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10/09/2009

L’administrateur de Lehman veut accélérer les remboursements

PricewaterhouseCoopers, l’administrateur européen de Lehman Brothers Holdings, prévoit de rencontrer jeudi les anciens clients de la banque d’investissement, notamment des hedge funds, pour discuter de la façon dont accélérer le remboursement d’environ 9 milliards de dollars d’actifs. PwC va aussi tenter de faire appel d’une décision de la Haute Cour britannique qui a repoussé la demande de l’administrateur d’utiliser une procédure qui aurait permis de traiter les clients de manière collective, ce qui serait plus rapide que des négociations bilatérales.
10/09/2009

Scottish Widows Investment Partnership recherche des directeurs

Scottish Widows Investment Partnership (Swip) recrute, selon Ignites Europe. Christian Elsmark, directeur des ventes européennes de Swip, affirme que la société de gestion du groupe Lloyd’s cherche un directeur des investissements (CIO) pour les actions, un directeur des investissements pour les taux, et que diverses personnes passent des entretiens pour la distribution.
10/09/2009
Fonds

L'EPISO d'AEW Europe investit à Wimbledon

AEW Europe (groupe Natixis Global AM) a annoncé mercredi que son fonds European Property Investors Special Opportunities (EPISO) continue d’investir sur un marché de l’immobilier britannique qui a connu la plus forte correction de toute l’Europe depuis le début de la crise. Il vient ainsi d’acquérir auprès de Prupim un immeuble de bureaux à Wimbledon pour 40 millions de livres, ce qui porte le total de ses investissement à 600 millions d’euros alors que l’EPISO a été bouclé à 788 millions d’euros de fonds propres, ce qui correspond approximativement à un portefeuille de 2 milliards d’euros avec le recours au crédit. L’immeuble de Wimbledon, qui comprend des commerces et des parkings, assure un rendement net initial de 10 %.
Fonds
10/09/2009

Barings crée un poste de directeur des opérations et de la technologie

Baring Asset Management (Barings) a annoncé la création du poste de head of operations and technology qui est confié à Laura Ahto, directement subordonnée au COO John Misselbrook.L’intéressée, qui était senior vice president, head of operations, administration and European funds chez Pimco Europe (groupe Allianz), est basée à Londres. Elle aura la responsabilité des «investment operations», de l’informatique ainsi que du change and date Management pour l’ensemble du groupe.
10/09/2009

SEI recrute l'un des fondateurs de Maia Capital

Jason Collins, qui a été l’un des fondateurs de la boutique de multigestion Maia Capital, rejoint SEI comme head of UK and European Equities à Londres. Il est subordonné à Kevin Barr, qui dirige la Investment management unit de SEI, et sera chargé de diriger la recherche, la construction de portefeuille et la sélection de gérants pour tous les fonds de gérants de gérants de SEI pour le Royaume-Uni et l’Europe.
10/09/2009
Fonds

Credit Suisse commercialise un fonds actions régional

Le bureau de Credit Suisse à Dubaï entame la commercialisation du compartiment luxembourgeois SICAV One (Lux) Equity Middle East and North Africa, un fonds (lancé le 21 juillet) qui sera proposé aux particuliers et aux institutionnels, rapporte Gulfnews.com. La gestion du portefeuille de 40-60 lignes est confiée à Farid Samji, qui dirigera l'équipe de Dubaï.
Fonds
10/09/2009
Fonds

La NBAD prepare le premier ETF du Moyen-Orient

La National Bank of Abu Dhabi (NBAD, 1,5 milliard de dollars d’encours) a l’intention de lancer dans deux mois le premier ETF du Moyen-Orient, qui sera coté sur l’Abu Dhabi Securities Exchange (ADX), rapporte The National. Ce produit répliquera un indice fourni par l’un des grands spécialistes des indices et devrait couvrir une cinquantaine de grandes entreprises du Golfe, selon Giyas Gokkent, co-head of asset management et chief economist de NBAB.
Fonds
10/09/2009
Fonds

Morningstar note les fonds à horizon

Morningstar a lancé mercredi de notations et des fiches de recherche en profondeur sur 20 des plus grands fonds à horizon. Le Vanguard Target Retirement a obtenu la meilleure note grâce à des frais faibles, un haut niveau de transparence et une gestion prudente.La plus mauvaise note a été attribuée à Oppenheimer en raison d’une allocation d’actifs agressive et de sérieux problèmes pour les placements obligataire sous-jacents qui ont provoqué de très mauvaises performances en 2008. Les pertes subies par les investisseurs ont été aggravées par des commissions élevées, Oppenheimer affichant les frais les plus élevés de toutes les gammes suivies par Morningstar.
Fonds
10/09/2009
Fonds

Mario Gabelli se fait assister pour la première fois

Gamco Investors (21,4 milliards de dollars d’encours) a annoncé la nomination de Kevin V Dreyer comme gérant de portefeuille associé pour le Gabelli Asset Fund (2 milliards de dollars), le premier fonds offert au public de Gabelli Funds, lancé en mars 1986. Il rejoint ainsi Mario J. Gabelli qui a été l’unique gérant depuis le lancement, afin de gérer une partie des actifs. C’est la première fois que Mario Gabelli partage la responsabilicé de la gestion de ce Fonds. Kevin Dreyer est entré en juin 2005 chez Gamco comme analyste recherche.
Fonds
10/09/2009

UBS sommée de mettre de côté 35 millions de dollars

Un juge du Connecticut a ordonné à UBS de mettre de côté 35,5 millions de dollars pour couvrir un éventuel jugement dans une affaire concernant des titres de dette complexes que les employés de la banque qualifiaient de « merdique » et de « vomi », rapporte le Wall Street Journal. Le hedge fund Pursuit Partners avait porté plainte contre UBS estimant que la banque, sachant que les titres de dette investment grade allaient être dégradés, les lui avaient vendus en 2007.
10/09/2009

Sal. Oppenheim boosts its institutional assets by more than a quarter

With its acquisition of the Cologne-based Gen Re Capital GmbH and EUR11bn of assets from the insurer Kölnische Rück (Gen Re group), the private bank Sal. Oppenheim is increasing the size of its assets under management for institutional clients by more than 26%, to EUR53bn. The portfolio of Kölnische Rück will now be managed by General Re New England, the other asset management firm of the Gen Re group. The transaction, whose amount was not divulged, allows Sal. Oppenheim to develop institutional activities at its affiliate Oppenheim Kapitalanlagegesellschaft (OKAG). In addition, the group is acquiring a new asset management services insourcing activity. Gen Re manages all of the securities portfolios of several German insurers, and offers a full range of services from liability-driven management modelling through responsibility for reporting to regulatory authorities, and including portfolio management. Sal. Oppenheim is planning to take on a large part of the staff and infrastructure of Gen Re Capital, to ensure continuity without damaging the activities.
10/09/2009

Musical chairs for Deutsche Bank management

Deutsche Bank announced on Wednesday that Holger Naumann has been appointed COO Europe at DWS Investments. Since December 2005, he had been head of REEF Alterantive Investments for Germany, in which position he will be succeeded by Georg Allendorf, who was previously head of customer relations for Germany, Austria and Switzerland, and of Spezialfonds. Naumann’s predecessor, Boris Liedtke, takes over a head of Asian activities at Deutsche Asset Management (DeAM) in Singapore.
10/09/2009

SEI hires one of the founders of Maia Capital

Jason Collins, who was one of the founders of the multi-management boutique Maia Capital, is joining SEI as head of UK and European Equities, in London. He will report to Kevin Barr, head of the investment management unit at SEI, and will be in charge of directing research, portfolio construction and manager selection for all manager of manager funds from SEI for the United Kingdom and Europe.
10/09/2009

Barings creates a position for a director of operations and technology

Baring Asset Management (Barings) has announced the creation of a position for a head of operations and technology, whose first occupant will be Laura Ahto. Ahto will report directly to COO John Misselbrook. Ahto, who was previously senior vice president, head of operations, administration and European funds at Pimco Europe (Allianz group), is based in London. She will be in charge of investment operations, IT, and change and date management for the entire group.
10/09/2009

Pallinghurst Resources relaunches Fabergé jewelry brand

The South African private equity investor Pallinghurst Resources has decided to relaunch the Fabergé brand. It will avoid the high costs of a distribution network by focusing on Internet sales, the Frankfurter Allgemeine Zeitung reports. The new site went up on Wednesday. The collection includes 100 pieces, whose prices vary from USD40,000 to USD7m.
10/09/2009

Axa REIM recruits CEO from Sun Real Estate

Dennis G. Lopez, CEO of Sun Real Estate since 2008, has been appointed global CIO of Axa Real Estate Investment Managers (Axa REIM, EUR39.5bn in assets). Lopez, who after this redefinition of the job description for the position will take over the responsibilities previously assigned to Christian Delaire (who was global head of fund management), will be in charge of supervising all fund management activities at Axa REIM “with a particular emphasis on the quality and coherence of investment services, as well as the realisation of performance objectives.” He will be based in London, and will report to Pierre Vaquier, CEO of Axa REIM.
10/09/2009

CAC 40: directors earn 15% more than in 2006

Les Echos reports that a study undertaken by the recruitment agency Russell Reynolds Associates, in partnership with the governance advising agency Finca, has found that the average salary at companies belonging to the benchmark index came to EUR55,000 in 2008, an increase of 15% in two years. This amount is nonetheless half that of average pay for directors of top British firms.
10/09/2009

AIFM directive under fire from critics

The planned alternative management directive (AIFM) is continuing to draw sustained fire from critics. The German asset management association (BVI) in a statement published on 8 September welcomed the desire of the Swedish European presidency to revise the Commission’s draft for the directive. The Association claims that the application of the bill to open-ended and dedicated funds without distinction is “problematic for the Swedish presidency.” Also on 8 September, the German alternative management association (BAI) called the working document published by the Swedish presidency “more than appropriate.” On the same date, the British management association (IMA) claimed that the proposed directive in its current form would limit pension funds’ investment in alternative assets, and called on directors of institutional investors to participate in the lobbying effort to bring about a fundamental revision of the Commission’s draft.
10/09/2009

Goldman real estate fund invests in Europe

Whitehall group, the real estate fund group of Goldman Sachs, has made its first investment in European debt since the onset of the crisis, the Financial Times reports. It has acquired about 900 non-performing and sub-performing loans backed by Italian residential property originally valued at about EUR120m.
10/09/2009

Diversified funds gaining ground

Statistics from the BVI association of asset management firms reveal that as of the end of July, assets in diversified funds represented 14% of all assets under management at open-ended funds, or EUR89bn (excluding funds of funds) out of EUR618bn, the Frankfurter Allgemeine Zeitung reports. One year previously, the proportion of assets represented by these funds represented about 9%. In July, when open-ended funds saw net outflows of EUR0.5bn overall, equities funds saw net redemptions of EUR2.5bn, while diversified funds saw net subscriptions of EUR1.2bn. This increase in the popularity of these funds is related to their strong returns. In the newspaper’s sample, only two diversified funds are showing losses, while the Carmignac Patrimoine A shows gains of nearly 20% in the past twelve months.
10/09/2009

Investors continue to avoid Geneva funds of hedge funds

In July, net outflows from funds of hedge funds registered in Geneva totalled USD2bn, compared with USD500m in June, according to Eurekahedge. Since the end of 2007, assets for these products have fallen by 74% to USD14.2bn, Handelsblatt notes. Redemptions have been four times higher than average, and Geneva banks have been unable to regain the confidence of investors in the wake of the Madoff scandal. In Geneva, outflows were higher, as this market is specialised in high net worth private clients, who had to liquidate positions to pay off loans.
10/09/2009

Luisa Gómez Bravo becomes head of BBVA AM

Following the departure of Rosa Alegriá “to begin a new stage in her professional life outside the group,” BBVA has appointed Eugenio Yurrita as head of its insurance affiliate, BBVA Seguros, Cinco Días reports. As Yurrita was previously head of the asset management affiliate, BBVA Asset Management, the group has appointed one of his deputies, Luisa Gómez Bravo, to take over as president of the various fund and pension fund management firms from BBVA Spain.
10/09/2009

EPISO fund from AEW Europe invests in Wimbledon

AEW Europe (Natixis Global AM group) announced on Wednesday that its European Property Investors Special Opportunities (EPISO) fund is continuing to invest on a British real estate market which has seen the largest correction in all of Europe since the onset of the crisis. It has recently acquired an office building in Wimbledon from Prupim for GBP40m, bringing its total investments to GBP600m, while the EPISO fund closed with GBP788m in capital, corresponding approximately to a EUR2bn portfolio including leverage. The Wimbledon property, which includes commercial space and parking, provides initial net returns of 10%.
10/09/2009

NBAD preparing the first Middle East ETF

The National Bank of Abu Dhabi (NBAD) is planning to launch the first Middle East ETF in the next two months. The fund will be listed on the Abu Dhabi Securities Exchange (ADX), The National reoprts. The product will replicate an index provided by one of the major index specialists, and will include 50 major companies of the Gulf, says Giyas Gokkent, co-head of asset management and chief economist at NBAD.
10/09/2009

Credit Suisse releases a regional equities fund

The offices of Credit Suisse in Dubai are releasing the sub-fund of the Luxembourg-registered SICAV One (Lux) Equity Middle East and North Africa for sale. The product was launched on 21 July, and will be offered to retail and institutional investors, Gulfnews.com reports. The management of the portfolio of 40-60 positions will be undertaken by Farid Samji, who will direct the team in Dubai.
10/09/2009

Hedge funds have gained 17.3% in January-August, according to Morningstar

The Hennessee Hedge Fund Index has gained 1.85% in August, following gains of 3.11% in July. Performance since the beginning of the year totals 17.30%, Since the beginning of the year, only the short bias strategy has posted a loss (of 11.47%). The strongest gains have been for convertible arbitrage (34.53%), and funds specialised in Latin America (34.01%), followed by emerging markets funds (27.97%).
10/09/2009

Hedge funds on the way to their best year since 1999

On the basis of provisional statistics, the HFRI Weighted Composite index has posted returns for August of 1.65%, bringing gains since the beginning of the year to 14.1%. The sector is thus on track to earn its best results since 1999 (31.3% for the year).
10/09/2009

Mario Gabelli gets an assistant for the first time

Gamco Investors (USD21.4bn in assets) has announced the appointment of Kevin V. Dreyer as assistant portfolio manager at the Gabelli Asset Fund (USD2bn), the first open-ended fund from Gabelli Funds, launched in March 1986. He joins Mario J. Gabelli, who since the launch of the fund has been its only manager, and will help to manage a part of its assets. This is the first time that Gabelli has shared responsibility for the management of the fund. Kevin Dreyer joined Gamco in June 2005 as a research analyst.
10/09/2009

Morningstar rates target-date funds

Morningstar on Wednesday released ratings and in-depth research profiles for 20 of the largest target-date fund promoters. The Vanguard Target Retirement got the best rating, due to its low fees, high level of transparency, and prudent management. The worst rating went to Oppenheimer, due to its agressive asset allocation and serious problems with underlying bond investments, which led to very poor performance in 2008. Losses for investors were aggravated by high commissions. Oppenheimer charges the highest fees of any of the product ranges monitored by Morningstar.
10/09/2009

Goldman Sachs head calls for measured reaction to crisis

La Tribune reports that Lloyd Blankfein, president and CEO of the bank Goldman Sachs, yesterday argued that it was necessary to resist the temptation to overreact with protective measures in the wake of a financial disturbance which only hits once every hundred years. The head of the US bank also made several suggestions for ways to improve the system, the newspaper reports.

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