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12/04/2010

Eurazeo réfléchit à une augmentation de capital

Selon les Echos, le holding d’investissement Eurazeo réfléchit actuellement à une augmentation de capital, afin de retrouver des marges de manoeuvre alors que le marché des LBO repart. Il pourrait lever environ 500 millions d’euros.
12/04/2010

Euroclear pourrait supprimer la moitié de ses effectifs parisiens

L’opérateur de règlement-livraison Euroclear s’est lancé dans un plan de réorganisation de ses effectifs qui pourrait donner lieu à la suppression de près de la moitié des 400 postes de sa filiale parisienne, selon Les Echos. Cela prendrait la forme d’un plan de départs volontaires de 140 à 150 employés et serait en cours de négociations avec les représentants syndicaux. Euroclear a reconnu avoir engagé une réorganisation de ses effectifs mais déclare qu’aucune décision précise n’a été prise à ce jour.
12/04/2010

La gestion d'actifs n'est pas responsable du mieux des banques françaises

Les résultats et la solvabilité des cinq principaux établissements français se sont redressés en 2009, rapporte l’Agefi qui cite Christian Noyer, le président del’ex-Commission bancaire (aujourd’hui fondue dans l’Autorité de contrôle prudentiel). Leur produit net bancaire (PNB) cumulé a progressé de 25% par rapport à 2008, tandis que leur résultat net a quasiment doublé. Cette croissance tient particulièrement aux pôles de banque de financement et d’investissement (BFI), dont le PNB global a bondi de 153% grâce au redressement des marchés. Dans ce contexte, la gestion d’actifs fait plus pâle figure, note le quotidien (+0,1%).
12/04/2010

Sciens rachète la plate-forme de comptes gérés de Partners

Le suisse Partners Group a bouclé la vente de sa plate-forme de comptes gérés à Sciens Capital Management, une société de gestion alternative indépendante basée à New York et Londres. Cela permet au groupe helvétique, qui gère 25 milliards de francs suisses d’encours, de se concentrer sur le non coté (private equity, dette privée, immobilier privé et infrastructures privées), indique un communiqué de presse.D’après un article du Financial Times du 12 avril, la plate-forme vendue gérerait 700 millions de dollars d’encours. Sciens, qui affiche pour sa part un encours de 6 milliards de dollars, prévoit de migrer 3,4 milliards de dollars de son activité de hedge funds (représentant 4,5 milliards) sur la plate-forme, précise le FT.
12/04/2010
Fonds

ProFunds lance deux ETF à effet de levier sur les biotechnologiques

Jeudi, le Nasdaq a admis à la négociation deux ETF de ProFunds Group, les fonds ProShares Ultra Nasdaq Biotechnology (acronyme : BIB) et UltraShort Nasdaq Biotechnology (BIS) qui répliquent tous deux l’indice des biotechnologiques du Nasdaq mais avec un effet de levier de deux, tant en long pour le BIB qu’en court pour le BIS. Ces deux produits sont chargés à 0,95 %. Avec les deux nouveaux fonds, la gamme ProShares compte désormais 105 ETF.
Fonds
12/04/2010
Fonds

Eaton Vance lance un fonds matières premières piloté par Armored Wolf

Eaton Vance Management, filiale d’Eaton Vance Corp (161,6 milliards de dollars d’encours fin janvier), a annoncé jeudi la lancement du fonds Eaton Vance Commodity Strategy dont le benchmark est l’UBS Commodity Index Total Return. L’objectif initial est de générer une performance comparable à celle de l’indice, mais avec une volatilité inférieure, la surperformance devant venir de produits dérivés liés aux matières premières, d’obligations indexées sur l’inflation et d’obligations émises dans des pays émergents.Le sub-adviser du fonds est Armored Wolf LLC, un spécialiste du global macro focalisé sur les actifs «réels». Les deux gérants du fonds seront John B. Brynjolfsson, CIO et managing director d’Armored Wolf et Paul Dickson, managing director et gérant de portefeuille marchés obligataires émergents chez Armored Wolf.Le taux de frais se situe à 1,25 % pour les parts I, à 1,50 % pour les parts A et à 2,25 % pour les parts C.
Fonds
12/04/2010

Deutsche Bank renforce ses activités de conseil aux hedge funds

La Deutsche Bank a annoncé que Doug Kline venait de rejoindre l’activité Global Prime Finance au sein de la division Global Markets en tant que managing director et responsable du conseil auprès des hedge funds.Doug Kline travaillait précédemment chez Viking Global Investors, où il était associé et chief information officer. Doug Kline est basé à New York où il est directement rattaché à Pam Kieman, managing director et responsable mondial du développement, et Scott Carter, managing director et responsable Global Prime Finance Sales et Capital Introduction pour l’Amérique du Nord.
12/04/2010

BNY Mellon glane un nouveau contrat

L’Université de l’Ohio a délégué les services de conservation de son fonds à long terme, le Ohio State Endowment Fund, à BNY Mellon Asset Servicing.Ce fonds pèse près de 2 milliards de dollars. BNY Mellon prend la succession de State Street.
12/04/2010
Fonds

Le Connecticut reconduit TIAA-CREF comme gérant d'un fonds d'épargne universitaire

Tuition Financing Inc (TFI), filiale du fonds de pension TIAA-CREF (414 milliards de dollars d’encours), a été reconduite par l’Office of the Connecticut State Treasurer comme gérante du plan d'épargne 529 de l’Etat pour les étudiants, le Connecticut Higher Education Trust (CHET). Cela représente 93.000 comptes et un encours de 1,2 milliard de dollars.TFI a initialement été chargée de la gestion du CHET en janvier 2000. A l'époque, cela représentait 4.000 comptes et un encours de 18 millions de dollars.
Fonds
12/04/2010

Bonus de 1 million de livres pour le patron de F&C

Le directeur général de F&C Asset Management, Alain Grisay, a reçu un bonus de 1 million de livres l’année dernière, selon le Times qui cite le rapport annuel de F&C. La prime comprend 700.000 livres en numéraires et 300.000 livres en actions différées sur trois ans. Alain Grisay a perçu en outre un fixe de 325.000 livres. Cette année, ce montant augmentera de 7,7 % à 350.000.
12/04/2010

Martin Currie clôture un hedge fund sur la Chine

Selon Investment Week, Martin Currie a clôturé un hedge fund dédié à la Chine dont les actifs sous gestion avaient atteint 203 millions de dollars.Lancé il y a sept ans, le fonds affiche un rendement annualisé de 16,2 %. Sur les deux dernières années, le fonds a dégagé un rendement de 22,8 %, à comparer à un recul de 15,4 % pour l’indice MSCI Gloden Dragon sur la même période.
12/04/2010

Un responsable de L&G rejoint Fidelity

Fidelity vient de recruter Ben Waterhouse au poste de responsable des ventes de gros pour le Royaume-Uni, selon Investment Week.Ben Waterhouse travaillait précédemment chez L&G Investments en tant que directeur des ventes. Il devrait prendre ses fonctions dans les tout prochains mois pour consolider et développer les activités avec notamment les gérants de fortune.
12/04/2010
Fonds

China Special Situations de Fidelity ne fait pas le plein de souscriptions escomptées

Même si Fidelity International souligne que le placement initial (IPO) de son nouveau fonds China Special Situations s’avère le plus grand succès depuis 1990 pour un produit actions, les 460 millions de livres levés par le dernier-né d’Anthony Bolton représentent moins des trois quarts (73 %) des 630 millions de livres qui avaient été fixés comme objectif de cette opération entourée d’un fort battage médiatique. Le fonds, qui est d’ores et déjà le plus grand fonds Chine coté à Londres, sera officiellement lancé le 19 avril sur le London Stock Exchange. Anthony Bolton a indiqué avoir lui-même souscrit 2,5 millions de parts.
Fonds
12/04/2010

Russell Investments adds to staff in Asia

Russell Investments has added to its workforce in Singapore and South Korea to meet growing demand in the region. Asian Investor reports that the firm is also planning to apply for a license to begin operating in Seoul, and is hoping to open a representative office in China in second half, and to obtain QFII (qualified foreign institutional investor) status in the country. The Korean team, which was reduced to two people last year, has been rebuilt, with the appointment of Kim Dong Ki as chief representative at the Seoul office. Kim was previously at Korea Life.
12/04/2010

Subscribers prefer low-risk assets

As of the end of 2009, assets in Spanish funds were 75% invested in money market funds, short-term bond funds and guaranteed funds invested primarily in equities or bonds, compared with 66.6% at the end of 2006, and 80% at the end of 2008, Cinco Días reports. The historical average (76% over the past 19 years) reveals that Spanish investors have always been highly conservative, except in 2000, during the internet investment bubble, when the proportion fell to 56%. In the three years of 2007, 2008 and 2009, net redemptions totalled EUR89.47bn, which represents 97.5% of declines in assets under management, which fell by 31%, while commission revenues fell by 48%. Seven of the largest management firms had more than 80% of their assets in lower-risk investments, excepting Ibercaja, for which the figure was 57%. However, Gesmadrid and Ahorro Corporación had more than 87% of their assets in money market instruments, short-term bonds and guaranteed products.
12/04/2010

Aurel BGC cautious about bond markets

Jean-Louis Mourier, an economist at Aurel BGC, says in an interview with Agefi that several factors argue in favour of a continued rise in long-term interest rates, particularly in the UK and the US. The recovery may prove surprisingly strong, and inflation may remain higher than anticipated when basic effects fade away, despite the persistence of large amounts of unused production capacities, he says.
12/04/2010

LCH.Clearnet extends its SwapClear service to Ireland and Switzerland

The specialist group LCH.Clearnet on 8 April announced that it has been granted permission by the Financial Services Authority (FSA) to extend its settlement service for swaps and fixed income assets, SwapClear, to Ireland and Switzerland. The change in the area covered by the service will allow institutional investors to process their transactions via member agencies in the United States, France, Germany, Ireland, and Switzerland. SwapClear handles about 40% of the global market in swaps and fixed income assets.
12/04/2010

Juan Marín (Fortis) joins Investec

With the merger of BNP Paribas and Fortis, Juan Marín, head of sales for the Iberian peninsula at Fortis Investments, has joined Investec as director of sales for France, Luxembourg, Italy, Spain and Portugal, Funds People reports. The British-South African management firm in November registered the Luxembourg Sicav Investec Strategy Fund (32 sub-funds) with the CNMV, but its products have not yet gone on sale in Spain, except via Allfunds Bank.
12/04/2010

Departures continue at Sal. Oppenheim

Though the four client advisers who are joining Credit Suisse in Berlin are not necessarily big names, it has been confirmed that six people have quit their jobs at the Cologne headquarters of the private bank, the Frankfurter Allgemeine Zeitung reports. The newspaper also states that a major client of Sal. Oppenheim is seeking to recruit several people to create a family office. The newspaper also points out that in Berlin it is not known whether the rest of the local Sal. Oppenheim team will be joining Berenberg, but the Hamburg-based private bank is expecting to take on two well-established advisers from Sal. Oppenheim, one in Frankfurt, and the other in Düsseldorf.
12/04/2010

Connecticut renews contract for TIAA-CREF as manager of a university savings plan

Tuition Financing Inc (TFI), an affiliate of the pension fund TIAA-CREF (USD414bn in assets) has seen its contract renewed by the Office of the Connecticut State Treasurer, as manager of the state’s 529 savings plan for students, the Connecticut Higher Education Trust (CHET). The trust has 93,000 accounts and assets of USD1.2bn. TFI was initially retained as manager of the CHET in January 2000. At the time, the scheme had 4.000 accounts and assets of USD18m.
12/04/2010

ProFunds launches two leveraged biotech ETF funds

On Thursday, the NASDAQ admitted two ETFs from ProFunds Group to trading, including the ProShares Ultra Nasdaq Biotechnology (acronym: BIB) and the UltraShort Nasdaq Biotechnology (BIS), both of which replicate biotech indices from NASDAQ with double leverage, on long positions for the BIB, and short for the BIS. The two products charge fees of 0.95%. With these two new funds, the ProShares range now includes 105 ETFs.
12/04/2010

Eaton Vance launches commodities fund managed by Armored Wolf

Eaton Vance Management, an affiliate of Eaton Vance Corp (USD161.6bn in assets as of the end of January) on Thursday announced the launch of the Eaton Vance Commodity Strategy fund, whose benchmark is the UBS Commodity Index Total Return. The initial objective is to earn returns comparable to the benchmark, but with lower volatility, while outperformance will come from commodities derivatives, inflation-linked bonds and emerging market bonds. The sub-adviser for the fund is Armored Wolf LLC, a specialist in global macro focused on “real” assets. The two managers of the fund will be John B. Brynjolffson, CIO and managing director of Armored Wolf, and Paul Dickson, managing director and emerging markets bond portfolio manager at Armored Wolf. Management fees total 1.25% for I-class shares, 1.50% for A-class shares, and 2.25% for C-class shares.
12/04/2010

Lyxor Hedge Fund Index up 2.12% in March

The Lyxor Hedge Fund Index posted gains of 2.12% in March 2010. For the month, the best-performing alternative strategies were: Term Index (+4.84%), L/S Credit Arbitrage Index (+3.85%), and Arbitrage Index (+2.73%). The only strategy to post losses in March was L/S Equity Short Bias Index (-6.58%). In first quarter, the Lyxor Hedge Fund Index gained 2.03%.
12/04/2010

Gains for hedge funds in March

Hedge Fund Research reports that hedge funds in March posted their strongest results since September, with a gain of 2.7%, and that they earned 2.56% in first quarter. According to Hennessee, funds gained 3.05% in March, after gains of 0.99% in February, and losses of 0.55% in January, putting returns for January-March at 3.50%. In March, according to Hennessee, only the short bias strategy posted losses (of 5.24%), while all others were in positive territory, including emerging markets, with gains of 5.47%. In first quarter, the best-performing strategy was financial sector equities, with gains of 6.83%, followed by event-driven (6.20%).
12/04/2010

Seven new ETF funds from db x-trackers listed in Frankfurt

Deutsche Börse announced on Friday that it has admitted seven new “strategy” ETF funds from db x-trackers (Deutsche Bank) to trading on the XTF segment of its Xetra electronic platform, all of them registered in Luxembourg. Management commissions for the product vary from 0.35% for the Daily LevDax, and 0.70% for the S&P 500 Daily 2x Investor. Four of the funds invest with double leverage in the Euro Stoxx 50, SevDax, FTSE 100 and S&P 500 funds, while three others provide short, and also double leveraged, replicas of the Euro Stoxx 50, Dax and S&P 500 indices. With these seven funds, the XTF segment now includes 651 products. The launch of the new “daily leveraged” ETFs adds to the range of products from db x-trackers, which now includes 16 short products. db x-trackers states that the new daily leveraged ETFs are mostly aimed at “discerning” institutional investors. The funds are intended to be used for short-term trading or to deploy real-time hedging strategies in order to react to market fluctuations within a single day. Shares in the funds may be used as substitutes for other short-term derivatives such as futures, CFD, or swaps. The seven ETFs will be listed in Milan on the Borsa Italiana from 14 April, and on the London Stock Exchange from 26 April. db x-trackers Euro Stoxx 50 Leveraged Daily ETF Isin LU0411077828 management fees 0.35% db x-trackers LevDAX Daily ETF LU0411075376 0.35% db x-trackers FTSE 100 Leveraged Daily ETF LU0412625088 0.50% db x-trackers S&P 500 2x Leveraged Daily ETF LU0411078552 0.60% db x-trackers Euro Stoxx 50 Double Short Daily ETF LU0417510616 0.50% db x-trackers ShortDAX x2 Daily ETF LU0411075020 0.60% db x-trakcers S&P 500 2x Inverse Daily ETF LU0411078636 0.70%
12/04/2010

Fidelity achieves three quarters of objective in China Special Sits fund IPO

Although Fidelity International claims that the initial public offering (IPO) of shares in its China Special Situations has been its largest success since 1990 for an equities product, the total of GBP460m raised for the most recent product from Anthony Bolton represents less than three quarters (73%) of the GBP630m which the asset management firm had set as its objective for the high-profile operation, which was heavily covered by the media. The fund, which becomes the largest China fund listed in London, will officially be launched on 19 April on the London Stock Exchange. Bolton says that he himself has bought 2.5 million shares.
12/04/2010

Gérard Piasko leaves Julius Bär for Sal. Oppenheim Switzerland

Christian Camenzind, CEO of Sal. Oppenheim Switzerland, on Friday announced the appointment of Gérard Piasko as chief investment officer (CIO). Piasko has in the past few years served in the same role at Julius Bär, after ten years as a global strategist at Credit Suisse in London, New York and Zurich.
12/04/2010

UBS estimates pre-tax quarterly profits at CHF2.5bn

UBS is projecting pre-tax profits of CHF2.5bn for first quarter 2010, the bank announced in a statement published on 12 April, slightly ahead of its general shareholders’ meeting to be held on 14 April. The bank has also registered net outflows from all sectors, though these were “considerably lower” than in fourth quarter 2009. “In first quarter 2010, UBS estimates that it has reached assets of about CHF8bn for Wealth Management & Swiss Bank, CHF7bn for Wealth Management Americas, and CHF3bn for Global Asset Management,” the bank says.
12/04/2010

Italian senator speaks out over powers amassed in the hands of Assogestioni chairman

The Italian senator Elio Lannutti has expressed surprise at the “deafening silence” which has prevailed over the appointment of Domenico Siniscalco, former Italian minister of the economy, and current president of Morgan Stanley, as chairman of Assogestioni, the Italian association of asset managers, the Italian news agency Asca reports. The politician claims that the variety of positions now held by Siniscalco imply “obvious conflicts of interest.” He points out that as chairman of Assogestioni, Siniscalco is able to appoint independent directors in publicly-traded companies, with which he would also work in his capacities at Morgan Stanley. Lannutti is critical of the silence of the Bank of Italy and the market regulatory agency on this subject.

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