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29/07/2013

Azimut paie 10 millions d'euros un ticket de 51 % dans AO

Principal groupe de gestion d’actifs indépendant d’Italie, Azimut a annoncé l’acquisition pour 10 millions d’euros d’une participation initiale de 51 % dans le gestionnaire Augustum Opus SIM (AO) créé en avril 2009 et dont l’encours se situe à plus de 800 millions d’euros.Il est prévu qu’Azimut monte dans le capital d’AO pour atteindre 100 % dans six ans. Le prix des parts restantes sera fonctions des résultats, mais devrait se situer à 10 fois le bénéfice, soit entre 10 millions et 20 millions d’euros.AO, qui s’adresse aux particuliers haut de gamme et gère aussi des fonds, conservera son autonomie dans les contacts avec la clientèle ainsi que dans la gestion déléguée de fonds.Parallèlement à cette opération, Azimut a déclaré pour le premier semestre un bénéfice net de 78,3 millions d’euros contre 79,1 millions pour janvier-juin 2012.A fin juin, l’encours sous gestion ressortait à 19 milliards pendant que les actifs sous gestion et administration se montait à 21,2 milliards d’euros. La collecte nette des six premiers mois de l’année est ressortie à 1,5 milliard d’euros.
29/07/2013
Fonds

BlackRock lance un fonds immobilier spécialiste des baux longs

Le premier fonds immobilier lancé par BlackRock depuis l’acquisition du capital-investisseur MGPA affiche déjà 250 millions de livres d’encours : le UK Long Lease Property Fund investira dans des actifs loués à long terme pour générer des revenus réguliers et protégés de l’inflation, rapporte IPE.Ce produit a été conçu pour six fonds de pension et a déjà investi 100 millions de livres prélevés sur l’encours d’amorçage, pour une durée moyenne de 20 ans. Il pourra effectuer des placements dans des domaines «alternatifs» comme les résidences étudiantes, les établissements de santé, les associations résidentielles et la location de terrains, en plus de s’intéresser à des actifs traditionnels comme les supermarchés ou les bureaux.
Fonds
29/07/2013

Saracen Fund Managers recrute un responsable de la recherche

Saracen Fund Managers a annoncé le recrutement de David Keir au poste de responsable de la recherche. Il rejoint la société de gestion indépendante avec effet immédiat. Il travaillera en collaboration avec les équipes de gestion des fonds Saracen Global & Income Growth et Saracen Growth.David Keir était précédemment head of research chez Scottish Widows Investment Partnership (SWIP).
29/07/2013

State Street recrute un dirigeant de Moody’s

Roger M. Stein, president de Moody’s Research Labs (MRL), a été recruté par State Street Corporation comme chief analytics officer pour son pôle State Street Global Exchange. Ce pôle regroupe les activités de State Street dans les domaines de la recherche, du conseil, de l’analyse et de la compensation de dérivés ainsi que les services Currenex et Global Link.Le nouvel arrivant aura la responsabilité de tous les aspects des nouveaux produits et devra aussi apporter son aide aux activités de vente. Basé à New York, Roger Stein sera subordonné à Jeff Conway, executive vice president & head of State Street Global Exchange.
29/07/2013

Nikko AM recrute quatre gérants

Citywire rapporte que Nikko Asset Management a recruté Winson Fong (ex Lion Global) comme head of China strategies et responsable de l’équipe actions Greater China, ainsi que James Alexander (ex AllianceBernstein) comme deputy head of fixed income en Australie de la filiale Tyndall Asset Management, sous les ordres de Roger Bridges, head of fixed income.A Singapour, Nikko AM a par ailleurs recruté Shivaz Rai (ex Alchemy Investment Management) come investment director responsable des monnaies locales/ taux asiatiques et stratégies crédit Asie. Le groupe a également embauché Wee Tian Sing (ex GIC) comme investment risk manager.
29/07/2013

Départ du directeur pour l'Asie de BNPP IP

Stewart Edgar a quitté son poste de directeur de l’activité Asie pacifique de BNP Paribas Investment Partners, rapporte Asian Investor. Il a été replacé par son adjoint Vincent Camerlynck. Selon un porte parole interrogé par le quotidien, Stewart Edgar a démissionné afin de poursuivre de nouvelles opportunités. Asian Investor précise ne pas savoir ce que sont ses nouveaux projets.
29/07/2013

Banco Popular réorganise son état-major

Miguel Ángel Luna Mansilla, responsable depuis 2010 du pôle banque privée du Banco Popular, a été nommé directeur de la «banque des clients» dont dépendent la direction et la gestion commerciale du Popular, la banque multicanaux et le marketing, rapporte Funds People.Il est remplacé à la tête de Popular Banca Privada par Carmen Ortiz Castaño, directrice des relations avec les actionnaires.
29/07/2013

Hausse des encours gérés par Bellevue

Bellevue Group a dégagé au premier semestre un bénéfice net de 6,5 millions de francs, selon un communiqué publié le 26 juillet. Il s’agit là d’une baisse de près de 20 %. Dans le pôle asset management, les actifs sous gestion sont en hausse de 14 % à 2,2 milliards de francs, contre 2 milliards à fin 2012. Les souscriptions nettes de 77 millions de francs ont principalement bénéficié aux fonds d’actions BB Entrepreneur Europe et BB African Opportunities.
29/07/2013

State Street s’allie avec ZRT en Chine

Le chinois caijin.com et l’australien Financial Standard ont rapporté le 26 juillet que State Street Global Advisors (SSgA) investit 50 millions de dollars dans une coentreprise avec le chinois Zhongrong International Trust Co Ltd (ZRT). Cette filiale commune, SSgA Fund Management, détenue à 51 % par ZRT et 49 % par SSgA, sera implantée à Pékin et gérera des fonds d’investissement locaux pour des investisseurs retail, des particuliers haut de gamme et des investisseurs institutionnels.La Commission des valeurs chinoise (CSRC) a délivré son agrément à la nouvelle société ainsi qu’à la nomination de Gui Songlei comme chairman of the board, de Wang Yao comme inspector général et de Li Xuesong comme genral manager. Ce dernier sera responsable de la direction au jour le jour de la nouvelle SSgA Fund Management, qui emploie une petite cinquantaine de personnes.Le site caijin.com précise que ZRT affiche un encours d’environ 300 milliards de yuans ou 48,8 milliards de dollars.
29/07/2013

Chinese government planning to license long/short funds

P { margin-bottom: 0.08in; } The Chinese securities commission (CSRC) on 23 July published its timetable to examine a first series of funds classified as long/short, which means that it is planning to issue licenses to other products of this type, although it had been hostile to them in the past, Z-Ben Advisors reports.The first three products under examination for licensing are funds from Lombards China, Zhonghai and China Post, replicating the CSI 300 index and using futures on the index for short positions.According to local analysts, the two major concerns on the part of the regulator are related to the risk to which long/short funds expose investors, and the real risk management capacities of asset management firms.
29/07/2013

BlackRock offers RE fund specialised in long-term leases

P { margin-bottom: 0.08in; } The first real estate fund offered by BlackRock since its acquisition of the private equity investor MPGA already has GBP250m in assets: the UK Long Lease Property Fund will invest in properties which are leased for a long term, in order to generate regular income and protect against inflation, IPE reports.The product was designed for six pension funds, and has already invested GBP100m from seed capital, for an average duration of 20 years. It may make investments in “alternative” areas such as student residences, healthcare establishments, residential associations and land rental, as well as in more traditional properties such as supermarkets or offices.
29/07/2013

Sovereign fund CIC increasingly outsourcing its management

P { margin-bottom: 0.08in; } As of the end of 2012, the assets of the sovereign fund China Investment Corporation (CIC) totalled CNY575bn, and its performance last year totalled 10.6%, compared with a loss of 4.6% in 2011, its new chairman, Ding Xuedong, announced at a presentation of results, which revealed that the proportion of assets managed externally in 2012 increased to 63.8% from 57% the previous year.According to Z-Ben Advisors, this increase in the proportion of management outsourced is probably due to offshore mandates awarded in May 2012, and to a redeployment of liquidity and deposits, whose proportion fell to 3.8% of assets from 11% the previous year.
29/07/2013

European institutionals no longer expecting the “great rotation”

P { margin-bottom: 0.08in; } A survey undertaken in June of 165 European institutional investors by Aquila Capital has found that 54% of professionals surveyed think that the famous “great rotation,” the massive migration from investments from bonds to equities, will not take place. One third of institutional investors are planning to maintain their current allocation to bonds, and 29% are planning to increase it.According to Oldrik Verloop, director of Aquila Capital, institutional investors are planning to maintain their exposure to bonds, even in a difficult environment. Two thirds of respondents consider the current context challenging to very challenging, while three fifths estimate that it is difficult to very difficult to generate positive results at this stage in the interest rate cycle. The primary challenges cited are the potential for an increase in interest rates, the low interest rate environment, and the means to obtain adequate diversification as well as solvency risks and the danger of inflation. Nearly three quarters of respondents estimate that it would be difficult or very difficult to make predictions about the evolution of interest rates over the next three years. This clearly incites a search for replacement solutions, and 44% of institutionals surveyed say they are planning to adopt risk parity strategies for their bond allocations.
29/07/2013

State Street hires exec from Moody's

P { margin-bottom: 0.08in; } Roger M. Stein, chairman of Moody’s Research Labs (MRL), has been recruited by State Street Corporation as chief analytics officer for its State Street Global Exchange unit. The unit includes the activities of State Street in the areas of research, advisory, analysis and settlement of derivatives as well as Currenex and Global Link services.Stein will be responsible for all aspects of new products, and will also assist with sales activities. Stein will be based in New York, and will report to Jeff Conway, executive vice president & head of State Street Global Exchange.
29/07/2013

Director for Asia leaves BNPP IP

P { margin-bottom: 0.08in; } Stewart Edgar has left his position as director of the Asia-Pacific activity at BNP Paribas Investment Partners, Asian Investor reports. He has been replaced by his deputy, Vincent Camerlynck. According to a spokesperson cited by the newspaper, Edgar has resigned in order to pursue new opportunities. Asian Investor states that it does not know what these new projects are.
29/07/2013

Institutionals to invest more in hedge funds

P { margin-bottom: 0.08in; } Hedge funds are continuing to attract increasing numbers of institutional investors, according to the findings of a Credit Suisse survey of allocation by 185 professionals to the world of hedge funds. 88% say they want to increase their exposure to hedge funds in the second half of 2013. The most popular alternative strategies with all respondents are long/short equity – fundamental (57% of respondents), event-driven (47%) and global macro (39%). Respondents in the United States prefer long/short equity – fundamental (58%), event-driven (48%) and global macro (22%). 50% of Asian institutionals prefer long/short equity – trading, followed by long/short equity – fundamental strategies (40%) an global macro (40%). Investors in countries of Europe, the Middle East and Africa choose long/short equity – fundamental (57%), global macro (52%) and event-driven (47%). The strategies likely to be least successful in the next few months are those which invest in commodities and emerging market credit markets.
29/07/2013

Saracen Fund Managers recruits head of research

P { margin-bottom: 0.08in; } Saracen Fund Managers has announced the recruitment of David Keir as head of research. He joins the independent asset management firm with immediate effect. He will work in collaboration with fund management teams of the funds Saracen Global & Income Growth and Saracen Growth. Keir had previously been head of research at Scottish Widows Investment Partnership (SWIP).
29/07/2013

Profits down at KKR

P { margin-bottom: 0.08in; } The private equity investor KKR & Co has seen a 90% decline year on year to its net profits in April-June, to USD15.1m, but its cash profits totalled their highest since the firm’s IPO, at USD162m, the Wall Street Journal reports. “Net economic income,” which takes into account unrealized capital gains and losses, fell 74%, to USD144.4m.The market for large deals remains inactive, meaning that private equity firms have more difficulty earning disproportionate profits when they resell their investments. In addition, the evolution of financial markets has damaged the value of investments which are on the books of private equity investors.
29/07/2013

Azimut pays EUR10m for a 51% stake in AO

P { margin-bottom: 0.08in; } Azimut, the largest independent asset management firm in Italy, has announced that it is going to an acquire an initial stake of 51% in the asset management firm Augustum Opus SIM (AO), founded in April 2009, with total assets of slightly over EUR800m.Azimut is planning to increase its stake in the capital of AO to 100% within six years. The price of the remaining shares will depend on results, but will be likely to be in the vicinity of 10 times profits, or about EUR10m to EUR20m.AO, which is aimed at high net worth retail clients and also manages funds, will retain its autonomy in its contacts with clients as well as outsourced management of funds.In parallel with this operation, Azimut has declared net profits for first half of EUR78.3m, comapred with EUR79.1m in January-June 2012.As of the end of June, assets under management totalled EUR19bn, while assets under management and administration totalled EUR21.2bn. Net inflows in the first six months of the year totalled EUR1.5bn.
29/07/2013

State Street teams up with ZRT in China

P { margin-bottom: 0.08in; } The Chinese website cajin.com and the Australian Financial Standard on 26 July reported that State Street Global Advisors (SSgA) is investing USD50bn in a joint venture with Zhongrong International Trust Co Ltd (ZRT). The joint venture, SSgA Fund Managmeent, which is 51% controlled by ZRT and 49% by SSgA, will be located in Beijing, and will manage local investment funds for retail investors, high net worth retail clients and institutional investors.The Chinese securities commission (CSRC) has issued a license to the new firm, and appointed Gui Songlei as chairman of the board, Wang Yao as inspector general and Li Xuesong as general manager. Li will be responsible for the day-to-day management of SSgA Fund Management, which has 50 employees.The website caijin.com states that ZRT has assets of about CNY300bn, or USD48.8bn.
29/07/2013

Assets under management at Bellevue up

P { margin-bottom: 0.08in; } Bellevue Group has earned net profits in first half of CHF6.5m, according to a statement released on 26 July. This represents a decline of nearly 20%. In the asset management unit, assets under management are up 14% to CHF2.2bn, compared with CHF2bn as of the end of 2012. Net subscriptions of CHF77m primarily benefited the equity funds BB Entrepreneur Europe and BB African Opportunities.
29/07/2013

Promotions at ING IM in Belgium

P { margin-bottom: 0.08in; } The CEO of ING Bank België, Wim Roelant, has been appointed as CEO of ING Investment Management for Belgium, Fondsnieuws reports, adding that Roelant will report to Ivar Roeleven, head of investment funds Europe.Meanwhile, ING IM has announced the appointment of Didier Devreese as director of sales and marketing for Belgium. He had already been senior business development manager.
29/07/2013

EPFR: equity and bond funds siphon off MMFs

P { margin-bottom: 0.08in; } In the week ending on 24 July, investors remained convinced by US growth and showed more confidence in the fact that the European economy is finally out of the mend, EPFR Global reports.Retail subscriptions to US equity funds were at their highest levels since third quarter 2009, while US high yield bond funds posted their second-higest inflows since statistics began. European equity funds show their highest inflows since mid-December.Overall, EPFR Global states, bond funds attracted USD4.36bn, while equity funds absorbed USD8bn. That more than compensates for net outflows of USD12bn from money market funds (including 90% for US money market funds).
29/07/2013

Nikko AM recruits four managers

P { margin-bottom: 0.08in; } Citywire reports that Nikko Asset Management has recruited Winson Fong (formerly of Lion Global) as head of China strategies and head of the Greater China equities team, as well as James Alexander (formerly of AllianceBernstein) as deputy head of fixed income for Australia at the affiliate Tyndall Asset Management, where he reports to Roger Bridges, head of fixed income.In Singapore, Nikko AM has recruited Shavaz Rai (formerly of Alchemy Investment Management) as investment director responsible for local currencies, Asian fixed income and credit strategies. The group has also recruited Wee Tan Sing (formerly of GIC) as investment risk manager.
29/07/2013

Assets under management in Hong Kong beat all records

P { margin-bottom: 0.08in; } Assets under management in the Hong Kong fund industry have totalled a record HKD12.6trn, or USD1.6trn, as of the end of 2012, according to Asian Investor, citing statistics from the local SFC. Year on year, assets are up 40-%. The previous record was set in late 2010. 64.8% of assets under management come from foreign investors (not including Reit real estate funds). Asset management and financial advising firms were the largest contributors of asets, with HKD9.2trn, up 47.9% since the end of 2011.
29/07/2013

Record market share for foreign funds in Spain

P { margin-bottom: 0.08in; } According to statistics from the Spanish securities commission (CNMV), assets in foreign funds on sale in Spain total EUR44.5bn, which represents a record market share of 21%, Funds People reports.Assets under management by foreign funds have increased by 17.1%, compared with USD37.99bn as of the end of December, and 39.8% compared with USD31.83bn as of the end of March 2012. As of the end of March 2009, the market share for foreign funds was only 7.4%.
29/07/2013

FundLogic lists an Asia long/short fund from Dalton

P { margin-bottom: 0.08in; } On 17 July, the MS Dalton Asia Pacific UCITS Fund (IE00B96W6S29), an Asian long/short equity fund, was founded as the 20th sub-fund of the FundLogic Alternatives platform of the Morgan Stanley investment bank.The new product, for which Longchamp Asset Management will be the exclusive distributor, employs the strategy of a fund from Dalton Investments (USD1.2bn) managed by James Rosenwald, founder of Dalton Investments, in a UCITS-compliant format.The maximal gross exposure will be 200%, and net long exposure will be up to 80%, with a limit of 70% for Japanese and Greater China equities, while net long positions on the remainder of Asia-Pacific are limited to 30%.
29/07/2013

Prosecutors to negotiate continuation plan with SAC

P { margin-bottom: 0.08in; } According to an official from the Department of Justice, the Wall Street Journal reports, the US government is planning to negotiate an agreement which would allow SAC Capital Advisors, which is facing criminal insider trading charges, to continue its operations.The idea is to avoid further prejudicing the hedge fund manager and third parties, in order not to provoke the havoc on the market that would ensue on an asset freeze, since SAC holds about USD51bn in securities, taking leverage into account. SAC has recently declared net assetsunder management of USD14bn as of 1 July. It is estimated that more than half of this belongs personally to Steve A. Cohen, the firm’s founder and CEO.
29/07/2013

HSBC GAM CIVETS fund called back to the kitchen

P { margin-bottom: 0.08in; } Citywire reports that HSBC Global Asset Management (HSBC GAM) has decided to liquidate its frontier market fund HSBC GIF CIVETS, which invests in Colombia Indonesia, Vietnam, Egypt, Turkey and South Africa. The product attracted only USD25m, though it was launched in December 2011.However, the manager of the CIVETS fund, Douglas Helfer, will continue to manage the HSBC GIF Russia Equity fund and to advise the Europe/Middle East/Africa strategy team.
29/07/2013

Aviva Investors launches secondary infrastructure debt fund

P { margin-bottom: 0.08in; } Aviva Investors has announced the launch of the securitisation vehicle “European Secondary Infrastructure Credit SV.” the structure issues Participative Securities backed by a portfolio of infrastructure debt in Europe. Three institutional investors, including Aviva France, have subscribed to an initial issue of EUR425m.“The investment strategy is to acquire bank loans on the secondary market, which will be supplemented by selective investments on the primary market. The objective is to prefer operational infrastructure projects, which, historically, have a very low level of losses on debts,” a statement says.Characteristics Structure: Security issued by a Luxembourg Securitisation Company First closing: EUR425m Average duration: 7-12 years Investment period: 2.5 years Minimum investment: EUR10m

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