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08/09/2010

L’Américain Bob Diamond prend les rênes de Barclays

La banque britannique Barclays a annoncé le 7 septembre la nomination comme directeur général de l’Américain Bob Diamond, considéré comme un des banquiers les plus riches du monde.Bob Diamond, 59 ans, actuel patron de Barclays Capital, la division de banque de financement et d’investissement de Barclays, et de Barclays Wealth, a été désigné directeur général en remplacement du Britannique John Varley, qui quittera ses fonctions à la fin du mois de mars 2011, selon un communiqué du groupe. Ces changements ne semblent pas devoir affecter la direction de Barclays Wealth, que Tom Kalaris devrait continuer de piloter en tant que CEO. Bob Diamond, qui a rejoint le groupe britannique en 1996, est surnommé par la presse britannique «le banquier aux 100 millions de dollars» pour avoir été un grand bénéficiaire de bonus avant la crise financière. Selon le Times, c’est un vrai défi lancé au gouvernement de David Cameron, qui ne veut pas de nouveaux dérapages des rémunérations dans la finance…
08/09/2010

Deux départs de GLG Partners pour CQS Management

Financial News rapporte que la société de hedge fund CQS Management basée à Londres a recruté Karyn Geringer et Andrew Hahn, deux commerciaux qui exerçaient leurs fonctions chez GLG Partners – un concurrent de CQS - dont la force de vente doit être prochainement intégrée chez Man Group.
08/09/2010

HSBC se renforce en gestion alternative

Selon Money Marketing, HSBC vient de nommer Amy McNally en qualité de global marketing manager au sein de son pôle de gestion alternative HSBC Alternative Investments.Amy McNally travaillait précédemment chez Barclays Wealth en tant que spécialiste produits dans le segment des investissements alternatifs.
08/09/2010

Henderson sous la menace d’une plainte

Un groupe de 30 fonds de pension menace de porter plainte contre Henderson Group, si ce dernier ne compense pas les pertes d’un fonds infrastructures, le Henderson PFI Secondary Fund II, qui avait été vendu, selon ces investisseurs, comme un investissement à faible risque, rapporte IPE. com. Le fonds avait levé 575 millions de livres auprès d’investisseurs en 2005, mais a depuis perdu 60 % de sa valeur. Les fonds de pension ont donné deux semaines à Henderson pour les dédommager.
08/09/2010

CCR and CPR register funds in Spain

The CNMV on 3 September registered Participation P class shares of the CPR Focus Inflation fund, which will be distributed in Spain by Amundi Iberia. On the same day, the Spanish regulator also registered I, P, and R class shares in the CCR Flex Crossance and CCR Flex Patrimoine funds, which will be distributed by UBS Bank SA.
08/09/2010

Dutch hedge fund index gained 0.2% in July

The Finles/IEX Hollandse Hedgefund Index of Dutch hedge funds finished the month of July at 110, giving it a gain of 0.2% for the month. Since 1 September, the index, which started on 1 January 2009 with a basket of 17 products, now includes 29 funds, with the addition of the Callanish Global Macro Fund. The 20th product, from 1 October, will be the Frog Fund. Only three funds in the index have earned returns equal to or greater than 10% since the beginning of the year: the HIQ Invest Market Neutral, with 10%; the QTYR Fund (16%), and the Trade Wind Equity Fund (23%).
08/09/2010

Commission for Morgan Stanley P2 Value cut by half

As of 6 September, assets in the open-ended real estate fund Morgan Stanley P2 Value totalled EUR922.8m, compared with EUR1.67bn aat the time that redemptions were frozen at the end of October 2008. On Monday evening, the fund announced that a reexamination of the assets in the portfolio resulted in a downward revision of EUR185m, in addition to a EUR21m risk provision. This means that the net asset value (NAV) of the shares has been revised downward by about 18% since 31 August, to EUR29.83, compared with EUR36.48. When the fund reopens to redeptions in early November, it will presumably have a net asset value of EUR26.60 to EUR28.20. The P2 Value fund has increased its liquidity through a sale in the past few weeks of properties in the Netherlands (Hardwareweg and Soesterberg), in France (Arcueil), and in Singapore (Drycott Park). The sales have generated a net total of EUR85m in net proceeds. Morgan Stanley Real Estate Investment GmbH has also announced plans to reduce management commissions for the P2 Value fund by half, to cost, for the three years following the reopening of the fund to redemptions. Currently, the fund’s total expense ratio (TER) is 0.88%. The management firm has also announced that Marc Weinstock is joining the managing board. He was a member of the board at HS Real Estate until June, in charge of funds and participations. Silvia Schmitten-Walgenbach is also joining the board of directors. Since 2007, she has been a member of the management team at DEGI, which has in the meantime been acquired by Aberdeen Property Investors. Morgan Stanley REI states that it is seeking a chief financial officer. The CEO, Walter Klug, 62, who is in charge of strategy, marketing, distribution, and external relations, will be retiring in June 2011.
08/09/2010

Amundi lists 15 more ETFs on Borsa Italiana

Amundi ETF announced on Tuesday, 7 September that it has listed 15 more ETFs on the Italian market, bringing the total number of products available on the Borsa Italiana to 60. The new products include: 6 equities ETFs, widening the geographical possibilities with AMUNDI ETF FTSE MIB, AMUNDI ETF S&P 500 and AMUNDI ETF NASDAQ-100. 8 bond ETFs replicating the EuroMTS Eurozone Government Broad indices, and allowing investors to adopt positions on interest rate curves in the Euro zone, with maturities ranging from 3 years to 15 years. Among the new ETFs is AMUNDI ETF EX AAA GOVT BOND EUROMTS, a product which offers exposure to a portfolio of bonds issued by governments of Euro zone member states with a rating of less than AAA or equivalent from the ratings agencies S&P, Moody’s and Fitch. 1 money market ETF, the AMUNDI ETF EONIA, which offers exposure to the reference rate for the Euro zone money markets.
08/09/2010

Slight increase for Lyxor index in August

The Lyxor Hedge Fund Index posted gains of 0.05% in August. As of 31 August, the index showed returns of +0.84% since the beginning of the year. For the month, the alternative strategies which performed best were the CTA Long Term Index (+3.86%), the Convertible Bonds & Volatility Arbitrage Index (+1.95%), and the L/S Equity Short Bias Index (+1.25%). However, the worst performers were the L/S Equity Long Bias Index (-1.48%) and the L/S Equity Statistical Arbitrage Index (-1.40%).
08/09/2010

Credit Suisse appoints a new CEO for Asia Pacific

Credit Suisse on 7 September announced the appointment of Osama Abbasi as chief executive officer fer the Asia-Pacific region. He becomes a member of the board at Credit Suisse Group AG and Credit Suisse AG. Abbasi will report directly to Brady Dougan, and will be in charge of deploying the bank’s strategy, with responsibility for performance on the level of the division as well as of the individual countries. The group has also announced that Kai Nargolwala has become chairman of Credit Suisse Asia-Pacific. The non-executive position is a newly-created one. In this role, Nargolwala will advise and support senior management in the region, including the new CEO, with emphasis on strategy and relations with major clients. Abbasi will continue to be based in Hong Kong, while Nargolwala will be transferred to Singapore. The two appointments will be effective from 1 October.
08/09/2010

Janus creates a position for Asia COO

Asian Investor reports that Janus has created a position for a chief operating officer (COO) for the Asia-Pacific region, with the objective of providing better service to institutional clients. Janus has appointed a former BGI employee, Fred Horsey, to the position; he will have responsibility for operations, compliance, and client reporting, as well as coordination of regional responsibilities for strategy and product development.
08/09/2010

HSBC launches Pacific ex Japan ETF

HSBC is continuing to add to its range of ETF products, with the launch of an ETF dedicated to the Pacific ex Japan region. The MSCI Pacific ex Japan ETF is listed on the London Stock Exchange, and brings the number of products of this type to 10, offering investors exposure to the performance of the MSCI Pacific ex Japan index, including developed markets in the region: Australia, Hong Kong, New Zealand, and Singapore.
08/09/2010

Syz & Co launches a Latin America fund

The Syz & Co group has launched Oyster LatAm Opportunities, a fund which invests in South American equities, and which will be managed by Moneda Asset Management SA in Chile, a specialist in Latin American investment. The fund will invest in companies of all cap sizes (from a minimum of USD100m in market capitalisation), and will concentrate on 60 to 100 positions throughout Latin America. The fund, which remains reserved for institutional clients, will soon be registered in several European countries, including Switzerland, which will make it possible to distribute the fund to retail clients like other Oyster sub-funds.
08/09/2010

St. James's Place Equity Income Unit Trust stands by its managers

Nick Purves and Ian Lance will continue to be responsible for the management of the St. James’s Place Equity Income Unit Trust fund from St. James’s Place. The two managers recently left Schroders to join RWC Partners. After a rigorous study of the management process, the management firm has decided to continue to place their confidence in the team. Purves has managed the fund, which has more than GBP500m in assets, for more than seven years, a statement says.
08/09/2010

Moody's rolls out new ratings for money market funds

Agefi reports that the ratings agency Moody’s is seeking to reformulate its evaluation of money market funds, and has launched a consultation until 5 November on a new method for rating them. The proposals would set up a 5-star rating system to rank the funds from strongest to weakest (from MF1+ to MF4), in place of the current 4-star system (Prime 1 to Prime 3, and “not Prime.”) Four evaluation criteria have been selected for the classification of money market funds in the new scale: underlying risk, short- and long-term liquidity profile, sensitivity of the fund to changes in interest rates, and finally, the potential availability of liquidity support from sponsors.
08/09/2010

Appointment at FSA

The British Financial Services Authority (FSA) announced on 7 September that it has appointed Margaret Cole with immediate effect as a member of the board of the FSA and managing director in charge of law enforcement and financial crime. Cole, who joined the FSA in 2005, has contributed considerably to the success of the dissuasion strategy used by the market watchdog over the past three years.
08/09/2010

Marc Krombas (ex-SGAM UK) leaves GLG

fundstrategy reports that Marc Krombas, who managed a fund dedicated to the Middle East and North Africa (MENA) region, left GLG Partners a few months ago. The firm has since recruited Mark Diab as equities portfolio manager for the MENA region. Krombas joined GLG last year when the British alternative management firm acquired Société Générale Asset Management UK, which launched the MENA fund in May 2008, as these markets showed little correlation with the turbulence which affected the financial markets of the developed world at that time. GLG has no comment on the reasons for the departure of Krombas, nor about his plans since then.
08/09/2010

HSBC adds to alternative management team

Money Marketing reports that HSBC has appointed Amy McNally as global marketing manager in the alternative management unit of HSBC Alternative Investments. McNally previously worked at Barclays Wealth as a product specialist in the alternative investment segment.
08/09/2010

Two departures from GLG Partners for CQS Management

Financial News reports that the hedge fund firm CQS Management, based in London, has recruited Karyn Geringer and Andrew Hahn, two sales people who previously worked for GLG Partners, a rival of CQS whose sales team will soon be merged with Man Group.
08/09/2010

Henderson threatened with lawsuit

A group of 30 pension funds is threatening to sue Henderson Group, if it fails to pay compensation for losses incurred by an infrastructure fund - the Henderson PFI Secondary Fund II -, which they claim was promoted as a low risk investment, writes IPE.com. The fund raised GBP575m from investors in 2005, but has since fallen in value by 60 per cent.
08/09/2010

Appointment at Schroders

Schroders announced on Tuesday, 7 September, that it has appointed Rory Bateman as head of European equities management. Bateman, who joined Schroders in early 2008, will continue to co-manage the major portfolios of European equities, and will oversee the research analyst team. He will report to Ken Lambden, global head of equities. The promotion follows the appointments a few months ago of Martin Skanberg as the manager of the Schroder ISF EURO Equity fund, and Jamie Lowry as manager of the Schroder ISF European Equity Alpha funds a few months ago.
08/09/2010

AllianzGI Investments Europe adds a Swiss team

Allianz Global Investments Europe, the European investment platform of Allianz Global Investors, which includes the French and Italian asset management firms, has added the bond management team of the Allianz Group, based in Zurich. The structure thus now includes 100 investment professionals, and manages EUR116bn, as of 30 June 2010, on behalf of institutional and private clients in Europe.
08/09/2010

Banking tax: double taxation problem still unresolved

The finance ministers of the 27 EU member countries, meeting yesterday in Brussels, reached a minimal consensus on the question of taxation of banks, Agefi reports. The problem of double taxation remains as a stumbling-block. The UK government intends to tax not only establishments which are headquartered in the UK, but also “affiliates of foreign banks present in the City,” a British official said yesterday. For its part, “France is favourable to taxation of the parent company and its affiliates, but not branches in local locations,” explained the French minister of the economy, Christine Lagarde. French banks with offices in the City may thus be taxed twice: once in France for the group as a whole, and once on British affiliates of the same groups in the UK.
08/09/2010

Pat O'Brien becomes CEO of Aviva Investors for North America

Aviva Investors on Tuesday announced the appointment with immediate effect of Pat O’Brien as CEO of Aviva Investors North America. O’Brien will be responsible for the operations of the asset management firm in the United States and Canada. He will be based in Chicago, and will report to Alain Dromer, CEO of Aviva Investors, and become a member of the global executive board. O’Brien joined Evergreen Investment Management, the asset management affiliate of Wachovia Corporation, in 2000. From 2008 to 2009, he was head of international at Wachovia Global Asset Management. His appointment comes as part of a strategy at Aviva Investors to develop institutional assets. Aviva Investors has recently appointed Jean-François Boulier as CEO of Aviva Investors Europe, in addition to his role as chairman of the board of Aviva Investors France (see Newsmanagers of 31 August and 1 September).
08/09/2010

Luis Peña becomes executive chairman of Belgravia Capital

The former CEO of Fonditel (the investment fund management firm for the pension fund of the Telefónica group), who was fired from that position in February, has acquired a stake in the Spanish investment boutique Belgravia Capital, where he will also become executive chairman, Funds People reports. The CIO of Belgravia Capital is Carlos Cerezo, one of the founders of the firm, which has assets of EUR125m in the Beta and Delta Sicavs and the Epsilon fund.
08/09/2010

Slightly over CHF58bn in assets under management at Swisscanto

The Swisscanto group on 7 September announced that its assets under management had temporarily gone above the CHF60bn threshold during the 2009/2010 fiscal year at the end of June. However, the strong rise of the Swiss Franc has had a detrimental effect on the figures, reducing the value of CHF58.1bn, which is nonetheless an increase of about CHF0.7bn in one year. Swisscanto poitns out that low interest rates have led to major withdrawals of capital from money market funds, and a revaluation of equities, whereas the business is undervalued compared with the market. Institutional investments have nonetheless posted a net inflow of CHF1.3bn.
08/09/2010

CAAM Islamic becomes Amundi Islamic

Amundi announced on 7 September that its Luxembourg-registered Sharia-compliant Sicav CAAM Islamic is to be renamed as Amundi Islamic. Amundi is thus continuing its policy of changing the names of its products and expertise “to offer institutional clients and distributors a strong international brand.” The name change has been integrated into the prospectus for August 2010. The documentation (performance reports, etc.) will be available under the new name from 20 September, and available on the website www.amundi.com/lux
08/09/2010

Lyxor launches Australia and Canada ETFs

Lyxor launched on Tuesday its first ETFs exposed to the Australian and Canadian markets on Euronext Paris. The Lyxor ETF Australia (AU2 – LU0496786905) replicates the performance, both positive and negative, of the S&P ASX 200 index, which includes more than 80% of Australia’s market value, while the Lyxor ETF Canada (TSX – LU0496786731) tracks the peformance of the S&P TSX 60, which includes 73% of Canada’s overall market capitalisation.

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