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11/04/2011

Nyse Euronext juge l'offre de Deutsche Börse plus intéressante à long terme

L’Agefi rapporte que l’opérateur boursier transatlantique Nyse Euronext a annoncé dimanche soir le rejet par son conseil de l’offre d’achat non sollicitée faite par Nasdaq OMX et IntercontinentalExchange et a réaffirmé sa volonté de fusionner avec Deutsche Börse. A 11,3 milliards de dollars, l’offre de Nasdaq et ICE est jugée «stratégiquement non attractive, avec un risque opérationnel inacceptable» tandis que celle de l’opérateur allemand qui s'élève à 10,2 milliards de dollars, offre «plus de valeur à long terme» pour les actionnaires
11/04/2011

Warburg candidate à la reprise des activités de banque privée au Luxembourg de HSH Nordbank

La banque privée allemande M. M. Warburg négocie avec la banque régionale publique HSH Nordbank l’acquisition de ses activités de banque privée au Luxembourg, selon le Financial Times Deutschland. La Banque du Luxembourg serait également intéressée.Un membre du directoire de HSH Nordbank a indiqué il y a quelques jours que des négociations étaient en cours avec deux candidats sérieux et qu’il espérait pouvoir en dire plus «dans huit à douze semaines». Les actifs sous gestion de l’entité luxembourgeoise s'élèvent à plus de 1 milliard d’euros.
11/04/2011
Fonds

BZ Bank délocalise ses fonds au Luxembourg

Selon L’Agefi suisse, BZ Bank a décidé de délocaliser tous ses fonds au Luxembourg. Elle justifie cette mesure par des doublons dans ses structures, qu’elle peut ainsi éviter. A l’avenir, BZ Bank ne proposera plus que des fonds luxembourgeois.Les fonds suisses seront transférés dans les fonds luxembourgeois, puis dissous. Leurs détenteurs pourront échanger gratuitement leurs parts contre des parts correspondantes de fonds luxembourgeois.
Fonds
11/04/2011
Fonds

Axa IM lance un fonds de fonds Ucits III

Axa Investment Managers vient de lancer Axa World Fund Multi Alpha, un fonds investi dans des «Newcits», c’est-à-dire des fonds conformes à la directive Ucits III reprenant des stratégies alternatives. Le nouveau produit sera lui-même une sicav coordonnée de droit luxembourgeois, offrant une liquidité hebdomadaire. Pour le moment, il n’est enregistré à la vente dans aucun pays.
Fonds
11/04/2011
Fonds

L'encours des fonds espagnols s'est accru de moins de 1 % au premier trimestre

A fin mars, les actifs gérés pour les fonds espagnols ressortaient à 145,67 milliards d’euros, ce qui représente selon VDOS Stochastics une progression de 0,83 % sur fin décembre. L’augmentation de 1.194 millions d’euros est attribuable pour seulement 14 millions aux souscriptions nettes. Le reliquat est dû à l’effet de marché.Les plus fortes hausses d’encours en pourcentage ont été enregistrées par les fonds obligataires internationaux (+ 21,56 %), les fonds d’actions américaines (+ 11,21 %) et les fonds d’actions européennes (+8,30 %).
Fonds
11/04/2011
Fonds

Deux fonds de Paulson dans le rouge

Selon Reuters relayé par fonds professionell, les hedge funds Advantage et Advantage Plus de Paulson & Co ont accusé sur le premier trimestre des pertes respectives de 1,24 et 1,74 %. Essentiellement parce qu’ils ont chacun perdu 3,1 % en mars. Le mauvais résultat de mars a été imputable aux catastrophes au Japon ainsi qu'à des spécualtions malheureuses sur les titres de banques et l’immobilier aux Etats-Unis.
Fonds
11/04/2011

Highbridge promeut son COO

La société de hedge funds Highbridge Capital Management, détenue par JPMorgan Chase, vient de nommer Todd Builione, son chief operating officer, au poste de “president”, rapporte le Financial Times, pour qui cela témoigne de la maturité croissante du secteur. Il partagera la direction de la société avec Glenn Dubin, directeur général et co-fondateur, et Scott Kapnick, responsable de l’activité Principal Strategies.
11/04/2011

Dow Jones and Credit Suisse launch a hedge fund index

Dow Jones Indexes and Credit Suisse have announced the launch of the Dow Jones Credit Suisse Core Hedge Fund Index, the newest addition to their hedge fund index family. The Dow Jones Credit Suisse Core Hedge Fund Index uses multiple managed account platforms to track the liquid, investable hedge fund universe. Rebalanced quarterly, the Dow Jones Credit Suisse Core Hedge Fund Index is UCITS III compliant and includes 40 component funds diversified across seven style-based sectors: event driven, long/short equity, global macro, emerging markets, managed futures, fixed-income arbitrage and convertible arbitrage.
11/04/2011

Barclays launches a renminbi bond fund

Asian Investor reports that Barclays Capital Fund Solutions, the asset management unit of Barclays Capital, has launched a renminbi-denominated bond fund in Singapore in UCITS III format, which will invest 100% of its assets in renminbi-denominated bonds. The fund will be only the second retail fund in renminbi available in Singapore.
11/04/2011

max.xs to offer Rothschild & Cie products in Germany

The independent B2B retailer max.xs has been granted an exclusive mandate by Rothschild & Cie Gestion to introduce distribution and services for its funds and institutional mandates on the German market. A strategic cooperation agreement has been signed by the two businesses, by which the French firm will carry out the internationalisation strategy decided on by Jean-Louis Laurens, managing partner and chairman of the board of directors. Frank-Alexander de Boer, CEO, says the agreement will allow max.xs to extend its range of contrarian products and high-performance investment solutions.
11/04/2011

Warburg Invest rumoured to have recruited a partner from Hauck & Aufhäuser

According to reports in portfolio institutionell, Warburg Invest (EUR12bn in assets) is planning to recruit Volker van Rüth as CEO in charge of portfolio management. His appointment is suspended pending approval by BaFin. Until December 2010, van Rüth was a managing director at the private bank Hauck & Aufhäuser. He apparently left following a disagreement with his alter ego, Michael Schramm.
11/04/2011

Franklin Templeton hires a head from DWS

Jörg Spielberger, who spent 11 years at DWS (Deutsche Bank), most recently as head of insurance clients in Germany and Austria, has joined Franklin Templeton Investments Germany as sales manager in charge of insurance clients and brokers who serve them. He will report to Peter Stowasser, director of distribution to retail clients in Germany.
11/04/2011

Hedge funds post gains in March

The Hennessee Group and Hedge Fund Intelligence report that hedge funds have posted gains of between 0.07% and 0.3% in March, the Wall Street Journal reports. Hennessee estimates that returns totalled 2.5% for first quarter as a whole. According to a source familiar with the matter, the equities fund Ospraie Management (USD300m) lost 0.96% in March, and gained 5.7% in the first three months of the year, while the USD550m commodities fund from the firm made 3.18% in March. Fortress Investment Group, for its part, has notified the SEC that all of its hedge funds, liquid or illiquid, posted gains in March, with the new Asia Macro Fund earning 3.5% returns.
11/04/2011

Strong inflows to emerging markets equities in early April

In the week to 6 April, inflows to emerging markets rose strongly, according to statistics compiled by EPFR Global. Net inflows to equities funds totalled USD13.35bn, of which more than one third went to emerging markets equities, while bond funds, largely due to the high yield segment, attracted about USD3.84bn. Despite interest rate increases in the Euro zone and Portuguese debt troubles, European equities funds posted their first positive inflows since the third week of February. However, outflows continued from European bond funds.
11/04/2011

Axa IM launches a UCITS III fund of funds

AXA Investment Managers has announced the launch of AXA World Fund Multi Alpha, a fund which invests in “Newcits” funds. It is a UCITS III-compliant SICAV and it offers weekly liquidity.The AXA WF Multi Alpha Fund is Luxembourg regulated and is not currently registered for sale in any other jurisdictions.
11/04/2011

Two Paulson funds in the red

Reuters, relayed by fonds professionell, reports that the Advantage and Advantage Plus hedge funds from Paulson & Co have seen losses in first quarter of 1.24% and 1.74%, respectively, largely because they lost 3.1% each in March. The poor results for March are attributable to the Japanese disaster, and to unlucky speculations on banking and real estate shares in the United States.
11/04/2011

Assets in Spanish funds up by less than 1% in first quarter

As of the end of March, assets under management for Spanish funds totalled EUR145.67bn, which according to VDOS Stochastics represents an increase of 0.83% since the end of December. Only EUR14m of the total increase of EUR1.194bn is due to net subscriptions. The remainder is due to market effects. The strongest growth in percentage terms was for international bond funds (+21.56%), US equities funds (+11.21%), and European equities funds (+8.30%).
11/04/2011

PRI to integrate ESG principles for bonds

The United Nations Principles for Responsible Investment (UN PRI) network is in the process of setting up a working group for fixed income, which will aim to integrate ESG (environmental, social and governance) criteria into the government, corporate and municipal bond space, the organisation has announced in a presentation of its strategy and its working program for 2011-2013. The steering committee for the new project will be assembled by mid-2011. The PRI is also planning to create working groups for hedge funds, commodities and infrastructure, to set up responsible investment principles for these activities.
11/04/2011

Warburg in the running to take over Luxembourg private banking activities of HSH Nordbank

The German private bank M. M. Warburg is in talks with the regional public bank HSH Nordbank to acquire its private banking activities in Luxembourg, Financial Times Deutschland reports. The Bank of Luxembourg is also reportedly interested. A board member at HSH Nordbank has stated a few days ago that talks were underway with two serious candidates, and that he hopes to be able to say more “in eight to twelve weeks.” Assets under management at the Luxembourg entity total over EUR1bn.
11/04/2011

German real estate funds have 71% of their assets abroad

The BVI association of German management firms has announced that in 2010, open-ended real estate funds made a total of 173 transactions (91 acquisitions and 82 sales), compared with 149 in 2009 I58 acquisitions and 91 sales). The overall total amount of new investments came to EUR7.1bn, compared with EUR5bn, of which EUR5bn, compared with EUR3.5bn, were abroad. In terms of sales, which totalled EUR3.9bn, compared with EUR2.5bn, sales abroad totalled EUR3bn, compared with EUR1bn in 2009. The percentage of portfolios dedicated to Germany has been falling consistently since late 2005, from 42.4% to 29.1% as of the end of 2010. Foreign investments thus now represent 70.1%, of which 57.4% are in Europe outside Germany, and 13.5% in the rest of the world. France is the top destination country, with 18% of the portfolio, followed by the UK (9.1%) and the Netherlands (6.6%). Investments in the United States represent 4.3% of the total.
11/04/2011

Profits up at Sparinvest

The Danish management firm Sparinvest on 8 April announced that its pre-tax profits in 2010 have increased to EUR12.5m, which represents an increase of EUR2.4m compared with the previous year. Returns on owners’ equity have increased to 29% from 24%. The past fiscal year was marked by integration of environmental, social and governance criteria into the investment process for all actively-managed value funds, in line with a pledge made in 2009 when Sparinvest signed the United Nations Principles for Responsible Investment (UN PRI). The past year was also marked by the signature of a cooperation agreement in the area of bonds with the US firm Brandes (EUR36.2bn), and the acquisition of the investment fund division of EgnsInvest (EUR700m) and Atrium (EUR53.7m), which have strengthened the position of Sparinvest on the Danish market.
11/04/2011

Antoine Delon leaves Adequity

Antoine Delon, head of distribution for France at Adequity, a firm specialised in the design and distribution of structured products for independent financial advisers and private banks, who was supposed to resign according to H24 Finance, will indeed be leaving the unit of the Société Générale group in one month’s time. According to information obtained by Newsmanagers, Delon will be joining a major US bank which wants to build a presence in France, where he will serve as head of France for equities activities. After a period of “gardening leave,” he will begin in his position at the new establishment at the beginning of September this year.
11/04/2011

Bill Gross turns negative on US debt

Bill Gross, founder and co-CIO at Pimco, has become even more bearish about US government bonds, including Treasuries, the Wall Street Journal reports. After selling off all of its positions from the Total Return Fund (USD235.98bn) in February, the manager in March became negative about US government debt. His position was -3% as of the end of March, compared with zero in February and 12% in January.
11/04/2011

Highbridge promotes COO

The hedge fund firm Highbridge Capital Management, owned by JP Morgan Chase, has appointed Todd Builione, its chief operating officer, to the position of president, the Financial Times reports, in a sign of the increasing maturity of the industry. Builione will share control of the firm with Glenn Dubin, CEO and co-founder, and Scott Kapnich, head of Principal Strategies activity.
11/04/2011

Barings recruits a head for Asian debt

Baring Asset Management has appointed Thomas Kwan who joins the firm as head of Asian debt. He joins Barings’ Hong Kong team from ICBC Credit Suisse in Beijing, where his main responsibilities were for global macro research and asset allocation strategy and to develop and manage absolute return global fixed income, currencies and asset allocation products.
11/04/2011

Net inflows for Azimut in March

The Italian management firm Azimut posted net subscriptions in March of EUR113m, bringing its total assets to EUR16.7bn.
11/04/2011

Norwegian sovereign fund earned 9.6% in 2010

In a report to parliament (Storting) on 8 April, the Norwegian finance minister announced that the Government Pension Fund – Global (GPFG) as of the end of December had NOK3.077trn, or USD525bn, in assets, which represents an increase of NOK437bn year on year, of which NOK185bn came from transfers of oil revenues, and NOK264bn in returns on investments. The appreciation of the Norwegisn kroner wiped out NOK8bn in assets, and operating costs represented NOK3bn. In percentage terms, the GPFG, which is managed by Norges Bank Investment Management (NBIM), posted returns of 9.6% for 2010, 1.1 percentage points more than the benchmark index, compared with 25.6% (4.1 points of outperformance) in 2009 Isee Newsmanagers of 30 March 2010). The finance minister, Sigbjørn Johnsen, says that he considers private equity investments to offer insufficient results compared with their cost. The same applied to some extent to infrastructure. The fund is now in the process of constructing a portfolio in real estate investment, which is the largest and most mature segment of private equity, but is doing so cautiously and in an exploratory manner.
11/04/2011

Newton IM recruits a head of private clients and charities

Newton Investment Management, an affiliate of BNY Mellon Asset Management, has added to its team in Edinburgh dedicated to private clients and charities. The entity manages GBP86m. June Jessop has been appointed as head of the team. Jessop was previously director and head of development for charitable initiatives and entities at Cornelian Asset Management in Edinburgh.

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