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15/10/2010

GLG shareholders approve merger with Man Group

Man Group and GLG Partners have announced on October 14 that the recommended acquisition of GLG by Man has been completed. GLG shareholders have approved the deal. Peter Clarke, chief executive of Man, said: “The acquisition of GLG is a significant milestone in Man’s development as a global leader in alternative asset management. The combined firm will have expertise in a wide range of investment styles including managed futures, equity, credit, emerging markets, global macro and multi-manager”.
15/10/2010

SWIP creates a role of fixed income commercial director

p { margin-bottom: 0.08in; }Scottish Widows Investment Partnership (SWIP) has appointed Ian Clifton to the newly created role of commercial director within its fixed income team.Based in London, he will report to Mark Connolly, director of fixed income and will be responsible for driving the commercial activity of SWIP’s fixed income business. Ian Clifton was working most recently as a senior investment consultant at Mercers in London.
15/10/2010

BlackRock hires a manager from Brevan Howard

Ian Winship has joined the sterling fundamental fixed income team at BlackRock in London as a senior portfolio manager. He was most recently at Brevan Howard where he was head of absolute return product. Previously he spent 11 years at Aberdeen Asset Management as head of global rates.In his role at BlackRock, Ian Winship will report to Paul Shuttleworth, head of sterling fixed income. He will focus primarily on sterling rates and on developing the business in the UK.
15/10/2010

Baillie Gifford promotes Gerald Smith to CIO

p { margin-bottom: 0.08in; } In order to give James Anderson, CIO since 2006, more time to concentrate on management of major accounts, Baillie Gifford has decided to promote Gerald Smith, deputy CIO since January 2009 and head of the global opportunities team, to the position of CIO, from April 2011. Anderson will continue to play an active role in the management firm as head of the long-term global growth team, chairman of EAFE Alpha Portfolio construction group, and manager of Scottish Mortgage Investment Trust PLC. Gerald Smith has been a partner at Baillie Gifford since 1998. He joined the firm in 1987. Tom Coutts will also take over as head of the European equity team from April 2011, following the decision of Peter Hollis, announced in January 2010, to leave the business in April 2011 for personal reasons. Coutts joined Baillie Gifford in 1999.
15/10/2010

UK firm GPP launches a new service

p { margin-bottom: 0.08in; } The UK firm Global Prime Partners (GPP) has announced the launch of the first prime brokerage service in Europe, which provides settlement, custody, securities lending and financing services to new hedge funds. GPP will initially focus on young hedge funds or managers starting out in the profession, with less than USD100m in assets under management. “This market segment is not correctly covered by the major banks, and represents a major opportunity for GPP. Capital flows in hedge funds are smaller than a few years ago, and many managers start out with USD5m to USD25m in assets. We can help them to start out, to manage at a lower cost, and to provide a new, more robust service than the major banks,” says Kevin LoPrimo, head of prime brokerage at GPP.
15/10/2010

Evercore acquires half of G5 advisors

p { margin-bottom: 0.08in; } The US firm Evercore Partners has announced that it has concluded an acquisition of 50% of the Brazilian banking and asset management boutique G5 advisors. The buyer retains an option to acquire the remaining 50% from 2014. The acquisition price has not been divulged. G5 advisors was founded in 2007 by Corrado Varoli, former partner, managing director and head of Latin America at Goldman Sachs, with Marcello Lajchter and Renato Klarnet. The firm is specialised in advising mergers and acquisitions, wealth management and asset management, with offices in São Paulo and Rio de Janeiro.
15/10/2010

Getting out of frozen real estate funds is costly

p { margin-bottom: 0.08in; } Eight of the ten largest transaction volumes for investment funds on the Hamburg stock exchange in September were for open-ended real estate funds for which redemptions are suspended, the Börsen-Zeitung reports. But resales of shares in the funds are taking place well below their value: as of 12 October, shares in the P2 Value funds (Morgan Stanley Real Estate Investment GmbH) were trading at EUR19.99, compared with an official net asset value of EUR28.31. Shares in DEGI Europa were trading at EUR34.01, compared with an official price of EUR48.55.
15/10/2010

Deutsche Börse headquarters sold before they are occupied

p { margin-bottom: 0.08in; } The new headquarters of Deutsche Börse in Eschborn, near Frankfurt, have been sold for EUR230m to Signa Property Funds of Düsseldorf by the developers, Groß & Partner and Lang & Cie, the Börsen-Zeitung reports. Deutsche Börse has not yet officially moved into the property. Frank Tölle, CEO of Signa Property Funds, says that the property will be added to the portfolio of the Signa 13 Frankfurt fund, and will generate distribution of 5.75% per year.
15/10/2010

RWC partners positions itself in German-speaking markets

p { margin-bottom: 0.08in; } Susanne Sorge, who was previously head of development for Germany, Austria and Switzerland at GLG Partners, will join RWC Partners, which has already kicked off a sales drive in the German-speaking countries, at the end of October. She will have the same responsibilities as at her former employer, and will report to Dan Mannix, head of business development.
15/10/2010

Bernhard Klocke leaves job as head of retail distribution at Axa IM for Germany and Austria

p { margin-bottom: 0.08in; } In a message to personnel in distribution services, Axa Investment Managers Germany has announced that Bernhard Klocke resigned at the end of September from his position as director of retail distribution for Germany and Austria, but that he will remain available to the group in case of need until 31 December, Fondsprofessionell reports. The retail team will remain unchanged, including Frank Horn (Axa group), Thomas Hopf (German banks), Selina Sezen (German IFAs) and Bernhard Steinmetz (Austria).
15/10/2010

Brevan Howard to list a fund

Brevan Howard is set to list its Credit Catalysts fund in London, which returned 44% between May 2008 and August 2010, says Citywire. The fund is run by DW Investment Management, a specialist credit manager based in New York.
15/10/2010

James Caird launches a mortgage fund

James Caird Asset Management, the USD2.5bn credit hedge fund created out of Moore Capital, is going to launch a new fund to invest in distressed US mortgage bonds. The vehicle will launch with USD100m of assets under management.
15/10/2010

Standish promotes David Leduc to CIO for active fixed income

p { margin-bottom: 0.08in; } David Leduc, managing director of global fixed income and senior portfolio manager in charge of management of all non-US and global bond strategies, has been appointed chief investment officer of active fixed income at Standish Mellon Asset Management Company, an affiliate of BNY Mellon Asset Management. Leduc joined Standish in 1995. Leduc replaces Kent Wosepka, “who has decided to pursue a new professional challenge” after many years at Standish. Standish, a boutique specialised in bonds, has assets of UDS71bn.
15/10/2010

FRR supports Emerging Markets Disclosure Project

The French pension fund FRR supports the initiative promoting transparency in the emerging markets (Emerging Markets Disclosure Project, EMDP). «In markets around the world that are still lacking transparency, it is very important to encourage businesses to disclose more extra-financial information than they currently do, so as to facilitate their financing by providing investors with a better way of assessing the threats and opportunities they present over the long term», says a press release issued on October 14. Supported by the World Bank and the United Nations, the EMDP initiative unites international investors (50 signatures to date, representing assets under management valued at more than a billion dollars). Under this initiative, businesses in emerging countries are being asked to disclose information on their triple-bottom line performances using the framework provided by the Global Reporting Initiative (GRI). Groups of local and international investors have been formed to conduct a dialogue with the large corporations in various markets. Convinced of the importance of full disclosure in the area of sustainability, the FRR hopes that asset management firms with which it works will support this initiative and play an active role in its implementation.
15/10/2010

Natixis AM preparing new funds

The bond team at Natixis Asset Management, which on 28 September gained three specialists from SGAM-Amundi, Brigitte Le Bris, Clothilde Malaussène and Sébastien Thénard (see Newsmanagers of 8 October), now has 107 people, 60 of whom are managers and 20 are analysts, under the leadership of Ibrahima Kobar, with total assets of EUR230-240bn (including money market funds).The manager will be able to develop its expertise in the areas of currencies and emerging market products. This will result in the launch of a pure currencies fund and a global bond product, either hedged for currency risks or not, in the near future. The team is structured into three parts, one for government bonds, one for credit, and one for aggregate multi-strategy.
15/10/2010

Martin Currie loses head of development for Asia

p { margin-bottom: 0.08in; } Asian Investor reports that Chen Ee-Fang has left the British asset management firm Martin Currie, where he was head of development for the Asian region. The position will be occupied in the interim by Kimon Kouryialas, head of Martin Currie for Asia-Pacific, who will move from Australia to Singapore at the beginning of November to find a successor to Chen.
15/10/2010

Global ETF assets up in September

p { margin-bottom: 0.08in; } As of the end of September, assets under management worldwide in ETFs totalled USD1.1813trn, compared with USD1.0644trn as of the end of August, and USD1.0952trn as of the end of July. Compared with 31 December 2009, assets are up 14%. The number of ETFs has increased 22.3% since the beginning fo the year, with 478 launches and 44 closures of funds. As of 30 September, according to BlackRock, there were 2,379 ETFs from 129 providers, listed 5,024 times on 45 stock markets. Currently, there are 972 products in the planning and development stages. The rankings of providers remains unchanged. The largest is still iShares, with 461 ETF funds and USD534.6bn in assets (USD492.7bn as of the end of August), which amounts to a market share of 45.3% (compared with 46.3% one month earlier). State Street Global Advisors (SSgA) is in second place, with 113 funds and USD163.8bn (USD139.6bn), corresponding to 13.9% of the market (13.1%). Lastly, Vanguard, with 63 ETFs, has USD126.2bn (USD113.1bn as of the end of August), equivalent to a market share of 10.7% (10.6%).
15/10/2010

Bridgewater, JP Morgan and Paulson are largest hedge fund managers

p { margin-bottom: 0.08in; } AR Absolute Return + Alpha reports that as of 1 July, Bridgewater was the hedge fund manager with the largest assets, at USD51bn, followed by JP Morgan Chase with USD41bn, and Paulson & Co with USD31bn. In fourth place was Soros Fund Management with USD27bn, followed by Och-Ziff with about USD25bn.
15/10/2010

Ahorro Corporación network now offers Carmignac funds

p { margin-bottom: 0.08in; } The 23 Spanish savings banks which make up the Ahorro Corporación platform are now offering the 18 funds from Carmignac Gestion, 13 of which already have a sales license for Spain, Cinco Días reports. The network has a network of over 7,000 branches, in addition to virtually all the major mid-sized banks. Ahorro Corporación has already signed agreements with 13 foreign management firms, including Fidelity and JP Morgan, for over 1,000 funds. Carmignac already offers its funds via Allfunds Bank, Banco Sabadell, Banesto and Banco Pastor, among others. The CNMV’s list of firms which distribute Carmignac funds also includes Banif, Santander and BBVA, though the latter has assured Cinco Días that it does not currently sell any Carmignac products.
15/10/2010

Martin Currie perd son responsable du développement pour l'Asie

Selon Asian Investor, Chen Ee-Fang vient de quitter la société de gestion britannique Martin Currie où il était responsable du développement pour la région asiatique.L’intérim sera assuré par Kimon Kouryialas, responsable Asie-Pacifique de Martin Currie, qui va quitter l’Australie et s’installer à Singapour début novembre pour trouver un successeur à Chen Ee-Fang.
15/10/2010
Fonds

Sortir des fonds immobiliers gelés peut coûter cher

Huit des dix plus gros volumes de transactions sur les fonds d’investissement à la Bourse de Hambourg ont concerné en septembre des fonds immobiliers offerts au public dont les remboursements sont suspendus, rapporte la Börsen-Zeitung. Mais la revente des parts s’effectue avec une forte décote : le 12 octobre, la part du P2 Value (Morgan Stanley Real Estate Investment GmbH) se négociait à 19,99 euros pour une valeur liquidative officielle de 28,31 euros. De même, celle du DEGI Europa se traitait à 34,01 euros pour un prix officiel de 48,55 euros.
Fonds
15/10/2010

RWC Partners se positionne sur les marchés germanophones

Susanne Sorge, qui était responsable du développement pour l’Allemagne, l’Autriche et la Suisse chez GLG Partners, rejoindra fin octobre RWC Partners, qui a déjà entamé une offensive commerciale dans l’espace germanophone. Elle y exercera les mêmes fonctions que chez son ancien employeur et sera subordonnée à Dan Mannix, head of business development.
15/10/2010

Bernhard Klocke quitte la tête de la distribution retail d'Axa IM Allemagne et Autriche

Dans une note aux collaborateurs des services de distribution, Axa Investment Managers Allemagne annonce que Bernhard Klocke a démissionné à fin septembre de ses fonctions de directeur de la distribution retail pour l’Allemagne et l’Autriche, mais qu’il reste à la disposition du groupe en cas de besoin jusqu’au 31 décembre, rapporte Fonds professionell. L'équipe retail demeure inchangée avec Frank Horn (groupe Axa), Thomas Hopf (banques Allemagne), Selina Sezen (CGPI Allemagne) et Bernhard Steinmetz (Autriche).
15/10/2010

Le siège de la Deutsche Börse est vendu avant d'être "habité"

Le nouveau siège de la Deutsche Börse à Eschborn (près de Francfort) a été vendu pour 230 millions d’euros à Signa Property Funds de Düsseldorf par les développeurs Groß & Partner et Lang & Cie, rapporte la Börsen-Zeitung. La Deutsche Börse n’a pas encore officiellement inauguré ses locaux.Frank Tölle, CEO de Signa Property Funds a indiqué que cet immeuble sera affecté au portefeuille du fonds Signa 13 Frankfurt et devrait générer une distribution de 5,75 % par an.
15/10/2010
Fonds

Idinvest Private Debt réalise son premier closing

Selon l’Agefi, Idinvest Partners (ex-AGF Private Equity) a annoncé jeudi le premier closing à 167 millions d’euros de son fonds destiné aux investissements en mezzanine sur le mid-market européen «Idinvest Private Debt». Le fonds vise un encours de 250 millions d’euros dans la perspective d’un closing final attendu pour le second semestre 2011, précise le quotidien.
Fonds
15/10/2010

Exane et BNP Paribas renforcent leur partenariat

Selon Les Echos, le courtier Exane et BNP Paribas, associés depuis 2004, veulent franchir une étape supplémentaire dans leur partenariat avec le recrutement de quelque 150 collaborateurs dans les métiers actions au cours des cinq ans à venir. Les deux partenaires mènent aussi une réflexion sur les dérivés qui devrait aboutir d’ici à la fin de l’année.
15/10/2010

Nomination au directoire du groupe Siparex

Sigefi, la société de gestion du groupe Siparex, a annoncé, jeudi 14 octobre, que Michel Faure a été nommé membre du directoire du groupe. Le directoire réunit 6 membres représentant les différentes activités, sous la présidence de Bertrand Rambaud, président du groupe Siparex.Agé de 55 ans, Michel Faure est président de Sigefi Venture Gestion et co-dirigeant de l’activité «Proximité et Innovation» au sein du groupe Siparex depuis septembre 2010, précise un communiqué.
15/10/2010
Fonds

Baisse des transactions de BNP REIM sur neuf mois

Depuis le début de l’année, BNP Real Estate Investment Management (BNP REIM) a investi 145,73 millions d’euros pour le compte de fonds réglementés, Ce volume d’investissements marque un recul de 8% par rapport rapport aux investissements réalisés sur la même période de 2009, indique BNP REIM dans un communiqué. Selon Jacqueline Faisant, présidente de BNP REIM, «l’activité des équipes a été intense sur les 9 premiers mois de l’année concentrée notamment en immobilier d’entreprise sur la vente de nombreuses lignes de faible volume. Nous souhaitons en effet recentrer les portefeuilles de nos SCPI vers des actifs susceptibles de pouvoir s’adapter progressivement aux futures normes. Par ailleurs, nous poursuivons la mise en oeuvre de la stratégie de nos OPCI pour institutionnels. Les derniers mois de l’année devraient, dans cette perspective, être particulièrement dynamiques ».En immobilier d’entreprise, 11 immeubles ont fait l’objet d’investissements pour un montant de 124,98 millions d’euros pour le compte des SCPI et OPCI gérés. En immobilier résidentiel, 80 appartements ont été acquis au sein de 7 programmes de logements pour le compte de la SCPI Scellier « Pierre Avenir » pour un montant global de 20,75 millions d’euros. Au 30 septembre 2010, BNP Paribas Real Estate Investment Management a cédé 36 actifs pour 28,47 millions d’euros d’actifs. Ce montant s’inscrit en retrait par rapport au volume de 56,29 millions d’euros de ventes constaté au cours des 9 premiers mois de l’année 2009 qui correspondait à 38 biens. Le volume global d’activité, soit 174,2 millions d’euros, s’est ainsi inscrit en baisse de près de 19% par rapport aux neuf premiers mois de 2009 où le volume de transactions s'était établi à 215,23 millions d’euros.
Fonds
15/10/2010

BP2S étoffe ses services sur sa plateforme de change

BNP Paribas Securities Services a annoncé jeudi 14 octobre qu’elle offre désormais à ses clients sur sa plateforme de change «FOX» un service de couverture passive des positions changes. Fonctionnant selon des règles simples (pourcentage de l’actif net des portefeuilles, nominal des transactions et cycle de couverture des portefeuilles), ce nouveau service évalue les besoins de couverture de chaque investissement et génère de manière automatique les contrats forward et les swaps, précise un communiqué. BNP Paribas Securities Services propose également une couverture des services de change 24h/ 24 via ses tables de négociation en Europe, à Sydney et New-York, avec en particulier le traitement de vacations supplémentaires dans son offre de change automatique. En couvrant les ordres de change de ses clients le jour même de la transaction - et non le jour suivant -, ce service permet de minimiser l’exposition à la volatilité des marchés des changes.
15/10/2010

La vente du private equity pour compte propre de Natixis est réalisée

A la suite des accords annoncés le 5 juillet dernier, Natixis a confirmé, jeudi 14 octobre, avoir réalisé la cession effective de la majeure partie de ses activités de private equity pour compte propre en France à un fonds conseillé par Axa Private Equity. Sont concernées par cette opération les activités d’iXEN Partners et de NI Partners ainsi que celles d’Initiative & Finance Gestion.Le prix global de l’opération s’est monté à 507 millions d’euros. Sachant que «les résultats de ces entités d’investissement générés par la cession future de leurs participations pourront donner lieu à un complément de prix éventuel au profit de Natixis», précise un communiqué. Les actifs cédés demeureront gérés ou conseillés par les sociétés de gestion actuelles qui ont été cédées par Natixis à leurs principaux animateurs.Par ailleurs, un nouveau fonds co-sponsorisé par Axa Private Equity et Natixis dans lequel Natixis a vocation à jouer un rôle d’investisseur minoritaire a acquis pour unmontant d’environ 37 millions d’euros des investissements réalisés depuis le 1er janvier 2010 par Natixis.

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