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15/02/2012

Paulson réclame à nouveau une scission en deux de Hartford

Mardi, dans une notification à la SEC (13D filing), John Paulson a réfuté les arguments des dirigeants de Hartford Financial services Group qui refusent de scinder le groupe en deux et veulent conserver sous le même toit l’assurance vie d’un côté et les assurances logement et accidents, de l’autre, rapporte The Wall Street Journal. Cela envenime un peu plus les relations du patron de Paulson & Co (24 milliards de dollars d’encours) avec la compagnie. La semaine dernière, le gérant de hedge funds avait demandé aux dirigeants de Hartford de «faire quelque chose de drastique» pour booster le cours boursier.
15/02/2012

Chute de bénéfice d'UFF en 2011

Pour l’an dernier, UFF fait état d’un bénéfice net consolidé de 25,9 millions d’euros, soit 28 % de moins que pour 2010 et d’actifs sous gestion en diminution de 8 % à 6,6 milliards d’euros contre 7,2 milliards.Les commissions de gestion (90,3 millions d’euros) sont «quasi-stables» (-1%) ; «elles proviennent pour l’essentiel des actifs investis en OPCVM, lesquels ont baissé en moyenne de 3% entre 2010 et 2011", précise un communiqué publié mercredi matin.UFF précise encore que «la bonne résistance de l’activité et une baisse des rachats, surtout en fin d’année, ont permis de réaliser en 2011 une collecte nette de 61 millions d’euros, supérieure à celle de 2010 (47 millions). Le taux de fidélisation des actifs est de 92,2 % en 2011, contre 91,8% en 2010".
15/02/2012
Fonds

Viveris REIM vend un bien pour un OPCI

Dans le cadre de la politique d’arbitrage dynamique de l’OPCI Delta Immo (Maif) dont elle assure la gestion,Viveris REIM a annoncé la cession d’un immeuble de bureaux à Paris. Le bien, multi-locataire, d’une superficie de 1 380 m², a été cédé à un investisseur privé pour un montant de 9,5 millions d’euros actes en main.
Fonds
15/02/2012
Fonds

Métropole Gestion et l'Université d'Auvergne prolongent leur partenariat

La société Métropole Gestion qui commercialise un fonds ISR, Métropole Value SRI en partenariat avec l’Université d’Auvergne, a annoncé le prolongement de l’accord en question et annoncé que de nouveaux développements devraient être prochainement dévoilés en la matière. Les deux acteurs ont élaboré un système de notation permettant à Métropole Gestion de disposer en interne de critères extra financiers que les gérants appliquent avant les critères financiers. Au final, le portefeuille allie à la fois une gestion «best in class» et «best in effort». Par ailleurs, Isabel Levy, directeur de la gestion, a souligné la bonne résistance du fonds ISR dans les périodes de crise comme en 2011. Métropole Value SRI qui représente un encours de 15 millions d’euros, a ainsi réalisé une perte l’année dernière de 20,47 % contre 22,45 % pour son alter ego non ISR, Métropole Euro. Avec également au 31 janvier 2012, sur le mois passé, mais également sur les trois mois précédents et sur les six derniers mois, des résultats supérieurs pour le fonds estampillé ISR.
Fonds
15/02/2012

UFF annonce des changements à sa direction et une chute des bénéfices en 2011

Mercredi, l’Union financière de France (UFF) a annoncé que Bruno Dell’Oste, qui dirigeait depuis huit ans le réseau commercial, est nommé directeur d’UFF Entrepreneurs, une initiative de l’UFF sur le marché des CGPI. Il est remplacé à ce dernier poste par Paul Younès qui est nommé directeur commercial. Il avait la responsabilité de la direction du marketing, de l’offre financière, de l’administration clientèle et de la communication. Bruno Dell’Oste et Paul Younès conservent leurs fonctions de directeurs généraux adjoints de la holding UFFB.Par ailleurs, UFF a présenté ses résultats pour 2011 le même jour, faisant état d’un bénéfice net consolidé de 25,9 millions d’euros, soit 28 % de moins que pour 2010 et d’actifs sous gestion en diminution de 8 % à 6,6 milliards d’euros contre 7,2 milliards.Les commissions de gestion (90,3 millions d’euros) sont «quasi-stables» (-1%) ; «elles proviennent pour l’essentiel des actifs investis en OPCVM, lesquels ont baissé en moyenne de 3% entre 2010 et 2011", précise un communiqué publié mercredi matin.UFF précise encore que «la bonne résistance de l’activité et une baisse des rachats, surtout en fin d’année, ont permis de réaliser en 2011 une collecte nette de 61 millions d’euros, supérieure à celle de 2010 (47 millions). Le taux de fidélisation des actifs est de 92,2 % en 2011, contre 91,8% en 2010".
15/02/2012

KBC AM muscle sa force de vente en Allemagne

Philip Hinrichsen, qui a été chargé du suivi des relations investisseurs chez ecosolutions et chez Fundmatrix, rejoint KBC comme responsable de la distribution de concepts d’investissement spécialisés dans les domaines actions et obligations. Subordonné à Nunzia Thiriot, head of asset management chez KBC Bank Deutschland, il sera en particulier chargé des activités de conseil au profit des gérants de fonds de fonds, des gestionnaires de fortune et des investisseurs institutionnels en Allemagne.
15/02/2012
Fonds

GLG ferme temporairement deux fonds japonais

GLG (Man Group) a annoncé avoir fermé temporairement aux nouveaux investisseurs deux fonds dédiés au Japon, le Japan CoreAlpha fund dont les actifs sous gestion s'élèvent à 1,1 milliard de dollars ainsi que sa version offshore (GLG Japan CoreAlpha Equity fund) en raison de problèmes de liquidité sur les marchés actions japonais.La fermerture des fonds sera effective à compter du 30 mars prochain. La réouverture des fonds sera mise en œuvre dès le retour à la normale des conditions de maché au Japon.
Fonds
15/02/2012
Fonds

Schroders lance un fonds dédié aux petites capitalisations

Le britannique Schroders vient de lancer un fonds dédié aux petites sociétés dans les marchés émergents et en Asie hors Japon.Le Schroder Small Cap Discovery Fund investira dans 70 à 100 sociétés avec l’objectif de générer du rendement par rapport à l’indice et une volatilité moindre que l’indice.Le fonds sera géré par Matthew Dobbs, actuellement responsable des petites capitalisations internationales et globales.
Fonds
15/02/2012

Eric Toulemonde nommé managing director de la banque Leonardo & Co

La banque d’affaires Leonardo & Co. vient de recruter Eric Toulemonde en tant que managing director au sein de l’équipe de Paris. Auparavant, Eric Toulemonde travaillait chez Rothschild & Cie en tant managing director spécialisé dans le conseil en Fusions & Acquisitions. Il était en charge notamment du secteur des Biens de Consommation.
15/02/2012

Heptagon Capital débarque en Espagne

Après Diapason, le britannique Heptagon Capital (5,5 milliards de dollars d’encours fin janvier) est la seconde société de gestion étrangère à se lancer depuis le début de l’année sur le marché espagnol, rapporte Funds People.Elle vient de faire enregistrer par la CNMV sa sicav de droit irlandais Heptagon Fund qui comporte deux compartiments gérés en externe. Il s’agit d’un fonds d’obligations américaines, dont la gestion est déléguée à Yacktman AM, et d’un fonds d’obligations mondiales, géré par Helicon.Un troisième compartiment, focalisé sur les actions émergentes, est en cours de lancement, l’Oppenheimer Developing Markets.
15/02/2012
Fonds

Deka revend un actif milanais

L’allemand Deka Immobilien a annoncé avoir revendu pour 45,5 millions d’euros un immeuble de bureaux de 16.000 mètres carrés situé à Milan au fonds immobilier institutionnel italien Inarcassa RE de Fabrica Immobiliare SGR. Deka avait acheté cet actif en 2004 pour l’un de ses fonds immobiliers institutionnels.
Fonds
15/02/2012

EUR90bn in outflows from UCITS funds in 2011

UCITS funds last year posted outflows of EUR90.3bn, compared with inflows of EUR172bn in 2010, according to statistics from the European financial and asset management association (EFAMA).Long-term UCITS funds finished the year with net outflows of EUR57bn, compared with net inflows of nearly EUR300bn (EUR297bn) in 2010.Money market funds saw net outflows of EUR33bn, compared with EUR125bn in 2010.Non-UCITS funds, for their part, have seen net inflows of EUR104bn, compared with EUR164bn previously. Dedicated funds attracted EUR93bn, compared with EUR144bn in 2010. Overall, UCITS and non-UCITS funds have posted net inflows for the year of EUR13bn, compared with EUR335bn in 2010.In the month of December alone, bond funds have posted net inflows for the first time since July 2011, totalling EUR4bn, compared with redemptions of nearly EUR11bn in November. Outflows from equity funds slowed to EUR6.2bn from EUR16.3bn in November.
15/02/2012

Henderson unveils Euro Corporate Bond fund

Chris Bullock, portfolio manager, on Tuesday in Paris unveiled the Euro Corporate Bond sub-fund of the Luxembourg-registered, UCITS-compliant Sicav Horizon from Henderson Global Investors, a product whose objective is to generate performance one percentage point higher than the benchmark, the iBoxx Euro Corporates, after fees.So far, the sales trajectory for the fund, launched on 18 December 2009, has been impeccable, as assets reached EUR150m as of the end of 2011, and now total about EUR250m. Net inflows last year totalled about EUR80m, and the fund has outperformed its benchmark by 1.80 points in 2011 and 8.33 points since launch. Bullock says the capacity limit for the product is somewhere between EUR1m and EUR2m. Henderson will promote the fund particularly in France.
15/02/2012

Heptagon Capital debuts in Spain

Following Diapason, the British firm Heptagon Capital (USD5.5bn in assets as of the end of January) has become the second foreign asset management firm to open its doors on the Spanish market since the beginning of the year, Funds People reports. The firm has registered its Irish-registered Sicav Heptagon Fund, which includes two sub-funds managed externally, with the CNMV. The sub-funds include a US bond fund, managed by Yacktman AM, and a global bond fund, managed by Helicon.A third sub-fund, focused on emerging markets equities, the Oppenheimer Developing Markets, is in the process of being launched.
15/02/2012

GLG temporarily closes two Japanese funds

GLG (Man Group) has announced that it has temporarily closed two funds dedicated to Japan to new investors. The Japan CoreAlpha fund, with assets under management of USD1.1bn, and its offshore version, GLG Japan CoreAlpha Equity fund, have been the victims of liquidity problems on the Japanese equity markets. The closure of the fund will be effective from 30 March this year. The reopening of the fund will be announced when normal market conditions have returned in Japan.
15/02/2012

Victims put a price on the head of Florian Homm

The victims of Florian Homm, who lost USD200m in the fraud he orchestrated, have engaged the private detective Josef Resch to find the hedge fund manager, formerly of Absolute Capital Management (ACM), who has been on the run for 4 and a half years. To sweeten the pot, they are offering a reward of USD1.1m to anyone who can provide information leading to the apprehension of the fugitive, Capital reports.
15/02/2012

UBS releases an emerging markets small caps fund

On 20 January, UBS Luxembourg launched the Emerging Markets Small Cap Fund from its Sicav UBS (Lux) Equity Sicav, a fund which has recently been licensed for sale in Germany.The portfolio of 100-200 positions, managed by Joseph Devine, will focus on emerging markets small caps, including consumer sector and infrastructure businesses, with a bias for South Africa and South Korea presently (13% each), as well as Brazil (10%). Small caps generally benefit more from local economic growth than other shares.CharacteristicsName: UBS (Lux) Equity SICAV - Emerging Markets Small Caps FundISIN code: LU0727654609 P-Acc share class in US dollarsManagement commission: 2.10%
15/02/2012

Banks want ETFs to be exempt from Volcker rule

US banks are pushing for their activities in the ETF sector not to be included in Volcker rule, the Financial Times reports. Many banks are acting as “authorised participants” for ETFs. But this activity may be threatened by the Volcker rule, which would limit speculative trading by US banks.
15/02/2012

Investors return to equity markets

In an improving market environment, investors are showing renewed confidence in international equities, according to the most recent BofA Merrill Lynch survey, undertaken between 3 and 9 February, of a sample of 277 respondents with total assets of USD783bn.Equity allocations in February have been at monthly highs since the beginning of 2011, with 26% of respondents overwight in equities, compared with 12% the previous month. Appetite for cyclical sectors (industrials, materials) has been accompanied by a disaffection for defensive sectors (pharmaceuticals, telecommunications). Overweight positions on cash have fallen to 13%, from 27% in January. Emerging markets are by far the favourite global region, with all other regions underweight. European investors are returning strongly to banking sector shares.
15/02/2012

According to Lyxor, hedge funds gained 1.30% in January

The general hedge fund index from Lyxor Asset Management (Société Générale) for January shows returns of 1.30% since the beginning of the year (and of 1.67% as of 7 February), at 952.Of the 15 strategies covered by the global index, only four show losses, including long/short equity short bias, with losses of 5.83%, and CTA short term, which has lost 1.02%.The most lucrative strategies have been long/short equity long bias (+4.76%) and special situations (+4.54%).
15/02/2012

Schroders launches a fund dedicated to small caps

The British asset management firm Schroders has launched a fund dedicated to small caps in emerging markets of Asia ex Japan.The Schroder Small Cap Discovery Fund will invest in 70 to 100 businesses with the objective of generating returns above the index at a lower volatility level than the index.The fund will be managed by Matthew Dobbs, currently head of international and global small caps.
15/02/2012

Henderson shuts down 12 funds

Henderson will close 12 funds as part of a restructuring of its product range for British retail clients. The products will be merged into other funds. At the same time, two funds will change their investment strategy. Among the funds to be merged, the Henderson European Value Fund will be absorbed into the Henderson European Growth Fund, managed by Richard Pease and Wimon Rowe. The Henderson US Opportunities Fund will be integrated into the Henderson US Growth Fund, managed by Tom Asico, Coralie Witter and Doug Rao. The Henderson European Smaller Commpanies fund will be merged into the Henderson European Focus Fund, managed by John Bennett. In terms of strategy changes, the Henderson Diversified Absolute Return Fund will become the Henderson Multi-Manager Diversified Fund, and the Henderson Higher Income Fund will be converted into the Henderson Global Equity Income Fund. The two-stage process, which follows the acquisitions of New Star and Gartmore, will begin in May 2012. It will eliminate redundancies and concentrate on a smaller number of strategies.
15/02/2012

Paulson calls anew for a breakup of Hartford

On Tuesday, in a notice to the SEC (13D filing), John Paulson refuted arguments by management at Hartford Financial Services Group, which is refusing to break up into two entities, and seeking to retain life insurance activities, on the one hand, and property and casualty insurance activities on the other, within a single business, the Wall Street Journal reports. The disagreement has swomewhat poisoned relations between the head of Paulson & Co (USD24bn in assets) and the company. Last week, the hedge fund manager asked the heads of Hartford to “do something drastic” to boost the firm’s share price.
15/02/2012

Métropole Gestion and University of Auvergne extend partnership

The asset management firm Métropole Gestion, which offers an SRI fund, Métropole Value SRI, in partnership with the University of Auvergne, has announced that it is extending the agreement in question, and has announced that two new developments will soon be unveiled in this area.The two actors have developed a ratings system which provides Métropole Gestion with internal extra-financial criteria, which managers apply before financial criteria. Ultimately, the portfolio has both best-in-class and best in effort management.Isabel Levy, CIO, says that the SRI fund has held up well in periods of crisis, as in 2011. Métropole Value SRI, which has assets of about EUR15m, had losses last year of 20.47%, compared with 22.45% for its non-SRI alter ego, Métropole Euro. Also as of 31 January 2012, in the past month, as for the past three and six-month periods, the SRI-labelled fund shows better results.
15/02/2012

Fund selectors like BlackRock, Carmignac and JPMorgan

In 2011, for the first time, brand has become a decisive element for fund selectors in Europe, who represent EUR2trn in assets. The Berlin-based publication Fund Buyer Focus (FBF) has published its pan-European Fund Brand 30 rankings (see attached document), which surveys the preferences of these intermediaries. BlackRock and Carmignac Gestion have both gained one place in the rankings compared with last year, taking first and second place, dethroning JPMorgan.FBF estimates that the size of BlackRock was the determining element, while Carmignac benefited from a rise in business from intermediaries and demand from final investors. BNP Paribas and Amundi lost 18 and 16 ranks respectively.More generally, the authors of the study estimate that in the next few years, cost efficiency will be an increasingly important factor. Fund selectors are also attaching growing important to knowledge of local markets and to ability to respond to developments in these marktets, which would work to the advantage of asset management boutiques.
15/02/2012

DWS chooses a head of sales for Chile and Peru

Jesús Martín del Burgo, director of the products department for the Iberian peninsula and Latin America, has been promoted to the position of head of sales for Chile and Peru at DWS Investments, Funds People reports.Del Burgo will be based in Santiago, Chile, and will report to Pedro Dañopbeitia, CEO of DWS Investments for Iberia and Latin America. He joined DWS in 2006 from Previgalia Gestión.
15/02/2012

Deka sells a property in Milan

The German asset management firm Deka Immobilien has announced that it has sold a 16,000 square-metre office property locate din Milan to the Italian institutional real estate fund Inarcassa RE de Fabrica Immobiliare SGR. Deka acquired the property in 2004 for one of its institutional real estate funds.
15/02/2012

Janus launches an Asian fund in Italy

Janus Capital International Limited is launching the Janus Asia Fund, a sub-fund of its Irish Sicav. The fund will be available to institutional and retail investors.
15/02/2012

More than one in two acquisitions falls through in emerging markets

More than 50% of acquisitions planned in emerging markets founder on due diligence issues, according to a PwC study of mergers and acquisitions in emerging markets (“Make your acquisitions succeed in emerging countries.”) For successful acquisitions, the impact in terms of value created or destroyed is far higher than that observed on mature markets. On the basis of our sample, the most unfavourable acquisitions resulted in losses for the investors of an average of half the initially invested capital.In an analysis of over 200 transactions, PwC has identified seven areas of difficulty in the processing of transactoins in high-growth countries: lack of transparency in terms of financial information, difficulty in justifying high levels of valuation, risk associated with con-compliant commercial practices, post-acquisition integration difficulties, the emergence of conflicts between partners, and the intervention of public bodies.To confront these difficulties, PwC proposes several measures to manage risks and increase the odds of success in emerging countries. Among the measures PwC quotes are identifying a strategic rationale, upstream transactions, on-site visits and the establishment of best practices in terms of conduct in transactions, which should be adapted to the specificities of local markets, in order to confront high market risks.
15/02/2012

iShares creates a position of head of EMEA capital markets

Leland Clemons, head of US capital markets at iShares, has been appointed with immediate effect as head of EMEA iShares Capital Markets, a newly-created position. He will report to Joe Linhares, head of iShares, EMEA. Clemons joined BlackRock in 2005.In his new role, Clemons will be director of a team in charge of assisting intermediary clients, private banks and wealth managers to make ETP transactions more efficiently.

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