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08/06/2011

Citi vend un portefeuille de private equity à Axa

Selon The Wall Street Journal, Citigroup vend un portefeuille de 1,7 milliard de dollars d’actifs en private equity à Axa Private Equity. La transaction porte sur des participations dans 207 fonds de «buyout», dont certaines dans des fonds de KKR, Blackstone, Carlyle et Providence Equity Partners, entre autres, ainsi que des intérêts directs dans environ 20 sociétés. Le «deal» doit être annoncé ce mercredi.
08/06/2011
Fonds

Parametric lance un mutual fund de performance absolue à base de matières premières

Filiale d’Eaton Vance, Paramatric Portfolio Associates (qui gère 42,6 milliards de dollars avec sa propre filiale Parametric Risk Advisors) vient de lancer le mutual fund Paramatric Structured Commodity Strategy Fund - dont l’acronyme est EIPCX - et qui est géré à la fois par le CIO David Stein et le managing director Thomas Seto.Ce produit est principalement destiné aux family offices, aux investisseurs institutionnels et aux CGPI (RIA). Il est chargé à 0,75 %.
Fonds
08/06/2011
Fonds

Klaus Kaldemorgen donne son nom à son premier hedge fund

Bien que les deux fonds gérés par sa vedette Klaus Kaldemorgen, DWS Akkumula et DWS Vermögensbildung I, aient pris un gros retard sur le marché l’an dernier et que la situation ne se soit pas améliorée en 2011 (avec une perte d’environ 5 %) , DWS ne se laisse pas perturber et donne le nom de son gourou au nouveau DWS Concept Kaldemorgen, qui applique une approche «total return», une «multi-stratégie à la Kaldemorgen» (actions, obligations, dérivés), comme le précise la brochure commerciale, rapporte le Handelsblatt.Ce concept n’a rien de révolutionnaire, il s’agit d’un «hedge fund light» comme en ont déjà d’autres maisons dans leur gamme. Toutefois, il ne s’agit pas d’innovation, mais du nom. DWS passe simplement sous silence que Klaus Kaldemorgen s’est fait dans le passé une réputation de gérant actions, pas de gérant de hedge funds.Quoi qu’il en soit, ce fonds sera un succès commercial pour DWS, avec ce nom et la force de distribution de la maison. Quant à savoir si le produit sera rentable pour les investisseurs, c’est une autre paire de manches, conclut le journal.
Fonds
08/06/2011
Fonds

Klaus Kaldemorgen lance son fonds "total return"

Ainsi que Newsmanagers l’annoncait il y a un peu plus de deux mois (lire notre article du 31 mars), Klaus Kaldemorgen, le gérant vedette de DWS, a lancé son fonds luxembourgeois «total return» qui est même le premier de la gamme de ce gestionnaire du groupe Deutsche Bank à porter le nom de son gérant : le DWS Concept Kaldemorgen.Le concept choisi consiste à faire participer les souscripteurs de deux tiers des hausses et à seulement un tiers des baisses, sans indice de référence. L’encours se situait au 6 juin à 11,99 millions d’euros. En règle générale, le portefeuille sera couvert du risque de change par rapport à l’euro. Les devises et l’or peuvent être utilisés comme adjuvant pour améliorer la performance. Actuellement l’exposition aux actions est plutôt défensive.Ce concept n’a rien de révolutionnaire, il s’agit d’un «hedge fund light» comme en ont d’autres maisons dans leur gamme. L’innovation réside dans le fait que le produit porte le nom du gérant d’exception, même si DWS oublie de signaler que Klaus Kaldemorgen s’est fait dans le passé une réputation de gérant actions, pas de gérant de hedge funds, estime Ralf Drescher dans le Handelsblatt.Quoi qu’il en soit, ce fonds devrait être un succès commercial pour DWS, avec son nom prestigieux et la force de distribution de la maison. Quant à savoir si le produit sera rentable pour les investisseurs, c’est une autre paire de manches, conclut le journal. CaractéristiquesDénomination : DWS Concept Kaldemorgen LCCode Isin : LU0599946893Droit d’entrée : 5 %Commission de gestion: 1,50 %Commission de performance : 15 % pour la surperformance par rapport à l’Eonia, avec high watermark
Fonds
08/06/2011

versiko renforce son état-major

La société allemande de conseil en investissement ISR versiko a recruté Michael Stephan Duesberg comme troisième membre de sa direction générale, aux côtés du président fondateur Alfred Platow et d’Helga Nissen. L’intéressé était en dernier lieu managing director pour le secteur financier dans la région centre-Europe chez EDS Electronic Data Systems, après avoir été global partner d’Amvescap et CEO d’Invesco pour les pays germanophones.Le nouvel arrivant sera chargé des mutations rendues nécessaires par l’entrée en vigueur de la directive OPCVM IV. Il sera de plus responsable de la gestion des fonds de la filiale luxembourgeoise Ökoworld.
08/06/2011
Fonds

Wendel via le fonds Helikos met la main sur Exceet Group

Selon Les Echos, Wendel, via le fonds d’investissement allemand Helikos, coté à la Bourse de Francfort et dont il est le principal sponsor, va acquérir la société technologique suisse Exceet Group pour près de 150 millions d’euros. Exceet conçoit à travers une kyrielle de PME des systèmes électroniques intelligents embarqués, utilisés dans l’industrie médicale, les transports, la sécurité, par exemple dans des cartes à puce. Le vendeur, le fonds de capital-investissement Ventizz, va recevoir 110 millions d’euros en cash et 3,1 millions d’actions au prix de 10 euros, enfin 11 millions d’euros pour rembourser la dette de la cible, précise le quotidien.
Fonds
08/06/2011

Parametric launches an absolute returns mutual fund based on commodities

Parametric Portfolio Associates, an affiliate of Eaton Vance with USD24.6bn in assets under management and its own affiliate, Parametric Risk Advisors, has launched the mutual fund Parametric Structured Commodity Fund, with the acronym EIPCX, managed by the firm’s CIO, David Stein, and the managing director, Thomas Seto. The product is aimed primarily at family offices, institutional investors, and IFAs (RIA). It charges fees of 0.75%.
08/06/2011

Pimco soon to launch an actively-managed currency ETF

Pimco, a US affiliate of Allianz Global Investors (AGI), on 6 June notified the SEC that it is planning to launch an actively-managed currencies ETF in the near future, the Pimco Foreign Currency ETF. The management commission for the fund has not yet been announced. “Under ordinary circumstances,” the fund will invest at least 80% of its assets in foreign assets and/or currencies other than the US dollar, in the form of bonds, money market instruments, and futures contracts on currencies, all of which will be hedged with high quality and short-duration securities. The objective is to expose the fund to currencies which will be likely to outperform the US dollar. The average duration for the portfolio will ideally range from 0 to 3 years. The management team will be able to invest in investment-grade securities and high yield bonds.
08/06/2011

Klaus Kaldemorgen launches his total return fund

As Newsmanagers reported slightly over two months ago (see Newsmanagers of 31 March), Klaus Kaldemorgen, the star DWS manager, is launching a total return fund, which is also the first fund in the product range from the management firm of the Deutsche Bank group to bear the name of its manager: DWS Concept Kaldemorgen. The concept aims to allow subscribers to participate in two thirds of gains and only one third of losses on the markets, without a benchmark index. Assets as of 6 June totalled EUR11.99m. In general, the portfolio will be hedged for currency risks against the euro. Currencies and gold may be used as an additional area for investment to improve performance. Currently, the fund’s exposure to equities is comparatively defensive. Characteristics Name: DWS Concept Kaldemorgen LCISIN code: LU0599946893 Front-end fee: 5% Management commission: 1.5% Performance commission: 15% on performance exceeding the Eonia, with high watermark
08/06/2011

Klaus Kaldemorgen lends his name to his first hedge fund

Although two funds managed by the star DWS manager Klaus Kaldemorgen, the DWS Akkumula and DWS Vermögensbildung I, lagged far behind the market last year, and the situation does not appear likely to improve in 2011 (with losses of about 5% so far), DWS does not appear to be concerned, and has named his new fund, DWS Concept Kaldemorgen, which applies a total return approach described in the sales brochure as “multi-strategy à la Kaldemorgen” (equities, bonds, derivatives) after the guru, Handelsblatt reports.The concept is nothing revolutionary: it is a “hedge fund lite” similar to those that other firms have in their product ranges. The fund may not offer innovation, but it does have a big name. DWS does not mention that Kaldemorgen has in the past been known as an equities manager, not as a hedge fund manager. Anyway, the fund is expected to be a commercial success for DWS, with the Kaldemorgen name and sales strength of the management firm behind it. It remains however to be seen whether the product will be profitable for investors, the newspaper concludes.
08/06/2011

versiko adds to top management team

The German SRI investment advisory firm versiko has recruited Michael Stephan Duesberg as the third member of its uppermost management team, joining chairman and founder Alfred Platow and Helga Nissen. Duesberg was most recently a managing director for the financial sector in the central European region at EDS Electronic Data Systems, and before that had served as global partner at Invescap, and CEO of Invesco for the German-speaking countries.Duesberg will be in charge of carrying out the changes necessary due to the entry into force of the UCITS IV directive. He will also be responsible for management of funds from the Luxembourg affiliate Ökoworld.
08/06/2011

Hedge funds attracted a net total of USD17.5bn in April

According to estimates by TrimTabs Investment Research and BarclayHedge, the hedge fund sector in April posted net subscriptions of USD17.5bn, or about 1% of its assets. As of 30 April, assets under management totalled USD1.8trn, their highest level since October 2008. The funds which saw the largest inflows were multi-strategy products, which took in USd5.3bn, or 2.5% of their assets, macro funds (USD3bn, 2.6%), and bond funds (USD1.3bn, or 0.7%).
08/06/2011

Northern Trust appoints a CEO for hedge fund services

Northern Trust has appointed R. Peter Sanchez as chief executive officer at Northern Trust Hedge Fund Services, following the completion of the acquisition by Northern Trust of Omnium, a hedge fund administrator, from Citadel. Sanchez is currently global head of development and client services at Omnium.
08/06/2011

CBT Gestion approaching EUR100m in assets

CBT Gestion announces, just when it receives the Actifs d’Or de l’Innovation 2011 prize from Agefi, that it has had net inflows of about EUR100m so far. The FCP CBT Action Eurovol 20 (see Newsmanagers of 9 November 2010) most recently had assets of EUR12.6m. For the firm’s four new products based on the MSCI, with volatility objectives of 5%, 7.5%, 15% and 25% (see Newsmanagers of 5 April), “it is interesting to note,” says Christian Bito, chairman of the firm, “that the largest inflows are going to the CBT vol 15 (EUR22m) and the CBT Action Eurovol 20. That appears to be a sign that the markets are still showing some appetite for risk, and that at any rate, they are not expensive.”
08/06/2011

UFF to recruit 300 IFAs by the end of the year

The Union financière de France (UFF) is accelerating its development. The bank, a specialist in wealth management advising, is adding to its teams, with a goal of recruiting 300 new staff by the end of 2011 throughout France. The recruitment programme will involve not only locations in the Paris region, but also those in all of the rest of France. Three types of candidates are most particularly desired: professionals in the areas of banking, insurance and wealth management (younger or senior advisers); salespersons with experience in the regions concerned, whatever their current area of activity; and young graduates (under 26). The new recruits will immediately receive the status of independent financial adviser (IFA), the UFF says.
08/06/2011

DB Advisors takes over money market funds from Standard Life Investments

Three months after taking on the Henderson Liquid Assets Fund (HLAF, GBP2.5bn) as a part of is range, DB Advisors (Deutsche Bank group) has completed its negotiations with Standard Life Investments, and on 1 June took over about GBP2bn in assets in Global Liquidity Funds money market funds from Standard Life Investments (SLI), including about USD1.25bn in assets in US dollars. As of 31 March, DB Advisors had about EUR85.3bn in assets in money market funds.
08/06/2011

Vanguard founds a management firm in Canada

Vanguard is entering the Canadian market. Its new entity, Vanguard Investments Canada, will offer a range of products distributed by local IFAs, a statement says. The management firm will be based in Toronto, and will be led by Atul Tiwari, former chairman and CEO of Harris Insight Funds.
08/06/2011

BNY Mellon AM appoints a CEO for Asia-Pacific

BNY Mellon Asset Management has announced the appointment of Alan Harden as CEO of Asia-Pacific. He will report to Curtis Arledge, vice chairman of BNY Mellon and chief executive officer of BNY Mellon’s Investment Management division. He joins from ING Investment Management Ltd where he was chief executive officer of the Asia-Pacific business. Also named a member of BNY Mellon Asset Management’s executive committee, Alan Harden will be based in Hong Kong. In this new position for the company, he will have responsibility for all distribution, strategic, financial and operating plans and business development across Asia-Pacific for BNY Mellon Asset Management. He will support BNY Mellon Asset Management’s relationship with key clients in the region, including sovereign wealth funds. In addition he will work closely with BNY Mellon’s chairman of Asia-Pacific, Steve Lackey, in delivering the whole firm and ensuring clients have greater awareness and access to the company’s leading capabilities. Harden will also join the company’s Asia-Pacific Executive Committee which comprises the heads of each of BNY Mellon’s businesses in the region.
08/06/2011

HSBC settles Madoff suit for USD62.5m

HSBC has entered into an agreement to pay USD62.5m to settle claims against it in the class action pending in New York against various HSBC companies and numerous other defendants on behalf of investors in the Thema International Fund PLC, an Irish incorporated and authorised UCITS fund whose assets were invested with Bernard L Madoff Securities LLC. The Thema settlement must be approved by a judge in New York.
08/06/2011

HSBC launches two emerging markets bond funds

HSBC Global Asset Management has launched two bond funds, focused on Latin America and Asia, Investment Week reports. The Latin America Local Debt fund will be managed by Octavio Ferreira, while the HSBC GIF Asian Currencies Bond fund will be managed by Cecilia Chan and Alfred Mui.
08/06/2011

Strong net subscriptions to UK funds in April

As of the end of April, assets in funds domiciled in the United Kingdom totalled GBP594.6bn, compared with GBP583.2bn as of the end of March, and GBP517bn one year previously, according to statistics from the British Investment Management Association (IMA). Net subscriptions, which totalled GBP4.72bn in first quarter (see Newsmanagers of 16 May), in April totalled GBP2.4bn, of which GBP1.2bn were for individual savings accounts (ISA), compared with GBP2.5bn and GBP1.3bn one year previously. Assets in ISAs as of the end of April totalled GBP109.1bn.For foreign-domiciled funds, total assets under management totalled GBP32bn, comapred with GBP24.2bn twelve months previously, and net subscriptions in April totalled GBP246.8m, compared with GBP200.8m.The IMA says that the best sales in April were for equities funds, at GBP1.1bn, and for bond funds, at GBP516m.
08/06/2011

L'Opep devrait relever ses quotas

Cette décision modérerait les prix du pétrole. Mais la réunion d’aujourd’hui ne devrait pas aboutir à la hausse de la production souhaitée par les pays consommateurs.
08/06/2011

Prigest s'adosse à Swiss Life Banque Privée

La filiale de l’assureur suisse acquiert 25% de la société de gestion de fortune, avec pour objectif d’en prendre le contrôle dans deux ans. L’accord lui permettra d’augmenter ses actifs sous gestion d’un milliard d’euros, soit le tiers du montant qu’elle gère actuellement.

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