Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
05/12/2011

L’ancien président d’Olympia CM resurgit chez UniCredit

Laurent Dupeyron, l’ancien président d’Olympia Capital Management, a été nommé responsable mondial de la distribution des dérivés actions institutionnels et wholesale d’UniCredit (global head of wholesale and institutional equity derivatives distribution), avec effet immédiat. Il sera placé sous la responsabilité de TJ Lim, responsable mondial des marchés (global head of markets) de la banque italienne.Laurent Dupeyron avait quitté Olympia CM après le rachat de la société par Richmond Park Capital en avril 2011. Il était arrivé dans la société de hedge funds en septembre 2008.
05/12/2011

La CDC vole au secours de Groupama

Groupama n’aura pas à brader ses actifs stratégiques pour regonfler d’ici à la fin du mois ses ratios de solvabilité, mis à mal par le poids de la dette souveraine dans ses comptes. La Caisse des Dépôts et Consignations (CDC) va apporter assez de fonds propres à Groupama pour qu’il puisse satisfaire les exigences de l’Autorité de contrôle prudentiel (ACP), rapporte Les Echos. Groupama a confirmé hier que les négociations étaient en cours. Selon une source proche du dossier, confirmant les informations du «Figaro», ce sauvetage comprend deux volets: d’une part, la reprise de Silic, la foncière de Groupama spécialisée dans les bureaux, par celle de la Caisse des Dépôts, Icade. D’autre part, en contrepartie de cette acquisition, la Caisse des Dépôts va acquérir environ 300 millions d’euros d’actions de préférence au sein de GAN Eurocourtage. L’opération doit permettre à Groupama de récupérer assez de fonds propres pour redresser sa marge de solvabilité d’ici à la fin de l’année au-dessus de 100%, comme l’exige l’ACP.
05/12/2011
Fonds

Bryan Garnier choisi pour reprendre deux fonds en difficulté

Bryan Garnier Principal Investments (BGPI, le département de gestion de private equity de la banque d’affaires franco-britannique a repris deux fonds de PME innovantes dont la société de gestion a fait faillite en début d’année: Cap Angels et Cap Innova Expansion (Cap Finance International), rapporte L’Agefi. Cap Angels et Cap Innova Expansion sont composés de start-up ou de très jeunes sociétés dans les secteurs des médias, des technologies appliquées à la finance, l’internet et les loisirs. Sur la quinzaine d’entreprises, un tiers aurait une viabilité incertaine.
Fonds
05/12/2011

Wendel dévoile son plan de route

Fort d’une trésorerie confortable et d’un endettement massivement réduit, Wendel va poursuivre ses acquisitions en visant des cibles plus importantes que ses dernières opérations, rapporte L’Agefi. Le groupe de capital investissement s’est fixé comme objectif de détenir d’ici quatre à cinq ans «une dizaine» de sociétés, principalement non cotées, dans son portefeuille géré en direct. «Nous pensons à des tickets unitaires en equity de 200 à 500 millions d’euros sans bien sûr que ces bornes ne soient infranchissables», a déclaré Frédéric Lemoine, le président du directoire, lors d’une journée investisseurs, précise le quotidien.
05/12/2011
Fonds

Amundi fait coter un nouvel ETF actions à Paris

Depuis le 2 décembre, le fonds AMUNDI ETF SP500 H a été admis à la négociation sur la plate-forme NYSE Euronext de Paris. Ce produit de droit français (FR0011133644) réplique l’indice S&P 500 EUR Daily Hedged. Il est chargé à 0,28 %.Cet ETF est le 128ème introduit sur les places européennes de NYSE Euronext en cotation principale depuis le début de l’année.
Fonds
05/12/2011

LGT ouvre un bureau à Pékin

La société de gestion et banque privée basée au Lichtenstein, LGT Group, va ouvrir un bureau à Pékin afin de développer ses activités dans le secteur de la gestion alternative, selon Asian Investor.Le projet dans un premier temps est de proposer de la recherche pour des sociétés opérant en Chine continentale dans les secteurs du private equity et du capital risque.
05/12/2011

Safra soutiendra Sarasin sur tous ses marchés clés

Le CEO de Sarasin, Joachim Strähle, souligne dans un entretien à Finanz und Wirtschaft du 3 décembre que le nouvel actionnaire majoritaire de Sarasin, Safra, soutiendra la banque suisse sur tous ses marchés clés. A l’inverse de l’ancien actionnaire majoritaire Rabobank, Safra est prêt à investir et le groupe dispose de 12,2 milliards de dollars. Le nouvel actionnaire majoritaire va aussi soutenir la stratégie d’expansion de Sarasin. «Safra veut que nous nous développions encore au Proche-Orient et en Asie et accepte pour cela une profitabilité un peu plus basse», selon le CEO.
05/12/2011

La Fondation Ethos muscle sa direction

Spécialiste de l’ISR, la fondation Ethos, qui compte 122 fonds de pension suisses comme adhérents, a publié le 2 décembre une offre d’emploi selon laquelle elle recherche pour son bureau de Genève un «head environmental & social sustainability», poste vacant dont l’intérim est actuellement assuré par le directeur Dominique Biedermann.La fonction était déjà occupée par une personne qui reste chez Ethos et qui va désormais se consacrer en totalité au business development. Ce changement a été rendu nécessaire par la croissance de l’activité d’Ethos et par la hausse du volume de travail découlant des demandes des adhérents, a expliqué Dominique Biedermann à Newsmanagers.
05/12/2011
Fonds

Les ETF couvrent des segments de plus en plus étroits

Ayant couvert tous les domaines les plus évidents, les fournisseurs d’ETF s’aventurent désormais sur des segments de plus en plus étroits et surprenants comme le Pérou ou les smartphones, observe The Wall Street Journal. Ainsi, pour certains produits, la diversification n’est plus vraiment de mise. L’une des raisons pour lesquelles les fournisseurs d’ETF n’hésitent pas à expérimenter de nouveaux produits est qu’il est relativement facile de liquider les ETF. Et parfois, l’un d’eux peut s’avérer, à la surprise générale, un succès, comme le iShares MSCI Indonesia Investable Market Index qui a collecté 270 millions de dollars.
Fonds
05/12/2011
ESG

La fondation Ethos recherche son Head Environmental and Social Sustainability

Dans le cadre du développement de la Direction de son bureau de Genève, la fondation Ethos qui compte 122 fonds de pension suisses comme adhérents, est à la recherche d’un Head Environmental and Social Sustainability chargé(e) notamment des tâches suivantes : Diriger le secteur Environmental and Social Sustainability Coordonner et effectuer les analyses et les études dans le domaine de la responsabilité environnementale et sociale des entreprises Mener les activités de dialogue (engagement) d’Ethos en matière de responsabilité environnementale et sociale des entreprises Candidatures à faire parvenir à M. Dominique Biedermann, Directeur Ethos, Place Cornavin 2, Case postale, 1211 Genève 1
ESG
05/12/2011

We would like to strengthen our presence in alternative multi-management and emerging markets

Inflows at Rothschild & Cie Gestion owe much to its conviction-based management, growing expertise and developments in Europe. Jean-Louis Laurens discusses these developments at the firm, in the broad sense of the term, with Newsmanagers. He also takes the occasion to offer his opinion about the current economic situation, and to blast the inadequate progress that is being made on the markets and at the banks.
05/12/2011

Marc Tournier and Tocqueville Finance fined for price manipulations

The Sanctions Commission of the French financial market regulator, the Autorité des marchés financiers (AMF), confirmed on its website on Friday, 2 December that on 28 October this year the Tocqueville Finance company, and its CEO, Marc Tournier, were fined. In addition to a reprimand for both parties, the firm will pay a fine of EUR150,000, while Tournier will pay EUR250,000. “The Sanctions Commission has found that the parties were guilty of price manipulation in the acquisition of 9,637 shares in X [the price manipulation the regulator is referring to relates to shares in the car rental firm ADA] on 26 June 2009, even though, since the beginning of the year, the average daily trading volume was 85 shares, and following the action, representing 99.99% of all trades on the share, the share price for the firm had risen 41.25%,” a statement from the AMF says. The Sanctions Committee adds in its statement that the severity of the professional and pecuniary sanctions also reflects “the seriousness of the offence of price manipulation for a company and an individual who practice as providers of investment services, and who have already been sanctioned in these capacities on two previous occasions, in 2003 and 2004.” During the AMF investigation, Tocqueville Finance and Tournier denied accusations of price manipulations and pointed to the limited size of the publicly-traded capitalisation of the firm at the time the trades were undertaken. The verdict may be appealed under article R. 621-44 of the monetary and financial code.
05/12/2011

Madoff: Trustee may appeal J.P. Morgan verdict

Irving Picard, the trustee appointed by the courts to recover funds for victims of Bernard Madoff, has been granted clearance to appeal the verdict in a legal action against J.P. Morgan Chase, with nearly USD20bn at stake, the Wall Street Journal reports. In November, US Federal judge Colleen McMahon found that Picard did not have a standing against J.P. Morgan Chase.
05/12/2011

Musical chairs at Citigroup Asia

Citigroup, facing accusations on the part of the Japanese regulator that it has failed to comply with transparency regulations in the sale of financial products, is preparing to take steps following the announcement of sanctions by the Financial Services Agency, and to make some changes to its Asian management, the Wall Street Journal reports.Darren Buckley, head of Citibank Japan, will be moved to another management position in Asia, but his destination has yet to be determined. He will be replaced by Peter Eliot, country officer and head of the institutional client group in Thailand. T.J. Della Pietra, general counsel at Citigroup for the Asia-Pacific region, will take up the newly-created position of COO Japan.According to sources familiar with the matter, Citigroup is reported to have retained the headhunting firm Egon Zehnder to find a permanent CEO for its Japanese activities.
05/12/2011

Natixis Global Associates launches a US equity fund

With the Harris Associates Concentrated US Value Fund, Natixis Global Associates, a fund distribution affiliate of Natixis Global Asset Management (NGAM), has launched a sub-fund of its Luxembourg Sicav Natixis International Funds (Lux) I, which will have a concentrated portfolio of 20 positions, on US large and midcap equities, Hedge Week reports.The product, available in the United Kingdom, is managed at the US firm Harris Associates (an affiliate of NGAM), by Robert Levy, CIO, and the portfolio managers Mike Mangan and Edward Loeb. They use a private equity-inspired approach to identify shares which are trading below their intrinsic value.
05/12/2011

Axa retains 49% stake in Bharti Axa IM

Bank of India has announced that it will be acquiring a 51% stake in Bharti Axa Investment Managers Pvt, an asset management firm owned by Bharti Enterprises and the French Axa group, Agefi reports. Bharti Enterprises is selling all of its 25% stake in the joint venture to the bank, while Axa is selling 26%, and retaining the remaining 49% of Barti Axa Investment Managers Pvt.
05/12/2011

Alternative management firm Castle Creek sets up shop in London

The alternative asset management firm Castle Creek Arbitrage, based in Chicago, has opened an office in London, Financial News reports. The registration document submitted to the British Financial Services Authority (FSA) has announced that the British entity, CC Arb Global, has three employees in London. The firm claims that the European market currently offers opportunities, particularly in bonds. Assets under management at Castle Creek total about USD800m.
05/12/2011

Recruitment at M&G

M&G Investments on 2 December announced the appointment of James Tomlins as manager for its high yield bond fund, the European High Yield Bond Fund (GBP77m in assets), assisted by Stefan Isaacs. Tomlins, who joined M&G in June this year, has also been appointed as co-manager of the Hihg Yield Corporate Bond Fund (GBP1.1bn), alongside Isaacs, who will remain as manager of the fund. The changes took effect from 1 December.
05/12/2011

Singapore hedge fund sector threatened with tougher regulations

Singapore, which has previously attracted hundreds of hedge funds, is in the process of putting new regulations in place which could make the market less attractive to alternative managers, the Reuters news agency reports. With the new regulations now in the birthing process, Singapore would come into step with the other major financial centres, but this update will have a cost which could endanger smaller structures, many of which will be forced to close or merge. The Monetary Authority of Singapore (MAS) would like ot make all asset management firms with assets of over SGD250m (slightly under USD200m) be licensed, while smaller entities would still be required to have a risk management system and would be subject to independent audits. The regulator has already consulted the firms, and the new rules, which are intended to ensure the survival of the sector, are slated to come into force in early 2012. The sector has about 400 hedge funds, with assets under management of SGD53bn.
05/12/2011

ABP calls off plans to tie benefits to inflation in 2012

The Netherlands civil servants’ pension fund ABP (about EUR240bn in assets) on 1 December announced that it will not be indexing 2012 benefits against the consumer price index.If the financial situation at the fund does not improve by 31 December, several further measures are also under consideration, such as tripling the temporary additional contribution of 1 percentage point (tijdelijke herstelopslag) in order to balance the books, or a reduction in benefits which would not come into force until 2013.ABP is aiming for a coverage rage of 104.5% by the beginning of 2014, compared with 94% as of the end of October 2011.
05/12/2011

BBVA launches a guaranteed fund with quarterly coupons

BBVA Asset Management is now offering the BBVA Plan Rentas 2014 N, a guaranteed bond fund which will pay eight quarterly coupons out to subscribers during the guarantee period (maturing on 3 March 2014), Funds People reports.The asset management firm guarantees 10)% of initial capital at maturity, in addition to the payment of the eight quarterly coupons of a gross EUR75.90 for every EUR10,000 invested. The quarterly payments will proceed via obligatory redemption of shares.The annual returns for the fund are 2.592%. Minimal subscription is set at EUR600, and the management commission is 0.40% until 2 February 2012, and 1.65% from 3 February 2012.
05/12/2011

LGT opens an office in Beijing

The Liechtenstein-based private management and banking establishment LGT Group will open an office in Beijing, in order to develop its activities in the alternative management sector, Asian Investor reports. The project will initially aim to offer research to companies operating in continental China in the private equity and venture capital sectors.
05/12/2011

Wealth management products bring disappointing returns

A study by the consulting firm Fonds Consult, obtained by Handelsblatt, finds that wealth management products based on investment funds offered by banks generate disappointing returns: with the fees taken into account, all actors offer solutions which are less remunerative than their benchmarks, and often with higher volatility.Fonds Consult surveyed the eight unit-linked wealth management providers on the German market: Dekabank, Commerzbank, HypoVereinsbank, Deutsche Bank, Credit Suisse, Union Investment, DZ Privatbank and Fürst Fugger Privatbank, all of which offer profile-based solutions.The most conservative products lag furthest behind their benchmarks. For example, over three years, an index composed of 80% euro bonds and 20% equities earned 14.5%, but the best product, from Commerzbank, made only 12.3%, while the worst, from HypoVereinsbank, lost 3.4%. And in addition to that, there are fees averaging 1%!
05/12/2011

SSgA launches two new bond SPDR funds

Since 1 December, the SPDR ETF range from State Street Global Advisors (USD245bn in assets under management as of the end of September) includes 26 products, with the launch of the SPDR Barclays Capital Short Term Treasury ETF (acronym: SST) and the SPDR Barclays Capital Investment Frade Floating Rate ETF (FLRN), which have been admitted to trading on the NYSE Arca platform. The first fund replicates the Barclays Capital 1-5 Year Treasury index (114 positions, with an average duration of 2.8 years as of 18 November). The fund charges 0.12%. The SPDR Barclays Capital Investment Grade Floating Rate ETF aims to replicate the performance of the Barclays Capital US Dollar Floating Rate Note 5 Years index, which as of 18 November included a total of 320 positions, with an average duration of 1.71 years. The total expense ratio for the product is set at 0.15%.
05/12/2011

Bank pension funds to be taxed in Portugal

The Portuguese government and the four largest banks in the country have reached an agreement, by which the government will be able to charge EUR5.6bn in taxes from the pension funds of the banking establishments, the Portuguese secretary of state for central administration, Helder Rosalino, announced on 2 December. Reuters reports that the transfer will allow Portugal to meet its budgetary requirements this year, as set out in the agreement it signed with the International Monetary Fund and the European Union in order for the country to receive aid. Under the agreement, the government must reduce its budgetary deficit to 5.9% of GDP in 2011 and 4.5% in 2012, from about 10% in 2010.
05/12/2011

ETFs covering increasingly narrow segments

Now that they have all the most obvious areas covered, ETF providers are venturing into increasingly narrow and surprising segments, such as Peru and smart phones, the Wall Street Journal reports. One of the reasons that ETF providers aren’t hesitating to experiment with new products is that it is relatively easy to liquidate ETFs. And there is always the potential that one of them should surprise the world by becoming a success, like the iShares MSCI Indonesia Investable Market Index, which has attracted USD270m.
05/12/2011

Amundi lists a new equities ETF in Paris

Since 2 December, the Amundi ETF SP500 H fund has been available for trading on the NYSE Euronext Paris platform. The French-registered product (FR0011133644) replicates the S&P 500 EUR Daily Hedged index. It charges fees of 0.28%.The ETF becomes the 128th product to be launched for primary listing on the European platforms of NYSE Euronext since the beginning of this year.
05/12/2011

Axa IM releases a short duration high yield fund

The AXA IM FIIS Europe Short Duration High Yield Fund, managed by Andrew Wilmont, head of European high yield (see Newsmanagers of 23 November), has been registered for sale in Germany, the asset management firm announced on 2 December. The Luxembourg-registered, UCITS-compliant product, which was launched on 2 August, combines short duration and high yield strategies from the asset manager.As of the end of July, Axa IM had about EUR10bn in assets under short duration management (Euro Short Duration Credit, Sterling Short Duration Credit and US Short Duration).The asset manager is planning to register the fund in other European countries.
05/12/2011

Eurazeo PME recruits for investment team

Eurazeo PME, an affiliate of Eurazeo dedicated to investments in majority stakes in small and mid-sized businesses (SMB), on 2 December announced the recruitment of Emmanuel Laillier as a board member, alongside Elisabeth Auclair, CFO, and Olivier Millet, chairman of the board. Laillier, a graduate of the Ecole Polytechnique, began his career in corporate finance at Nomura, and then became an investor on the Fonds Partenaire Gestion (Lazard) team in 1999. He then spent nine years at EPF Partners as a managing partner. Eurazeo PME has an investment team composed of seven members: Miller, chairman of the board, Laillier, board member, Pierre Miegnen, managing partner, Erwann Le Ligné, managing partner, Mathieu Betrancourt, chief investment officer, Cédric Boxberger, chief investment officer, Rodolphe de Tilly, account manager. The Corporate team is led by Auclair, while Laurence Château de Chazeaux is director of sustainable development.
05/12/2011

Former Olympia chairman resurfaces at UniCredit

Laurent Dupeyron, former chairman of Olympia Capital Management, has been appointed as global head of wholesale and institutional equity derivatives distribution at UniCredit, effective immediately. He will report to TJ Lim, global head of markets at the Italian bank.Dupeyron left Olympia following its acquisition by Richmond Park Capital in April 2011. He joined the hedge fund firm in September 2008.

Sujets d'actualité

Tous les sujets