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29/10/2009

GAM recruits a manager from T. Rowe Price

Niall Gallagher, who managed European and continental European equities funds at T. Rowe Price after leaving BlackRock in late October 2006, has been recruited by GAM (an affiliate of Julius Baer) to replace John Bennett, who left the firm to join Gartmore Asset Management in June. He will join the firm in November, in London, and in December will take over the management of the GAM Star European Equity and GAM Star Continental European Equity funds, which have seen heavy redemptions since the departure of Bennett, although their assets remain higher than USD900m.
29/10/2009

Jupiter takes prize in Bestinvest rankings of bad funds

According to the “spot the dog” rankings from the Bestinvest platform, the worst British management firm is Jupiter, with GBP3bn in assets in underperforming funds, followed by Schroders, with GBP1.76bn, and Scottish Widows, with GBP1.68bn, Investment Week reports. Fourth and fifth place go to St James’s Place, with GBP945m in assets placing in the rankings of bad funds, and Henderson New Star, with GBP705m.
29/10/2009

Strong growth in inflows in third quarter for M&G

According to Investment Week, M&G has posted total net inflows in third quarter of GBP2.5bn, of which retail inflows totalled GBP1.7bn. Total inflows have risen 47% compared with the corresponding period of 2008. In the first nine months of the year, net inflows totalled GBP11.1bn, a 169% increase compared with the corresponding period of last year. Retail inflows in the first nine months of the year totalled GBP5.73bn. Bond funds have continued to attract the majority of inflows, representing 77% of net sales since the beginning of the year. But equities funds have also done well, particularly the Recovery and Global Basics funds.
29/10/2009

Pictet Funds adds to sales team

Pictet Funds has recruited Emma Stenzel as sales manager for southern Germany. She was previously an advisory business team manager at Schroders.
29/10/2009

Deutsche Bank absorbs wealth management operations of Sal. Oppenheim for 0.74% of AUM

It appears that Deutsche Bank will acquire the entirety of the Luxembourg-registered holding company Sal. Oppenheim jr. & Cie. S.C.A in first quarter 2010 for EUR1bn, while the families that currently own the firm will have an option to retain a stake of up to 20% in the private banking affiliate of Sal. Oppenheim jr. & Cie. KgaA in Cologne. Payment may also be made in the form of Deutsche Bank shares. Even after this operation, the tier 1 ratio at Deutsche Bank will remain at about 11%. The pricxe corresponds to only 0.74% of assets under management. Deutsche Bank will take control of the private bank, BHF-Bank, as well as the private equity fund of fund management firm Sal. Oppenheim Private Equity Partners S.A. (SOPEP). In addition, it will take control of BHF Asset Servicing GmbH (BAS), an independent holding company in which a majority stake is currently held by the families that own Sal. Oppenheim, which Deutsche Bank is planning to resell. Deutsche Bank is also planning to take part in negotiations over a sale of the Sal. Oppenheim investment banking operations. In an initial period, the acquisition of the various entities will total EUR1.3bn, but it has been agreed with the owners of Sal. Oppenheim jr. & cie. S.C.A. that the acquisition price may be increased depending on the evolution of cerrtain high-risk positions, and depending on the extent to which Sal. Oppenheim is able to retain the loyalty of its approximately 7,000 high net worth clients.
29/10/2009

Asset management results down at Santander

In third quarter, profits from asset management at Santander fell to EUR8m, compared with EUR19m in second quarter, and EUR21m in first quarter. Profits totalled EUR36m in the corresponding period of last year. Over the first nine months of the year, assets have increased from EUR101bn to EUR111bn, while costs for the division have fallen 17%, to EUR115m.
29/10/2009

Collins Stewart launches an absolute return fund of funds

According to Hedge Week, Collins Stewart Fund Management has launched an absolute returns fund of funds, entitled Collins Stewart Alternative Strategies Fund. The fund, which complies with the UCITS III directive, aims for returns of 6% to 10% per year. It will be domiciled in Dublin, on the existing fund platform. The fund has no lock-up period, and will not charge penalties for early withdrawal.
29/10/2009

Jupiter takes prize in Bestinvest rankings of bad funds

According to the “spot the dog” rankings from the Bestinvest platform, the worst British management firm is Jupiter, with GBP3bn in assets in underperforming funds, followed by Schroders, with GBP1.76bn, and Scottish Widows, with GBP1.68bn, Investment Week reports. Fourth and fifth place go to St James’s Place, with GBP945m in assets placing in the rankings of bad funds, and Henderson New Star, with GBP705m.
29/10/2009

State Street wins private equity administration mandate

State Street has announced that it has been awarded a mandate by the Intermountain Equity Group (IEG) to provide fund administration services for a product specialised in privately-traded real estate funds. The fund has assets of USD400m.
29/10/2009

Stable results at Waddell & Reed

For third quarter, Waddell & Reed Financial, the promoter of Ivy and W&R Advisor Funds, has posted net profits of USD33.4m, compared with USD23.4m in second quarter, and USD33.4m in the corresponding period of last year, excluding one-time expenses and payment of taxes related to the sale of Austin, Calvert & Flavin (ACF) on 15 July. As of the end of September, assets totalled USD64.49bn, compared with USD55.61bn as of the end of June, and USD59.78m one year previously. Since the beginning of the year, Waddell & Reed has posted net subscriptions of USD6.13bn, while assets under management have increased by USD17bn.
29/10/2009

Asset management well-positioned at Paris Europlace forum in Mumbai

On 28 October in Mumbai, at the second annual international forum held by Paris Europlace, Arnaud de Bresson, deputy CEO of Paris Europlace, spoke of the strong presence of French banks, management firms and insurers in India, and the positive development of joint ventures between Indian and French financial actors, such as CAAM and SBI, who have recently announced the creation of a joint venture in asset management. De Bresson expressed a desire that Paris and Mumbai should develop further collaborations, particularly in the asset management sector. Among the technical panel discussions featured at the conference was “Asset management, partnership with leading distribution networks in India and France: common challenges?”
29/10/2009

K1 hedge fund investigated on suspicion of fraud

The Wurzburg prosecutor’s office has confirmed that it has launched an investigation of the founder of the hedge fund K1, Helmut Kiener, who is suspected of abuse of confidence and fraud, Handelsblatt reports. The fund is registered in the British Virgin islands, and claims to have about USD1bn in assets under management. Kiener and his fund are suspected of having defrauded several banks, including Barclays, JP Morgan Chase, and BNP Paribas, of about USD400m.
29/10/2009

Large batches of Credit Suisse shares sold off by managers

AGEFI Switzerland reports that four Credit Suisse Group managers have sold off significant numbers of shares in the bank on stock markets in the past two days. In total, 500,000 shares have been sold in four transactions, for a total of nearly CHF27.8m, according to the website SIX. Based on 2008 activities, it appears that only one person is likely to have made a single transaction, concerning 300,000 shares. He is Paul Calello, Chief Executive Officer Investment Banking at Credit Suisse. As of the end of 2008, he held 411,856 shares in CS. On the board at the firm, the CEO, Brady Dougan, held the second-largest number of Credit Suisse shares, with 296,000, after Calello, and he therefore could not have been responsible for the 300,000-share transaction, but could have been responsible for selling off one of the other three batches of shares.
29/10/2009

Galleon paid banks for insider information

The Galleon hedge fund at the centre of an insider trading scandal paid hundreds of millions of dollars a year to its Wall Street banks and in return regularly received market information that would not have been disclosed to most investors, executives familiar with the matter say. It paid about USD250m to its banks last year.
29/10/2009

Madoff: Losses of USD21.2bn so far, according to liquidator

Les Echos reports that the first accounts published in New York on 28 October by the American liquidator Irving Picard, charged with unwinding the Madoff funds, show that the provisional net losses for half of the 4,900 active clients on the books total USD21.2bn, so far, compared with an initial estimate that the fraud totalled USD64.5bn, largely based on an assumption that fictive accounts submitted by the broker were genuine. To date, the Securities Investor Protection Corporation (SIPC), an entity that reimburses investors when a brokerage firm goes bankrupt, has disbursed USD534m, on total declared claims of USD4.43bn, from 2,860 direct clients.
29/10/2009

First sentencing of a UBS client

Steven Michael Rubinstein, who was a client of UBS and who confessed in June that he was guilty of tax evasion, has been sentenced by a federal court in Miami to one year of house arrest and three years’ probation, the Börsen-Zeitung reports. He has also been fined USD40,000.
29/10/2009

Tudor Investment Corporation integrates Lyxor and launches a new fund

Tudor Investment Corporation has integrated the managed accounts platform of Lyxor and has crearted Lyxor / Tudor Momentum Limited, a hedge fund whose strategy replicates the fund Tudor Momentum Portfolio Ltd., part of the Tensor program from Tudor. “The systems used rely on a precise methodology to identify market trends on the basis of more than 70 criteria,” a statement says. “The duration for which positions will be held varies from several weeks to several months, giving the fund a mid- to long-term horizon. Investment decisions taken by the systems used are based on several algorythms which analyse historical price data and other elements to identify trends and to predict the future direction of prices. Positions taken, both long and short, are on futures on all types of underlying assets, including commodity futures, interest rates, currencies, major stock market indexes, US government bonds, foreign government bonds, and spot positions on currency rates.”
29/10/2009

Barings creates a retail sub-fund of its emerging markets fund

Baring Asset Management (Barings) has launched a retail sub-fund of its UK-domiciled fund Baring Emerging Markets, which has previously been available only to institutional investors. The fund is managed by James Syme, head of emerging markets, and Paul Wimborne, investment manager. They also manage the Irish-domiciled fun Baring Global Emerging Markets (USD1.49bn in assets).
29/10/2009

Record net subscriptions in January-September

In the first three quarters of this year, net subscriptions to British-registered retail funds in the United Kingdom totalled GBP18.7bn, of which GBP2.7bn were in September, topping a record set by the year 2000 as a whole, the Investment Management Association (IMA) reports. In August, net subscriptions totalled GBP2.2bn, while in September 2008, British-domiciled retail funds saw net redemptions of GBP29.4bn. Net subscriptions to retail funds domiciled abroad totalled GBP249.8m, compared with GBP150.9m in August, and net outflows of GBP167m in September last year. Assets in funds domiciled in the United Kingdom as of the end of September totalled GBP463.4bn, compared with GBP439.6bn one month earlier, and GBP380.2bn as of 30 September 2008. Assets under management in funds domiciled overseas totalled GBP21.2bn, compared with GBP20.3bn as of the end of August and GBP16.7bn one year previously.
29/10/2009

Cibler l'inflation ou le prix des actifs reste le dilemme posé à la BCE

Certains s’émeuvent du caractère trop expansionniste de la politique monétaire. Ils l’estiment responsable d’une nouvelle bulle financière, les taux bas gonflant artificiellement le rendement des actifs. Selon leur calcul, un financement nominal à trois mois de l’ordre de 0,3% pour 1,6% d’inflation et 1,5% de croissance anticipées à deux ans porte la différence entre croissance et taux d’intérêt réels à près de 3%. Une aubaine ! Vu comme ça, évidemment, réclamer des hausses de taux pourrait avoir du sens. Mais un tel raisonnement n’est pas exempt de fausses notes.
28/10/2009

La Deutsche Bank dépèce Sal. Oppenheim

Ce mercredi, le conseil de surveillance devrait approuver l’acquisition de la gestion de fortune de Sal. Oppenheim. On s’attend que l’activité de banque d’investissement, qui n’intéresse par la Deutsche Bank, soit reprise par Macquarie, tandis que LGT se veut candidat à une reprise de la BHF, bien positionnée dans la banque privée et la gestion d’actifs, rapporte le Handelsblatt. Reste que la BHF a aussi une importante activité de conservation, qui intéresse potentiellement BNP Paribas, mais aussi BNY Mellon.
28/10/2009

La Deutsche Bank prendrait 100 % du holding Sal. Oppenheim

Selon les informations de Die Welt, il sera annoncé ce mercredi après-midi que la Deutsche Bank acquiert pour environ un milliard d’euros la totalité des parts du holding luxembourgeois de Sal. Oppenheim. Ce dernier ne garderait qu’un peu plus de 75 % d’une société en commandite par actions (KGaA) chargée de l’opérationnel et dont un peu moins de 25 % seraient aux mains des familles propriétaires actuelles. Cette formule serait fiscalement la plus intéressante.Die Welt indique que les anciens propriétaires percevront de surcroît des primes d’autant plus élevées que le nombre de clients conservés sera important.
28/10/2009

La Commerzbank vend ses parts de Privatinvest Bank à la BCZ

Mardi soir, la Commerzbank a annoncé qu’elle cèdait pour un montant non divulgué sa participation de 74 % dans l’autrichienne Privatinvest Bank de Salzbourg à la Banque cantonale de Zurich (BCZ ou ZKB en allemand). Cette transaction s’inscrit dans le cadre d’un repli de la Commerzbank sur un nombre restreint de sites pour l’activité de gestion de fortune. D’autre part, la cession de cette participation fait partie des engagements pris par la Commerzbank pour obtenir l’agrément de la Commission européenne aux aides du Fonds allemand de stabilisation des marchés financiers (SoFFin).A fin juin, la Privatinvest Bank, qui emploie 50 personnes à Salzbourg et à Vienne, affichait un encours de 600 millions d’euros. En revanche, les activités de la succursale de Vienne de la Commerzbank ne sont pas touchées par l’opération annoncée.
28/10/2009

Vanguard veut accélérer son développement sur le marché des retraites

En réaction à l’acquisition de Barclays Global Investors par BlackRock, Vanguard UK veut accélérer son développement sur le marché des retraites à contribution définie au Royaume-Uni, indique le Financial Times. Selon Peter Robertson, directeur retail de Vanguard UK, plusieurs institutions de pension se seraient montrées intéressées par l’offre de la maison.
28/10/2009
Fonds

Fidelity ferme un de ses fonds sur l'Europe

Selon Citiwire, Fidelity vient de fermer son fonds FAST Europe aux nouveaux investisseurs compte tenu de la taille de son encours (2,5 milliards de dollars). Cette décision a été prise de façon à ce que les dépôts des nouveaux investisseurs n’aient pas un impact négatif sur la stratégie menée par le fonds. Ce dernier, géré par Anas Chakra, utilise des produits dérivés et un levier pour améliorer ses performances. Sur les trois dernières années, FAST Europe affiche un gain de 7,2% contre une baisse de 21,1% de l’indice MSCI Europe.
Fonds
28/10/2009
Fonds

Lancement de deux nouveaux fonds signés Jupiter

Citiwire rapporte que Jupiter vient d'être autorisé à lancer deux fonds d’investissement pilotés par le gérant-star Philip Gibbs au cours des trois prochains mois. Les deux fonds donneront à Gibbs - le seul gestionnaire à avoir été noté par Citywire depuis la création de la société il y a huit ans - la souplesse nécessaire pour gérer comme il l’entend. Dans le détail, le fonds de Jupiter «Absolute Return» profitant des dispositions de la directive OPCVM III donnera au gérant la possibilité de disposer de liquidité et d’investir dans des dérivés, afin, le cas échéant, de posséder la flexibilité nécessaire pour réagir rapidement aux conditions changeantes du marché. Le fonds a pour indice de référence le Libor 3 mois and sera géré de façon similaire au fonds alternatif de PhilipGibbs, Hyde Park hedge fund, avec cependant moins de volatilité et d’effet de levier. Le deuxième fonds, Jupiter Financials, est un fonds – également UCITS 3 - qui investira sur des valeurs financières internationales. A la différence du fonds Jupiter Financial Opportunities, il donnera au gérant la possibilité de vendre à découvert des titres ou des indices et aura pour référence le Footsie Global Financials.
Fonds
28/10/2009

Six family offices créent Mazabi Gestión

Six family offices (dont Taresta Family Office, BNPP Fortis, et Family Office Auris 4)ont regroupé leurs forces pour créer la société de gestion de fortune Mazabi Gestión de Patrimonios, qui débute avec plus de 300 millions d’euros, selon Funds People. Mazabi précise qu’elle emploie 13 professionnels du conseil et de la gestion justifiant chacun d’au moins 15 ans d’expérience et de quatre bureaux principaux (Madrid, Barcelone, Bilbao et Malaga).Le président de Mazabi est Vicente Gómez de la Cruz (Taresta) et le directeur général, Juan Antonio Guttiérez, (Fortis).
28/10/2009
Fonds

Renta 4 lance un hedge fund de RMBS espagnoles

Le gestionnaire Renta 4 a annoncé lundi le lancement du hedge fund Spanish RMBS Fund qui, comme son nom l’indique investira en titrisations de prêtes hypothécaires ou Residential Mortgage Backed Securities (RMBS) principalement espagnoles, le plafond pour les émissions étrangères étant fixé à 30 %, rapporte Funds People. L'échéance moyenne des obligations sera de 15 ans et la duration moyenne du fonds variera entre 5 et 8 ans.Le fonds, à liquidité mensuelle, facturera 2 % de commission de gestion et 20 % de commission de performance, la souscription minimale étant fixée aux 50.000 euros légaux pour ce genre de produit.
Fonds

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