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10/03/2011

DJ Credit Suisse hedge fund index up again in February

p { margin-bottom: 0.08in; } The Dow Jones Credit Suisse index gained 1.44% in the month of February, according to initial estimates based on 72% of assets in the index. The index gained 0.69% in January. Eight out of ten sectors posted positive results, including event-driven and global macro.
10/03/2011

Hedge fund assets return to pre-crisis levels

p { margin-bottom: 0.08in; } For the first time since September 2008, assets in hedge funds in February topped EUR1.7trn, Eurekahedge reports. They have risen by 13.4% since the beginning of July 2010. Eurekahedge also notes that hedge funds posted their eight consecutive month of gains, with returns of 1.17%.
10/03/2011

Hedge funds and equities were in high demand in 2010, according to Towers Watson

p { margin-bottom: 0.08in; } The number of equities mandates awarded by clients of Towers Watson worldwide increased by more than 20% in 2010 compared with the previous year, while the number of hedge fund mandates rose by as much as 50% in the same period. Meanwhile, the number of bond mandates fell by 30%, as US and European equities fell most heavily compared with the previous year.
10/03/2011

Hedge fund assets return to pre-crisis levels

In February hedge funds’ assets under management crossed USD1.7 trillion for the first time since September 2008, according to Eurekahedge. Global hedge fund assets up 13.4% since start of July 2010. Hedge funds witness eighth consecutive month of positive returns. The Eurekahedge Hedge Fund Index was up 1.17% through February, with the year-to-date return at 1.36%.
10/03/2011

TREA planning to launch an emerging markets bond fund

p { margin-bottom: 0.08in; } The Barcelona-based independent management firm Trea Capital Partners SV, founded in 2006 and registered with the CNMV, has announced plans to launch the Luxembourg fund 3G Credit Opportunities in the next two weeks. The product will have weekly liquidity, and will invest in emerging markets bonds while limiting the volatility of the portfolio through the use of CDS, indices, and futures on currencies or interest rates, equities (ETF), options on equities, and Treasurys or Bunds. The two managers are the Indians Rodhi Gadkar and Dilip Gadkar, one of whom will be based in Barcelona, and the other in New York.Funds People states that the fund will have no benchmark, and that the core of the portfolio will invest in government and corporate bonds denominated in local or international currencies, as well as currencies and CDS. Initially, the portfolio will be composed 25% of high grade securities and 75% of high-yield paper. It will invest 35% in Asia, 35% in Latin America, and 30% in central and eastern Europe, the Middle East and Africa (CEEMEA).The fund will be available with a minimal investment of USD50,000, with a management commission of 1.75%, and for institutional investors, with a minimal investment of EUR250,000, and a management commission of 1.25%. A performance commission of 20% will apply to both share classes.
10/03/2011

Trial of former Galleon manager begins

p { margin-bottom: 0.08in; } At the opening of the trial of Raj Rajaratnam on Wednesday, the defendant was accused of using his contacts to obtain inside inforamtion about businesses and using the information to earn millions of dollars in illegal profits, the Financial Times reports. John Dowd, one of the lawyers for the former hedge fund manager at Galleon Group, claimed that his client was only undertaking research on behalf of his clients.
10/03/2011

Madoff: Mary Schapiro responds to Republican accusations

p { margin-bottom: 0.08in; } The chairwoman of the Securities and Exchange Commission, Mary Schapiro, announced to lawmakers that she will be reexamining the agency’s conflict of interest practices, the Wall Street Journal reports. The announcement comes as a response to controversy triggered by Republican representatives over the way in which she managed the former legal director of the SEC, David Becker, whose mother had invested with Bernard Madoff, and who resigned last month. Becker and his brother are asked by the court-appointed trustee, Irving Picard, to repay USD1.5m of the USD2m they inherited from their mother. Schapiro will be expecting particularly tough questions in two congressional hearings on Thursday.
10/03/2011

Deloitte creates a commission and a think tank dedicated to sustainable real estate

p { margin-bottom: 0.08in; } The Real Estate Advisory team at Deloitte France on 9 March announced the creation of a Sustainable Real Estate commission and a Think Tank, for which Alfonso Ponce, Member of the Royal Institution of Chartered Surveyors, will be secretary. The two organisations will be composed of top-calibre experts in the field. The objective is to respond to and bring innovative solutions to investors, property development managers and businesses, in light of the need to adapt to climate change.A comparison of the appreciation of the values of single properties or groups of properties, and their environmental characteristics, against buildings in a similar category and class remains problematic, due to international regulatory uncertainties and a proliferation of systems for evaluation, Deloitte explains in a statement. The international character of investors and the playing field is the cause of a problem which may only be approached internationally.Deloitte points out that the two new entities are “independent and impartial organisms serving the European property industry, businesses and journalists, the public sector and NGOs, as well as all other parties interested in the junction of sustainable development and real estate.”
10/03/2011

Ignis AM recruits a senior rates manager

The UK investment house Ignis Asset Management has appointed Grant Peterkin to the position of senior fund manager in its rates team. Joining in April 2011, Grant will advise across all portfolios run by the Glasgow-based Rates Team, which manages in excess of GBP28 billion. This includes the Ignis International Global Government Bond Fund and soon to be launched Ignis Absolute Return Government Bond Fund. Reporting to Russ Oxley, head of rates, Grant Peterkin joins from Citigroup Sydney where, as a director, he managed the bank’s Australian liquid asset portfolio using a range of fixed income bond and derivative products. He also assisted in the direction and oversight of strategy across the risk treasury Asia-Pacific region.
10/03/2011

Mark Zinkula promoted to CEO of LGIM

p { margin-bottom: 0.08in; } Legal & General Investment Management (LGIM) on 9 March announced that Mark Zinkula, CEO of LGIM America (LGIMA) since 2008, has been promoted to CEO in London. He replaces Kevin Gregory, who occupied the position in the interim, and is also COO. Before joining LGIMA, Zinkula was global head of fixed income at Aegon Asset Management.
10/03/2011

M&G posts strong inflows in 2010

p { margin-bottom: 0.08in; } Following an exceptional year in 2009 in terms of net subscriptions, at GBP13.5bn, M&G did not expect to earn as large a net inflow in 2010. But the management firm of the Prudential Group nonetheless managed to bring in a net GBP9.1bn, of which GBP7.4bn went to its retail activities, and GBP1.7bn from institutionals. In 2010, bond products continued to sell well, representing 43% of inflows, but investors’ appetite for equities and real estate increased. Net subscriptions to equities funds represented 48% of inflows from retail investors in 2010, compared with 26% in 2009. Assets increased by GBP174bn at the end of 2009, to GBP198bn as of the end of 2010. Operating profits by IFRS accounting standards totalled GBP246m, an increase of 39% compared with 2009.
10/03/2011

F&C AM to review its strategy

p { margin-bottom: 0.08in; } At a presentation of its annual results for 2010, F&C Asset Management announced that its board of directors will be reviewing the management firm’s strategy in the next few months. The announcement follows the appointment of a new chairman, Edward Bramson, and two new directors, following the arrival of the activist investor Sherborne Investors in its capital.In 2010, F&C AM came out with net subscriptions, excluding insurance. For the year, the firm posted a net inflow of GBP272m, compared with net redemptions of GBP3.7bn in 2009, and GBP6.2bn in 2008. Assets rose for the year to GBP97.8bn, to GBP105.8bn, largely due to an contribution of GBP4.2bn from the acquisition of Thames River Capital in September 2010.F&C AM earned operating profits of GBP69.2m, compared with GBP59.9m in 2009. After taxes, the firm lost GBP13.4m, compared with profits of GBP18.7m the previous year.
10/03/2011

GLG recruits a Japanese equities manager

p { margin-bottom: 0.08in; } GLG has recruited Jeffrey Atherton as co-manager of the Japan Core Alpha fund (GBP1.1bn) and the Japan CoreAlpha Equity fund (GBP490m), Investment Week reports. Atherton joins from Stratton Street Capital, where he was a partner and co-manager of Japanese equities strategies. He has worked at Insight Investment, SGAM, TCQ and Equitable Life.
10/03/2011

ETF Securities launches a high-dividend global equities ETF

p { margin-bottom: 0.08in; } UK-based asset manager ETF Securities (ETFS) on 9 March announced that it has launched the Dow Jones Global Select Dividend ETF fund, which invests in 100 global businesses of the benchmark index (Dow Jones Global Select Total Return Index) selected for the high percentage of profits that they redistribute to shareholders, on the London Stock Exchange. Dow Jones ensures that the percentage distributed as dividends will be sustainable; the index is rebalanced on a quarterly basis, and equities included in the index must have generated returns of at least 5.74% on an annual basis since September 2007. Dividends are reinvested in equities in the portfolio.The new fund, whose benchmark currency is the US dollar, will be available on the ETFX platform from ETF Securities.CharacteristicsName: ETFX Dow Jones Global Select Dividend FundISIN code: IE00B67DFL95Management commission: 0.50%
10/03/2011

Le Crédit Agricole dépèce la BFT

BFT Gestion sera rattachée le 1er juillet à Amundi, tandis que CA CIB absorbera les activités de marché et de financement aux collectivités publiques.
10/03/2011

Le CME se met en retrait des fusions boursières

Le Chicago Mercantile Exchange (CME) aurait abandonné l’idée de toute association avec le Nasdaq OMX dans le but de contrer la fusion entre NYSE Euronext et la place boursière allemande, Deutsche Börse, indique le quotidien qui cite des sources proches du dossier. La place de Chicago n’aurait cependant pas renoncé à des projets ultérieurs de fusion. Le Nasdaq, qui espérait une surenchère d’offre de partenariat entre le CME et son homologue d’Atlanta, l’IntercontinentalExchange, reste isolé dans ses projets de contre-offre. D’autant que S&P a prévenu l’opérateur qu’il pourrait dégrader sa note dans le cas où il réaliserait de grosses opérations de rachat.
10/03/2011

Les sociétés minières sont devenues trop gourmandes pour les chinois

Les investisseurs chinois auraient de plus en plus de mal à trouver des opérations intéressantes dans le secteur minier, indique le quotidien qui cite un des directeurs des activités de banque d’investissement de Bank of China. La hausse du prix des matières premières et la reprise économique ont rendu les compagnies minières plus gourmandes en termes de financement.
10/03/2011

Le déficit commercial britannique se réduit après un record en décembre

Le déficit commercial de la Grande-Bretagne s’est fortement réduit en janvier, atteignant un plus bas depuis février 2010, des exportations records de pétrole et de produits agroalimentaires lui ayant permis de se reprendre après un déficit record en décembre. Le déficit commercial britannique s’est élevé à 7,06 milliards de livres (8,23 milliards d’euros) en janvier, après un déficit révisé à la hausse à 9,69 milliards en décembre.
10/03/2011

Tentative de fusion des Bourses japonaises

Dans un contexte de fusion des places boursières internationales, le Tokyo Stock Exchange (TSE) sont de sources concordantes en négociations avec son concurrent, le Osaka Securities Exchange (OSE), dans le but de fusionner leurs activités. Si le TSE contrôle 90% des volumes de transactions en actions au Japon, l’OSE est spécialisé sur les contrats à terme et dérivés.
10/03/2011

ACG Private Equity acquiert Gimar Capital Investissement

Le fonds de fonds ACG Private Equity se développe en mettant la main sur son concurrent Gimar Capital Investissement, détenu par Gimar Finance. Le nouvel ensemble, qui gère désormais 7 fonds de fonds, dédiés ou multi investisseurs, débute le lancement d’un huitième véhicule, ACG Europe VIII, fonds secondaire de 150 millions d’euros.
10/03/2011

La Chine enregistre un déficit commercial surprise

En février, la Chine a enregistré un déficit commercial de 7,3 milliards de dollars, le plus élevé depuis 7 ans. Le consensus anticipait un excédent de 4,9 milliards, contre un excédent de 6,5 milliards en janvier et un excédent moyen de 15 milliards en 2010. Ce chiffre est néanmoins impacté négativement par des facteurs saisonniers alors qu’en mars 2010, le déficit avait déjà atteint 7,2 milliards. Les importations se sont envolées de 19,4% sous l’effet de la hausse du prix des matières premières, alors que les exportations ont connu une croissance modeste de 2,4%. Cette annonce est opportune pour les autorités chinoises qui cherchent à modérer les pressions internationales pour une accélération du rythme de réévaluation du yuan. Les autorités se sont également dites confiantes dans la capacité du pays à maintenir une inflation moyenne de 4% en 2011, alors que les prêts en yuan sont tombés à 76 milliards en février.
10/03/2011

Knight Vinke détient plus de 1% de Carrefour

L’investisseur Knight Vinke a déclaré avoir constitué une participation dépassant 1% dans Carrefour. Knight Vinke a l’habitude d’acquérir de petites participations dans de grands groupes européens pour ensuite persuader les autres actionnaires de changer la stratégie de l’entreprise concernée.
09/03/2011

ABN Amro rachète de la dette titrisée

La banque néerlandaise a annoncé mercredi le lancement d’une offre de rachat portant sur 4,3 milliards d’euros de tranches de titrisation émises par ses soins en 2005. l’offre concerne six tranches seniors de titres adossés à des prêts immobiliers néerlandais, vendus à travers le véhicule Shield I, et quatre tranches juniors et mezzanine de CLO (adossées à des prêts aux entreprises). Les prix de rachat oscillent entre 94,5% et 100% du pair. L’offre s’achève le 22 mars.
09/03/2011

Les exportations allemandes pourraient dépasser les 1.000 milliards d’euros en 2011

Les exportations allemandes pourraient augmenter de 9% en nominal, à 1.046 milliards d’euros en 2011, selon les prévisions de la fédération commerciale allemande BGA publiées. BGA table par ailleurs sur une hausse de 12% des importations, à 903 milliards d’euros. La fédération estime que les exportations et les importations allemandes dépasseront les niveaux qui étaient les leurs avant la crise.

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