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16/01/2013

Mariner Investment Group acquires Concordia Advisors

The US alternative management firm Mariner Investment Group on 15 January announced the acquisition of Concordia Advisors, an alternative asset management firm with offices in New York and London, and assets under management totalling about USD1bn. Following the complete separation of Concordia’s activities from Mariner, the investment teams at Concordia, and some support functions will join Mariner. Portfolio managers at Concordia, Arun Puri, John Eckert, James Wise, Chris Dillon and Jason Cheung, will continue to manage their respective funds under the Mariner brand name. The head of Concordia, Best Williams, becomes deputy chief investment officer at Mariner, and joins the investment board, as well as the board of directors at Mariner. Assets under management at Mariner in mid-2012 totalled about USD4.7bn.
16/01/2013

BNP Paribas WM appoints a CIO

BNP Paribas Wealth Management has appointed Florent Bronès as chief investment officer. He is responsible for establishing a global investment strategy and drawing up recommendations on specific investment themes in concert with the international network of chief investment advisors, which he coordinates.BNP Paribas Wealth Management is strengthening its investment strategy resources in order to meet the growing demand from its Private Banking clientele for market intelligence. Given the rapid and complex developments taking place in the financial marketplace, the ability to communicate a clear view of the markets is key for BNP Paribas Wealth Management to be able to provide clients with first-class advice on how to invest their assets. In order to meet this need, BNP Paribas Wealth Management is able, when drawing up its investment strategy, to call on Group-wide expertise in various specialist fields – including asset management, investment banking and real estate – in addition to Wealth Management’s own global and local analysis capability.Before joining BNP Paribas Wealth Management, Bronès served from 2008 as director of the buy-side research office for Global Equities and Commodity Derivatives (GECD), and concentrated on developing investment strategy.
16/01/2013

Christian Pellis joins Amundi as head of external distribution

Christian Pellis joined Amundi at the beginning of this year as global head of external distribution, a position that was before covered by the head of institutional clients.Pellis previously worked at LGT Capital Management, as head of distribution. He was also a member of the executive board (2010-2012).However, Pellis has spent the majority of his career at Threadneedle Investments, first in Frankfurt as regional director of sales for Europe (1998-2001), and then in London, where he served in a similar role as head of development for new markets in Europe and Latin America (2002-2004). He then spent six years as head of European distribution in London, specialised in institutional clients in Europe and Latin America (2004-2010).
16/01/2013

CalSTRS invests in global macro strategy

The Californian pension fund CalSTRS has invested USD50m in the global macro strategy from the manager of the hedge fund MKP Capital Management in the quarter ending on 31 December, Pensions & Investments reports. MKP Capital is the third hedge fund manager to be selected by CalSTRS, whose assets under management total about USD154.3bn.
16/01/2013

Fidelity recruits for French institutional team

Fidelity Worldwide Investment has today announced that it is recruiting for its institutional team in France, with the arrival of Anne-Charlotte Aguttes as head of the Clients – Institutional and Corporate department. She joins Jean-Marc Didier, who is head of this activity, with whom she will work closely to strengthen Fidelity’s presence serving French institutional clients, a statement says. Before joining Fidelity, Anne-Charlotte Aguttes served as senior RFP Manager at State Street Global Advisors in Paris, where she had worked since 2006, as a specialist in institutional requests for proposals, covering all strategies and asset classes offered by the group.
16/01/2013

Toward a recovery for equity market fundamentals

The most popular investment criterion for institutional investors in 2013 will be the quality of results announced by businesses, before macroeconomic data is taken into account, according to the most recent European Corporate Survey by Crédit Agricole Cheuvreux, conducted between 23 October and 6 November, of 270 international investors in 28 countries. More than 50% of international investors, and 78% of US investors, say that profits at businesses will be the most important criterion in their investment decisions in 2013. Only 24% of investors estimate that macroeconomic criteria will be important, compared with 32% currently. The survey finds that 81% of investors surveyed estimate that the Euro Stoxx 50 index will rise until 30 June 2013, while 46% estimate that the index will remain in a range of 0 to +10%, and 35% predict that the index will gain at least 10%. One third of investors hope to increase the number of corporate meetings in 2012, as “corporate access” is now indissociable from the investment decision. 50% of US investors who participated in the study would like to increase the number of corporate meetings in the next 12 months. British and French investors value these contacts: 43% and 34%, respectively, meet with more than 60 companies per year (compared with an average of 27).
16/01/2013

New hedge funds set up shop in New York

In a difficult fundraising environment, a growing number of new hedge fund firms is setting up shop in New York, where they estimate that it is easier to get noticed, the Wall Street Journal reports. Of the new hedge fund firms opening in Manhattan or Greenwich or Stamford in Connecticut, about 86% have chosen New York, on average, between 2003 and 2008, accorsing to eVestment. In 2009 and 2010, Manhattan accounted for 92% of fund launches. 2011 data indicate that the trend has continued.
16/01/2013

Inflows to Préfon-Retraite pension scheme up 3.4%

The Préfon association on 15 January announced that its Préfon-Retraite pension scheme has generated inflows of EUR430m in the past twelve months, an increase of 3.4% year on year. The leader in elective retirement savings for public employees has also announced that the number of new members joining the Préfon-Retraite scheme rose 15% in 2012 compared with the previous year, with 8,500 new subscriptions. As of the end of September 2012, assets at Préfon-Retraite totalled about EUR11.2bn.
16/01/2013

ADIA recruits a former AllianceBernstein employee

The British Gregory Eckersley, who was responsible for the management of global & large cap growth equity portfolios at AllianceBernstein from 2006 to 2011, before founding his own asset management firm, 1770 Capital Partners, has been recruited by the sovereign fund Abu Dhabi Investment Authority (ADIA) as its global head of internal equities, effective immediately, a statement dated 15 January states.He is responsible for direct investment in equities, and will lead one of the seven units at ADIA, while the other six are dedicated to tracker funds, equity investments via funds, real estate/infrastructure, bonds/treasury, private equity, and alternative investments.In his new role, Eckersley will report to Mohamed Darwish Al Khoori, executive director of the internal equities department.
16/01/2013

Assets at Liontrust top GBP2.5bn

In its “interim management statement” for the period from 1 October to 31 December 2012, Liontrust Asset Management Plc on 15 January announced that its assets increased in the period under review yo GBP2.530bn, from GBP2.364bn, thanks to GBP64m in net subscriptions, and a positive market effect of GBP102m. As of 11 January, assets totalled GBP2.584bn.Assets under management for institutionals fell to GBP542m, compared with GBP570m as of 1 October, with net outflows of GBP53m, while retail represented GBP1.978bn, compared with GBP1.756bn, with net subscriptions of GBP147m. In the nine months to the end of December, net inflows totalled GBP253m, compared with GBP74m in the corresponding period of 2011.Liontrust also confirmed that Michael Mabbutt (formerly of Thames River) has been appointed on 2 January as head of global credit, and announced that Felix Martin will join the global credit division in February, also from Thames River.Lastly, the group has announced the forthcoming launch of the Liontrust GF Global Strategic Bond Fund in February, pending approval from the authorities. The product will represent a diversification of the product range, which is currently highly concentrated on UK, European and Asian equities.
16/01/2013

M&G recruits sales staff in Italy

M&G Investments has announced the appointment of Dario Carrano as a sales manager in the sales team in Milan, Bluerating reports. He joins a team of 10 people who will report to Matteo Astolfi, head of M&G Investments in Italy, and will be responsible for independent financial advisers and institutional management. Carrano had previously worked at Amundi, where he spent six years as a sales manager. Currently, assets under management at M&G in Italy total over EUR4bn, double their total at the end of 2011.
16/01/2013

Odin reshuffles fund management

The Norwegian asset management firm Odin has reshuffled its teams, following its decision to repatriate the management of its funds to Oslo, Citywire Global reports. Management had previously been divided between Oslo and Stockholm. Vegard Søraunet will take over as manager of the Odin Sverige/ODIN Sverige II, and Carl Erik Sando will take over the ODIN Eiendom/ODIN Eiendom I, following the departure of Tomas Ramsälv. Søraunet will no longer manage the Odin Global/ODIN Global II and Odin Global SMB funds, which will be taken over by Oddbjørn Dybvad and Harald Nilssen.
16/01/2013

Edhec endows chair with Meridiam and Campbell Lutyens

A research chair for equity investments and benchmarking in the area of infrastructure has been created in Singapore by the Edhec-Risk Institute with Meridiam Infrastructure (EUR2.8bn in assets) and Campbell Lutyens. It will employ up to three senior researchers at the Edhec campus in Singapore in the next three years.
16/01/2013

ECM AM builds presence in credit strategies

The asset management firm ECM Asset Management, an affiliate of the Wells Fargo banking group, has appointed Jens Vanbrabant as co-manager of two of its largest funds in the Sicav range, Citywire reports. Vanbrabant becomes the third manager of the European Credit Fund Sicav-Elbe, whose assets under management total EUR467m, and co-manager of the European Credit Fund Sicav-Danube (EUR82m). The managers in place for these strategies, Henrietta Pacquement and Derek Hynes, will retain their positions, but will now be supported by Vanbrabant. Despite these new duties, Vanbrabant will continue to manage the three funds that he currently manages, one European bond fund (European Credit Fund Sicav-Interlaken), one corporate bond fund (European Credit Fund Sicav – European Corporate), and one European bond mandate for Universal Investment.
16/01/2013

Mutuelle Médicis calls of plans to launch Belgian OFP

According to one of its executives, Mutuelle Médicis (EUR2.5bn) has recently called off plans to launch a cross-border pension financing organisation (OFP) in Belgium, “because that is not any more in line» with its strategy, IPE reports.
16/01/2013

Morgan Stanley participates in launch of Healthy Futures Funds

With the Kresge Foundation (USD3bn) and the Local Initiatives Support Corporation (LISC), Morgan Stanley is participating in the first investment fund (with USD100m in capital) to allow those with low income and limited economic resources to gain access to health care and affordable housing. The fund also aims to finance services to help achieve these objectives in more deprived areas.The fund has sufficient capital to construct 500 housing units with integrated health care services, as well as eight health care centres with Federal permits to serve 75,000 people. The structure will put health care providers and residential developers in contact, since these groups have not often worked together previously, even though they frequently serve the same low-income populations in the same areas.The fund ia managed by New Markets Support Company, an affiliate of LISC, and is expected to contribute initially to the creation of 2,200 jobs in particularly deprived areas.
16/01/2013

AMP recruits for alternative management team

The Australian asset management firm AMP Capital has announced recruitments for its alternative management team, with the appointments of Alistair Rew and Celine Nguyen as portfolio managers. Rew previously worked at XL Group, where he was most recently managing director. Nguyen, for her part, was an analyst at EIM Management, where she led due diligence missions for investments in hedge funds.
16/01/2013

EC to present a proposed resolution on banking crisis by summer

The European Commission will by this summer set out proposed legislation to et up a joint mechanism to resolve banking crises, the president of the Commission, José Manuel Barroso, announced on 15 January. “Following the adoption of the single supervision mechanism, the Commission will make a legislative proposal for a shared resolution mechanism for the banking sector before summer. I consider that an absolute priority,” Barroso said. Barroso, who was speaking before the European Parliament in Strasbourg, welcomed the compromise reached in December between European finance ministers to set up a joint banking supervision mechanism for the euro zone and other countries of the European Union (EU) that wish to participate. “Talks over the bill are in progress with Parliament, and I hope that the final step in its passage is coming within a matter of weeks, not months,” he said.
16/01/2013

M&G merges two British equity funds

The British firm M&G is planning to merge two UK equity funds, the UK Select, whose assets under management total GBP81m, and the UK Growth Fund (GBP546m), Money Marketing reports. The two funds are currently managed by Mike Felton, who took over as manager of the UK Growth Fund in December last year. Pending the approval of shareholders, the two funds will merge on 15 March this year.
16/01/2013

Hedge funds bet less that Spanish equity markets will fall

At the end of 2012, short bets by hedge funds on Spanish equities represented only 0.376% of capital overall, compared with 0.475% when a prohibition on short-selling was introduced on 23 July. That represents a decline of 20.8%, Cinco Días reports.The newspaper stresses that the Spanish securities commission (CNMV) has already published its annual report on the financial markets in 2012, only two weeks after the year ended. In this the influence of the new chairwoman of the CNMV, Elvira Rodriguez, who decided to strengthen the communication and transparency policies of the regulator, may be discerned.
16/01/2013

Fort accroissement des actifs gérés par MainFirst AM

Au 31 décembre, l’encours du gestionnaire allemand Mainfirst Asset Management avait franchi la barre des 3 milliards d’euros, un record, contre 1,1 milliard douze mois plus tôt. La société a refusé d’indiquer à Newsmanagers le montant des actifs gérés respectivement dans les huit fonds offerts au public et dans des mandats ; la répartition semble de l’ordre de 50/50, selon certains proches du dossier. Le plus gros fonds du gestionnaire francfortois est le MainFirst Top European Ideas Fund, avec environ 1,3 milliard d’euros.De même, Mainfirst AM n’a pas souhaité fournir de précisions quant aux souscriptions nettes. Le communiqué précise simplement que l’offre de produits s’est élargie en 2012 à une stratégie quantative actions, avec le lancement du MainFirst North America Fund (géré par un ancien de Swisscanto), deux stratégies obligataires, avec le MainFirst Emerging Markets Corporate Bond Fund Balanced (confié à des anciens de Clariden Leu), le recrutement d’une équipe auprès de Postbank Financial Services (qui débouchera sur un nouveau fonds cette année) et enfin la création d’un pôle multi-classes d’actifs. Dans ce dernier cas, Mainfirst a déjà sollicité des agréments de commercialisation pour trois fonds de performance absolue offerts au public, qui seront gérés par une équipe recrutée chez DB Advisors.
16/01/2013

L'ADIA recrute un ancien d'AllianceBernstein

Le Britannique Gregory Eckersley, qui a été responsable de la gestion des portefeuilles global & large cap growth equity chez AllianceBernstein de 2006 à 2011 avant de créer la société de gestion 1770 Capital Partners, a été recruté par le fonds souverain Abu Dhabi Investment Authority (ADIA) comme global head of internal equities, avec effet immédiat, précise un communiqué daté du 15 janvier.Il est chargé des investissements en titres vifs et dirigera l’un des sept pôles d’ADIA, les six autres étant dédiés aux fonds indiciels, aux actions au travers de fonds, à l’immobilier/infrastructures, à l’obligataire/trésorerie au private equity et aux investissements alternatifs.Dans ses nouvelles fonctions, Gregory Eckersley est subordonné à Mohamed Darwish Al Khoori, executive director du internal equities department.
16/01/2013

GAM se restructure

Le gestionnaire de fortune GAM se réorganise. Il passe d’une holding financière à une structure d’organisation beaucoup plus fortement intégrée. Cela ne devrait engendrer aucun coût extraordinaire de restructuration, selon un communiqué publié le 16 janvier.En même temps, l’actuel président et CEO du holding, Johannes de Gier, va se concentrer uniquement sur son mandat de président du conseil d’administration. Dès lors, David Solo, actuellement CEO des deux unités d’affaires opérationnelles, va prendre le nouveau titre de CEO pour le groupe.Seront également regroupées les fonctions de finance et de risque, désormais assumées par un chief financial officer pour le groupe en la personne de Marco Suter, actuellement responsable des risques. Le CFO de Gam Holding, Andrew Wills, assurera la transition pour ensuite quitter le groupe. Ces modifications seront effectives à compter du 17 avril prochain.Lors de la prochaine assemblée générale, Johannes de Gier, Dieter Enkelmann et Hugh Scott-Barrett, briguent un nouveau mandat. L’actuel prend fin en avril. Tanja Weiher est proposée comme nouvelle membre indépendante. Le conseil d’administration passerait ainsi de cinq à six membres.
16/01/2013

Partners Group : presque 5 milliards d'euros de collecte en 2012

Partners Group a annoncé le 16 janvier une collecte nette de 4,9 milliards d’euros pour l’exercice 2012. Ce montant se situe dans le haut de la fourchette de 4 à 5 milliards d’euros visés par le groupe de private equity, rappelle un communiqué.Les actifs sous gestion s’inscrivaient à fin décembre à 28,6 milliards d’euros, soit une réduction de 1,2 milliard d’euros à mettre sur le compte de plusieurs facteurs, dont 0,4 milliard d’euros à cause d’un effet «tail-down» de quelques partenaires du groupe, 0,3 milliard d’euros concernant des retraits de capitaux dans le cadre de stratégies d’investissements cotés, et 0,4 milliard d’euros liés à d’anciens produits structurés.La société confirme par ailleurs sa prévision d’une collecte comprise entre 4 et 6 milliards d’euros au titre de 2013.
16/01/2013

Fidelity embauche une grosse pointure d'UBS

En dernier lieu head global emerging markets sales & distribution chez UBS jusqu'à fin 2012, Oscar Andreu a été nommé directeur des ventes de Fidelity Suisse, rapporte finews.ch. Il sera reponsable du suivi de la clientèle banques/assurances et gestionnaires de fortune.
16/01/2013

Sensible accroissement des actifs de Fourpoints IM

Le gestionnaire Fourpoints Investment Managers, résultat de la fusion en mars 2012 de PIM Gestion France et d’IT Asset Management (lire Newsmanagers du 8 juin 2012) a terminé 2012 avec un encours de 876 millions d’euros contre 750 millions lors du rapprochement. La hausse est attribuable pour 41 millions à l’effet de marché et pour 85 millions à la collecte nette, ont indiqué mardi Muriel Faure et Michel Raud, respectivement directeur général et directeur général délégué et CIO.Lors de la présentation, l’accent a été mis sur le FCP coordonné de droit français Fourpoints Euro Global Leaders, qui ne représente pour l’instant que 16 millions d’euros d’encours tandis que la stratégie, incluant les mandats, pèse près de 150 millions d’euros - dont 120 millions correspondant à un mandat reçu au second semestre d’une caisse de retraite.Pour ce produit «méga-tendances», Fourpoints surpondère nettement par rapport au MSCI EMU DNR les secteurs industrie, énergie et santé tandis qu’il sous-pondère la consommation discrétionnaire, les matériaux, les technologies de l’information et la consommation de base. Ce portefeuille de 33 lignes actuellement ne comporte aucune position sur la finance, les télécommunications et les services aux collectivités. Sur cinq ans, le fonds affiche une performance annualisée de 0,6 % contre une perte de 6,1 % pour l’indice de référence et, sur trois ans, le gain annualisé ressort à 7,4 % contre 1,3 % pour le benchmark.
16/01/2013

Amundi lance une activité de gestion de prêts aux entreprises

Selon L’Agefi, Amundi vient de mettre en place une nouvelle activité de gestion de créances et lance un premier fonds de loans destiné à financer des entreprises françaises et européennes dont le chiffre d’affaires dépasse les 500 millions d’euros. L’idée est de faire un ou des fonds multi-investisseurs et multi-originateurs, précise le quotidien. Le système repose sur un fonds commun de titrisation de droit français, Amundi Loans Fund, qui achètera les prêts bancaires. Les investisseurs peuvent souscrire en direct ou par le biais d’une société de titrisation de droit luxembourgeois qui a émis une première tranche de 475 millions d’euros à 8 ans.
16/01/2013

Morgan Stanley se prépare à différer les bonus

Morgan Stanley va différer sur trois ans la totalité des bonus pour certains de ses banquiers et traders seniors, rapporte L’Agefi citant une information Bloomberg. Cette mesure s’appliquera aux employés avec une rémunération totale de plus de 350.000 dollars et des bonus d’au moins 50.000 dollars. Ces bonus différés seront versés pour moitié en titres et pour moitié en numéraire, ajoute le quotidien.
16/01/2013

AEW Europe SGP vend un bien à Ivry-sur-Seine

AEW Europe SGP a vendu à un investisseur privé un immeuble situé à Ivry-sur-Seine. Le bien de 2 320 m² à usage principal de bureaux est loué à 5 locataires. Le montant de la transaction n’a pas été dévoilé.
16/01/2013

Siparex nomme quatre directeurs

Siparex a annoncé mardi 15 janvier la nomination de Cyril Fromager au poste de directeur associé et la promotion au titre de directeurs dans l’activité capital développement/transmission d’Augustin de Jerphanion, de Nathanaël Martin et d’Alexandre Tremblin. Cyril Fromager était depuis octobre 2010, président du directoire de Rhône-Alpes PME Gestion, joint venture entre le groupe Siparex et les caisses d’épargne de la région Rhône-Alpes, indique un communiqué. Augustin de Jerphanion a rejoint le Groupe Siparex en 2002 à Lyon puis à Paris. Pour sa part, Nathanaël Martin a rejoint Siparex en 2009 pour créer le bureau de Strasbourg. Enfin, Alexandre Tremblin a intégé Siparex à Nantes en 2007.

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