Le hedge fund D1 Capital Partners, lancé par Daniel Sundheim, a perdu de l’argent le mois dernier et abandonne environ 5 % sur l’année, rapporte le Wall Street Journal, citant un document dédié aux investisseurs. La société basée à New York a levé plusieurs milliards de dollars, ce qui en a fait l’un des plus gros lancements de hedge funds cette année. Daniel Sundheim était précédemment directeur des investissements de Viking Global Investors. En octobre, le fonds a perdu de l’argent, quelle que soit la méthode de calcul : 8,4 % ou 5,9 % (que l’on prenne ou non l’apport d’argent frais).

Morgan Stanley Expansion Capital, la plate-forme d’investissement en capital privé dédié aux entreprises de croissance au sein de Morgan Stanley Investment Management, a levé environ 400 millions de dollars pour son huitième fonds baptisé North Haven Expansion Equity LP et ses fonds associés (collectivement dénommés «Expansion Equity»). Selon le communiqué, elle a dépassé de près de 100 millions de dollars ses objectifs initiaux d’engagements. Expansion Equity se concentrera sur les sociétés non cotées en phase de développement dans les secteurs technologiques et autres secteurs à forte croissance, notamment la consommation, les soins de santé et les médias.La plate-forme Morgan Stanley Expansion Capital a investi dans 190 entreprises depuis sa création.

David Ric, former absolute return head of Amundi who departed last June, has co-founded Resco Asset Management in London alongside Alex Eventon, Oddo Meriten’s fixed income chief between 2013 and 2016, and Scott Schuberg, who was CEO of Australian financial services firm Rivkin and held research roles at BNP Paribas and Henderson. The trio had worked together in the mid-2000 at Fischer Francis Trees & Watts in London before the fixed income shop was purchased by BNP Paribas. In a message posted on Resco’s website, CEO Scott Schuberg said global landscape had changed between 2006 and 2018 and that during this period, the trio had been part of «organisations that were so mature that redefining them would be impracticable."Resco will launch the Resco Macro Credit fund in November with initial commitment of $50m and investment capacity of $800m-$1bn. The fund will house active liquid fixed income strategies, targeting a 4-8% volatility and returns of cash plus 5%. Positions in emerging markets debt and active FX strategies will be limited to 20% and 25% of the fund’s net assets respectively.

Invesco has appointed Graham Hook to the newly-created role of head of UK government relations & public policy, based in London. Graham Hook began his role yesterday and is reporting to Invesco’s general counsel, EMEA, Rupert Rossander.Graham Hook’s appointment is the second to be announced as part of the creation of Invesco’s government relations team in EMEA. It follows the appointment last month of Elizabeth Gillam to the role of head of EU government relations & public policy, based in Brussels.The appointments complement the recently-formed US government relations team based in Washington DC. The EMEA and US-based teams will work with Invesco’s corporate communications team in the development of a tailored programme focused on further building the business’ pro-active approach to stakeholder engagement across relevant jurisdictions. Graham Hook previously worked in four UK government departments including as special adviser to Phillip Hammond as Chancellor of the Exchequer. Most recently, he worked with the Investment Association, advising on its government relations strategy.

Paris-based boutique Seven Capital Management has registered its Ucits fund range in Austria, NewsManagers can reveal. The manager has started marketing of its four funds on 31 October 2018 after it received approval from Austrian financial market authority FMA. Products available to Austrian investors include the Seven European Equity fund (eurozone equities long-only fund), the Seven Diversified fund (diversified and flexible fund), the Seven Fortress fund (market neutral equity fund) and the Seven Absolute Return fund (multi-asset long/short fund). Seven Capital Management is led by CEO Johan Schwimann since inception in 2006.

Morgan Stanley Expansion Capital, the growth-focused private investment platform within Morgan Stanley Investment Management, today announced that it has closed on approximately $400 million of capital commitments for North Haven Expansion Equity LP and its related funds (collectively, “Expansion Equity” or the “Fund”), exceeding its original fundraising target capital commitments by nearly $100 million. Expansion Equity will focus on identifying later-stage private companies in technology and other high growth sectors, including consumer, healthcare and media, and will build on the success of the seven prior Morgan Stanley private growth equity funds.Investments are primarily located in North America and Western Europe

The obstacles to factorial investment are disappearing, and the abilities of investors are continuing to increase, according to the third annual Invesco Global Factor Investing Study. This 2018 qualitative and quantitative study, the third in an annual series, covered over 300 institutional investors (pension funds, insurers, and sovereign funds) and wholesale investors, including private banks, multi-managers, and financial advisers), all of whom are users of factorial investment, in 21 countries, with total assets under management of over USD19trn.While confidence in factorial investment is increasing, asset managers are modifying the ways in which they participate in factorial investment, the third piller of the investment strategies, increasingly rapidly. Half of institutional investors, and one third of wholesale investors, are recruiting talent to more effectively manage their factorial investments.The study finds that the most significant obstacle to the deployment of the strategy, internal capacities, has been considerably reduced in the past two years, falling 1.8 point to 6.5 on a scale of one to ten. Obstacles such as confidence in factorial theory, lack of internal support from management, and an abundance of strategies, have also declined over this period. For experienced factorial investors introducing new strategies, these obstacles have been reduced by 10% to 15%.“The progress of factorial investment requires structural changes within the financial industry, creating a genuine third pillar in the investment industry, distinct from traditional active management and from passive management weighted by market capitalisation. Investors, including both wholesale and institutional investors, see factorial investment as a special area that requires special external expertise, rather than a general area of expertise within an existing internal team,” says Georg Elsaesser, senior manager on the Invesco Quantitative Strategies team.The projection that factorial allocations will continue to incease over the coming years – the finding of the 2017 report – remains valid. According to the 2018 study, investors are planning to increase their factorial allocations in the next three years. Three fifths of investors overall (64% of institutional investors, and 56% of wholesale investors) are planning to increase their factorial strategies over the next three years, and this trend is even more pronounced for investors in the Asia-Pacific region. More than tree quarters of respondents (77%) are planning to increase their factorial allocations there, compared with 57% in Europe, and 54% in North America. The primary driver of further increases in allocations by investors, by far, is improved net performance, followed by cost efficiency, reduction of risk, and controlling exposures in the portfolio.Style factors continue to be the most widely used, but the value factor remains the most popular (with 78% of factorial investors), followed by low volatility (62%). There are major regional differences: in Europe, factorial investors use value less than the global average, and use high yield more. Investors in the Asia-Pacific region prefer the value and quality approaches, while North American investors prefer value and size.

JPMorgan Asset Management is set to merge two sub-funds of its Luxembourg-domiciled Sicav JPMorgan Funds, the Emerging Europe, Middle East and AfricaEquity et the Emerging Europe Equity funds. The merger will be effective 14 December 2018. The Sicav board has assessed that the Emerging Europe, Middle East and Africa Equity fund had limited growth prospects contrary to the Emerging Europe Equity fund, which will absorb its peer and whose assets under management should record further strong rise according to the Sicav board. Both strategies are managed by Oleg Biyulyov, Pandora Omaset and Habib Saikaly. As of 2 November 2018, the JP Morgan Funds - Emerging Europe Equity fund had €357m of AUM while assets of the JPMorgan Funds - Emerging Europe, Middle East and Africa Equity fund amounted to €256.6m.

@page { size: 8.27in 11.69in; margin: 0.79in }p { margin-bottom: 0.1in; line-height: 115%; background: transparent }Theinvestment company Ardian on 5 November announced that it hasacquired a majority stake in Trustteam from Naxicap Partners.Trustteam, based in Courtrai, Belgium, is a company specialised in ITsolutions for small and mid-sized businesses, founded in 2002 by itscurrent CEO, Stijn Vandeputte. The firm offers outsourced IT servicesto SMEs, including infrastructure, data centres, cyber security,communications solutions, software, and maintenance services. Thecompany has about 1,500 clients. The financial details of thetransaction have not been disclosed.

GAM Holding AG announces that Alexander Friedman, Group CEO and the Board of Directors have agreed that the next stage of the company’s evolution would be best served by new leadership and that Mr Friedman will step down today. The Board has appointed David Jacob, a member of the Board of Directors, as interim Group CEO and member of the Group Management Board, whilst a search for a new CEO is conducted. Mr Jacob has extensive industry experience, having held senior leadership roles at a number of asset management businesses. Mr Jacob’s immediate priority will be to ensure that the steps necessary to drive forward GAM’s strategy and to support profitability are actioned as soon as possible. Further updates will be given in due course.

@page { size: 8.27in 11.69in; margin: 0.79in }p { margin-bottom: 0.1in; line-height: 115%; background: transparent }AllianceBernsteinon 5 November announced that it is adding to its distribution team inSwitzerland, with the recruitment of Marc Schumacher as directorFinancial Institutions, at its Zurich offices. In this new role,Schumacher will be a member of the distribution team responsible forbanks, financial companies and family offices. He will report toMartin Dilg, head of distribution for central and eastern Europe.Beforejoining AllianceBernstein, Schumacher had worked at JP Morgan, wherehe was head of distribution to cantonal, private and regional banks.He previously worked at Vontobel and Credit Suisse.

@page { size: 8.27in 11.69in; margin: 0.79in }p { margin-bottom: 0.1in; line-height: 115%; background: transparent }UBSis continuing to recruit for its advising teams for the onshoreChinese market, one of the largest markets for the Swiss group, thespecialist website finews reports. After the shock arrest of anemployee of UBS at Beijing airport a few days ago, which has led thegroup to cut back on its travel in the region, everything thusappears to be returning to normal.Accordingto an internal memo obtained by finews, Ann Qian and Fritz Chan willdirect the activities of the newly-recruited advisers from the startof 2019.

@page { size: 8.27in 11.69in; margin: 0.79in }p { margin-bottom: 0.1in; line-height: 115%; background: transparent }TheJ. Safra Sarasin group, with assets under management totalling overUSD249bn, on 5 November announced the recruitment of two newemployees to expand its Swiss and international distributionactivities.MarcoCorti joins the wholesale division as director responsible formanagement of relationships with banks, insurance companies, assetmanagers, and family offices. Corti will be based in Zurich. He hasover 15 years of experience in the wholesale sector, including morethan four years at Swisscanto Invest and the cantonal bank of Zurich,after previous terms at Man Investments and Banque Leu.VolkerBuschmann joins Banque J. Safra Sarasin (Luxembourg) SA as executivedirector, responsible for the wholesale and institutional activitiesfor Benelux and the Scandinavian countries. With over 25 years ofexperience, Buschmann has served in a variety of senior roles atRobecoSAM Europe GmbH in Frankfurt and M&G InternationalInvestments in Frankfurt and Zurich. He has also worked at GartmoreInvestment Services, BHF Bank and Dresdner Bank.

@page { size: 8.27in 11.69in; margin: 0.79in }p { margin-bottom: 0.1in; line-height: 115%; background: transparent }Invescohas launched two new ETFs on the Milan stock exchange, Blueratingreports. They are the Invesco Goldman Sachs Equity Factor IndexEmerging Markets UCITS ETF and Invesco Communications S&P USSelect Sector UCITS ETF.

@page { size: 8.27in 11.69in; margin: 0.79in }p { margin-bottom: 0.1in; line-height: 115%; background: transparent }TheGerman asset management firm DWS, an affiliate of the Deutsche Bankgroup, on 4 November announced that it has signed an agreement toacquire a 15% stake in Neo Technologies, a firm specialised infinancial technologies, based at the Dubai International FinancialCenter (DIFC). Noe Technologies offers digital solutions for assetmanagement in the Middle East and North Africa (MENA) region. As partof the agreement signed, the two partners have established astrategic partnership, as part of which the two parties willcollaborate to develop services dedicated to asset managementthroughout the region, a statement says.“Byinvesting in this platform, we once again mark our commitment todigitalisation and to technology, as promised at the time of our IPO.Neo Technologies will allow DWS to strengthen its presence in aregion which offers high growth rates in the asset managementsector,” says Thorsten Michalik, a member of the board ofdirectors, and co-head of the global coverage group at DWS,responsible for distribution for the asset management firm in theEurope, Middle East and Africa (EMEA) and Asia-Pacific (APAC)regions.Thetwo parties have agreed not to disclose the price of the operation,which will be completed by the end of the year.

The partial spin - off of BancoPosta Fondi SGR’s asset management activities underlying Poste Vita Class I insurance products has become effective November 1 st 2018, in favour of Anima SGR, with ANIMA Holding remaining its sole shareholder upon completion of all transaction’s steps. Consequently, Anima SGR will manage approximately € 70 billion Poste Vita Class I mandates from November 1st 2018. In line with the signed agreements , the cooperation between Poste Italiane and ANIMA in the asset management business is equally effective . Therefore Anima SGR will continue to be a delegated manager of retail mutual funds originated by BancoPosta Fondi SGR and assets underlying Poste Vita Class III life insurance products sold by Poste Italiane for the next 15 years.

US asset manager Neuberger Berman has appointed Leen Meijaard as adviser focusing on the institutional market in the EMEA region at the start of November, FondsNieuws reported. Meijaard has worked from 2007 to 2016 as member of the executive committee, EMEA region at BlackRock, with a focus on institutional clients. In addition, he was BlackRock’s managing director in the Netherlands as from 2002. Meijaard also sits within the supervisory board of Dutch football team AFC Ajax Amsterdam.

Erik Andersson has been appointed chief investment officer (CIO) at Swedbank Robur. He comes from a role as deputy head of equities and head of global equities, and has since 2010 had several senior roles at Swedbank Robur.The role as CIO is new at Swedbank Robur and is part of a new organizational structure, which purpose is to coordinate all parts of investment management - supporting the achievement of the goal to become world leading in sustainable value creation in a faster pace. The new organization is valid as of the 1st of November, 2018.Erik Andersson takes place in Swedbank Robur’s management team and reports to Liza Jonson, CEO, Swedbank Robur.

French investment firm Promepar Asset Management, which is part of Bred Banque Populaire group, has appointed Sophie Neftel Avram as portfolio manager in October, NewsManagers has learned. Formerly, she worked as financial adviser for French investment website mes-placements.fr where her duties included asset allocation and fund selection. Prior to that, Neftel Avram served as European equities portfolio manager at Covea Finance, Deux-Villes AM and La Banque Postale Asset Management. She also co-founded Paris-based IFA Odéon Patrimoine in 2009.

@page { size: 8.27in 11.69in; margin: 0.79in }p { margin-bottom: 0.1in; line-height: 115%; background: transparent }Atthe conclusion of third quarter 2018, assets under management atOch-Ziff Management (Och-Ziff) totalled USD33bn, down 2.7% comparedwith the end of June 2018, but up 1% compared with the end ofSeptember 2017, the asset management firm has announced at a releaseof its quarterly results. In the past quarter, Och-Ziff has seen anet outflow of USD680.7m. Since the beginning of the year, netredemptions have totalled EUR920.3m. The decline in assets hascontinued since the end of September, as assets under management atOch-Ziff totalled USD32.3bn as of 1 November 2018.Inthe third quarter of 2018, Och-Ziff collected USD93.8m in revenues,down by nearly 29% from third quarter 2017. The asset management firmhas seen a net loss of USD14.5m, compared with a net profit ofUSD5.7m in third quarter 2017.

@page { size: 8.27in 11.69in; margin: 0.79in }p { margin-bottom: 0.1in; line-height: 115%; background: transparent }Theasset management firm Invesco Real Estate on 5 November announcedthat it has sold the Tour Prisma, located at La Défense in Paris, toAEW Ciloger, acting on behalf of several of its open funds (SCPI andOPCI). The sale price has not been disclosed. The Prisma tower is anoffice property with 23,000 m² of area, completed in 1998 andrenovated in 2011. It is wholly leased to four tenants, includingFidal. Invesco Real Estate acquired the property in 2014, making itthe first of six European properties acquired for an Asian dedicatedmandate, two of which have already been sold.

Le groupe de gestion néerlandais Van Lanschot Kempen, qui opère sous les marques Van Lanschot, Evi et Kempen, a enregistré au troisième trimestre une collecte nette de 1,2 milliard d’euros dans ses activités de gestion de fortune et de gestion d’actifs. Les actifs sous gestion se sont ainsi accrus à 70,4 milliards d’euros à fin septembre tandis que les actifs de la clientèle ressortaient à 84,9 milliards d’euros.Durant le trimestre sous revue, la gestion de fortune a enregistré des flux nets positifs alors que l’offre s’est notamment enrichie avec le lancement de la plateforme en ligne «Mijn Van Lanschot». Du côté de la gestion d’actifs, la gestion fiduciaire a engrangé des entrées nettes mais les stratégies d’investissement ont subi des retraits.

Le gérant américain Neuberger Berman a nommé Leen Meijaard en qualité de conseiller sur le marché institutionnel en Europe et au Moyen-Orient début novembre, rapporte FondsNieuws. Leen Meijaard a travaillé de 2007 à 2016 en tant que membre du comité exécutif pour la région Europe, Moyen-Orient et Afrique chez BlackRock avec un focus sur la clientèle institutionnelle. Il a également été l’ancien dirigeant de BlackRock aux Pays-Bas à partir de 2002. Leen Meijaard figure également au conseil d’administration du club de football de l’AFC Ajax Amsterdam.

Depuis le 1er novembre, la scission partielle des activités de gestion des actifs sous-jacents des produits d’assurance de type « Ramo I » de Poste Vita de BancoPosta Fondi SGR en faveur d’Anima SGR est effective. Anima SGR, dont Anima Holding reste le seul actionnaire, devient ainsi gestionnaire d’environ 70 milliards d’euros d’actifs supplémentaires.Est également entré en vigueur l’accord de partenariat d’une durée de 15 ans en vertu duquel Anima SGR continuera à gérer par délégation des OPCVM créés par BPF et des fonds internes relatifs aux produits d’assurance de type « Ramo III » commercialisés par Poste Italiane.

Invesco a lancé deux nouveaux ETF sur la Bourse de Milan, rapporte Bluerating. Il s’agit des Invesco Goldman Sachs Equity Factor Index Emerging Markets UCITS ETF et Invesco Communications S&P US Select Sector UCITS Etf.

La société de gestion parisienne Seven Capital Management a enregistré quatre des ses fonds Ucits en Autriche, a appris NewsManagers. La commercialisation de ces stratégies a débuté le 31 octobre 2018 après avoir obtenu le feu vert du régulateur des marchés financiers autrichien FMA. Il s’agit des fonds Seven European Equity (actions zone euro long only), Seven Diversified (diversifié flexible), Seven Fortress (actions market neutral) et Seven Absolute Return (multi-asset long/short). Seven Capital Management est dirigé par Johann Schwimann depuis son lancement 2006.

Kartesia Advisor, société de gestion spécialisée sur les marchés primaire et secondaire de la dette, a été radiée de la liste des entreprises d’investissements ayant une succursale enregistrée en Belgique le 10 octobre dernier, a appris NewsManagers. La filiale belge de l’entreprise était active depuis octobre 2013. C’est au cours de cette même année que Kartesia Advisor, dont le siège social se trouve à Londres, a été fondée par des anciens de LBO France et d’ICG.

La crise que traverse GAM depuis la suspension de son gérant star Tim Haywood aura finalement eu raison de son patron. La société de gestion suisse a annoncé ce matin la démission d’Alexander Friedman. “GAM Holding AG annonce qu’Alexander Friedman, CEO du groupe, et le conseil d’administration se sont mis d’accord sur le fait que la prochaine étape de l’évolution de la société serait mieux servie par un nouveau leadership et qu’Alexander Friedman va démissionner aujourd’hui”.Pour assurer l’intérim en attendant de trouver un directeur général permanent, le conseil d’administration a nommé David Jacob, membre du conseil d’administration, comme CEO par interim et membre du comité de direction. La recherche d’un nouveau patron a été lancée.David Jacob est membre du conseil d’administration de GAM Holding AG depuis avril 2017. Il est aussi membre du comité d’audit et du comité des rémunérations depuis mai 2017, qu’il va quitter. Avant de rejoindre GAM, il était directeur général de Rogge Global Partners. Entre 2004 et 2013, il travaillait au sein de Henderson Global Investors. Il a aussi officié chez UBS Global Asset Management, Merrill Lynch Investment Managers et JP Morgan Asset Management. Alexander Friedman était sous pression depuis la suspension de Tim Haywood. On lui reprochait une mauvaise gestion de cette affaire. La liquidation des stratégies ARBF (absolute return bond fund), qui avait suivi cette suspension, a de plus lourdement pesé sur les résultats du troisième trimestre. Les actifs sous gestion du groupe ont ainsi chuté à 146,1 milliards de francs suisses au 30 septembre 2018 contre 163,8 milliards de francs à fin juin 2018 (asset management et banque privée). Le groupe aurait par ailleurs repoussé les avances de Schroders pour son pôle hedge funds, selon le Financial Times. Coté à la Bourse suisse, le hedge fund a une part de son capital équivalente à 25% détenue par trois sociétés : Silchester International, T Rowe Price et Kiltearn Partners.

AllianceBernstein a annoncé ce 5 novembre le renforcement de son équipe de distribution en Suisse avec le recrutement de Marc Schumacher en qualité de director Financial Institutions au sein du bureau de Zurich. Dans ses nouvelles fonctions, l’intéressé sera membre de l'équipe de distribution en charge des banques, des entreprises financières et des family offices. Il sera rattaché à Martin Dilg, responsable de la distribution pour l’Europe centrale et de l’Est.Avant de rejoindre AllianceBernstein, Marc Schumacher travaillait chez JP Morgan où il était responsable de la distribution auprès des banques cantonales, privées et régionales. Auparavant, il a travaillé chez Vontobel et Credit Suisse.

Le Groupe J. Safra Sarasin, dont les actifs sous gestion s’élèvent plus de 249 milliards de dollars, a annoncé ce 5 novembre le recrutement de deux nouveaux collaborateurs en vue de l’expansion de son activité suisse et internationale de distribution. Marco Corti intègre la Division Wholesale en tant que directeur chargé de la gestion des relations avec les banques, les compagnies d’assurance, les gestionnaires d’actifs et les family offices et sera basé à Zurich. M. Corti compte plus de 15 années d’expérience dans le secteur du wholesale, dont plus de quatre auprès de Swisscanto Invest/Banque cantonale de Zurich après avoir travaillé préalablement chez Man Investments et la Banque Leu. Volker Buschmann rejoint la Banque J. Safra Sarasin (Luxembourg) SA en qualité de directeur exécutif, à la tête de l’activité Wholesale et Institutional pour le Benelux et les pays nordiques. Avec plus de 25 années d’expérience, M. Buschmann a occupé divers postes à responsabilité pour RobecoSAM Europe GmbH à Frankfort et pour M&G International Investments à Frankfort et à Zurich. Il a également travaillé pour Gartmore Investment Services, BHF Bank et Dresdner Bank.