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24/11/2010

NYSE Euronext étend ses réseaux

NYSE Euronext prévoit de créer quelque 40 nouveaux centres de données dans le monde dans des villes telles que Sao Paulo, Tokyo ou Francfort afin de développer les capacités des systèmes existants ainsi que le système de maintenance des réseaux, indique le quotidien qui cite Stanley Young, directeur général de NYSE Technologies.
24/11/2010

Les porteurs d’obligations d’Etat en crise solidaires

Ewald Nowotny, membre du conseil des gouverneurs de la Banque centrale européenne, a indiqué sur la télévision autrichienne ORF qu’il serait logique que les porteurs d’obligations d’Etat soient également financièrement solidaires en cas de mise en place d’un plan de sauvetage d’un Etat de la zone. Il estime néanmoins que «cela ne peut se produire que dans des cas extrêmes».
24/11/2010

Appel à la rigueur sur les dérivés pétroliers

Le Secrétaire général de l’Organisation des pays exportateurs de pétrole (Opep), Abdullah El-Badri, a estimé dans un entretien accordé au quotidien que le marché du pétrole risquait le «chaos» faute de la mise en place d’une réglementation appropriée visant les instruments financiers liés aux produits pétroliers. Ces derniers ont davantage d’influence que les réalités physiques de l’offre et de la demande.
23/11/2010

L’AMF approuve les dispositions sur les rémunérations dans les sociétés de gestion

Le Collège de l’AMF a approuvé en qualité de règles professionnelles les dispositions communes à l’Association française de la gestion financière (AFG), l’Association française des investisseurs en capital (AFIC) et l’Association française des sociétés de placement immobilier (ASPIM) sur les politiques de rémunération au sein des sociétés de gestion.
23/11/2010

Accélération de l'activité en novembre dans la zone euro

La croissance de l’activité dans la zone euro s’est accélérée en novembre grâce à un rebond de l’activité dans le secteur privé en France et en Allemagne, selon les premiers résultats des enquêtes mensuelles Markit. L’indice PMI «flash» des services a progressé à 55,2 contre 53,3 en octobre (consensus à 53,1). Pour le secteur manufacturier, l’indice PMI est ressorti en première estimation à 55,5 en novembre (consensus à 54,4), contre 54,6 en octobre).
23/11/2010

Banque Scotia va prendre le contrôle de Patrimoine Dundee

La Banque Scotia (Scotiabank) a annoncé le 22 novembre être parvenue à un accord avec Dundee Corporation et Patrimoine Dundee (DundeWealth) visant l’acquisition des 48 % de Dundee Corporation dans la société de gestion dont elle détient déjà 18 % sur la base de 21 dollars canadiens par action ordinaire.La transaction va porter sur 2,3 milliards de dollars canadiens. Lorsqu’elle aura été bouclée, la Banque Scotia prévoit procéder également à l’acquisition du reste des actions ordinaires de Patrimoine Dundee.
23/11/2010
Fonds

L’encours de la gestion italienne dépasse les 1.000 milliards d’euros

L’encours du secteur italien de la gestion d’actifs a atteint 1.010 milliards d’euros à la fin septembre 2010, selon les dernières statistiques d’Assogestioni, l’association italienne des professionnels de la gestion. Depuis le début de l’année, le secteur a recueilli 27 milliards d’euros. Au troisième trimestre, la collecte a été dopée par la gestion collective, qui engrange 1,5 milliard d’euros et représentait fin septembre près de 500 milliards d’euros.
Fonds
23/11/2010

BPVI repense sa gamme

BPVI Sgr, la société de gestion du groupe italien Banca popolare di Vicenza, gère actuellement 5,4 milliards d’euros, dont 270 millions seulement dans des fonds, rapporte Plus 24, le supplément patrimoine de Il Sole – 24 Ore. Le reste se compose de fonds dédiés ou mandats. Désormais, la société veut doper sa gestion collective et a pour cela repensé sa gamme, dont quatre diversifiés. Elle se compose de 10 fonds de droit italien.
23/11/2010

Philippe Taffin joins Aviva Investors

p { margin-bottom: 0.08in; } Aviva Investors France has announced the arrival of Philippe Taffin as a part of the management team, in the role of fixed income product specialist.Taffin will report to Pascal Heurtault, chief investment officer, and will also be responsible for calls for tenders, and will coordinate the group’s global liability driven investment (LDI) product range. The objective is to consolidate the asset management firm’s expertise in this asset class and confirm its ambition to develop close relations with institutional investors, a statement says.Since September 2005, Taffin was head of the development and specialist products for euro fixed income and credit at Amundi/CAAM.
23/11/2010

SWIP recruits a big name from BlackRock

p { margin-bottom: 0.08in; } Daniel McKernan, director of fixed income and senior credit portfolio manager at BlackRock, will join Scottish Widows Investment Partnership (SWIP) on 1 February 2011, as head of European and UK credit in a bond team which manages GBP68bn. He will be in charge of investment grade credit research teams and institutional management.
23/11/2010

Neuberger Berman plans to launch actively-managed ETFs

p { margin-bottom: 0.08in; } Neuberger Berman has become the next firm to submit a request to the SEC for an exemption and license to allow it to launch actively-managed ETFs. The license applied for from the regulator is for management of equities and bond ETFs, based on currencies and funds of funds, which will use ETFs managed by Neuberger Berman.
23/11/2010

Jennifer B. McHugh assumes interim direction of investment management division of SEC

p { margin-bottom: 0.08in; } Following the departure of Andrew J. “Buddy” Donohue on Friday, Mary L. Shaprio, chairman of the SEC, has appointed Jennifer B. McHugh to act as interim director of the investment management division. She was previously senior advisor in the chairman’s office for questions related to mutual funds and investment advising.McHugh will hold the responsibilities until a new director is appointed. At that time, she will return to the chairman’s office. The investment management division is responsible for protecting investors and overseeing the asset management sector.
23/11/2010

FBI raids three hedge funds

The FBI on Monday raided the offices of three hedge funds, according to people familiar with the matter cited by the Financial Times.The funds are Level Global Investors and Diamondback Capital Management, both based in Connecticut, and Loch Capital Management in Boston. The raids come amidst reports of a probe into potential insider trading on Wall Street, the FT adds.
23/11/2010

Lehman bankruptcy has already cost USD1bn in legal fees

p { margin-bottom: 0.08in; } In October, the legal and consulting fees to a total of nearly 40 firms involved in the Lehman bankruptcy proceedings totalled another USD40.6m, bringing the overall bill over the psychologically significant USD1bn barrier, more precisely at USD1.02bn, the Wall Street Journal reports. The largest share of these fees has gone to the restructuring firm Alvarez & Marsal, which has billed a total USD369.8m.
23/11/2010

Hank Morris pleads guilty in pay-to-play scandal

p { margin-bottom: 0.08in; } Henry “Hank” Morris on 22 November became the eighth person to plead guilty in the pay-to-play scandal surrounding the Common Retirement Fund, the New York state pension fund (USD125bn in assets), the Wall Street Journal reports. He was at the time a political consultant to Alan Hevesi, the former New York state controller (who has also pleaded guilty). Morris admitted to receiving placement commissions as a broker, although he was passing on the investments to managers who paid him kickbacks. He was sentenced to pay a fine of USD19m, and faces up to four years in prison when the verdict is handed down next year.
23/11/2010

Assets in the Italian asset management industry total over EUR1trn

p { margin-bottom: 0.08in; } Assets in the Italian asset management industry totalled EUR1.01trn as of the end of September 2010, according to the most recent statistics from Assogestioni, the Italian association of management professionals. Since the beginning of the year, the sector has taken on EUR27bn. In third quarter, inflows were boosted by collective management, which took on EUR1.5trn and as of the end of September, represented nearly EUR500bn.
23/11/2010

RBS reported to have sold its stake in Magnum Capital Industrial Partners

p { margin-bottom: 0.08in; } According to sources familiar with the matter, Royal Bank of Scotland (RBS) is said to have resold its stake in the Spanish private equity investor Magnum Capital Industrial Partners, led by Ángel Corcóstegui, former vice president of Santander, and Enrique de Layva, “to an international investor,” Cotizalia reports.The decision comes as part of a program of asset sales to pay back GBP20bn which the firm received from the British government in autumn 2008.The next deal in Spain may be the sale of a commercial real estate portfolio whose value is estimated at at least EUR300m.
23/11/2010

Commerzbank concludes sale of fund administration activities in Singapore

p { margin-bottom: 0.08in; } Commerzbank announced on 22 September that it has completed its sale of Commerzbank International Trust Singapore (CITS) to the Trident Trust group. Assets under administration at CITS as of the end of 2009 totalled EUR930m, The other activities of Commerzbank in Singapore are not affected by this transaction.
23/11/2010

Moody's offers a managed account ratings tool

p { margin-bottom: 0.08in; } The ratings agency Moody’s on 22 November announced that it has extended its operational hedge fund ratings activities to include managed accounts. The agency will apply the same analysis to managed accounts and managed account platforms that it uses for traditional hedge funds. According to estimates, assets under management on managed account platforms as of the end of March will total over USD40bn, or about 2% of all assets in hedge funds.
23/11/2010

Lyxor registers its Newcits fund range in Spain

p { margin-bottom: 0.08in; } Recently, Funds People reports, Lyxor Asset Management (Société Générale) registered nine UCITS III-compliant hedge funds from its dimension range with the CNMV; they join the Lyxor Hedge Fund Index and Lyxor Active Edge, which have already had licenses for several months.Among the newly-registered funds are seven strategy funds (Lyxor Special Situations, Lyxor Merger Arbitrage, Lyxor L/S Equity Long Bias, Lyxor L/S Equity Variable Bias, Lyxor L/S Equity Statistical Arbitrage, Lyxor Convertible Bonds and Volatility Arbitrage, and Lyxor CTA Long Term), and two theme funds (Lyxor Top 10 and Lyxor Credit Strategies).
23/11/2010

Brandes registers three funds in Spain

p { margin-bottom: 0.08in; } Brandes Investment Funds (USD47bn) on 19 November registered the UCITS-compliant funds Brandes European Equities Fund, Brandes Global Equities Fund and Brandes Equities Fund with the CNMV. Sales in Spain will be provided by Allfunds Bank. They are value equities products.
23/11/2010

UN PRI network recruits

p { margin-bottom: 0.08in; } As the number of signatories of the United Nations Principles for Responsible Investment (UN PRI) is now nearing 250, the international network has launched a recruitment campaign for four new positions, including a director of strategic initiatives who will be responsible for recruiting new signatories. The network is also hiring two assessment officers and an implementation support officer, which will bring the total permanent staff at the organisation to nearly 30.
23/11/2010

Singapore offers a publicly-traded, Sharia-compliant REIT

p { margin-bottom: 0.08in; } Sabana Shari’ah Compliant Industrial Real Estate Investment Trust, or Sabana Reit, will be the first sizeable Sharia-compliant REIT-format real estate fund to be offered on the Singapore market. The fist listing will take place on 28 November. The market offering will raise up to SGD640m, or slightly under UDS500m. Among the major investors are FIL Investment Managers (Fidelity Investment Managers), Al Salam Bank-Baharin, Meren Pie Lid (Metro Holdings) and Capital Investment Brokerage (an affiliate of the Jordanian Capital Bank). The REIT is primarily aimed at industrial real estate, including properties suited to the high tech and chemistry sectors.
23/11/2010

Brevan Howard to double staff

p { margin-bottom: 0.08in; } Brevan Howard, one of the largest British hedge fund managers based in Switzerland, will be scaling up its presence in Geneva, from 30 to 65 people by the middle of 2011, according to the news agency Bloomberg (relayed in Le Temps), citing a source close to the firm.
23/11/2010

Brevan Howard va doubler son effectif

Brevan Howard, l’un des plus importants gérants de fonds alternatifs britanniques installés en Suisse, va renforcer sa présence à Genève. Il va porter d’ici à mi-2011 son effectif de 30 à 65 personnes, selon l’agence Bloomberg (citée dans Le Temps), qui se base sur une personne proche de la société.
23/11/2010

GAM releases UCITS-compliant market neutral credit fund

p { margin-bottom: 0.08in; } The management firm GAM has been granted a license by BaFin to sell a ninth UCITS-compliant hedge fund in Germany, the GAM Star Diversified Market Neutral Credit (see Newsmanagers of 9 September). It is an Irish0-registered Newcits fund (ISIN IE00B56GWF50), managed by the US management firm DCI, which charges a commission of 1.9%, and a front-end fee of 5%. The manager requires a 5-day advance notice for redemptions. Minimal subscription is set at EUR10,000. The Gam Star Diversified Market Neutral Credit fund aims at annual outperformance 500-800 basis points above the Libor with total volatility of 5% to 7%, and minimal correlation to major bond markets.

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