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26/07/2010
Fonds

Un ancien de SSGA lance un hedge fund sur la Chine

Selon Hedge Week, l’ancien gérant de SSGA Wu Huimin vient de créer un hedge funds spécialisé sur les investissements en Chine. Il lance le produit en collaboration avec l’ancien directeur de la recherche sur la Chine de Citigroup Xue Lan et l’analyste de Indus Capital Global Advisors Sun Lu. Le fonds est baptisé Trivest Advisors Ltd et a d’ores et déjà levé 93 millions de dollars.
Fonds
26/07/2010
Fonds

Third Avenue commercialise quatre compartiments

L’américain Third Avenue Management a obtenu de la BaFin l’agrément de commercialisation en Allemagne des quatre compartiments du fonds coordonné à compartiments de droit irlandais Third Avenue Value Fund UCITS, à savoir Third Avenue Value Fund, Third Avenue Small-Cap Value Fund, Third Avenue Real Estate Value Fund et Third Avenue International Value Fund.Les fonds Third Avenue sont déjà disponibles en Suisse, au Royaume-Uni et en Asie-Pacifique.
Fonds
26/07/2010
Fonds

Le P2 Value fait du tort à toute la branche

Le P2 Value de l’allemand Morgan Stanley Real Estate est le seul fonds immobilier allemand offert au public à être fermé sans interruption depuis fin octobre 2008, ce qui fait que ses souscripteurs sont prisonniers d’un fonds qui a été dévalué trois fois en un an. Si le gestionnaire n’arrive pas à réunir suffisamment de liquidités d’ici à fin octobre 2010, la BaFin pourrait l’enjoindre de liquider le fonds sous un an, écrit la Frankfurter Allgemeine Zeitung. En attendant, les déboires du P2 Value jettent le discrédit sur toute la branche qui n’a pas besoin de cela : dix fonds immobiliers d’un encours total de 25,5 milliards d’euros sont actuellement en suspension de remboursements, soit 28,7 % de l’encours total du secteur, et le P2 Value ne restera probablement pas un cas isolé…
Fonds
26/07/2010

JC Flowers s'intéresse aux caisses d'épargne espagnoles

L’ouverture du secteur liée à l’adoption tout récente de la réforme de la loi sur les caisses d'épargne espagnoles a déjà attiré un premier investisseur, rapporte la Börsen-Zeitung : le capital-investisseur JC Flowers va souscrire en solo un emprunt convertible de 450 millions d’euros de Banca Civica, produit de la fusion des caisses d'épargne de Burgos, des Canaires et de Navarre.
26/07/2010
Fonds

L'encours des fonds a baissé de 9,25 % au premier semestre en Espagne

Selon les statistiques de l’association espagnole Inverco des sociétés de gestion, l’encours des fonds au 30 juin ressortait à 148,14 milliards d’euros, ce qui représente une contraction de 9,25 % sur un semestre.A la fin du premier semestre, la part de marché des trois premiers acteurs (BBVA, Santander et la Caixa) se situait à 44,59 % avec 66,05 milliards d’euros. Les dix premiers acteurs, en ajoutant le Banco Popular, Ahorro Corporación, Caja Madrid, le Banco Sabadell, IberCaja, Bankinter et Barclays, arrivaient pratiquement à 103,8 milliards d’euros, soit presque 70,1 % du total.
Fonds
26/07/2010
Fonds

Quality Funds lance un fonds de fonds marchés émergents

Moyennant 600 euros de souscription minimale initiale, les particuliers espagnols auront accès au nouveau fonds de fonds de marchés émergents de Quality Funds, la plate-forme de multigestion du BBVA. La commission de gestion du QF Selección Emergentes se situe à 1,35 % et celle de performance à 9 %. Le fonds sera investi en fonds d’actions, d’obligations en devises et en fonds de matières premières.
Fonds
26/07/2010

Cazenove a finalisé l'intégration de Thornhill

Cazenove Capital Management indique avoir complètement intégré les comptes des clients privés ainsi que les fonds de Thornhill. Cazenove a fait l’acquisition de la société fin 2009. C’est aujourd’hui Julie Dean qui gère le Thornhill Capital trust ainsi que le fonds Cazenove UK Opportunities. Une fusion des deux fonds n’est pas à l’ordre du jour.
26/07/2010

Les sociétés de gestion indépendantes gagnent du terrain

Au Royaume-Uni, les banques et les assurances perdent des parts de marché dans la gestion d’actifs face aux boutiques indépendantes, note Financial Times FM. L’an dernier, pour la première fois, les encours gérés par les grands groupes et leurs filiales sont ainsi descendus à moins de la moitié des encours totaux, selon les chiffres de l’Investment Management Association. En 2009, les actifs gérés au Royaume-Uni par les sociétés de gestion indépendantes représentaient 35,2 %, contre seulement 12 % en 2003.
26/07/2010

Nominations chez GLG Partners

GLG Partners annonce la nomination de Javier Velazquez au poste de Head of European Industrial Investments ainsi que celle de Carl Esprey et de Tim Medland, qui deviennent co-Heads of European Basic Resources Investments. Tous les trois sont actuellement gérant senior de la stratégie long-short européenne de GLG.
26/07/2010

Nette contraction de l'encours de Federated Investors

Pour le deuxième trimestre, Federated Investors affiche un bénéfice net de 47,65 millions de dollars contre 42 millions pour le premier et 53,27 millions pour la période correspondante de l’an dernier. Sur l’ensemble du premier semestre, le bénéfice net ressort à 89,66 millions de dollars contre 88,41 millions pour janvier-juin 2009.L’encours au 30 juin s’inscrivait à 336,84 milliards de dollars contre 349,87 milliards fin mars et 389;32 milliards fin décembre. Un an plus tôt, les actifs sous gestion représentaient encore 401,8 milliards de dollars.Les encours obligataires ont augmenté à 38,01 milliard de dollars contre 33,79 milliards fin décembre et 28,68 milliards douze mois plus tôt, alors que ceux des fonds monétaires fondaient à 260,52 milliards de contre 272,34 milliards fin mars et 313,26 milliards au 31 décembre 2009 ; au 30 septembre de l’an dernier, ils se situaient à 346,35 milliards de dollars.
26/07/2010
Fonds

Ramius lance un mutual fund

Le gestionnaire alternatif Ramius Alternative Solutions a fait enregistrer par la SEC (form N-1A) le Ramius Dynamic Replication Fund, qui vise à répliquer dans un mutual fund le Ramius Custom Actively Managed Composite un hedge fund synthétique qui est le reflet d’un portefeuille théorique de hedge funds.Le droit d’entrée et la commission pour la part retail ressortent à respectivement 5,50 % et 1,80 %. Le fonds bénéficiera d’une pénalité de 2 % si le souscripteur sort avant deux mois.
Fonds
26/07/2010

Sensible amélioration du bénéfice de T. Rowe Price

Pour le deuxième trimestre, T. Rowe Price affiche un bénéfice net de 158,5 millions de dollars contre 153 millions pour le premier (lire notre article du 26 avril) et 100 millions pour la période correspondante de l’an dernier, ce qui porte le total du premier semestre à 311,5 millions contre 148,2 millions.L’encours à fin juin s’est situé à 391,1 milliards de dollars contre 419 milliards fin mars et 391,3 milliards fin décembre.Le gestionnaire américain précise que pour le deuxième trimestre les souscriptions nettes de 5,1 milliards de dollars (dont 3,2 milliards pour les mutual funds) ont été laminées par une perte de 33 milliards due à la baisse des marchés. Pour l’ensemble du premier semestre, l’effet de marché négatif a représenté 15,6 milliards, soit davantage que les 15,4 milliards de dollars de souscriptions nettes. A fin juin, l’effectif avait augmenté à 4.862 personnes contre 4.802 fin décembre, soit une progression de 1,25 %.
26/07/2010

Appointments at GLG Partners

GLG Partners has announced the appointment of Javier Velazquez as Head of European Industrial Investments, and of Carl esprey and Tim Medland as co-Heads of European Basic Resources Investments. All three are currently senior managers of GLG’s European long/short strategy.
26/07/2010

Noticeable improvement in profits at T. Rowe Price

In second quarter, T. Rowe Price has posted net profits of USD158.5m, compared with USD153m in first quarter (see Newsmanagers of 26 April), and USD100m for the corresponding period last year, bringing the total for first half to USD311.5n, compared with USD148.2m. Assets as of the end of June totalled USD391.1bn, compared with USD419bn at the end of March, and USD391.3bn at the end of December. The US manager states that in second quarter, net subscriptions of USD5.1bn (including USD3.2bn for mutual funds) were overshadowed by losses of USD33bn due to falling markets. For first half as a whole, negative market effects represented USD15.6bn, more than the USD15.4bn in net subscriptions.
26/07/2010

Net contraction in assets at Federated Investors

In second quarter, Federated Investors has posted net profits of USD47.65m, compared with USD42m for first quarter, and USD53.27m in the corresponding period of last year. For first half as a whole, net profits totalled USD89.66m, compared with USD88.41m in January-June 2009. Assets as of 31 June totalled USD336.84bn, compared with USD349.87bn as of the end of March, and USD389.32bn as of the end of December. One year earlier, assets under management still totalled USD401.8bn. Bond assets increased to USD38.01bn, compared with USD33.79bn as of the end of December, and USD28.68 twelve months previously, while money market funds came to USD260.52bn, compared with USD272.34bn as of the end of March and USD313.26bn as of 31 December 2009; as of 30 September last year, they totalled USD346.25bn.
26/07/2010

David Zilkha's ex-wife got USD1m for evidence against him

Arthur Samberg, founder of the hedge fund management firm Pequot capital Management, has agreed to pay USD28m to settle civil cases related to insider trading. He was accused of using information about Microsoft which was provided by David Zilkha, the Wall Street Journal reports. The SEC has announced that it paid USD1m to Karen and Glenn Kaiser, who provided the proof. Karen Kaiser is the ex-wife of David Zilkha. Her lawyer, Mark Sherman, discovered compromising emails during the divorce process, including references to a USD2.1m payment from Pequot Capital Management to Zilkha, although he only worked six months at Pequot. Zilkha had previously worked at Microsoft, and had obtained inside information from his former colleagues.
26/07/2010

Quality Funds launches an emerging markets fund of funds

For a minimal initial subscription of EUR600, Spanish retail investors will have access to the new emerging markets fund of funds from quality funds, the multi-management platform from BBVA. Management commission for the QF Selección Emergentes totals 1.35%, and performance commission totals 9%. The fund will be invested in equities and local currency bond funds, and in commodities funds.
26/07/2010

EUR67bn is currently being held in savings accounts or under the mattress

According to a survey of a representative sample of 1,005 people aged 16-65, conducted by Forsa Institut on behalf of Skandia Lebensversicherung, “Germans are bad at saving.” 28% of those surveyed said that they had set aside more than EUR5,000 either in a savings account or under the mattress. Extrapolated to account for all Germans in the age ranges considered (48 million people), that would represent at least EUR67bn in the country as a whole. The proportion of respondents aged 45-65 who have savings of this kind is as much as 34.5%.
26/07/2010

Cazenove finalises acquisition of Thornhill

Cazenove Capital Management has announced that it has completely integrated all accounts of private clients and funds from Thornhill. Cazenove acquired the firm in late 2009. Julie Dean is now manager of the Thornhill Capital trust, as well as the Cazenove UK Opportunities fund. A merger of the two funds is not currently planned.
26/07/2010

GLG modifies management of its Asia Pacific fund

Since January, Karim Abdel-Motaal and Bart Turtelboom have replaced Shaun Giacomo as managers of the Asia Pacific fund at GLG Partners. The management now includes top-down macroeconomic approaches as well as the bottom-up approaches previously used. For investments in the banking sector, managers are now privileging companies in the Indian and Chinese markets, and no longer the Australian market, Fund Strategy reports.
26/07/2010

Independent management firms gain ground

In the United Kingdom, banks and insurers are losing market share in asset management to independent boutiques, Financial Times FM reports. Last year, for the first time, assets under management at the major groups and their affiliates fell to less than half of total assets, according to statistics from the Investment Management Association. In 2009, assets under management in the United Kingdom by independent management firms represented 35.2%, compared with only 12% in 2003.
26/07/2010

Third Avenue puts four sub-funds on sale

The US firm Third Avenue Management has been granted a sales license in Germany from BaFin for four UCITS-compliant sun-funds of the Irish-registered fund Third Avenue Value Fund UCITS. The products are Third Avenue Value Fund, Third Avenue Small-Cap Value Fund, Third Avenue Real Estate Value Fund and Third Avenue International Value Fund, for which shares are available in Euros or US dollars. The Third Avenue funds are already available in Switzerland, the United Kingdom, and in Asia-Pacific.
26/07/2010

P2 Value fund brings discredit to real estate funds

The P2 Value fund from the German management firm Morgan Stanley Real Estate is the only German open-ended real estate fund to have been closed since the end of October 2008 without interruption, meaning that subscribers are prisoners in a fund which has been devalued three times in one year. If the manager cannot get together enough liquidty by the end of October 2010, BaFin may require the management firm to liquidate the fund within one year, the Frankfurter Allgemeine Zeitung writes. The P2 Value fund’s misfortunes throw the entire real estate fund industry into disrepute at an unfortunate time: ten real estate funds currently have their redemptions suspended, with total assets of EUR25.5bn, equivalent to 28.7% of total assets in the sector, and the P2 Value fund will probably not remain an isolated case.
26/07/2010

Altin launches a share buyback program

The Swiss alternative management firm Altin AG, listed on the Swiss stock exchange (SIX) in London, has announced the launch of a share buyback program to include up to 10% of capital. To fund the measure, a second line of trading on Altin shares will be opened on the SIX Swiss Exchange on 27 July 2010, and will be maintained until the end of December 2010 or later. Altin will be the sole buyer in this line of trading, and will buy back equities in order to subsequently reduce its capital. The objective is to reduce the degree to which the firm’s shares are trading below their net asset value. They were tradign an average of 24.96% below their value between 4 January and 15 July 2010. The board of directors has stated that it is firmly convinced that this low share price is unjustified, in light of the good track record (0.75% in January-May 2010, 7% per year since December 1996), the liquidity of the hedge fund portfolio (over 90% of Altin’s underlying hedge funds may be redeemed with a maximal delay of 3 months), its diversified combination of ten alternative strategies and its policy of quarterly publication of all underlying positions. The management of Altin, which is invested in 35 hedge funds (USD275.6m), is provided by Alternative Asset Advisors SA, a management firm specialised in alternative investments and a member of the SYZ & CO group.
26/07/2010

Emerging markets increase share of private equity

Private equity funds specialised in investments in emerging countries suffered during the crisis, as funds raised have gone from USD66.5bn in 2008 to USD22.6bn in 2009, Financial Times FM notes. But their weight in private equity has increased impressively. Investments in emerging markets last year represented 26%, a record, according to the Emerging Markets Private Equity Association. In 2008, the percentage for developing countries was only 14%, and in 2004 it was only 7%.
26/07/2010

Ramius launches a mutual fund

The hedge fund management firm Ramius Alternative Solutions has registered the Ramius Dynamic Replication Fund with the SEC (N-1A). The product aims to replicate the Ramius Custom Actively Managed Composite, a synthetic hede fund which reflects a theoretical portfolio of hedge funds, in the form of a mutual fund. Front-end fee and management commission for retail shares total 5.50% and 1.80%, respectively. The fund will charge a penalty of 2% of the subscriber withdraws in less than two months.
26/07/2010

Centaurus already short on La Seda

Less than two weeks after the reintroduction to public trading of La Seda de Barcelona, the British hedge fund management firm Centaurus Capital notified the CNMV on 21 July that it has opened a short position amounting to 0.629% of capital in the Spanish firm. The previous day, Amber Capital and Morton Holdings declared short positions of 0.708% and 1.530%, respectively, on Antena 3 de Televisión.
26/07/2010

Fund assets down by 9.25% in first half

According to statistics from the Spanish Inverco association of management firms, assets in funds as of 30 June totalled EUR148.14bn, which represents a contraction of 9.25% over the half. At the end of first half, the market share for the top three actors (BBVA, Santander and La Caixa) totalled 44.59%, with EUR66.05bn. The top ten actors, with the addition of Banco Popular, Ahorro Corporación, Caja Madrid, Banco Sabadell, IberCaja, Bankinter and Barclays, total nearly EUR103.8bn, virtually 70.1% of the total.
23/07/2010

Peu de soucis pour Credit Suisse sur le marché allemand

A l’occasion de la présentation des résultats du deuxième trimestre, Walter Berchtold, responsable de la division banque privée au sein du directoire de Credit Suisse, a indiqué que, malgré l’affaire des cédéroms volés qui ont été vendus au fisc allemand, les clients allemands n’ont retiré que des montants modestes de leurs comptes en Suisse. En revanche, il a ajouté selon la Frankfurter Allgemeine Zeitung que les succursales du Credit Suisse en Allemagne ont enregistré d’importantes rentrées nettes.Au deuxième trimestre, le Credit Suisse a enregistré une collecte nette en banque privée de 5,6 milliards de francs suisses confiés par des clients de la région Europe/Moyen-Orient/Afrique, contre 2,4 milliards pour janvier-mars. L’argent provient en grande partie de Russie, du Proche-Orient et des succursales on-shore dans différents pays.

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