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16/12/2010

Zeno Staub to become CEO of Vontobel on 4 May

p { margin-bottom: 0.08in; } On 15 December, the board of directors of the Vontobel group appointed Zeno Staub as CEO from 4 May 2011, replacing Herbert J. Scheidt, who was already named as the future chairman of the board of directors in late August (see Newsmanagers of 1 September).Staub is currently head of the asset management business unit, a position he has held since 2008, and which he will retain until he takes up his new role. He has been a board member at the group since 2003, and joined Vontobel in 2001, before being appointed CFO in 2003.
16/12/2010

“Siggi” Thorkelsson becomes head of EMEA equities at Barclays Cap

p { margin-bottom: 0.08in; } Sigurbjorn “Siggi” Thorkelsson, who has already been head of Asia-Pacific equities since April, has been appointed head of equities, EMEA at Barclays Capital, which announced the promotion on 15 December. Thorkelsson will be in charge of the development of the equities platform for the investment bank. He will move to London in 2011, and will continue to report to Jerry Domini, global head of equities.Before joining Barclays Cap, Thorkelsson was head of equities, Asia Pacific, at Nomura. He previously served 13 years as head of equities, Asia Pacific at Lehman Brothers.
16/12/2010

A majority of hedge fund managers still oppose AIFM directive

A Preqin survey of more than 100 alternative management firms and investors finds that slightly over one third of respondents support the final version of the AIFM directive. This is a “significant minority,” says Preqin, which also reports that 89% of respondents say the directive should be amended to take into account the differences between various asset classes.Nearly one respondent in two (45%) says it is probable or highly probable that management firms will leave Europe as a result of the directive, while 26% say that their firm is likely to make that move.28% of respondents say that the introduction of the European passport will have the largest impact on the sector.
16/12/2010

Madoff scandal, a factor in valuation of Pioneer

p { margin-bottom: 0.08in; } Irving Picard, the court-appointed trustee in charge of liquidating the management firm operated by the US frauster Bernard Madoff, is seeking USD19.6bn from the UniCredit family of companies, Agefi reports. Candidates to acquire the asset management unit of the Italian bank are now seeking to evaluate the litigation to determine whether it will create liabilities for Pioneer. “This is one more factor to be taken into account in the due diligence,” says one of them. So far, with EUR185bn in assets under management as of the end of September and EUR247m in pre-tax profits for the first nine months of the year, Pioneer is estimated to be worth about EUR3bn. This price may be adjusted depending on the manner of payment of the acquisition price. Meanwhile, discussions are also taking in sensitive subjects, including distribution commissions paid to networks by the asset management firm. These now come to about 50% at Pioneer, compared with 65% to 70% for the industry as a whole in Italy. If Pioneer had to raise its commissions to this level tomorrow, its profits would decline, and therefore also its value, the newspaper reports.
16/12/2010

Legg Mason products to be distributed by Südtirol Bank

p { margin-bottom: 0.08in; } Legg Mason has signed an agreement with Südtirol Bank, by which the financial distribution firm for the Italian region of Bolzano-Bozen will distribute its funds. Among the products which will be offered to clients of the Italian establishment are the Legg Mason Western Asset Global Multi Strategy Fund and the Legg Mason Western Asset Asian Opportunities Fund, both of which are managed by the Legg Mason affiliate Western Asset Management, a press release states. The range will also include the Legg Mason Permal Global Absolute Fund, which is managed by the fund of hedge fund firm Permal.
16/12/2010

Varengold launches its first UCITS-compliant hedge fund

p { margin-bottom: 0.08in; } The Hamburg-based independent management firm Varengold Wertpapierhandelsbank on 15 December annoiunced the launch of a managed futures hedge fund which complies with the UCITS III directive, with daily liquidity. It is the first “newcits” fund from Varengold, and replicates an “innovative” managed futures index developed in-house, the Varengold Alternative Alpha Index. The concept is based on highly stable performance and zero correlation with equities and bond markets.The new Varengold Alternative Alpha is available immediately in the form of institutional shares, while retail shares will be released in early 2011. The objective is to earn returns 10 percentage points higher than the Euribor 3-month.In order to be included in the index, managers must be present on managed accounts platforms with daily liquidity, have a real track record of at least two years, and assets equal to or higher than USD100m. In addition, they have to have achieved top results in the risk management ratings system developed by Varengold.Currently, the index includes seven asset management firms, of which 45% are in short-term trading, 30% in event-driven, and 25% in global macro.CharacteristicsName: Varengold Alternative AlphaISIN code: DE000A1C5D54 (institutional share class)Management commission: currently 1.34%Performance fee: 10% with high watermark and hurdle rate (Euribor 3-month)
16/12/2010

Aberdeen acquires a shopping centre in Pforzheim

p { margin-bottom: 0.08in; } Aberdeen Asset Managers announced on 15 December, without disclosing the purchase price, that it has acquired a real estate complex which was fully renovated this year, located in the commercial district of Pforzheim, with 4,200 square metres of retail space and 700 square metres of office space, for its Aberdeen European Balanced Property Fund. The vendors are Centrum and the B&L group.The fund has already attracted EUR302m from institutional investors. Its commercial and office real estate portfolio as well as its logistical centres represent EUR380m, in Germany, Belgium, Finland, France, and the Netherlands.
16/12/2010

KanAm distributes USD250m to shareholders in US-grundinvest

p { margin-bottom: 0.08in; } As announced previously (see Newsmanagers of 1 October), the Munich-based RE fund management firm KanAM has paid out a first round of USD250m to shareholders in the real estate fund KanAm US grundinvest, which was the first German fund of its kind to be liquidated (over two and a half years, to conclude on 31 March 2012).Following the distribution to shareholders, the net asset value of the fund is reduced by half, to USD22.48.So far, the management team has succeeded, despite the difficult situation prevailing on the US real estate market, in selling 11 of the 17 properties in the portfolio in only eight months. The property sales have so far been made at a markdown of only 2% compared with the most recent expert valuations.The next payment is scheduled for June 2011. By that time, six other properties will be sold, with the exact amount of the distribution to be determined by the tax status accorded to the operations by the US and Canadian tax authorities.Since the launch of the fund on 20 May 2003 until 15 December this year, performance totals 20.1%, equivalent to 3% per year for an average investment duration of 5 years. KanAm states that 97% of assets have been in the fund for over two years; the fund has been closed to subscriptions for one year.
16/12/2010

Quantitative management professionals join forces

p { margin-bottom: 0.08in; } Several quantitative management professionals have teamed up to create QuantValley, an association under the 1901 Law led by Arnaud Chrétien (founder of Aequam Capital), whose founding members are the managemetn firms Aequam Capital, CFM, Cogitam, Finaltis, John Locke Investments, Numbers AM, Rivoli Fund and Seven Capital. The association aims to promote the expertise of the Paris financial industry in quantitative finance worldwide. “QuantValley aims to create sustainable ties between the academic and professional spheres, and to set up collaborations to foster financial innovation,” a statement says. The project is supported by the Institut Louis Bachelier and the “Finance Innovation” global competitiveness unit of Paris Europlace.
16/12/2010

Equities regain popularity with US managers

p { margin-bottom: 0.08in; } The most recent quarterly survey by Russell Investments has confirmed that investors’ interest in equities has begin rising once again, as 88% of managers responding to the survey saying they plan to increase their exposure to equities markets in the twelve months to the end of 2011, and 40% predicting that markets may gain 10% or more in 2011. Fears of a double-dip recession appear to have dissipated, as managers’ optimism is also based on solid fundamentals at businesses, as well as new growth opportunities, among others for major multinational companies. The durvey also finds that 52% of managers estimate that markets are correctly valued, whereas in September this year, 57% estimated that they were undervalued. Only 38% are of this opinion now. IT remains the favourite sector for managers, with 80% unreservedly optimistic about the sector, compared with 69% in September. Energy is also gaining popularity, with the percentage of managers favourable to the sector up from 51% to 68%. The real estate sector, an asset class which is generally overlooked in these quarterly studies, has also achieved an unprecedented result, with 31% of managers saying they are optimistic about the sector, 10% up on September. However, US Treasuries no longer seem to be attracting the managers, with a vote of only 5%, the lowest since June 2004.
16/12/2010

Michel Audeban leaves Fidelity France

p { margin-bottom: 0.08in; } Michel Audeban, director of commercial distribution at Fidelity France, will be leaving the firm at the beginning of January 2011. He is planning to carry out a project which will require several months of preparation. According to information obtained by Newsmanagers, Fidelity France is currently seeking a replacement for Audeban.
16/12/2010

BNY Mellon AM adds to Asian staff

p { margin-bottom: 0.08in; } BNY Mellon Asset Management has appointed Thom Fisher as country head for Japan, Asian Investor reports. BNY Mellon is also seeking a successor to David Jiang, former CEO for the group’s activities in the Asia-Pacific region, based in Tokyo.
16/12/2010

Axa IM has found a director for Iberia at last

p { margin-bottom: 0.08in; } More than two and a half months after the departure of Iñigo Bilbao-Goyoaga, who created the affiliate and directed it for eight years, Axa Investment Managers has announced the appointment of Beatriz Barros de Lis as director for Spain and Portugal. The Iberia team (5 members) also provides operational support for the group’s activities in Latin America. Barros de Lis was previously head of AllianceBernstein for Spain and Portugal.
16/12/2010

Strong growth in 2010 for BBVA Banca Privada

p { margin-bottom: 0.08in; } In an interview with Cinco Días, Alfonso Gómez Garcimartín, CEO, says that BBVA Banca Privada is expecting to have recruited a net total of 6,000 new clients this year. Assets under management will have increased by 5%, Banca Privada is dedicated to clients with over EUR300,000 in financial savings, while BBVA Patrimonios is aimed at investors with savings of over EUR2m; on average, accounts measure EUR500,000 and EUR5.7m, respectively. Garcimartín says that BBVA Banca Privada relies on open architecture, and offers 50% third-party products. He also says that at present there is no observed trend of Spanish investors’ assets expatriating to Luxembourg. Client demand is currently focused on fund portfolios and custom structured products.
16/12/2010

Stoxx launches new optimised indices

Stoxx Limited has launched of the Stoxx Optimised Country Indices for select emerging markets, as well as that of the Stoxx Optimised Asia Select Index. The country indices are available for Brazil, Chile, China, Colombia, Egypt, India, Indonesia, Israel, Malaysia, Mexico, the Philippines, Poland, Russia, South Africa, South Korea, Taiwan, Thailand, Turkey and Vietnam. The Stoxx Optimised Asia Select Index covers all companies which are based in Hong Kong, Singapore, South Korea and Taiwan, and are listed on a North American stock exchange.All new indices are part of the Stoxx Optimised Index family. The most defining features of this family is that it does not only take into account the average daily trading value (ADTV) for stock selection but also for the derivation of the index constituents’ weights.
16/12/2010

Gervais Williams joins MAM Funds

p { margin-bottom: 0.08in; } Gervais Williams, former head of UK small caps at Gartmore, is joining MAM Funds, a management firm listed on the AIM in London. He will be appointed managing director, pending the approval of shareholders. At the same time, Ian Dighé will be appointed executive chairman, and Graham Hooper director of distribution. Meanwhile, MAM Funds has also announced plans to raise a further GBP20m.
16/12/2010

Schroders closes its Asia fund to retail investors

p { margin-bottom: 0.08in; } Citywire reports that Schroders has decided to close its Asia fund, Schroder ISF Asian Total Return, based in Luxembourg, to retail investors. Assets under management in the fund, launched in late 2007, now exceed USD1bn. The fund shows returns of 47.2% from its launch to the end of November, compared with losses of 8.2% for the MSCI AC Asia Pacific ex Japan index. The decision to close the fund aims to protect the performance of the fund, as inflows were highly dynamic in 2010. Schroders says that the strategy cannot claim to manage over USD1bn in assets without risk. Schroders states, however, that institutional investors will be able to continue to invest in C and I class shares for the near future.
16/12/2010

BlueCrest recruits Jaime Valdivia

BlueCrest Capital Management has appointed Jaime Valdivia as head of global emerging markets research and strategy. He joins from the Emerging Sovereign Group where he was a partner, portfolio manager and director of global macro research specialising in global sovereign credit and rates strategy.
16/12/2010

Two departures from FundQuest

p { margin-bottom: 0.08in; } According to reports in Citywire, Richard Timberlake and Paul Kim have resigned from FundQuest. They may join LV = Asset Management.
16/12/2010

Legal & General IM appoints a head for Middle East

p { margin-bottom: 0.08in; } Legal & General Investment Management (LGIM) has appointed Andy Clark as head of the distribution team for the Middle East. Clark, who will be based in London, previously worked at Northern Trust Global Investments.
16/12/2010

Un plan alternatif pour les créanciers de Lehman

Un groupe de porteurs de dette obligataire de Lehman Brothers Holdings dont Paulson & Co et Calpers, a soumis hier un plan alternatif de remboursement des créanciers par rapport à celui établi par la banque en mars dernier, annonce l’Agefi. Ces investisseurs jugent que le plan initial favorise les grandes banques pour la distribution des 58 milliards de dollars attendus, ajoute le quotidien.
16/12/2010
Fonds

Un dirigeant de Goldman va lancer son hedge fund

Morgan Sze, le responsable mondial du plus gros desk de transactions pour compte propre de Goldman Sachs, GS Principal Strategies, a commencé à lever de l’argent pour un hedge fund qui portera le nom d’Azentus Capital et sera basé à Hong Kong, rapporte le Financial Times. Il devrait être lancé avec 1 à 1,5 milliard de dollars, selon des personnes proches du dossier. Morgan Sze n’a pas encore quitté son poste chez Goldman.
Fonds
16/12/2010

"Siggi" Thorkelsson promu head of EMEA equities chez Barclays Cap

Déjà head of equities, Asia-Pacific, depuis avril, Sigurbjorn (Siggi) Thorkelsson a été nommé head of equities, EMEA chez Barclays Capital, qui annonce cette promotion le 15 décembre. L’intéressé sera chargé du développement de la plate-forme actions de la banque d’investissement. Siggi Thorkelsson rejoindra Londres courant 2011. Il reste subordonné à Jerry Domini, global head of equities.Avant de rejoindre Barclays Cap, Siggi Thorkelsson était head of equities Asia Pacific, chez Nomura. Il avait précédemment passé 13 ans comme head of equities, Asia Pacific, chez Lehman Brothers.
16/12/2010

Zeno Staub deviendra début mai CEO de Vontobel

Le 15 décembre, le conseil d’administration du groupe Vontobel a nommé Zeno Staub comme CEO à compter du 4 mai 2011 en remplacement d’Herbert J. Scheidt, qui est déjà désigné comme futur président du conseil d’administration depuis fin août (lire notre article du 1er septembre).Zeno Staub est actuellement responsable de l’unité d’affaires gestion d’actifs (depuis 2008), poste auquel il demeurera jusqu'à ce qu’il prenne ses nouvelles fonctions. Membre depuis 2003 du directoire du groupe, il avait rejoint Vontobel en 2001 et avait été nommé directeur financier en 2003.
16/12/2010

SAM se targue de bons résultats à l'examen des UN-PRI

Le gestionnaire helvétique SAM (groupe Robeco) a indiqué le 15 décembre que ses efforts de mise en conformité avec les Principes de l’investissement responsable des Nations-Unies (UN-PRI) ont été honorés par l’organisme chargé de l'évaluation des signataires dans sa dernière notation individuelle pour 2010. Sa note s’est améliorée sur pratiquement tous les chapitres.En particulier, SAM est passé du deuxième au premier quartile pour le Deuxième Principe (exercice actif du droit de propriété et engagement) et le gestionnaire s’est maintenu dans le premier quartile pour l’intégration des critères environnementaux, sociaux et de gouvernance (ou ESG) dans le processus de recherche et de décision en matière d’investissement.La fiche individuelle UN-PRI de SAM est disponible à l’adresse :http://www.unpri.org/report10/2010_PDFs/PRI%202010%20-%20Full%20Responses%20for%20publication%20-%20SAM%20Sustainable%20Asset%20Management%20AG%20(0017000000N7czw).pdf
16/12/2010

Gervais Williams rejoint MAM Funds

Gervais Williams, l’ancien responsable des petites capitalisations britanniques de Gartmore, rejoint MAM Funds, une société de gestion cotée sur l’AIM à Londres. Il doit être nommé managing director, sous réserve de l’approbation des actionnaires. Dans le même temps, Ian Dighé est nommé président exécutif et Graham Hooper, directeur de la distribution.Parallèlement, MAM Fund a aussi annoncé son intention de lever 20 millions de livres supplémentaires.
16/12/2010

Deux départs chez FundQuest

Selon les informations de Citywire, Richard Timberlake et Paul Kim auraient démissionné de FundQuest. Ils pourraient rejoindre LV = Asset Management.

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