Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
21/06/2010

F&C in legal battle with two hedge fund managers

F&C is embroiled in a legal battle with two hedge fund managers - Francois Barthelemy and Anthony Culligan -, says the Financial Times. The case centres on a limited liability partnership set up in 2004 between the asset management company and the two men. The two men, who hold 20% each in the partnership, allege that after the collapse of Lehman Brothers, F&C, which has a 60% interest, «wanted to shut down the LLP» and «recognised they could not do that under the agreement without buying the individual partners out under the options». They claim that F&C «started to run the business down without even informing the individual partners» and from mid-December 2008 «they sought to impose . . . cuts that would . . . have undermined the business altogether», according to the FT.
21/06/2010

Six Gartmore chiefs buy stakes in the firm

Six managers and directors at Gartmore, including chief executive Jeff Meyer, have bought GBP557,162 worth of shares, says Financial News. But one prominent name has not joined in the buying spree - star manager and major shareholder Roger Guy.
21/06/2010

Collins Stewart and Corazon merge funds of funds

Fund Strategy reports that Collins Stewart Fund Management and Corazon Capital are planning to merge their funds of funds, in the wake of the acquisition of Corazon by Collins Stewart in March of this year. The time-frame has not been set in stone, say sources at Collins Stewart, adding that the operation will not involve any layoffs.
21/06/2010

Inflexion and F&C sell ICS to Blackstone

The private equity investor Inflexion and F&C Private Equity Trust have sold their stakes in ICS to the US management firm Blackstone, for a total of GBP110m-GBP125m. F&C says that it received GBP6.3m in cash and GBP0.5m in loan notes, which, along with subsequent payments, will bring the internal return rate to 73% after 22 months.
21/06/2010

Henderson funds buy Jupiter shares

Graham Kitchen, who manages several equities funds at Henderson, says that several fund managers at the firm bought a total of 2% of the shares in Jupiter released as part of its IPO, as they considered the issue price of 165 pence per share highly attractive, Investment Week reports. Since Thursday, the shares have been trading at about 190 pence per share. The first listing will take place this Monday. Jupiter, whose share offering was more than 2.5 times oversubscribed, has not posted a single quarter of net redemptions in the past 10 years.
21/06/2010

Foreign hedge funds short Spanish firms

Since 10 June, investors are required to disclose short positions exceeding 0.2% of capital in any Spanish corporation to the CNMV, and when these short positions exceed 0.5%, the regulator renders the information public. Cinco Días reports that several firms have declared short positions on 15 Spanish firms totalling EUR1.218bn. The most heavily shorted firms by percentage of capital are BME (3.9%), Grifols (3.4%), and Banco Popular (3.2%). Deutsche Bank has bet the most (EUR750m) against the Spanish firms BBVA, Banco Popular, Gamesa and Grifols. The US-based hedge fund management firms Amber Capital, Morton Holdigns and Eminence Capital also have large short positions; others include Mason Capital Management, John A. Griffin, and Marshall Wace.
21/06/2010

Small light at the end of tunnel for Madoff victims

La Tribune reports that investors seeking to put an end to their involvement in the Madoff caper may sell their fund shares. Although the products are effectively worthless now, and most of them have entered liquidation, the Hedgebay Trading cross-border platform offers a way to put sellers and buyers of shares in the funds in contact. According to the newspaper, as much as USD5m in trades on the Fairfield and Plazza hedge funds are reportedy taking place. Some institutional investors have even approached the platform to buy illiquid shares “transparently.” The new owners of the shares are hoping that Irving Picard, the US liquidator of Bernard Madoff’s assets, will recover more money than expected. The unfortunate investors selling their shares will also have the relief of recovering some limited amount. The platform reports that the rebound in trading of these shares has brought their value back up to only 8% of the value of the initial investment.
21/06/2010

EasyETF product retools for S&P 500

Following Lyxor, Amundi ETF, HSBC, Crédit Suisse and db x-trackers, it is now the turn of EasyETF to launch an ETF product based on the S&P 500. In the event, the EasyETF S&P 500 is a transformation of the firm’s ETF based on the S&P 100. EasyETF S&P 500 is available in Euros and US dollars on NYSE Euronext (Paris), Deutsche Börse (Frankfurt) and Borsa Italiana (Milan). It is eligible for French PEA savings plans, and complies with the European UCITS III directive. CharacteristicsEasyETF S&P 500 EURISIN code: FR 0010616300Management firm: BNP Paribas Asset ManagementCurrency: EURAnnual management fees: 0.20%Bloomberg code: SPTR 500 NEasyETF S&P 500 USDISIN code: FR 0010218843Management firm: BNP Paribas Asset ManagementCurrency: USDAnnual management fees: 0.20%Bloomberg code: SPTR 500 N
21/06/2010

New hedge fund launches on the horizon

After a disastrous month of May in which legislators the world over sought to impose stricter regulations on their activities, hedge funds and the alternative management profession are continuing to grow. In the past few days, the English language press has reported on several new funds currently in development. Pierre-Henri Flamand, a veteran of Goldman Sachs, is planning to launch an event-driven hedge fund in autumn, to be entitled Edoma Capital, with about USD1bn in assets. The hedge fund will be based in Geneva, probably in order to avoid the recently announced tax hikes in the United Kingdom. A former Merrill Lynch trader, Frédéric Marino, will launch a hedge fund in summer, to be entitled FM Capital Partners, with the support of the Libyan government, which the British Independent newspaper reports will invest hundreds of millions of dollars. Marino launched a hedge fund nearly one year ago, and is planning to hire nearly 40 staff by autumn. Among the top figures at the fund will be Mohamed Taher Siala, former Libyan undersecretary for foreign affairs, and Khaled Kagigi, head of a Libyan government fund which invests in Africa. The fund’s activities will include traditional hedge fund strategies as well as research to locate investment opportunities in Africa. The Bloomberg news agency also reports that Citigroup is planning to dedicate USD750m to hedge funds this year, and Usd1bn next year.
21/06/2010

Institutional investment in hedge funds bouncing back

Hedge Week reports that estimates by Preqin show that institutional investment in hedge funds have been rising again since the end of 2009. Institutional investors are providing 72% of the capital invested in hedge funds.
21/06/2010

Three new Lyxor ETFs listed in Frankfurt

Since Thursday, the listings on the XTF segment of the Xetra electronic trading platform from Deutsche Börse include three new products. They are French-registered ETF funds: Lyxor ETF EURO STOXX 50 Dividends (with fees of 0.70%), Lyxor ETF Daily ShortDAX x2 (0.60%), and Lyxor ETF Daily Double Short Bund (0.20%). The new additions bring the total number of ETF products listed in Frankfurt to 674.
21/06/2010

Franklin Templeton releases three new funds

Franklin Templeton has announced that it has been granted a sales license in Germany and Austria for three new Luxembourg-registered sub-funds. They are the Gold and Precious Metals Fund* (LU0496367417), managed by Steve Land, the Templeton European Corporate Bond Fund* (LU0496369546), managed by David Zahn, and the new Franklin Real Return Fund* (LU0496367250), managed by Tony Coffey and Kent Burns. The Franklin Templeton offices in Frankfurt manage about USD16.5bn in assets (EUR12bn) for German investors.
21/06/2010

Russell picks Metzler

Lorenzo Carcano, who since 2`003 has been manager of the Metzler European Smaller Companies fund at the German management firm Metzler Asset Management, has been selected to manage an allocation to small and midcaps representing 30% of the multi-management product MSMM European Small Cap Fund from Russell Investments, Das Investment reports.
21/06/2010
Fonds

Quatre offres fermes pour les fonds émergents de Natixis

Alors que Natixis a lancé depuis deux mois un appel d’offres pour céder ses fonds de capital investissement présents au Brésil, en Inde et en Chine pour un montant d’environ 250 millions d’euros, quatre offres fermes ont été remises auprès de la banque conseil Oddo, lundi dernier. Selon la Tribune qui cite plusieurs sources proches du dossier, le groupe Louis-Dreyfus et Artémis, le holding familial de François Pinault, font partie des candidats. Ces deux sociétés familiales sont en concurrence avec deux autres candidats plus «classiques». Le fonds de fonds Coller et Paul Capital associé à la société d’investissement française Pechel. Ce duo fait figure de favori car il est le seul à s’intéresser à l’ensemble des fonds émergents de Natixis.
Fonds
21/06/2010

Le middle office reste une activité difficile à sous-traiter

Si la conservation de titres, la comptabilité, l’administration et la valorisation des fonds sont des activités largement sous-traitées dans l’industrie de la gestion d’actifs, c’est moins le cas pour le middle-office, rapporte Les Echos. Sa proximité avec le coeur du métier, la gestion, explique en partie la réticence des sociétés de gestion à sous-traiter une activité dont le périmètre peut varier d’un établissement à l’autre.
21/06/2010
Fonds

Changement de référence pour un produit de EasyETF

Après Lyxor, Amundi ETF, HSBC, Crédit Suisse et db x-trackers, c’est au tour d’EasyETF de lancer un ETF avec pour référence le S&P 500. En l’occurrence, EasyETF S&P 500 est une transformation de l’ETF de la gamme calé sur le S&P 100. EasyETF S&P 500 est disponible en euros et US dollars sur NYSE Euronext (Paris), Deutsche Boërse (Francfort) et Borsa Italiana (Milan). Il est éligible au PEA et conforme à la directive européenne UCITSIII. Caractéristiques :EasyETF S&P 500 EURCode ISIN : FR 0010616300Société de gestion : BNP Paribas Asset ManagementDevise : EURFrais de gestion annuels : 0,20%Code Bloomberg : SPTR 500 NEasyETF S&P 500 USDCode ISIN : FR 0010218843Société de gestion : BNP Paribas Asset ManagementDevise : USDFrais de gestion annuels : 0,20%Code Bloomberg : SPTR 500 N
Fonds
21/06/2010
Fonds

Francfort cote trois ETF supplémentaires de Lyxor

Depuis jeudi, la cote du segment XTF de la plate-forme de négoce électronique Xetra de la Deutsche Börse comporte trois références supplémentaires. Il s’agit de trois ETF de droit français, Lyxor ETF EURO STOXX 50 Dividends (chargé à 0,70 %), Lyxor ETF Daily ShortDAX x2 (0,60 %) et Lyxor ETF Daily Double Short Bund (0,20 %). Cela porte le nombre total des ETF cotés à Francfort à 674 unités.
Fonds
21/06/2010
Fonds

Franklin Templeton commercialise trois fonds supplémentaires

Franklin Templeton a annoncé avoir obtenu l’agrément de commercialisation en Allemagne et en Autriche de trois compartiments luxembourgeois supplémentaires. Il s’agit du Franklin Gold and Precious Metals Fund* (LU0496367417) géré par Steve Land, du Templeton European Corporate Bond Fund* (LU0496369546), confié à David Zahn et du neue Franklin Real Return Fund* (LU0496367250) que gèrent Tony Coffey et Kent Burns.La succursale de Franklin Templeton à Francfort gère environ 16,5 milliards de dollars (12 milliards d’euros) pour le compte d’investisseurs allemands.
Fonds
21/06/2010
Fonds

Russell sélectionne Metzler

Lorenzo Carcano, gérant depuis 2003 du fonds Metzler European Smaller Companies pour l’allemand Metzler Asset Management, a été sélectionné pour gérer une poche de petites et moyennes capitalisations correspondant à 30 % du produit de multigestion MSMM European Small Cap Fund de Russell Investments, rapporte Das Investment.
Fonds
21/06/2010

Sal. Oppenheim ne compte pas redevenir bénéficiaire de sitôt

Dans son rapport annuel publié sur le site du Bundesanzeiger (Journal officiel), Sal. Oppenheim précise avoir accusé pour 2009 une perte de 1,27 milliard d’euros contre 163 millions l’année précédente.La banque privée, dont la Deutsche Bank a pris le contrôle le 15 mars 2010, indique qu’il sera indispensable de créer de nouvelles structures pour générer de la croissance et redevenir bénéficiaire, ce qui passera en particulier par un réexamen des fonctions de back-office pour créer des synergies avec la Deutsche Bank. Il faudra notamment réaliser des économies dans les technologies de l’information. Désormais, l'établissement se concentrera sur la gestion de fortune pour les particuliers, sur la gestion institutionnelle ainsi que sur la gestion de fonds «retail» et institutionnels.Sal. Oppenheim compte que le retour aux bénéfices prendra deux ou trois ans. Les comptes de 2010 seront plombés par des éléments exceptionnels liés à la restructuration et à la cession d’actifs en compte propre. Il se pourrait également que d’autres amortissements soient nécessaires sur certains crédits, de même que sur des participations et des immeubles. En exploitation, cependant, le bénéfice devrait augmenter pour retrouver un niveau satisfaisant.
21/06/2010
Fonds

GLG fait enregistrer des newcits en Espagne

Récemment, indique Funds People, GLG Partners a fait enregistrer quatre hedge funds coordonnés, compartiments de la sicav irlandaise GLG Investments VI PLC. Il s’agit d’un long/short equity, le GLG Pure Alpha, qui réplique un fonds enregistré aux îles Caïman et qui affiche 400 millions de dollars d’encours, ainsi que de trois produits marchés émergents, GLG Emerging Markets Equity, GLG EM Credit Opportunity et GLG EM Fixed Income and Currency.Un cinquième produit, le GLG Emerging Markets, a manqué la fenêtre d’homologation à cause d’une erreur, mais sera lancé ultérieurement. Tous ces fonds offrent une liquidité journalière et un profil décorrélé par rapport aux marchés.
Fonds
21/06/2010

"La valorisation passe avant la liquidité"

"Value et contrarian" : ces deux concepts caractérisent le style de gestion de HMG Finance (250 millions d'euros), qui s'estime désormais parvenue à un stade où elle peut recourir à une distribution non exclusive. Mais en préservant une certaine sélectivité pour garantir la quiétude des gérants.
21/06/2010

Vigeo to rate corporate lobbying practices

From 1 July 2010, Vigeo will include the “transparency and integrity of influence practices” in the criteria it uses to rate the social responsibility of businesses. With this new criterion, Vigeo will measure what businesses publicly disclose about the engagements they take on, staff and resources they mobilize, either internally or through the use of specialised organisations (think tanks, lobbying agencies, professional associations, etc.), to affect expertise and legislative and regulatory processes likely to have an impact on their interests. In an environment in which the power of the professional lobbying industry is growing, with observable consequences in the absence of consistent international regulation, the risks of accusations of improper conduct are not negligible for businesses which are inadequately transparent in this area. On the other hand, businesses which make the effort to provide information on the positions they support, and on the organisation and budget dedicated to managing their relationships with public decision-makers, may see a benefit to their reputation, as well as increased legal security, increased investor confidence, and thus better attractiveness to investors as well as more permissive attitudes on the part of shareholders, and more generally, better social acceptability for their brand. The development of the ratings criteria was undertaken by vigeo with the support of the French section of Transparency International under a partnership agreement between the two organisations signed in July 2009.
21/06/2010

SEC extends investigation of Magnetar Capital

According to sources familiar with the matter, the SEC is extending its investigation of the activities of the hedge fund management firm Magnetar Capital, founded by Alec Litowitz, a former trader from Cidatel Investment Group, the Wall Street Journal reports. The regulator is seeking to determine the exact role of Magnetar in the CDO markets, in which the hedge fund manager bought some of the highest-risk categories of derivatives, and made considerable amounts of money on CDS used to hedge against defaults on these assets.
21/06/2010

Citigroup seeks to raise USD3.5bn for alternative investments

According to sources familiar with the matter, Citi Capital Advisors, the alternative management platform from Citigroup, will seek to raise about USD1.5bn for private equity and USD1.75bn for hedge fund investments, the Wall Street Journal reports, adding that according to Bloomberg, the asset management firm will give itself two years to raise this amount of capital. The plans come ahead of the future “Volcker rule” which will forbid commercial banks from making speculative investments with their own capital. This point is also particularly sensitive for JP Morgan Chase, which owns the hedge fund management firm Highbridge Capital Management, and for Morgan Stanley, whose affiliates include the hedge fund management firm FrontPoint Partners.

Sujets d'actualité

Tous les sujets