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28/06/2010
Fonds

Le fonds de Nathaniel Rothschild bientôt coté

Selon l’Agefi, Vallar, le fonds de Nathaniel Rothschild, va lever 600 millions de livres sur le London Stock Exchange. Le véhicule cherchera à acquérir un actif ou une société dans l’industrie des mines et des métaux, pour une valeur d’entreprise qui pourrait atteindre 5 milliards.
Fonds
28/06/2010

Rafale de nominations chez Fidelity

Peter Hicks a été nommé «product director», UK equities, chez Fidelity International à compter du 1er août et laissera son poste actuel de head of UK retail sales à Ben Waterhouse, qui rejoindra à la même date en provenance de Legal & General Investment Management (LGIM) comme head of UK wholesale sales. Quant à Julian Webb, il est nommé responsable des ventes pour la plate-forme FundsNetwork alors qu’il exerce actuellement les fonctions de head of UK defined contribution business.
28/06/2010

Nomination au sein de BNP Paribas Corporate & Investment Banking

BNP Paribas Corporate & Investment Banking a annoncé vendredi 25 juin la nomination de Robert McAdie au poste nouvellement créé de global head of credit research and strategy.Robert McAdie sera basé à Londres et sera rattaché à David Brunner, deputy global head du «Fixed Income». Il sera chargé de superviser l’activité Recherche en matière de crédit au niveau mondial qui, elle-même, englobe la section indépendante de recherche et stratégie en matière de crédit. Il sera également responsable des spécialistes du secteur et des credit trading desks, précise un communiqué de la banque. De 2000 à 2004, l’impétrant a dirigé l’équipe European credit strategy de Lehman Brothers puis, a passé cinq ans à la tête de l’European emerging markets strategy chez Salomon Brothers, à Londres.
28/06/2010
Fonds

Fonds d'actions : la surperformance vieillit mal

Selon une étude effectuée par Forbes sur les fonds d’actions américaines de base de données de l’agence de notation Standard & Poor’s pour les périodes mars 2000-mars 2005 et mars 2005-mars 2010, seuls 39,3 % des 791 produits figurant dans la moitié supérieure des performances durant la première période figuraient encore dans cette catégorie durant la seconde. 17,9 % d’entre eux ont été liuqidés ou absorbés par un autre fonds.D’autre part, 32,9 % des fonds figurant dans la seconde moitié durant la première période ont été «promus» durant la seconde période, tandis que 37,7 % ont été soit liquidés soit fusionnés.En ce qui concerne les fonds d’actions de grandes capitalisations figurant dans le premier quartile en 2000-2005, seuls 18,5 % ont pu se maintenir dans ce groupe en 2005-2010.
Fonds
28/06/2010

Symphony AM recrute Ann Popkin

Le fournissseur de services d’investissement Nuveen Investments a annoncé le 24 juin que Symphony Asset Management avait nommé Anne B. Popkin en qualité de président à compter du 12 juillet. Anne Popkin travaillait précédemment chez BlueCrest Capital Management où, en tant qu’associé principal, elle dirigeait le bureau de New York. Au 31 mars 2010, les actifs sous gestion de Symphony s'élevaient à environ 9 milliards de dollars.
28/06/2010
Fonds

L'ancien patron d'Amaranth sollicite à nouveau les investisseurs

Nicholas Maounis, l’ancien patron du gestionnaire alternatif Amaranth Advisors qui a implosé en septembre 2006 après une perte de 6,6 milliards de dollars à cause de paris démesurés sur le gaz naturel, tente actuellement de lever 1 milliard de dollars pour sa nouvelle société Verition Fund Management, dont l’encours de 235 millions de dollars est essentiellement constitué actuellement par la fortune privée de son fondateur, rapporte The Wall Street Journal.Verition s’interdit d’investir dans le gaz naturel et devrait se cantonner aux obligations d’entreprises, aux actions et aux obligations convertibles.D’autre part, Verition a mis en place différents éléments de contrôle du risque, Nicohals Maounis étant lui-même le chief risk officer, mais avec une équipe pour la gestion du risque au jour le jour dans chaque fonds et à l'échelon de la société de gestion tout entière.Le fonds principal de Verition a affiché une performance de 17 % pour 2009 et d’environ 2 % depuis le début de l’année.
Fonds
28/06/2010

Dreyfus compte lancer des ETF à gestion active

En date du 9 juin, The Dreyfus Corporation, filiale de BNY Mellon Asset Management, a sollicité de la SEC (form 40-APP 1) l’autorisation de lancer des ETF à gestion active qui seront logés dans une nouvelle entité, Dreyfus ETF Trust, et qui pourront faire appel à des sub-advisors.
28/06/2010

Odyssey IM recrute Mikhail Filimonov

Jayavardhan Diwan, co-fondateur (en 2009) d’Odyssey Investment Management, a annoncé l’embauche de Mikhail Filiminov comme CIO, rapporte Hedge Week. L’intéressé, qui a déjà travaillé avec Jayavardhan Diwan par le passé, avait fondé et dirigé Alexandra Investment Management. Odyssey compte lancer plusieurs fonds sur le crédit à l'échelon mondial, dont un de situations spéciales et un focalisé sur les obligations convertibles en Inde.
28/06/2010
Fonds

Blackstone et TPG divergent sur leur évaluation de Freescale

En décembre 2006, Blackstone et TPG ont tous deux contribué pour 1 milliard de dollars en capital au LBO de 16,6 milliards de dollars de Freescale Semiconductor. Selon le Financial Times qui a eu accès aux deux documents, le rapports trimestriel pour janvier-mars du fonds Blackstone Partners V estime la participation à 45 cents pour un dollar, contre 20 cents par dollars au quatrième trimestre 2009 pendant que celui de TPG V l'évalue à 20 cents pour le premier trimestre 2010.Par ailleurs, Blackstone estime à 100 cents par dollar sa participation dans Biomet, tandis que TPG, là aussi engagé, l'évalue à 90 cents par dollar. Cela est révélateur de la latitude dont peuvent jouir les fonds de private equity dans leurs évaluations, insiste le journal.
Fonds
28/06/2010

S-Box becomes Solactive

From 21 June, the German index provider S-Box, which was previously an affiliate of the Stuttgart stock exchange, becomes wholly owned by Structured Solutions AG< which has changed the name of the firm to “Solactive.” All S-Box products will adopt the new brand name. Currently, there are 21 ETF funds which use Structured Solutions indices as their benchmark or underlying. They have assets of about USD5bn. Sebastrian Seifried, head of indexing, says that Structured Solutions sees significant potential for growth in the area of ETFs, with demand evolving towards custom products focused on regional or special themes and strategies.
28/06/2010

Edmond de Rothschild Capital Partners adds to teams

The management firm Edmond de Rothschild Capital Partners, which manages three funds dedicated to LBOs of growth companies, announced on Friday, 25 June that it has added to its staff. Aymeric Marraud des Grottes, who joined the firm in May 2010, has been appointed chief investment officer, while Thomas Moussalieh is appointed head of business. Marie Londero joined the firm in April 2010 as an analyst. Marraud des Grottes, 32, previously served as an associate at JPMorgan, in private banking and advising to entrpreneurial families. Moussalllieh, 25, was previously an analyst at Edmond de Rothschild Capital Partners, where he began his career in 2008. Londero, 24, joined Edmond de Rothschild Capital Partners in April 2010.
28/06/2010

BPM to distribute funds from foreign firms

The Italian newspaper Soldi, cited by Bluerating, reports that Banca Popolare di Milano has recently signed distribution agreements with several foreign management firms. Only four were selected at the conclusion of a competition; they include Franklin Templeton and BlackRock.
28/06/2010

Fidelity International recruits in Italy

Fidelity International is adding to its teams in Italy with the arrival of Cosmo Schinaia as director of professional and institutional sales for Italy, Bluerating reports. He was previously at Crédit Agricole Asset Management Sgr. Schinaia will be part of the team led by Paolo Federici, head of distribution for Fidelity products in Italy.
28/06/2010

ebase contracted to administer AmpegaGerling client accounts

From 21 June, the European Bank for Fund Services GmbH (ebase) has taken charge of administration of new payments to all AmpegaGerling Investment (Talanx group) client accounts. This allows AmpegaGerling to concentrate on fund management. ebase is a wholly-owned subsidiary of comdirect (Commerzbank group).
28/06/2010

La crise financière a modifié le comportement des clients de banques privées allemands

Une étude* réalisée auprès de 332 clients de banques privées en Allemagne (au moins 0,6 million d’euros de liquidités, en Autriche (0,5 million et plus) et en Suisse (0,9 million de francs suisse et plus) par la division gestion d’actifs de l’Université Johannes Kepler de Linz, sous la direction du Pr. Teodoro D. Cocca, pour le compte de LGT Wealth & Asset Management montre que l’exposition moyenne aux actions se situe à 32 %, celle affectée aux liquidités se montant à 29 %. D’autre part, 16 % étaient réservés par ces investisseurs pour se prémunir contre l’inflation ou un scénario «worst case», sous forme de matières premières/or ou métaux précieux.Environ les deux tiers du total investi étaient placés sur le marché intérieur de chacun des pays, ce qui représente un risque important de concentration.D’autre part, l'étude a montré que la crise financière a provoqué d’importantes redistributions, au détriment des dérivés, des actions, des placements alternatifs et des fonds d’investissement, au profit des matières premières/or, des métaux précieux, du cash et d’autres valeurs concrètes. 48 % des personnes interrogées ont ainsi augmenté leur allocation aux matières premières/or ou métaux précieux, tandis que 31 % ont diminué leur exposition aux actions.* LGT Private Banking Report 2010
28/06/2010

GAM green funds to be released in fall

The UCITS-compliant long/short environmental fund for which GAM has recruited Paul Udall from Climate Change Capital (see Newsmanagers of 26 May) will be launched in October, and will have 35 to 45 positions.
28/06/2010

Former Amaranth head looking for new investors

Nicholas Maounis, former head of the hedge fund management firm Amaranth Advisors, which imploded in September 2006 after losses of USD6.6bn due to huge bets on natural gas, is now seeking to raise USD1bn for his new firm, Verition Fund Management, which has assets of USD235m,composed largely of the private wealth of its founder, the Wall Street Journal reports. Verition is not investing in natural gas, and will confine itself to corporate bonds, equities, and convertible bonds. The firm has also set up several risk control mechanisms, with Maounis himself as chief risk officer, though there is also a team for day-to-day risk management for each fund and for the firm as a whole. The largest fund from Verition earned 17% in 2009, and has earned about 2% since the beginning of the year.
28/06/2010

Dreyfus to launch actively-managed ETF funds

On 9 June, the Dreyfus Corporation, an affiliate of BNY Mellon Asset Management, applied to the SEC (form 40-APP1) for permission to launch actively-managed ETF funds, which would be registered by a new entity, Dreyfus ETF Trust, which may also engage sub-advisors to operate the funds.
28/06/2010

Equities funds: Outperformance doesn't last

According to a study by Forbes online of US equities funds on the basis of data from the ratings agency Standard & Poor’s for the periods from March 2000-March 2005 and March 2005-March 2010, only 39.3% of the 791 products which ranked in the top half for performance in the first five-year period were still in the top class in the second period. 17.9% of them were liquidated or absorbed into another fund. Meanwhile, 32.9% of funds in the bottom half of the rankings in the first period moved up in the second period, while 37.7% were liquidated or merged. In terms of large cap equities funds in the top half for 2000-2005, only 18.5% were able to hold their place in this group in 2005-2010.
28/06/2010

Sicav assets up 2.2% in first quarter

In January-March, assets in 3,206 Spanish Sicav funds, custom investment vehicles for high net worth private clients, rose 2.2% to nearly EUR26.21bn, for 405,442 shareholders, VDOS Stochastics reports, relayed by Funds People. The weighted average performance as a function of assets in the period under review totalled 0.88%. The two best-performing Sica funds are managed by UBS Gestión, with 19.14% and 17.45%, followed by Gold & Silver Spain (+16.06%), from Bankinter Gestión, which was previously the provider with the highest gains in 2009 (144.7%). BBVA Patrimonios remains at the top of the rankings in terms of assets under management, with a market share of 10.96%. It was also the leading provider in terms of net subscriptions, with EUR77m. The Sicav with the largest single volume of assets is Morinvest, managed by BBVA Patrimonios, with EUR452m.
28/06/2010

Good performance for Franklin Rising Dividends Fund

The Wall Street Journal estimates that shares in companies that pay high dividends, which have previously been popular with retired persons seeking to increase their income, will be likely to attract more investors than before the financial crisis. One of the funds likely to profit from this trend is the Franklin Rising Dividends Fund (FRDPX), which has USD2.3bn in assets. The fund, managed by Donald Taylor at Franklin Templeton Investments, has earned annual performance of 6.31% in the ten years to 25 June, while at the same time, the S&P 500 total return has lost an average of 1.07%. The fund invests only in firms which have increased their dividends at least eight times in the past ten years, whose dividends have doubled over this time period, and whose dividends are a maximum 65% of profits, to leave the company some money to invest. Only 120 companies satisfy these various filters, including Becton Dickinson and Abbott Laboratories in the health sector, Wal-Mart Stores and Family Dollar Stores in retail, Erie Indemnity in insurance, United Technologies in industrials, and IBM in tech. But there are no Wall Street firms on this list.
28/06/2010

Allianz Alternative AM to be sold soon

Les Echos reports that the alternative multi-management firm of the Allianz group, Allianz Alternative Asset Management (AAAm), which is up for sale, may interest Nexar Capital, the hedge fund founded by former SGAM AI managers. No deals have been signed, but talks are said to be at an advanced stage, and may be completed this summer. Nexar Capital, which has offices in Paris and New York, has two major activities: funds of hedge funds, and volatility arbitrage funds. By acquiring AAAm, the firm would considerably increase its strengths the former of these two areas, and would also strengthen its institutional client base.
28/06/2010

Odyssey IM recruits Mikhail Filiminov

Jayavardhan Diwan, co-founder of Odyssey Investment Management, in 2009, has announced the recruitment of Mickail Filiminov as CIO, Hedge Week reports. Filiminov, who has already worked with Diwan in the past, founded and led Alexandra Investment Management. Odyssey is planning to launch several global credit funds, including one special situations fund and one focused on Indian convertible bonds.
28/06/2010

FRM launches an alternative platform with Korean firm IBK Securities

Asian Investor reports that the Korean IBK Securities has signed a partnership with the London-based firm Financial Risk Management (FRM), to set up a fund of hedge funds and fund distribution in South Korea. The fund of hedge funds, which will be known as IBKS-FRM Fund of Funds, will be released by the end of the year. The fund will invest in single hedge funds and will aim for constant returns with low correlation to the market. It will be distributed exclusively to qualified institutional investors. Assets under management at FRM total about USD9bn; it was one of the first fund of fund groups to open an office in Korea (in 2008).
28/06/2010

A round of promotions at Fidelity

Peter Hicks has been appointed product director, UK equities, at Fidelity International, from 1 August, and will be leaving his current position as head of UK retail sales to Ben Waterhouse, who will join the firm on that date from Legal 7 General Investment Management (LGIM), as head of UK wholesale sales. Julian Webb is appointed head of sales for the FundsNetwork platform; he currently serves as head of UK defined contribution business.
28/06/2010

F&C launches an open-ended real estate fund

The British asset management firm F&C is launching its first open-ended real estate fund. The product, UK Property Fund, co-managed by Julian Smith and Guy Glover at F&C REIT, will invest in British commercial real estate at a point in the cycle which is considered favourable by managers. The fund will be diversified in all areas (geographical, sectoral, etc), and will retain a total cash allocation of 10% to 20%. F&C REIT, born of the merger in 2008 of Reit Asset Management and F&C Property Asset Management, manages about GBP7.5bn in assets.
28/06/2010

Appointment at BNP Paribas Corporate & Investment Banking

BNP Paribas Corporate & Investment Banking announced on Friday, 25 June that it has appointed Robert McAdie to the newly-created position of global head of credit research and strategy. McAdie will be based in London, and will report directly to David Brunner, deputy global head of Fixed Income. He will supervise credit research worldwide, which in turn includes the independent credit research activities. He will also be responsible for specialists in the sector and the credit trading desks, according to a statement from the bank. From 2000 to 2004, McAdie led the European credit strategy team at Lehman Brothers; he then spent five years at the head of European emerging markets strategy at Salomon Brothers, in London.
28/06/2010

Goldman Sachs to reimburse Bayou subscribers

An arbitration committee at the Financial Industry Regulatory Authority on Friday sentenced the Goldman Sachs Group to pay USD20.6m to unprotected investors in Bayour Group, who accused the banking group of voluntarily or involuntarily ignoring signs of fraud at the hedge fund management firm, which went bankrupt in 2005. The Wall Street Journal adds that the former CEO of Bayou, Samuel Israel III, was sentenced to 20 years in prison; he pleaded guilty to distributing false information about funds. Subscribers lost more than USD400m.

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