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01/03/2013

Le cabinet d’avocats Curtis renforce son équipe Arbitrage International

Le cabinet d’avocats international Curtis, Mallet-Prevost, Colt & Mosle LLP dont le bureau de Paris conseille les clients du cabinet en matière de fusions et acquisitions, capital investissement, banque et finance, fiscalité, contentieux et arbitrage international vient de recruter Jean-Claude Najar en tant qu’International Counsel au sein de son équipe d’arbitrage international. Basé à Paris, il sera plus particulièrement en charge du développement de l’activité arbitrage commercial et de la compliance.Avant de rejoindre Curtis, Jean-Claude Najar directeur juridique France & Senior Counsel Europe chez General Electric Co (GE).
01/03/2013

L'ERAFP attribue trois mandats de gestion d'actifs immobiliers

L’Etablissement de retraite additionnelle de la fonction publique (ERAFP) annonce l’attribution d’un mandat actif et deux mandats stand-by de gestion d’actifs immobiliers ISR en France. Le mandat a été confié à AEW Europe SGP. Amundi Immobilier et La Française Real Estate Managers sont retenus comme gérants suppléants. Le montant investi estimé à un horizon de trois ans est de l’ordre de 310 millions d’euros. La durée du marché est de 10 ans. Les investissements seront réalisés principalement dans les bureaux et commerces, mais aussi habitations et résidences étudiantes. Le fonds pourra éventuellement investir dans d’autres catégories d’actifs immobiliers telles que les locaux d’activités et entrepôts, les résidences de services. L’ERAFP investit près de 14 milliards d’euros d’actifs, placés dans leur intégralité suivant une démarche ISR.
01/03/2013

Bond en avant du bénéfice de MLP

Le prestataire allemand de services financiers MLP a déclaré jeudi un bénéfice avant impôt et charges financières (EBIT) de 74,1 millions d’euros pour 2012 contre 17,3 millions l’année précédente. Hors charges exceptionnelles de 2011, la hausse se situe à 46 % sur un chiffre d’affaires en progression de 3 % à 544,6 millions d’euros; les recettes totales se sont accrues de 4 % à 568 millions d’euros. Le bénéfice net de l’exercice s’inscrit à 52,7 millions d’euros contre 11,5 millions l’année précédente.L’amélioration du résultat est attribuable pour une part importante au quatrième trimestre, où les recettes dans la prévoyance vieillesse ont augmenté de 9 % tandis que celles de la gestion de fortune opéraient un bond en avant de 55 %. Au total, 64 % environ de l’EBIT ont été obtenus entre octobre et décembre.Le bénéfice avant impôt de Feri (gestion de fortune) est ressorti à 8,33 millions d’euros contre une perte de 2,09 millions pour 2011.
01/03/2013

Private equity ETF from ProShares

P { margin-bottom: 0.08in; } The BATS platform on 28 February admitted to trading the ProShares Global Listed Private Equity ETF (acronym: PEX), which charges total fees of 2.54%, and which will invest in publicly-traded private equity firms, Index Universe reports.
01/03/2013

Profits bound at MLP

P { margin-bottom: 0.08in; } The German financial service provider MLP on Thursday announced pre-tax profits and financial charges (EBIT) of EUR74.1m for 2012, compared with EUR17.3m the previous year. Excluding one-time charges in 2011, the increase is 46% on earnings up 3%, to EUR544.6m; total inflows increased by 4%, to EUR568m. Net profits for the fiscal eyar total EUR53.7m, compared with EUR11.5m the previous year. The improvement in profits is largely due to fourth quarter, when inflows to retirement planning increased 9%, while wealth management inflows increased 55%. Overall, about 64% of EBIT came between October and December.
01/03/2013

Institutionals prefer corporate bonds

P { margin-bottom: 0.08in; } A survey by TNS Infratest for Aquila Capital has shown that one fifth of 255 Geman, Swiss, Spanish, French, Italian, Dutch, British and Scandinavian institutional investors say they are planning to reduce their portfolios’ exposure to government bonds. Nearly 40% of those who are already invested in government bonds are planning to increase their exposure to corporate bonds, while 42% of those who are already invested in corporate bonds are planning to increase their allocation to securities of this type. The survey found significant disparities in terms of reduction of exposure to government bonds: while 4% of Spanish and British institutionals surveyed are planning to reduce their allocations to government bonds, 36% of Scandinavian and 48% of Swiss investors are planning to reduce their exposure to govies. Another finding is that institutional investors in southern European countries are much more confident in government bonds from their country than those of other countries. Currently, for example, 84% of respondents surveyed in Italy are inclined to buy bonds from their own country, and this percentage is 68% for their Spanish counterparts. Aquila Capital says that it is planning to launch a risk parity bond strategy in second quarter, covering government bonds, corproate bonds, emerging markets, and inflation-linked bonds.
01/03/2013

DNCA Finance recruits a bond manager

P { margin-bottom: 0.08in; } The asset management firm DNCA Finance on Thursday, 29 February announced the arrival of Jacques Sudre as a bond specialist, He will aim to assist Philippe Champigneulle in the fixed income management of the diversified fund Eurose, and its clone DNCA Invest Eurose, as well as the bond product range from the firm. When approached by Newsmanagers, the asset management firm explained Sudre’s arrival as a result of the significance bonds have taken on. In terms of assets, these securities now represent 49% of assets at the asset management firm (EUR5.6bn), or EUR2.74bn. The Eurose fund has assets under management of EUR2.235bn. By comparison, in 2007, fixed income products represented 15%, and equities 85% of assets. Sudre, 36, began his career in London at the LBO department of Natexis Banques Popularies. Before joining DNCA, he served as principal manager of bond funds at the asset management firm Anaxis AM. He also directed the credit team, and belonged to the board and the investment committee at the firm.
01/03/2013

State Street integrates Morgan Stanley RE fund administration

P { margin-bottom: 0.08in; } On 28 February, the Alternative Investment Solutions unit of State Street Corporation has announced that it has successfully finalised the integration of fund servicing activities at Morgan Stanley Real Estate, in a process which was initiated in February 2012, and which involved more than 150 people at Morgan Stanley Real Estate Investing (MSREI) specialised in accounting for operations and technical (who have joined State Street), who continue to use the exclusive administration technologies of MSREI for real estate. State Street provides complete account and administration services to MSREI worldwide for investment vehicles representing total assets of USD36bn.
01/03/2013

Inflows of EUR2.3bn for CPR AM in 2012

P { margin-bottom: 0.08in; } CPR Asset Management last year posted net inflows of EUR2.3bn, the ECO of CPR AM, Jean-Eric Mercier, announced on 28 February, adding that all areas of expertise contributed to these good results. Inflows to money markets represented EUR1.1bn, and inflows to mid- to long-term totalled EUR1.2bn. The contribution of asset allocation totalled EUR700m, while fixed income and credit brought in about EUR400m, and equities, EUR100m. Assets under management rose 20% last year to EUR20.6bn, of which 51% are in dedicated funds. CPR AM won 9 mandates and dedicated funds in 2011 and 2012. CPR AM has also released a new study of the advantages of diversified management and the practices of French institutionals in this area.
01/03/2013

Slight decline in assets under management at Cantonal Bank of Basel

P { margin-bottom: 0.08in; } Assets under management at the cantonal bank of Basel (BKB) as of the end of 2012 totalled CHF29.1bn, compared with CHF30bn one year previously, according to a statement released on 28 February. Following a net outflow of CHF2.2bn in first quarter, second quarter brought net outflows of CHF1bn, the bank says. Net profits for the group rose by nearly 24% to CHF255.7m.
01/03/2013

BNP Paribas Real Estate continues to develop in all directions

P { margin-bottom: 0.08in; } Despite a “difficult and morose” environment, BNP Paribas Real Estate is continuing its development all over the globe. After recruiting 50 brokers in the UK in 2012, to strengthen its positions in transactions in London, the firm has launched two platforms in Asia, and is planning to launch a third in the Middle East, in Dubai, in second quarter, the chairman of the board, Philippe Zivkovic, has announced a presentation of the firm’s annual results. In both cases, the objective is to offer all of the expertise of BNP Paribas Real Estate to major investors, family office and sovereign fund clients, who are increasingly present in the three major European markets (France, Germany and the United Kingdom), and which in the current context are more likely to make bug purchases. The firm is also considering developing its asset management and property management activities in Germany.
01/03/2013

Paulson opposes MetroPCS/T-Mobile USA merger

P { margin-bottom: 0.08in; } John Paulson, whose hedge fund is the largest shareholder in MetroPCS, has announced that he intends to vote against plans to merge the telecommunications operator with T-Mobile USA, controlled by Deutsche Telekom, the Financial Times reports. Paulson & Co, which controls a 9.9% stake in MetroPCS, is supporting Peter Schoenfeld, another hedge fund manager who has raised questions about the debt levels involved in the operation.
01/03/2013

US money market funds return to euro zone

P { margin-bottom: 0.08in; } Total capital allocated by US money market funds to euro zone banks have reached their highest levels in over a year, in a sign that foreign investors are in the process of modifying their point of view on the region, the Financial Times reports. As of the end of January, the exposure to euro zone banks of the largest US money market funds represented 14.5% of their assets under management, a level not seen since October 2011, and an increase of 90% in dollars since a low point in June 2012. For the seventh consecutive month, money market funds have increased their allocations to French banks.
01/03/2013

Bankia rediscovers investment funds

P { margin-bottom: 0.08in; } For 2012, Bankia has declared a loss of EUR19.19bn, but its chairman, José Ignacio Goirigolzarri, on Thursday announced at a press conference to present reults that the bank, which has received government aid, no longer has liquidity problems as it did last year. Bankia will now adopt a new passive capture strategy, moving away from bank savings accounts in favour of investments in shares in investment funds, which will now be more profitable, Funds People reports. In 2012, assets in investment funds at Bankia fell 16.5% to EUR6.46bn, while pension funds fell 12% to EUR4.78bn.
01/03/2013

Mirabaud AM launches a fund based on dynamic multi-asset allocation strategy

P { margin-bottom: 0.08in; } Mirabaud Asset Management on 10 January announced the launch of a new dynamic multi-asset allocation strategy for asset allocation products and diversified mandates (see Newsmanagers of 11 January 2013). As part of the new strategy, the asset management firm will launch the Mirabaud – Asset Allocation fund, which offers flexible management of all traditional asset classes. The management process is based on indicators of financial, marcoeconomic and price trends. Asset allocation can diversify the benchmark index, so as to offer moderate correlation with traditional financial indices. Mirabaud – Dynamic Allocation is invested exclusively in instruments which “offer very good liquidity and transparency conditions,” a statement says. The special quality of this approach, says Mirabaud, is “the very close collaboration between macro and quantitative specialists” within the investment team. Characteristics Caetgory I ISIN code: LU0862032199 TER: 0.6% including taxes Curreny: euro Investors targeted: institutional investors Category A ISIN code: LU0862031894 Management fees: 1.2% TER Currency: euro Investors targeted: all investors
01/03/2013

BlackRock fires equity managers to boost performance

P { margin-bottom: 0.08in; } The BlackRock Energy & Resources fund (USD773m) and the BlackRock All-Cap Energy & Resources (USD384m) are now managed by Robin Batchelor and Poppy Allonby, who replace Denis Walsh and Daniel Neumann, the firm has announced in an SEC notification relayed by Bloomberg. The managers of the BlackRock Small Cap Growth Equity Portfolio (USD1.4bn), Andrew Thut and Andrew Leger, and Eilen Leary, who manages the BlackRock Mid-Cap Growth Equity Portfolio (USD286m), will be replaced. A spokesperson for BlackRock has confirmed that Walsh, Neumann, Thut, Leder and Leary will be leaving the firm. BlackRock is disappointed in underperformance or losses from funds managed by these five people.
01/03/2013

ERAFP awards three real estate property management mandates

P { margin-bottom: 0.08in; } The French public pension fund Etablissement de retraite additionnelle de la fonction publique (ERAFP) has announced that it has awarded an active mandate and two stand-by SRI real estate asset management mandates in France. The mandate was awarded to AEW Europe SGP. Amundi Immobilier and La Française Real Estate Managers have been retained as supplementary managers. The sum invested in three years’ time is estimated to be about EUR310m. The duration of the tender is 10 years. Investments will primarily be made in office and commercial properties, as well as in residential and student dormitory properties. The fund may potentially invest in other categories of real estate assets, such as activity locations and warehouses, residential and service properties. ERAFP has nearly EUR14bn in active investments, all within an SRI investment programme.
01/03/2013

Two traders join Carmignac Gestion

Vincent Aguado and Pierre-Edouard Bonenfant joined Carmignac Gestion as traders bringing the Trading department headed by Nicolas Courbon, to 5 members.Before coming to Carmignac Gestion, Vincent Aguado, 35, was fixed income sales at JP Morgan. Prior to Carmignac Gestion, Pierre-Edouard Bonenfant was a derivatives structurer within the Systematic strategies team at THEAM (BNP Paribas IP&CIB).
01/03/2013

Curtis law firm adds to its International Arbitrage team

P { margin-bottom: 0.08in; } The international law firm Malet-Prevost, Colt & Mosle LLP, whose Paris office advises clients of the firm in mergers and acquisitions, private equity, banking and finance, taxation, lawsuits and international trading, have recruited Jean-Claude Najar as International Counsel on its international arbitrage team. He will be based in Paris, and will be responsible for developing commercial arbitrage and compliance activities. Before joining Curtis, Najar was legal director for France & Senior Counsel Europe at General Electric Co (GE).
01/03/2013

Strong growth in assets under management at Raiffeisen

P { margin-bottom: 0.08in; } Assets under management at the Raiffeisen group last year increased by CHF27.8bn, or 18.6% to CHF173.15bn, according to a statement released on 1 March. The development is largely due to the acquisition of Notenstein Banque Privée SA last year, into which non-US assets of the Wegelin private bank acquired by Raiffeisen have been transferred. Assets under management by Notenstein totalled CHF21bn in 2012. The group has also reported an increase of 6.6% in its profits to CHF634.8m.
01/03/2013

First Trust launches a long/short bond ETF

P { margin-bottom: 0.08in; } With the First Trust High Yield Long/Short ETF, First Trust is releasing a 130/30 type actively invested strategy investing in speculative grade US and non-US bonds, bank loans and convertible securities, while the short portion is composed primarily of US Treasury and investment and/or specualtive grade bonds, Invex Universe reports. The TER For the fund, whose acronym on Nasdaq is HYLS, is 1.19%. The objective is to outperform the Bank of America Merrill Lynch U.S. High Yield Master II Constrained Index, with short positions focused on securities which First Trust expects to underperform the index. The average duration will be about 5 years.
01/03/2013

Strong increase in assets under management at Jupiter

P { margin-bottom: 0.08in; } The British asset management firm Jupiter has reported an increase in its assets under management in 2012 of GBP3.5bn, to GBP26.3bn as of the end of December, compared with GBP22.8bn as of the end of 2011, according to a statement released on 28 February. Net profits in the fiscal year totalled GBP73.6m, compared with GBP71.3m in 2011.
01/03/2013

Strong increase in profits at St. James's Place

P { margin-bottom: 0.08in; } In 2012, St. James’s Place has announced pre-tax IFRS profits up 23%, to GBP134.6m, and net profits of GBP91.7bn, which represents an increase of 37% over GBP67m in 2011. For the third consecutive year, the British asset management firm will increase its dividend by 33%, to 10.64 pence, from 8 pence, and CEO Davia Bellamy predicts a similar increase in 2013. Assets increased by 22% last year, to GBP34.8bn, and net subscriptions totalled GBP3.35bn, compared with GBP3.21bn.
01/03/2013

Pioneer recruits a big name from JPMorgan

P { margin-bottom: 0.08in; } Tom Swaney, head of alternative credit at JP Morgan, has been recruited by Pioneer Investments, whose Boston offices he joined at the end of January Citywire reports. At his new employer, Swaney has taken the position of director of alternative fixed income.
01/03/2013

Man Group posts deep losses

P { margin-bottom: 0.08in; } For 2012, Man Group has announced a “statutory” pre-tax loss of USD745m, commpared with profits of USD193m the previous year. Goodwill at GLG totals USD746m, in addition to USD233m written down at the end of June (USD91m for GLG and USD142m for Man Multi-manager). However, adjusted pre-tax profits increased to USD278m, from USD262m, of which USD223m are related to net management commissions, and USD55m are from net performance commissions. As of 25 February 2013l assets totalled USD55bn, compared with USD57bn in December 2012, and USD58.4bn at the end of 2011. Oc this total, assets managed by AHL represented USD14.4bn at the end of December, compared with USD21bn one year previously. For GLG Alternatives, assets total USD15.2bn, fown from USD15.5bn, Long-only assets represented USD11.4bn, compared with USD10.7bn, and FRM (acquired on 17 July 2012) had USD16bn, compared with USD11.2bn. Man Group has posted net outflows for 2012 of USD7.3bn.
01/03/2013

CFTC may ease derivative regulations

P { margin-bottom: 0.08in; } The Commodity Futures Trading Commission (CFTC) is planning to ease regulations of derivatives. In a document obtained by the Financial Times, one of the members of the CFTC likely to swing the vote, Mark Wetjen, recommends modifications to the terms on places of execution for derivative transactions. Wetjen proposes to no longer require instituitonal investors to solicit listings from five different operators. This proposal has excited the anger of the major banks, but would increase price transparency and a larger participation in a market dominated by a very small number of operators.
01/03/2013

Fitch awards Asset Manager rating of M3+ Fabrica Immiliare

P { margin-bottom: 0.08in; } The financial ratings agency Fitch Ratings has awarded a Real Estate Asset Manager rating of M3+ to Fabrica Immobiliare SGR. Fabrica Immobiliare has signed a strategic alliance with CBRE Global Investors, which opens up possibilities to diversify geographically, but which also presents a few executional risks.
01/03/2013

IASB proposes amendments to IAS 39

P { margin-bottom: 0.08in; } The designer of international accounting standards IASB on 29 February published a report describing a series of amendments to the IAS39 standard for financial instruments. The amendments will then be integrated into the chapter dedicated to hedge accounting in IFRS 9 on financial instruments (which will replace IAS 39). The objective for the improvements is to introduce an exception to planned discontinuation of hedging in IAS39. More precisely, it is proposed that an exception will be made whenever a derivative presented as a hedging instrument loses its original counterparty in order to become a contract with a central counterparty (CCP). Participants can present their comments during a shortened 30-day period, due to the forthcoming introduction of new regulations on OTC trading in some countries, required by the G20 to improve transparency and to provide better surveillance of this market segment.
01/03/2013

Record assets in Italian asset management sector

P { margin-bottom: 0.08in; } As of the end of January, total assets at Italian asset management firms set a new all-time record of EUR1.2061trn, compared with EUR1.1946trn one month previously. Of this total, collective management firms account for EUR529.57bn, compared with EUR525.31bn, and portfolio management accounts for nearly EUR676.34bn, compared with EUR669.29bn, Assogestioni reports. In January, net subscrptions totalled EUR6.574m, compared with net outflows of EUR4.341bn in December. The Italian association of asset management firms says that net inflows to collective management represented EUR3.193bn, comapred with EUR233m in December, while portfolio management posted net inflows fo EUR3.381bn, compared with net ouflows of EUR4.573bn the previous month. For collective funds (EUR529.37bn), Italian-registered funds (EUR150.11bn) attracted EUR138m, compared with EUR51m in December, while foreign-registered funds (EUR336.36bn) posted inflows of EUR3.03bn, compared with EUR154m.
01/03/2013

ESMA and FBE issue a warning over CFDs

P { margin-bottom: 0.08in; } The European Securities Markets Authority (ESMA) and the European Banking Authority (EBA) on 28 February published a warning for retail investors about the risks related to investment in contracts for difference (CFD). In the current period of low interest rates, the two authorities say they are concerned by the temptation for inexperienced retail investors to invest in complix financial products, which they may not really understand, and which could cause them considerable losses. The warning is followed by a practical guide for retail investors, which provides information on the forex and trading via an online platform.

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