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02/11/2010

Olympia is for sale

According to Financial News, Olympia Capital Management, a funds of hedge funds company based in Paris, is for sale. Sagard Private Equity Partners wants to sell its 45% stake which carries the majority of the voting rights, according to a person familiar with the situation.
02/11/2010

AIG sells Alico to Metlife for USD16.2bn

p { margin-bottom: 0.08in; } Le Figaro reports that the US insurer AIG has announced that it has sold its US life insurance affiliate Alico to its rival MetLife for USD16.2bn. The sale price is USD700m above the price announced for the deal in March. MetLife paid USD7.2bn in cash and USD9bn in AIG shares.
02/11/2010

Credit Suisse not planning to liquidate Euroreal real estate fund

p { margin-bottom: 0.08in; } On 28 October, Credit Suisse announced that it has absolutely no plans to liquidate its German-registered open-ended real estate fund CS Euroreal (EUR6.13bn in assets as of the end of September), as the situation is very different for this product than it was for the KanAm US-grundinvest, DEGI Europa and Morgan Stanley P2 Value funds. First of all, routine revisions have only resulted in a depreciation of 0.80% for the portfolio in the period to the end of April. The fund shows returns of 2.5% for the twelve months to 30 September. The CS Euroreal attracted more than EUR400m in net subscriptions in the most recent period. It then saw net outflows of over EUR300m in May, as the German government debated plans for a law on real estate funds (see Newsmanagers of 21 May), which led to another freeze on redemptions, which will be in place until May 2012 at the latest. Since then, the fund has attracted more than EUR100m in net subscriptions. Currently, Credit Suisse is in talks to sell assets. The talks have reached a highly advanced stage and will result in liquidity being freed up. Sales of properties will take place by the end of the year at prices largely in line with market value.
02/11/2010

Cantillon diametrically alters strategy

p { margin-bottom: 0.08in; } The hedge fund management firm Cantillon Capital Management, founded in 2003 by William von Mueffling, formerly of Lazard Asset Management, attained USD10bn in assets due to the success of its policy of short-selling, the Wall Street Journal reports. But in June, Cantillon closed its hedge funds and redeemed USD3.5bn to subscribers, retaining only USD1bn in long-only assets. Since then, Cantillon has managed to attract investments from US and foreign pension funds and sovereign funds through returns of 21% since the beginning of the year, and assets now total over USD5bn. Subscribers were won over by the additional fact that Cantillon charges only 1.25% maximal management commissions, and no performance commissions. But von Mueffling says that he is considering limiting assets in the Cantillon Global Equity fund to USD7.5bn.
02/11/2010

Shinhan BNP AM releases highly concentrated South Korea equities funds

p { margin-bottom: 0.08in; } Asian Investor reports that Shinhan BNP Paribas Asset Management has opened sales of highly concentrated funds of South Korean equities, ahead of an expected return of local, retail and high net worth investors to the South Korean equities markets in 2011. Patrick Mange, co-deputy CEO of the joint venture in Seoul, admits that 2010 was a more difficult year than expected, in light of constant redemptions to retail investors in equities. According to available statistics, net outflows from South Korean equities funds have totalled over KRW9trn, or about USD7.9bn, since the beginning of the year.
02/11/2010

Strong demand for Bolton's fund

Demand for Anthony Bolton’s new fund has been so strong that the board is considering ways to make the shares less expensive, according to the Financial Times.Shares in the Fidelity China Special Situations fund hit a premium of almost 13 per cent to their net asset value on Monday.
02/11/2010

Fidelity IM loses its head for China

p { margin-bottom: 0.08in; } Fidelity Investment Management has confirmed the departure of Zhan Long, managing director for China based in Hong Kong, and announced that a replacement will soon be named, Asian Investor reports. Long is reported to have been tapped to take up the position left vacant by the departure of the general manager at Bank of Communications Schroder Fund Management in Shanghai (BoCom Schroder). Assets under management at BoCom Schroder fell 40% in the first six months of the year to USD8.3bn.
02/11/2010

Jupiter: Guy de Blonay and Philipp Gibbs trade jobs

p { margin-bottom: 0.08in; } From the beginning of 2011, Guy de Blonay will become principal manager of the Financial Opportunities fund (over GBP1bn in assets) at Jupiter, for which he has been second manager since 1 June (see Newsmanagers of 5 May), Fund Strategy reports. Philip Gibbs, who was principal manager, becomes second manager for the product, which has over 13 years of track record.
02/11/2010

RWC hands former Strategic Reserve Fund to Peter Allwright and Stuart Frost

p { margin-bottom: 0.08in; } On 1 November, RWC Partners confirmed that Peter Allwright and Stuart Frost, recently recruited fdrom Threadneedle (see Newsmanagers of 1 July) have taken over day-to-day management of the RWS Cautious Absolute Rate and Currency (ARC) fund, formerly known as the Strategic Reserve Fund, with assets of USD60m, which continues to have a performance objective of 300 basis points above cash over a market cycle. The fund offers daily liquidity, and complies with the UCITS III directive, with sales licenses in Germany, Italy, Luxembourg, the United Kingdom and Switzerland. It is available in currency-hedged shares in euros, Swiss francs, pounds Sterling and US dollars.
02/11/2010

OPM plans to launch two funds of funds

p { margin-bottom: 0.08in; } OPM Fund Management is planning to release two funds in early 2011, which will charge fees of 1.5%, using strategies developed for internal mandates, Investment Week reports.The EFA OPM Diversified Target Return fund, a multi-asset class funds, will aim for 300 basis point outperformance over cash over a market cycle. It will be managed by Ross Henderson, Money Marketing reports, and will invest 70% in absolute return long-only funds, while the satellite allocation will go to direct investment in equities, ETFs, and money market instruments, with coverage tools and minimal reliance on leverage.For its part, the EFA OPM Worldwide Opportunities, managed by CIO Tony Yousefian, will be an aggressive growth plus fund which will be permitted to depart from the FTSE All-world benchmark index. The model portfolio is currently 63% invested in ten funds, and the manager will make only moderate use of ETFs, which he estimates do not produce outperformance in the long-term.
02/11/2010

Highbridge (JPMAM) prend la majorité chez Gávea Investimentos

Dans une lettre aux investisseurs daté du 27 octobre, le brésilien Gávea Investimentos (10,1 milliards de reals d’encours fin septembre), a annoncé que par le truchement du gestionnaire alternatif américain Highbridge Capital Management, J.P.Morgan Asset Management a pris la majorité dans son capital, mais les détails financiers de l’opération n’ont pas été dévoilés.Gávea Investimentos est une société de gestion spécialiste des hedge funds, du private equity et de la gestion de fortune. L'équipe dirigeante de Gávea restera en place. Elle se compose du président et CIO Armino Fraga, ancien président de la Banque centrale du Brésil, de son frère Luiz Fraga, co-fondateur et co CIO/private equity, de Gabriel Srour, co-CIO pour les hedge funds, de Chrys Meyn, co-CIO/private equity et de l’administrateur délégue Amaury bier, ancien secrétaire d’Etat à l’Economie au ministère des Finances du Brésil. Enfin, Marcelo Stallone restera à la tête de la division grandes fortunes (Gávea Gestão de Patrimônio).
02/11/2010

SWIP appoints Craig Mackenzie as head of sustainable investment

p { margin-bottom: 0.08in; } Responsible Investor reports that Scottish Widows Investment Partnership (SWIP) has appointed Craig Mackenzie as head of responsible investment, a position which includes lobbying businesses to improve their practices in this area. Mackenzie, who was previously at the University of Edinburgh as director of the Centre for Business and Climate Change, will begin in his new position on 1 November. He will be responsible for strategies and performance in this area of sustainable development in all asset classes, including real estate and private equity.
02/11/2010

Assets at F&C not only increased by Thames River deal

p { margin-bottom: 0.08in; } In third quarter, assets at F&C Asset Management Plc increased by GBP12.9bn to GBP108.2bn, compared with GBP95.3bn as of the end of June. This is due to factors other than external growth, such as net subscriptions of GBP598m (of which GBP124m were for Thames River), GBP4.2bn from the acquisition of Thames River Capital on 1 September, and positive currency effects of GBP3.3bn due to the appreciation of the euro against the pound Sterling and market effects of GBP4.8bn, of which GBP0.7bn are unrealized gains in derivative positions for institutional clients.
02/11/2010

RFP from British Nest Corporation

p { margin-bottom: 0.08in; } Nest Corporation, a British firm which manages private complementary pensions, will this week announce a request for proposals for a series of management mandates. Applications must be announced in the official journal of the European Union, Nest Corporation said in a statement published on 1 November. Nest Corporation has also announced that it has awarded a contract to provide fund administration and custody services to State Street for a period of ten years.
02/11/2010

Ignis creates a real estate unit

p { margin-bottom: 0.08in; } The UK asset management firm Ignis Asset Management has announced the launch of a real estate business with GBP2.6bn in assets, Fund Strategy reports. The team will include 30 people. Ignis has hired Alan Gardner, head of forecasting services from Jones Lang LaSalle, Steven Beveridge as COO, and Robert Boag as senior investment director. Daniel Baynes and Chris Brydie have been recruited as real estate managers.
02/11/2010

Appetite for equities set to rebound

p { margin-bottom: 0.08in; } According to a recent survey by Schroders of 100 clients in Europe, the Middle East and Central and South America, 89% of respondents say investors are going to come back to equity markets in the next 12 months. As of 31 July this year, net inflows to equities totalled EUR22.7bn, following a peak of over EUR110bn in 2009. The survey also shows that 72% of clients are planning to invest in hedge funds via a UCITS structure in the next two to three years, compared with 38% currently.
02/11/2010

China Investment Corp fait une offre sur ISS Holding

Le fonds souverain chinois aurait fait une offre de rachat en partenariat avec le fonds d’investissement Apax Partners de la société danoise de services ISS Holding, selon le quotidien qui ne cite pas ses sources. La société, qui emploie plus de 520.000 personnes de par le monde, envisage également une solution d’introduction en Bourse.
02/11/2010

Soupçons de délit d’initié au Tokyo Stock Exchange

Le TSE a indiqué qu’il enquêtait actuellement sur des soupçons de délit d’initié portant sur des sociétés ayant récemment annoncé des projets d’augmentation de capital. L’enquête concerne notamment des opérations de vente à découvert. Les groupes Nippon Sheet Glass et Tokyo Electric Power seraient notamment concernés.
02/11/2010

Exco dans le viseur d’un consortium

Le directeur général du producteur de pétrole et de gaz naturel s’est associé à d’autres actionnaires, dont le magnat du pétrole T. Boone Pickens et Oaktree Capital Management, pour reprendre la société. Douglas Miller, qui possède 2,15% du capital, propose de racheter le solde pour 20,50 dollars l’unité (soit une prime de 38% sur le cours de clôture de vendredi), ce qui valorise Exco environ 4,36 milliards de dollars.
31/10/2010
Gestion d'actifs

Le Conservateur initie une exposition sur la gestion minimum variance et convertible

« L’objectif principal de nos investissements en fonds de minimum-variance est d’intégrer une gestion asymétrique dans notre allocation actions qui permette une participation importante aux cycles de hausse des indices actions et une protection lors des phases de baisse », indique à Bfinance, Thibaut Cossenet, sous-directeur de la gestion financière du groupe Le Conservateur. « Dans le même esprit, nous avons également investi dans un fonds d’obligations convertibles monde qui présente toutefois des espérances de rendement-risque moins élevées », ajoute-t-il. Groupe mutualiste gérant 4 milliards d’euros d’actifs dédiés à la tontine, l’assurance-vie et la prévoyance, le Conservateur a commencé par investir dans un fonds actions zone euro (gestion minimum variance)
Gestion d'actifs

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