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06/04/2010
Fonds

Les fonds offshore désormais intégrés dans la classification de l'IMA

L’Association britannique de la gestion financière (IMA) a annoncé le 2 avril qu’elle intégrait désormais les fonds offshore dans son système de classification. Ainsi 91 fonds seront-ils inclus dans 17 secteurs existants. Quelque 180 fonds ont fait acte de candidature pour une intégration dans la grille de l’IMA qui précise que 69 d’entre eux sont sur le point d’obtenir le feu vert.
Fonds
06/04/2010

Marcel Herbst rejoint Weston Capital

Selon Hedge Week, Weston Capital Management a nommé Marcel Herbst au poste de membre de l'équipe de direction. Marcel Herbst, qui était précédemment managing director et executive director de Harcourt, sera responsable du développement des activités au niveau international et de la création de partenariats stratégiques.
06/04/2010

Nevsky Capital subit des rachats

La société de hedge funds britannique Nevsky Capital, qui gère 7 milliards de dollars, a subi la semaine dernière plus de 1 milliard de dollars de demandes de remboursements de la part d’investisseurs souhaitant quitter son fonds vedette, le Nevsky Fund, rapporte le Financial Times. Les rachats font suite à l’annonce du départ de Martin Taylor et Nick Barnes, les deux gérants stars du fonds de 3,3 milliards de dollars. Dans une lettre aux investisseurs, les dirigeants du Nevsky Fund avaient indiqué qu’il était peu probable que le fonds continue après leur départ.
06/04/2010

Gartmore s'allie à Hermes dans le private equity

Gartmore a annoncé mardi 6 avril le bouclage de sa joint venture avec Hermes Fund Managers Limited visant à fusionner leurs activités de fonds de fonds de private equity dans un nouveau véhicule, Hermes GPE LLP. Ce dernier, lors de son lancement, affichera un encours sous gestion de 4,1 milliards de livres sterling.
06/04/2010

Nouveau mandat de Nationwide pour JP Morgan

Nationwide Funds Group (NFG), qui regroupe les activités de gestion d’actifs de Nationwide Financial Services, a demandé à JP Morgan de lui fournir de nouveaux services. Outre la conservation et le prêt de titres, JP Morgan va prendre en charge les services de comptabilité, d’administration et d’agent de transfert. NFG gère quelque 32 milliards de dollars dans 92 mutual funds.
06/04/2010

Barclays Capital rejoint l’Association Suisse Produits Structurés

Barclays Capital, la division Investment Banking du groupe britannique Barclays Bank PLC, devient membre de l’Association Suisse Produits Structurés (ASPS). L’association souligne dans un communiqué que «cette adhésion renforce encore davantage le segment des produits structurés et la place financière suisse». «La Suisse reste l’un des marchés incontournables de la gestion de fortune. C’est pour cette raison que nous prévoyons d’étoffer notre gamme de produits structurés en Suisse ces prochaines années», estime pour sa part Peter Pilavachi, directeur Swiss Distribution & Investor Solutions chez Barclays Capital. L’ASPS défend actuellement les intérêts de 18 émetteurs et de deux membres passifs qui, ensemble, représentent plus de 95% du volume des produits structurés en Suisse.
06/04/2010

Résultats négatifs pour Banque Profil de Gestion

Les actifs sous gestion de Banque Profil de Gestion s’élevaient au 31 décembre dernier à 910 millions de francs, en recul de 9%. La décollecte nette de 125 millions sur l’année a été partiellement compensée par les performances positives des marchés. L’exercice s’est soldé par un résultat négatif de 2,6 millions de francs, sous l’impact de correctifs de valeurs et provisions pour un montant de 2,3 millions.
02/04/2010

CESR launches new consultation

The committee of European securities regulators (CESR) on 1 April announced the launch of a consultation which will remain open until 30 April, into micro-structural problems on European equities markets. Slightly more than two years after the MiFID directive came into effect, several questions remain to be revisited in relation to technical innovations such as high-frequency trading (HFT), direct market access (DMA), commission structures, and tick-size regimes. On the basis of the information received, the CESR is hoping to determine whether regulators should impose more explicit regulatory limits on HFT activities, for example.
02/04/2010

Lower returns expected for UCITS III hedge funds

The specialised boutique Trinity Fund Administration, which provides back and middle office services to the alternative management sector, is betting on continues growth at hedge funds and funds of hedge funds that comply with UCITS III, Money Marketing reports. But the corollary of this development, motivated by regulatory uncertainties among others about the planned AIFM directive, is that investors will have to settle for lower returns, due to restrictions on investments which will constrain these products, for example, in their use of derivatives for short positions.
02/04/2010

John Malkovich dans "More From Madoff"

Le John Malkovich Pension Plan & Trust a déposé jeudi une réclamation devant le tribunal contre la décision du liquidateur de Bernard L. Madoff Investment Securities, Irving Picard, de ne lui rembourser que 670.000 dollars. Il réclame 2,23 millions de dollars.
02/04/2010

Fewer hedge funds with more assets, PerTrac study finds

In 2009, the number of hedge funds and funds of hedge funds declined by 8.6%, with a 8.4% decline for single hedge funds and 7.1% for funds of hedge funds. At the same time, assets in the sector increased by 5.5% to USD1.41trn, according to the PerTrac 2009 Hedge Fund Database Study. Nearly 200 funds had assets under management of over USD1bn. Meredith Jones, managing director of PerTrac, says that a decline in the number of funds which release their results for use in the database does not necessarily mean that a corresponding number of funds has shut down, as some are ceasing to share their data due to disappointing results, excessively high results, changes in personnel, hard or soft closes, or other reasons. Among the other major findings of the study, PerTrac states that about 18,450 funds reported their performance in 2009; meanwhile, PerTrac identified about 14,650 single-manager hedge funds and about 7.050 funds of hedge funds in existence, compared with 15,150 and 7,200 in the 2008 study. The study also identified about 5,000 hedge fund management firms. Of the 14,650 single-manager hedge funds, about 12,000 disclosed their results for 2009. Of this subset, about 29% were domiciled in the United States. And of the 6,300 funds of hedge funds which published their results for 2009, about 10% were based in the United States. The number of funds domiciled in the United States fell 3.4%, while funds domiciled outside the US fell by 3%.
02/04/2010

J.P. Morgan launches an absolute return convertible fund

J.P. Morgan Mansart Investments and CQS have announced that the J.P. Morgan Mansart Investments CQS Convertible Alpha Fund has received regulatory approval from IFSRA, the Irish regulator. The fund is UCITS compliant and is designed to respond to institutional investors’ demand for a regulated vehicle able to deliver exposure to absolute return strategies in the global convertible bond markets. It will offer an actively managed portfolio of convertible bonds, underpinned by fundamental credit research and quantitative analysis and will mitigate risks through the use of equity, credit and interest rate hedges. The fund will provide weekly liquidity. J.P. Morgan Mansart Investments, a wholly owned subsidiary of JPMorgan Chase and Co. and a part of the J.P. Morgan’s investment bank will delegate to CQS the investment management responsibility for the fund whilst retaining oversight of the sub-manager, the risk management processes and the compliance with investment guidelines. The fund will be distributed by J.P. Morgan Securities Ltd. and is expected to start trading in April.
02/04/2010

13 new ETF funds from Amundi released in Italy

Amundi ETF on Thursday, 1 April announced that 13 new ETFs have been listed on Borsa Italiana, bringing the total number of products from the firm available on Borsa Italiana to 28. The funds in question, all of which are previously unreleased, according to Amundi ETF, are sectoral products. They include two ETF World products, one of which is focused on the energy sector, and one on the financial sector - entitled Amundi ETF MSCI World Energy and Amundi ETF MSCI World Financials, respectively. In addition to these funds come ten Euorpean sectoral ETF funds based on MSCI benchmark indices for the major sectors of the European markets. The last of the new ETFs invests in real estate, via an index which includes nearly 25 European publicly traded realty firms. Aside from the first two ETFs and the real estate fund, whose annual management fees are 0.35%, the other products charge fees of 0.25%.
02/04/2010

SG Private Banking uncovers irregularities in Asia

Agefi reports that Société Générale has detected irregularities in the management of a client account by one of its private bankers in Singapore in February. An internal audit has been initiated, the newspaper reports, and the Singapore authorities were “immediately informed.”
02/04/2010

Mercer adds to personnel in Asia

The consulting firm Mercer has recruited Stephen Roberts to the newly-created position of head of investment management for the Asia-Paxific zone, and has announced its intention to develop its presence on the multi-management market in the region. Roberts, who was previously at Russell Investments, as managing director for investment services to institutional clients in the Australasian region, will begin in his new position in Sydney on 19 April.
02/04/2010

BlueSky AM launches a growth strategy

Blue Sky Asset Management has announced the launch of a growth strategy, entitled Enhanced Growth Plan FTSE 100 series. The six-year vehicle proposes to double any growth for the FTSE 100, with maximal profitability of 90% (45% over six years), and minimal profitability of 25%, if, at maturity, the index stands at a level below or equal to its initial level.
02/04/2010

Axa Private Equity interested in KBC Private Equity

La Tribune reports, citing the Thursday, 1 April edition of the Belgian newspaper De Standaard, that Axa Private Equity is expected to acquire the private equity affiliate of the Belgian bank KBC. For the operation, Axa is reported to have teamed up with the investment group Sofina, to present a joint bid for KBC Private Equity, which has 30 employees and manages a portfolio of about EUR350m.
02/04/2010

Man Group wins USD1bn mandate

Man Group has been awarded an unprecedented USD1bn mandate by the UK’s second largest pension fund, the USS. The money is to be put in Man’s fund of fund business.
02/04/2010

Invesco PowerShares launches nine ETFs

The ETF range from Invesco PowerShares on 7 April will grow to 127 products, with the launch of nine new products, which will charge fees of 0.29%, replicating sectoral versions of the S&P SmallCap 600 Capped Sector Index. The new products are the PowerShares S&P SmallCap Consumer Discretionary Portfolio, Consumer Staples Portfolio, Energy Portfolio, Financial Portfolio, Health Care Portfolio, Industrials Portfolio, Information Technology Portfolio, Materials Portfolio and Utilities Portfolio ETFs.
02/04/2010

Robeco lists its Small Cap Euro fund in Spain

The CNMV has granted permission for the French-registered fund Robeco Small cap Euro (EUR19.45bn in assets), managed by Dominique Dequidt and Anne-Sélime de Murard, to be released in Spain. The objective of the Euro zone small caps fund, launched on 8 January 2008, is to outperform the MACI EMU Small Cap Total Return index, but with lower volatility than this benchmark.
02/04/2010

Natixis to recruit 150 people to develop asset management

Les Echos reports that Pierre Servant, CEO of Natixis, the financing, management and financial services arm of the French banking group BPCE, yesterday announced plans to scale up asset management personnel by 5% to 6%. The addition of about 150 people will aim to develop asset management in Europe, Asia and the United States. Natixis Global Asset Management, which had EUR505bn in assets under management as of the end of 2009, an increase of 13% over the previous year, is not planning to join the Amundi joint venture, created last year by Crédit Agricole and Société Générale. The asset management affiliate will start up an activity in the Netherlands this year, and will add to its presence in Belgium.
02/04/2010

David Tepper (Appaloosa) made USD4bn in 2009

Last year, the 25 most successful hedge fund managers made USD25.3bn, 13% more than in the previous record year of 2007, the Börsen-Zeitung reports, citing Absolute Return + Alpha. In 2008, their pay fell by half. This income comes from performance commissions as well as the performance of money they have invested in their own funds. Tepper, head of Appaloosa Management, made USD4bn in 2009, an all-time record. He bet on bonds and hybrid shares from US banks, following the bankruptcy of Lehman Brothers, including a bet on AIG.

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