for subscriptions varying from EUR600 to EUR50,000; the second covers the range from EUR50,001 to EUR300,000, and the third, entitled Premium, is for investments of over EUR300,000. Each share class charges a different commission level.According to the most recent statistics from the CNMV, the system of multiple share classes, which has been allowed in Spain for two and a half years, is not yet common practice. Only 129 funds now have a total of 300 share classes. InverCaixa has become the most recent firm to participate in the movement.
04/10/2011

Aviva Gestión launches a fund of international equities excluding the euro zone

On 29 September, Aviva Gestión registered the Aviva Renta Variable Zona no Euro fund with the CNMV. As its name indicates, the fund will invest at least 75% of its assets in equities in companies outside the euro zone, or in other funds which invest outside the euro zone, including in emerging countries. At least half of the portfolio will be placed in at least four third-party or in-house funds. The fund was created on 15 June 2011.The benchmark index is composed 60% of the S&P 500 Total Return, and 10% each of the Topix Total Return, FTSE 100 Total Return, MSCI Emerging Markets Total Return, and EONIA 7-day.The portion of the fund not invested in equities will be placed in moderate-quality bonds from OECD countries, but will also be partly invested in euro zone equities. The average duration of the bond portfolio will not exceed two years. Exposure to currency risks may vary from 0 to 100%.The product will be available primarily via Allfunds Bank.CharacteristicsName: Aviva Renta Variable Zona No Euro, FIISIN code: ES0112186004Indirect management commission: 2.25%Direct management commission: 0.1%Indirect depository banking commission: 0.2%Direct depository banking commission: 0.04%Minimal initial subscription: EUR10
04/10/2011

Martin Currie closes two funds

InvestmentEurope reports that Martin Currie has decided to close two funds, the Pan European Alpha and Global Financials. The first of these funds is to be closed due to the departure of its co-manager, Eric Woehrling, while the second is being closed because its net asset value has fallen below USD10m.
04/10/2011

State Street Global Advisors launches three sectoral ETFs in its SPDR range

The US asset management firm State Street Global Advisors (SSgA) has announced that the new SPDR S&P® Aerospace & Defense ETF (XAR), SPDR S&P Health Care Services ETF (XHS) and SPDR S&P Software & Services ETF (XSW) funds were admitted to trading on the NYSE Arca platform on 29 September. They replicate the sectoral sub-indices of the S&P Select Industry Indices range, and each charge fees of 0.35%.Assets in ETFs of the SPDR range as of the end of June totalled over USD266bn.
04/10/2011
Gestion d'actifs

Vauban Humanis précise ses ambitions en matière d'investissement responsable

A l’occasion de la publication de son son premier rapport sur l’investissement responsable, Vauban Humanis a détaillé les nouvelles étapes clés de sa politique ISR: Faire coter la note Investissement Responsable issue de notre norme interne Vauban Humanis par un tiers externe reconnu sur le marché de l’Investissement Responsable. Mettre en ??uvre des plans d’actions permettant d’augmenter de manière continue la qualité de nos processus de gestion et l’impact sociétal de nos investissements. Faire valider par un conseil externe les conditions de mise en ??uvre des supports spécifiques d’investissement tels que les produits structurés, la gestion alternative, en terme responsable. Reporter sur les politiques de vote et d’engagement menées via nos deux fonds dédiés « actions » afin d’aboutir, à terme, à la transcription et la promotion des valeurs du Groupe. (NB : nos deux gérants partenaires représentent un total d’environ 800 milliards d’euros d’actifs gérés) Développer la formation et la sensibilisation à l’ensemble des parties prenantes du périmètre Vauban Humanis à notre démarche d’Investisseur Responsable.
Gestion d'actifs
04/10/2011

Centerbridge Partners cède GSI Holdings

Des fonds affiliés à la société de private equity ont vendu le spécialiste des systèmes de stockage de céréales GSI Holdings au fabricant de matériel agricole Agco Corp. La transaction a été conclue pour un montant avoisinant les 940 millions de dollars.
04/10/2011

BNP Paribas se consolide chez Innocap

Theam, le spécialiste de la gestion indicielle, systématique active, garantie et alternative de BNP Paribas IP, a confirmé son renforcement en gestion alternative, en augmentant de 25 à 50% sa participation dans Innocap, détenue avec la Banque Nationale du Canada.
04/10/2011

PPD retiré de la cote pour près de 4 milliards de dollars

Les fonds Carlyle et Hellman & Friedman rachètent le groupe américain de services pour la recherche Pharmaceutical Product Development (PPD) pour 3,9 milliards de dollars en numéraire. Le prix de 33,25 dollars par action représente une prime de 29,6% sur le cours de clôture de vendredi.
04/10/2011

Rencontre franco-allemande dimanche à Berlin

Angela Merkel recevra dimanche à Berlin Nicolas Sarkozy pour discuter des préparatifs du Conseil européen des 17 et 18 octobre à Bruxelles, a annoncé hier le porte-parole de la chancelière allemande dans un communiqué.
04/10/2011

Londres est le coeur européen de l’immobilier commercial

Londres s’est taillée la part du lion des investissements en immobilier commercial sur le territoire européen. Selon le quotidien, qui se réfère à une étude de CB Richard Ellis, les Etats non-européens, mais également des sociétés de capital-investissement, des fonds de pension et d’assurance auraient réalisé au total quelque 8 milliards de livres d’investissements dans des bureaux et boutiques londoniens sur les 18 derniers mois achevés fin juillet, soit 39% du marché total. C’est près de cinq fois plus que le montant investi à Paris (1,63 milliard de livres), la deuxième ville européenne en termes d’investissements en immobilier commercial.
04/10/2011

Le Qatar prépare sa ruée vers l’or

Qatar Holdings songe selon le quotidien britannique qui cite des sources proches à créer Qatar Gold, un véhicule d’investissement dédié à des engagements dans le secteur de l’or, par acquisitions ou prises de participation. Pas moins de 5 milliards de dollars pourraient être consacrés à ce projet croit savoir le quotidien.
04/10/2011

Reliance et Berkshire font cause commune en Inde

Le distributeur Reliance Retail, filiale du conglomérat propriété de Mukesh Ambani, et le groupe de produits laitiers surgelés Dairy Queen, détenu par Berkshire Hathaway, le véhicule d’investissement de Warren Buffett, sont en négociations en vue de la création d’une coentreprise en Inde. Dairy Queen est en quête de croissance en Asie.
04/10/2011

Le Vietnam compte limiter la rémunération de l’or

La banque centrale vietnamienne pourrait établir une limite supérieure aux taux de rémunération des dépôts en or dans l’institution à 0,5% dans le but de limiter la demande mais surtout la spéculation sur le marché local du métal précieux, affirme le journal qui cite un membre officiel de la banque centrale.

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