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22/10/2010

Nomination chez CalPERS

Le California Public Employees’ Retirement System (CalPERS) a annoncé le 21 octobre la nomination de Kathleen Billingsley en qualité de nouvelle «assistant executive officer» pour l’assurance santé .Kathleen Billingsley, précédemment deputy director au ministère de la santé de l’Etat de Californie, sera notamment en charge de la planification stratégique sur toutes les problématiques de santé et elle aura aussi la responsabilité de la gestion des programmes d’assurance santé.Elle doit prendre ses fonctions le 22 novembre prochain.
22/10/2010

Les sociétés de private equity se diversifient

Le recrutement par Kolhlberg Kravis Roberts & Co d’une équipe de traders actions de Goldman Sachs Group témoigne des changements qui balaient le secteur du capital investissement, analyse le Wall Street Journal. Les prestigieuses sociétés de private equity s’éloignent du LBO et se diversifient, devenant de plus en plus des entreprises de services financiers. En 2004, 14,4 milliards de dollars des 15,1 milliards d’actifs de KKR venaient des LBO. Aujourd’hui, cela ne concerne que 41 milliards de dollars de son portefeuille de 54,4 milliards. Et KKR cherche encore à se diversifier.
22/10/2010
Fonds

Skandia IG confie un mandat obligataire à Fidelity

Auparavant géré par Royal London, l’un des plus gros mandats individuels britannique, d’un encours de 200 millions de livres en obligations, a été confié par Skandia Investment Group (SIG) à l'équipe taux britanniques de Fidelity. Il représente une poche du Skandia Corporate Bond Fund qui fait partie de la gamme des fonds mono-gérant Signature.D’après Adam Smears, head of fixed income chez SIG, Fidelity est un gérant avec davantage de convictions et qui affiche un historique supérieur de performances ajustées du risque. De plus, sa stratégie est plus liquide.
Fonds
22/10/2010

Philippe Lespinard resurgit chez Schroders

Philippe Lespinard, qui avait quitté Brevan Howard en début d’année, rejoint Schroders au poste nouvellement créé de chief investment officer (CIO) - responsable des investissements - des gestions de taux. La nomination sera effective le 1er novembre 2010. L’intéressé sera basé à Londres et rapportera à Karl Dasher, directeur de l’activité de gestion de taux de Schroders. Il sera en charge du management direct de l’équipe de gestion de taux globale et présidera le comité d’investissement obligataire mondial qui couvre l’ensemble des portefeuilles. L’activité obligataire de Schroders représente un encours sous gestion d’environ 50 milliards de dollars (au 30 juin 2010). Avant son expérience chez Brevan Howard, en tant qu’associé et responsable des stratégies «absolute return» à compter de 2008, Philippe Lespinard avait été CIO de BNP Paribas Asset Management à Paris (2002-2006) et directeur général adjoint de Fischer, Francis Trees et Watts (2006-2008), une des filiales de BNP Paribas AM spécialisées en gestion obligataire.
22/10/2010

Hausse des encours d’Henderson malgré des rachats

Au troisième trimestre 2010, Henderson a vu ses encours progresser de 5 % à 59,2 milliards de livres. Cette hausse s’explique par un effet marchés et devises favorable, à hauteur de 3,1 milliards de livres, qui a permis de compenser des sorties nettes de 0,1 milliard de livres, ainsi que le transfert des encours du Henderson International Property Fund à Aviva Investors (0,2 milliard).
22/10/2010

Fullgoal launches its first QDII fund

p { margin-bottom: 0.08in; } Fullgoal on 21 October announced that its first QDII fund, a fund of bond funds which invests in products from Pimco, BlackRock and Franklin Templeton, has raised CNY828m, more than the average for other QDII funds to date (CNY550m), Z-Ben Advisors reports. The operation follows the launch of the Harvest Hang Seng China Enterprise Index Fund, which attracted CNY1.08bn last month. Demand for local bond funds remains strong, with average net subscriptions of CNY3.1bn per product in September. Fullgoal, for its part, drew in CNY2.9bn for the Fullgoal Huili Classified Bond Fund.
22/10/2010

Norwegian pension fund controls 2% of Telefónica

p { margin-bottom: 0.08in; } Cotizalia reports that the Norwegian Government Pension Fund – Global (GPFG), formerly known as the Oil Fund, has bought EUR1.77bn in shares in Telefónica, which represents 2% of the firm’s capital. As of the end of December, the firm controlled 1.7% of the Spanish operator, but it strongly reduced that position in first quarter. The GPFG nonetheless acquired EUR600m in Telefónica shares in third quarter.The largest institutional shareholders in Telefónica are now BBVA (6.9%), La Caixa (5%), BlackRock, BNP Paribas and Santander, with stakes of 2.5% to 3% each.
22/10/2010

Tough times for hedge funds

p { margin-bottom: 0.08in; } In 2005, a record number of new hedge funds were created, totalling nearly 2,100. With the onset of the crisis, that number fell to 659 in 2008, and then rose back to nearly 800 in 2009. In January to September of this year, more than 450 funds have been created, the Frankfurter Allgemeine Zeitung reports. Costs are increasing and gains are falling. About 40% of hedge funds did not achieve the level of gains this year which would justify their 20% performance commission. And management commissions of 1.5% are barely enough to cover costs. Some specialists are nonetheless pushing out the boat, such as Greg Lippman, who went into business for himself with several traders after making billions of dollars for Deutsche Bank. His fund, Libre Max, has already grown to USD1bn. Boaz Weinstein, who lost USD1.8bn for Deutsche Bank, has created Saba Capital, which manages USD1.4bn. And Zoe Cruz, who was fired in late 2007 for losing billions at Morgan Stanley, in 2009 launched Voras Capital Management, which manages USD200m.
22/10/2010

Fund assets up 3% worldwide in second quarter

p { margin-bottom: 0.08in; } Assets in investment funds worldwide increased 3% in second quarter to a total of EUR17.5trn, according to statistics published on 21 October by the European fund and asset management association (EFAMA). Outflows from money market funds continued to counteract inflows to long-term funds (all funds other than money markets). As a result, second quarter finished with net outflows of EUR14bn, compared with EUR40bn in first quarter. Net inflows to long-term funds totalled only EUR180bn, compared with EUR254bn in first quarter. This development is related to a decrease in net inflows to bond funds (EUR83bn, compared with EUR122bn previously), and equities funds (zero, compared with EUR54bn). For money market funds, net outflows totalled EUR194bn, compared with EUR294bn previously. In the past 12 months, net outflows from money market funds totalled an average of EUR206bn per quarter. Taking into account non-UCITS funds, the market share for Europe as a proportion of the global market totalled 36.3% as of the end of June, while the United States accounted for 44.4%. Excluding non-UCITS funds, the market shares for Europe and the United States respectively were 29.9% and 48.8%.
22/10/2010

Global Macro funds on the comeback

Global macro hedge funds are clawing their way back from a difficult summer, says the Financial Times. The USD14bn Moore Capital fund is now up 2.75 per cent for the year as of October 14, after being hit by a 9.15 per cent loss in May. Brevan Howard’s flagship USD25bn Master Fund was up 2.11 per cent for the year as of October 8. Tudor’s flagship BVI fund, meanwhile, was up 3.04 per cent so far this year.
22/10/2010

Strong returns for hedge funds

p { margin-bottom: 0.08in; } The Morningstar 1000 hedge fund index shows gains in September of 5.2%, which brings performance to 7.2% for third quarter as a whole. After two months of net outflows, Morningstar says, hedge funds in August benefited from net subscriptions of USD1.3bn, which reduced net redemptions in the fist eight months of the year to USD4.4bn.
22/10/2010

Global promotion for HSBC Switzerland CEO

p { margin-bottom: 0.08in; } Agefi Switzerland reports that Alexander Zeller is taking over as head of Private Banking for Europe, the Middle East and Africa (EMEA) in the Global Private Banking division of the HSBC group. His appointment to the newly-created position comes amidst a reshuffle of regional management positions in asset management at HSBC. Zeller will also retain his current double responsibilities. He is not only country manager for the HSBC group in Switzerland, but also CEO of the Swiss private bank of the group, HSBC Private Bank (Switzerland), based in Geneva. At HSBC Private Bank (Switzerland), he has since 21 October been assisted by Franco Morra, who becomes a member of the executive board and head of Private Banking. Morra previously worked at UBS, where his most recent position was CEO of UBS Switzerland and board member at the group. For the group, Desmond Liu becomes head of Private Banking for North Asea, and Nancie Dupier becomes head of Private Banking for South-East Asia. They replace Monica Wong, who is retiring.
22/10/2010

LGT-CP recruits a head from Man Group

p { margin-bottom: 0.08in; } Jaime Castán, head of hedge fund research and chairman of the manager board at Man Investments, has joined LGT Capital Partners in Pfäffikon, Switzerland, as co-head of the hedge fund investment team and head of research expertise centres.
22/10/2010

UBS appoints officers

p { margin-bottom: 0.08in; } UBS announced on Friday, 22 October that it has appointed Philip Lofts as Chief Executive Officer at UBS Gorup Americas, and Maureen Miskovic as Group Chief Risk Officer and board member at the group. Robert Wolf will remain as president of UBS Group Americas, and chairman of the Investment Bank. The three appointments take effect from 1 January 2011, a statement says. Lofts was appointed Group Chief Risk Officer in November 2008. Miskovic was until recently Chief Risk Officer at State Street Corporation and a member of the Operating Group at the firm, as well as chair of its Major Risk Committee. She was previously a member of the board of directors at State Street, after serving in different high-level positions at various financial establishments.
22/10/2010

Profits up at Janus

p { margin-bottom: 0.08in; } For third quarter 2010, Janus Capital Group has reported net profits of USD32.5m, compared with USD30.2m for second quarter, and USD8.2m for the corresponding period of last year. Operating margins totalled 23.4%, compared with 24.6% and 13%, respectively. As of 30 September, total assets under management came to USD160.8bn, compared with USD147.2bn three months earlier, and USD151.8bn as of the end of September 2009. The increase of USD13.6bn in AUM has resulted from a net market appreciation of USD16.5bn and net outflows of USD2.9bn for long-term funds.
22/10/2010

CalPERS appoints an executive officer

p { margin-bottom: 0.08in; } The California Public Employees’ Retirement System (CalPERS) on 21 October announced the appointment of Kathleen Billinglsley as its new assistant executive officer for health insurance. Billingsley, previously deputy director and secretary for health for the State of California, will be in charge of strategic planning for all health issues, and will also be in charge of managing the health insurance programmes. She will begin in her new role on 22 November.
22/10/2010

Increase in net profits at Raymond James Financial

p { margin-bottom: 0.08in; } For the fiscal year to 30 September, net profits at Raymond James Financial rose 49% to USD228.28m. Assets under administration as of the end of September totalled USD249bn, compared with USD223bn one year previously, of which USD30bn (excluding money market funds), compared with USD25.9bn, are in the hands of asset management firms of the group.
22/10/2010

Jackpot for a bearish fund

p { margin-bottom: 0.08in; } The Wall Street Journal reports that the global macro fund Pure Alpha from Bridgewater Associates has earned returns of 38% since the beginning of the year, while its smaller and more prudent sibling, All Weather, earned 23%. Bridgewater has made USD15bn this year on short bets on the US economy, and its assets now total USD86bn.
22/10/2010

DoL sues Madoff feeder funds

p { margin-bottom: 0.08in; } The United States Department of Labor (DoL) has filed a suit in a US District Court in Manhattan against Ivy Asset Management, Beacon Associates Management, and J.P. Jeanneret Associates, accusing them of failing in their fiduciary duty to labour union and employers who provide retirement savings plans, by channelling their investments to Bernard Madoff, the Wall Street Journal reports.
22/10/2010

Presidential working group presents recommendations for money market funds

p { margin-bottom: 0.08in; } The US presidential working group for financial markets, which is composed of Federal regulators, has presented a report on ways to reduce the vulnerability of money market funds to massive withdrawals by investors, the Wall Street Journal reports. Experts say that a floating NAV could reduce the risk, but they are only moderately enthusiastic about such a reform, since it would involve other risks. Among other measures, the group recommends that some form of insurance be created for subscribers to money market funds; it suggests that large redemptions should be made in kind, and not in cash. Another solution would be to require money market funds with a stable net asset value to reorganize as special-purpose banks.
22/10/2010

Muzinich releases ShortDurationHighYield fund in France

p { margin-bottom: 0.08in; } The Irish-registered fund ShortDurationHighYield (USD90m in assets), a sub-fund of the UCITS-compliant Sicav Muzinich Funds, on 27 August received a license from the AMF for sale in France (see Newsmanagers of 30 September), and has been available in France since 4 October. Shares hedged for several currencies other than the euro are available. Euro capitalisation shares – IE00B5BHGW80 / Euro R-class capitalisation shares – IE00B3MB7B14
22/10/2010

Real estate funds are airing out their portfolios

Currently, redemptions from open-ended real estate funds from Degi, KanAm, SEB, Credit Suisse, Morgan Stanley, TMW Pramerica, Axa Investment Managers and UBS, and funds of real estate funds from Allianz Global Investors, are frozen. More details will be known on 2 November as to how many of these funds will be able to survive their reopening, but it is of already clear that the KanAm US-grundinvest will be liquidated.Meanwhile, the BVI association of asset management firms on 21 October released statistics covering the period up to 30 June, which shows that managers are highly active in the management of their portfolios, and not only to sell properties to raise liquidity. In the period from 1 July 2009 to 30 June 2010, funds bought 70 properties, of which 43 were abroad, and sold 105, of which 65 were in Germany. The acquisitions were worth EUR4.6bn, of which EUR3.1bn was abroad, while sales totalled EUR3.2bn, of which EUR1.4bn were in Germany.In total, open-ended real estate funds own 1,630 properties with a volume of EUR96.4bn and 26.6 million square metres, of which 63.3% are office properties, and 20.3% are hotel and restaurant locations. The overall portfolio is 28.4% invested in Germany, 18.5% in France, and 10.2% in the United Kingdom.
22/10/2010

Barings opens a representative office in Dubai

p { margin-bottom: 0.08in; } To meet growing demand from clients based in the Middle East, Baring Asset Management on 20 October officially opened a branch office in Dubai, after receiving a license from the Dubai International Financial Centre (DIFC). The structure is led by Nisarg Trivedi, head of sales and business development, who reports to Rob Lay, head of Europe, MENA & Alternatives. Trivedi was previously head of sales development at Bank Muscat Asset Management.
22/10/2010

Skandia IG awards a bond mandate to Fidelity

p { margin-bottom: 0.08in; } One of the largest single British mandates, with assets of GBP200m in bonds, previously managed by Royal London, has been awarded to the UK fixed income group at Fidelity by Skandia Investment Group (SIG). The mandate is for an allocation from the Skandia Corporate Bond Fund, which is part of the Signature single-manager fund range. According to Adam Smears, head of fixed income at SIG, Fidleity is a manager with more conviction, and has a better risk-adjusted track record. In addition, its strategy is more liquid.
22/10/2010

La Banque Postale controls 75% of Tocqueville Finance

p { margin-bottom: 0.08in; } Tocqueville Finance, which was taken over by La Banque Postale in 2009, is now 75% owned by La Banque Postale, up from 70% previously, Patrick Werner, chairman of the board at La Banque Postale, announced at a press conference on 21 October. But the increase in the size of the stake does not mean that La Banque Postale is eventually planning to take on all of the capital. The development is in fact related to the appointment of Jean-Philippe Thierry as vice president of the new prudential control authority (ACP), as he did not want to retain his 5% stake in the capital of the firm, in order to avoid potential conflicts of interest. Capital is now divided between La Banque Postale (75%), partners, and individual shareholders (20%, of which 15% belongs to Marc Tournier), and Tocqueville Asset Management (5%). “We are very pleased to have the management alongside us, and there is no question of increasing the stake to 100% of capital,” Werner said.
22/10/2010

Roche Brune Asset Management recruits Jean Echiffre

p { margin-bottom: 0.08in; } The independent portfolio management firm Roche-Brune Asset Management announced on Thursday, 21 October, that it has appointed Jean Echiffre as deputy CEO in charge of development, from 1 October 2010. Echiffre previously served as managing director of State Street GA France, before joining Roche-Brune Asset Management, an asset management firm created by Bruno fine and licensed by the AMF in 2004, in July 2010. “The firm is specialised in the management of portfolios of shares in publicly-traded or non-publicly traded businesses, using a Management Under Standardized Tools (M.U.S.T.®) approach, based on a proprietary system (M.U.S.T. 3.0), which combines a quantitative approach and qualitative analysis, derived from the methods of Capital Investment,” a statement says.
22/10/2010

La Banque Postale plans to develop its activities serving legal entities

“It is a major area for development,” says Jean-Luc Enguéhard, chairman of the board at La Banque Postale Asset Management (LBPAM), speaking of the engagement of La Banque Postale in services to legal entities. The activity, launched in spring 2008 with dedicated sales teams, which then represented at most 4% or 5% of assets under management, now accounts for about 20% of the total.La Banque Postale serves major institutional clients (of which it has over 250) either directly, or in response to calls for bids, with a dedicated team that has been in place since last year.
22/10/2010

Philippe Lespinard reappears at Schroders

Philippe Lespinard, who left Brevan Howard earlier this year, has joined Schroders in the newly-created position of chief investment officer (CIO) for fixed income. The appointment will be effective from 1 November 2010.Lespinard will be based in London, and will report to Karl Dasher, director of fixed income management at Schroders. He will be in charge of direct management of the global fixed income team, and will be chair of the global bond investment committee, which will oversee all portfolios. Bond activities at Schroders represent assets under management of about USD50bn (as of 30 June 2010).Before his time at Brevan Howard, as a partner and head of absolute return strategies from 2008, Lespinard was CIO of BNP Paribas Asset Management in Paris (2002-2006), and deputy CEO of Fisher, Francis Trees and Watts (2006-2008), an affiliate of BNP Paribas AM specialised in bonds.
22/10/2010

Assets at Henderson up despite redemptions

Assets under management at Henderson increased by 5% to GBP59.2bn in the period from 1 July 2010 to 30 September 2010. Favourable market and currency movements of GBP3.1 billion were partially offset by net outflows of GBP0.1 billion and the transfer of the GBP0.2 billion Henderson International Property Fund to Aviva Investors,.

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