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30/09/2009

Aberdeen opens an office in Sao Paulo

Aberdeen Asset Management is opening an office in Sao Paulo in Brazil. It will be headed by Nick Robinson. The Credit Suisse acquisition brought Aberdeen’s total equities under management in Latin America to USD4 billion.
30/09/2009

Skagen recruits a portfolio manager

Skagen Funds has hired Cathrine Gether as portfolio manager. She will mainly be working on equity analysis of existing and potential holdings as part of the team that manages the emerging markets fund Skagen Kon-Tiki. Cathrine Gether comes from a position as portfolio manager in the hedge fund Millennium Capital Partners in London.
30/09/2009

Corporate bond markets not affected by bubble

Agefi Switzerland reports that Adam Cordery, manager of the Fixed Income fund from Schroders, claims that “the bubble in the bond markets only affects government bonds, not corporate bonds.” Investors’ concerns are centred on the risk of inflation and a continuing lack of opportunities on the credit markets. In terms of inflation, Schroders is predicting a two-stage increase in the next two years: first, a phase of falling inflation, followed by a rebound, due to economic recovery and the effects of currency injected into the economy. In this environment, the British firm considers inflation-linked US and Japanese bonds more attractive than their European counterparts.
30/09/2009

Managers slightly less optimistic about emerging markets and corporate bonds

In third quarter, investment professionals have reined in their exceptional optimism in the previous quarter, particularly about emerging markets and corporate bonds, according to the most recent quarterly survey from Russell Investments (“Investment Manager Outlook”). More than half of managers surveyed, 54%, estimate that American equities markets are correctly valued, following a rebound on the markets since early March. Other managers are more or less evenly divided between those who feel the market is undervalued (24%) and those who consider it overvalued (22%). Fixed income assets have lost a lof of their shine over the course of the past quarter. Optimism about fixed income has fallen from 66% a quarter ago to 44% in third quarter. Similarly, favourable outlooks for high yield bonds have fallen to 52% from 66% previously. Losses in these assets classes have been among the heaviest of the quarter. There is still some optimism that despite this, investors will remain invested at relatively high levels.
30/09/2009

Chris Allen gets promoted at HSBC

According to Hedge Week, HSBC Private Bank has appointed Chris Allen managing director and head of HSBC Alternative Investmentsthe operation dedicated to hedge funds, institutional mandates and FoFs as well as head of real estate and private equity investment for HSBC Global Private Banking. From January 1st, 2010, Allen will report to Nigel Webber, CIO of HSBC Global Private Banking and to Peter Rigg, global head of HSBC Alternative Investment Group.
30/09/2009

State Street confidence index shows decline in North America

In September, the index of institutional investor confidence maintained by State Street Global Markets totalled 118.1, down 4.7 points from its five-year high of 122.8 points in August, after eight consecutive months of increases. The global index was dragged down by a fall in appetite for risk in North America, where the index fell by 4.6 points to 113.7. However, the confidence of European and Asian investors brought increases for the index, to 110.9 from 109.3, and to 93 from 91.9.
30/09/2009

92 SRI funds receive SRI label from Novethic

Of 121 funds that were candidates to receive the label, 92 socially investment funds on sale in France have obtained the Label ISR Novethic, intended as a point of reference for retail investors. The funds, in all asset classes, represent a total of EUR10bn in assets, and are managed by 25 asset managers. Among these are affiliates of the major distribution networks, with the notable exception of Crédit Agricole Asset Management, a few foreign asset management firms, and specialised boutiques. The label was launched on Tuesday by Novethic (an affiliate of the Caisse des Dépôts), with the goal of promoting the diffusion of socially responsible investment products among retail investors, by facilitating the comprehension of these products. Though SRI management is developing, its market share among retail investors shrank between 2007 and 2008. To obtain the label, which is free of charge, funds from applicant asset management firms must meet four requirements.
30/09/2009

Actively-managed ETFs use stock-picking

Grail Advisors, of San Francisco, is launching on Thursday four actively managed ETFs relying solely on stock pickers: RP Growth, RP Focused Large Cap Growth, RP Technology and RP Financials, says the WSJ. RiverPark Advisors, assisted by Wedgewood Partners, will do the day-to-day stock selection.
30/09/2009

2010 could be the year of the green boom

Agefi Switzerland reports that the sustainability analysis service from Banque Sarasin is convinced that the Copenhagen climate accords will mean strong potential for sustainable investments. As pledged made under the Kyoto protocol expire in 2012, the Copenhagen conference to be held this December will represent an important turning point, not only for the climate, but also for investors. At a press conference in Hong Kong, Andreas Knörzer, head of sustainable investments at Banque Sarasin, emphasized that sustainable investors would profit from infrastructure spending planned by governments in order to stimulate growth. This spending will be primarily invested in the energy, water and transportation sectors. Before the Copenhagen environmental summit in December, 16% (USD512bn) of public spending totalling USD3.1trn was invested in technologies to adapt to climate change.
30/09/2009

Crisis provokes concentration for real estate funds

The Wall Street Journal notes a growing trend for limited partners in private equity funds to require general partners to transfer real estate funds or assets to other fund managers whom they trust. For example, Palmer Capital Partners took over two European real estate funds in July from Belgravia Asset Management, a firm which has since closed down. ING Groep has taken over about USD2.1bn in assets since the beginning of the year from clients seeking to change managers, and in June, ING Clarion took over the New City Asia Opportunity Fund, which was previously managed by New City Asia Fund Management Pte. Ltd of Singapore. AEW (an affiliate of Natixis Global Asset Management) has received transfers of about USD1.5bn in assets from institutional investors, including CalPERS, as these investors have withdrawn their assets from other managers (Shattuck Hammond, in the case of CalPERS).
30/09/2009

KanAm grundinvest fund distributes dividend of EUR2.50 per share

For the fiscal year ending on 30 June, the grundinvest fund from the Munich-based asset management firm KanAm will pay an unchanged dividend on 1 October of EUR2.50 per share, representing EUR212m, or EUR22.8m more than in 2007-2008. Performance in 2008-2009 was down to 5%, compared with 5.7% in 2007-2008, and 6% in 2006-2007 (see Newsmanagers of 1 October 2008). Occupancy rates for properties in the portfolio as of the end of June totalled 98.6%, and assets as of the end of August totalled EUR4.4bn, compared with about EUR5bn as of the end of June. The fund was reopened to subscriptions on 8 July, after a period of closure from the end of October 2008 (see Newsmanagers of 7 July 2009). An independent audit of assets in the portfolio has resulted in a downward adjustment of 8 euro cents per share.
30/09/2009

Fidelity launches a fund of "real" assets

On Tuesday, Fidelity International announced that it is releasing the Fidelity Global Real Asset Securities fund, launched on 2 September, for sale. The product, with 40-60 positions (currently 62), managed by Amit Lodha, allows the investor to benefit from economic stimulus programs worldwide and in the industrialisation of emerging countries. The portfolio will be invested in businesses in sectors dealing with “real” assets, such as infrastructure, energy, commodities, base materials, industry, real estate and public services. Returns will nor be impacted by the rise and fall of energy and commodity markets. Front-end fee and management commission total 5.25% and 1.5%, respectively.
30/09/2009

Omega Gestión launches Alphaville

Omega Gestión de Inversiones, the asset management firm owned by Alicia Koplowicz, has registered the hedge fund Alphaville with the CNMV. The fund has initial assets of EUR10m, Funds People reports. The objective is to obtain performance of 12-15%, with average volatility of about 85, says Alberto Ruiz, CEO. The particularity ofAlphaville, a multi-strategy fund, is that it combines investment in absolute returns funds with investments in live securities on bond and equity markets.
29/09/2009

British taxes driving managers out of the UK

One investment professional in five is planning to leave the United Kingdom in the next twelve months, according to Hedge Week. The main reason is changes to British tax policy soon to take effect, according to a survey by CFA UK. The major destinations for the departing professionals will be Switzerland, the Untied States, Hong Kong, and Singapore.
29/09/2009

GLG launches a debt fund

GLG Partners, one of London’s largest hedge funds, has launched a new fund to invest in the debt of troubled UK and European companies. The fund already manages about USD300m of clients’ money, according to people familiar with the situation. It is managed by Galia Velimukhametova.
29/09/2009

Saudi fund F6 interested in Liverpool FC

According to Cinco Días, the Saudi fund F6 is in negotiations with George Gillett over an acquisition of a 25% to 50% stake in Liverpool Football Club. The news comes one month after Sulaiman el Fahim, an investor from the United Arab Emirates, bought the Portsmouth football team. A year ago, the sovereign fund Abu Dhabi United Group took control of Manchester City.
29/09/2009

Robert Zoellick warns United States

La Tribune reports that the president of the World Bank yesterday warned that the United States should not aim to maintain a dominant position for the US dollar as a global currency, when there are a growing number of alternatives, such as the Euro, the Yuan and special currency issue rights. Robert Zoellick is also wary of the growing influence of the Federal Reserve over the financial system.
29/09/2009

La gestion d’actifs de Credit Suisse en phase d’intégration chez Abderdeen

Selon L’Agefi suisse, Aberdeen Asset Management entre dans le stade final et critique de l’intégration des activités de gestion institutionnelle de Credit Suisse. La société écossaise, qui a acquis ces activités en décembre dernier pour 250 millions de livres, souhaite ainsi se développer en Suisse où elle est encore peu connue et où elle gère déjà quelque 22,5 milliards de francs d’actifs. Elle cherche à renforcer sa présence locale en élargissant les bureaux à Zurich et à Genève avec six employés que la société a hérités de Credit Suisse.
29/09/2009

UBS : Sergio Marchionne et Peter Voser jettent l'éponge

L’UBS a annoncé mardi matin du Sergio Marchionne, «senior independent director» du conseil d’administration, et Peter Voser ne seront pas candidats lors de l’assemblée générale du 14 avril 2010 à une réélection comme administrateurs de la banque. Tous deux sont «désireux de se concentrer sur leurs tâches managériales très exigeantes». Le premier est notamment CEO de Fiat SpA, de Fiat Group Automobiles et de Chrysler Group. Le second est CEO de Royal Dutch Shell.
29/09/2009

OMAM muscle sa force de vente

Matthew Appelstein, executive vice president, qui est responsable des ventes institutionnelles et du marketing, va désormais diriger également la distribution retail et non-US d’Old Mutual Asset Management (OMAM), rapporte Mutual Fund Wire. L’intéressé a indiqué qu’il va augmenter à 25 personnes l'équipe de distribution qui en compte actuellement 20. Il a indiqué faire partie d’un «triumvirat» comprenant Julian Sluyters, president & CEO d’Old Mutual Capital, chargé des activités retail, et James Mikolaichik executive vice president et head of product, strategy and corporate development, qui est chargé des produits destinés au retail.
29/09/2009

Les fonds du Golfe ont perdu 350 milliards de dollars

Selon L’Agefi suisse, le rapport de la Conférence de l’ONU pour le commerce et le développement (UNCTAD) indique que quatre fonds souverains du Golfe ont perdu environ 350 milliards de dollars en raison de la crise financière. Les avoirs des fonds d’Arabie saoudite, du Koweït, du Qatar et d’Abou Dhabi n’ont toutefois pas beaucoup baissé en raison de l’injections de revenus pétroliers. De 1165 milliards de dollars fin 2007, ces avoirs sont passés à 1115 milliards fin 2008 après des injections de 300 milliards.
29/09/2009

Les investisseurs font pression sur les sociétés de private equity

Selon le Financial Times, 220 investisseurs ayant placé 1.000 milliards de dollars dans le private equity se sont regroupés pour demander aux sociétés d’adopter un cadre de bonnes pratiques et d’aligner leurs intérêts plus clairement avec ceux des investisseurs. Ils réclament aussi une baisse des frais.
29/09/2009

Un ancien de chez Coutts rejoint BSI Bank

Hanspeter Brunner, ex-chief executive de RBS Coutts, a rejoint la banque privée suisse BSI, selon Asian Investor. Il devrait s’installer en mars prochain à Singapour pour prendre la tête des activités de la banque en Asie et développer la présence de l'établissement dans la zone.
29/09/2009

Prisa vend des participations à DLJ et Ongoing

Pour 404 millions d’euros, Grupo Prisa vend 25 % de l'éditeur Santillana au fonds DLJ South American Partners et 35 % du portugais Media Capital au fonds Ongoing Strategy Investments, rapporte Cinco Días.
29/09/2009
Fonds

GLG lance un fonds de dette

GLG Partners, l’un des plus gros hedge funds londoniens, a lancé un nouveau fonds investi dans la dette de sociétés britanniques et européennes en difficultés, rapporte le Financial Times. Le nouveau produit gère déjà 300 millions de dollars pour le compte de ses clients, selon des personnes proches du dossier. Il est géré par Galia Velimukhametova.
Fonds
29/09/2009
Fonds

Le fonds saoudien F6 s'intéresse au Liverpool

Selon Cinco Días, le fonds saoudien F6 est en train de négocier avec George Gillett l’acquisition de 25 à 50 % du club de football de Liverpool. Cela vient un mois après que Sulaiman el Fahim, un investisseur des Emirats, ait acheté le club de Portsmouth. Voici un an, le fonds souverain Abu Dhabi United Group avait pris le contrôle du Manchester City.
Fonds

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