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22/11/2010

Axa Rosenberg plans to remain in Axa family

p { margin-bottom: 0.08in; } Agefi reports that Dominique Carrel-Billiard, CEO of Axa IM, says that Axa Rosenberg is planning to remain a part of Axa IM. “It is pertinent, as we want to offer a wide range of management styles to our investors,” he explains. According to the head, the difficulties at the US affiliate, which will post outflows of EUR40bn this year, will begin to be stemmed next year. “The challenges for next year will be to reform support functions in the image of the network infrastructure,” says Carrel-Billiard. Axa IM is planning to make enriching its range of core products (portfolio products) a priority.
22/11/2010

Tracking error for newcits funds is comparatively small

p { margin-bottom: 0.08in; } A study by HedgeFund Intelligence of 62 UCITS-compliant hedge funds reveals that the average tracking error compared with their offshore model is limited to 3.38 percentage points, which equities products have a tracking error of only 2.94%, Hedge Week reports. Tracking error is 3.45% for arbitrage, event-driven, credit and multi-strategy funds; it is 4.12% for global macro, fixed income and futures strategies. Only 4 of 62 funds have a tracking error of over 10%, while 32 have a deviation of less than 3%. For 14% of funds, tracking error is under 1%.
22/11/2010

Cordea Savills bets on IFAs

p { margin-bottom: 0.08in; } Thomas Gütle, director of the British real estate fund management firm Cordea Savills for Germany, has told the Börsen-Zeitung of the forthcoming launch of the European Retail Fund, which is expected to have an investment capacity of EUR060m (half of which will be owners’ equity), in European retail commercial properties. The original aspect of the product, a Luzxembourg FCP which will be launched in first quarter 2011, is that Cordea Savills will rely on the services of two independent experts, Bernhard Schoofs and Gerhard Kemper, who will advise investors rather than the management team. The adoption of this formula will allow Cordea Savills to be the first management firm in Germany to comply with the recommendations of the European Inrev association of investors in private real estate instruments.
22/11/2010

ETF price war spreads to Europe

p { margin-bottom: 0.08in; } DAB Bank has announced that its sales of savings plans in the form of shares in 59 db x-trackers ETFs have quadrupled since it began offering them with no commission, Financial Times FM reports. Deutsche Bank is financing the commission-free offerings from its brokerage affiliate MaxBlue and DAB-Bank by paying a share of the commission earned during the duration of the contract (5 years). The price war which is currently raging in the US ETF market is now spreading to Europe. In Germany, SBroker is offering ETF savings plans without commissions for 13 ETFlab ETF funds, and Commerzbank is preparing to do the same in early 2011 (with its ComStage ETFs). In the United Kingdom, Stocktrade (an affiliate of Brewin Dolphin) is in talks with three ETF promoters to launch commission-free savings plans in the near future.
22/11/2010

KTOs recruits a manager from HatherSage CM

p { margin-bottom: 0.08in; } The Japanese hedge fund management firm KTOs Capital Partners has recruited Bill Lipschutz from Hathersage Capital Management to manage a currencies fund in New York, which will be launched in December and will be aimed at Japanese pension funds, Hedge Week reports. The objective is to collect USD300m in the first year. The fund will focus on currencies of the G10 countries.
22/11/2010

Morgan Keenan sentenced by Finra

p { margin-bottom: 0.08in; } On 19 November, the Boca Raton panel of the Financial Industry Regulatory Authority (Finra) sentenced Morgan Keenan, an affiliate of Regions Financial Corp, to pay USD1.82m to Frank and Brenda Flautt, their foundation, and their businesses, the Wall Street Journal reports. The plaintiffs had invested in a bond fund sold by Morgan Keegan, which suffered very heavy losses in 2007 and 2008. They sued Morgan Keenan for breach of fiduciary duty, misrepresentation and selling unsuitable investments.
22/11/2010

New York attorney general files suit against Steven Rattner

p { margin-bottom: 0.08in; } The Frankfurter Allgemeine Zeitung reports that Andrew Cuomo, the attorney general and future governor of New York, has filed a suit against Steven Rattner in the “pay-to-play” scandal involving the New York state pension fund. The suit accuses the “car czar” of receiving favours in exchange for ensuring mandates for his former management firm. Cuomo is seeking to get Rattner barred from the financial profession for life, and a fine of USD26m. Rattner has already reached an out-of-court settlement with the SEC, by the terms of which he agreed to a professional bar of 2 years and a fine of USD6.2m.
22/11/2010

SEC plans to more closely monitor investment advisers

SEC commissioners on 19 November adopted a proposal by four votes which tighten sthe regulatory framework for hedge funds and venture capital funds, a proposal (http://www.sec.gov/news/press/2010/2010-228.htm) which is now open for a market consultation for a period of 45 days. It is the regulator’s interpretation of the Dodd-Frank Wall Street Reform and Consumer Protection Act.Requirements to register with the SEC will be imposed on all funds, including private equity funds which were exonerated by the Dodd-Frank law, with assets of over USD100m (up from USD25m previously); in addition, the proposal eliminates the exemption which had applied to hedge funds. All investment advisors will be required to provide information to the regulatory about assets, investors, their auditor, their brokers, and other service providers.Funds which become subject to the registration requirement will be required to appoint a head of compliance, establish a code of compliance, and to undergo inspections by SEC personnel.This will also for the first time permit a clear survey of the sector, the regulator says.
22/11/2010

Former SocGen trader convicted of theft

p { margin-bottom: 0.08in; } A US District Court in Manhattan on 19 September found Samarth Agrawal guilty of theft of professional secrets and transportation of stolen property. Agrawal admitted to having stolen a code and a program for high frequency trading from Société Générale. He copied them in the hopes of selling them to a rival of the French bank before resigning in November 2009; he is now facing 46 to 57 months in prison. He has been incarcerated since his arrest. The verdict will be handed down in February 2011.
22/11/2010

Major enquiry into potential insider trading

p { margin-bottom: 0.08in; } The Wall Street Journal reports that the New York attorney general’s office, the FBI and the SEC are preparing a major investigation of a potential insider trading ring which may involve consultants, investment bankers, hedge fund and mutual fund managers, as well as analysts throughout the United States. In the vast majority of cases cited, businesses have declined to comment. Officials are also looking into the relationships between some professional firms which may have provided expert assistance to the financial industry. The newspaper names Primary Global Research, Goldman Sachs Broadband Research (whose head announced in a message to SAC Capital Advisors, Citadel AM, Janus Capital Group, Wellington Management and MFS Investment Management that his offices had been visited by two FBI officers seeking to use him as bait in a sting operation), and First New York Securities. The SEC has also issued requests for information about several transactions by Ziff Brothers, Jana Partners, TPG-Axon Capital Management, Jennison Associates (Prudential Financial), UBS Financial Services and Deutsche Bank, which also all refused to comment.
22/11/2010

FrontPoint Partners to close hedge fund investing in the health sector

p { margin-bottom: 0.08in; } La Tribune reports that the US asset management firm FrontPoint Partners will be closing its hedge fund investing in the health sector, with assets of USD1.5bn. The decision comes after Dr. Yves Benhamou, one of its portfolio managers, was accused of insider trading for disclosing information about results.
22/11/2010

Institutional share classes attracts a growing number of investors

p { margin-bottom: 0.08in; } In total, investors have withdrawn USD90bn from US equities funds since the beginning of 2009, according to Morningstar. However, the Wall Street Journal points out, this total is the result of two opposing trends. Investors withdrew over USD162bn from retail share classes, but net subscriptions for institutional shares, which are often held by 401(k) savings plans or fee-based brokerage accounts, represented USD72bn.
22/11/2010

Hedge fund created in Paris

p { margin-bottom: 0.08in; } The former economic adviser to Matignon, Alain Demarolle, who has spent three years in London at Eton Park, has chosen Paris as the site for the launch of his hedge fund specialised in European large caps, Agefi reports. The Luxembourg-registered Sicav, Alura Capital Partners, began operations in early October, with clients such as CNP Assurances, OFI AM and the Swiss private bank JP Hottinguer. It will aim for assets of EUR500m. Alura Capital is active in long/short and event-driven strategies, which the firm is hoping to sell to US investors, though its clients are evenly divided between France and the rest of Europe. The fund has monthly liquidity, the newspaper reports. Its investment horizon is about 6 months, with leverage limited to a maximum of 200%.
22/11/2010

Gartmore grants a stake in the firm to John Bennett

p { margin-bottom: 0.08in; } The British management firm Gartmore, which has announced plans to distribute 15% of its capital to key managers, following the departure of Roger Guy, has offered more than 9 million shares to John Bennett in exchange for a promise that he will remain for three years; he will be in charge of all European funds (see Newsmanagers of 9 November), Investment Week reports. His stake increases from 0.68% to 3.18%. The firm’s CEO, Jeffrey Meyer, and the global head of sales, Phil Wagstaff, received 3 million and 2 million shares, respectively, bringing their respective stakes to 1.9% and 0.83%.
22/11/2010

Michael Mandel leaves comdirect for Commerzbank

p { margin-bottom: 0.08in; } Thorsten Reitmeyer on 1 December will take over as chairman of the board at comdirect bank. For the past four years, he was a member of the board at Commerzbank, in charge of wealth management. He replaces Michael Mandel, who has been appointed a board member at Commerzbank, in charge of retail clients, professionals, and wealth management. The new chairman of the supervisory board, effective immediately, is Martin Zielke, head of retail clients on the board at Commerzbank.
22/11/2010

Amundi Deutschland will focus on institutionals and distributors

At a presentation in Frankfurt to officially announce the merger of the activities of CAAM Deutschland and SGAM Deutschland, Hubert Dänner, CEO of Amundi Deutschland, announced that the new firm is planning to concentrate on institutional clients (pension funds, banks trading owners’ equity, businesses, and insurers) and distributors (funds of funds, wealth managers, platforms and private banks).The objective is to double assets in Germany and Austria in the next five years to EUR7bn, Amundi Deutschland will focus on absolute return products, emerging markets equities and bond funds, volatility, and European and global bonds.In 2011 and subsequent years, the German affiliate will concentrate on “absolute return 2.0” products, strategies with an asymmetrical risk profile and inflation strategies, both for developed and emerging markets.
22/11/2010

Man launches an Italian asset management firm

The UK alternative management group Man has created an asset management firm in Italy, Man Investments SGR, to forge connections with local investors. The entity received a license from the Bank of Italy at the end of August 2010. It is located in Milan, on via Durini, is 100% owned by Man Group, and consists of a team of 5 people led by Michele Pacciana, deputy director and head of Man for Italy since the group began to serve the local market. The board of directors consists of Richard Gray and Serge Cadelli (of the Man group), and Francesco Di Carlo and Mario Notari, as independent administrators.Man has previously concentrated on institutional clients, which it had served primarily from London, providing custom offshore services and alternative solutions, including UCITS III-compliant funds, guaranteed capital funds, and Sicavs. Now, due to its physical presence, Man is hoping to cooperate with local financial institutions to offer its product range to private investors.Meanwhile, the fund management firm has extended its range in Italy, and now offers its UCITS III hedge funds and Italian-registered funds of funds, which remain the preferred vehicle of most investors. The range will be based largely on the Man managed accounts platform. The firm will also offer guaranteed capital products.
22/11/2010

La SEC et la CFTC font des propositions

Les autorités américaines de régulation ont proposé vendredi de nouvelles règles visant à accroître la transparence des marchés de produits dérivés, des hedge funds et des sociétés de capital-investissement. La CFTC n’a précisé aucune limite de temps pour déclarer les transactions de certains dérivés effectuées par un investisseur, mais s’est contentée de dire que cela devait être fait «dès que c’est technologiquement possible». La CFTC a proposé que les données sur les blocs de titres standardisés et les swaps dont le montant notionnel est important soient conservées pendant 15 minutes avant d'être rendues publiques. De son côté, la SEC a proposé de rendre obligatoire l’enregistrement des conseils travaillant pour les fonds d’investissement et les fonds d’arbitrage gérant plus de 150 millions de dollars d’actifs. La CFTC et la SEC vont évaluer les commentaires qui seront faits sur leurs propositions au cours des deux prochains mois.
22/11/2010

Télésat en quête d’acquéreurs

L’exploitant canadien de satellites fixes a mandaté trois conseillers financiers (JPMorgan, Morgan Stanley et Credit Suisse) afin d’organiser sa cession. Bloomberg avance que le montant de la vente pourrait atteindre 6 à 7 milliards de dollars. Télésat aurait déjà été approché par Intelsat, détenue par les fonds BC Partners et Silver Lake.
22/11/2010

Retraits massifs des fonds obligataires municipaux

Selon Lipper, les investisseurs ont retiré en net près de 3 milliards de dollars des fonds de «municipal bonds» au cours de la semaine close mercredi, soit le montant le plus important jamais enregistré. Lors de la semaine précédente, les retraits n’avaient atteint que 34 millions de dollars.

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