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22/07/2010

Small hedge fund boutique in search of an ally

Financial News reports that VCM Fund Management, a small hedge fund management firm based in London, is in talks with other firms to sell a part of its activities via the sale of a minority stake or a controlling stake in its capital. Another option which is being considered is to sign a joint venture agreement for distribution. The search comes as the result of difficulties at VCM Fund Management in raising funds, as well as the sale of Robeco Group’s minority stake in the firm in late 2008.
22/07/2010

Mirabaud scales up UK equities team

Mirabaud Investment Management has appointed David Kneale as head of its team dedicated to UK equities. He was previously a manager at the firm. As his previous position as a fund manager has become open, Mirabaud Investment Management is seeking a manager to replace Kneale, Fund Strategy reports.
22/07/2010

UK high court sentences unlicensed management firm

A verdict of the United Kingdom high court on Wednesday, 21 July required an immediate payment of GBP3.717bn to compensate investors in a collective investment fund managed by Upton & Co. The business was also sentenced to pay GBP10,000 per month – lower than the GBP840,000 sought – to investors. The management firm based in Wakefield, which had no license from the FSA, the British market regulatory authority, managed a “Currency Plan” fund, which promised high returns via investments in currency markets.
22/07/2010

Credit Suisse launches its first newcits fund of funds

Credit Suisse today announced the launch of the CS (Lux) Prima Multi-Strategy fund, a Luxembourg-registered UCITS III fund of funds, which invests in various alterantive strategies (long/short, event-driven, convertibles, macro, credit, managed futures, fixed income, emerging markets equities, fixed income). The fund will be made available in several European countries, and will have a European “passport” in a few months. It is aimed at institutional as well as retail investors, and will offer weekly liquidity. Characteristics ISIN code:Unit class EUR B: LU0522193027Unit class EUR I: LU0522193613Unit class CHF R: LU0522194009Unit class CHF S: LU0522194348Unit class USD R: LU0522193704Management fees:Unit class B/R: 1.5% + performance commission of 10%Unit class I/S: : 1% + performance commission of 5%Minimal investment:Unit classes B/R: NoneUnit classes I/S: EUR3m / EUR5m
22/07/2010

Scottish Widows liquidates its Sicav

On its Luxembourg website, Scottish Widows Investment Partnership (SWIP) has announced that the SWIP Sicav and all its sub-funds are in the process of liquidation, and that they will no longer be available for investment. In concrete terms, this means that following the departure of the entire emerging markets team to Martin Currie (see Newsmanagers of 6 May), the Scottish management firm is closing down the last two funds in the Sicav, Emerging Market Smaller Companies and Emerging Market Infrastructure. Following the American Fund, which was wound down in late 2008, five other sub-funds of the Sicav were liquidated in May (Absolute Return Macro, European Real Estate Securities, European Smaller Companies, High Alpha Euro Bond et US Dollar Absolute Return).
22/07/2010

Profits up at Wells Fargo

In second quarter, Wells Fargo earned profits of USD3.06bn, compared with USD2.55bn in first quarter, and USD31.7bn in April-June 2009. All sectors of activity contributed to this result. For first half as a whole, net profits total USD5.6bn, compared with USD6.2bn in the corresponding period of last year. The wealth management, brokerage and retirement division, for its part, has posted net profits of USD270m in April-June, compared with USD282m in January-March, losses of USD16m in fourth quarter, and profits of USD111m in third quarter 2009. In the second quarter of last year, net profits totalled USD258m.
22/07/2010

Morgan Stanley returns to second quarter profits

In second quarter, Morgan Stanley has reported net profits of USD1.4bn for ongoing operations, the same as in April-June, compared with losses of USD1.38bn in April-June 2009, when results were negatively impacted by Morgan Stanley Smith Barney, which was closed on 31 May 2009. The global wealth management unit in second quarter posted pre-tax profits of USD207m, compared with USD278m in january-March, and losses of USD71m in the corresponding period of last year, while the asset management unit has seen pre-tax losses of USD86m, compared with profits of USD173m in first quarter, and losses of USD210m in April-June 2009. In wealth management, assets as of 30 June totalled USD1.5trn, compared with USD1.6trn as of the end of March, and USD1.42trn one year earlier, while in asset management, assets were down to USD251bn, from USD262bn three months previously, and USD361bn as of 31 March (USD242bn not counting Smith Barney).
22/07/2010

Wells Fargo Advantage concludes absorption of Evergreen

As announced earlier this year (see Newsmanagers of 15 January), Wells Fargo has now completed the process of adjusting its range following the merger of the management firm Wells Fargo Advantage Funds with Evergreen Funds, the management firm from Wachovia. As of 31 May, assets in the new family of products, which includes 132 open-end and closed-end mutual funds as well as variable trust funds (and excluding offshore funds), totalled USD224.1bn. The integration of Evergreen has meant the reconditioning of 27 Evergreen funds as Wells Fargo Advantage funds, and the merger of 53 mutual funds from the two product ranges.
22/07/2010

Profits up at BlackRock despite a USD213bn decline in assets

In April-June, net profits at BlackRock totalled USD432m, compared with USD423m in first quarter, and Usd218m in the corresponding period of last year. In first half, profits totalled USD855m, compared with USD302m. The US asset manager on Wednesday announced that assets at the end of June totalled USD3.1508trn, compared with USD3.3639trn at the end of March, and USD1.3732trn twelve months earlier (before the integration of Barclays Global Investors). In other words, profits at BlackRock increased 2% while assets fell by 6%, (USD213.31bn). Falling markets (particularly equities) explain a USD156.5bn decline in assets under management, while currency effects took out USD22.5bn in assets. However, net inflows of USD28.4bn for long-term products, and advising activities, more than compensated for the USD33.9bn in net outflows related to the merger and to quantitative products, as well as USD24.9bn in net outflows from treasury products.
22/07/2010

DWS builds a new product strategy division

Ingo Gefeke, head of distribution and product management at DWS Investments (Deutsche Bank group), has announced that the asset management firm has created a product strategy division, which will be responsible for all of Europe, and which will bring together product specialists with fund analysts and fund research. The new structure will make it possible to intensify cooperation with distribution partners, with key markets in Switzerland, Austria, Italy, and Germany. The aim is to export the recipes which have been successful in Germany to all of Europe, particularly in the area of structured solutions for products and pensions “with clear profiles.”
22/07/2010

Alexander Ciric becomes head of distribution at Oppenheim Fonds Trust

As Anita Zuleger is taking up a new role at the parent company, Sal. Oppenheim, Slexander Ciric, who was previously head of “banking and insurance” distribution channels and “partners and cooperation,” has been appointed as director of distribution at Oppenheim Funds Trust (OPFT), effective from 1 July.
22/07/2010

SGSS and Credit Suisse form a partnership in fund services

Société Générale Securities Services (SGSS) and Credit Suisse (Deutschland) AG on Wednesday announced that they have signed a partnership agreement, by which SGSS will provide Credit Suisse Asset Management with a complete range of fund administration services in Germany (Master KAG type solution). SGSS will provide Credit Suisse (Deutschland) with a complete range of administrative and IT solutions, including front-office services (ASP), fund administration services, and reporting. As a part of the partnership, SGSS will acquire the legal structure Credit Suisse Asset Management KAG mbH, which it will integrate into its existing local entity, SGSS Deutschland KAG mbH. The close of the transaction, which has been submitted to the local regulator for approval, is expected on 30 September 2010. As of 31 March, SGSS had EUR62.2bn in assets under administration in Germany, in nearly 500 funds.
22/07/2010

Commerz Real recruits at HVB

Frank Henes, who is head of the real estate structured finance division of HypoVereinsbank, will join Commerz Real (the real estate arm of Commerzbank) on 1 September, as a member of the managing board in charge of risk management and IT. He replaces Roland Potthast, who has chosen to leave the Commerzbank group at the end of the year, after 20 years.
22/07/2010

BNPP IP scales up sales force

BNP Paribas Invesment Partners (BNPP IP), convinced that the German market still offers opportunities for growth, on 1 July recruited two sales managers for its retail team, which previously included two other people, in addition to which two wholesale sector specialists will be added subsequently. They will focus on serving brokerage pools and IFAs in southern Germany. Michael Ruppenthal joins from Axa Investment Managers, while Bozidar Kirstic comes from Pioneer Investments. In the institutional arena, the sales force at BNPP IP also currently includes six people.
22/07/2010

Julius Baer hopes for critical size in Germany in three years

Boris Collardi, CEO of the Juluis Baer group, has told Le Temps that he hopes to accelerate the firm’s growth in Germany. “Our fresh inflows in Germany increased by more than 10% in first half. We are going to accelerate that with the recruitment of a new head of private banking,” he says. He hopes to reach critical size in the next three years, and to become profitable. Critical size is between EUR3bn and EUR5bn.
22/07/2010

Paulson branded newcits fund coming soon

John Paulson, the star hedge fund manager, is preparing to launch a UCITS III-compliant version of his flagship fund, Citywire reports. The fund in question will be launched in partnership with Deutsche Bank in the next few weeks, and will be entitled DB Paulson fund, according to Citywire. The new fund will join the Deutsche Bank platform dedicated to newcits, which already includes hedge funds from management firms such as Ikos, QCM, Winton, and Toscafund. Deutsche Bank had no comment following the announcement, Citywire reports.
22/07/2010

Madoff liquidator accuses Fairfield Greenwich of complicity

Irving Picard, the court-appointed trustee in charge of liquidating of Bernard Madoff’s business interests, on Friday accused Fairfield Greenwich Group, which was thought to have been the largest purveyor of funds into the fraud, of having had concrete knowledge of the Ponzi scheme being operated by Madoff, the Wall Street Journal reports. The trustee is seeking to recuperate about USD7bn from Fairfield Greenwich, where he says 19 people and 25 affiliates at the firm actively participated in Bernard Madoff’s fraud, by misleading investors and deliberately ignoring indicators of fraud, with the aim of personal enrichment.
21/07/2010

Barings recrute un gérant pour son équipe actions chinoises

Baring Asset Management annonce le recrutement de Jim Chen au poste d’investestment manager au sein de son équipe actions chinoises Hong Kong. Il travaillera sous la direction d’Agnes Deng. L’impétrant était auparavant gérant de deux fonds Grande Chine chez Sumitomo Mitsui Asset Management (Hong Kong).
21/07/2010

Rainer Schröder entre comme associé chez Kommalpha

L’agence de conseil et de notation de fonds Kommalpha a annoncé mardi que Rainer Schröder a rejoint l’entreprise en tant qu’associé. Selon le communiqué, ses spécialités sont la distribution de fonds offferts au public et de Spezialfonds auprès d’investisseurs institutionnels et de distributeurs spécialisés ainsi que le développement de produits pour les investisseurs institutionnels et les particuliers.L’impétrant a été en dernier lieu membre de la direction générale et head of institutional sales pour l’Allemagne chez WestLB Mellon Asset Management KAG après avoir été head of distribution Germany & Austria chez Threadneedle Investments pendant deux ans. Il avait auparavant passé plus de dix ans chez Invesco Asset Management, en dernier lieu comme head of sales Middle Europe.
21/07/2010

Fidelity recrute une grosse pointure chez DWS

Fidelity International Allemagne a annoncé mardi avoir recruté Andreas Feiden, le patron de DWS Direkt (groupe Deutsche Bank), comme membre de sa direction générale de la société de gestion de droit allemand (KAG) FIL Investment Management GmbH chargé de la clientèle «retail». Il prend simultanément la direction de la distribution directe. L’intéressé, qui reprend ainsi les fonctions abandonnées par Alexander Judkings en mai, rejoindra Fidelity avant la fin de l’année. Il sera subordonné à Christian Wrede, directeur général de Fidelity International pour l’Allemagne et managing director pour l’Europe centrale. Le recrutement d’Andreas Feiden est le signe que Fidelity Allemagne, qui se veut un opérateur multi-canaux, a décidé de s’attaquer directement à la clientèle de particuliers, sans négliger pour autant les investisseurs institutionnels, les CGPI, les banques commerciales, les caisses d'épargne, les assureurs, les gestionnaires de fortune et les family offices.
21/07/2010
Fonds

ETFlab fait coter deux nouveaux produits actions à Francfort

Le gestionnaire d’ETF du groupe Deka, ETFlab, a fait admettre mardi à la négociation sur le segment XTF de la plate-forme électronique Xetra de la Deutsche Börse deux nouveaux ETF actions de droit allemand assortis chacun d’une commission de gestion de 0,65 %.Il s’agit du ETFlab MSCI China (DE000ETFL326) et du ETFlab MSCI Emerging Markets (DE000ETFL342), qui portent à 682 le nombre d’ETF cotés à Francfort.
Fonds
21/07/2010

Partners Group obtient un mandat de la Korea Investment Corporation

Le fonds souverain Korea Investment Corporation (KIC) a attribué au suisse Partners Group un mandat d’un montant non communiqué pour mettre en œuvre toute une série de stratégies d’investissements sur les marchés de l’immobilier non coté qui offrent des perspectives de bénéfices importantes après les turbulences récentes.
21/07/2010
Fonds

Nouveau "newcits" dans un family office

Le family office genevois GWM qui dispose de 2 milliards d’ actifs sous gestion et d’une clientèle d’environ 30 familles en Europe a annoncé avoir lancé un fonds «newcits ", ce qui en fait l’une des premières sociétés de gestion de patrimoine à franchir le pas dans ce domaine, rapporte Financial News.Le hedge fund OPCVM III en question, 7H absolute a été lancé le mois derrnier et affiche 50 millions d’euros d’encours. A un horizon de trois ans, il vise 400 millions d’euros sous gestion. En termes de performance, le fonds a pour objectif de servir des rendements absolus positifs indépendamment des conditions du marché des actions. Il investira principalement en actions et instruments liés aux actions cotées sur les marchés européens. Depuis un mois et demi, le fonds a progressé de 1,82 %. Caractéristiques Code isin : LU0475579685 Frais de gestion : 1,5 % Commission de surperformance : 20 %
Fonds
21/07/2010

Résultats en hausse pour Julius Baer

Le bénéfice avant impôt de Julius Baer pour le premier semestre 2010 a gonflé de 14 % à 323 millions de francs suisses tandis que le bénéfice net augmentait de 8 % à 261 millions. Le coefficient d’exploitation est resté stable à 63,4 % contre 63,3 %.Au 30 juin, l’encours se situait à 166 milliards de francs, ce qui représente un accroissement de 8 % ou de 12 milliards sur fin décembre, en partie à cause de l’acquisition d’ING Bank (Suisse), mais aussi grâce à des souscriptions nettes de 3,3 milliards de francs, et malgré un effet de change négatif.
21/07/2010

BNY Mellon renforce son équipe de derivés

BNY Mellon a nommé Patrick Tadie au nouveau poste de responsable de l’offre Derivatives360SM, un produit qui vise à aider les investisseurs à exécuter et gérer leurs transactions sur les derives. Il était auparavant vice-président du Global Structured Credit Group de BNY Mellon Corporate Trust.
21/07/2010

Morgan Stanley Smith Barney annonce deux nominations

Morgan Stanley Smith Barney annonce deux nominations au sein de ses équipes de gestion de fortune. Douglas J. Ketterer a été nommé à la tête de l’activité Private Wealth Management aux Etats-Unis. James J. Tracy devient pour sa part Chief Operating Officer responsable de la distribution et le développement de l’activité Wealth Management, aux Etats-Unis également.
21/07/2010

Tiger Management pourrait se rouvrir à des investisseurs extérieurs

Selon The Wall Street Journal, Julian Robertson, l’une des figures historiques du monde des hedge funds, a renforcé sa société de gestion Tiger Management en embauchant son fils Alex comme associé gérant (managing partner) et John L. Townsend III (ex Goldman Sachs) comme COO. Ces recrutements sont liés à son projet de créer un fonds de fonds d’amorçage qui serait ouvert à des investisseurs extérieurs. Actuellement, Tiger Management, qui est fermé depuis 2000 aux souscriptions externes, détient des participations de 40 hedge funds qu’il a aidé à démarrer et qui gèrent au total 22 milliards de dollars pour Tiger et d’autres clients. Leurs encours se situent entre 35 millions et 4 milliards de dollars.
21/07/2010

Bons résultats pour State Street d'une année à l'autre

Sur le deuxième trimestre, State Street a enregistré une hausse de 10% de son bénéfice net par action à 0,87 dollar par rapport au deuxième trimestre 2009 avec un produit issu de ses activités de 2,304 milliards de dollars, en hausse de 9%. Les actifs sous gestion de 1.782 milliards de dollars affichent une progression de 14,5 % comparé à la même période l’année précédente (1.557 milliards). En revanche, entre le premier et le deuxième trimestre 2010, les actifs sous gestion ont reculé de 7,6 % - ils étaient à 1.929 milliards au début de l’année.

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