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16/12/2010

Qualium Investissement revend Exxelia / Eurofarad

La filiale de la Caisse des dépôts a annoncé mercredi la cession d’Exxelia / Eurofarad, leader européen des composants passifs spécifiques, à LBO France. Le groupe devrait enregistrer en 2010 un chiffre d’affaires d’environ 73 millions d’euros. Qualium Investissement avait acquis en mars 2004 la majorité du capital aux côtés des fondateurs et des dirigeants.
16/12/2010

Le patrimoine de l’Etat évalué à 67 milliards d’euros

Selon le président du conseil immobilier de l’Etat, le député UMP Yves Deniaud, le patrimoine de l’Etat est évalué à 67 milliards d’euros en 2010, contre 30 milliards d’euros en 2005. Le patrimoine de l’Etat est placé sous la gestion des 1.800 salariés de France Domaine.
16/12/2010

Le compromis fiscal adopté aux Etats-Unis

Le Sénat américain a voté mercredi largement en faveur du compromis fiscal conclu entre le gouvernement de Barack Obama et l’opposition républicaine, qui prolonge les allègements d’impôts hérités de la présidence de George W. Bush. Les sénateurs ont voté en faveur du texte par 81 voix contre 19. Ce «paquet fiscal» doit encore être adopté par la Chambre des représentants.
15/12/2010

L’AMF annonce la radiation de la société Européenne de Gestion Privée

Par une décision entrée en vigueur le 15 décembre 2010, le Collège de l’Autorité de Contrôle Prudentiel a constaté que les difficultés financières de l’entreprise d’investissement Européenne de Gestion Privée (EGP) ne lui permettaient pas de restituer les instruments financiers ou les dépôts, indique un communiqué de l’AMF. Il a été demandé au Fonds de garantie des dépôts la mise en oeuvre du mécanisme de garantie des titres qui protège ces dépôts ainsi que les instruments financiers indisponibles. L’intervention du fonds de garantie entraîne la radiation d’EGP.
15/12/2010

Moody's place la note de l'Espagne sous surveillance

L’agence de notation Moody’s a placé mercredi la note souveraine Aa1 de l’Espagne sous surveillance en vue d’un possible abaissement, invoquant des besoins élevés de financement, des doutes sur le secteur bancaire et des inquiétudes sur les finances publiques régionales. Moody’s a toutefois estimé que l’Espagne ne devrait pas avoir à recourir à une aide financière de l’Union européenne et du Fonds monétaire international comme l’ont fait la Grèce ou l’Irlande. Dans la foulée, l’euro est en repli. Vers 11 heures, l’euro perdait 0,65% face au billet vert à 1,3295 dollar pour un euro, après avoir navigué la veille autour de 1,3500 dollar. Le franc suisse a atteint un record historique face à la devise européenne, les investisseurs délaissant l’euro au profit de positions moins risquées. L’euro cédait 0,45%, à 1,2780 franc suisse pour un euro, après avoir touché un plus bas historique à 1,2761 franc.
15/12/2010

Fidelity IM recrute un commercial en Italie

Fidelity Investment Managers vient de recruter Federico Domenichini en tant que commercial (sales manager) pour renforcer l’équipe en charge des réseaux de conseillers et des banques privées, rapporte FondiOnline. Auparavant, il faisait partie de l’équipe commerciale de Schroders.
15/12/2010
Fonds

L'indice BarclayHedge progresse de 0,6 % en novembre

Les 1.850 fonds ayant publié leurs résultats au 14 décembre ont affiché une performance de 0,61 % et enregistrent pour les onze premiers mois de l’année un gain moyen de 7,80 %, selon BarclayHedge.Une seule stratégie est dans le rouge pour janvier-novembre, l’equity short bias, avec une perte de 9,12 %. En revanche, trois catégories ont enregistré des performances supérieures à 10 % : l’arbitrage obligataire (10,38 %), le «distresses securities» (10,62 %) et l’arbitrage de convertibles (10,70 %).
Fonds
15/12/2010

Promotion pour Michael Chae chez Blackstone Asie

Senior managing director dans le groupe de private equity chez The Blackstone Group, Michael Chae a été nommé head of private equity pour l’Asie. Basé à Hong-Kong, ce spécialiste qui est entré chez Blackstone en 1997 sera également responsable de l’activité de marketing auprès des investisseurs en Asie-Pacifique. Il coordonnera aussi les relations du groupe avec les principaux clients de la région.Ben Jenkins restera responsable des transactions de private equity dans la région tandis qu’Antony Leung demeure chairman de Blackstone pour la Grande Chine tout en rejoignant le comité exécutif.
15/12/2010

BarclayHedge index up 0.6% in November

p { margin-bottom: 0.08in; } The 1,850 funds which had published their results as of 14 December show returns of 0.61%, and average gains in the first eleven months of the year of 7.80%, according to BarclayHedge.Only one strategy shows losses for January-November: equity short bias, with losses of 9.12%. However, three categories show returns of over 10%: fixed income arbitrage (10.38%), distressed securities (10.62%), and convertibles arbitrage (10.70%).
15/12/2010

Independent Swiss management firms prioritise recruitment

p { margin-bottom: 0.08in; } In the wake of fears that clients would leave Switzerland and that regulatory costs would make the industry less competitive, independent management firms have now switched into an aggressive mode to adapt to the new regulatory environment, Agefi Switzerland reports. According to a BCV study which surveyed 500 French-speaking Swiss independent managers in Spring this year, nearly two thirds of respondents are determined to grow their activities, particularly by recruiting and diversifying the geographical origin of their clients. These two objectives may be met simultaneously, explains Bernhard Rytz, head of external managers at BCV: “Independent managers want to diversify their risks, and the simplest way to do this is to recruit partners who already have clients, rather than to attempt an assault on new markets without necessarily being able to rely on personal networks.”
15/12/2010

Net subscriptions down in November

p { margin-bottom: 0.08in; } After subscriptions of USD26.8bn in October, investors placed only a net USD2.7bn in long-term mutual funds in November. US equities funds continued to undergo net outflows, while investors’ enthusiasm for bond funds cooled, Morningstar reports. The Pimco Total Return fund saw its first net outflows for two years (of USD1.9bn).The direct beneficiaries of this development were money market funds, which saw net subscriptions of USD24.7bn, their best result since January 2009.Meanwhile, ETFs domiciled in the United States saw net inflows of USD10.3bn in November, bringing total net subscriptions for the first eleven months of the year to USD95.6bn, and assets as of 30 November to USD951.5bn.
15/12/2010

EC launches consultation on UCITS

p { margin-bottom: 0.08in; } On Tuesday, the European Commission, which is preparing regulations to limit excessive risk-taking by investment funds and to guarantee that pay policies apply coherently to the entire finance sector, opened a public consultation to gather the opinions of participants on revisions to community regulations governing the creation and operation of funds, Cinco Días reports. The responses received will be relied on in the composition of a directive for which Brussels is planning to propose a draft in Spring 2011. Suggestions and comments will be accepted until 31 January.
15/12/2010

Sal. Oppenheim expected to become profitable again in 2011

p { margin-bottom: 0.08in; } At the inauguration of its Bielefeld office, a spokesperson for Sal. Oppenheim announced that the bank will report a loss for 2010, but that it will return to profitability in 2011, and will settle into sustainable profitability in 2012, the Börsen-Zeitung reports.
15/12/2010

Lyxor recruits a head from Neuberger Berman

p { margin-bottom: 0.08in; } Nicole Sivel, co-head of Neuberger Berman Alternative Investment Management, and previously co-director of the due diligence team at Lehman Brothers Alternative Investment Management from 2007 to 2009, has been recruited by Lyxor Asset Management (Société Générale) in New York as senior head of the operational due diligence team, in charge of existing or planned hedge fund investments. She will report to Brynn Coursey-Hogean, head of operational due diligence.
15/12/2010

Assets down at Invesco, Franklin Templeton, Legg Mason and AllianceBernstein in November

p { margin-bottom: 0.08in; } Several US management firms have published figures in the past few days about the evolution of their assets under management in November. As of 30 November, assets at Invesco totalled USD611.1bn, compared with USD621.2bn as of the end of October, while assets at Franklin Templeton totalled USD642.3bn, compared with USD644.3bn, and Legg Mason had assets of USD667.7bn, compared with USD676.6bn. Assets under management at AllianceBernstein, for their part, fell to USD485bn from USD499bn.
15/12/2010

KGAL extends its activities to France

p { margin-bottom: 0.08in; } The Bavarian asset and wealth management firm KGAL, which is controlled by Commerzbank (45%), BayernLB (30%), Haspa Finanzholding (15%) and Sal. Oppenheim (10%), on 14 December announced that, following the retirement of Thomas Pick, who for years was the head of international real estate, the division will be redeployed and will extend its activities to the French office real estate market.From 1 January, Guy Friedgen will take over as head for this market, and sales of the first French real estate fund, PropertyClass Frankreich I, will begin in January.KGAL manages EUR22.7bn (including EUR10.7bn of owners’ equity) on behalf of high net worth private clients and family offices.
15/12/2010

Institutional investors increase exposure to hedge funds

Almost two-thirds of institutional investors intend to increase allocations to alternative assets in the next 12 to 24 months, according to a research conducted by Bank of America with Quinnipiac university and the Connecticut Hedge Fund Association and cited by the Financial Times. Fewer than a quarter of the 107 US and international investors polled, representing about USD2,100bn in assets under management, said they would increase portfolio exposures to fixed income or equities.
15/12/2010

Bill Gross bets on US municipal bonds

p { margin-bottom: 0.08in; } The co-chief investment officer at Pimco, Bill Gross, has dedicated USD4.4m of his own money to five municipal bond funds managed by the group in the expectation of a rally on the bond markets, Investment World reports on the basis of information obtained by Bloomberg. SEC figures indicate that Gross, who manages the largest bond fund on the planet, the Pimco Total Return fund, with current assets of about USD250bn, has more than doubled his investments in these closed bond funds.
15/12/2010

UBP recruits a head of sales for UK

p { margin-bottom: 0.08in; } Philippe Broadhead, who in the past eight years has been head of institutional sales for the United Kingdom, as well as head of distribution for hedge funds and head of multi-manager investments at Legal & General Investment Management (LGIM), has been recruited by the Swiss firm Union Bancaire Privée (UBP) as head of sales for te United Kingdom, in the asset management division.
15/12/2010

Greiff releases a wealth fund with Universal

p { margin-bottom: 0.08in; } The Swiss-based asset management firm Greiff capital management has been advisor since December 2009 to the Greiff Elite UI fund, a diversified, defensive product which is the retail version of the Nibur Defensiv, available in Switzerland since 2007. The German-registered version of this product has now been made available in Germany with the assistance of Universal-Investment. The fund invests often in flexible management (equities, bonds, cash) and selects elite managers.In order to be selected for the fund, managers must undergo an exacting quantitative analysis, including an individual interview covering the investment and risk management process, as well as stock-picking, tactical asset allocation and long-term policy. Since December 2009, the fund has generated returns of 6.14% (as of 2 December 2010), with volatility of 3.1%.CharacteristicsName: Greiff Elite UIBenchmark currency: EURISIN code: DE000A0M6DK0Front-end fee: maximum 5%Management commission: currently a maximum of 1.55%
15/12/2010

Deka Immobilien finds a tenant for 40,000 square metres in Frankfurt

p { margin-bottom: 0.08in; } The open-ended real estate fund Deka-ImmobilienEuropa on 14 December announced the largest real estate deal of the year in Frankfurt. It is a long-term lease for more than 40,000 square metres of office space in the “Poseidon” complex to the direct bank ING DiBa. ING DiBa is planning to transfer its 1,500 employees into the space from its headquarters beginning in 2013.Before the arrival of the new tenant, the three buildings of the Poseidon complex will be renovated. Heating and air conditioning will be brought up to LEED standards, and the facade of the building will get a facelift.
15/12/2010

Blacksquare plans to launch a second absolute return fund

p { margin-bottom: 0.08in; } In first quarter 2011, Blacksquare Capital will launch a new diversified absolute return fund, the IFSL Blackquare Diversified Absolute Return fund, as an addition to its range in the area of absolute return, where it already offers the Multi-Manager Absolute Return fund, Fund Strategy reports.The fund will be managed by Richard Sherwin. The objective is to generate returns 8 to 12 percentage points higher than cash, with ex-ante volatility of less than 8%. Minimal subscription is set at GBP1,000.
15/12/2010

Institutionals favour publicly-traded firms which are transparent and communicate well

p { margin-bottom: 0.08in; } Institutional investors grant huge importance to access to publicly-traded firms and to the financial communications they release when they are making investment decisions. This is the finding of the “European Corporate Survey,” undertaken by CA Chevreux, which relied on a sample of nearly 400 institutional investors (of which 76% are long-only investors) in Europe and the United States. A desire on the part of the management of a business to meet an institutional investor is particularly valued, at a time when 49% of investors say that they have modified their portfolio turnover policies since the financial crisis, and 33% say that they have accelerated the turnover rate for assets in their portfolios. The majority of investors surveyed say that an investment decision is four times more likely to be taken following an interview with the CEO or CFO of a publicly-traded firm, compared with an interview with an “investor relations” officer. This trend is particularly marked for British and American investors, 50% of whom estimate that the likelihood of an investment decision following a meeting with the head of “investor relations” is near zero. Nearly nine investors out of 10 estimate that the best formats for meetings with business leaders are roadshows or conferences. Communication of mid-term outlooks by businesses is also highly valued by more than nine investors out of ten. They are particularly interested in information related to earnings, margins, or profits, the CA Chevreux study finds.
15/12/2010

BVK appoints a head of asset management

p { margin-bottom: 0.08in; } IPE.com reports that Adrian Wipf has been appointed head of asset management at the Swiss pension fund BVK, for public employees of the canton of Zurich. He replaces Daniel Gloor, who was fired after being arrested on suspicion of corruption in June. Previously, Wipf worked at Swisscanto Asset Management.
15/12/2010

Pictet Alternative Investments extends its range into real estate

p { margin-bottom: 0.08in; } In first quarter 2011, the alternative multi-management arm of Pictet (Pictet Alternative Investment, or PAI) will extend its operations into real estate. The selection of funds will be extended to private real estate, but publicly-traded real estate products will not be neglected. One person has already been recruited for the new activity, Nicolas Campiche, CEO of PAI, announced on 14 December. Long/short funds, UCITS hedge funds and other single manager products are in the domain of Pictet Asset Management.As of the end of September, assets at PAI totalled USD10.4bn, of which USD8.2bn are for hedge funds, and USD2.12bn for private equity. These two units attracted USD340m and USD120m, respectively, in nnet new money in the first nine months of this year.Currently, PAI is 35% invested in global macro and CTA funds, which are the most liquid, as volatility remains high. The multi-manager is also overweight (18%, compared with a neutral position of 14%) on long/short, largely fundamental managers. Despite disappointments in 2010, due to the lack of merger and acquisition operations, PAI is 14% invested in event-driven. Distressed represents 9%, and emerging markets are underweight at 6% compared with a neutral position of 8%, although this theme is also an element of global macro.
15/12/2010

Edmond de Rothschild gets a new secretary general in Geneva

p { margin-bottom: 0.08in; } Jean Laurent-Bellue is joining Edmond de Rothschild Holding in Geneva, the management firm of the Edmond de Rothschild group, to take over as group secretary general (a newly created position) from 1 January 2011, a statement published on 14 December announces.Laurent-Bellue joined La Compagnie Financière Edmond de Rothschild in 2004 in Paris, and until November 2009 directed corporate finance activities. He then became a member of the board at the Compagnie Financière Saint-Honoré, the Paris holding company for the Edmond de Rothschild group.“Under the authority of the Baron and Baroness Benhamin de Rothschild, he will assist the board of directors and the executive board of the holding company in their primary missions,” the statement says.
15/12/2010

Sichuan Southern Hope Industries sells 20% stake in Golden Eagle

p { margin-bottom: 0.08in; } BEA Union Investment Management, a joint venture of the Bank of East Asia and Union Asset Management, has acquired an 11% stake in the Chinese fund management firm Golden Eagle (KRW4.5bn in assets) from Sichuan Southern Hope Industries, for an undisclosed amount.Sichuan Southern Hope has sold the entirety of its stake in BEA Union, equivalent to 20%. The remaining 9% have been sold to Guangzhou Securities, whose stake in the firm increases to 49%. Guangzhou Pharmaceutical and Midea control 20% each in Golden Eagle, Z-Ben Advisors reports, estimating that the sale price for an 11% stake in Golden Eagle would have been about CNY28m, or 5.6% of assets, based on our calculations.
15/12/2010

Hedge fund boutique closes down

p { margin-bottom: 0.08in; } Financial News reports that Williamson McAree Investment Partners, a hedge fund firm based in New York, which managed USD200m as of this summer, is closing down. In a letter to investors of which the newspaper obtained a copy, the founders of the firm blame recent negative performance and a trend for investors to choose larger management firms to the detriment of smaller ones.
15/12/2010

Investors turn to US equities

A rise in investor optimism is working to the advantage of US equities, according to the most recent BofA Merrill Lynch survey, undertaken between 3 and 9 December, which interviewed 209 managers with USD569bn in assets.A net total of 44% of respondents to the survey predict that the global economy will improve in 2011, compared with 35% one month earlier. 51% expect corporate profits to rise next year, compared with 36% in November. Meanwhile, 61% of investors expect inflation to slip in 2011.As Europe is still dragged down by government debt trouble, investors are turning to US equities, with 16% overweight in this asset class, compared with only 1% in November. However, 4% of respondents are overweight in Euro zone equities, while 15% of respondents were overweight in November. There has also been a strong increase in investors who are predicting that the US dollar will rise: 36% say that the US currency will get stronger, compared with only 14% in November.Despite a rebound in confidence in global growth outlooks, the survey finds that Europe has lost the support of investors due to political hesitations and banking trouble, while in the United States, tax policy agreements and the new wave of quantitative easing (QE2) have brought US businesses back to the fore.European investors are, however, keeping their wits about them. 26% of them predict that conjuncture will improve in 2011, compared with 23% in November, while 34% predict an increase in profits per share, compared with 29% one month earlier.
15/12/2010

Fidelity IM recruits a sales manager in Italy

p { margin-bottom: 0.08in; } Fidelity Investment Managers in Italy has hired Federico Domenichini as sales manager, an addition to the team in charge of IFA networks and private banks, FondiOnline reports. Previously, Domenichini was part of the sales team at Schroders.

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