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23/08/2010

Partners Group investit à Canary Wharf

Le suisse Partners Group (20 milliards d’euros d’encours) a annoncé qu’il investit avec un partenaire 40 millions de livres dans le financement senior B de l’immeuble commercial situé Canada Square 5 dans le quartier de Canary Wharf à Londres. Cet immeuble est loué en totalité pour des périodes de 15 ans et plus.
23/08/2010

Nomination chez Emirates NBD à Londres

Selon Wealthbriefing, Emirates NBD a désigné Iyad Quttaineh en qualité de responsable des activités de banque privée à Londres.Iyad Qttaineh, qui a pris ses fonctions le 30 juin dernier, travaillait précédemment chez BNP Paribas en qualité de senior investment manager. Emirates NBD a des centres de gestion de privée à Dubai, Abu Dhabi et Londres. La banque a démarré ses activités à Abu Dhabi en février dernier.
23/08/2010

Anna Ho leaves Carlson

The analyst Anna Ho, specialised in the Asian market, is leaving the management firm Investmentgesellschaft Carlson Fund Management (DnB NOR Group), Das Investment reports. She will subsequently cease to provide management of the Asian fund Asian Small Cap (WKN 986071), which has earned slightly over 58% in five years.
23/08/2010

Dirk Klee promoted at BlackRock

BlackRock has announced that Dirk Klee, who since early 2008 had been head of iShares activities for central and eastern Europe, has been appointed as country head of Germany Austria and Eastern Europe. He will also retain his previous functions. The former head of retail sales for Germany and Austria at Allianz Global Investors will continue to represent BlackRock on the board of the German BVI association of management firms. He will report to James Charrington, chairman of EMEA at BlackRock. The appointment of Klee comes as part of a redistribution of responsibilities at BlackRock, and will be seconded by Steven Bayly, who remains as head of institutional activities, while Andrej Brodnik remains head of retail. BlackRock’s assets in Germany, Austria and eastern Europe top USD55bn.
23/08/2010

MiFID directive penalised by lack of liquidity

According to a study recently published by Aite Group (“European Execution Venues: The Good, the Bad, and the Ugly,”) the MiFID directive has probably succeeded in intensifying competition between execution venues, but many new ones have not succeeded due to the lack of liquidity in European equities markets. “Many execution venues were created in 2007, when volumes on European equities were at peaks, and the MTF business model appeared certain to succeed,” writes Simmy Grewal, an analyst at Aite and author of the study. With the reduction in liquidity to about half of its 2007 peaks, some platforms realised that they would not be able to survive, and were taken over by larger market business, or were obliged to cease their activities. “If liquidity does not return to pre-2008 levels, further consolidation in multilateral trading platforms is to be expected,” Grewal predicts.
23/08/2010

Americans dipping into pension savings to see off crisis

A record number of U.S. workers are tapping into their retirement accounts to make it through the economic downturn, Fidelity Investments found in a survey cited by Reuters. Among the 11 million workers whose 401(k) plans are run by Fidelity, 11 percent took out a loan from their plan during the 12 months ended June 30, the company said, up from 9 percent at the same point a year earlier. Hardship withdrawals were also on the rise.
23/08/2010

Changes at the top in JP Morgan asset management

According to a statement from George Gatch, head of the investment management Americas division at J.P. Morgan Chase, John Garibaldi will replace John Hunt as head of institutional advisory and sales. He was head of the strategic client group, the Wall Street Journal reports. Meanwhile, Patricia Maleski will remain as chief administrative officer, but has been promoted to president of JP Morgan Funds, while Bob Young, chief operating officer of J.P. Morgan Funds, is appointed COO of the investment management Americas division.
23/08/2010

Thomas Richter (DWS) joins BVI management

The German BVI association of asset management firms announced the arrival on October 1st of a third managing director, Thomas Richter, one of the managing directors of DWS Investments (Deutsche Bank group) since 2007. Richter, who will be based in Berlin, will be responsible primarily for political communication, as BVI is planning to intensify its lobbying efforts. He is already a member of the board at the association.
23/08/2010

Number of funds at an all-time low since Internet bubble

Currently, Expansión notes, Spanish management firms offer over 2,492 funds, only slightly more than at the time of the dot.com bubble, and about 500 funds, or 20%, less than before the onset of the financial crisis in summer 2007. In the past three years, net redemptions have totalled nearly EUR105bn, compared with EUR260bn in assets before. As a result, many funds have fallen below the legal minimum of EUR3m, and have been liquidated. The other two reasons for the fall in the number of funds are losses at management firms, and an intensification of competition from major foreign management firms.
23/08/2010

Number of funds at an all-time low since Internet bubble

Currently, Expansión notes, Spanish management firms offer over 2,492 funds, only slightly more than at the time of the dot.com bubble, and about 500 funds, or 20%, less than before the onset of the financial crisis in summer 2007. In the past three years, net redemptions have totalled nearly EUR105bn, compared with EUR260bn in assets under management before. As a result, many funds have fallen below the legal minimum of EUR3m, and have been liquidated. The other two reasons for the fall in the number of funds are losses at asset management firms, and an increased competition from major foreign asset managers.
23/08/2010

PQSR reimburses subscribers

Since the beginning of the year, the hedge fund PQSR Capital Paolo Pellegrini has lost about 11%, of which 8% was lost in July, following unlucky bets on US Treasuries. The performance of the fund was over 61% in 2009. The CEO of the firm, who made more than USD15bn on Paulson & Co subprime assets, has decided to reimburse subscribers by 30 September, and no longer to manage money other than its own capital until further notice, the Wall Street Journal reports.
23/08/2010

State Street adds to risk analysis product range

State Street on 20 August announced a series of significant improvements to the risk analysis services and tools it offers to institutional investors. The new functionality offered includes portfolio reallocation tools, economic stress testing, and a larger quantity of investments taken into consideration. The new capacities, as well as the complete range of risk services, are entirely integrated into the Invesco Analytics DashboardSM from State Street, available at my.statestreet.com. Clients may now benefit from complete representation of their investments, from the point of view of risk, performance, alternative products and compliance.
23/08/2010

UBS in ad campaign to recover confidence of clients

Agefi Switzerland reports that UBS has launched a vast advertising campaign aiming to regain client confidence. After the campaign kicks off in Switzerland, it will be launched in the Asia-Pacific region on Monday, then in Europe and the Middle East in late August. The bank has not stated the amount it has dedicated to the campaign. UBS says it is a global campaign, the largest it has launched in three years. Via television, internet and press advertisements, it will convey the idea that it “will not rest” unless clients are satisfied they have chosen the best bank.
23/08/2010

John Paulson to adapt to regulated environment

Deutsche Bank has reined in John Paulson, the super-star hedge fund manager: its affiliate DB Platinum has applied to the Luxembourg CSSF for a license for a fund which will be managed by the US team, but which will comply with the UCITS III directive. The fund will be a hybrid between an unregulated hedge fund and a traditional investment fund, subject to very strict regulations, Handelsblatt reports. The growing number of “newcits” is part of a normal market cycle by which an idea is only marketed to retail investors once it has already passed the peak of its success, the newspaper comments. The fund, managed by Paulson, will comply with requirements to provide at least bi-monthly liquidity, which will not easily be made compatible with the strategy of buying businesses in danger of bankruptcy and streamlining them, and then selling them off at a higher price. Investors would do well to wait to see how well the super-star does at working within the close confines of the UCITS III directive.
23/08/2010

MF Global moves into asset management

MF Global Holdings is to make a push into money management and investment banking, in an effort to capitalise on the derivatives brokerage’s strength in commodities markets, writes the Financial Times.
23/08/2010

Soros acquires 4% of Bombay Stock Exchange

George Soros has bought a 4 percent holding in India’s Bombay Stock Exchange for about USD35 million, two sources with direct knowledge of the deal told Reuters on Friday. Soros’ Quantum hedge fund acquired the stake.
23/08/2010

City of London to bankroll its own police force

The City of London becomes a ghost town at night. The major companies based there, worried about falling victim to financial delinquency and terrorism, and the municipal government are joining forces to finance a special police service, which will patrol the district night and day, as a complement to the ordinary police, whose budget is being cut by the government.
23/08/2010

Partners Group invests in Canary Wharf

The Swiss firm Partners group (EUR20bn ina ssets) has announced that with a partner, it is investing EUR40m in B senior financing for the commercial building located at Canada Square 5 in the Canary Wharf district of London. The property is fully leased for terms of 15 years or more.
23/08/2010

NBNK Investments raises GBP50m

The initial public offering from NBNK Investments, which has been available on AIM since Friday, raised GBP50m, the Wall Street Journal reports. The new vehicle, which will focus on banking and SMB assets, is 29.5% controlled by Invesco Asset Management, and 11.5% owned by Aviva Investors, while BlackRock Investment Managers and JPMorgan Asset Management controls 13% of shares in the business. The asset management firms Moore Europe Capital Management and Och-Ziff Capital Management each control 9.4% of capital. The two main targets of the group are the 600 branch offices put up for sale by Lloyds Banking Group and some Northern rock assets.
23/08/2010

Emirates NBP appoints a new head of private banking in London

Wealthbriefing reports that Emirates NBD has appointed Iyad Quttaineh as head of private banking activities in London. Quttanieh, who began in the role on 3 June, previously worked at BNP Paribas as senior investment manager. Emirates NBD has private management centres in Dubai, Abu Dhabi and London. The bank launched its activities in Abu Dhabi in February this year.
23/08/2010

European real estate funds steer clear of Spain

The Spanish real estate market continues to be the subject of suspicion on the part of most European real estate funds, which, if not leaving the Iberian peninsula altogether, are remaining highly prudent. According to Cotizalia, the British fund Parkridge, which has been operating in Spain for three years, has decided to close its Barcelona offices. The firm is preferring to coordinate its investments in Portugal and elsewhere in Europe from France. For its part, the French firm Stam Europe remains operational in Spain, but is taking much longer than in the past before concluding a transaction. Stam had been planning since spring this eyar to acquire shopping centres from Eroski for a total of over EUR70m. One of the major barriers to real estate investment in Spain is that the level of returns is more attractive in Germany or the United Kingdom, and only opportunistic funds can really benefit from them, Cotizalia claims.
23/08/2010

UniCredit may break up Pioneer

Many bankers believe that Unicredit could get a better deal if it broke up Pioneer Global Asset Management and sold the U.S. arm separately, writes Investment News. The U.S. business, which has USD56 billion in assets under management, has a number of suitors, with John Hancock Funds LLC, MFS Investment Management, and Eaton Vance Investment Managers topping the list, bankers said. Private-equity firms are also likely to look at the U.S. outfit.
20/08/2010

Stabilité des actifs sous gestion du groupe BCV

Au premier semestre, les actifs sous gestion du groupe suisse BCV (Banque cantonale vaudoise) sont demeurés stables à 76 milliards de francs suisses. La collecte nette des six premiers mois de l’année s’est inscrite à 989 millions de francs suisses, précise le groupe dans un communiqué.Le bénéfice net du groupe a progressé de 7% au premier semestre à 146 millions de francs.
20/08/2010

Premier semestre difficile pour Clariden Leu

Clariden Leu a annoncé le 19 août que son bénéfice net a chuté de plus de moitié au premier semestre à 102 millions de francs, contre 219 millions à la période correspondante de l’an passé. Les actifs sous gestion de l'établissement zurichois, issu de la réunion des banques privées du Credit Suisse, se sont contractés de 3% par rapport au premier semestre 2009 à 99 milliards de francs suisses en raison d’un impact négatif des marchés et d’un affaiblissement des devises étrangères contre franc suisse. Clariden Leu fait également état d’une décollecte nette de 800 millions de francs.
20/08/2010

VZ Holding redresse la barre au premier semestre

La société zurichoise active dans la gestion de fortune VZ Holding a fait état pour le premier semestre 2010 d’un bénéfice net de 23,1 millions de francs contre 15,3 millions de francs un an plus tôt. Au 30 juin, les actifs sous gestion s’inscrivaient à 7,2 milliards de francs suisses contre 6,7 milliards de francs à fin décembre.
20/08/2010
Fonds

Les hedge funds font le plein de souscriptions en juillet

En juillet, les encours sous gestion du secteur des hedge funds à l'échelle mondiale ont progressé de 18,1 milliards de dollars, pour s'établir à 1.520 milliards de dollars, indique Eurekahedge. Cela reste inférieur au pic enregistré en 2007 à 1.950 milliards de dollars, mais supérieur au plancher de mars 2009 (1.290 milliards de dollars). La hausse de juillet est notamment due à 10,4 milliards de dollars de souscriptions nettes, tandis que les bonnes performances du secteur en juillet ont représenté 7,7 milliards de dollars. Après deux mois de déclin, les hedge funds ont en effet enregistré un gain de 1,47 % en juillet, d’après Eurekahedge.A noter que les souscriptions aux hedge funds basés aux Etats-Unis ont dépassé les 30 milliards de dollars depuis le début de l’année. Quant aux hedge funds Ucits III, ils ont attiré 5 milliards de dollars, précise Eurokahedge.
Fonds
20/08/2010
Fonds

La fermeture de Duquesne n’aura pas trop d’impact

La décision de Stanley Druckenmiller de fermer son hedge fund Duquesne Fund Management ne devrait pas avoir un gros impact sur les marchés financiers, en partie parce que l’argent est principalement le sien et qu’il continuera à être géré par ses associés, indique le Financial Times, citant des personnes proches du dossier. 30 à 40 % des 12 milliards de dollars de Duquesne appartiennent à Stanley Druckenmiller.
Fonds
20/08/2010

L'ancien CEO de BofA nommé "president" de Temasek

Le fonds souverain de Singapour, Temasek, a annoncé le 19 août dans un communiqué la nomination de l’ancien patron de Bank of America (BofA), Gregory Curl, en qualité de president à compter du 1er septembre. Pour sa part, Simon Israel, actuellement executive director, assumera conjointement les fonctions d’executive director et de president à compter également du 1er septembre.Temasek ajoute que Hsieh Fu Hua a rejoint le fonds souverain le 1er août dernier en qualité d’executive director et de president. Hsieh Fu Hua, Gregory Curl et Simon Israel travailleront en étroite collaboration avec le CEO de Temasek, Ho Ching, pour accompagner l'équipe dirigeante et développer l’institution, souligne le fonds souverain dans son communiqué. A noter enfin que Dilhan Pillay Sandrasegara, managing partner du cabinet juridique Wong Partnership LLP, va rejoindre le 1er septembre Temasek en qualité de responsable de la gestion du portefeuille co-responsable de Singapour avec Simon Israel. Au 31 mars dernier, le portefeuille de Temasek s'élevait à 186 milliards de dollars de Singapour, soit un peu plus de 107 milliards d’euros.
20/08/2010
Fonds

167 nouveaux ETF au premier semestre

Au premier semestre 2010, 167 ETF ont été lancés en Europe, dont 78 au deuxième trimestre, selon Lipper. db x-trackers a été de loin le plus actif avec 48 nouveaux produits. Julius Baer arrive en deuxième position (24) devant Amundi (19).Ces ETF ont drainé à eux seuls 3,06 milliards d’euros. Au total, les encours sous gestion des ETF en Europe ont progressé de 1,79 % sur le deuxième trimestre à 183,24 milliards d’euros, selon Lipper. Il y a un an, les encours ressortaient à 127,82 milliards d’euros.
Fonds

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