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05/04/2011

UFG-LFP institutionalises its investments in finance startups

UFG-LFP on Monday, 4 April announced that it has created “New Expertise and Talent” (NEXT), a firm which will aim to invest in young start-ups in the financial management sector, bringing together institutional investors and individuals with start-up projects.The capital in the firm NEXT is 40% controlled by UFG-LFP, while the remaining 60% are controlled by “NEXT Invest,” a contractual FCP fund in which institutional investors have investments, a statement says. The creation of the fund serves two purposes, the statement continues: “to assist in the creation of firms through the acquisition of stakes in their capital via the NEXT holding company, and to allow for the provision of funds which are indispensable for the launch of new investment vehicles created by the new management firms.” The idea is to limit the circle involved in the fund to a small number of institutional investors (6 at most). A first round of fundraising has already been undertaken among a few partners, which will allow for the launch of the Next Invest fund with initial assets of EUR100m.The selection of businesses will then be validated by the Investment Committee, in which all institutional partners will participate.Some projects have already been identified and pre-selected by the specialist team at UFG-LFP, and will soon be presented to the Investment Committee for a decision.
05/04/2011

Former BP chief may start a fund

The Financial Times reports that the former BP chief executive Tony Hayward is preparing a fund dedicated to the energy sector. He is reported to have discussed the idea with Nat Rothschild. The negotiations remain at a preliminary stage, and the creation of the fund is only one option among several, the FT reports, citing people familiar with the matter.According to The Wall Street Journal, Goldman Sachs Group’s head of U.K. investment banking is leaving and is expected to join a new investment firm that former BP chief executive Tony Hayward is starting.
05/04/2011

Santander builds a global multi-management team

Santander Asset Management is building a global multi-management team, with Tom Caddick as head of fund management, and José María Martínez-Sanjuán as head of fund selection, Fundweb reports. The two have recently joined the business, and have made changes to some of the 14 multi-management funds at the firm, which represent over GBP4.3bn in assets under management.
05/04/2011

iShares recruits a head of sales for Iberia

Aitor Jáuregui, who for the past 7 years has been head of sales at MTS, has been recruited as vice president for sales for iShares (BlackRock) in Spain and Portugal. In his new role, he will report directly to Iván Pascual, head of sales for the Iberian peninsula, who was himself recruited in July 2010, and was previously head of sales for external networks at BBVA.
05/04/2011

Robeco aims for 30% operating margin by 2014

Following a slight loss of EUR9m in 2009, the Robeco group earned “profits in the hundreds of millions of Euros” last year, close to their previous usual levels, the firm’s CEO, Roderick Munsters, announced on 4 April in Paris.Meanwhile, assets, which totalled EUR134.9bn as of the end of 2009, totalled EUR150bn as of the end of December, and “about EUR155bn as of the end of March 2011,” the head has told Newsmanagers.Last year, Robeco saw net outflows form very low-margin products, which were not offset by net subscriptions to funds with higher margins, while 2009 saw record net subscriptions of EUR7.5bn.Operating margin now stands slightly below the 20% mark, and the firm’s objective is to reach 30% by 2014. 2010 results will be published on 27 April.In order to achieve a recovery of the bottom line, Roderick Munsters and his team have cut costs, with the closure of offices in Austria and Italy, Scandinavia and Singapore, a rationalisation of IT systems, a merger of SAM and Robeco Switzerland, and of the retail and institutional divisions in Rotterdam.Revenues also increased, as Robeco has managed “to convince about 10 very large clients that they could bear an increase in management commissions, because the performance and service are better than for competing products,” the CEO says.
05/04/2011

Henderson completes acquisition of Gartmore

Henderson Group announced on Monday that it has completed the acquisition of Gartmore. The asset manager also gave an update on Gartmore fund flows. «As announced on 12 January 2011, Gartmore AUM as at 31 December 2010 was GBP16.5bn (including notified redemptions). Since 31 December 2010, and up to and including 30 March 2011, Gartmore has experienced GBP1.2bn of net outflows (including notified redemptions as at that date). In addition, given overall market volatility, market levels have had a negative impact on AUM».
05/04/2011

RBC Dexia Investor appoints a new managing director for UK

RBC Dexia Investor Services has appointed Simon Shapland as managing director for the UK. He replaces Simon Olenka who becomes head of the Enterprise Custody Program.Simon Shapland will chair the UK Management Committee and have overall responsibility locally for both the business strategy and for employee relations. He will also be in charge of client satisfaction and of developing local regulatory relationships. He will report to Tony Johnson, global head, sales & distribution. Simon Shapland joined RBC Dexia upon its creation in 2006 as regional head of sales and relationship management for the UK, Ireland and the Middle East. He has held the role of head of sales & distribution for Continental Europe, based in Luxembourg, since 2008.
05/04/2011

Threadneedle hires a manager for Latin American equities

Threadneedle has announced the appointment of Daniel Isidori to the position of Fund Manager, Latin America. He will join the Asia (ex Japan) and Global Emerging Markets Equities team of eight headed by Vanessa Donegan and will be the lead manager for Threadneedle’s investments in Latin America.Daniel Isidori, who is Argentinean, joins Threadneedle from Baring Asset Management, where he co-managed a USD1bn Latin America active equity fund. Prior to joining Barings in 2008, he worked at HSBC Asset Management where he managed a USD200m Brazil active equity fund and an Argentinean active equity fund. Mr Isidori will take over as lead manager of the GBP1.2bn Threadneedle Latin America Fund, which was launched in November 1997.
05/04/2011

Morgan Stanley opens a wealth management office in Madras

Morgan Stanley has announced the opening of a Private Wealth Management division in Madras. It is the firm’s second office dedicated to wealth management in south India. The entity, which will provide advising services to high net worth private clients, will be led by Vinay Ahuja.
05/04/2011

Fidelity Investments recruits for its London bond team

Fidelity Investments has announced that it has added to its London offices dedicated to fixed income. The management firm has recruited a first bond manager, in the person of James M. Stuttard. Stuttard, who is currently at Schroder Investment Management, where he was head of European and U.K. Fixed Income, will be joining Fidelity in June 2011. Fidelity has also recruited Neil J. beddall, Shaunn A. Griffiths and Lisa MacLachlan, as analysts for the same team.
05/04/2011

Head of JP Morgan AM in Asia resigns

Asian Investor reports that the CEO of JP Morgan Asset Management for the Asia-Pacific region, David Hsu, has announced his decision to leave the company. From 4 April, he has been replaced by the president and COO for international activities at JP Morgan Asset Management, Clive Brown, who has transferred from London to Hong Kong.
05/04/2011

SWIP recruits a head of international equities from BlackRock

Scottish Widows Investment Partnership (SWIP ) has recruited William Low, ex-BlackRock, as head of international equities, FundWeb reports. Low worked at BlackRock for 15 years, most recently as head and portfolio manager for the Europe, Australasia and Far East team. Low will report to Andrew November, head for equities, and will work in close collaboration with the senior international equities team, led by Mick McNaught-Davis. Mark Phillips has also arrived as a member of the international equities team. He previously worked in the global strategy team.
05/04/2011

Microfinance: moderate but steady growth expected for 2011

Despite disturbances in the sector in the past few months due to the turbulence on the Indian market, microfinace is expected to post moderate but continued growth this year, Klaus Tischhauser, CEO of ResponsAbility Social Investments AG, the world’s top player in microfinance, estimated on 4 April on a visit to Paris. The financial crisis has had a clear impact on the sector, particularly in Bosnia and Nicaragua, as has the recent turbulence on the Indian market. The growth of microfinance on the Indian market has been a success story, Tischhauser says, but concerns remain for this market. “Proposed regulatory changes may destroy the market,” he says. However, financiers and microfinance institutions have agreed to undertake normous effort to improve their governance and risk management, and to diversify their product range. Against this background, the quality of the portfolios of microfinance institutes is improving, and tending towards a gradual normalisation, Tischhauser claims.
05/04/2011

Préfon-Retraite tops EUR10bn in assets under management

The Préfon association announced on 4 April that its new partnership increased by 72% between 2009 and 2010, representing over 10,000 new partnerships. The Préfon-Retraite regime has also passed the psychologically important EUR10bn mark in total assets under management. The regime “thus assumes a place as a leader in complementary retirement and optional public services,” Préfon says in a statement.
05/04/2011

Market share for foreign management firms more than doubled in two years

According to the most recent quarterly bulletin from the CNMV, assets under management by foreign management firms in Spain between the end of 2008 and the end of 2010 increased from EUR18.25bn to more than EUR35.46bn, an increase of 94%, while these funds as a proportion of investment funds overall AUM increased from 9.1% in December 2008 to 20% two years later, Cinco Días reports.The regulator says this is due on the one hand to more attractive product offerings from foreign firms, particularly in the area of equities funds, and on the other to concerns related to Spanish government debt in 2010.The number of foreign funds on sale in Spain increased in 2010 to 660, from 582 in 2009, while Spanish funds and Sicavs declined to 5,627 from 5,892. Among the 660 foreign products available on the market, 43.9% were Luxembourg products, while 34% were French-registered.
05/04/2011

Positive momentum for dedicated funds

Net inflows to German funds in February totalled EUR4.8bn, according to statisitics released on 4 April by the German asset management association (BVI). These results are largely due to dedicated funds, which attracted EUR6.2bn, while open-ended funds finished the month with net outflows of EUR1.5bn. Diversified funds took in EUR479.9m in February, while open-ended real estate funds attracted EUR149.5m. In the bond fund category, February saw net outflows of EUR1.78bn, of which EUR1.17bn were from short-term bonds denominated in Euros. Assets under management as of the end of February totalled EUR1.81trn, of which EUR709bn were in open-ended funds, and EUR829bn in dedicated funds. In one year, assets were up by EUR95bn, due to net inflows and market effects.
05/04/2011

SEB AM sells two properties from ImmoInvest fund

The German management firm SEB Asset Management on 4 April announced that it has recently sold two properties at an “attractive” price, which has allowed it to improve the risk/reward profile for its open-ended real estate fund SEB ImmoInvest (EUR6.38bn), from which redemptions have been frozen since 5 May 2010. The management firm has sold a shopping centre in downtown Salzgitter for EUR34m to Aviva Investors, and a complex with retail (14,500 square metres) and office space (8,500 square metres) in Esslingen for EUR69m, to Rockspring Property Manager LLP. The German financial surveillance authority (BaFin) at the end of March signed a lease for the former offices of PriceWaterhouseCoopers in the Undine building in Frankfurt. The property is in the portfolio of the SEB ImmoInvest fund.
05/04/2011

Record inflows for developed markets funds in first quarter

Inflows for emerging markets funds recovered at the end of first quarter 2011, but developed markets funds stole the show for the quarter as a whole. According to the most recent statistics from EPFR Global, funds dedicated to emerging markets equities posted a net inflows of USD2.6bn in the week to 30 March, but for the quarter as a whole, they show a net outflow of nearly USD24.5bn.Funds dedicated to equities from developed markets, however, had their best start to the year since first quarter 2006, with net inflows of nearly USD57bn for the first three months of 2011, compared with only USD1.8bn in first quarter 2010. US equities accounted for the lion’s share, with inflows of USD31.88bn.For the quarter as a whole, bond funds saw inflows of USD25.55bn, compared with USD140.8bn in first quarter 2010. Euorpean bond funds saw outflows of USD8.67bn, but high yield funds ultimately took in USD15.54bn over the quarter. According to EPFR Global, European bond funds and US municipal bond funds may see record outfllows this year.Sectoral funds saw a net inflows of USD25.8bn in first quarter 2011, more than half of the total observed last year. Commodities funds attracted USD9.6bn in first quarter, and energy funds USD10.9bn.
05/04/2011

NorVega launches an Italian fund investing in Scandinavian countries

NorVega SGR, an asset management firm created in partnership by the Scandianvian firm Nordea and the Italian Vegagest, has launched NorVega Area Nordica, a flexible Italian-registered fund which aimed to profit from the dynamism of the Scandinavian countries. The fund may invest in equities, bonds and money market instruments, Bluerating reports.
05/04/2011

1.1% increase in assets in Luxembourg funds in February

As of 28 February 2011, the total net assets in collective investment organisms and specialist investment funds totalled EUR2.208198trn, compared with EUR2.184027trn as of 31 January 2011, an increase of 1.11% in one month, according to statistics from the Luxembourg financial sector supervisory commission (CSSF). Over the past twelve months, net asset volumes have increased 16.35%.The Luxembourg OPC industry has seen a positive variation in the month of January totalling EUR24.171bn. This increase is the result of a positive impact from financial markets of EUR8.548bn (+0.39%), and positive net issues totalling EUR15.623bn (+0.72%).
05/04/2011

Apax Partners va fusionner Epicor et Activant

Le fonds de private equity va racheter Epicor et Activant afin de les rapprocher. La facture globale s’élève à environ 2 milliards de dollars. L’opération vise à donner naissance à l’un des premiers fournisseurs de solutions applicatives pour les secteurs de la production, de la distribution, des services et de la vente.
05/04/2011

UFG-LFP structure son activité d’incubation

UFG-LFP a annoncé lundi le lancement de Next (Nouvelles expertises et talents), une société qui investira dans des jeunes pousses de la gestion d’actifs en associant des institutionnels. Cette société sera détenue à 40% par la filiale du Crédit Mutuel Nord Europe et à 60% par Next Invest, un FCP qui devrait compter jusqu’à six institutionnels à son tour de table. Ce véhicule a levé 100 millions d’euros et pourrait porter cette somme à 160 millions. Cela lui permettra, d’une part, d’entrer au capital des sociétés soutenues (10% à 30%) à travers le holding Next, et d’investir d’autre part dans les fonds créés par ces jeunes pousses. Le groupe structure ainsi son activité historique en matière d’incubation, héritée aussi bien de l’UFG que de la Française des Placements. Il porte ainsi 13 participations dans des sociétés comme Acropole AM ou Mandarine Gestion, et dont les actifs gérés s’élèvent à 6 milliards d’euros. Un portefeuille qui restera en dehors du périmètre de Next.
05/04/2011

Confirmation du rachat de Kiloutou

Sagard Private Equity a signé hier un accord avec PAI Partners qui lui cède le contrôle de l’entreprise spécialisée dans la location de matériels pour les travaux. La cession définitive, réalisée sur la base d’une valeur d’entreprise de 535 millions d’euros, est subordonnée à l’accord des autorités de la concurrence.
05/04/2011

Robeco veut doubler ses encours d’ici à 2014

La société de gestion néerlandaise, qui gérait 150 milliards d’euros d’actifs à fin 2010, vise entre 225 et 250 milliards d’euros à horizon 2014. Robeco, qui entend accroître la part de ses clients institutionnels, prévoit une marge opérationnelle de 30%, contre 20% actuellement.

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