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19/11/2010

Franklin Templeton buys Rensburg Fund Management

Franklin Resources has announced that its subsidiary Franklin Templeton Global Investors Limited (UK) has entered into a conditional agreement to acquire Rensburg Fund Management, a subsidiary of Investec, in an all cash transaction for GBP 45 million (approximately USD 72 million). The agreement is subject to regulatory approval and is expected to be completed in early 2011. Based in Leeds, UK, Rensburg Fund Management is a specialist UK Equity manager with a track record of managing unit trusts dating back to 1985. The team of six investment professionals has a combined tenure of 43 years managing six distinctive strategies: UK Equity Income; UK Blue Chip Growth; UK Midcap Growth; UK Select Growth; UK Smaller Companies and UK Managers’ focus. The group manages approximately GBP 880 million (as of 01 November 2010) in UK equities. Jamie Hammond, Managing Director Europe, Franklin Templeton Investments said: “We are best known in the UK for our global and specialist funds, and we are looking to develop core UK equity products, which are an important asset class for UK investors”. Franklin Resources has also entered into a strategic relationship with Pelagos Capital Management, LLC, acquiring a 20 percent equity stake in the firm. Pelagos, an independent investment advisor, was founded in 2005 and is based in Boston, Massachusetts. The firm’s mission is to create alternative investment solutions that enhance overall returns and lower portfolio volatility. Pelagos manages three distinct alternative investment capabilities including a commodity strategy, a managed futures strategy, and a hedge fund replication strategy.
19/11/2010

Amundi to double German-Austrian assets in five years

p { margin-bottom: 0.08in; } Amundi has now officially launched its activities in Germany. Due to the high level of volatility on these markets, the French manager will promote its absolute return products in particular. Hubert Dänner, director for Germany, says the objective is to double assets under management in Germany and Austria to EUR7bn in five years, the Börsen-Zeitung reports. Growth will be organic.
19/11/2010

Credit Suisse registers a smidcaps Newcits fund in Spain

p { margin-bottom: 0.08in; } The UCITS-compliant long/short fund Credit Suisse SICAV One (Lux) Small and Mid Cap Alpha Long/Short has been registered with the CNMV. The portfolio, with 70 positions, 55 long and 15 short, is managed with a bottom-up approach by Felix Meier. As its name indicates, the fund invests in European small and midcaps.
19/11/2010

db x-trackers to list its ETFs in Madrid

p { margin-bottom: 0.08in; } Several ETFs from the db x-trackers range (Deutsche Bank) will be released on the Madrid stock exchange next week, Funds People has announced. Currently, only two promoters are offering ETFs on the Bolsas y Mercados Españoles (BME): BBVA, with 8 products, and Lyxor Asset Management, with 35 funds.
19/11/2010

HSBC launches six new ETF funds

HSBC launched, on November 18, six Irish based ETFs on Euronext Paris. These funds are:- HSBC MSCI EUROPE ETF/ IF00B5BD5K76- HSBC S&P 500 ETF/IE00B5KQNG97- HSBC MSCI USA ETF/IE00B5WFQ436- HSBC MSCI Brazil ETF/ IE00B5W34K94- HSBC MSCI Pacific ex Japan ETF /IEB00B5SG8Z57- HSBC MSCI EM Far East ETF/IE00B5LP3W10
19/11/2010

Century launches a growth fund

p { margin-bottom: 0.08in; } Century Capital Management has launched the Century Growth Opportunities Fund, specialised in small and midcaps. The fund, managed by Donald Bisson and David Borah, will largely invest in the United States, but, according to Mutual Fund Wire, up to 20% of the portfolio may be placed in foreign countries, including emerging markets.
19/11/2010

Alken preparing an absolute return fund

p { margin-bottom: 0.08in; } In January 2011, the management firm founded by Nicolas Walewski, Alken Asset management, is planning to launch the UCITS-compliant long/short fund Alken Absolute Return Europe, which will invest in European equities, Funds People reports (see Newsmanagers of 18 November). The new product will replicate the long/short strategy of the Alken Capital One fund, launched in July 2008, which has so far generated returns of about 60%, in a UCITS III-compliant environment. The Alken Absolute Return Europe may have a gross total exposure to the market of 50% to 150%, with market risks dynamically hedged with futures. Minimal subscription will be EUR100. Alken is planning to charge a management commission of 1.5% for institutionals and 2.25% for retail investors, while performance commission is set at 20%.
19/11/2010

Assets in pension funds will rapidly increase by one third

p { margin-bottom: 0.08in; } According to a study by the consulting firm Towers Watson, the German corporate retirement planning market already represents over EUR400bn, but only EUR14.5bn will be placed in pension funds, the Börsen-Zeitung reports. Towers Watson predicts that growth rates will total 20% to 30% in the mid-term, while the EUR20bn threshold may soon be reached. So far, most contributions are concentrated on seven pension funds and four or five providers of such funds, such as Allianz and other insurers.
19/11/2010

Aberdeen acquires a real estate property in Flensburg

In a period in which the troubles of the DEGI-branded open-ended real estate funds is a focus of attention for German professionals, Aberdeen Asset Management has announced that it has acquired a portfolio of commercial properties with a total area of 7,000 square metres, all located in Flensburg, for its institutional Aberdeen European Shopping Property Fund.The acquisition price has not been revealed, but a statement says that the German affiliate Aberdeen Immobilien Kapitalanlagegesellschaft mbH (which also manages the DEGI funds) was actively involved at every phase.The Aberdeen European Shopping Property Fund, managed by Nico tates, has assets of about EUR115m, and will soon be opened to new investors. Its portfolio includes commercial properties in France, Belgium, the Netherlands, and Germany, with a market value of EUR198m.
19/11/2010

Cheyne Capital recruits a manager from Morgan Stanley

p { margin-bottom: 0.08in; } The British hedge fund manager Cheyne Capital Management (USD6bn) announced on 17 November that it has recruited John Hyman, who becomes a partner at the firm. He will help Cheyne Capital to develop its equities activities, launch new products, and to come up with investment ideas. Hyman was previously at Morgan Stanley, where he served in positions of responsibility in the area of equities.
19/11/2010

South Korea imposes tax on foreign investors

p { margin-bottom: 0.08in; } Agefi Switzerland reports that South Korea will be reintroducing a tax on acquisitions of government bonds by foreign investors, in order to protect its economy from sudden and massive movements of capital, the Korean finance minister announced on Thursday. The quantitative easing measures adopted by the US Federal Exchange have led to further falls for the US dollar, and further accentuated the flows of capital towards emerging markets, which offer investors higher yields. Hence the appreciation of currencies in these emerging markets, which works against their exports.
19/11/2010

Two Madoff employees arrested

p { margin-bottom: 0.08in; } Two former employees of Bernard Madoff’s company were arrested on Thursday, Reuters reports, citing the FBI. They are Jo Ann Crumpi and Annette Bongiorno, who worked for 25 and 40 years, respectively, for the fraudster currently serving a prison sentence. The two «back office» employees are accused of playing key roles in deceiving investors and regulators and propping up the investment fraud, according to the WSJ.
19/11/2010

Cantab to launch a Newcits fund

p { margin-bottom: 0.08in; } Citywire reports that Cantab Capital Partners, a firm based in Cambridge, will create a UCITS III version of its star hedge fund CCP Quantitative Fund. The Cantab Quantitative UCITS Fund will be launched in January 2011.
19/11/2010

Axa IM launches a short duration fund

p { margin-bottom: 0.08in; } To respond to demand from clients for products with lower sensitivity to changing interest rates, Axa Investment Managers UK on 12 November launched the AXA Sterling Credit Short Duration Bond Fund, which is managed by Julie Lamirel. The new product, available on the British market, is a sub-fund of the Axa Fixed Interest OEIC. It will invest primarily in investment grade corporate bonds, denominated in pounds sterling, with a remaining duration to maturity of less than 5 years. It cannot allocate more than 10% to high yield bonds. Axa IM offers retail and institutional shares in the fund, with minimal subscription set at GBP1,000 for retail shares.
19/11/2010

BlackRock makes securities lending a source of profit

p { margin-bottom: 0.08in; } Assets in the 37 British retail funds from BlackRock are being used for securities lending to generate commissions which will be fed back into the fund as an added source of returns, Fund Strategy reports.60% of revenues will go to the funds, while the remaining 40% will go to BlackRock Advisor, the securities lending agent. Funds which were already being used for securities lending will receive 70% of revenues, in keeping with agreements which had been concluded previously.
19/11/2010

Access teams up with Finnish Pohjola group

p { margin-bottom: 0.08in; } Access Capital Partners Group, a provider of private equity funds of funds which manages EUR2.9bn in assets, has acquired Pohjola Private Equity Funds, a private equity firm with EUR1.6bn in assets under management, part of the Finnish financial services group Pohjola Group. In addition, it has signed a distribution partnership with the asset management firm of the group, Pohjola Asset Management, with assets of EUR3.5bn, covering the Scandinavian countries.
19/11/2010

Accord sur la fiscalité des actions gratuites

Réunis en commission mixte paritaire sur le projet de loi de financement de la Sécurité sociale, les parlementaires ont rétabli hier la surtaxe sur les actions gratuites, votée en première lecture par les députés mais supprimée par le Sénat. Le prélèvement passera de 10% à 14% pour l’employeur et de 2,5% à 8% pour le salarié, mais uniquement pour les montants supérieurs à la moitié du plafond annuel de la Sécurité sociale, soit 17.670 euros. Une manière d’aligner le régime sur celui des stock-options et de ne pas pénaliser les groupes où la distribution est généralisée à l’ensemble du personnel pour de faibles montants, comme à la Société Générale. Du côté des retraites chapeaux, les rentes seront taxées à 14% si elles dépassent 600 euros par mois, à 7% si elles se situent dans une fourchette de 400 à 600 euros, et seront exonérées en-deçà. Le texte commun sera soumis le 24 novembre aux députés et le lendemain aux sénateurs pour son adoption définitive.
19/11/2010

Les indicateurs avancés américains conformes aux attentes

Le Conference Board, organisation patronale qui calcule l’indice des indicateurs avancés, une préfiguration de la tendance générale de l’économie américaine, a annoncé que son indice avait augmenté de 0,5% le mois dernier, contre une hausse identique en septembre après révision et une progression de 0,1% en août.
19/11/2010

Hausse des inscriptions au chômage aux Etats-Unis

Les inscriptions hebdomadaires au chômage ont augmenté aux Etats-Unis lors de la semaine au 13 novembre, à 439.000 contre 437.000 (révisé) la semaine précédente, a annoncé jeudi le département du Travail.
19/11/2010

La Corée du Sud rétablit une taxe sur les capitaux étrangers

Séoul a annoncé le rétablissement d’une taxe de 14% sur les bénéfices des investisseurs étrangers dans les obligations d’Etat. La mesure était attendue, la Corée du Sud ayant annoncé son intention de freiner l’afflux de capitaux étrangers à court terme, qui ont entraîné une hausse du won. Près de 15% des bons du Trésor coréens sont aux mains de capitaux étrangers, contre 8,4% fin 2008.
19/11/2010

Del Monte Foods aiguise l’appétit de KKR

Reuters croit savoir que la société de private equity est en négociations avancées pour le rachat de Del Monte Foods. A raison de 18,50 dollars par titre, niveau pressenti de l’offre, la valorisation de la cible avoisine 3,6 milliards de dollars. Del Monte aimerait conclure l’affaire d’ici la publication de ses résultats trimestriels, le 2 décembre.
19/11/2010

Le Japon souhaite créer une taxe verte

Le pays pourrait introduire une taxe environnementale l’année prochaine qui permettrait de lever 250 milliards de yens (2,2 milliards d’euros) et servirait à financer des mesures écologiques, selon le journal qui cite une proposition faite au gouvernement. Le financement se ferait par le relèvement de 50% du taux d’imposition sur les produits pétroliers et sur le charbon.
19/11/2010

L’or indien attise les convoitises du private equity

Le quotidien indien assure sans identifier ses sources que Bain Capital, Advent Interantional et Apax Partners songent à acquérir une participation au capital du joaillier local Gitanjali. Ce dernier cherche à lever 100 millions de dollars environ par la cession de titres afin d’atténuer le poids de sa dette. Les sociétés de private equity n’ont pas souhaité commenter.
19/11/2010

Des performances toujours plus homogènes

Les tableaux ci-contre présentent les meilleures et plus mauvaises performances sur le marché des fonds actions américaines et le marché des fonds actions françaises du 17 septembre au 15 octobre 2010. Ces performances sont mises en perspective par le calcul de la volatilité et du ratio de Sharpe sur trois ans d’historique ainsi que du rendement depuis un an.
19/11/2010

Surchauffe et normalisation de l’appétit pour le risque

Le graphique ci-contre montre l’évolution de l’appétit pour le risque, mesuré par la corrélation de rang entre les rendements des facteurs de risque et la volatilité qui leur est associée. Si la corrélation est positive, l’aversion pour le risque augmente et inversement.

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