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15/10/2012

Nouveaux liens entre une enquête en Suisse et le pouvoir ouzbek

De nouveaux documents français obtenus par l’agence de presse suédoise Tidningarnas Telegrambyra semblent confirmer les liens entre Gulnara Karimova, la fille du président de l’Ouzbékistan, et un homme d’affaires emprisonné en Suisse, soupçonné d’être impliqué dans une vaste affaire de blanchiment, rapporte Le Temps. Ces documents font écho aux liens supposés entre le pouvoir à Tachkent et les quatre ressortissants ouzbeks visés depuis cet été par une enquête pénale du Ministère public de la Confédération. «Cette procédure recouvre une affaire de blanchiment portant sur plus de 600 millions de francs. Elle a été déclenchée à la suite du gel de comptes bancaires détenus chez Lombard Odier par l’ex-responsable en Ouzbékistan du groupe de téléphonie mobile russe MTS», précise le Temps.
15/10/2012
Fonds

Fidelity prépare un fonds dividendes "dopé"

Michael Clark, gérant du FF European Dividend, du Fidelity MoneyBuilder Dividend fund et du Fidelity Enhanced Income fund, fait actuellement tourner la version pilote du futur fonds de dividendes européens «enhanced», rapporte Fundweb. Ce sera une version qui reprendra les idées de placement du FF European Dividend en utilisant des options d’achat couvertes (covered calls writing).
Fonds
15/10/2012

Trois ex-actionnaires de GLG ont virtuellement perdu 220 millions de dollars

Les anciens actionnaires de GLG Partners Pierre Lagrange, Emmanuel Roman et Noam Gottesman, anciens actionnaires de GLG Partners, accusent une perte virtuelle de 220 millions de dollars deux ans après l’acquisition de leur société par Man Group, rapporte le Financial Times. A partir de lundi, les trois individus, qui ont échangé leurs participations dans GLG pour des actions Man en octobre 2010, pourront se défaire d’un tiers de leurs actions s’ils le souhaitent. Depuis la fusion il y a deux ans, l’action Man a chuté de 264 pence à 90 pence vendredi. Pierre Lagrange et Emmanuel Roman n’auraient pas l’intention de vendre leurs titres, selon des sources proches du dossier citées par le FT. Noam Gottesman n’a pu être contacté.
15/10/2012
Fonds

L'indice Credit Suisse des caisses de pension en hausse au troisième trimestre

L’indice Credit Suisse des caisses de pension suisses a augmenté de 3,57 points, ou 2,77%, pour atteindre 132,29 points en date du 30 septembre 2012. Les mois de juillet (2,02%), d’août (0,09%) et de septembre (0,65%) ont contribué à ce résultat positif. Le rendement depuis le début de l’année s’est établi à 6,15%, indique Credit Suisse dans un communiqué publié le 12 octobre.
Fonds
15/10/2012

Frankfurt Trust renforce son pôle institutionnel

Après cinq ans chez DB Advisors (Deutsche Bank) dans la division fiduciary management/pensions, Christian Storck a rejoint au 1er octobre Frankfurt Trust (filiale de la BHF-Bank, groupe Deutsche Bank) comme directeur du department entreprises, établissements publics et solutions de retraite dans le pôle institutionnel.Ce pôle a enregistré des rentrées nettes d’environ 200 millions d’euros depuis le début de l’année et gère environ 8,5 milliards d’euros.
15/10/2012
Fonds

Les fonds dividendes de DWS pèsent 12 milliards d'euros

Les fonds d’actions DWS Top Dividende et DWS Invest Top Dividend ont désormais franchi la barre des 10 milliards d’euros d’encours, ce qui représente environ un tiers des actifs gérés par les fonds «dividendes» en Europe, a annoncé la filiale de la Deutsche Bank, précisant que les deux produits maison ont drainé plus de 2 milliards d’euros depuis le début de l’année.Au total, l’encours de tous les fonds dividendes de DWS dépasse désormais les 12 milliards d’euros.
Fonds
15/10/2012
Fonds

Aberdeen AM crée un fonds sur mesure pour Banca Generali

Après Oddo AM et Alliance Bernstein, c’est au tour d’Aberdeen AM de lancer un fonds sur mesure pour Banca Generali, rapporte le site italien Bluerating. Appelé Emerging Markets Bond & Currency Opportunity, ce produit est investi sur les fonds dette émergente de la gamme Aberdeen, qu’ils soient en devises fortes, en devises locales ou investis sur les obligations d’entreprises. Il fera partie de la Sicav luxembourgeoise de Banca Generali, BG Selection.
Fonds
15/10/2012

VP Bank perd son CEO pour l'Asie

Nouvelle défection chez VP Bank. Selon Asian Investor, le CEO pour l’Asie, Ian Pollock, vient de tirer sa révérence alors qu’il avait rejoint VP Bank en début d’année pour développer les activités du groupe. Sept chargés de clientèle recrutés récemment ont également présenté leur démission.VP Bank a également indiqué que Ian Pollock ne serait pas remplacé mais démenti son retrait de la région et réaffirmé sa volonté de développer ses activités de gestion de fortune en Asie.
15/10/2012

Bain Capital rachète le pôle SAV de Telefónica

Le géant espagnol des télécommunications Telefónica, qui poursuit une stratégie de désendettement, a annoncé le 12 octobre la vente de son activité de service après-vente Atento au fonds américain Bain Capital pour 1,039 milliard d’euros.Telefónica «a conclu un accord définitif avec des entreprises contrôlées par Bain Capital pour la vente de son activité de relation clientèle Atento», a indiqué l’autorité boursière espagnole CNMV dans un communiqué.Atento emploie 152.000 personnes dans plus de 15 pays et a réalisé un chiffre d’affaires de 1,8 milliard d’euros en 2011, avec une dette nette de 175 millions à fin juin 2012.
15/10/2012

Pimco prend ses distances avec les flux d’AGI

Pimco a approché le fournisseur de données Lipper afin que ses chiffres de collecte soient publiés séparément de ceux de sa société sœur Allianz Global Investors, et a obtenu gain de cause, révèle un article d’Ignites repris par le Financial Times. Ensemble, les deux maisons étaient classées au septième rang dans la liste des sociétés de gestion ayant vendu le plus de fonds en Europe en 2011. Or, si Pimco avait été traité séparément, il aurait été quatrième. Ensemble, Pimco/AGI affichent des souscriptions nettes de 3,5 milliards d’euros en 2011. Mais cela masque une réalité contrastée : 9,8 milliards de souscriptions nettes pour Pimco et rachats nets de 6 milliards d’euros pour AGI…
15/10/2012

Dividend funds from DWS have EUR12bn in assets

The equity funds DWS Top Dividende and DWS Invest Top Dividend have now topped EUR10bn in assets, which represents about one third of assets under management in “dividend” funds in Europe, the affiliate of Deutsche Bank has announced, adding that the two products have attracted over EUR2bn since the beginning of the year.Overall, assets in all DWS dividend funds are now over EUR12bn.
15/10/2012

Pimco distances itself from AGI outflows

Pimco has approached the data provider Lipper to request that its inflow figures be published separately from those of its sister company Allianz Global Investors, and the request has been accepted, an article from Ignites republished in the Financial Times reports. The two firms together were ranked seventh in the list of asset management firms with the highest sales in Europe in 2011. Pimco, treated separately, would have been fourth. Together, Pimco/AGI show net subscriptions of EUR3.5bn in 2011. But that conceals a contrasted reality: EUR9.8bn in net inflows for Pimco, and net outflows of EUR6bn for AGI.
15/10/2012

Investec AM recruits a head of sales for UK

Stephen Lee has been appointed as sales director for the United Kingdom at Investec, IPE.com reports. He joins from UBS Global Asset Management, where he was head of British institutional development.
15/10/2012

Good first half for Polar Capital

Assets under management at the AIM-listed asset management firm Polar Capital as of the end of September totalled USD5.30bn, up 4.3% compared with the end of March 2012, and 34.5% year on year, according to the most recent quarterly report from Polar Capital. In the first half of its 2012-2013 fiscal year to the end of March, net inflows totalled USD405m, of which USD371m were for long-only funds, and USD34m for hedge funds, partly offset by negative market effects of USD186m.
15/10/2012

Old Mutual Wealth cuts 200 jobs

Old Mutual Wealth has announced 200 layoffs, at a time when the firm is in the process of merging its activities with Skandia, Investment Week reports. As a part of the move, Nick Dixon, director of marketing, and Andy Davies, director fo sales at Skandia UK, will be leaving the firm with immediate effect. Michelle Andrews has been appointed as the new director of marketing, and will report to Hylton Donelly, director of sales at Old Mutual Wealth. Steve Powell will remain as director for sales, and will report to Peter Mann, managing director.
15/10/2012

Assets at Hargreaves Lansdown up

Assets under administration and management at Hargreaes Lansdown rose by GBP2.2bn in the quarter to 30 September, to total GBP28.5bn, the firm announced on 12 October.
15/10/2012

Three former GLG shareholders suffer virtual loss of USD220m

Former GLG shareholders Pierre Lagrange, Emmanuel Roman and Noam Gottesman, former shareholders in GLG Partners, have undergone a virtual loss of USD220m, two years after their firm was acquired by Man Group, the Financial Times reports. From Monday, the three men, who traded in their stakes in GLG for Man shares in October 2010, will be able to sell off one third of their shares if they so desire. Since the merger two years ago, Man shares have fallen from 264 pence per share to 90 pence on Friday. Lagrange and Roman are not planning to sell shares, according to sources familiar with the matter cited by the FT. Gottesman could not be reached for comment.
15/10/2012

Association of Investment Companies elects a new chairman

The board of the Association of Investment Companies (AIC) has elected Andrew Bell to be the new Chairman succeeding Sarah Bates. He will take up his new role as Chairman of the AIC from 24 January following the completion of Sarah Bates’ two years in office.Andrew Bell has been a director of the AIC since 2006, and a deputy chairman since 2011. He has been the chief executive of Witan Investment Trust plc since early 2010, and is a non-executive director of Henderson High Income Trust plc. The Association of Investment Companies was founded in 1932 to represent the interests of the investment trust industry – the oldest form of collective investment. Today, the AIC represents a broad range of closed ended investment companies, incorporating investment trusts and other closed ended investment companies and VCTs.
15/10/2012

Hedge funds want a voice in the Middle East

The Alternative Investment Management Association (AIMA), the global hedge fund association, has announced the launch of a Middle East initiative. AIMA is seeking to create a network for managers and service providers in the Middle East that can give the local industry a voice in terms of engaging with investors and its relations with policymakers and regulators. The initiative will be spearheaded by former AIMA Chairman and current AIMA EMEA Regional Advisory Council member Sohail Jaffer of FWU Group, who is based in Dubai. The focus of AIMA’s Middle East initiative will be investor engagement given the increasing interest in hedge funds from the region’s investors, including sovereign wealth funds, family offices and private clients. A series of educational and networking events are planned in the region, with the first one likely to take place next month. An initial AIMA Middle East group meeting has been held in Dubai. “The Middle East is a strategically significant region for the global hedge fund industry,” said Andrew Baker, AIMA’s CEO.
15/10/2012

Inflows of USD5.1bn to hedge funds in August

On the basis of figures released by 2,999 hedge funds, total assets in the sector as of the end of August came to USD1.7trn, a level 28.7% lower than their peak of USD2.4trn in June 2008. They have also fallen compared with USD1.87trn as of the end of July, BarclayHedge and TrimTabs report.However, in August, funds have posted net subscriptions of USD5.1bn, compared with net outflows of USD9.2bn in July, putting net redemptions in the first eight months of the year at USD13.2bn, or 2% of assets.In addition, BarclayHedge reports, average performance was limited to 4.8% in January-August, while the S&P 500 index showed gains of 10.1%.
15/10/2012

Fidelity preparing an “enhanced” dividend fund

Michael Clark, manager of the FF European Dividend fund, the Fidelity MoneyBuilder Dividend fund and the Fidelity Enhanced Income fund, is currently working on the pilot of a future “enhanced” dividend fund, Fundweb reports. It will be a version which will include the investment ideas of the FF European Dividend fund, and will use covered call writing.
15/10/2012

Henderson closes a US fund

Henderson Global Investors will be closing the Luxembourg-registered fund Henderson Gartmore US Opportunities fund as part of an overhaul of its fund range, Fund Web reports. The fund, with USD12.7m in assets, is part of the Gartmore range. It is managed by Brandon Geisler at Marsico Capital.
15/10/2012

FSMA issues a warning

The Belgian Financial Services and Markets Authority (FSMA) has issued a warning in relation to the activities of BP Holdings, a firm which claims to offer investment services. “BP Holdings only has a license as an investment business in Belgium. It is thus not authorised to provide investment services in Belgium or from Belgian territory,” the FSMA states.The FSMA recommends against responding to any offers of financial services from BP Holdings, or making any payments to any bank accounts identified by this firm.BP Holdings claims to be based in Spain, at 28042 Madrid, BP Business Center, Calle de Jerez de los Caballeros, and in Hong Kong, at 16/F Miramar Tower, 132 Nathan Road, Tsim Sha, Tsui, Kowloon.The authority states that the warning does not relate to BP plc.
15/10/2012

Aberdeen AM creates a custom fund for Banca Generali

After Oddo AM and Alliance Bernstein, Aberdeen AM has become the next to launch a custom fund for Banca Generali, the Italian website Bluerating reports. The product, entitled Emerging Markets Bond & Currency Opportunity, invests in emerging market funds from the Aberdeen range, either in strong currencies, local currencies, or invested in corporate bonds. It will be a sub-fund of the Luxembourg Sicav from Banca Generali, BG Selection.
15/10/2012

“Oddo has done a remarkable job with La Banque Postale”

Philippe Oddo, managing partner at the eponymous firm, discusses a variety of subjects with Newsmanagers which are directly related to his business today. In addition to its financial health, he talks about its partnership with La Banque Postale, which, despite its announced end, will, says Oddo, have been an occasion for the firm to do remarkable work. The head also takes the occasion to detail the firm's international strategy and to give a satisfactory report on the firm's asset management activities.
15/10/2012

Hedge fund backed by Blackstone in big trouble

Senrigan Capital, a hedge fund specialised in Asia supported by the Blackstone group, has decided to withdraw five investments from its portfolio to place them in a dedicated vehicle (a “special purpose vehicle,” or SPV) – professionals refer to these as “side pockets” – after heavy losses since the beginning of the year, the news agency Reuters reports.Assets at Senrigan, which totalled about USD1bn last year, have been halved, while performance since the beginning of the year has been some of the worst in its regional hedge fund category. The fund has lost about 15% in the first nine months of the year, which has driven investors to withdraw from the fund.Senrigan, launched in 2009 with initial capital of USD150m from Blackstone, was one of the few hedge funds specialised in Asia whose assets were over USD1bn. The event-driven hedge fund had already lost 8.6% in 2011, which completely wiped out its gains in 2010 (5.85%).
15/10/2012

Net outflows from Spanish funds of EUR8.5bn

As of the end of September, assets in Spanish funds totalled EUR127.981bn, according to VDOS. These assets have thus fallen by more than EUR5bn since the end of 2011, as positive market effects of EUR3.519bn since the beginning of the year were more than offset by net redemptions of EUR8.468bn, Funds People reports.The rankings for the top asset management firms remain unchanged, with a market share of 17.25% for Santander, 15.09% for BBVA, and 13.29% for La Caixa.
15/10/2012

Bain Capital buys customer service unit of Telefonica

The Spanish telecommunications giant Telefonica, which is pursuing a debt-reduction strategy, on 12 October announced the sale of its after-sales service activity Atento to the US fund Bain Capital for EUR1.039bn.Telefonica has “signed a final agreement with businesses controlled by Bain Capital to sell its customer relations operation Atento,” the Spanish market authority CNMV announced in a statement.Atento has 152,000 employees in over 15 countries, and earned EUR1.8bn in 2011, with a net debt of EUR175m as of the end of June 2012.
15/10/2012

Caxton to reduce fees for hedge funds

The US hedge fund management firm Caxton Associates LP is planning to reduce the management commission for its USD7.5bn hedge fund from 3% to 2.6%, and to cut the performance fee to 2.75% from 3%, the Wall Street Journal reports.The move is a sign that even the oldest management firms are having to give in to pressure from investors in an environment of lackluster performance and low interest rates. Even after these cuts, Caxton will remain more expensive than other hedge funds which apply the 2%/20% formula.Since the beginning of this year, Caxton has lost 3%, while other macro hedge funds have gained an average of 0.6%.
15/10/2012

Exane AM builds telecom research

The French asset management boutique Exane Asset Management has recruited Ingrid Allemand, an analyst specialised in the telecommunications sector, to strengthen its research capacities for its long/short equity fund, Exane 1-Archimedes Fund. The fund, with assets under management of about EUR820m, has an exposure of less than 5% to the telecommunications sector.

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