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24/01/2013

Fitch affirms rating for IdeA FIMIT

Fitch Ratings has affirmed IDeA FIMIT SGR’s ‘M2-' Real Estate Asset Manager Rating. The rating is assigned to the real estate investment management activities conducted in Milan and Rome.
24/01/2013

Goldman Sachs may earn a large capital gain on LEG

An IPO of 57.5% of the German real estate firm LEG Immobilien (90,000 units) is scheduled for 1 February, within a price range of EUR41 to EUR47 per share, Die Welt reports. This means that the RE Whitehall funds from Goldman Sachs, which controls 87% of LEG, and the private equity investor Perry, which controls the rest, may earn as much as EUR1.4bn from the operation, though they paid only EUR800m for the entire firm at the end of 2008. Since then, they have also earned about EUR350m in dividends.At the low end of the price range, the firm is valued at a 10% markdown on its net asset value; the high end of the price range corresponds to a premium of only 3%.
24/01/2013

Feri Trust recruits from Hauck & Aufhäuser

Carina Kutzschbach, who had been head of development for private clients and foundations in Frankfurt for Hauck & Aufhäuser Privatbankiers, has been recruited to head the private mandates team at Feri Trust in Bad Homburg. She will be responsible for the development of wealth management, family office and advisory mandate operations.Feri Trust is part of the MLP group, which has about EUR21bn in assets under management or administration.
24/01/2013

Reech AiM acquires Aurea Real Estate

Reech AiM Froup, an international hedge fund management firm based in London and Luxembourg, on 23 January announced the acquisition of Aurea Real Estate, a real estate investment firm with offices in Paris and Madrid, by its affiliate Reech REIM LLP. Aurea Real Estate, founded in 2009, currently manages a portfolio of assets totalling about EUR100m. As a part of Reech REIM LLP, the team will offer its clients investment opportunities in added value real estate construction products, via funds, separate accounts and club deals. Reech REIM LLP is now composed of the “Indirect Real Estate” unit, whose team manages the Iceberg fund, and the “Private Equity Real Estate” unit, trained by the team at Aurea. As a part of the acquisition, Maxime Barkatz, founder of Aurea Real Estate, will join Reech AiM as a Partner. Before founding Aurea, Barkatz had been Managing Director and Partner at the publicly-traded realty firm Affine, where he founded and directed the real estate promotion affiliate of the group in the Iberian peninsula.
24/01/2013

Close Brothers increases AUM by 3% in five months

The “pre-close trading update” from Close Brothers reports that in the five months to 31 December, assets under management by the asset management unit increased by 3%, to GBP8.5bn, due to positive market effects. The profit margin has increased due to a rise in more lucrative retail assets.
24/01/2013

KKR buys 25% stake in a Bermuda hedge fund

The KKR group will acquire a 25% stake in the Bermuda-based hedge fund Nephial Capital, Opalesque reports. The stake has been purchased from Man Group, which retains an 18.75% stake in the capital of the hedge fund specialised in investments in reinsurance risks, including catastrophe bonds and climate derivatives.
24/01/2013

Wisdom Tree passes USD20bn mark

In a statement dated 23 January, Jonathan Steinberg, CEO of WisdomTree Investments, announced that the New York-based asset management firm now has over USD20bn in assets, with USD20.2bn.WisdomTree manages 46 ETFs (equities, currencies, bonds, and alternative assets). Seven of these ETF funds have over USD1bn in assets under management. Additionally, the asset management firm is a provider of indices to third parties, who use them as benchmarks for their proprietary products.
24/01/2013

BNY Mellon offers a new portfolio analysis tool

BNY Mellon has launched a new tool which allows fund managers to better analyse their portfolios, through modelling, monitoring and reporting. The new Interactive Analytics Report (IAR), available on the WorkBench portal from BNY Mellon, replaces 20 different documents which had previously been sent to clients.
24/01/2013

AEW Europe raised EUR1.8bn in capital in 2012

AEW Europe raised EUR1.8bn in capital in 2012, of which EUR1.2bn were for new mandates, an increase of 13% compared with 2011, for all of its fund strategies, key account mandates, and club deals, according to a statement released by the firm on 23 January. Transactions carried out by AEW Europe in 2012 totalled EUR2bn, of which EUR1.2bn were acquisitions, including the emblematic EDF Tower at La Défense in Paris, the Oxygène tower in Lyon, and also smaller properties such as those acquired by the UK Core Property Fund. These sales totalled EUR800m, including the recent sale of the Austerlitz II office property in Paris.
24/01/2013

Assets under management by Bordier France up 17%

As of the end of December, assets under management or advised by Bordier & Cie (France), an asset management firm with 14 employees, totalled EUR323bn, or 17% more than one year previously. Two thirds of that increase of EUR48m, or EUR32m, came from net subscriptions.The Swiss Bordier group has about CHF10bn in assets under management.
24/01/2013

Dai-ichi representative joins the board at Janus

Following the announcement of a strategic alliance between Dai-ichi and Janus on 10 August 2010, Seiji Inagaki was on 22 January appointed as a member of the board of directors at Janus Capital Group, as a representative of the Japanese Dai-Ichi Life Insurance Company. The Japanese firm already controls 14% of the US asset management firm (see Newsmangers of 5 October 2012), and is aiming for a stake of 15% to 20%.As of the end of September, Janus had assets of USD158.2bn.
24/01/2013

Ahorro Corporación recruits head for its AM unit internally

Alejandro Sánchez-Pedreño, deputy CEO of Ahorro Corporación Financiera, has been appointed as CEO of Ahorro Corporación Gestión, whose funds have asses under management of nearly EUR3.5bn, Funds People reports. He replaces Enrique Sánchez del Villar, who resigned a month ago (see Newsmanagers of 21 December), but who still remains on the organisational chart on the website in his former position as of 23 January, although he has joined Analisats Financieros Internacionales.
24/01/2013

Changes in Asian team at Credit Suisse

A reorganisation of the asset management unit at Credit Suisse has led to changes in Asia. Bin Han, head of sales for China at CSAM, has been appointed as director of the private funds group. Bunt Ghosh, head of emerging market strategy for asset management and vice president of fixed income for Asia-Pacific, retired in mid-December. He will not be replaced.
24/01/2013

Pimco releases GIS Income Fund in Europe

The multi-sectoral international bond fund PIMCO GIS Income Fund, which was launched on 30 November 2012, is now on sale in Europe, including France, Germany, the United Kingdom and Italy.The objective for the Irish-registered, UCITS-compliant fund, managed by Daniel J. Ivascyn, managing director and head of the portfolio management team for real estate mortgages, and by Alfred T. Murata, executive vice president and portfolio manager, is to generate high and sustainable monthly revenue, through a flexible investment approach which targets international bonds that generate revenues.The portfolio is composed of high quality bonds, and the primary objective is to generate high and consistent revenues. The fund also aims for long-term capital appreciation, while seeking to rigorously limit the risk of decline. The portfolio may be invested in government bonds, inflation-linked bonds, bonds backed by real estate debt, whether or not these are issued by agencies, securities backed by commercial real estate loans, investment-grade corporate bonds, high yield corporate bonds, bank loans and emerging market bonds.As of the end of December, the overall duration came out to 2.14 years, compared with 5.06 for the benchmark, the Barclays U.S. Aggregate (Euro Hedged).CharacteristicsName: PIMCO GIS Income FundISIN codes for E class shares:IE00B84J9L26 (capitalisation)IE00B8N0MW85 (income)Management fees: 1.36%
24/01/2013

State Street launches two funds in Italy

State Street Global Advisors has launched two flexible funds in Italy: SSgA Flexible Asset Allocation Fund, and SSgA Flexible Asset Allocation Plus Fund, Bluerating reports.
24/01/2013

Pictet AM registers emerging market debt fund in Italy

Pictet Asset Management has received a license in Italy for the new Pictet-Emerging Corporate Bonds fund, Bluerating reports. Since its launch in November, the fund, managed by Alain-Nsiona Defise, has seen more than USD600m in inflows (as of 14 January).
24/01/2013

ESMA unveils its working programme for ratings agencies

The European Securities and Markets Authority (ESMA) published on January 23 its 2013 ertified credit rating agencies Supervision and Policy Work Plan. ESMA will focus on structured finance products ratings, due to concerns stemming from high outstanding volumes and ratings fluctuations. Sovereign credit ratings will also be reviewed, prompted by concerns on the growth in volatility over the past 12 months, their importance for credit markets and financial stability, and their impact on other rated entities and products.
24/01/2013

Federal Finance Gestion launches a socially responsible money market fund

The asset management firm Federal Finance Gestion, an affiliate of the Crédit Mutuel Arkéa group, at the end of November launched a socially responsible money market fund, Federal Support Trésorerie IR. After two months on sale, the fund has already passed EUR100m in inflows. In the current environment of particularly low interest rates, the strategy of the fund is to compensate for a lack for returns from money market funds by extending the maturity of investments. By retaining the characteristics of money market funds, Federal Support Trésorerie IR aims to improve the returns offered to investors, while taking full advantage of maturity thresholds (WAM & WAL). In addition, the management of the fund applies socially responsible investment (SRI) rules. The manager may invest only in issuers who have integrated responsible and high-performance management of human capital and the environment, and good governance, into their strategy. As a complement to credit analysis, this SRI analysis allows for a more detailed examination of risks specific to issuers the fund invests in. The money market asset management team at Federal Finance Gestion has over EUR6bn in assets under management in the form of open-ended or dedicated funds or mandates. Primary characteristics of the fund ISIN code: FR0011347145 Benchmark index: Euribor 3-month Recommended investment duration: 90 days Minimum investment: EUR150,000 Maximum management fees: 0.40% including taxes Real management fees: 0.15%, including taxes Front-end fee: none Withdrawal penalty: none Movement commission: 0 to EUR180 per transaction
24/01/2013

Hedge funds around the world moving to 1.5%/20% pricing model, according to Mercer

Due to an abundant supply of high quality active asset management, the level and structure of commissions for actively-managed products held out remarkably well against a slowdown in demand in 2012, Mercer finds in its “2012 Global Asset Manager Fee Survey.” However, hedge fund managers were required to sacrifice the traditional 2% management fee and 20% performance commission cost structure, in favour of a 1.5%/20% formula. This comes due to the fact that the dynamics of supply ad demand have driven managers to be more accommodating when negotiating fees. The Mercer study, which covers over 25,000 funds from 5,000 asset management firms, also finds that the majority of asset management firms maintained their fees “relatively unchanged,” while fee reductions were concentrated on equity mandates, and retail equity funds tended to reduce their fees more sharply than institutional funds and mandates. About one third of asset managers increased their commissions, particularly managers of small cap funds, except in the United States, where commissions fell for this type of strategy. For all asset classes as a whole in US dollars, Canada is the lest expensive country for investments, with average fees of 0.3%, compared with 0.4% in the United Kingdom and 0.5% in continental Europe. Emerging market funds are the most costly, with an average of 0.89% (0.75% for Asia).
24/01/2013

Odey AM gives a fund to former Griffin manager

Odey Asset Management has launched a global long/short fund for the former Griffin Capital Management manager Markus Rezny, Citywire Global reports. The fund, entitled Odey Orion, has a mandate with no constraints.
24/01/2013

Cantab Capital Partners launches a fund

Cantab Capital Partners, the USD4.7 billion systematic global macro manager, has launched a new fund: the CCP Core Macro Fund. It will be opened to external investors on 01 February 2013. The CCP Core Macro Fund is designed to give investors access to a diversified stream of macro-style returns at a fraction of standard industry fees as well as offer daily liquidity. It is expected to show negligible correlation to traditional sources of risk (equity and fixed income) and limited correlation to trend following strategies. The new Fund is a natural extension of Cantab’s investment philosophy, tested risk management and portfolio construction process and its trading and execution infrastructure. The CCP Core Macro Fund is based on a multi-model, multi-asset approach. The strategy offers investors access to the momentum and value groups of models using the ensemble of risk management tools developed by Cantab’s team of scientists over the last six years.
24/01/2013

Norwegian funds post inflows in 2012

Funds on sale in Norway in 2012 recorded net inflows of NOK41.6bn, or EUR5.6bn, according to the local financial management association, Verdipapirfondenes forening. Inflows were driven by bond funds, which attracted NOK31bn, while equity funds attracted NOK7.2bn. NOK29bn were invested by institutionals. Norwegian retail investors and foreign clients each accounted for net subscriptions of NOK6.3bn. Overall, assets in the sector increased by NOK73bn in 2012 to a record level of NOK558bn (EUR75.3bn). Institutionals accounts for NOK312bn of that total, while Norwegian retail investors account for NOK164bn, and foreign clients, NOK81bn.
24/01/2013

DWS tech fund changes managers

Tim Albrecht has handed over his technologies fund, DWS ZukunftsInvestitionen, to analyst Marcus Poppe, so as to be able to focus on the DWS Deutschland fund of German equities, Citywire Global has learned.
24/01/2013

Perquisitions aux domiciles de Bernard Tapie et Stéphane Richard

La brigade financière a mené jeudi des perquisitions aux domiciles de l’homme d’affaires Bernard Tapie et du PDG de France Télécom Stéphane Richard, a-t-on appris de source judiciaire. Ces perquisitions s’inscrivent dans le cadre d’une enquête sur les conditions dans lesquelles a été réglé, par voie d’arbitrage en 2008, le conflit entre Bernard Tapie et le Crédit lyonnais au sujet de la revente de l'équipementier sportif Adidas en 1993. Stépahe Richard était alors directeur de cabinet de Christine Lagarde à Bercy.
24/01/2013

OFI AM adosse sa multigestion alternative à Man

Man Investments Holdings Limited, une filiale de Man s’est engagée à investir 1,6 million d’euros pour entrer au capital d’OFI MGA, la filiale de multigestion alternative du Groupe OFI, à hauteur de 20 %. Il détient une option pour en devenir majoritaire dans trois ans. OFI MGA, qui totalise 600 millions d’euros d’actifs gérés pour le compte d’investisseurs institutionnels français, pourra dorénavant investir sur la plate-forme de comptes gérés développée par Man dont les encours s’élèvent à 9 milliards de dollars.
24/01/2013

La zone euro se stabilise mais la France s'enfonce

La publication des indicateurs avancés d’activité PMI pour janvier montre un début de stabilisation de la zone euro sur des niveaux bas, sauf en France. L’indice dans les services atteint 48,3, mieux qu’attendu (48,0) et qu’en décembre (47,8), meêm s’il reste sous la barre des 50 qui sépare contraction de croissance. La composante manufacturière s'élève à 47,5 en janvier, là encore au-dessus de décembre (46,1) et du consensus (46,5). L’Allemagne a dépassé les attentes, avec un composite passé de 50,3 à 53,6 grâce aux services. En France en revanche, les PMI plongent, avec un indice composite qui tombe à 42,7 après 44,6 en décembre, soit son plus bas niveau depuis mars 2009.
Photo : Fotolia
24/01/2013

ICAP dans la tourmente du Libor

Le quotidien cite des notes internes du gendarme britannique des marchés financiers, la FSA, pour mettre en lumière que le principal courtier interbancaire au monde mobilise à lui seul sept de la cinquantaine d’inspecteurs dédiés aux enquêtes concernant les soupçons de manipulation du Libor. ICAP a toujours éveillé l’attention des autorités, mais la FSA semble s’intéresser plus précisément à la société pour manquement aux règles de marché. Le travail de l’autorité viserait ainsi plus directement la société plutôt que des courtiers personnes physiques. ICAP clame sa pleine coopération avec l’enquête.
24/01/2013

Le Japon répond aux critiques allemandes

Répondant aux critiques de Jens Weidmann, le président de la Bundesbank, quant aux conséquences sur les changes de la politique ultra-accommodante menée par le nouveau gouvernement japonais, le ministre japonais de l’Economie Akira Amari indique au quotidien que l’Allemagne « est le pays dont les exportations ont le plus bénéficié du système de taux de change fixe de l’euro. Il n’est donc pas en position de critiquer».
24/01/2013

Tokyo table sur une croissance de 2,5% en 2013

Le gouvernement japonais pourrait fixer le 28 janvier prochain un objectif de croissance réelle du PIB pour l’année fiscale 2013/2014 d’environ 2,5%, selon le journal qui ne cite pas de sources. L’objectif est de 2,2% sur l’année 2012/2013. Tokyo attend notamment que la baisse du yen, les assouplissements monétaires et la relance budgétaire et notamment les travaux de reconstruction soutiennent la croissance.

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