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16/07/2013
Fonds

Nuveen lance une rafale de neuf fonds "powered by Bob Doll"

Bob Doll, chief equity strategist et gérant de portefeuilles senior de Nuveen Asset Management depuis le 26 novembre après plusieurs années comme directeur gérant exécutif et stratégiste en chef de BlackRock, a parrainé le lancement de neuf fonds actions de Nuveen, trois traditionnels, trois «de spécialités» et trois alternatifs. Sur le total, six de ces produits sont de création nouvelle et trois ont été transférés à Bob Doll. Ce dernier met en œuvre une stratégie équilibrée entre l’analyse fondamentale et gestion quantitative, avec l’aide de 17 analystes fondamentaux et de trois analystes quantitatifs.Les nouveaux fonds sont les suivants :TraditionnelNuveen Large Cap Value Fund (NNGAX)Nuveen Large Cap Core Fund (NLACX)Nuveen Large Cap GrowthFund(NLAGX)SpécialitésNuveen Core Dividend Fund (NCDAX)Nuveen Concentrated Core Fund (NCADX)Nuveen Growth Fund (NSAGX)AlternatifNuveen Large Cap Core Plus Fund (NLAPX)Nuveen Equity/Long Short Fund (NELAX)Nuveen Equity Market Neutral Fund (NMAEX)
Fonds
16/07/2013
Fonds

360 am lance un fonds flexible éligible au PEA

360 Asset Managers a lancé fin mai en partenariat avec Financière Roche Noire un fonds de fonds flexible à vocation patrimoniale éligible au PEA, FRN360PEA. De fait, tous les actifs sur lesquels il repose sont éligibles à l’enveloppe fiscale (OPCVM monétaire PEAble, tracker PEAble reproduisant le comportement du marché actions japonais, etc). L’encours du fonds est de 850 000 euros.Caractéristiques : Dénomination : FRN360PEACode ISIN : FR0011452929Droit d’entrée : 4% TTC max (0% acquis au fonds)Droit de sortie : AucunFrais de gestion : 2,2% TTC maxCommission de surperformance : 20% TTC de la perf. positive supérieure à l’indice de référence Valeur Nominale : 100 €Valorisation : QuotidienneEligible à l’assurance-vie
Fonds
16/07/2013

Omnes Capital investit dans le groupe Eratome

La société de private equity Omnes Capital (ex Crédit Agricole Private Equity) a annoncé avoir investi 15 millions d’euros dans le groupe Eratome, spécialisé dans la rénovation de logements sociaux à l’occasion d’un premier LBO majoritaire, aux côtés du président directeur général, Jean-Michel Nucera, de responsables de la société et du FSI Régions - bpifrance, indique un communiqué publié hier. L’objectif de l’opération est de renforcer la structure du groupe et de contribuer à financer sa stratégie de développement fondée sur des opérations de croissances externes. Le groupe Eratome prévoit de réaliser un chiffre d’affaires supérieur à 30 millions d’euros en 2013. Il emploie plus d’une centaine de salariés et a effectué en 2012 plus de 32 000 interventions sur sites.
16/07/2013
Fonds

La mise initiale change pour CamGestion Micro Cap

CamGestion a averti sur son site hier les porteurs de parts du fonds CamGestion Micro Cap qu'à compter du 29 juillet 2013, le montant minimum de souscription initiale sera de 1 part et non pas de 500 000 euros ou équivalent en nombre de parts.
Fonds
16/07/2013

Exclusive Partners renforce son service commercial

La société d’investissement Exclusive Partners a annoncé le renforcement de ses équipes commerciales avec l’arrivée de Marie Bettinger et de Olivier Kachkach.Marie Bettinger prendra en charge le développement de la clientèle des banques et gestions privées en France tandis qu’Olivier Kachkach s’occupera du développement international d’Exclusive Partners auprès de la clientèle suisse.. Marie Bettinger était auparavant en charge de la commercialisation des produits structurés et des fonds chez CaLyon puis Exane Derivatives. Pour sa part, Olivier Kachkach, travaillait précédemment au sein de banques d’investissement à Paris et à Londres (BNP Paribas, JP Morgan…), Au cours des prochains mois, le développement devrait se poursuivre avec l'élargissement de la gamme de produits et le recrutement de nouveaux collaborateurs, indique un communiqué.
16/07/2013

Disparition de Patrick Petitjean

Patrick Petitjean, directeur général et fondateur du groupe Primonial est décédé vendredi 12 juillet à l’âge de 52 ans, victime d’un accident cardiaque. Dans l’immédiat, André Camo, président du groupe, assurera la direction exécutive du groupe et s’appuiera sur son comité exécutif pour poursuivre sa stratégie de développement, a indiqué hier un communiqué de la société.Personnage emblématique dans le monde de l’asset management et de la gestion de patrimoine, considéré comme un «boulimique du développement», Patrick Petitjean a notamment contribué à la création, pour le groupe Flemings, de la filiale française Fleming Finance, dont il a assuré la direction générale pendant dix ans - en 2001, Fleming Finance était devenu JP Morgan Fleming AM France. En 2005, Patrick Petitjean avait orchestré la cession de son activité «retail» dont il était devenu actionnaire avec les dirigeants fondateurs et la participation majoritaire de BNP Paribas Assurance. Puis, en 2010, il avait racheté, avec le management et le fonds d’investissement Naxicap Partners, l’intégralité des actions pour créer le groupe Primonial. Primonial est aujourd’hui un acteur indépendant de la gestion de patrimoine qui affiche un encours d’environ 6 milliards d’euros, gérés ou conseillés.En début d’année, Patrick Petitjean avait été à l’origine de la prise de participation de 70 % dans Roche-Brune, spécialiste des actions européennes. L’homme avait confié à Newsmanagers compter ajouter un à trois nouveaux gestionnaires, ou fonds par an, et créer dans les mois à venir une plate-forme de distribution au Luxembourg.
16/07/2013
Fonds

UFF lance UFF Innovation n° 16

UFF vient d’annoncer le lancement de son 16ème Fonds commun de placement dans l’innovation (FCPI). Ce dernier dont la gestion est confiée à Truffle Capital participe au financement du développement d’entreprises innovantes dans les secteurs de la santé, des technologies de l’information et de l'énergie, indique un communiqué. Dans le détail, l’objectif de ce fonds est d’investir 75% de l’actif dans des sociétés innovantes, en principe non cotées, de secteurs tels que les technologies de l’information, de l'énergie et des sciences de la vie.UFF Innovation n° 16 investira ainsi de manière diversifiée sur ces trois secteurs avec un focus sur des entreprises développant des technologies de rupture et une préférence pour la création d’entreprises ou les spin-offs.Caractéristiques : Gestionnaire : Truffle Capital Commercialisateur exclusif : Union Financière de FranceDurée de placement recommandée : 7 années, jusqu'à l'échéance du 30 septembre 2020 (éventuellement prorogeable trois fois un an)Part A : 1000 €Commission de souscription : 4%Frais de sortie : 4%Frais de gestion TTC : 3.76%Période de souscription : juillet 2013 à février 2014
Fonds
16/07/2013
Fonds

Bernheim, Dreyfus lance un fonds diversifié à dominante obligataire

Bernheim, Dreyfus & Co. vient de lancer Carmel Global Opportunities, un fonds d’allocation d’actifs à dominante obligataire investissant dans diverses classes d’actifs dans les pays de l’OCDE.Carmel Global Opportunities met en oeuvre une allocation prudente du capital reposant sur un «coeur» obligataire et un «satellite» permettant d’exposer le fonds à des classes d’actifs plus dynamiques, indique un communiqué. L’objectif du fonds est d’offrir à ses investisseurs une appréciation régulière à long terme du capital par la diversification des stratégies d’investissement. Le processus de gestion est fondé sur une analyse fondamentale alliant une approche top-down basée sur l’analyse des cycles macroéconomiques et une approche bottom-up basée sur l’analyse financière approfondie et l’évaluation d’entreprise. À son lancement, l’OPCVM a bénéficié d’un amorçage d’environ 50 millions d’euros (dont 20 millions investis). L'équipe de gestion table sur un encours de 200 millions d’euros d’ici à 18 mois.Code Isin: FR0011452887Fonds UCITS IV Eligible à l’assurance-vie
Fonds
16/07/2013

Hof Hoorneman launches three funds on Euronext

P { margin-bottom: 0.08in; } The Netherlands-based Hof Hoorneman on 15 July listed three new funds on NYSE Euronext Amsterdam, bringing the total number of products on sale on Euronext Fund Services (EFS) to 204.The new products are as follows:HH EM Fund (ISIN code: NL0010514196)HH Obligatie Fund (NL0010514204) andHH RE Value Fund (NL0010514212)
16/07/2013

UFF launches UFF Innovation no. 16

P { margin-bottom: 0.08in; } UFF has announced the launch of its 16th innovation common investment fund (FCPI). The fund, which is managed by Truffle Capital, will participate in the financing of development at innovative businesses in the healthcare, IT and energy sectors, a statement says.The objective for the fund is to invest 75% of assets in innovative companies, typically private businesses in sectors such as IT, energy and life sciences. UFF Innovation no. 16 will also invest in a diversified manner in three sectors with a focus on businesses which develop breakthrough technologies, and a preference for the creation of businesses or spinoffs.Characteristics:Manager: Truffle CapitalExclusive distributor: Union Financière de FranceRecommended investment duration: 7 years, until maturity on 30 September 2020 (may be extended three times for one year each)A share class: EUR1000Subscription commission: 4%Withdrawal penalty: 4%Management commission, including all taxes: 3.76%Subscription period: July 2013 to February 2014
16/07/2013

Nuveen launches volley of nine funds “powered by Bob Doll”

P { margin-bottom: 0.08in; } Bob Doll, chief equity strategist and senior portfolio manager at Nuveen Asset Management since 26 November, after several years as executive managing director an chief strategist at BlackRock, has overseen the launch of nine Nuveen equity funds, three of them traditional funds, three “specialty” funds and three hedge funds. Of this total, six of them are newly-created products, and three were transferred to Doll.Doll will use a balanced strategy combining fundamental analysis and quantitative management, with the assistance of 17 fundamental analysts and three quantitative analysts.The new funds are as follows:TraditionalNuveen Large Cap Value Fund (acronym: NNGAX)Nuveen Large Cap Core Fund (NLACX)Nuveen Large Cap GrowthFund(NLAGX)SpecialtyNuveen Core Dividend Fund (NCDAX)Nuveen Concentrated Core Fund (NCADX)Nuveen Growth Fund (NSAGX)AlternativeNuveen Large Cap Core Plus Fund (NLAPX)Nuveen Equity/Long Short Fund (NELAX)Nuveen Equity Market Neutral Fund (NMAEX)
16/07/2013

Bernheim, Dreyfus & Co. launches a predominantly bond diversified fund

P { margin-bottom: 0.08in; } Bernheim, Dreyfus & Co. has launched Carmel Global Opportunities, an asset allocation fund containing primarily bonds investing in various asset classes in OECD countries.Carmel Global Opportunities uses prudent allocation of capital based on a bond “core” and a “satellite” to expose the fund to more dynamic asset classes, a statement says. The objective for the fund is to offer investors regular long-term capital appreciation through diversification of investment strategies. The management process is based on fundamental analysis combining a top-down approach based on analysis of macro-economic cycles, and a bottom-up approach based on detailed financial analysis and valuation of businesses.At launch, the mutual fund has seed capital of about EUR50m (of which EUR20m are invested). The maangement team is projecting assets of EUR200m within 18 months.ISIN code: FR0011452887UCITS IV fund
16/07/2013

360 AM launches a flexible fund eligible for PEA

P { margin-bottom: 0.08in; } 360 Asset Managers at the end of May initiated a partnership with Financière Roche Noire, a flexible wealth heritage fund eligible for investment from PEA policies. All assets on which it is based are eligible for the tax benefit (“PEAble” money market funds, trackers which reproduct the behaviour of the Japanese equity market, etc.) Assets in the fund total EUR850,000. Characteristics: ISIN code: FR0011452929 Front-end fee: maximum 4% all taxes included (0% paid into the fund) Withdrawal penalty: None Management fee: maximum 2.2% including all taxes Performance commission: 20% including all taxes of positive performance exceeding the benchmark index Nominal value per share: EUR100 Valuation: Daily Eligible for investment from life insurance policies
16/07/2013

LGIM, BlackRock and Insight dominate pension fund market

P { margin-bottom: 0.08in; } The financial crisis has completely transformed the pension fund market, and some asset management firms have lost a lot of assets in the process, Financial Times FM reports. Between 2006 and 2012, assets from pension funds fell by proportions ranings form 11% at Fidelity to 86% to AllianceBernstein, with a contraction of 16% at JPMorgan, and declines of 32% at Aberdeen, 50% at Axa IM, 60% at UBS and 65% at Goldman Sachs.The market is now dominated by far by Legal & General IM, with GBP285.43bn. BlackRock, with GBP226.19bn, and Insight Investment Management, with GBP193.832bn. In fourth place, Standard Life Investments has only GBP60.56bn.
16/07/2013

Man Group teams up with Nomura for UCITS-compliant bond fund

P { margin-bottom: 0.08in; } The quantitative management unit at Man Group, Man Systematic Strategies (MSS), which was merged this year with AHL, will with Nomura Alternative Investment Management manage the Nomura Man Systematic Fixed Income UCITS Fund, whose objective is to capture directional opportunities on 50 emerging and developed markets for swaps, futures and urrencies, using about 300 trading signals, HedgeWeek reports.The fund is co-managed by André Rzym and Stefan Sluke, who worked on AHL managed futures funds.
16/07/2013

HSBC GAM preparing range of index-based funds

P { margin-bottom: 0.08in; } UK-based HSBC Global Asset Management is planning to sell tracker funds in fourth quarter replicating the new low-volatility Economic Scale Indices (ESI), which weight issuers according to their added value, Investment Week reports. The top three funds will replicate global, US and Japanese ESIs.
16/07/2013

Starbucks removed from Natur-Aktien-Index

P { margin-bottom: 0.08in; } The committee of the German Natur-Aktien-Index (NAI) has decided to exclude the Starbucks coffee chain from the composition of the index, because the firm uses tricks to avoid taxes, which runs against the principles of management in line with sustainable development, says Horst Hamm, chairman of the committee. The NAI admits, however, that Starbucks remains highly engaged in the promotion of ecological coffee.Starbucks is replaced on the NAI with the coffee wholesales Green Mountain Coffee, which is involved in the area of biological coffee and fair trade. Green Mountain, which employs 5,000 people, had USD3.8bn in turnover last year. Its market share in the fair trade and biological coffee market in the United States is about 10%.The NAI committee has also announced that the British firm Kingfisher has been admitted to the index, since the home improvement group stands out for its low-cost and energy-efficient solutions. Kingfisher replaces the Austrian water distributor BWT, which has been acquired by another firm.
16/07/2013

Fitch downgrades EFSF

P { margin-bottom: 0.08in; } “Largely due to the downgrade in the sovereign credit rating of France” late last week, the ratings agency Fitch Ratings on Monday downgraded the European Financial Stability Facility from AAA previously to AA+.
16/07/2013

Allianz Popular becomes the 5th-largest pension fund management firm

P { margin-bottom: 0.08in; } For EUR50m, Banco Popular has sold the fund management unit of Pastor Vida to Allianz Popular. This allows the latter to gain two places, to become the fifth-largest pension fund management firm in Spain, Funds People reports.Allianz Popular already had EUR4.355bn in this area. With EUR570m at Pastor Vida, Allianz Popular has total assets of EUR4.915bn as of the end of March, which puts it ahead of Mapfre (EUR4.897bn) and just behind Aviva (EUR5.324bn).The heavyweights in the sector are BBVA (EUR17.182bn), VidaCaixa (EUR14.9bn) and Santander (EUR8.750bn).
16/07/2013

Cayman Islands sign MoUs with 25 ESMA countries

P { margin-bottom: 0.08in; } The Cayman Islands Monetary Authority (CIMA) has announced that it has signed memoranda of understanding (MoUs) with 25 European countries in the area of competence with the European securities markets authority (ESMA) to allow hedge funds registered in the Cayman Islands to be sold throughout the European Union. The agreements are related to the introduction of the alternative investment management directive (AIFMD) on 22 July 2013. Five European countries have not yet signed the agreements: Austria, Germany, Italy, Slovenia and Spain. The signatories, so far, are as follows, according to the CIMA:Autoriteit Financiële Markten (The Netherlands); Autorité des marchés financiers (France); Financial Services and Markets Authority (Belgium); Central Bank of Ireland (Ireland); Comissão do Mercado de Valores Mobiliários (Portugal); Financial Supervisory Authority (Romania); Commission de Surveillance du Secteur Financier (Luxembourg); Cyprus Securities and Exchange Commission (Cyprus); Czech National Bank (Czech Republic); Finansinspektionen (Sweden); Finanssivalvonta (Finland); Finanstilsynet (Denmark); Finanšu un kapitāla tirgus komisija (Latvia); Estonian Financial Supervision Authority (Estonia); Polish Financial Supervision Authority (Poland); Financial Conduct Authority (United Kingdom); Financial Supervision Commission (Bulgaria); Hellenic Capital Market Commission (Greece); Bank of Lithuania (Lithuania); Malta Financial Services Authority (Malta); Národná banka Slovenska (Slovak Republic); Pénzügyi Szervezetek Állami Felügyelete (Hungary); Fjármálaeftirlitið (Iceland); Finanstilsynet (Norway) andFinanzmarktaufsicht (Liechtenstein).
16/07/2013

Assets down at Charlemagne Capital

P { margin-bottom: 0.08in; } An “interim management statement” released by the British firm Charlemagne Capital Limited reveals that as of 30 June, assets totalled less than USD2.42bn, compared with USD2.63bn as of 1 January.However, net income from management commissions increased in first half to GBP11.9m, compared with GBP10.8m in July-December 2012, and GBP9.7m in the corresponding period of last year, due to the fact that average assets in the period under reveiew with USD2.6bn, compared with USD2.4bn in January-June 2012. But income on performance commissions fell to USD0.5m, compared with USD0.9m in the corresponding period of last year.Charlemagne posted net subscriptions in first half 2013 only for the Magna fund range, which had USD420m in assets as of the end of June, despite negative performance effects of USD30m. Net outflows from the OCCO product range totalled USD36m, while institutional outflows totalled USD113m.Although the group has remained profitable overall since the beginning of the year, Charlemagne admits that it needs to increase its assets in order to generate recurrent profits on the basis of management commissions. The British asset management firm has announced plans to cut back its cost base, but will look at retaining the infrastrucure necessary to continue to provide quality service to investors and to manage subsequent growth of activities.
16/07/2013

Banking: bonuses fall for biggest earners

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } The average bonus for British bankers who make over EUR1m is in free-fall, the Financial Times reports, citing statistics from the European banking authority. In 2011, these bankers received bonuses representing an average of 3.5 times their annual salary, compared with 6.1 times the previous year. In the United Kingdom, 2,436 people employed in banking make more than EUR1m per year.
16/07/2013

Lyxor looks to United Kingdom for growth to its ETF unit

P { margin-bottom: 0.08in; } Arnaud Llinas, global head of ETF & indexing since December, has announced that Lyxor Asset Management considers the United Kingdom a key market to bring new growth to its ETF unit. The French group has since the beginning of the year recruited Chanchal Samadder from iShares as director of institutional ETF sales for the United Kingdom and Ireland, Financial Times FM reports.Llinas has announced that he plans to make further additions to the United Kingdom sales team, as he expects an increase in demand for ETFs both from institutional investors and retail clients.
16/07/2013

Coba sells UK real estate credit portfolio

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Germany-based Commerzbank (Coba) has announced that it has sold its EUR5bn professional real estate portfolio at a markdown of only 3.5% to a consortium led by Wells Fargo and Lone Star. The transaction includes all commercial real estate financing activities of Hypothekenbank Frankfurt in the United Kingdom, and employees will join Wells Fargo.
16/07/2013

Twelve Capital recuits Markus Stricher

P { margin-bottom: 0.08in; } Markus Stricher, a specialist in risk management at Swiss Re and Aon ReSolution, has joined Twelve Capital as a partner responsible for risk management. He will be responsible for the developmen tof exclusive analytical tools at Twelve Capital. Stricher was also a professor at ETH in Zurich and at the University of Chicago. When he taught at Georgia State University, he created an applied research centre at the Willis Economic Capital Forum.The Zurich-based Twelve Capital, a majority of whose capital belongs to the investment team, is an independent wealth management firm specialised in investment in the insurance sector.
16/07/2013

Vontobel and Helvetia renew their co-operation agreement

P { margin-bottom: 0.08in; } Axel Schwarzer, CEO of the asset management unit of Vontobel (Vontobel Asset Management, CHF150bn in assets as of the end of December 2012), and Ralph Honegger, CIO of the Helvetia group, on 15 July announced that an agreement to combine the two asset management firms has been renewed for five years, until 2018.That will allow the 0.75m Helvetia clients to continue to benefit from the expertise of Vontobel AM in investments for insurance and retirement products.
16/07/2013

KAS Bank to sell German Master KAG activity

P { margin-bottom: 0.08in; } According to efinancialcareers, citing a source familiar with the matters, the Netherlands-based KAS Bank may soon sell its Master KAG (fund administration) activity in Germany, KAS Investment servicing, launched in 2008. The activity has not developed as well as expected. KAS Investment Servicing employs about 40 people in Wiesbaden. As of the end of 2012, it administered a total of 24 funds, with assets of EUR608.5m.
16/07/2013

Strong increase in asset and wealth management profits at SEB

P { margin-bottom: 0.08in; } In first half 2013, the wealth management division of SEB gained 40% year on year, to SEK859m, compared with SEK613m in January-June 2012, of which SEK468m were in second quarter, and EUR391m in first quarter. The improvement is primarily due to an increase in performance commission revenues from discretionary mandates, to SEK120m from SEK57m. Operating costs were also reduced by 8%.Both SEB managed and non-SEB managed funds posted net subscriptions of SEK8bn, and total assets in the division came to SEK1.302bn as of the end of June, which represents an increase of 6% compared with the end of 2012.Net profits at the SEB group for the first six months of the year totalled SEK6.8bn, compared with SEK5.6bn, of which SEK3.8bn, compared with SEK3bn, were in second quarter.
16/07/2013

Libor scandal: two indictments

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } The UK Serious Fraud Office (SFO) has announced that two former brokers at RP Martin Holdings, Terry Farr and James Gilmour, have been accused od conspiracy to defraud as part of an investigation into manipulation of Libor, the Wall Street Journal reports. The two men were arrested in December, at the same time as Tom Hayes, a former trader at UBS and Citigroup.
16/07/2013

KAS Bank vendrait son activité allemande de Master KAG

Selon efinancialcareers, qui cite un proche du dossier, le néerlandais KAS Bank serait sur le point de vendre son activité de Master KAG (administration de fonds) en Allemagne, KAS Investment Servicing, lancée en 2008.Apparemment, cette activité n’a pas évolué aussi bien que prévu. KAS Investment Servicing emploie environ 40 personnes à Wiesbaden. Elle administrait fin 2012 un total de 24 fonds pour un encours de 608,5 millions d’euros.

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