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09/07/2010

Baisse de l'encours de Man Group en avril-juin

A fin juin, les actifs gérés par Man Group avaient diminué à 38,5 milliards de dollars contre 39,4 milliards trois mois plus tôt. Sur ce total, précise le groupe jeudi, l’encours pour le compte de particuliers a progressé à 27,1 milliards de dollars contre 26,8 milliards, grâce à la performance de la filiale AHL et malgré une perte de change de 0,7 milliard et des remboursements nets de 0,6 milliard.Les actifs institutionnels ont baissé à 11,4 milliards de dollars contre 12,6 milliards fin mars, à cause entre autres de 0,1 milliard de sorties nettes et de 0,4 milliard de pertes de change.Cela posé, Man Group indique avoir disposé à fin juin d’un excédent de fonds propres prudentiels d’environ 1,5 milliard de dollars et de liquidités disponibles de 5,4 milliards de dollars.Enfin, le gestionnaire alternatif britannique souligne que le processus d’acquisition de GLG Partners s’effectue conformément au programme établi.
09/07/2010
Fonds

T. Bailey lance un fonds de fonds défensif

Elliot Farney a été choisi par le spécialiste des fonds de fonds T. Bailey pour gérer un nouveau fonds prudent multi-classes d’actifs qui sera lancé à la fin du mois et destiné aux investisseurs plutôt défensifs. Le T. Bailey Defensive Cautious Managed Fund devrait pouvoir surperformer la moyenne des fonds du même secteur et cela, avec une volatilité inférieure, estime le gérant qui était gérant adjoint des fonds T. Bailey Growth Fund, the T. Bailey Equity Income Fund et T. Bailey Cautious Managed Fund depuis janvier 2009.Le nouveau produit sera le second fonds de T. Bailey à être coté sur le segment cautious managed sector de l’IMA, la différence par rapport au premier, le T. Bailey Cautious Managed Fund, étant que l’allocation maximale aux actions est plafonnée à 25 % contre 50 %.
Fonds
09/07/2010
Fonds

Promotions chez Jupiter

Jupiter Asset Management vient d’ annoncer les promotions d’Alastair Gunn et Rhys Petheram en qualité de co-gérants du Jupiter Distribution Fund aux côtés d’Anthony Nutt et John Hamilton. Alastair Gunn travaille chez Jupiter depuis 2007, Rhys Petheram depuis 2006. Le Jupiter Distribution Fund, qui affiche des encours sous gestion de 261 millions de livres et qui est investi à 60% minimum en fixed income (le reliquat en actions), a dégagé un rendement de 16,22% durant l’année écoulée contre 15,60% pour secteur «Cautious Managed» de l’IMA.
Fonds
09/07/2010

Remaniement de l'équipe de gestion chez M&G

David Fishwick, head of the macro investment business de M&G et co-gérant du M&G Macro Episode Fund, a été nommé au poste nouvellement créé de head of retail investment management tandis que George Tsinonis, tout en continuant de gérer le M&G Global Dynamic Allocation Fund prend avec effet immédiat la gestion du M&G Cautious Multi-Asset Fund et du M&G Managed Fund.Cette réorganisation fait suite au départ avec effet immédiat de David Jane, head of equities et gérant du M&G Cautious Multi-Asset Fund. Il pourrait éventuellement trouver un autre poste au sein du groupe Prudential. D’autre part, Ed Rosengarten, chief executive of equities, a décidé de quitter M&G où il restera jusqu'à septembre, pour assurer une transition sans heurts.
09/07/2010

Les associés d'Hexam prennent le contrôle de leur boutique

Quatre des associés d’Hexam Capital Partners reprennent 65 % de l’entreprise dont 50 % étaient jusqu'à présent détenus par Ignis, qui cessera d’assurer la distribution des produits Hexam, indique Investment Week, Les activités de soutien opérationnel seront ultérieurement sous-traitées auprès de fournisseurs externes désignés par Hexam. Fund Strategy précise de son côté que le transfert des 600 millions de livres d’encours par Ignis s’effectuera sur les neuf à quatorze mois qui viennent. Ignis conservera 35 % dans Hexam.
09/07/2010
Fonds

Vallar a levé 700 millions de livres

L’Agefi qui cite Bloomberg rapporte que la société d’investissement de Nathaniel Rothschild a levé 700 millions de livres (836 millions d’euros) pour son introduction sur la Bourse de Londres.
Fonds
09/07/2010

Citigroup cèderait un portefeuille de private equity à Lexington

Selon les proches du dossier, rapporte The Wall Street Journal, Citigroup serait sur le point de boucler la cession d’un portefeuille d’environ 1 milliard de dollars d’investissements en private equity au new yorkais Lexington Partners. La transaction couvrirait entre autres une participation dans le fonds Citigroup Capital partners II (3,3 milliards de dollars d’encours) qui a investi avec d’autres capital-investisseurs dans de grandes opérations durant le boum des «buyouts». Lexington devrait acquérir avec une légère décote par rapport à la valeur comptable dans les livres de Citigroup des participations dans Dollar General, GMAC et HCA.Pendant que Lexington achèterait les actifs sous-jacents des fonds, StepStone serait chargé de géré les fonds parce que Citigroup a fait entrer dans ces fonds des clients de sa banque privée ainsi que de Smith Barney, de même que certains de ses salariés, ce qui représente plus de 8 milliards de dollars.
09/07/2010

Carlyle revend MultiPlan à BC Partners et Silver Lake

Selon les proches du dossier, les capital-investisseurs BC Partners et Silver Lake Partners achètent MultiPlan à Carlyle Group à la faveur d’un «secondary buy out» qui valorise la société à 3,1 milliards de dollars, rapporte The Wall Street Journal. Il semble que Carlyle récupère plus de trois fois sa mise initiale de 2006. MultiPlan est l’un des plus importantes «preferred-provider organizations» ou PPO, des Etats-Unis. Il s’agit d’une entreprise qui monte des réseaux de médecins pour les assureurs.
09/07/2010

Carlyle investit chez Pokphand

Carlyle Group achète pour 175 millions de dollars une participation de 11,3 % dans le fabricant chinois d’aliments pour bétail C.P. Pokphand, indique The Wall Street Journal. C’est un pari du capital-investisseur américain sur l’appétence croissante des Chinois pour la viande.
09/07/2010

Hedge funds suffered in June, but less than the markets

According to Hennessee Group, hedge funds lost an average of 1.35% in June, while according to Hedge Fund Research, they lost 0.81%. For first half, the Hennessee index is slightly positive, and the HFR index is slightly negative, while the S&P 500 lost 5% in June, and 6.7% in the first six months of the year, the Wall Street Journal notes. The Paulson Advantage and Paulson Advantage Plus funds lost 4.4% and nearly 7% in June, respectively, with losses of 5.8% and 8.7% in first half. The Clarium fund from Peter Thiel lost 7.7% last month, and 13.8% in January-June.
09/07/2010

Korean military fund goes green

Jin Yeong-Ho, the chief investment officer of the Korean fund Military Mutual Aid Association (MMAA), with assets under management of USD6.8bn, has declared the fund’s intention to make new strategic investments in green growth industries, Asian Investor reports. Currently, MMAA’s investments fall into three categories: construction and development, which represents 39.4% of total assets under management; financial investments, for 38.2%, and direct investments in equities (22.4%). The objective is to increase financial investments to 42% of the total, and to create a “green” allocation, which could represent up to 5% of total assets, while the proportion dedicated to construction and development would be decreased to 33%.
09/07/2010

Société Générale Private Banking builds presence in Latin America

Société Générale Private Banking on 8 July announced that it has added to its teams dedicated to high net worth clients in Latin America, with the appointment of William Birkbeck, as deputy director of client services in Latin America. Birkbeck, based in Geneva, will report to Alberto Valenzuela, deputy CEO of Société Générale Private Banking (Switzerland) SA< and director of Latin American client services, and will assist Valenzuela in the international co-ordination of services dedicated to these clients. Due to his profound knowledge of the Latin American market, and his career in investment banking and finance, Birkbeck will aim to promote solutions will meet all the needs of high net worth entrepreneurial clients in Latin America. Birkbeck was previously director and head of the Americas and Asia group at Société Générale Corporate and Investment Banking.
09/07/2010

Nicolas Hubert joins Blackstone

The Blackstone group on 8 July announced the appointment of Nicolas Hubert as Managing Director in charge of advising activities serving financial institutions. With 12 years of experience, Hubert comes as an addition to the team led by Jean-Michel Steg in Paris. Before joining Blackstone, Hubert was head of merger and acquisition advising activities for financial institutions in France at the Lazard bank in Paris, from 2003. The appointment is a part of a major development effort at Blackstone’s Paris office. The Paris office, opened in March 2009, and specialised in restructuring and merger and acquisition advising, now has 10 personnel.
09/07/2010

Hedge fund managers are optimistic

Hedge Week reports that, according to a survey by Rothstein Kass, 82% of senior managers at hedge fund firms estimate that there will be more funds created this year than in 2009. However, less than 20% of the 381 managers surveyed estimate that more hedge funds will be opened than closed. Nearly three quarters of managers surveyed admit that 2010 will be another hard year, even though the environment is continuing to improve.
09/07/2010

Pierre Séquier joins board at Exane AM

Soon after leaving as MD at Sinopia, and the HSBC Group (see Newsmanagers of June 16th), Pierre Séquier has been appointed member of the managing board of Exane Asset Management.
09/07/2010

Temasek portfolio recovering

The market value of the portfolio of the Singapore sovereign fund Temasek rose by SGD186bn as of 31 March 2010, Temasek says in its annual report, published on 8 July, which represents an increase of SGD56bn year on year. Total returns for the shareholder in annual terms weighted since the creation of Temasek total 17%. For the year to the endof March, returns total 42%. Temasek remains preponderantly invested in Asia. This year, nearly 80% of the underlying exposure of the portfolio was in Asia, including Singapore. As of 31 March 2010, exposure to Singapore was 32%, compared with 46% for the rest of Asia ex Japan, while the OECD and other countries represent 22%. Temasek says that it will continue to prioritise the Asian region, where growth is expected to continue at a high level in the next few years.
09/07/2010

Spanish funds reduce exposure to Spain by EUR6bn

The confidence of Spanish management professionals in the country’s economy is falling. According to statistics from the CNMV, funds reduced their exposure to Spanish debt (public and private) by EUR3.4bn in January-March, to EUR71.9bn, Expansión reports. In addition, they sold off equities, deposits and derivatives for EUR2.35bn. They thus reduced their exposure to Spain by nearly EUR6bn, part of which can be explained as a result of net redemptions from funds of EUR3.5bn in January-March, which may have continued or accelerated in second quarter.
09/07/2010

Natixis to launch a UCITS III platform

HFMWeek reports that Natixis will soon launch a new UCITS III platform. The bank has reformatted an existing platform, Sixtina, which hosted 30 managed accounts, to make it a suitable platform for newcits. The new version of Sixtina may attract as much as EUR350m to EUR500m in its first year of operation. Natixis may then launch a fund of hedge funds in UCITS III format, the weekly news magazine reports. Natixis will launch newcits via its Luxembourg Sicav. The platform is aimed at institutional clients, and among the products it is developing are long/short, CTA and event-driven strategies.
09/07/2010

NFC becomes Schroders NewFinance Capital

The British asset management firm Schroders announced on Thursday that its wholly-owned affiliate NewFinance Capital (NFC) will adopt the name of Schroders NewFinance Capital. The firm, acquired by Schroders in 2006, is a specialist in fund of hedge fund management, and manages about USD3bn as of 30 June 2010, of which EUR700m are in Germany (EUR600m in funds of hedge funds, and EUR100m for retail clients). Schroders and Schroders NewFinance Capital together operate a UCITS-compliant hedge fund platform, the Schroder GAIA (Global Alternative Investor Access) Sicav.
09/07/2010

Default rates still falling in Europe

According to the most recent statistics from the Moody’s ratings agency, default rates for European speculative category issuers totalled 5.8% in second quarter, compared with 7.3% in first quarter. In second quarter 2009, the rate was 7.4%. Moody’s estimates that the trend will continue in the next few months, with default rates likely to fall to 1.4% by the end of the year. Worldwide, the default rate has fallen to 6.1%, from 10% in first quarter, and 11.1% one year earlier. It is expected to fall to 2.4% by the end of the year, and 1.8% in second quarter 2011, Moody’s estimates. In total, 26 corporate issuers rated by Moody’s have defaulted since the beginning of the year, 9 of them in second quarter. Last year, the number of defaults was 90 in first quarter and 85 in second quarter.
09/07/2010

Deutsche Bank puts BHF up for sale

According to financial industry sources, the Frankfurter Allgemeine Zeitung reports, Deutsche Bank is planning to begin the process of selling BHF-Bank by the end of this month. Information will be revealed in the next few days as to who the potential buyers are; they are expected to include LGT Bank, UBS, Julius Bär and HSBC Trinkaus & Burkhardt.
09/07/2010

Hugues Colmant to become CEO of Cortal Consors Germany

As of 1 September, Hugues Colmant will take up his new role as CEO of Cortal Consors for Germany. At the same time, he will become deputy head and a member of the executive board at BNP Paribas Personal Investors. Since 2007, he has been COO of the investment solutions arm of BNP Paribas. Alongside deputy CEO Kai Friedrich, Colmant is half of the managing board of Cortal Consors Germany. He replaces Vincent Lecomte, who has been appointed COO of BNP Paribas Wealth Management.
09/07/2010

Partners Group invests in German residential real estate

The Swiss asset management firm Partners Group, with its partner Corestate, has invested EUR230m in two portfolios of residential properties in Germany, representing 4,150 housing units. Partners Group says that it was able to acquire the properties due to the fallout from the financial crisis. The details of the acquisition were negotiated individually with vendors, with attractive long-term financing conditions.
09/07/2010

Assets down at Man Group in second quarter

As of the end of June, assets under management at Man Group fell to USD38.5bn, from USD39.4bn three months earlier. Of this total, the group announced Thursday, assets held for retail clients were up to USD27.1bn, from USD26.8bn, due to the performance of the affiliate AHL, and despite negative currency effects of USD0.7bn, and net redemptions of USD0.6bn. Institutional assets were down to USD11.4bn from USD12.6bn as of the end of March, due partly to USD0.1bn in net outflows, and USD0.4bn in negative currency effects. However, Man Group announces that as of the end of June it has a surplus of regulatory capital of about USD1.5bn, and available liquidity of USD5.4bn. Finally, the British hedge fund management firm says that the acquisition process at GLG Partners is proceeding within the established timetable.
09/07/2010

Changes to management team at M&G

David Fishwick, head of the macro investment business at M&G and co-manager of the M&G Macro Episode Fund, has been appointed to the newly-created position of head of retail investment management, while George Tsinonis, who will continue to manage the M&G Global Dynamic Allocation Fund, will take over immediately as manager of the M&G Cautious Multi-Asset Fund and the M&G Managed Fund. The reorganisation follows the departure with immediate effect of David Jane, head of equities and manager of the M&G Cautious Multi-Asset Fund. He may subsequently find another position within the Prudential group. Meanwhile, Ed Rosengarten, chief executive of equities, has decided to leave M&G, where he will remain until September, to provide a smooth transition.
09/07/2010

Hexam partners take control of boutique

Four partners from Hexam Capital Partners, including Bryan Collings, are taking over 65% of the firm, 50% of which was previously controlled by Ignis, which will no longer provide distribution of Hexam products, Investment Week reports. Operational support activities will be outsourced to external providers appointed by Hexam. Fund Strategy reports that the transfer of GBP600m by Ignis will take place in the next 9 to 14 months. Ignis will retain a 35% stake in Hexam.
09/07/2010

Western management firms should scale back their ambitions in Asia

Management firms hoping to increase their presence in Asia will need to be aware of the challenges they face, the consulting firm Greenwich Associates says in a recently-published survey (“Global Asset Managers in Asia: Setting Realistic Expectations.”) Firstly, Greenwich Association says, a very low percentage of assets are outsourced to management firms in Asia, compared with the norm in Europe or the United States. As of the end of 2009, assets under management at Asian management firms totalled about USD5trn, compared with USD6trn in the United States. But the similarities end there, since the assets outsourced represent 80% of the total in the United States, and 47% in Europe, but 12% in Asia. Though there is a concentration of assets in key markets such as Hong Kong and Singapore, Asian firms are spread out through a large geographical region with large cultural, financial and regulatory disparities. Finally, many Asian firms are still young, and the largest are still under 10 years old, and are not used to calling in outside providers. Abhi Schroff, a consultant at Greenwich Associates, says there is often an enormous difference between the perception of directors at the helm of management firms, and the reality on the ground. “In Europe or the United States, the Asian market represents a growth opportunity which is often foregrounded in long-term strategy for the organisation. In the Asian office, however, the reality of activities are circumscribed by limited outlooks and daily operational challenges.”
09/07/2010

T. Bailey launches a defensive fund of funds

Elliott Farney has been selected by the fund of fund specialist T. Bailey to manage a new prudent multi-asset class fund which will be launched at the end of the month, and which will be aimed at defensive investors. The T. Bailey Defensive Cautious Managed Fund will aim to outperform the average for funds in this sector, with lower volatility, says the manager, who has been deputy manager of the T. Bailey Growth Fund, the T. Bailey Equity Income Fund, and the T. Bailey Cautious Managed Fund since January 2009. The new product will be the second fund from T. Bailey to be listed on the cautious managed sector of the IMA, with the difference from the T. Bailey Cautious Managed Fund that the maximal allocation to equities is limited to 25%, rather than 50%.
09/07/2010

Promotions at Jupiter

Jupiter Asset Management has announced the promotions of Alastair Gunn and Rhys Petheram, who become co-managers of the Jupiter Distribution Fund, alongside Anthony Nutt and John Hamilton. Gunn has been working at Jupiter since 2007, while Petheram has been there since 2006. the Jupiter Distribution Fund, which has assets under management of GBP261m, and which is at least 60% invested in fixed income (with the remainder in equities), earned returns of 16.22% in the past year, compared with 15.60% for the IMA “Cautious Managed” sector.
09/07/2010

Fund assets and net subscriptions up in first half

As of the end of June, total assets in Italian and foreign funds on sale in Italy totalled EUR441.32bn (of which 53.7% were in Italian-registered products), compared with EUR444.26bn as of the end of May, and EUR435.33bn as of the end of December, Assogestioni reports. In June, net redemptions were down to nearly EUR1.18bn, compared with EUR3.48bn in May, meaning that for the first six months of the year, net subscriptions totalled EUR2.49bn. Net outflows in first half were concentrated on Italian groups (with EUR1.66bn), while foreign groups had earned over EUR4.15bn. In June, flexible funds and diversified funds showed net subscriptions, of EUR683m for the former, and EUR280m for the latter. Equities funds also collected EUR240m in net. Money market funds still showed net outflows of EUR2.29bn, bringing outflows in this category to over EUR13.71bn since the beginning of the year.

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