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26/04/2010

Moore Capital founder tops British rich list

The founder of the alternative management firm Moore Capital Management, Louis Moore Bacon, tops the Sunday Times Rich List of the 25 richest hedge fund managers based in the United Kingdom published this week. Bacon’s wealth has nearly doubled in the past year to GBP1.1bn in 2010, from GBP650m last year. The head of Sail Advisors comes in second place with estimated wealth of GBP950m. Several managers who place in the Sunday Times rich list have expatriated a part of their activities to other countries, ahead of an expected increase in British taxes and the introduction of the alternative management directive. Alan Howard, co-founder of Brevan Howard Asset Management, who takes third place with wealth estimated at GBP875m, and Michael Platt, co-founder of BlueCrest Capital Management, in fifth place with wealth of GBP375m, have both opened offices in Geneva.
26/04/2010

Martin Currie recruits two directors from Scottish Widows

Investment Week reports that the head of emerging markets equities from Scottish Widows Investment Partners (SWIP), Kim Catechis, and chief investment officer Alistair Reynolds, will join Martin Currie in November of this year. Catechis will take up the newly-created position of head of global emerging markets (GEM), while Reynolds will become her deputy. The appointments follow a decision at Martin Currie to set up a global emerging markets equities desk distinct from Asian activities.
26/04/2010

Major outflows from money market funds

In the past four weeks, US and European investors have withdrawn a net total of USD93.7bn from money market funds, and according to Société Générale, net outflows since the beginning of the year have totalled USD300bn in the United States and USD14.4bn in Europe, equivalent to 11% and 15% of total assets, respectively, the Frankfurter Allgemeine Zeitung reports. The withdrawals have largely been redirected to government bonds, particularly Asian emerging market bonds denominated in local currencies, as well as to commodities, inflation-linked bonds and ETFs. However, despite strong gains on the stock markets, equities funds have received little of the money withdrawn from money market funds.
26/04/2010

1.63% increase in Morningstar hedge fund index in first quarter

In first quarter, the Morningstar 1000 Hedge Fund index posted growth of 1.63%, compared with 2.5% for the Morningstar MSCI Composite Index. In the month of March alone, the hedge fund index has posted a gain of 2.77%, compared with 2.3% for the MSCI index. The Morningstar Hedge Fund of Funds index has stagnated, with gains of only 0.25% for the quarter (1.6% in March). Among the top performers, the Morningstar Corporate Actions index leapt forward by 6.82% for the quarter (and 3.49% in March), while the Morningstar Distressed Sic earned gains of 7.42% (and 5.815 in March). Negative performances, however, were registered for the Morningstar dvlp Asia Equity (-6.61%), Equity Arbitrage (-0.87%), Europe Equity (-1.26%), and Short Equity (-2.36%).
26/04/2010

Paulson will foot legal bill for Goldman Sachs case

John Paulson has said in a letter to investors that the hedge fund management firm he heads, Paulson & Co (USD32bn), will shoulder all legal costs for the civil case against Goldman Sachs Group, in which Paulson & Co played a significant role, the Wall Street Journal reports.
26/04/2010

French managers improve alpha performance

Les Echos reports that French management firms slightly improved their returns adjusted for equity risks in 2009, bringing this monthly alpha level up from 0.11% to 1.89%, a level which remains far lower than the prevailing average before the crisis of about 3%. But they have also managed a more considerable increase in the proportion of funds in the top performance brackets (ratings of four or five stars). The Alpha League Table places Rothschild & Cie Gestion ahead of Oddo Asset Management, Palatine Asset Management and Camgestion.
26/04/2010

Heavy losses for RREEF America REIT III

Deutsche Bank has admitted that since 2009 it has been undertaking a restructuring of its real estate fund America REIT III, from its affiliate RREEF (USD2.6bn in assets). Its participation in the fund is 10%, while the remainder was contributed by institutional investors, including US pension funds, Die Welt reports. The RREEF America REIT III is invested in REITs as well as in 92 real estate properties located in major US cities. The fund is said to have lost 65% of its value.
26/04/2010

Novethic launches a site dedicated to corporate discrimination

The specialised research centre from RSE and ISR Novethic in mid-April launched a website covering the subject of discrimination at businesses, at novethic.fr, its sustainable development specialist media portal. The website, entitled “labour discrimination,” is dedicated to the various forms of discrimination on the basis of age, ethnicity, sex, health, or handicap, and also covers the various regulations in force as well as practices in place at businesses to combat these forms of discrimination. All of Novethic’s expertise in this area is available on the site. Novethic.fr previously launched a site in late 2009 dedicated to climate change.
26/04/2010

Blackstone is back in the black

In first quarter 2010, the Blackstone Group has declared net profits of USD360.4m, compared with losses of USD82.4m in the corresponding period of last year, while net inflows from management fees increased to USD98.7m, from USD89.5m. Total assets increased to USD98.07bn, compared with USD92.22bn as of 31 March 2009, of which USD25.17bn, down from USD25.46bn, are in private equity, USD23.82bn, compared with USD22.87bn are in real estate, and USD49.07bn, up from USD43.09bn are in credit and marketable alternatives.
26/04/2010

Sears buys 17.3% stake in Sears Canada from Pershing Square

Sears Holdings Corp has announced that it has acquired more than 18.66 million ordinary shares in Sears Canada from the hedge fund management firm Pershing Square Capital Management, at a price of CAD30 per share. The 17.3% stake in the capital of the business, worth a total of about USD560m, will give the US firm a stake of about 90.4% in its Canadian operation.
26/04/2010

Profits triple at T. Rowe Price

The US asset management firm T. Rowe Price has announced net profits for first quarter of USD153m, compared with USD48.2m for the corresponding period of last year. Assets as of the end of March totalled USD419bn, compared with USD391.3bn as of the end of December, and USD268.8bn one year previously. Of this total, mutual funds on sale in the United States represented USD249.5bn. Net subscriptions totalled a record USD10.3bn in first quarter (of which USD6.1bn were for mutual funds), while market effects brought an increase of USD17.4bn in assets under management.
26/04/2010

US Senate points finger at Moody's and S&P over crisis

Agefi reports that the US Senate has received a report which blames unjustified ratings by the ratings agencies Moody’s and S&P for high-risk financial products for causing “massive economic damage.” The report follows an investigation which looked at hundreds of emails, and found that the ratings were sometimes based on subtle negotiations between bankers and ratings agencies. A more severe issue, the newspaper notes, is that employees of both ratings agencies gave testimony that there was pressure to give good ratings to products from “good clients.” The report also reveals an inability on the part of Moody’s and S&P to integrate fraud risks tied to real estate mortgages, even though emails from employees reveal that they were aware of the issue. The US Senate concludes that the cupidity of the agencies prevented them from being objective.
26/04/2010

Apollo buys CKE Restaurants

On Saturday, the directors of CKE Restaurants Inc., the parent company of the fast food chains Carl’s Jr. and Hardee’s, accepted a takeover bid at USD694m, or USD12.85 per share, from Apollo Mangement Group, the Wall Street Journal reports. CKE has cancelled a previous agreement by which it had accepted a bid from Thomas H. Lee at USD11.05 per share, or USD619m in total.
26/04/2010

Pimco increases exposure to emerging market corporate bonds

Ramin Toloui, a portfolio manager at Pimco (Allianz Global Investors) says that clients, especially pension funds and insurers, who are often the most reticent when it comes to emerging markets, are demanding products which invest in corporate bonds from these markets, the Wall Street Journal reports. Pimco last month increased the exposure of its Total Return fund to bonds of this type from 5% to 6%. More significantly, the Global Advantage Bond index from Pimco assigns a weight of 30% to emerging markets. Pimco is currently invested in bonds from state-owned energy and financial sector businesses, as well as bonds from private sector businesses in commodities, housing construction and infrastructure. Many of these investments are in Brazil, Mexico, Russia and the Gulf region.
26/04/2010

Fitch confirms rating for Groupama AM

Fitch Ratings has confirmed its Asset Manager rating of ‘M2' for Groupama Asset Management, which covers all asset management activities of the firm in Paris, except the alternative and directional multi-management activities of Groupama Fund Pickers. “The [ratings] decision reflects the support of the shareholder in the business, Groupama S.A., its long experience in asset management, and a development strategy which has demonstrated its pertinence in the past few years. The rating also takes into account the quality of the investment process supported by significant research resources,” the ratings agency comments. According to Fitch, Groupama has several challenges to overcome: the completion of an integration of the operational platform, the development of new areas for growth on the level of management, with the launch of an absolute return product range, and the enlargement of its client base through the creation of a Luxembourg Sicav for external distribution networks.
26/04/2010

Assets under management down at Gottex in first quarter

Agefi Switzerland reports that Gottex Fund Management Holdings Ltd announced on 23 April that its assets under management as of the end of March totalled USD7.92bn, compared with USD8.13bn as of the end of 2009. The Lausanne-based management firm managed to attract only USD290m in assets (of which USD120m were for the managed accounts platform GSS< and USD130m for the Constellar platform, which is now a part of Gottex), while redemptions totalled the same amount in first quarter. In addition to these balanced inflows and outflows, USD100m were redeemed to investors in run-off asset classes. In a statement, Gottex confirms that it has “growing activities serving institutional clients,” but says that “the time necessary for decision-taking remains too long,” due to a sentiment of uncertainty which continues to reign on the financial markets.
26/04/2010

RBC Dexia managing director joins JP Morgan

JP Morgan Securities Services has hired Laurent Vanderweyen from rival firm RBC Dexia as general manager of its Luxembourg business. He joins the firm in July 2010. At RBC Dexia, Vanderweyen was managing director and chairman of the executive committee.
23/04/2010

Goldman Sachs recrute chez Pimco

Selon Financial News, le responsable adjoint du développement des activités en Europe de Pimco, Marc van Heel, va prochainement rejoindre Goldman Sachs Asset Management pour prendre la tête de la région Benelux, l’un de ses plus grands foyers d’activité en Europe.Marc van Heel, qui prendra ses nouvelles fonctions en mai, est resté neuf ans chez Pimco où il a notamment remporté de nombreux contrats auprès des fonds de pension danois.
23/04/2010

Kneip gagne trois nouveaux contrats

Le prestataire de services sur le marché des fonds d’investissement Kneip vient d’annoncer que trois gestionnaires de fonds européens ont signé pour Fund Masterfile, la plate-forme centralisée de gestion dese données de Kneip.Les trois signataires sont Investec Asset Management, basée à Londres, Olympia Capital Management, basée à Paris, et Leonardo Asset Management. Déployé en mai 2009, Kneip souligne dans un communiqué que Fund Masterfile est le seul outil de gestion de données en ligne qui permet à un gestionnaire de fonds de centraliser toutes ses données sur une même plate-forme, offrant de ce fait, aux partenaires internes et externes, un accès aisé et centralisé aux données et documents tels que les prospectus, les factsheets, et les rapports annuels et semestriels.
23/04/2010

Singapore announces initiatives to improve transparency

Since introducing a range of fiscal and administrative incitements for the financial sector in 2002, Singapore has become a market of reference in the asset management industry (with SGD630bn in assets under management in 2008). Due to this high level of activity, and the poor international image of the Singapore market, which is accused by NGOs of lacking financial transparency, the Monetary Authority of Singapore will unveil proposals in the next two weeks to improve transparency. So far, La Tribune reports, the planned changes are not causing undue levels of concern to local managers.
23/04/2010

Giles Morland devient associé de Mirabaud & Cie

Giles Morland a été nommé associé de Mirabaud & Cie, banquiers privés, par les autres associés de la banque. Sa nomination sera effective le 1er janvier 2011.Agé de 45 ans, Giles Morland est président-directeur général de Mirabaud à Londres et président de Mirabaud à Hong Kong. Il siège aussi au conseil d’administration de plusieurs sociétés Mirabaud et assure des fonctions d’administrateur externe. Il travaille pour l’établissement suisse depuis 1991. Mirabaud & Cie affiche 24 milliards de francs suisses d’actifs sous gestion pour le compte d’une clientèle à 80 % privée et 20 % institutionnelle.
23/04/2010
Fonds

Soft closing du Pictet-Emerging Local Currency Debt

Pictet & Cie a décidé selon fondsweb de limiter les souscriptions sur son fonds Pictet-Emerging Local Currency Debt, spécialisé dans la dette émergente en monnaie locale.Suite à une forte demande de la part des investisseurs, les encours du fonds sont passés de 1,5 milliard de dollars en décembre 2009 à 5,7 milliards au 16 avril, indique le quotidien électronique.
Fonds
23/04/2010
Fonds

Axa Private Equity achète un portefeuille 1,9 milliard de dollars auprès de BofA

Axa Private equity a annoncé le 22 avril l’acquisition d’un portefeuille d’une valeur de 1,9 milliard de dollars d’intérêts dans des fonds de private equity auprès de Bank of America. Cette transaction, l’une des plus importantes de l’histoire sur le marché secondaire du capital-investissement, «conforte la position de leader mondial d’Axa Private Equity sur les fonds de fonds secondaires», souligne le communiqué. Cette transaction vient s’ajouter à une série d’acquisitions au mois d’avril pour un total de plus de 2,6 milliards de dollars.Cette transaction est en ligne avec la stratégie des fonds du marché secondaire d’Axa Private Equity, qui consiste à offrir de la liquidité aux institutions qui cherchent à réduire leur exposition ou leur engagement financier en matière de capital-investissement. Il y a quelques jours, «Axa Private Equity a finalisé une transaction avec la banque française Natixis afin d’acquérir des parts de capital-investissement estimées à environ 534 millions d’euros», indique le communiqué.
Fonds

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