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09/11/2010

amLeague considers increasing number of mandates

p { margin-bottom: 0.08in; } On Wednesday, 10 November, the amLeague company will get together some of the asset managers participating in its championship (see Newsmangers of 6/10/2010) to study the potential interest and technical details of a possible new asset allocation mandate with an absolute return objective. In practice, asset managers would be allowed to use futures and ETFs to compensate for the lack of direct investment in equities or bonds. Of 19 asset management firms, the meeting is expected to be attended by seven or eight, who have expressed an interest in competing.
09/11/2010

Appointments at SG Private Banking

p { margin-bottom: 0.08in; } Société Générale Private Banking on 8 November announced the appointment of Laurent Joly as global director of wealth engineering, fiduciary services and life insurance. He will be based at the headquarters of the private bank in Paris. Joly, who has been employed at Société Générale since 1989, replaces Olivier Gougeon, previously international director of wealth engineering and fiduciary services, who has recently been appointed CEO of Société Générale Private Banking for the South Asian region. Claudio Bacceli is appointed as director of private banking activities at Société Générale Bank & Trust Luxembourg, replacing Joly. Bacceli joined Société Générale Bank & Trust Luxembourg in 2005 as director of wealth engineering for private banking, and later became deputy director of private banking in 2008, and head of sales in July 2009.
09/11/2010

Foreign funds selling well in Italy

p { margin-bottom: 0.08in; } In October 2010, funds and Sicavs on sale in Italy saw net redemptions of EUR1.3bn, according to the most recent statistics from Assogestioni, the Italian association of asset managers. These outflows were driven by redemptions of EUR2.5bn from Italian-registered funds. However, foreign-registered funds, managed either by Italian or other groups, saw inflows of EUR1.2bn. This category now represents 55.55% of assets in the sector. In terms of asset class, money market funds alone saw outflows of slightly over EUR2bn. Hedge funds have also seen outflows of EUR225m, as have flexible funds, of EUR100m. Equities funds, balanced funds and bond funds, on the other hand, have seen net inflows of EUR704m, EUR250m and EUR146m, respectively. Since the beginning of the year, Italian mutual funds have posted net subscriptions of EUR3.3bn. As of the end of the month, assets in the industry represented EUR450bn, a slight increase compared with the previous month. 49.5% of the industry is in the hands of four Italian groups: Intesa Sanpaolo, Pioneer Investments, UBI Banca and Mediolanum. The top two players posted some of the heaviest net outflows of the month, at EUR310.5m and EUR196.7m. However, Mediolanum saw the largest inflows of the month, with EUR217m.
09/11/2010

SEC outlaws stub quotes

p { margin-bottom: 0.08in; } The Securities & Exschange Commission (SEC) on 8 November announced its decision to severely limit the use of stub quotes, a practice which involves issuing orders at irrational prices in relation to the market consensus. The decision is the result of investigations in the wake of the one-day crash of 6 May this year. Stub quotes contributed to a loss of more than 9% for the Doe Jones in the space of a few minutes. The US market regulator says in a statement that the limitation on stub quotes is essentially a pure and simple prohibition: “By prohibiting stub quotes, we are reducing the danger that market transactions may take place at irrational prices,” says Mary Schapiro, chairwoman of the SEC, cited in a statement. The new rules will come into force on 6 December.
09/11/2010

“German Madoff” faces day in court

p { margin-bottom: 0.08in; } Michael Keiner, who has been in preventive detention for more than a year (see Newsmanagers of 29 and 30 October 2009), will be indicted this week or next for serious fraud, the Frankfurter Allgemeine Zeitung reports, citing the Wurzburg public gazette. The founder of the hedge fund management firm K1 group causes losses of hundreds of millions of euros for Barclays, J.P. Morgan and BNP Paribas.
09/11/2010

Deutsche Bank lists 14 ETC funds on Swiss stock exchange

p { margin-bottom: 0.08in; } On the same day that Source listed funds on the SIX exchange, 8 November, db ETC AG (Deutsche Bank group) has listed 14 exchange-traded commodities (ETC) on the new ETP segment of the Swiss SIX exchange. Six of the products (Booster) use leverage, while eight do not. The market maker is Deutsche Bank, while the market maker for the Source ETPs will be Nyenburgh Holding BV. With the exception of the ETC based on physical gold, which charges 0.29%, the new products from db ETC all charge 0.45%. Ten of these ETCs replicate commodities indices, while four replicate indices of precious metals (gold, silver, platinum and palladium).
09/11/2010

Good inflows for UK asset management firms in France

p { margin-bottom: 0.08in; } Since the beginning of this year, Aberdeen Asset Management has raised about EUR1bn in France, including mandates, meaning that assets under management for French clients at the UK management firm now total about EUR6bn, of which about EUR4bn are from Credit Suisse products, and EUR1bn for real estate products and mandates, while the remainder is net inflows, Frédéric Lejeune, head of business development for France and Monaco, explains. The Scottish management firm is not the only one to have posted highly respectable inflows this year, as Brice Anger, director of development for M&G Investments in France recently announced that the firm had already attractd EUR500m in net inflows in France (see Newsmanagers of 5 November), putting assets now above EUR1.2bn. Year-to-date net subscriptions at Schroders in France, according to information obtained by Newsmanagers, lie somewhere between the figures for the firm’s two British rivals.
09/11/2010

SGSS appoints two directors

p { margin-bottom: 0.08in; } Société Générale Securities Services (SGSS) has announced two appointments. Guillaume Héraud will now serve as director of settlement services. He will continue to develop the range of settlement services from SGSS, for transactions on equities on traditional markets and multilateral trading platforms (MTF), on the one hand, and on the other, for all other types of assets subject to clearing processes, according to a statement. Héraud will report to Alain Closier, director of securities professions at Société Générale, and will also join the international steering committee of SGSS. Jeanne Duvoux has been appointed deputy CEO of SGSS S.p.A. And legal representative of SGSS in Italy. She will report to Massimo cotella, deputy director of SGSS S.p.A. One of Duvoux’ major responsibilities will be to support projects to optimise the range of services, including those intended to respond to new market requirements, and to foster the integration of new clients.
09/11/2010

Two former employees of BlackRock launch a third party marketer

p { margin-bottom: 0.08in; } The former head of the Paris office of BlackRock, until October 2009, Sandrine Toulouse, has created the third-party marketing (TPM) firm Aloha Finance with Gilbert Nguyen, sales manager for distributor clients of BlackRock from September 2007 to October 2010. The new company offers services to asset management firms seeking to establish themselves or strengthen their position on the French market, provided that they have a license from the French regulator AMF. Aloha Finance develops the sales strategy for fund management companies it represents, designs sales and communication tools, and distributes financial investment products to French professional investor clients. Pending three more partnerships which are expected to be signed in the next few weeks and months, the new TPM will start with agreements with Wegelin (Lux) Funds SICAV), the European fund platform for the Swiss bank Wegelin & Co. Banquiers Privés, and with the French hedge fund manager Orchidée Finance.
09/11/2010

LGT reportedly offered over EUR300m for BHF

p { margin-bottom: 0.08in; } LGT Bank in Liechtenstein offered more than EUR300m to acquire the Deutsche Bank affiliate BHF bank, Agefi Switzerland reports, citing Dow Jones Newswires. The valuation of BHF is estimated at EUR600m.
09/11/2010

Franklin Templeton recruits three in Frankfurt

p { margin-bottom: 0.08in; } The equities team at Franklin in Frankfurt has recruited two sell-side analysts from Landesbank Baden-Württemberg (LBBW), Robert Mazzouli and Tim Burkhardt. In addition, the management firm has recruited Anne Friedrich, also as a research analyst, but she joins the firm from a venture capital firm, Creathor Venture Management. The team now includes eleven people, who will report to Uwe Zöllner. Meanwhile, Michael Clements, who was co-portfolio manager for the Franklin European Growth Fund, was appointed in October as lead portfolio manager for the fund, while Ed Lugo, who previously held these duties, remains as portfolio manager for the product.
09/11/2010

Dominic Rossi joins Fidelity IM

p { margin-bottom: 0.08in; } Dominic Rossi, who has left his job as chief investment officer (CIO) at Gartmore, has joined Fidelity Investment Managers as global CIO for equities. He will report to Robert Higginbotham, Investment Week reports. In his new position, Rossi will be responsible for the equities unit, including portfolio management, research, derivatives, trading and corporate finance.
09/11/2010

Gartmore considers its future

Gartmore has entered a phase of strategic reflection with the assistance of Goldman Sachs, the asset management firm has announced, at a presentation of its interim results. Meanwhile, Gartmore will take measures to strengthen its firepower and improve its financial situation, with the deployment of a GBP10m per year cost reduction program.The Gartmore star manager Roger Guy is leaving the firm. As a result, Gertmore will be merging its teams dedicated to European equities (large cap and all-cap) into a single team, which will be led by John Bennett. Guy will continue to serve at the firm for the next few months in order to ensure a smooth transition. Guy’s large cap team managed GBP3.5bn as of 30 September, of which GBP1.3bn were in hedge funds, GBP0.5bn in mutual funds and GBP1.7bn in discretionary mandates.Gartmore has also announced the departure of Dominic Rossi, chief investment officer, who will take a new position at Fidelity. Until a successor can be appointed, Jeffrey Meyer, CEO, will serve in this role in the interim. Brian Mitchell, currently head of trading, has been appointed chief operating officer for the investment unit.Assets under management at Gartmore increased 4% in third quarter, from GBP19.9bn as of 30 June to GBP20.7bn as of 30 September. Positive market and performance effects were partially offset by net outflows of GBP700m. As of 31 October, assets under management totalled GBP20.9bn, despite net outflows of GBP300m in October. The group has also received GBP500m in redemption demands, of which GBP200m are for European large caps, and will be honoured by the end of the year.
09/11/2010

Fidelity wants to reduce staff in London

According to Financial News, Fidelity Investment Managers has decided to cut its UK staff by 500 to 1,500 over the next five years, due to a less welcoming approach by UK regulatory authorities, higher income tax, and deteriorating prospects for new business. It will not be making anyone redundant, adds the website.
09/11/2010

Michael McManus joins Kima Capital

p { margin-bottom: 0.08in; } Asian Investor reports that Michael McManus is joining Kima Capital to serve as chief financial officer, after previously working for Kima Capital as an accountant. He will report to Michael Gallagher, CEO of the hedge fund management firm.
09/11/2010

Fidelity launches a European dividend fund

p { margin-bottom: 0.08in; } Michael Clark in London will be the manager of the new Luxembourg-registered product Fidelity European Dividend Fund, launched on 2 November, whose portfolio will invest in equities in European firms which already pay attractive dividends, or which are likely to increase their dividends significantly in the future. So far, the investment team is preferring businesses in the consumer goods, utilities, pharmaceuticals and telecommunications sectors, with stable business models and strong competitive positions. The benchmark index is the MSCI Europe. In addition to this new fund, Clark has also been the manager of the Fidelity Income Plus Fund since 2008, and of the Fidelity Enhanced Income Fund since 2009. CharacteristicsName: Fidelity European Dividend FundISIN codes: LU0353647737 A-Acc Euro capitalisationLU0353647653: A-Euro distribution LU0353648032: Y-Acc-Euro capitalisationManagement commission: 1.5%
09/11/2010

Bonne moisson pour les maisons britanniques en France

Depuis le début de cette année, Aberdeen Asset Management a levé en France environ 1 milliard d’euros, mandats compris, si bien que l’encours géré pour le compte de la France chez le gestionnaire britannique se situe actuellement aux alentours de 6 milliards d’euros, dont quelque 4 milliards provenant des produits Credit Suisse et 1 milliard pour les produits et mandats immobiliers, le complément provenant des rentrées nettes, comme l’explique Frédéric Lejeune, head of business development France et Monaco.Le gestionnaire écossais n’est manifestement pas le seul à pouvoir se targuer d’une collecte fort honorable cette année, puisque Brice Anger, directeur du développement de M&G Investments pour la France se targuait récemment d’avoir déjà drainé 500 millions d’euros de collecte nette en France (lire notre article du 5 novembre), l’encours se situant à présent au-dessus de 1,2 milliard d’euros.Pour leur part, les souscriptions nettes «year-to-date» de Schroders en France se situeraient, selon nos informations, à mi-chemin entre celles de ses deux homologues britanniques.
09/11/2010

Wegelin AM lance sa stratégie actions internationales en France

Comme indiqué à Newsmanagers le 23/04/2010 (voir entretien avec Pierre-Yves Cahart), Wegelin Asset Management, l’unité dédiée aux clients institutionnels de Wegelin & Co. Banquiers Privés, annonce le 8 novembre le lancement en France de sa stratégie actions internationales. Baptisée Active Indexing, la stratégie combine gestion active et gestion indicielle et se décline en trois fonds UCITS III de droit luxembourgeois distincts, agréés par l’Autorité des Marchés Financiers le 27 juillet 2010 : Active Indexing Europe, Active Indexing World et Active Indexing All Country World. La gamme est gérée par Daniel Leveau, directeur de l’équipe de gestion quantitative de Wegelin Asset Management. La stratégie consiste à faire du «market picking». L'équipe de gestion investit dans les secteurs et les pays les plus attrayants sur un univers donné, en fonction de leur position dans leur cycle de valorisation.
09/11/2010

SGSS nomme deux directeurs

Société Générale Securities Services (SGSS) vient d’annoncer deux nominations. Guillaume Héraud occupe désormais le poste de directeur des services de compensation. Il doit poursuivre le développement de l’offre de compensation de SGSS, d’une part pour les transactions sur actions exécutées sur les marchés traditionnels ou les plates-formes multilatérales de négociation (MTF), et d’autre part, pour tous les autres types d’actifs admis aux processus de clearing, précise un communiqué.Guillaume Héraud reporte à Alain Closier, directeur du Métiers Titres de Société Générale, et intègre le comité de direction International de SGSS.En outre, Jeanne Duvoux est nommée directeur général délégué de SGSS S.p.A et représentante légale de SGSS en Italie, rattachée à Massimo Cotella, administrateur délégué de SGSS S.p.A.L’une des principales missions de Jeanne Duvoux sera de soutenir les projets mis en oeuvre pour optimiser l’offre de service, y compris dans le cadre des nouvelles exigences du marché, et notamment pour favoriser l’intégration des nouveaux clients.
09/11/2010

amLeague réfléchit à élargir le nombre de ses mandats

Mercredi 10 novembre, la société amLeague réunit une partie des asset managers participant à son championnat (voir Newsmanagers du 06/10/2010) afin d'étudier l’intérêt et le cas échéant, les modalités techniques à prévoir pour mettre en place un nouveau mandat dit d’allocation d’actifs, avec un objectif de performance absolue. Dans la pratique, les asset managers auraient recours à des contrats futures, contrats à terme et ETF pour pallier l’absence d’actions et d’obligations en direct. Sur les dix-neuf sociétés de gestion, la réunion prévue devrait compter sept ou huit d’entre-elles qui se sont dites intéressées pour concourir.
09/11/2010

Nominations au sein de SG Private Banking

Société Générale Private Banking a annoncé le 8 novembre la nomination de Laurent Joly en qualité de directeur mondial de l’ingénierie patrimoniale, des services fiduciaires et de l’assurance-vie. Il est basé au siège de la banque privée à Paris. Laurent Joly, à la Société depuis 1989, remplace Olivier Gougeon, précédemment directeur international de l’ingénierie patrimoniale et services fiduciaires, nommé récemment, directeur général de Société Générale Private Banking pour la région sud-asiatique.Claudio Bacceli est nommé directeur des activités de banque privée au sein de Société Générale Bank & Trust Luxembourg, en remplacement de Laurent Joly. Claudio Bacceli a rejoint Société Générale Bank & Trust Luxembourg en 2005 en tant que directeur de l’ingénierie patrimoniale pour la banque privée puis devient directeur adjoint de la banque privée en 2008 et directeur commercial en juillet 2009.
09/11/2010

Sandrine Toulouse et Gilbert Nguyen lancent le TPM Aloha Finance

Ancienne directrice du bureau parisien de BlackRock jusqu’en octobre 2009, Sandrine Toulouse vient de créer avec Gilbert Nguyen, sales manager pour les clients distributeurs de BlackRock de septembre 2007 à octobre 2010, la société de tierce partie marketing (TPM) Aloha Finance.Cette nouvelle entité propose ses services notamment aux sociétés de gestion souhaitant s’implanter ou se renforcer sur le marché français, pour autant qu’ils disposent d’un agrément AMF. Aloha Finance élabore la stratégie commerciale des sociétés de gestion qu’elle représente, conçoit leurs outils de vente et de communication, et distribue leurs produits de placement financiers auprès d’une clientèle d’investisseurs professionnels français.En attendant trois autres partenariats qui devraient être signés dans les semaines et les mois qui viennent, indique Sandrine Toulouse à Newsmanagers, le nouveau TPM démarre après avoir conclu des accords avec Wegelin (Lux) Funds SICAV, plateforme européenne de fonds de la banque suisse Wegelin & Co. Banquiers Privés, et avec le gestionnaire alternatif français Orchidée Finance.
09/11/2010
Fonds

Les hedge funds néerlandais ont gagné 2,18 % en septembre

L’indice Finles des 28 hedge funds néerlandais est ressorti au 1er octobre à 112,74, affichant ainsi un gain de 2,18 %, sa troisième hausse mensuelle consécutive après des progressions de 0,31 % en août et de 0,2 % en juillet lire nos dépêches des 29 et 8 septembre). Les cinq meilleures performances depuis le début de l’année ont été enregistrées par Trade Wind Equity Fund (27 %), QTR fund (20 %), HIQ Invest Market Neutral Fund (17 %), Flonds Bloemendaal (12 %) et Antaurus Europe Fund (12 %). A compter du 1er octobre, l’indices Finles couvre un 29ème fonds, le Frog Fund.
Fonds
09/11/2010

Les 50% de PAI dans Yoplait attirent les industriels

«Notre part sera mise en vente d’ici à quelques jours et ce sera complété à la fin du premier trimestre» 2011, a déclaré Lionel Zinsou, le président de PAI, sur la radio BFM. Il a affirmé avoir reçu «beaucoup de marques d’intérêt venant d’industriels ».
09/11/2010

L’AMF va bientôt publier son instruction sur les ventes à découvert

La modification du règlement général de l’AMF insérant les obligations de déclaration des positions courtes a été publiée au JO du 6 novembre. Une instruction du régulateur sur les conditions d’application de ce nouvel article 223-37, qui entrera en vigueur le 1er février 2011, sera publiée dans les prochains jours.
09/11/2010

La SEC promet de s’attaquer aux algorithmes

La présidente de la Securities and Exchange Commission, Mary Schapiro, a indiqué hier lors d’une conférence que ses services traiteraient la question des algorithmes «fous» dans le cadre du trading à haute fréquence.
09/11/2010

TPG signe deux acquisitions

La société de private equity a dévoilé deux acquisitions dans les secteurs de la chimie et des cosmétiques. TPG va reprendre une filiale d’Ashland pour 930 millions de dollars en numéraire ainsi que la filiale japonaise d’Avon pour 7,3 milliards de yens (65 millions d’euros environ).
09/11/2010

Doughty Hanson rachète une chaîne de cinémas

La société de private equity a officialisé la reprise de Vue Entertainment, troisième chaîne britannique de cinémas. Doughty Hanson a conclu le rachat pour 450 millions de livres auprès de l’équipe dirigeante et d’un fonds affilié à Och-Ziff Capital Management Group. Le fondateur et PDG, Tim Richards, procèdera à un réinvestissement.
09/11/2010

LCM recrute pour la région Asie-Pacifique

La maison de courtage a annoncé lundi des nominations destinées à renforcer son activité «cash equity» à Hong Kong et à Londres. Louis Capital Markets a notamment engagé Nick McDonald, en provenance d’Instinet, pour diriger cette activité sur la zone Asie.
09/11/2010

Invesco vise les actifs immobiliers asiatiques d’AIG

Reuters rapporte que l’assureur américain pourrait bien céder son activité de gestion d’actifs immobiliers en Asie à Invesco. La valeur brute de ces actifs avoisinerait 5 milliards de dollars, et la transaction pourrait se chiffrer en dizaines de millions. Un accord pourrait être signé ce mois-ci, les deux parties d’étant pour l’heure refusées à tout commentaire.

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