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22/11/2010

KTOs recrute chez Hathersage CM

Le gestionnaire alternatif nippon KTOs Capital Partners a recruté Bill Lipschutz chez Hathersage Capital Management pour gérer de New York un fonds devises qui sera lancé en décembre à destination des fonds de pension japonais, rapporte Hedge Week. L’objectif est de collecter 300 millions de dollars sur la première année.Le fonds se focalisera sur les monnaies du G-10.
22/11/2010

Lyxor AM recrute Robert Picard

Vendredi 19 novembre, Lyxor Asset Management (Société Générale) a annoncé le recrutement de Robert Picard comme US head of managed account development. Il sera basé à New York et subordonné à Lionel Erdely, CEO de Lyxor Etats-Unis. Ancien CIO et head of hedge fund research chez Optima Fund Management, l’impétrant était en dernier lieu senior adviser pour le compte de l'équipe de solutions de restructuration des établissements financiers chez Navigant Consulting.
22/11/2010

Axa Rosenberg a vocation à rester dans le giron d'Axa

L’Agefi rapporte les propos de Dominique Carrel-Billiard, directeur général d’Axa IM selon qui Axa Rosenberg a vocation à rester dans Axa IM. «Cela est pertinent, notre volonté étant de proposer une large palette de styles de gestion à nos investisseurs», a-t-il expliqué. D’après le responsable, les difficultés de sa filiale américaine, qui devrait enregistrer une décollecte de quelque 30 milliards d’euros cette année, devraient commencer à s’estomper dès 2011. «Les chantiers pour l’an prochain porteront sur les fonctions support, à l’image de l’infrastructure réseau», souligne Dominique Carrel-Billiard. Axa IM entend par ailleurs mettre la priorité sur l’enrichissement de sa gamme de produits core (de fond de portefeuille).
22/11/2010
Fonds

Les parts institutionnelles gagnent du terrain

Au total, les investisseurs ont retiré 90 milliards de dollars des mutual funds d’actions américains depuis le début de 2009, d’après Morningstar. Toutefois, souligne The Wall Street Journal, ce total est le résultat de deux phénomènes différents. Les investisseurs ont sorti plus de 162 milliards de dollars des parts retail, mais les souscriptions nettes enregistrées pour les parts institutionnelles, celles qui sont détenues souvent sur des plans d'épargne 401 (k) ou des comptes de courtage à commission fixe, ont représenté 72 milliards de dollars.
Fonds
22/11/2010
Fonds

Les parts institutionnelles gagnent du terrain

Au total, les investisseurs ont retiré 90 milliards de dollars des mutual funds d’actions américains depuis le début de 2009, d’après Morningstar. Toutefois, souligne The Wall Street Journal, ce total est le résultat de deux phénomènes différents. Les investisseurs ont sorti plus de 162 milliards de dollars des parts retail, mais les souscriptions nettes enregistrées pour les parts institutionnelles, celles qui sont détenues souvent sur des plans d'épargne 401 (k) ou des comptes de courtage à commission fixe, ont représenté 72 milliards de dollars.
Fonds
22/11/2010

Wells Fargo veut régler son différend avec Citigroup

L’Agefi rapporte que la banque Wells Fargo a fait part de sa décision de verser 100 millions de dollars à Citigroup en vue de régler un litige portant sur l’acquisition de Wachovia en 2008. Bien que Citigroup ait été déboutée par la justice fédérale en juillet 2009, l'établissement continuait de réclamer une compensation financière.
22/11/2010
Fonds

KKR s'intéresse à l'agroalimentaire

Le fonds de capital investissement KKR chercherait à racheter Del Monte Foods, rapporte l’Agefi. Selon plusieurs médias anglo-saxons, qui citent des sources concordantes, KKR aurait proposé de payer un prix de 18,5 dollars par action, ce qui valorise le capital du groupe agro-alimentaire américain (conseillé par Barclays) à environ 3,6 milliards de dollars (2,7 milliards d’euros), sans compter 1,3 milliard de dette nette. Un accord pourrait être obtenu d’ici au 2 décembre.
Fonds
22/11/2010

"Nous avons accru notre encours de 80 % cette année"

Muzinich, "le" spécialiste américain du haut rendement, dispose depuis moins de deux ans d'une antenne à Paris. Les produits de la gamme ont apparemment rencontré leur public, qui découvre progressivement les avantages du high yield à la fois comme diversification et comme adjuvant de performance.
22/11/2010

Gartmore fidélise John Bennett

Le gestionnaire britannique Gartmore, qui a annoncé son intention de distribuer 15 % de son capital aux gérants-clés suite au départ de Roger Guy, a offert plus de 9 millions d’actions à John Bennett en échange de la promesse qu’il restera trois ans ; il assumera la responsabilité de tous les fonds Europe (lire notre article du 9 novembre), rapporte Investment Week. Sa participation passe de 0,68 % à 3,18 %.Le CEO Jeffrey Meyer et le directeur mondial de la distribution, Phil Wagstaff, se sont vu attribuer respectivement 3 millions et 2 millions d’actions, leur participation augmentant ainsi à 1,9 % et 0,83 %.
22/11/2010

Turner changes head of sales

p { margin-bottom: 0.08in; } Jim Wiley, who was recruited in September as chief marketing officer, will now take over distribution for Turner Investment Partners, Mutual Fund Wire reports. The promotion comes as a result of the fact that Ed Kerpius, who was recruited two years ago from BostonCoach (Fidelity), has resigned, and will be leaving the business at the end of the year.
22/11/2010

IndexIQ forms partnership with Rocaton

p { margin-bottom: 0.08in; } IndexIQ, a specialist in index-based hedge fund management, on 18 November announced that it has formed a strategic partnership with Rocaton Investment Advisors (USD270bn in assets advised), an independent consultant specialised in institutional clients. The two businesses are planning to develop and launch institutional investment solutions together and to distribute them widely, particularly to high net worth private clients. To support the cooperation, Rocaton has bought a minority stake in IndexIQ, of a size and amount which have not been disclosed.
22/11/2010

Norges Bank owns 7.5% of BlackRock

p { margin-bottom: 0.08in; } The Norwegian central bank, Norges Bank, owns 7.5% of BlackRock, or 9.85 million shares, according to a document submitted to the Securities and Exchange Commission on Thursday. The announcement of the increased stake comes on the heels of a sale by Bank of America and PNC Financial Services Group of BlackRock shares.
22/11/2010

Westwood completes acquisition of McCarthy

p { margin-bottom: 0.08in; } On 19 November, Westwood Holdings Group (USD10.6bn) announced that it has completed its acqusition of McCarthy Group Advisors, or MGA (see Newsmangers of 23 September), which managed over USD1.1bn as of 30 September for high net worth clients and institutional investors. As planned, MGA becomes the Omaha branch of Westwood Trust (USD1.9bn). The McCarthy Multi-Cap Stock Fund (Usd64.5m) will be integrated with the range of five mutual funds sold by Westwood under the WHG brand, including the WHG LargeCap Value Fund, which came into the range throught eh acquisition of the Philadelphia Fund one year ago.
22/11/2010

Invesco loses a team from MSIM

p { margin-bottom: 0.08in; } Gregory Lai and five other members of his US large caps team, who were recruited by Morgan Stanley Investment Management (MSIM) on 1 May 2007, have left Invesco, which acquired MSIM, Mutual Fund Wire reports. The six people concerned are planning to bring back Affinity Investment Advisors, their original management firm before its acquisition by MSIM.
22/11/2010

Warren Buffett and John Paulson make opposite moves on financial sector

p { margin-bottom: 0.08in; } In the past quarter, Berkshire Hathaway, the firm controlled by Warren Buffett, once again increased its stake in Wells Fargo and for the first time declared a stake in BNY Mellon. It also increased its stake in Munich Re to over 10%, the Frankfurter Allgemeine Zeitung reports. However, the hedge fund management firm Paulson has liquidated its shares in Goldman Sachs, and reduced its stakes in Citigroup, Bank of America and J.P Morgan Chase.
22/11/2010

Lyxor recruits Robert Picard

On Friday, Lyxor Asset Management (Société Générale) announced the recruitment of Robert Picard as US head of managed account development. He will be based in New York, and will report to Lionel Erdely, CEO of Lyxor United States.Erdely, former CIO and head of hedge fund research at Optima Fund Management, was most recently senior adviser for the financial establishment solutions and restructuring team at Navigant Consulting.
22/11/2010

Michael Mandel leaves comdirect for Commerzbank

p { margin-bottom: 0.08in; } Thorsten Reitmeyer on 1 December will take over as chairman of the board at comdirect bank. For the past four years, he was a member of the board at Commerzbank, in charge of wealth management. He replaces Michael Mandel, who has been appointed a board member at Commerzbank, in charge of retail clients, professionals, and wealth management. The new chairman of the supervisory board, effective immediately, is Martin Zielke, head of retail clients on the board at Commerzbank.
22/11/2010

Amundi Deutschland will focus on institutionals and distributors

At a presentation in Frankfurt to officially announce the merger of the activities of CAAM Deutschland and SGAM Deutschland, Hubert Dänner, CEO of Amundi Deutschland, announced that the new firm is planning to concentrate on institutional clients (pension funds, banks trading owners’ equity, businesses, and insurers) and distributors (funds of funds, wealth managers, platforms and private banks).The objective is to double assets in Germany and Austria in the next five years to EUR7bn, Amundi Deutschland will focus on absolute return products, emerging markets equities and bond funds, volatility, and European and global bonds.In 2011 and subsequent years, the German affiliate will concentrate on “absolute return 2.0” products, strategies with an asymmetrical risk profile and inflation strategies, both for developed and emerging markets.
22/11/2010

Man launches an Italian asset management firm

The UK alternative management group Man has created an asset management firm in Italy, Man Investments SGR, to forge connections with local investors. The entity received a license from the Bank of Italy at the end of August 2010. It is located in Milan, on via Durini, is 100% owned by Man Group, and consists of a team of 5 people led by Michele Pacciana, deputy director and head of Man for Italy since the group began to serve the local market. The board of directors consists of Richard Gray and Serge Cadelli (of the Man group), and Francesco Di Carlo and Mario Notari, as independent administrators.Man has previously concentrated on institutional clients, which it had served primarily from London, providing custom offshore services and alternative solutions, including UCITS III-compliant funds, guaranteed capital funds, and Sicavs. Now, due to its physical presence, Man is hoping to cooperate with local financial institutions to offer its product range to private investors.Meanwhile, the fund management firm has extended its range in Italy, and now offers its UCITS III hedge funds and Italian-registered funds of funds, which remain the preferred vehicle of most investors. The range will be based largely on the Man managed accounts platform. The firm will also offer guaranteed capital products.
22/11/2010

Axa Rosenberg plans to remain in Axa family

p { margin-bottom: 0.08in; } Agefi reports that Dominique Carrel-Billiard, CEO of Axa IM, says that Axa Rosenberg is planning to remain a part of Axa IM. “It is pertinent, as we want to offer a wide range of management styles to our investors,” he explains. According to the head, the difficulties at the US affiliate, which will post outflows of EUR40bn this year, will begin to be stemmed next year. “The challenges for next year will be to reform support functions in the image of the network infrastructure,” says Carrel-Billiard. Axa IM is planning to make enriching its range of core products (portfolio products) a priority.
22/11/2010

Three appointments in Switzerland and Luxembourg for Petercam

p { margin-bottom: 0.08in; } Agefi Switzerland reports that Petercam has announced three appointments to Petercam Banque Privée Suisse and Petercam Luxembourg in order to make the growth of their activities in Switzerland and Luxembourg more dynamic. Cédric Roland-Gosselin joins Petercam Banque Privée Suisse as deputy CEO. Ghislain Nys is appointed as a mamber of the board at Petercam Luxembourg, and director and head of private banking, more specifically in charge of commercial development in Luxembourg. Bernhard de Jonghe d’Ardoys rejoins the group as director of Petercam Luxembourg and head of Estate Planning activities in Luxembourg.
22/11/2010

Cordea Savills bets on IFAs

p { margin-bottom: 0.08in; } Thomas Gütle, director of the British real estate fund management firm Cordea Savills for Germany, has told the Börsen-Zeitung of the forthcoming launch of the European Retail Fund, which is expected to have an investment capacity of EUR060m (half of which will be owners’ equity), in European retail commercial properties. The original aspect of the product, a Luzxembourg FCP which will be launched in first quarter 2011, is that Cordea Savills will rely on the services of two independent experts, Bernhard Schoofs and Gerhard Kemper, who will advise investors rather than the management team. The adoption of this formula will allow Cordea Savills to be the first management firm in Germany to comply with the recommendations of the European Inrev association of investors in private real estate instruments.
22/11/2010

Oppenheim Funds Trust offers Bache commodities fund

p { margin-bottom: 0.08in; } The Cologne-based management firm Oppenheim Funds Trust (OPFT) on 19 November announced that it is now offering the funds of the Luxembourg Sicav Bache Global Series, which replicate the evolution of 19 commodities indices covered by the Bache Commodity IndexSM (BCISM), in Germany. The three groups of the index are energy (up to 49%, with six components), metals (up to 21.5%, 5 components), and soft commodities (up to 29.5%, eight components). As of 31 August, Bache managed over USD700m, applying the methodology of BCI. Strategic allocations are tactically adapted to the evolution of prices on the various markets, in order to reduce risks and fluctuations.
22/11/2010

Shedlin launches a real estate fund focused on Brazil

p { margin-bottom: 0.08in; } The Nuremberg-based asset management firm Shedlin Capital has announced the launch of the closed real estate fund Shedlin Latin American Property 1, with a duration of 7 years, and a volume which will range from EUR35m to EUR40m, spread over a maximum of seven residential projects in northeastern Brazil.Minimal subscription is set at EUR10,000 for retail investors, while the front-end fee is 5%. The internal return rate, after costs, is about 12% per year. Shedlin explains that the choice of the northeastern part of Brazil (Natal, Recife, Maceió) was made because of strong growth, stability of the political environment, and the upcoming World Cup in 2014, and Olympics in 2016. Northeastern Brazil is also a region which attracts a lot of high net worth individuals. In addition, Natal and Recife will be locations for World Cup football matches.Distribution of the fund will be made through selected partners.
22/11/2010

Tracking error for newcits funds is comparatively small

p { margin-bottom: 0.08in; } A study by HedgeFund Intelligence of 62 UCITS-compliant hedge funds reveals that the average tracking error compared with their offshore model is limited to 3.38 percentage points, which equities products have a tracking error of only 2.94%, Hedge Week reports. Tracking error is 3.45% for arbitrage, event-driven, credit and multi-strategy funds; it is 4.12% for global macro, fixed income and futures strategies. Only 4 of 62 funds have a tracking error of over 10%, while 32 have a deviation of less than 3%. For 14% of funds, tracking error is under 1%.
22/11/2010

Institutional share classes attracts a growing number of investors

p { margin-bottom: 0.08in; } In total, investors have withdrawn USD90bn from US equities funds since the beginning of 2009, according to Morningstar. However, the Wall Street Journal points out, this total is the result of two opposing trends. Investors withdrew over USD162bn from retail share classes, but net subscriptions for institutional shares, which are often held by 401(k) savings plans or fee-based brokerage accounts, represented USD72bn.
22/11/2010

Hedge fund created in Paris

p { margin-bottom: 0.08in; } The former economic adviser to Matignon, Alain Demarolle, who has spent three years in London at Eton Park, has chosen Paris as the site for the launch of his hedge fund specialised in European large caps, Agefi reports. The Luxembourg-registered Sicav, Alura Capital Partners, began operations in early October, with clients such as CNP Assurances, OFI AM and the Swiss private bank JP Hottinguer. It will aim for assets of EUR500m. Alura Capital is active in long/short and event-driven strategies, which the firm is hoping to sell to US investors, though its clients are evenly divided between France and the rest of Europe. The fund has monthly liquidity, the newspaper reports. Its investment horizon is about 6 months, with leverage limited to a maximum of 200%.
22/11/2010

FrontPoint Partners to close hedge fund investing in the health sector

p { margin-bottom: 0.08in; } La Tribune reports that the US asset management firm FrontPoint Partners will be closing its hedge fund investing in the health sector, with assets of USD1.5bn. The decision comes after Dr. Yves Benhamou, one of its portfolio managers, was accused of insider trading for disclosing information about results.
22/11/2010

Gartmore grants a stake in the firm to John Bennett

p { margin-bottom: 0.08in; } The British management firm Gartmore, which has announced plans to distribute 15% of its capital to key managers, following the departure of Roger Guy, has offered more than 9 million shares to John Bennett in exchange for a promise that he will remain for three years; he will be in charge of all European funds (see Newsmanagers of 9 November), Investment Week reports. His stake increases from 0.68% to 3.18%. The firm’s CEO, Jeffrey Meyer, and the global head of sales, Phil Wagstaff, received 3 million and 2 million shares, respectively, bringing their respective stakes to 1.9% and 0.83%.
22/11/2010

Morgan Keenan sentenced by Finra

p { margin-bottom: 0.08in; } On 19 November, the Boca Raton panel of the Financial Industry Regulatory Authority (Finra) sentenced Morgan Keenan, an affiliate of Regions Financial Corp, to pay USD1.82m to Frank and Brenda Flautt, their foundation, and their businesses, the Wall Street Journal reports. The plaintiffs had invested in a bond fund sold by Morgan Keegan, which suffered very heavy losses in 2007 and 2008. They sued Morgan Keenan for breach of fiduciary duty, misrepresentation and selling unsuitable investments.

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