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11/01/2011

UCITS Alternative index up 1.86% in 2010

p { margin-bottom: 0.08in; } The global “Ucits Alternative Index,” published by the company of the same name, gained 1.07% in December and 1.86% over the year as a whole, compared with 9.27% in 2009. The best-performing strategies in December were commodities and CTA, which gained 2.73% and 2.66%, respectively. But for the year as a whole, commodities strategies have lost 2.10%, following gains of nearly 6% in 2009. CTA, for their part, finished the year with gains of only 0.01%, compared with 0.88% in 2009. The big winners for the year were event-driven (+4.47%) and fixed income (+4.15%).
11/01/2011

Hedge funds post net inflows of USD13bn in November 2010

p { margin-bottom: 0.08in; } According to data from TrimTabs and BarclayHedge cited by La Tribune, the hedge fund industry attracted USD13bn in net subscriptions in November 2010. Long/short equity funds collected USD2.5bn, while CTA funds (futures trading) saw net redemptions of EUR3.9bn.
11/01/2011

Hedge funds earned 11.6% in 2010

p { margin-bottom: 0.08in; } The hedge fund industry earned net inflows of USD13bn in November, according to estimates by TrimTabs Investment Research and BarclaysHedge. It is the fifth consecutive month of inflows, and the largest amount since February 2010. 2011 brings bright outlooks for the sector, says the president and founder of Barclayshedge, Sol Waksman, in a statement, adding that “hedge funds earned returns of 11.6% in 2010, and investors are continuing to place capital in them.” Pension funds will certainly turn to their services, in light of the low returns available on the markets. Long/short equities funds attracted USD2.5bn in the month under review, the highest amount for any alternative strategy. Event-driven funds attracted USD2.2bn, while emerging funds took in USD1.8bn. Bond funds continued the growth observed in previous months, with inflows of USD1.9bn. CTA funds, however, saw outflows of USD3.9bn in November, the first in nine months, but this was apparently due to redemptions from a single fund. Funds of funds, for their part, took in USD473m. Vincent Deluard, executive vice president in charge of research at TrimTabs, estimates that about 50% of hedge fund managers will earn commissions for performance achieved in 2010. That’s better than the 32% who did so in 2009 or the 16% in 2008, but far off the record level fo 90% in 2006.
11/01/2011

USD70bn in inflows to hedge funds in 2010

Hedge funds attracted USD70 billion through net positive asset flows in 2010 – total size of industry exceeded USD1.65 trillion for the first time since September 2008, according to Eurekahedge. They posted double-digit growth in 2010 and outperformed underlying markets – up 10.86% for the year. Japanese hedge funds posted best annual return in 5 years, up 6.79% in 2010.
11/01/2011

Funds avoid crisis-stricken countries in Euro zone

p { margin-bottom: 0.08in; } Johannes Müller, a bond expert at DWS (Deutsche Bank), says that the fund management firm of the Deutsche Bank group has long had a rule against investment in Portuguese bonds, and that it now prefers short-term bonds issued by Greece to Portuguese government bonds, the Frankfurter Allgemeine Zeitung reports. Union Investment (German co-operative banks), for its part, states that it has taken the occasion of low yields and high prices to reduce its exposure to Portuguese mid- and long-term bonds.At Pimco, Andrew Balls, head of portfolio management for Europe, says that the firm is concerned for the wider Euro zone, beyond the next six to twelve months, because some states may have difficulty in adhering to their multiple-year long austerity programmes. If one or more Euro zone countries is late in its repayments, it could trigger a banking crisis for all of Europe.Schroders says that it is extremely pudent: the British asset management firm is overweight in bunds, underweight in French government debt, and has no exposure to government bonds from peripheral countries of the Euro zone, according to David Scammel, a manager of British and European bond funds.
11/01/2011

Fidelity renews its contract with BP America

p { margin-bottom: 0.08in; } Fidelity Investments has announced that it has renewed its contract with BP America, an affiliate of the BP group, for a 5-year term. Under the contract, the management firm will continue to provide services to the corporate retirement savings plan for the business for a total of 95,000 employees.
11/01/2011

Morgan Stanley spins off proprietary trading unit

p { margin-bottom: 0.08in; }Morgan Stanley has announced that it has reached an agreement with the employees of its in-house quantitative proprietary trading unit Process Driven Trading (PDT), whereby PDT employees will acquire certain assets from Morgan Stanley and launch an independent advisory firm at the end of 2012. Morgan Stanley will have the option to acquire a preferred stake in the new entity, to be known as PDT Advisors. It is expected the full PDT team, which comprises approximately 60 employees globally, will join the independent firm.During the two-year transition period, PDT will remain a part of Morgan Stanley and continue to manage Firm capital as it has historically. PDT will also build out its infrastructure and its third-party investment business during this period.
11/01/2011

Blake Grossman leaves BlackRock

In an internal memo signed by CEO Larry Fink which has been confirmed by sources familiar with the matter, BlackRock has announced the departure of Blake Grossman, who had been vice-chairman for slightly over a year, since the acquisition by BlackRock of Barclays Global Investors (BGI), which Grossman had led. The acquisition of BGI for USD15.2bn was concluded in December 2009 (see Newsmanagers of 2 December 2009).Grossman is not expected to be replaced as BlackRock vice president. However, on 10 January, Grossman’s name was still on the list of members of the global executive committee.p { margin-bottom: 0.08in; }
11/01/2011

Morningstar parts with Tao Huang

p { margin-bottom: 0.08in; } Tao Huang, COO for Morningstar since 1990, will be leaving the company at the end of January. He is also leaving his position as head of IT, corporate sales and the affiliate Logical Information Machines (LIM), acquired in 2009.Morningstar says that Huang will not be replaced as COO. Responsibility for IT will be taken over by Jow Mansueto, chairman and CEO, while corporate sales will be overseen by Scott Cooley, CFO, and LIM will be moved into the data division of Morningstar, led by Elizabeth Kircher.
11/01/2011

Harbinger analyst to launch his own firm

Lawrence M. Clark Jr left Harbinger Capital Partners where he was a senior analyst and a partner to launch his own hedge fund, The Wall Street Journal writes. This departure comes as Harbinger in recent years has evolved from a diversified hedge-fund firm to one which looks more like a private-equity firm. Assets have declined from about USD26 billion in 2008 to USD6.4 billion in November.
11/01/2011

SG Private Banking interested in wealth management in North America

p { margin-bottom: 0.08in; } Agefi reports that Société Générale Private Banking is planning to open a long-term location in the United States. The bank is finalising plans for a brokerage and banking services platform based in New York, and aimed at US domestic high net worth clients. “Pending approval from the necessary authorities, we are hoping to begin our activities in the next few months,” says Daniel Truchi, director of the platform, cited by the newspaper. The platform will be complementary with the activities of Rockefeller Financial Services, a management firm dedicated to family offices based in New York and in which the bank has controlled a 37% stake since 2008.
11/01/2011

Axa IM develops a real estate risk index

p { margin-bottom: 0.08in; } A survey conducted by Schleus Marktforschung between 20 November and 10 December, which spoke to 156 institutional investors with total assets of EUR156bn, has provided Axa Investment Managers Germany with knowledge with which it has developed a real estate risk index that will now be regularly calculated, on a scale from 0 for no risk to 100 for maximal risk. In its first edition, the risk level stands at 38.The first survey has also found that institutional investors have widely differing conceptions of the concept of risk. Frank Richter, head of institutional business Germany & Austria at Axa IM, says that nearly one quarter of respondents say the largest risk is losing assets or revenues, while 18% say that it is failing to achieve objectives, and 16% say risk is largely a measure of chance. However, 47% of specialists surveyed say that direct investment in real estate carries low or very low risk, while 23% say so for indirect investment in real estate. Axa IM says that this reflects current problems for open-ended real estate funds, many of which are now closed to redemptions (with assets of about EUR25bn), in liquidation (three funds), and/or have been forced to announce depreciation in the value of shares.
11/01/2011

Aviva Investors builds presence in Asia

p { margin-bottom: 0.08in; } After launching a real estate unit two years ago, the British Aviva Investors group has recruited Manish Singhai and Kevin Talbot to develop its Asian equities and bond activities from Singapore, Aviva Investors reports. Singhai has been appointed chief investment officer for equities, while Talbot joins the group as chief investment officer for fixed income. Singhai, who spent 10 years at AllianceBernstein, in 2008 launched a market neutral hedge fund dedicated to Asia ex Japan, Arjava Capital, which has recently been closed. Talbot previously worked at ANZ Private Bank in Singapore.
11/01/2011

European insurance supervisory body holds first meeting

p { margin-bottom: 0.08in; } The new European regulatory body for the insurance and pension fund sectors (EIOPA, formerily CEIOPS), which on 10 January held its first meeting, is planning to quadruple its staff (currently 28) by 2013, and to supervise the enactment of Solvency II standards, Les Echos reports. The name of the president of the agency will be revealed in the next few days.
11/01/2011

Bordier & Cie granted a banking license in Singapore

p { margin-bottom: 0.08in; } The Swiss private bank Bordier & Cie has opened an affiliate in Singapore, Le Temps reports. It will be led by Evrad Bordier, a partner since 1 January, who will be based in Singapore. The location on Monday received its merchant banking license from the regulatory authority, the Monetary Authority of Singapore. Personnel will be increased to 20 people by the end of the year. Bordier & Cie, whose assets under management total about CHF9.5bn, is planning to have CHF1bn in assets under management at the affiliate by the end of its first year of operations. To achieve this goal, the bank will offer clients of Bordier International Bank & Trust (BIBT), an entity domiciled in the Turk and Caicos Islands, a British territory in the Caribbean, specialised in offshore private management, the opportunity to transfer their assets, which total nearly CHF500m.
11/01/2011

Le Japon au chevet de l’Europe

Le Premier ministre japonais, Yoshihiko Noda, a annoncé ce matin que le gouvernement prévoyait d’acheter de la dette émise par le Fonds de stabilité européen. Il a également indiqué que le Japon comptait se servir d’une partie de ses réserves de change en euros pour réaliser ces opérations.
11/01/2011

Del Monte Foods s’en tient à KKR

Au terme d’une période de «go-shop», le groupe agroalimentaire a indiqué n’avoir reçu aucune offre de rachat supérieure à celle de 4 milliards de dollars (hors dette) formulée par KKR en novembre. Del Monte s’attend à ce que l’opération soit finalisée d’ici la fin mars.
11/01/2011

SG Private Banking cible les Etats-Unis

La Société Générale lancera prochainement à New York une plate-forme de gestion privée pour la clientèle domestique, en s’appuyant sur sa BFI.
11/01/2011

Le sentiment change autour de la BoE

Au vu de l’accroissement des pressions inflationnistes outre-Manche, après, notamment, la hausse mardi de la TVA à 20%, BNP Paribas et SG CIB, qui ne voyaient pas la Banque d’Angleterre durcir sa politique de taux en 2011, croient désormais à ce scénario dès le troisième trimestre.
11/01/2011

Lawrence Clark se lance en solitaire

Lawrence Clark a selon le quotidien américain quitté Harbinger Capital pour créer son propre fonds alternatif. Une nouvelle aventure parmi tant d’autres de nouveaux entrepreneurs tentés par la création de hedge funds. Lawrence Clark espère bien voir naître effectivement son fonds, dont le nom n’a pas été choisi, dans un délai de six mois.
11/01/2011

Deuxième cession de titres China Pacific Insurance pour Carlyle

La société d’investissement aurait vendu, selon le quotidien qui cite des personnes proches du dossier, une deuxième salve de 415,5 millions d’actions dans la société d’assurance chinoise à 33,45 dollars de Hong Kong par titre, soit un montant total de 1,79 milliard de dollars. Fairholme Capital Management ferait en outre parti des acheteurs de ces parts.
11/01/2011

Bats songerait à s'introduire en bourse

Selon des sources proches du dossier relayées par le « Wall Street Journal », la société aurait déjà trouvé plusieurs souscripteurs pour une IPO

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