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24/06/2013

Hermes Real Estate nomme un responsable dette immobilière

Hermes Real Estate Investment Management, qui gère 5,8 milliards de livres d’encours, vient de nommer Marcus Palmer en tant que responsable de la dette immobilière. Basé à Londres, il est placé sous la direction de Ben Sanderson, directeur des investissements internationaux.Avant de rejoindre HREIML, Marcus Palmer était associé de Chalkhill Partners.
24/06/2013

Polar Capital se renforce sur la santé

Le britannique Polar Capital vient de recruter deux professionnels de l’investissement, Deane Donnigan et David Pinniger, qui vont renforce le pôle santé du gestionnaire, rapporte Fundweb.Deane Donnigan travaillait précédemment chez Axa Framlington tandis que David Pinniger travaille depuis plus de douze ans sur le secteur de la santé. Polar Capital propose deux stratégies santé : le Polar Capital Healthcare Opportunities fund (478,4 millions de livres), et le Polar Capital Global Healthcare Growth and Income trust (152,6 millions de livres).
24/06/2013

Schroders veut grossir aux Etats-Unis

Le britannique Schroders veut grossir et le fait savoir. « Nous disposons de 580 millions de livres sterling de trésorerie », déclare aux « Echos », son vice-président exécutif Massimo Tosato. Cet argent « pourrait être utilisé autant en acquisitions de sociétés locales pour le développement à l’international que pour des investissements de croissance organique », poursuit-il. La croissance se fait plus que timide en Europe, son marché de prédilection ? Schroders se tourne vers l’Asie et les Etats-Unis. Dans ce dernier pays, pourtant ultra concurrentiel et fermé aux étrangers, il veut doubler de taille dans les cinq prochaines années. Au 31 mars 2013, les actifs sous gestion aux Etats-Unis étaient déjà de 42 milliards de livres, dont 7 milliards pour STW, une société de gestion obligataire rachetée en décembre.
24/06/2013

New Zealand's SWF divests from nuclear

P { margin-bottom: 0.08in; } The New Zealand Superannuation Fund has announced that it has excluded several operators of nuclear bases from its portfolio, whose assets under management total about USD22bn.Among the exclusions are Babcock & Wilcox, Fluor Corporation, Huntington Ingalls Industries, Jacobs Engineering Group, Serco Group and URS Corporation. The sovereign fund had already excluded Lockheed Martin.As of 31 March 2013, assets of the fund in excluded firms totalled NZD2.2bn. All of these assets have been sold off.The fund has also announced that four previously excluded firms will now be allowed back into the portfolio: General Dynamics, L-3 Communications, Raytheon and Goodrich Corp. These firms have confirmed that they no longer participate in the production of cluster bombs.
24/06/2013

Konrad Hummler gets back to business

P { margin-bottom: 0.08in; } The former heavyweight in private banking at Wegelin, Konrad Hummler, is returning to the industry. Hummler, whose investment columns were always highly popular, has founded the M1 AG company, domiciled in St. Gall, which offers investment advisory services.Hummler, with three partners, is launching a paper or electronic publication, “Bergsicht,” which will be released at least six times per year, and which will resemble the investment columns of the Wegelin period.
24/06/2013

Former UBS manager launches an asset management firm

P { margin-bottom: 0.08in; } According to Finews, Cesar Gueikian, former head of special situations at UBS, has founded an asset management firm entitled Melody Capital Partners. His partners are Andres Scaminaci and Omar Jaffrey, also formerly of UBS. The three specialists are launching a fund to invest in guaranteed credit in the United States and Western Europe. They are hoping to raise more than EUR500m.
24/06/2013

Dalton Strategic Partnership arrives in Spain

P { margin-bottom: 0.08in; } Although it had already been selling its products as private investments in Spain, the British asset management firm Balton Strategic Partnership has now officially entered the Spanish market, with the registration of its Luxembourg Sicav, Melchior Selected Trust, with the CNMV. The Sicav has five sub-funds and assets of EUR540m, Funds People reports.The firm becomes the sixth foreign asset management firm to enter Spain since the beginning of the year, following J. Chahine Capital, Ellipsis AM, Oaks Field Patenrs, LarrainVial and Wellington Management.
24/06/2013

“We now have a shared sales team 40 times larger than before”

Deutsche Bank in mid-June unveiled its new division, Deutsche Asset & Wealth Management (DeAWM), including the 23 asset management, wealth management and market activity brands. After serving as managing director and global head of RREEF Real Estate, Pierre Cherki, who is head of the new alternative/real asset management profession, discusses the size of his unit, its composition and its plans, now that it has a sales team 40 times larger than previously.
24/06/2013

Yuan: UK signs swap deal with China

P { margin-bottom: 0.08in; } In the competition amongst European financial centres to become the preferred offshore platform for the Chinese yuan in Europe, the British capital scored a point this weekend, Les Echos reports. The governor of the Bank of England (BoE), Mervyn King, has signed a currency exchange, or swap, agreement with a Chinese counterpart, Zhou Xiaochuan, which will allow the London market to have liquidity in yuan under all circumstances.The agreement covers an amount of up to CNY200bn (or RMB200bn), for the BoE, or up to GBP20bn for the People’s Bank of China (PBOC). In other words, slightly over USD30bn which can be mobilised on the market on both sides in order to meet the needs of businesses. Beijing has already signed numerous swap agreements, but so far only with emerging markets. This is the first time that a member of the group of seven most industrialized nations has achieved such a relationship with China.
24/06/2013

Mercer adds to its wealth management product range

P { margin-bottom: 0.08in; } Financial advisers and wealth managers may in the future avail themselves of an addition to the product range from the consultant Mercer, which is now offering High Volume Research (HVR) and High Volume Monitoring (HVM) services, to address all potential questions raised by the funds in which their clients invest.HVR is a concise, high level tool (as opposed to complete research reports on managers), aimed at wealth managers, to help them to identify issues which may concern funds in which they may invest their clients’ money. For its part, HVM is a regular monitoring service, with which Mercer aims to identify concrete changes in a fund which may have an impact on the end result for clients.HVR and HVM allow investment advisers and wealth managers access to a quality of service which had previously been reserved for institutional investors and pension funds.
24/06/2013

Schroders wants to grow in the United States

P { margin-bottom: 0.08in; } UK-based Schroders wants to grow and is not hiding it. “We have GBP580m in cash,” its executive vice president, Massimo Tosato, tells Les Echos. This money “could be used both for acquisitions of local companies for international development and fo investments in organic growth,” he continues.Growth is proving more timid in Europe, its favourite market, and Schroders is turning to Asia and the United States.In the latter country, which can be hyper-competitive and closed off to foreigners, it is expecting to double in size in the next five years. As of 31 March 2013, assets under management in the United States already totalled GBP42bn, of which GBP7bn were at STW, a bond asset management firm acquired in December.
24/06/2013

Hermes Real Estate appoints head of RE debt

Hermes Real Estate Investment Management Limited (HREIML), with over GBP5.8 billion assets under management, has announced the appointment of Marcus Palmer as head of real estate debt. Based at the company’s headquarters in London, he will report into Ben Sanderson, Director of International Investment, HREIML. He will be responsible for managing the real estate debt programme. Prior to joining HREIML, Marcus was a Partner at Chalkhill Partners LLP.
24/06/2013

Polar Capital increases investment in healthcare

P { margin-bottom: 0.08in; } The British firm Polar Capital has recruited two investment professionals, Deane Donnigan and David Pinniger, who will serve in the healthcare unit at the asset management firm, Fundweb reports.Donnigan previously worked at Axa Framlington, while Pinniger has for more than 12 years worked in the healthcare sector.Polar Capital offers two healthcare strategies: the Polar Capital Healthcare Opportunities fund (GBP478.4m), and the Polar Capital Global Healthcare Growth and Income trust (GBP152.6m).
24/06/2013

Investors have bought up GBP2.3bn in equities in the past six months

P { margin-bottom: 0.08in; } Private investors continued to buy equities in the six months to the end of May, according to statistics released by Capita Registrars in its Private Investor Watch.Investors in the United Kingdom added GBP2.3bn to their portfolios, bringing their total assets to GBP222.2bn, the equivalent in value of 11% of the British equity market.Since the beginning of the rising market cycle in 2009, investors have added GBP6.1bn to their equity assets, of which BP3.6bn have been in the past 12 months.Between December 2012 and May 2013 investors traded about GBP45bn in equities, the most active period in the past two years.However, investors did not anticipate the fall on the market which began in June, and therefore did not take profits. They even continued to invest until the end of May. As of 18 June, they had lost GBP11.5bn, and their assets were down to GBP210.7bn.
24/06/2013

Deutsche Börse offers a Dax fund without the financial sector

P { margin-bottom: 0.08in; } For institutionals, Deutsche Börse has designed the new Dax ex-Financials 30 index, which includes equities listed on the prime standard segment of the Frankfurt stock exchange in the 30 largest German companies outside the “FIRE” sector, which includes banks, providers of financial services and insurance.These shares represent about 80% of the total capitalisation in German pubicly-traded businesses. The Dax ex-Financials 30 index currently includes shares in 25 companies of the Dax and MDax indices.The composition of the new index will be updated on a quarterly basis, and data are available with backtesting to 20 March 2003. The weighting of each share is limited to 10%.
24/06/2013

Man appoints a CEO for its Australian affiliate

P { margin-bottom: 0.08in; } Jamie Douglas, who had been managing director in the chief investment office, responsible for currencies and emerging markets at JPMorgan in London, is joining Man Group as CEO of Man Investments Australia, from 1 July. He will report to Emmanuel Roman, CEO of Man Group.The new arrival will aim to sell the full range of MAN products, including quantitative strategies from AHL, discretionary long-only strategies and GLG hedge funds, as well as funds of hedge funds from FRM.
24/06/2013

Skagen manager departs

Ross Porter left the Nordic asset management firm Skagen on 21 June after 13 years “to seek new challenges,» according to a press release. Since joining Skagen in September 2000, Ross has been involved in the management of both the equity and fixed income funds. Since August 2011, Ross has been part of the emerging markets Skagen Kon-Tiki fund team. The remaining Skagen Kon-Tiki team members are Kristoffer Stensrud, Knut Harald Nilsson, Cathrine Gether and Erik Landgraff. There are no plans to hire a replacement for Ross at present.
24/06/2013

Exchange of information: France to introduce blacklist in '16

P { margin-bottom: 0.08in; } Countries which refuse automatic exchange of information for tax purposes will be added to a list of uncooperative states by France from 2016, due to an amendment passed by the government. The date of application for the changes would thus be later than the US automatic information exchange (FATCA) agreement, which is schedued for September 2015.“Such an approach has the advantage that it is dynamic and allows France to concentrate on the genuine challenges of offering incentives in a context marked by a strong engagement to promoting tax transparency,” the government claims in an explanation of its amendment to a proposed law to combat tax fraud, passed on Thursday evening.The countries of the G8 early last week pledged to automatically exchange inforamtion, which is considered a deadly weapon in the war on tax havens, the “new global standard” to combat these flows.
24/06/2013

Medobanca to establish alternative management platform

P { margin-bottom: 0.08in; } The board of directors at Mediobanca on 21 June unveiled its 2014-2016 plan for the group, with the objective of generating returns on owners’ equity in 2016 of 10-11%. It plans to simplify structures, focusing on the three pillars on investment banking, retail banking, and wealth management.For this unit, Mediobanca is planning to invest in human resources (including private equity, private debt, and non-performing credit) as well as in IT in order to develop the most highly profitable and least costly activities, including the launch of Mediobanca Alternative Asset Management (MAAM). The objective assigned to wealth management is to generate 15% of the group’s banking revenues by 2016.
24/06/2013

Azimut and Italian SWF team up in private equity

P { margin-bottom: 0.08in; } The Fondo italiano d’investimento is teaming up with Azimut to launch Programma 101, a private equity operator specialised in investments in startups in the digital sector, Il Sole – 24 Ore reports. The structure is starting up with about EUR35m, but is aiming for EUR50m. The financial commitment of Azimut is EUR10-15m.
24/06/2013

PREI recruits Asia-Pacific CEO from Grosvenor

P { margin-bottom: 0.08in; } The US firm Prudential Real Estate Investors (PRE), the real estate investment and advising arm of Prudential Financial, has announced the appointment of Eryck Su as managing director and chief investment officer at Pramerica Real Esate Investors (Asia) Ltd, its affiliate for Asia-Pacific.Su will be responsible for acquisitions and sales in the region, and the development of its regional strategy and portfolio management. He will also be responsible for the strategy of the business in China, and will be a member of the Asia-Pacific investment committee.Su had previously been managing director and head of Greater China at Grosvenor Fund Management.
24/06/2013

Russian PE investor RDIF and Mubadala launch co-investment fund

P { margin-bottom: 0.08in; } Russian Direct Investment Fund (RDIF), the private equity fund supported by the Russian government, and the Abu Dhabi sovereign wealth fund, Mubadala Development Company, have announced the launch of a co-investment fund with USD2bn in assets, in order to seek out investment opportunities on the Russian market. The two funds will contribute USD1bn each to the new fund. The new initiative by Mubadala comes as part of a desire on the part of the firm to establish a sustained presence on major international markets.
24/06/2013

Petercam replaces data provider for an SRI fund

P { margin-bottom: 0.08in; } For its European equity SRI fund Equities Europe Sustainable (about EUR50m in assets), the Belgian asset management firm Petercam will now be using gross data from Sustainalytics instead of Vigeo. They will all be processed internally by the SRI committee, which establishes the list of eligible equities sent to the fund manager, Didier van de Veire.This resulted in 10 changes out of 60 positions, as the universe which Sustainalytics covers is larger in the direction of midcaps, which better meet the performance aims of the manager.Petercam is satisfied with the reactivity and pragmatism of its provider, and has not ruled out extending its use of data to other equity or bond products.
24/06/2013

Assets at Mainstay Marketfield Fund quintuple in twelve months

P { margin-bottom: 0.08in; } Handelsblatt reports that assets under management by the contrarian fund Mainstay Marketfield Fund now total USD9.5bn, compared with USD1.7bn as of the end of May 2012. The product is managed by an amateur poet, Michael Aronstein, and a doctor of philosophy, Michael Shaoul.The strategy is simple: invest against the grain. The managers currently consider German, Italian and Irish equities to be attractive, they see banks recovering and they stress that refinancing costs are almost 0%.
24/06/2013

Morgan Stanley buys up the remaining 35% of Smith Barney from Citigroup

P { margin-bottom: 0.08in; } The US bank Morgan Stanley on 21 June announced that it is planning to exercise its buy option for the remaining 35% it does not already control in its joint venture with its rival Citigroup, Morgan Stanley Smith Barney Wealth Management (MSSB).The transaction is expected to be completed by 28 June or a date soon thereafter, at a price which had previously been set at USD4.7bn in cash, a statement says. Once controlled entirely by Morgan Stanley, the entity will become known as Morgan Stanley Wealth Management.The operation will conclude a very long story which has long complicated relations between Morgan Stanley and Citi. Morgan Stanley Smith Barney was created in 2009, from the merger of financial product retail distribution activities at Morgan Stanley and activities at Citigroup which had been operating under the name Smith Barney.Morgan Stanley had made complete integration a priority, but the project ran into a series of divergences between the partners with respect to the value of the business. The two banks in September agreed on a total valuation of USD13.5bn. Morgan Stanley, which then held 51% of MSSB, exercised an initial buy option for an additional 14%. The remaining 35% were expected to be acquired by the end of June 2015.James Gorman, chairman and CEO of Morgan Stanley, claims in a statement that the operation represents “a historic day” for his group. “It’s the culmination of several years of effort to transform our business model into something that offers the best returns to shareholders and more stability on volatile markets,” he said.
24/06/2013

New buyout fund created

P { margin-bottom: 0.08in; } Sander Levy and Alok Singh, who cooperated eight years ago in the creation of the reinsurer Validus Holdings in Bermuda, have now teamed up with the former CEO of the software firm New Mountain, Kevin Parker, to create a private equity firm specialised in buyouts, Bridge Growth Partners LLC, the Wall Street Journal reports. According to sources familiar with the matter, they are aiming to raise funds totalling USD1bn, and are planning to focus exclusively on financial services and technology.
24/06/2013

Gilles Darde joins Convictions AM

P { margin-bottom: 0.08in; } Gilles Darde has joined Convictions Asset Managemnet as head of distribution and marketing, according to his Linked-In profile. He had previously served as head of sales for external distribution at Aviva Investors. He has also worked at Fortis Investments.
24/06/2013

Mirabaud recruits convertibles manager in Paris

P { margin-bottom: 0.08in; } The Swiss firm Mirabaud Asset Management has recruited Nicolas Crémieux as part of its team dedicated to convertible bonds based in Paris, as a senior analyst-manager, Newsmanagers has learned. Crémieux joins from Dexia Asset Management, where he was a senior manager in charge of international convertible bonds.His arrival, slated for the end of August, will coincide with the launch of a global convertible bond fund in autumn. The product already exists in the form of an internal portfolio. It will be released in a UCITS format.The new product will join the existing Mirabaud Convertible Bonds Europe fund, which invests in European convertible bonds, launched in October 2011, and managed by Renaud Martin, head of convertible bonds since that time.The recruitments, which provide reinforcements to the expertise of Mirabaud AM in convertible bonds, follow several other recruitments to the management team. More will be announced in the weeks to come, particularly in Paris.
24/06/2013

Dreyfus launches EMD fund

P { margin-bottom: 0.08in; } Dreyfus Corporation, a company of the BNY Mellon group, has launched an actively-managed mutual fund, the Drefus Opportunistic Emerging Markets Debt Fund.The fund aims to invest in all categories of emerging market debt, including debt denominated in hard currencies and debt denominated in local currencies issued by government and corporate issuers.The fund is managed by Alexander Kozhemiakin, managing director for emerging market strategies and senior portfolio manager in charge of management for all emerging market debt portfolios at Standish, as well as Javier Murcio, portfolio manager and senior government debt analyst.Assets under management at Dreyfus Corporation total about USD294bn.
24/06/2013

CFOs optimistic for 2013

P { margin-bottom: 0.08in; } Most CFOs say they are optimistic about their ability to develop their activities and to acquire new clients in 2013, according to the most recent quarterly survey by Russell Investments of US chief financial officers (Financial Professional Outlook).In the present year, 48% of respondants say that they hope to win over more than 10 clients, while 30% of them are aiming for 7 to 10 clients. Last year, 86% of advisers managed to take on more clients than they lost, while 48% of them took on 10 or more new clients.As a corollary of this optimism, 32% of the advisers say that clients expect capital markets to perform well in the next three years, a level not seen since March 2011. Three quarters of CFOs are themselves optimistic about the evolution of the markets.

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