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15/10/2010

GLG shareholders approve merger with Man Group

Man Group and GLG Partners have announced on October 14 that the recommended acquisition of GLG by Man has been completed. GLG shareholders have approved the deal. Peter Clarke, chief executive of Man, said: “The acquisition of GLG is a significant milestone in Man’s development as a global leader in alternative asset management. The combined firm will have expertise in a wide range of investment styles including managed futures, equity, credit, emerging markets, global macro and multi-manager”.
15/10/2010

Baillie Gifford promotes Gerald Smith to CIO

p { margin-bottom: 0.08in; } In order to give James Anderson, CIO since 2006, more time to concentrate on management of major accounts, Baillie Gifford has decided to promote Gerald Smith, deputy CIO since January 2009 and head of the global opportunities team, to the position of CIO, from April 2011. Anderson will continue to play an active role in the management firm as head of the long-term global growth team, chairman of EAFE Alpha Portfolio construction group, and manager of Scottish Mortgage Investment Trust PLC. Gerald Smith has been a partner at Baillie Gifford since 1998. He joined the firm in 1987. Tom Coutts will also take over as head of the European equity team from April 2011, following the decision of Peter Hollis, announced in January 2010, to leave the business in April 2011 for personal reasons. Coutts joined Baillie Gifford in 1999.
15/10/2010

UK firm GPP launches a new service

p { margin-bottom: 0.08in; } The UK firm Global Prime Partners (GPP) has announced the launch of the first prime brokerage service in Europe, which provides settlement, custody, securities lending and financing services to new hedge funds. GPP will initially focus on young hedge funds or managers starting out in the profession, with less than USD100m in assets under management. “This market segment is not correctly covered by the major banks, and represents a major opportunity for GPP. Capital flows in hedge funds are smaller than a few years ago, and many managers start out with USD5m to USD25m in assets. We can help them to start out, to manage at a lower cost, and to provide a new, more robust service than the major banks,” says Kevin LoPrimo, head of prime brokerage at GPP.
15/10/2010

Martin Currie loses head of development for Asia

p { margin-bottom: 0.08in; } Asian Investor reports that Chen Ee-Fang has left the British asset management firm Martin Currie, where he was head of development for the Asian region. The position will be occupied in the interim by Kimon Kouryialas, head of Martin Currie for Asia-Pacific, who will move from Australia to Singapore at the beginning of November to find a successor to Chen.
15/10/2010

Standish promotes David Leduc to CIO for active fixed income

p { margin-bottom: 0.08in; } David Leduc, managing director of global fixed income and senior portfolio manager in charge of management of all non-US and global bond strategies, has been appointed chief investment officer of active fixed income at Standish Mellon Asset Management Company, an affiliate of BNY Mellon Asset Management. Leduc joined Standish in 1995. Leduc replaces Kent Wosepka, “who has decided to pursue a new professional challenge” after many years at Standish. Standish, a boutique specialised in bonds, has assets of UDS71bn.
15/10/2010

FRR supports Emerging Markets Disclosure Project

The French pension fund FRR supports the initiative promoting transparency in the emerging markets (Emerging Markets Disclosure Project, EMDP). «In markets around the world that are still lacking transparency, it is very important to encourage businesses to disclose more extra-financial information than they currently do, so as to facilitate their financing by providing investors with a better way of assessing the threats and opportunities they present over the long term», says a press release issued on October 14. Supported by the World Bank and the United Nations, the EMDP initiative unites international investors (50 signatures to date, representing assets under management valued at more than a billion dollars). Under this initiative, businesses in emerging countries are being asked to disclose information on their triple-bottom line performances using the framework provided by the Global Reporting Initiative (GRI). Groups of local and international investors have been formed to conduct a dialogue with the large corporations in various markets. Convinced of the importance of full disclosure in the area of sustainability, the FRR hopes that asset management firms with which it works will support this initiative and play an active role in its implementation.
15/10/2010

Natixis AM preparing new funds

The bond team at Natixis Asset Management, which on 28 September gained three specialists from SGAM-Amundi, Brigitte Le Bris, Clothilde Malaussène and Sébastien Thénard (see Newsmanagers of 8 October), now has 107 people, 60 of whom are managers and 20 are analysts, under the leadership of Ibrahima Kobar, with total assets of EUR230-240bn (including money market funds).The manager will be able to develop its expertise in the areas of currencies and emerging market products. This will result in the launch of a pure currencies fund and a global bond product, either hedged for currency risks or not, in the near future. The team is structured into three parts, one for government bonds, one for credit, and one for aggregate multi-strategy.
15/10/2010

Brevan Howard to list a fund

Brevan Howard is set to list its Credit Catalysts fund in London, which returned 44% between May 2008 and August 2010, says Citywire. The fund is run by DW Investment Management, a specialist credit manager based in New York.
15/10/2010

James Caird launches a mortgage fund

James Caird Asset Management, the USD2.5bn credit hedge fund created out of Moore Capital, is going to launch a new fund to invest in distressed US mortgage bonds. The vehicle will launch with USD100m of assets under management.
15/10/2010

Number of ETFs and asset volumes on the rise in Europe

As of the end of third quarter, assets in ETFs domiciled in Europe totalled USD256.2bn, compared with USD230.9bn as of the end of August, and Usd226.9bn as of 31 December 2009, BlackRock reports. In other words, assets have increased by USD29.3bn in nine months, while net subscriptions totalled USD30.8bn.The number of ETFs as of the end of September totalled 1,030, compared with 985 as of the end of August. It has increased 24.5% since the beginning of the year, with 212 launches and 9 closures. The 1,030 ETF products were listed a total of 3,396 times, compared with 3,140 times one month earlier, on 21 stock markets, compared with 19 as of the end of August.By assets, the top three providers are iShares, with 176 ETF funds and assets of USD91.9bn, followed by Lyxor Asset Management (Société Générale), with 147 funds and USD47.2bn. Third places continues to be db x-trackers, with USD42.9bn in 135 funds.In terms of net subscriptions, iShares comes out on top again, with USD7.5bn in the first nine months of the year, followed by db x-trackers, with USD5.3bn, and Source Markets with USD3.2bn.
15/10/2010

Hedge funds having trouble finding sources of alpha

Despite good results in September, hedge funds are still experiencing difficulty in finding solid sources of outperformance, the ratings agency Fitch Ratings says in its most recent quarterly letter dedicated to hedge funds. “Systemic risk has not dissipated and continues to cause difficulties for directional strategies, particularly equities and macro, which have been particularly affected by increasing correlations between asset classes, and the behaviour of the market, which has been described as “risk-on/risk/off,” says Olivier Fines, managing partner at EMEA Fund and Asset Manager Rating.At the same time, Fines adds, “relative value and event-driven strategies have managed to profit from low interest rates, an increase in corporate activity, and a wider range of inefficiencies in various fixed income sectors, interest rate curves, and credit.”Aymeric Poizot, senior director and head of the group at EMEA Fund and Asset Manager Rating, says “investors may need to refresh their approach to evaluating the merits and the logic behind investing in hedge funds. Expectations of returns need to be revised downward, and the emphasis is increasingly on the flexibility of managers, i.e. on their trading abilities in macro and long/short strategies, and on their relative size and diversification in relative value and event strategies.”
15/10/2010

Image of BRIC countries improves

p { margin-bottom: 0.08in; } According to the most recent Nations GfK Roper 2010 image survey, which measures the global image of 50 countries, two BRIC countries have made major progress, though they are not yet in the top 10: Brazil and China, which have risen from 21st to 14th place in the export area. The United States is still on top, despite mediocre rankings for some areas such as responsible behaviour for “peace and security” (21st), or responsible environmental protection policy (26th). In the top 10, major changes have taken place, as Spain has fallen out of the top 10. Canada has overtaken Italy, and France has fallen to third place, behind Germany.
15/10/2010

Premier closing pour Idinvest Private Debt

Idinvest Partners (ex-AGF Private Equity) a annoncé jeudi le premier closing à 167 millions d’euros de son fonds destiné aux investissements en mezzanine sur le mid-market européen «Idinvest Private Debt». Le fonds vise un encours de 250 millions d’euros dans la perspective d’un closing final attendu pour le second semestre 2011.
15/10/2010

Les investissements de BNP Paribas REIM baissent

BNP Paribas REIM a investi 145,7 millions d’euros sur les neuf premiers mois de l’année 2010. Les acquisitions de biens immobiliers réalisées pour le compte de fonds réglementés ont ainsi diminué de 8 % par rapport à l’an dernier. Sur la même période, les cessions se sont élevées à 28,5 millions d’euros, soit moitié moins que sur les neuf premiers mois de 2009.
15/10/2010

NiXEN Partners prend son indépendance

Fruit du rapprochement entre N.I. Partners et iXEN Partners, deux sociétés historiquement filiales de Natixis Private Equity, NiXEN Partners a fait part de sa prise d’indépendance. La société gère NiXEN I (473 millions d’euros) et a lancé NiXEN II, avec un premier closing de 100 millions d’euros. Cette annonce s’inscrit dans le cadre de la cession des activités de private equity pour compte propre en France de Natixis à Axa PE, dont la réalisation effective a été officialisée hier.
15/10/2010

Lancement du VIX canadien la semaine prochaine

TMX group s’apprête à lancer un indice de la volatilité qui sera publié par Standard & Poor’s. Le S&P/TSX 60 VIX mesurera la volatilité implicite selon la même méthodologie que celle retenue par le CBOE pour le Volatility Index (VIX), lancé en 1993.
14/10/2010

Nouveau CEO européen pour HSBC AM

D’après IPE.com, Rudolf Apenbrink a été nommé directeur général de la division européenne de HSBC Asset Management, suite à la promotion de Joanna Munro au poste de directeur général de l’Asie-Pacifique, une fonction qu’il occupait jusqu’ici.
14/10/2010

Forte baisse des résultats trimestriels d’Investor

Selon L’Agefi suisse, la société d’investissement suédoise Investor a annoncé le 13 octobre une chute de plus de 60% sur un an de son bénéfice net au troisième trimestre à 4,9 milliards de couronnes (526,7 millions d’euros), tandis que la valeur de son portefeuille n’a remonté que de 3% en trois mois dans des marchés toujours «en phase de guérison». Son actif net réévalué a augmenté de 3% à 152,4 milliards de couronnes fin septembre, soit 200 couronnes par titre, contre 195 à la fin du deuxième trimestre et 181 un an plus tôt.
14/10/2010

Les sociétés de gestion italiennes rétrocèdent plus de 70 % des frais de gestion

Selon une étude menée par Plus24, le supplément argent de Il Sole – 24 Ore, et Interactive Data Kler’s sur les fonds de droit italien, en 2009, les sociétés de gestion ont versé à leurs canaux de distribution plus de 1,4 milliard d’euros sur les 2 milliards d’euros de frais de gestion. Soit, en moyenne 71,44 %. Les sociétés de gestion les plus généreuses avec leurs distributeurs sont les filiales de banque. La tête du classement revient à Amundi Sgr, qui rétrocède 84 % en moyenne à ses réseaux.
14/10/2010

Vontobel renforce son équipe italienne

La banque privée suisse Vontobel vient d’inaugurer son nouveau siège italien Piazza Affari, la place où se situe la Bourse de Milan. Cela s’accompagne du renforcement de la structure de Private Banking, dirigée par Stefano Calvi, avec l’arrivée de 5 nouveaux collaborateurs, dont 3 banquiers privés. Massimo Verduci et Gianluca Landi, qui viennent de Banca Passatore, devront notamment développer les relations avec la clientèle privée. Alessandro degli Alessandri s’occupera de la clientèle très fortunée du centre de l’Italie.
14/10/2010

AmpegaGerling paie 17,9 millions d'euros 32,6 % de C-Quadrat

Aux enchères menées par le liquidateur, AmpegaGerling Asset Management GmbH (84 milliards d’euros) a remporté pour 12,60 euros par action (mise à prix : 12,50 euros) la participation de 32,59 % que détenait le groupe AvW AG dans la société de gestion austro-allemande C-Quadrat Investment AG et qui avait été hébergée par Capital Bank lorsque AvW a connu ses difficultés financières.Comme la participation en question représentait un peu plus de 1,42 million d’actions, le prix acquitté par AmpegaGerling se monte à 17,92 millions d’euros. Ramené aux 4,9 milliards d’encours totaux de C-Quadrat (4,9 milliards d’euros, dont 3 milliards pour l’asset management), cela représente un prix de 1,1 % des actifs.Cette transaction est encore suspendue à l’autorisation de l’Autorité autrichienne de surveillance des marchés financiers (FMA). En tout cas, le directoire de C-Quadrat Investment s’est félicité de l’engagement d’AmpegaGerling, qualifié de «partenaire stratégique pour le long terme», avec lequel l’entreprise travaille au reste depuis plusieurs années.
14/10/2010

State Street GA nomme un nouveau directeur pour la France

State Street Global Advisors (SSgA) annonce ce mercredi la nomination de Marco Fusco au poste de directeur général des activités de SSgA en France. Il remplace Carl Bangs, qui va poursuivre de nouveaux projets professionnels au Canada. L’intéressé rapportera à Greg Ehret, directeur des activités de SSgA pour la région EMEA (Europe, Moyen-Orient et Afrique). Marco Fusco a rejoint SSgA en 2007. Il assumait dernièrement les fonctions de directeur général de SSgA en Italie, responsable de l’Intermediary Business Group pour l’Europe du sud. Avant de rejoindre SSgA, il a été responsable des activités de conseil et de distribution pour le marché institutionnel au sein d’AXA Investment Managers et a occupé différents postes de direction chez ING Investment Managers et Paribas.
14/10/2010
Fonds

BofA ML fait enregistrer sa nouvelle sicav matières premières en Espagne

Le 16 août 2010, Bank of America Merrill Lynch a obtenu du régulateur irlandais l’agrément de commercialisation de la sicav de droit local BofAML Invest Funds Plc, avec les compartiments de matières premières MCLX Agriculture Optimal Crop Fund et MLCX Commodity Alpha Fund. Désormais, cette sicav coordonnée est aussi enregistrée pour la vente en Espagne, avec le visa de la CNMV.
Fonds

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