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15/10/2010

BP2S étoffe ses services sur sa plateforme de change

BNP Paribas Securities Services a annoncé jeudi 14 octobre qu’elle offre désormais à ses clients sur sa plateforme de change «FOX» un service de couverture passive des positions changes. Fonctionnant selon des règles simples (pourcentage de l’actif net des portefeuilles, nominal des transactions et cycle de couverture des portefeuilles), ce nouveau service évalue les besoins de couverture de chaque investissement et génère de manière automatique les contrats forward et les swaps, précise un communiqué. BNP Paribas Securities Services propose également une couverture des services de change 24h/ 24 via ses tables de négociation en Europe, à Sydney et New-York, avec en particulier le traitement de vacations supplémentaires dans son offre de change automatique. En couvrant les ordres de change de ses clients le jour même de la transaction - et non le jour suivant -, ce service permet de minimiser l’exposition à la volatilité des marchés des changes.
15/10/2010

La vente du private equity pour compte propre de Natixis est réalisée

A la suite des accords annoncés le 5 juillet dernier, Natixis a confirmé, jeudi 14 octobre, avoir réalisé la cession effective de la majeure partie de ses activités de private equity pour compte propre en France à un fonds conseillé par Axa Private Equity. Sont concernées par cette opération les activités d’iXEN Partners et de NI Partners ainsi que celles d’Initiative & Finance Gestion.Le prix global de l’opération s’est monté à 507 millions d’euros. Sachant que «les résultats de ces entités d’investissement générés par la cession future de leurs participations pourront donner lieu à un complément de prix éventuel au profit de Natixis», précise un communiqué. Les actifs cédés demeureront gérés ou conseillés par les sociétés de gestion actuelles qui ont été cédées par Natixis à leurs principaux animateurs.Par ailleurs, un nouveau fonds co-sponsorisé par Axa Private Equity et Natixis dans lequel Natixis a vocation à jouer un rôle d’investisseur minoritaire a acquis pour unmontant d’environ 37 millions d’euros des investissements réalisés depuis le 1er janvier 2010 par Natixis.
15/10/2010
Fonds

Bridgewater, JP Morgan et Paulson, trio de tête des hedge funds

Selon AR Absolute Return + Alpha, au 1er juillet, Bridgewater était le gestionnaire de hedge funds dont l’encours était le plus élevé, avec 51 milliards de dollars, devant JP Morgan Chase avec 41 milliards et Paulson & Co avec 31 milliards. Venait ensuite Soros Fund Management avec 27 milliards de dollars, talonné par Och-Ziff, avec environ 25 milliards.
Fonds
15/10/2010
Fonds

L'encours mondial des ETF augmente en septembre

A fin septembre, les actifs gérés dans le monde par les ETF s’inscrivaient à 1.181,3 milliards de dollars contre 1.064,4 milliards fin août et 1.095,2 milliards fin juillet. Par rapport au 31 décembre 2009, l’encours a augmenté de 14 %.Le nombre d’ETF depuis le début de l’année a gonflé de 22,3 % avec 478 lancements et 44 radiations. Au 30 septembre on recensait ainsi selon BlackRock 2.379 ETF (cotés 5.204 fois) de 129 promoteurs sur 45 Bourses.Actuellement, on dénombre des projets de lancement pour 972 nouveaux produits.Le palmarès des promoteurs reste évidemment inchangé. Le numéro un est toujours iShares avec 461 ETF et 534,6 milliards de dollars d’encours (492,7 milliards fin août), soit 45,3 % de part de marché (contre 46,3 % un mois plus tôt). State Street Global Advisors (SSgA) arrive en deuxième position avec 113 fonds et 163,8 milliards de dollars (139,6 milliards) correspondant à 13,9 % du marché (13,1 %) . Enfin, Vanguard, avec ses 63 ETF, arrive à 126,2 milliards de dollars (113,1 milliards fin août), soit une part de marché de 10,7 % (10,6 %).
Fonds
15/10/2010
Fonds

Idinvest Private Debt réalise son premier closing

Selon l’Agefi, Idinvest Partners (ex-AGF Private Equity) a annoncé jeudi le premier closing à 167 millions d’euros de son fonds destiné aux investissements en mezzanine sur le mid-market européen «Idinvest Private Debt». Le fonds vise un encours de 250 millions d’euros dans la perspective d’un closing final attendu pour le second semestre 2011, précise le quotidien.
Fonds
15/10/2010

Exane et BNP Paribas renforcent leur partenariat

Selon Les Echos, le courtier Exane et BNP Paribas, associés depuis 2004, veulent franchir une étape supplémentaire dans leur partenariat avec le recrutement de quelque 150 collaborateurs dans les métiers actions au cours des cinq ans à venir. Les deux partenaires mènent aussi une réflexion sur les dérivés qui devrait aboutir d’ici à la fin de l’année.
15/10/2010
Fonds

L'encours des fonds portugais a diminué de 11 % en janvier-septembre

A fin septembre, l’encours des fonds de valeurs mobilières et des fonds spéciaux d’investissement portugais ressortait selon la commission des valeurs (CMVM) à 15.219 millions d’euros, ce qui représente une diminution de 11,2 % par rapport aux 17.131 millions d’euros de fin décembre.Toujours au 30 septembre, les actifs gérés par les fonds d’investissement ont baissé de 1,4 % sur fin août à 9.354,3 millions pendant que ceux des fonds spéciaux augmentaient en un mois de 1,6 % à 5.8965,1 millions.
Fonds
15/10/2010
Fonds

James Caird lance un fonds d’hypothèques

James Caird Asset Management, le gestionnaire de hedge funds crédit de 2,5 milliards de dollars créé dans le sillage de Moore Capital, va lancer un nouveau fonds investi dans les obligations hypothécaires américaines en difficultés, rapporte le Financial Times. Le fonds verra le jour avec 100 millions de dollars.
Fonds
15/10/2010

Baillie Gifford promeut Gerald Smith au poste de CIO

Afin de laisser davantage de temps à James Anderson, le directeur des investissements (CIO) depuis 2006, pour se concentrer sur la gestion de grands comptes, Baillie Gifford a décidé de promouvoir Gerald Smith, le deputy CIO (depuis janvier 2009) et responsable de la «global opportunities team» au poste de CIO à compter d’avril 2011. Cela posé, James Anderson continuera de jouer un rôle actif dans la société de gestion comme responsable de la «long term global growth team», chairman du EAFE Alpha portfolio construction group et gérant de Scottish Mortgage Investment Trust PLC.Gerald Smith est associé de Baillie Gifford depuis 1998. Il est entré dans la société en 1987.Par ailleurs, Tom Coutts prendra, également à compter d’avril 2011, les fonctions de head of the European equity team, suite à la décision (annoncée en janvier 2010) de Peter Hollis de quitter l’entreprise en avril 2011 pour raisons personnelles. Tom Coutts a rejoint Baillie Gifford en 1999.
15/10/2010

Le britannique GPP lance une nouvelle offre

Le britannique Global Prime Partners (GPP) a annoncé le lancement du premier service de prime brokerage en Europe, qui fournit des services de compensation, de conservation, de prêt de titres ainsi que des services de financement pour les nouveaux hedge funds.GPP s’intéresse en priorité aux jeunes hedge funds ou gérants débutant dans le métier avec moins de 100 millions de dollars d’actifs sous gestion. «Ce segment du marché n’est pas couvert correctement par les grandes banques et constitue une opportunité de taille pour GPP. Les flux de capitaux dans les hedge funds sont moins importants qu’il y a quelques années et de nombreux gérants se lancent avec de 5 millions à 25 millions de dollars d’actifs. Nous pouvons les aider à démarrer, à gérer à moindre coût et à fournir un service plus étoffé que celui des grandes banques», selon Kevin LoPrimo, responsable du prime brokerage de GPP.
15/10/2010

BlackRock recrute un ancien de Brevan Howard

Ian Winship a rejoint l’équipe obligataire fondamental sterling de BlackRock à Londres en tant que gérant de portefeuille senior. L’intéressé était précédemment responsable des produits rendement absolu de Brevan Howard. Il avait également passé 11 ans chez Aberdeen Asset Management en tant que responsable des taux globaux.Chez BlackRock, Ian Winship travaillera sous la direction de Paul Shuttleworth, responsable de l’obligataire sterling. Il se concentrera sur les taux sterling et sur le développement de l’activité au Royaume-Uni.
15/10/2010

Martin Currie loses head of development for Asia

p { margin-bottom: 0.08in; } Asian Investor reports that Chen Ee-Fang has left the British asset management firm Martin Currie, where he was head of development for the Asian region. The position will be occupied in the interim by Kimon Kouryialas, head of Martin Currie for Asia-Pacific, who will move from Australia to Singapore at the beginning of November to find a successor to Chen.
15/10/2010

Number of ETFs and asset volumes on the rise in Europe

As of the end of third quarter, assets in ETFs domiciled in Europe totalled USD256.2bn, compared with USD230.9bn as of the end of August, and Usd226.9bn as of 31 December 2009, BlackRock reports. In other words, assets have increased by USD29.3bn in nine months, while net subscriptions totalled USD30.8bn.The number of ETFs as of the end of September totalled 1,030, compared with 985 as of the end of August. It has increased 24.5% since the beginning of the year, with 212 launches and 9 closures. The 1,030 ETF products were listed a total of 3,396 times, compared with 3,140 times one month earlier, on 21 stock markets, compared with 19 as of the end of August.By assets, the top three providers are iShares, with 176 ETF funds and assets of USD91.9bn, followed by Lyxor Asset Management (Société Générale), with 147 funds and USD47.2bn. Third places continues to be db x-trackers, with USD42.9bn in 135 funds.In terms of net subscriptions, iShares comes out on top again, with USD7.5bn in the first nine months of the year, followed by db x-trackers, with USD5.3bn, and Source Markets with USD3.2bn.
15/10/2010

Getting out of frozen real estate funds is costly

p { margin-bottom: 0.08in; } Eight of the ten largest transaction volumes for investment funds on the Hamburg stock exchange in September were for open-ended real estate funds for which redemptions are suspended, the Börsen-Zeitung reports. But resales of shares in the funds are taking place well below their value: as of 12 October, shares in the P2 Value funds (Morgan Stanley Real Estate Investment GmbH) were trading at EUR19.99, compared with an official net asset value of EUR28.31. Shares in DEGI Europa were trading at EUR34.01, compared with an official price of EUR48.55.
15/10/2010

Deutsche Börse headquarters sold before they are occupied

p { margin-bottom: 0.08in; } The new headquarters of Deutsche Börse in Eschborn, near Frankfurt, have been sold for EUR230m to Signa Property Funds of Düsseldorf by the developers, Groß & Partner and Lang & Cie, the Börsen-Zeitung reports. Deutsche Börse has not yet officially moved into the property. Frank Tölle, CEO of Signa Property Funds, says that the property will be added to the portfolio of the Signa 13 Frankfurt fund, and will generate distribution of 5.75% per year.
15/10/2010

RWC partners positions itself in German-speaking markets

p { margin-bottom: 0.08in; } Susanne Sorge, who was previously head of development for Germany, Austria and Switzerland at GLG Partners, will join RWC Partners, which has already kicked off a sales drive in the German-speaking countries, at the end of October. She will have the same responsibilities as at her former employer, and will report to Dan Mannix, head of business development.
15/10/2010

Bernhard Klocke leaves job as head of retail distribution at Axa IM for Germany and Austria

p { margin-bottom: 0.08in; } In a message to personnel in distribution services, Axa Investment Managers Germany has announced that Bernhard Klocke resigned at the end of September from his position as director of retail distribution for Germany and Austria, but that he will remain available to the group in case of need until 31 December, Fondsprofessionell reports. The retail team will remain unchanged, including Frank Horn (Axa group), Thomas Hopf (German banks), Selina Sezen (German IFAs) and Bernhard Steinmetz (Austria).
15/10/2010

Ahorro Corporación network now offers Carmignac funds

p { margin-bottom: 0.08in; } The 23 Spanish savings banks which make up the Ahorro Corporación platform are now offering the 18 funds from Carmignac Gestion, 13 of which already have a sales license for Spain, Cinco Días reports. The network has a network of over 7,000 branches, in addition to virtually all the major mid-sized banks. Ahorro Corporación has already signed agreements with 13 foreign management firms, including Fidelity and JP Morgan, for over 1,000 funds. Carmignac already offers its funds via Allfunds Bank, Banco Sabadell, Banesto and Banco Pastor, among others. The CNMV’s list of firms which distribute Carmignac funds also includes Banif, Santander and BBVA, though the latter has assured Cinco Días that it does not currently sell any Carmignac products.
15/10/2010

Global ETF assets up in September

p { margin-bottom: 0.08in; } As of the end of September, assets under management worldwide in ETFs totalled USD1.1813trn, compared with USD1.0644trn as of the end of August, and USD1.0952trn as of the end of July. Compared with 31 December 2009, assets are up 14%. The number of ETFs has increased 22.3% since the beginning fo the year, with 478 launches and 44 closures of funds. As of 30 September, according to BlackRock, there were 2,379 ETFs from 129 providers, listed 5,024 times on 45 stock markets. Currently, there are 972 products in the planning and development stages. The rankings of providers remains unchanged. The largest is still iShares, with 461 ETF funds and USD534.6bn in assets (USD492.7bn as of the end of August), which amounts to a market share of 45.3% (compared with 46.3% one month earlier). State Street Global Advisors (SSgA) is in second place, with 113 funds and USD163.8bn (USD139.6bn), corresponding to 13.9% of the market (13.1%). Lastly, Vanguard, with 63 ETFs, has USD126.2bn (USD113.1bn as of the end of August), equivalent to a market share of 10.7% (10.6%).
15/10/2010

Bridgewater, JP Morgan and Paulson are largest hedge fund managers

p { margin-bottom: 0.08in; } AR Absolute Return + Alpha reports that as of 1 July, Bridgewater was the hedge fund manager with the largest assets, at USD51bn, followed by JP Morgan Chase with USD41bn, and Paulson & Co with USD31bn. In fourth place was Soros Fund Management with USD27bn, followed by Och-Ziff with about USD25bn.
15/10/2010

Assets in Portuguese funds down 11.2% in January-September

p { margin-bottom: 0.08in; } According to the Portuguese securities commission (CMVM), as of the end of September, assets in Portuguese securities funds and special investment funds totalled EUR15.219bn, a decline of 11.2% compared with a total of EUR17.131bn as of the end of December. Also as of 30 September, assets under management in invesmtent funds were down 1.4% compared with the end of August, to EUR9.3543bn, while special funds were up 1.6% in one month, to EUR5.89651bn.
15/10/2010

Hedge funds having trouble finding sources of alpha

Despite good results in September, hedge funds are still experiencing difficulty in finding solid sources of outperformance, the ratings agency Fitch Ratings says in its most recent quarterly letter dedicated to hedge funds. “Systemic risk has not dissipated and continues to cause difficulties for directional strategies, particularly equities and macro, which have been particularly affected by increasing correlations between asset classes, and the behaviour of the market, which has been described as “risk-on/risk/off,” says Olivier Fines, managing partner at EMEA Fund and Asset Manager Rating.At the same time, Fines adds, “relative value and event-driven strategies have managed to profit from low interest rates, an increase in corporate activity, and a wider range of inefficiencies in various fixed income sectors, interest rate curves, and credit.”Aymeric Poizot, senior director and head of the group at EMEA Fund and Asset Manager Rating, says “investors may need to refresh their approach to evaluating the merits and the logic behind investing in hedge funds. Expectations of returns need to be revised downward, and the emphasis is increasingly on the flexibility of managers, i.e. on their trading abilities in macro and long/short strategies, and on their relative size and diversification in relative value and event strategies.”
15/10/2010

Image of BRIC countries improves

p { margin-bottom: 0.08in; } According to the most recent Nations GfK Roper 2010 image survey, which measures the global image of 50 countries, two BRIC countries have made major progress, though they are not yet in the top 10: Brazil and China, which have risen from 21st to 14th place in the export area. The United States is still on top, despite mediocre rankings for some areas such as responsible behaviour for “peace and security” (21st), or responsible environmental protection policy (26th). In the top 10, major changes have taken place, as Spain has fallen out of the top 10. Canada has overtaken Italy, and France has fallen to third place, behind Germany.
15/10/2010

SWIP creates a role of fixed income commercial director

p { margin-bottom: 0.08in; }Scottish Widows Investment Partnership (SWIP) has appointed Ian Clifton to the newly created role of commercial director within its fixed income team.Based in London, he will report to Mark Connolly, director of fixed income and will be responsible for driving the commercial activity of SWIP’s fixed income business. Ian Clifton was working most recently as a senior investment consultant at Mercers in London.
15/10/2010

BlackRock hires a manager from Brevan Howard

Ian Winship has joined the sterling fundamental fixed income team at BlackRock in London as a senior portfolio manager. He was most recently at Brevan Howard where he was head of absolute return product. Previously he spent 11 years at Aberdeen Asset Management as head of global rates.In his role at BlackRock, Ian Winship will report to Paul Shuttleworth, head of sterling fixed income. He will focus primarily on sterling rates and on developing the business in the UK.
15/10/2010

GLG shareholders approve merger with Man Group

Man Group and GLG Partners have announced on October 14 that the recommended acquisition of GLG by Man has been completed. GLG shareholders have approved the deal. Peter Clarke, chief executive of Man, said: “The acquisition of GLG is a significant milestone in Man’s development as a global leader in alternative asset management. The combined firm will have expertise in a wide range of investment styles including managed futures, equity, credit, emerging markets, global macro and multi-manager”.
15/10/2010

Baillie Gifford promotes Gerald Smith to CIO

p { margin-bottom: 0.08in; } In order to give James Anderson, CIO since 2006, more time to concentrate on management of major accounts, Baillie Gifford has decided to promote Gerald Smith, deputy CIO since January 2009 and head of the global opportunities team, to the position of CIO, from April 2011. Anderson will continue to play an active role in the management firm as head of the long-term global growth team, chairman of EAFE Alpha Portfolio construction group, and manager of Scottish Mortgage Investment Trust PLC. Gerald Smith has been a partner at Baillie Gifford since 1998. He joined the firm in 1987. Tom Coutts will also take over as head of the European equity team from April 2011, following the decision of Peter Hollis, announced in January 2010, to leave the business in April 2011 for personal reasons. Coutts joined Baillie Gifford in 1999.
15/10/2010

UK firm GPP launches a new service

p { margin-bottom: 0.08in; } The UK firm Global Prime Partners (GPP) has announced the launch of the first prime brokerage service in Europe, which provides settlement, custody, securities lending and financing services to new hedge funds. GPP will initially focus on young hedge funds or managers starting out in the profession, with less than USD100m in assets under management. “This market segment is not correctly covered by the major banks, and represents a major opportunity for GPP. Capital flows in hedge funds are smaller than a few years ago, and many managers start out with USD5m to USD25m in assets. We can help them to start out, to manage at a lower cost, and to provide a new, more robust service than the major banks,” says Kevin LoPrimo, head of prime brokerage at GPP.

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