Combined assets of funds of hedge fund groups with more than USD1bn under management slipped to USD625bn from USD744bn a year earlier, says the Financial Times Fund Management. Figures, from the InvestHedge Billion Dollar Club’s most recent survey are still an improvement on 2008, when assets dropped by a third.

Hedge funds included in the Credit Suisse/Tremont index in February ultimately achieved lower returns than the 0.87% announced (see Newsmanagers of 11 March), on the basis of results from 76% of funds: returns now average 0.68%, compared with 0.17% in January, bringing total gains for the first two months of the year to 0.85%. The worst results were -3.87% for dedicated short bias strategy, which has also seen the heaviest losses (3.61%) in the first two months of the year, followed by managed futures (-2.07%), which, however, saw the highest gains in February, at 1.81%. In January-February, distressed strategies have the best results, with gains of 2.32%.

The Munich-based management firm MEAG Munich Ergo Asset Management on Tuesday announced the creation of a retail (A) share class in its MEAG Fair Return fund, a German-registered diversified product managed with an absolute return approach and in accordance with sustainable development principles, which was initially created with institutional investors (see Newsmanagers of 30 June 2009), especially foundations, in mind. MEAG states that the fund is suitable for investors who are seeking to reinvest life insurance or pensions which have matured. Front-end fee and management commissions are 3%. and 0.9%, respectively.

Onemonth after announcing the listing of 17 ETF funds on the Germanmarket, Amundi ETF announced on Tuesday, 16 March that it will befurther increasing its presence in Germany by listing 21 more ETFfunds, bringing the total number of its products available onDeutsche Börse to 38.Ofthe 21 ETF funds listed currently, 12 are being released for thefirst time on Xetra. They include10sectoral ETF funds previously unreleased on Xetra offering exposureto the major sectors of the MSCI Europe index.2Style ETF funds previously unreleased on Xetra, which allowinvestors exposure to equities with the highest dividend returns inEurope and the Euro zone.9of the ETF products being listed stand out for their management fees,lower than those generally charged by competitors on Xetra, astatement from the management firm states (0.14% to 0.16%, dependingon the product). Seven of them are invested in Euro zone governmentbonds (from 3 months to 15 years). In addition to this, the AmundiETF Euro Inflation and Amundi ETF Euro Corporates funds are composedof about 40 corporate bonds each, selected on the basis of liquiditycriteria, with a credit rating higher than or equal to BBB- from S&P.

BNP Paribas Real Estate Investment Management on 16 March announced the launch of a new OPCI RFA, entitled Shopping Property Fund 1, dedicated to commercial properties, and with a total objective of EUR500m in investments in three years. The OPCI, whose first phase of acquisitions was completed in February 2010, involves a partnership with the Casino group, which is also a shareholder, alongside several other investors, a statement says. At the conclusion of the first phase of acquisition, Shopping Property Fund 1 has assets with a total value at acquisition of about EUR159m, including commission and fees but excluding VAT, which is 50% financed by a loan from BNP Paribas.

As a complement to the Vanguard Explorer Fund (USD8.6bn), which is managed with a growth style, Vanguard is releasing the Vanguard Explorer Value Fund, another actively-managed fund, which follows a value style, and which will specialise in US smidcaps, with less than 200 positions, and an average cap size comparable to that of its benchmark index, the Russell 2500 Value. At the end of the initial subscription period, which will run until 30 March, assets will be equally divided between Cardinal Capital Management (USD1.1bn in assets), Sterling Capital Management (USD12bn), and Frontier Capital Management (USD6bn), which is jointly controlled by the management and Affiliated Managers Group. Initial minimal subscription is set at USD10,000, and the fund will charge fees of 0.59%. Vanguard states that, including Sterling and Capital, it has 29 external managers. Of the 30 actively-managed equities funds in the Vanguard range, 15 are managed by two or more external management firms.

Guotai Fund Management has announced that it will be launching its QDII fund on 22 March. It will be the first QDII tracker fund, and will replicate the Nasdaq 100 index. The QDII portion of the product will total USD700m, or CNY4.8bn. A-Ben Advisors reports that the fee structure is “aggressive,” with a management commission of only 0.80%, the lowest level for any existing QDII fund. Several other passively-managed QDII funds are in the pipeline: an ETF from China AMC focused on Hong Kong, an S&P 500 ETF from China Southern Fund Management, and a Topix 30 ETF from Fortune SGAM. A-Ben Advisors also reports that Fortis Haitong is planning to launch a product which will invest in both A and H share classes.

Citywire reports that one of the best selectors of European funds, Alessandro Costa, has left his position at Eurizon Capital in Milan. The manager, who has several times been cited with distinction by Citywire, was director of the multi-management unit at Eurizon, and controlled more than EUR10bn in assets. The website states that Costa previously served as senior investment manager at Citibank in London and Lugano, before joining Sanpaolo AM, where he set up the multi-management activities.

In a statement, Amundi Immobilier, which had EUR5.2bn in assets under management as of 40 September 2009, announced on Tuesday, 16 March that it is planning to double its market share in the next 5 years to more than 25% of the private client market in France. To achieve this, the firm is turning to external distribution and IFAs, offering a range of products through these channels. The firm is planning to release the SCPI Scellier Premely Habitat 2 fund, which is licensed by the AMF, and also to launch a retail OPCI fund in second half 2010.

Chris Conkey has been appointed as chief investment officer, global equities, at MFC Global Investment Management. He will report to JF Courville, global president and CEO of MFC, the asset management affiliate of Manulife Financial. The new recruit is based in Boston, and will work in close collaboration with Barry Evans, CIO, fixed income, and with Mark Schmeer, CIO, asset allocation, strategy & research, who was previously also CIO, global equities. In the past three years, Conkey was CIO, equity at Evergreen, after the merger of Keystone Investments and Evergreen.

Financial News reports that Goldman Sachs has appointed a new head of principal strategies, following the annountment of the departure of the former head Pierre-Henri Flamand. Morgan Sze, head of principal strategies at Goldman Sachs for Asia, will take over the management of the group worldwide, according to an internal memo sent around at the firm this week. He will continue to report to David Heller, one of the four heads of securities at Goldman Sachs in New York.

Neuberger Berman (USD171bn in assets) has announced that it has selected J.P. Morgan Clearing Corp as provider of clearing and custody services, for about 50,000 accounts. The migration will take place in second quarter. The value of the contract has not been disclosed.

AXA announced on Tuesday, 16 March that it has submitted a Form 25 document to the SEC (Securities and Exchange Commission) to voluntarily end listing of its American Depository Shares (ADS) on the New York Stock Exchange (NYSE). The last say of trading for the ADS on NYSE will be 25 March 2010. “The withdrawal from listing will be effective from 26 March 2010. Following that date, ADS will be traded on the US over-the-counter (OTC) market, and will be listed on the OTC QX platform,” a statement from the group explains. The listings will be available at www.otcqx.com.

The Basel Committee on 16 March published a series of principles which are intended to help improve corporate governance practices in the banking sector. The document is open to consultation until 15 June this year. The principles laid out in the document, which attempts to draw the lessons of the financial crisis, includes the role of the board of directors, qualifications of board members, risk management, and oversight of pay scales. The Committee points out in a statement that it composed the document in close collaboration with the International Association of Insurance Supervisors (IAIS), which has undertaken a revision of its core principles to better take into account corporate governance issues.

On 12 March, Groupama Asset Management registered its absolute return fund Groupama Alpha Forex (Eonia + 200 basis points, with volatility of under 1%), bringing the number of funds on sale in Spain to 26. The French management firm is planning to register the Groupama Index Inflation Monde fund with the CNMV in the near future.

The consulting firm bfinance has announced the appointment of Jean-François Milette as CEO for its Canadian operations. Milette, who has more than 23 years of experience in the asset management industry, and who served as vice president and senior director of commercial relations with Canadian institutional investors at Dexia AM, will head the Montreal and Toronto offices, and will report to the president and CEO of bfinance international, David Vafai, based in London.

Fund Strategy reports that the Schroder Gaia Egerton European Equity fund is now available on the British market, via the Luxembourg-based Gaia platform for UCITS III-compliant hedge funds from Schroders. The fund is managed by Egerton Capital Limited Partnership, an independent management firm based in London, which focuses primarily on pan-European equities. Schroders has already exported its platform to Spain, Germany and Austria. Minimal investment is set at GBP5,000, while management fees are 2%, and performance commission is 20%.

Baring Asset Management announced on Tuesday that its Middle East and North Africa (MENA) fund, which will be released on 29 March (see Newsmanagers of 4 March 2009, 17 July 2009, and 15 December 2009), will charge a management fee of 5%, and a front-end fee of 1.5%. The fund will be an Open Ended Investment Company (OEIC), domiciled in Dublin and managed by Ghadir Abu Leil-Cooper. Minimal subscription is set at GBP2,500, or USD5,000, or EUR3,500. Initially, the new fund will invest primarily in Egypt, the United Arab Emirates, Qatar, Turkey, and Saudi Arabia (via P notes and swaps).

« Si des entreprises financières restent hors de la réglementation, nous aurons manqué notre but »

La banque a été désignée pour placer un véhicule de 500 millions de dollars. La valorisation pourrait avoir lieu dès cette semaine

Via sa société de gestion de placements immobiliers UFG REM, UFG-LFP lance UFG Prom’Immo, un fonds commun de placement à risques (FCPR) à procédure allégée réservé à des «investisseurs qualifiés». L’objectif de ce fonds est d’investir "à hauteur de 92 % des souscriptions libérées dans des PME principalement en phase d’amorçage et dont l’objet social est en lien avec le développement de projets immobiliers (opérations de promotions immobilières et/ou de marchands de biens)», précise le communiqué de l'établissement. Dans le détail, le FCPR investira dans des régions économiquement fortes et dont les besoins en logements sont importants (Ile-de-France, grandes métropoles régionales). Il tentera de capter un taux de marge important sur fonds propres par opération au sein des PME investies. Enfin, la gestion diversifiera les risques via, notamment, des prises de participations sur plusieurs sociétés, et des projets de promotions indépendants les uns des autres. Caractéristiques : Durée de vie du fonds : 7 ans à compter de sa date de constitution (date d’attestation de dépôt des fonds) et sauf dissolution anticipée. Possibilité d’une prorogation de 2 ans par période d’un an. Catégorie de parts Part A : 1 000 € (décimalisation au centième et au millième) / Part B (carried) : 10 € / Part Fondateur : 1 000 €Droits attachés aux parts : Part A : max 95 % du solde résiduel des profits* du fonds / Part B : max 5 % du solde résiduel des Profits du fondsPériode de souscription : 8 mois à compter de la date de constitution du fondsModalité d’inscription des parts Nominatif pur ou nominatif administré. Au choix du souscripteurFréquence de valorisation : Semestrielle (*) Produits nets et plus-values nettes du fonds

La société de capital-investissement européen Montagu Private Equity, annonce la vente de Sebia SA, le leader dans le diagnostic in vitro du cancer et des hemoglobinopathies par électrophorèse à la société d’investissement européenne Cinven. La réalisation de la transaction reste soumise à l’obtention des autorisations réglementaires d’usage, précise le communiqué.

Selon la Tribune qui reprend une information du Point la semaine dernière, Antoine Gosset-Grainville, directeur adjoint de cabinet de François Fillon depuis mai 2007, devrait bientôt rejoindre le comité de direction de la Caisse des dépôts et consignations (CDC). Il serait chargé de couvrir les activités de la Caisse des Dépôts liées à la sphère concurrentielle. Responsable de la finance et de la stratégie, il aurait notamment pour mission de «muscler la politique de la Caisse en matière de participations, FSI compris», note le quotidien qui reprend des sources dans l’entourage de la CDC.

La holding PELICAN Venture a annoncé lundi 15 mars l’acquisition de la société Avenir Finance Gestion qui devient Promelys Participations. L’acquisition porte sur 80% du capital. Le groupe Avenir Finance conserve le solde et «restera, au terme d’un partenariat sur 5 ans, un distributeur privilégié de l’offre en non coté de Promelys Participations», précise le communiqué de la holding de la famille Gorgé.Promelys Participations assurera dans la continuité la gestion des 17 fonds déjà investis gérés par Avenir Finance Gestion - principalement des FIP et FCPI. La société de gestion compte proposer au public de nouveaux véhicules ou fonds d’investissement de cette nature.

Henderson Global Investors vient d’obtenir l’agrément de l’AMF pour la commercialisation en France du fonds New Star European Special Situations, géré par Richard Pease, l’ancien gérant vedette de New Star. Lancé le 1er octobre 2009, le fonds suit «le processus d’investissement reconnu de Richard Pease, fondé sur la conviction que la gestion value est source de surperformance sur le long terme», précise Henderson, qui a racheté New Star l’an dernier. «Richard Pease cherche à investir dans des sociétés de bonne qualité, actuellement délaissées des investisseurs, mais qui possèdent selon lui des fondamentaux solides et qui surperformeront, à terme, le marché. Il étudie également les sociétés en situation de reprise ou de redressement ainsi que celles susceptibles de faire l’objet d’un rachat», poursuit la société de gestion. Henderson a prévu de limiter à environ 500 millions de livres les encours du New Star European Special Situations afin de conserver un biais sur le marché des petites et moyennes capitalisations. Au 4 mars dernier le fonds avait déjà collecté 152,2 millions de livres. Caractéristiques du fonds Date de lancement : 1er octobre 2009 Devise de référence : livre sterling Indice : FTSE World Series Europe ex UK Total Return Univers : Europe ex UK Structure juridique : OEIC de droit anglais ISIN : Class A Acc GBP : GB00B3W46246 Class A Inc GBP : GB00B42RJH62 Class I Acc GBP : GB00B3Y8HP45 Class I Acc EUR : GB00B3YDT753 Class I Inc GBP : GB00B4MGQR27 Minimum de souscription : Part A GBP : 1.000 livres sterling Part I GBP : 500.000 livres sterling Part A EUR : 5.000 euros Part I EUR : 500.000 euros Frais de gestion : Part A : 1,5 % Part I : 1 % Frais d’entrée : Part A : Max 5 % Part I : 0 % Les parts A sont les parts Retail et les I sont institutionnellesAcc : part de capitalisation Inc : part de distribution

Depuis le 1er janvier 2010, BNP Paribas BNP Paribas Real Estate Investment Management indique avoir investi pour le compte de ces fonds sous gestion, 66,60 millions d’euros (actes en main), soit un triplement par rapport aux deux premiers mois de l’année 2009.En immobilier d’entreprise : quatre acquisitions ont été réalisées (62,74 millions d’euros «actes en main»). En immobilier résidentiel : un nouveau programme de logements a été acquis pour le compte de la SCPI Scellier « Pierre Avenir » dont la collecte s’est clôturée le 31 décembre 2009. Cette acquisition porte à 15,4 millions d’Euros les investissements déjà réalisées pour cette SCPI, à Paris et en région parisienne. Au titre des deux premiers mois de l’année 2010, BNP Paribas Real Estate Investment Management a par ailleurs cédé pour le compte de ses fonds sous gestion, 7,65 millions d’euros d’actifs (à comparer aux 21,67 millions d’euros sur les deux premiers mois de l’année 2009).

Natixis a indiqué le 15 mars dans un communiqué poursuivre ses négociations avec AXA Private Equity en vue de la cession de ses activités de private equity pour compte propre en France.AXA Private Equity ayant confirmé le prix de son offre en date du 14 février 2010, la période de négociation a été étendue afin de finaliser les modalités de réalisation de l’opération de cession des activités d’iXEN Partners, de NI Partners ainsi que celles d’Initiative & Finance Gestion.Le communiqué souligne qu’"à ce stade, les informations publiées présentent un caractère non définitif et il ne peut être préjugé de l’issue de ces discussions. Natixis informera le marché de l’éventuelle conclusion d’un accord définitif».

Le Financial Times a appris qu’UBS était la cible préférée de Barclays, dans la perspective d’une fusion, quelques semaines seulement avant l’acquisition des actifs américains d’un certain Lehman Brothers. Le joyau de la couronne aurait été la banque privée d’UBS.

Dans un rapport annuel, le fonds souverain d’Abou Dhabi - Abu Dhabi Investment Authority (ADIA) - a indiqué avoir investi entre 60 et 85% de ses avoirs en Amérique du Nord et entre 25 et 45% en Asie et sur les marchés émergents., rapporte le site des Echos. 46 à 65% des avoirs de l’ADIA sont investis sous formes d’actions dans les pays développés, sur les marchés émergents et, un cran en deça, dans les marchés de petits pays.Entre 10 % et 20% des avoirs sont investis dans des bons du trésor gouvernementaux, 5 à 10% dans les fonds spéculatifs et jusqu'à 10% sont en liquide, précise le quotidien. L’ADIA a eu un retour sur investissement de 8% sur 30 ans et 6,5% si on le calcule sur 20 ans.

Dans son premier rapport annuel, l’Abu Dhabi Investment Authority (ADIA), le fonds souverain d’Abou Dhabi, indique qu’elle gérait fin 2009 un encours de quelque 500 milliards de dollars dont 45 à 65 % en actions, 10 à 20 % en obligations d’Etat et 5 à 10 % en fonds spéculatifs, rapporte la Frankfurter Allgemeine Zeitung. La poche de liquidité représente jusqu'à 10 %.