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18/05/2010

Man Group acquires its rival GLG Partners

The British alternative management firm Man Group on 17 May announced the acquisition of GLG Partners for a total of about USD1.6bn. The new entity will have approximately USD63bn in assets under management (of which Man accounts for slightly over USD39bn as of 31 March this year). The transaction is composed of two parts: a cash offer for GLG shareholders, and an offer in shares for the main partners at GLG, including Noam Gottesman, Pierre Lagrange, and Emmanuel Roman. By the terms of the agreement, GLG shareholders will receive USD4.50 per share, about 55% above their closing price on Friday, 14 May. The main shareholders and associated entities will be offered 1.0856 net Man share for each ordinary GLG share, valuing GLG shares at USD3.50. Man says the cost savings generated by the deal, which is expected to close by the end of September, could total about USD50m per year. Noam Gottesman, chairman and co-CEO of GLG, says the two firms have highly complementary activities insofar as both firms pursue long-term performance objectives with different client bases and investment strategies.
18/05/2010

JOHCM recruits Sandy Black

Alexander (Sandy) Black, who was head of equities at Insight Investment after serving as head of European equities at Deutsche Asset Management, has been recruited at investment director by J O Hambro Capital Management (JOHCM). He is a full-time replacement for Vicky Hastings, who had served in this role part-time since September 2006. For a few months, Hastings will remain at the firm to ensure a smooth transition.
18/05/2010

Wave of new ETF listings on Deutsche Börse

On Monday, Deutsche Börse announced the admission to trading on the XTF segment of its Xetra electronic platform of 14 Luxembourg-registered equities ETF funds, of which 6 are from db x-trackers (Deutsche Bank), 5 from Comstage (Commerzbank), and three from Lyxor Asset Management (Société Générale). The products bring the number of ETF funds listed in Frankfurt to 669. The new funds include the following products: db x-trackers - db x-trackers FTSE EPRA/NAREIT Developed Europe Real Estate ETF (LU0489337690, management commission 0.20%) - db x-trackers FTSE EPRA/NAREIT Eurozone Real Estate ETF (LU0489336965, commission 0.15%) - db x-trackers MSCI Canada TRN Index ETF (LU0476289540, commission 0.15%) - db x-trackers MSCI Europe Value TRN Index ETF (LU0486851024, commission 0.20%) - db x-trackers MSCI Mexico TRN Index ETF (LU0476289466, commission 0.45%) and - db x-trackers S&P 500 ETF (LU0490618542, commission 0.05%). ComStage - ComStage ETF Cac 40 (LU0419740799; management commission 0.20%) - ComStage ETF Cac 40 Short TR (LU0419740955 ; commission 0.35%) - ComStage ETF Cac 40 Leverage (LU0419741094, commission 0.30%) - ComStage ETF S&P 500 (LU0488316133, commission 0.18%) and - ComStage ETF NYSE Arca Gold Bugs (LU0488317701, commission 0.65%) Lyxor Asset Management - Lyxor ETF S&P 500 (LU0496786574, management commission 0.20%) - Lyxor ETF S&P TSX 60 (LU0496786731, commission 0.30%) and - Lyxor ETF S&P ASX 200 (LU0496786905, commission 0.30%)
18/05/2010

Profits and assets up at MLP

The financial services provider MLP has announced net profits in first quarter 2010 of EUR2m, compared with EUR0.1m, while earnings before interest and taxes (EBIT) were up 26% to EUR4m. Assets under management increased to EUR17.7bn as of 31 March, from EUR17bn as of the end of December. Commission revenues from wealth management (largely from Feri) increased 7% to EUR18.3m. MLP is still aiming for an EBIT margin of 15% by the end of 2012, compared with 7.9% in 2009.
18/05/2010

Jean-Baptiste Segard joins Union Bancaire Privée

The new long-only CIO of Union Bancaire Privée (UBP) from this summer will be Jean-Baptiste Segard, who was previously head of business development at GLG Partners in London, and CEO of Société Générale Asset Management Royaume-Uni (SGAM UK).In his new role, Segard will supervise the existing long-only investment centres of UBP in Europe, and “will undertake an expansion of the group’s resources and expertise in this segment worldwide.” Segard’s immediate priorities will include setting up several funds managed by the UBP Multi-Asset team in Geneva, and continuing to strengthen the group’s expertise in emerging markets.
18/05/2010

UK no longer opposed to EU hedge fund agreement

Les Echos reports that the 27 European Union member states will today vote to pass the planned AIFM directive, without opposition from the United Kingdom. The UK government announced yesterday evening that it would accept the compromise offered by the Spanish EU presidency. For the moment, the British will abandon their efforts to allow asset management firms based outside Europe to apply for a “European passport” which would allow them to make their funds available throughout the EU as soon as they have obtained authorisation from any single EU member state. This position will now be brought into line with that of the European Parliament, whose specialised commission yesterday evening announced its support for the planned directive, in a vote in favour of a passport for asset management firms from countries outside the EU.
18/05/2010

Regulation will be costly for European banks

La Tribune reports, citing estimates from Credit Suisse, that measures by the Basel Committee to strengthen the regulation of the global banking industry as part of Basel III and the introduction of double taxation by the International Monetary Fund (IMF) could cost European banks EUR244bn. The weight of these costs could put the banks at a competitive disadvantage compared with US banks, though these banks will also be required to pay “IMF tax” as part of the same initiative.
18/05/2010

Dexia experienced a bumpy ride in 2009 for SRI

Thanks to market appreciation, SRI assets under management at Dexia Asset Management rose 12% last year to EUR18bn, according to the 2009 sustainable development report published by Dexia. The 2009 fiscal year however ended with net outflows of EUR99m while 2008 had generated EUR500m in net inflows. Dexia AM’s share of the European SRI market dropped 11.1% to 5.6% from 6.3% in ’08 and 7.5% in ’07. This decrease might possibly be ascribed to the arrival of new competitors on the market, but it also could be blamed on Dexia’s lower returns. The asset manager experienced the loss of an SRI mandate from the French Fonds de réserve des retraites (FRR) at the beginning of this year. Since March, Isabelle Cabie a taken over the sustainable and responsible investment operation, replacing Gaëtan Herinckx, who quit to develop a personal project from South Africa.
18/05/2010

SSgA launches Build America, an ETF of US municipal bonds

State Street Global Advisors (SsgA) and Nuveen Asset Management (an affiliate of Nuveen Investments) have announced the launch of an ETF fund based on US municipal bonds, the SPDR Nuveen Barclays Capital Build America Bond. Management fees are set at 0.35% per year. The ETF will seek to replicate the performance of the Barclays Capital Build America Bond fund, which as of 30 April this year was invested in 85 bond issues. Build America Bonds, created as part of last year’s recovery and stimulus program (the American Recovery and Reinvestment Act), will attract investors for whom investment in traditional municipal bonds represent a tax reduction, insofar as these bonds are taxed, but also offer returns equivalent to those of corporate bonds with much lower risk. Between the launch of the program in April 2009 and 31 March this year, there have been 1,066 issues of Build America Bonds totalling over USD90bn.
18/05/2010

Joyce Shapiro joins Franklin Templeton REA

Franklin Templeton Real Estate Advisors (FTREA) has recruited Joyce T. Shapiro as managing director for its new team specialised in multi-management of «real» assets. She was previously at Brookfield Asset Management. The new team will cover infrastructure, energy, water, agriculture, and timber.
18/05/2010

TIAA-CREF moves into outsourced management for charities

The pension fund for New York teachers, TIAA-CREF, is planning to develop its investment management activities serving charities, Bloomberg reports. Goldman Sachs and Pacific Investment Management (Pimco) have already made moves into this market. US charities are expected to invest over USD500bn through external management firms by the end of 2012, according to estimates by Casey & Associates LLC. Most outsourcing candidates are organisations with assets ranging from USD250m to USD750m.
18/05/2010

Morningstar France Holding acquires Seeds Group

Morningstar France Holding announced on Monday, 17 May, that it has acquired the Seeds Group and its affiliates, Seeds Finance and Multiratings, two financial investment consulting and fund research companies in France. The acquisition price was not revealed. Joe Mansueto, president and CEO of Morningstar Inc, says the acquisition of Seeds Group, which has 30 clients, will allow the firm to extend its financial investment advisory services in France. Morningstar is planning to rely on the expertise of the firm in the area of alternative management, and to increase its fund of fund advising capabilities. With multiratings.com, the group will have a site offering analysis of UICTS funds and financial training for independent financial advisers and institutional investors. Once the acquisition is completed, Jean-François Bay and Vianney Dubois, co-founders and CEO, will continue to lead the activities of the new Morningstar affiliate.
18/05/2010

Hedge fund lobbying group required to dislcose member list

The Managed Funds Association, which is the biggest lobbying group for hedge funds, has handed over names and contact information for its more-than 2,600 members to the Financial Crisis Inquiry Commission under threat of subpoena from the congressional commission, according to a letter the lobbying group sent to member, says the Wall Street Journal. The lobbying association also said in the letter that the commission intends to ask funds directly about «specific trading information» related to Bear Stearns, Lehman Brothers and Merrill Lynch & Co. from 2007 to the present. The commission also wants to ask hedge funds about their leverage and short-selling.
18/05/2010

Julius Baer recruits 11 private bankers in Singapore

As part of its strategy to make Asia its second domestic market, the bank Julius Baer (CHF175bn in assets under management as of the end of April) has announced 11 recruitments for its private banking and products team. Among the senior relationship managers joining the team are the country market manager for Singapore and Malaysia from Société Générale, Vincent Lim Chuan Hoo, who becomes team head of private banking for South East Asia. Evelyn Yeo joins from the private wealth management division of Deutsche Bank to become head of investment advisory services. The other recruitments include specialists in structured products, capital markets and government bonds.
18/05/2010

Hedge funds up 1.35% in April

Hedge funds posted gains of 1.35% in April, bringing performance in the first four months of the year to 4.63%, according to the Barclay Hedge Fund index calculated by BarclayHedge. Three strategies finished in the red in April: European equities (-0.05%), health and biotechnologies (-0.02%), and equity short bias (-5.46%).
18/05/2010

BNY Mellon AM launches an absolute return fund

The Dreyfus Corporation, a part of BNY Mellon Asset Management, has announced the launch of the Dreyfus Global Return Fund, an absolute return fund managed by Newton Capital Management, a boutique belonging to BNY Mellon AM specialised in regional and international equities and bonds, as well as in multi-asset class absolute return funds. The fund will concentrate its investments in international equities, bonds, and cash, and to a lesser extent in real estate, commodities, currencies, alternative and non-traditional assets.
18/05/2010

Reyl AM goes into hedge fund seeding business

Reyl Asset Management has launched an Irish hedge fund firm specialised in seed and development capital for hedge funds. The Reyl Accelerator Fund will be advised by FRM Capital Advisors, which will select hedge fund managers eligible for the fund, which will aim to unite a diversified portfolio of managers practicing a wide range of strategies (directional trading, relative value, equity long short, specialist credit, and idiosyncratic strategy).
18/05/2010

BNY Mellon AM launches an absolute return fund

The Dreyfus Corporation, a part of BNY Mellon Asset Management, has announced the launch of the Dreyfus Global Return Fund, an absolute return fund managed by Newton Capital Management, a boutique belonging to BNY Mellon AM specialised in regional and international equities and bonds, as well as in multi-asset class absolute return funds. The fund will concentrate its investments in international equities, bonds, and cash, and to a lesser extent in real estate, commodities, currencies, alternative and non-traditional assets.
18/05/2010

Lyxor: hedge funds gained less than 1% in April

The global investible hedge fund index from Lyxor Asset Mangement which is down 1.02% for the 1st-11th May period, in April posted a gain of 0.92%, compared with 2.12% in March (see Newsmanagers of 12 April), bringing performance in the first four months of the year to 2.96%. Three strategies were in the red for April, including long/short equity short bias (-1.64%) and L/S equity statistical arbitrage (-1.04%). In January-April, long/short equity short bias is the only category showing a loss (-11.06%). However, the strategy gained back 2.56% between 1st and 11th May, reducing its losses since the beginning of the year to 8.78%.
18/05/2010

CESR issues consultation papers on ratings agencies

The Committee of European Securities Regulators (CESR) on 17 May published two consultation documents on the subject of ratings agencies. The first concerns the supervision of ratings agencies by the competent authorities under the terms of article 21.3(a) of the regulation which stipulates that the CESR will publish recommendations in this area by 7 September 2010. The second document covers recommendations in relation to the applicable standards to evaluate the suitability of methodologies employed by ratings agencies to the regulatory requirements set out in article 8(3). These recommendations will also be published by 7 September of this year. The two consultations will remain open until 18 June.
18/05/2010

Warburg acquires 80% of Private Client Partners

The German group M.M. Warburg & Co KGaA on Monday announced the acquisition of an 80% stake in the Zurich-based Family Office Bank Private Client Partners AG, in which a 20% stake continues for the moment to be controlled by the founder and CEO, Andreas Bodemann. Warburg has an option to later increase its participation to 100%. The operation will allow the German private bank to build its presence in the family office market, a sector of activity in which it began in 1998, and since concentrated in its Hamburg-based affiliate Marcard, Stein & Co. Private Clients Partners will retain its operational independence. The acquisition price has not been revealed.
18/05/2010

Grail and WAM launch an actively-managed ETF fund

Grail Advisors on Monday registered a new ETF fund in its ETF Trust range with the SEC (form N-1A), entitled Grail Western Asset Enhanced Liquidity ETF. The product will be actively managed and will use a short-term bond strategy established by Western Asset Management (WAM), a Legg Mason affiliate which manages USD478bn. The new product will be listed on NYSE Arca, will charge a 0.30% management commission, and will be managed by four people: Kenneth Leech, Stephen Walsh, Martin Hanley, and Kevin Kennedy.
17/05/2010
Fonds

Progression de 7,4% des actifs mondiaux des ETF à fin avril

A fin avril, le secteur des ETF dans le monde comptait 2.189 produits assortis de 4.354 cotations, avec des actifs en progression de 7,4% depuis le début de l’année à 1.113,1 milliards de dollars, à comparer à un gain de 2,6% de l’indice MSCI World en dollars, selon les données communiquées par BlackRockLe nombre d’ETF s’est accru depuis le début de l’année de 12,4% avec le lancement de 253 nouveaux ETF. Le nombre d’ETF cotés en Europe s’est inscrit à 932 contre 839 aux Etats-Unis. Au cours des prochains mois, les projets de lancement d’ETF recensés s'élèvent à 872. Sur les 2.189 ETF proposés au marché, les 100 premiers d’entre eux représentent 64,2% des actifs sous gestion, 423 ETF affichant par ailleurs un montant d’actifs inférieur à 10 millions de dollars. Le premier fournisseur d’ETF au niveau mondial est iShares, tant en nombre de produits (438) qu’en termes d’encours (516 milliards de dollars), soit une part de marché de 46,4%, devant State Street Global Advisors (108 produits pesant 159,9 milliards de dollars) avec une part de marché de 14,4%, et Vanguard (47 produits et des actifs de 110,2 milliards), avec une part ee marché de 9,9%. En Europe, le secteur des ETF comptait fin avril 932 produits, 2.748 cotations et des actifs de 234,3 milliards de dollars distribués par 36 fournisseurs sur 18 bourses. Les actifs se sont ainsi inscrits en hausse de 3,3% alors que l’indice MSCI Europe affiche un recul de 5,4%. Aux Etats-Unis, où le nombre d’ETF est désormais inférieur à celui observé en Europe, les actifs affichent une progression de 8,3% à fin avril à 764 milliards de dollars (contre une hausse de 6,5% pour l’indice MSCI US).
Fonds
17/05/2010
Fonds

Les fonds suédois continuent de collecter

En avril, les fonds commercialisés en Suède ont enregistré des souscriptions nettes de 12,8 milliards de couronnes suédoises (1,33 milliard d’euros), selon les dernières statistiques de l’association suédoise des fonds d’investissement, Fondbolagens Förening. La collecte a été tirée par les fonds diversifiés, qui ont engrangé 9,4 milliards de couronnes. Les fonds actions et obligataires ont aussi affiché un solde positif, de respectivement 2,4 milliards et 3,4 milliards de couronnes. En revanche, les fonds monétaires accusent des rachats nets de 1,8 milliard de couronnes, et les hedge funds voient sortir 0,5 milliard. A fin mars, les encours des fonds suédois sont ressortis à 1.834 milliards de couronnes suédoises (environ 192 milliards d’euros), soit un record absolu. Sur ce total, 1.105 milliards étaient investis en fonds actions.
Fonds
17/05/2010
Fonds

Progression de près de 30% des actifs nets sur un an au Luxembourg

Au 31 mars 2010, le patrimoine global net des organismes de placement collectif et des fonds d’investissement spécialisés s’est élevé à 1.980,538 milliards d’euros contre 1.897,934 milliards au 28 février 2010, soit une augmentation de 4,35% sur un mois, selon les statistiques communiquées par la Commission de surveillance du secteur financier (CSSF). Considéré sur la période des douze derniers mois écoulés, le volume des actifs nets est en augmentation de 29,74%.L’industrie des OPC luxembourgeois a enregistré au mois de mars une variation positive se chiffrant à 82,604 milliards d’euros. Cette variation positive se répartit en 62,756 milliards d’euros (+3,31%) à cause de l’impact positif des marchés financiers et en 19,848 milliards d’euros (+1,04%) provenant d’émissions nettes positives.Le nombre d’organismes de placement collectif (OPC) et de fonds d’investissement spécialisés (FIS) pris en considération est de 3.516 par rapport à 3.498 le mois précédent. 2.149 entités ont adopté une structure à compartiments multiples ce qui représente 11.146 compartiments. En y ajoutant les 1.367 entités à structure classique, un nombre total de 12.513 entités sont actives sur la place financière.
Fonds

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