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24/03/2010

Stabilité des encours sous gestion de Banque Audi

Selon L’Agefi suisse, les actifs sous gestion de Banque Audi (Suisse), la filiale du groupe libanais Audi Saradar spécialisée dans la gestion de fortune, s’élevaient fin 2009 à 3,7 milliards de francs, en légère progression par rapport à l’année précédente.
24/03/2010

Zale rembarre Apollo et écoute Sun Capital

Alors que ses difficultés s’amplifient et qu’elle annonce officiellement redouter une panne de liquidités, la chaîne de bijouteries Zale Corp a apparemment rejeté l’offre d’acquisition qui lui a été présentée par Apollo Management et qui prévoyait la vente de la filiale canadienne pour lever du cash, rapporte The Wall Street Journal. A présent, les dirigeants de Zale s’intéressent à une offre moins ambitieuse émanant de Sun Capital Partners, qui investirait entre 50 millions et 100 millions de dollars en actions préférentielles (ce qui lui donnerait la majorité) et qui fournirait un crédit relais.
24/03/2010

Compass Advisers lance une plate-forme de gestion

La boutique américaine Compass Advisers Group, spécialisée dans les services de conseil stratégique et financier, vient de mettre en place une plate-forme de gestion d’actifs, Compass Partners Asset Management, dédiée à l’investissement dans l’alternatif.Scott Marden, précédemment chez Credit Suisse, a rejoint la société en tant que responsable de l’asset management et deviendra managing partner du Compass Investment Partners Fund, un fonds de private equity qui devrait viser des transactions en Amérique du Nord notamment dans le secteur des services d’information.
24/03/2010
Fonds

RAB enregistre une hausse de ses encours en 2009

Le gérant de hedge funds RAB Capital a enregistré une bonne performance de ses produits en 2009. Au 31 décembre 2009, les encours sont passés à 1,35 milliard de dollars, profitant de souscriptions au second semestre. Les encours étaient descendus à 1,26 milliards fin 2008. A son plus haut, RAB gérait 7 milliards de dollars, précise le Financial Times.
Fonds
24/03/2010

Aberdeen : forte décollecte sur le fixed income en janvier-février

Selon Investment Week, Aberdeen Asset Management a fait état au titre des deux premiers mois de l’année d’une décollecte nette sur le fixed income de 3,02 milliards de livres, après des remboursements nets de 3,57 milliards au dernier trimestre 2009. Mais par ailleurs, l’immobilier et les actions ont drainé respectivement 1,34 milliard de livres et 1,32 milliard de livres durant la même période.Fin février, les actifs sous gestion de la société affichaient néanmoins une progression de 10,4% par rapport au 30 septembre dernier à 161,4 milliards de livres. L’essentiel de l’augmentation provient de l’acquisition de stratégies alternatives auprès de RBS Asset Management.
24/03/2010

Départ du CIO de Fidelity International

Nicky Richards, CIO du groupe Fidelity International s’apprête à quitter l’entreprise, rapporte Citywire. Richards, qui faisait partie de l’entreprise depuis 2006, envisage de faire une pause dans sa carrière. Robert Higginbotham, le président et CEO de Fidelity European business assurera l’interim avant qu’une autre personne soit nommée. Cette annonce survient alors que le marché attend le lancement du trust d’Anthony Bolton Fidelity China Special Situations pour lequel l’entreprise est en train de lever 630 millions de livres.
24/03/2010

Départ d'un trader de Morgan Stanley

Head of European foreign exchange and emerging markets trading, M. Wisniewski vient de quitter Morgan Stanley pour rejoindre BlueCrest Capital Management, rapporte Financial News.
24/03/2010

Décollecte nette pour la LLB en 2009

Selon L’Agefi suisse, la Liechtensteinische Landesbank (LLB) a subi un reflux net d’argent frais d’un milliard de francs en 2009. La pression sur la place financière du Liechtenstein et les amnisties fiscales dans plusieurs pays ont pesé sur l’attrait de la banque. Les avoirs sous gestion ont toutefois progressé de 7,4% à 49,5 milliards de francs suisses l’an dernier, grâce à la reprise des marchés financiers. Le bénéfice net de la banque s’est élevé à 181 millions, en amélioration de 20,2% par rapport à 2008. La LLB se propose de distribuer un dividende inchangé de 3,40 francs.
24/03/2010
Fonds

Un nouveau fonds flexible à performance absolue chez BNY Mellon AM

BNY Mellon Asset Management a annoncé mardi le lancement de BNY Mellon Global Real Return (EUR), un fonds flexible à performance absolue. Ce compartiment de la sicav BNY Mellon Global Funds est géré par Newton Investment Management Limited, l’une des boutiques de gestion de BNY Mellon basée à Londres et spécialisée à la fois dans la gestion d’actions et d’obligations - tant globales que régionales - que dans la gestion flexible multi assets.Le fonds BNY Mellon Global Real Return (EUR) vise à générer une performance totale supérieure à un indice de référence monétaire sur un horizon d’investissement de trois à cinq ans. Afin d’atteindre cet objectif, le fonds bénéficiera d’une liberté d’investissement sur un large éventail de classe d’actifs, qui sera encadrée en permanence afin d’obtenir une exposition modérée au risque à tout moment. Ce nouveau compartiment est une version européenne d’une stratégie existante au Royaume-Uni depuis 2004 qui «surperforme» son indice (LIBOR +4%). Caractéristiques Code Isin : IE00B4Z6HC18 Frais d’entrée : 5% max. Frais de sortie : aucun Frais de gestion : 1.5% Montant de la part : 1.0022 eurosMontant de souscription intial : 5000€
Fonds
24/03/2010
Fonds

BNY Mellon lance un fonds de performance absolue

Newton Investment Management Ltd, l’une boutiques de BNY Mellon Asset Management, confie à James Harries, son CIO global funds, et Iaian Stewart la gestion du BNY Mellon Global Real Return Fund, un compartiment de BNY Mellon Global Funds plc. C’est un produit multi-classes d’actifs de performance absolue dont l’objectif est de surperformer un indice «cash», sur un horizon de trois à cinq ans. Ce nouveau fonds reproduit la stratégie d’un fonds domicilié au Royaume-Uni qui a été lancé en 2004 et qui a surperformé le libor de 400 points de base, avec des rendements de 10 % sur un an, 31 % sur trois ans et de 63 % sur trois ans.
Fonds
24/03/2010
Fonds

Deka fait enregistrer un fonds d'actions russes

Jeudi 18 mars, l’allemand DekaBank a fait enregistrer par la CNMV, pour une commercialisation en Espagne, son fonds d’actions russes Deka-Russland (82 millions d’euros d’encours), un produit de droit luxembourgeois lancé en novembre 2009 (lire notre dépêche du 5 janvier 2010). L’objectif est de surperformer l’indice MSCI Russia 10/40 net return.
Fonds
24/03/2010

Barclays Wealth recrute chez Merrill Lynch

Le nouveau patron du segment particuliers très haut de gamme (UNHWI) de Barclays Wealth pour l’Espagne sera Santiago Durán de la Colina, qui était first vice president, investments, chez Merrill Lynch jusqu'à la semaine dernière.Barclays Wealth España affiche un encours de 8,3 milliards d’euros et emploie 125 personnes dans douze agences. Cette division couvre Warclays Wealth Managers España, qui gère 85 sicav.
24/03/2010

Oppenheimer nomme un responsable Asie

La firme d’investissement Oppenheimer & Co vient de nommer Steve Bernstein au poste de senior managing director pour l’Asie, ainsi que chief executive de la filiale Oppenheimer Investments. Basé à Hong Kong, sa mission sera de développer la clientèle et les revenus de la société dans la région.Steve Bernstein couvre la zone asiatique depuis 1983. Il a travaillé 23 ans pour Citigroup, dont cinq ans au Japon.
24/03/2010

F&C dépose son offre pour C-Quadrat

Au 22 mars, le britannique F&C Asset Management a déposé officiellement son projet d’OPA à 12,50 euros par action sur le gestionnaire autrichien C-Quadrat, ce qui valorise la société à 54,5 millions d’euros (lire notre Depeche du 10 mars). La Commission des prises de contrôle (ÜBK) a maintenant un délai de 12 à 15 séances boursières pour étudier cette offre.
24/03/2010

Alfi March Events: Alfi to open an office in Hong Kong soon

The Luxembourg association of investment funds Alfi will open a branch office in Hong Kong, Claude Kremer, president of Alfi and vice-president of Efama, announced on Tuesday at the Alfi Days event. The decision is a sign of the importance of the Asian market for the Luxembourg fund industry, which is based on the growth of UCITS as a brand. Asia-Pacific is already using European coordinated UCITS funds. In the first three quarters of 2009, more than 14% of gross subscriptions to UCITS funds came from the Asian region, according to Lipper FMI. The person who will be recruited for the Hong Kong office will meet with all participants in the asset management sector in Asia: investors, regulators, management firms, and others. The job will also involve travelling throughout Asia, particularly in China, an immense market which Alfi is eyeing. The opening of the office does not necessarily mean that Alfi is not interested in other international markets. Currently, Latin America and Asia represent 40% of total net sales of UCITS, and their growth is more rapid there than in Europe.
24/03/2010

City arrests for insider trading

The British financial market regulator FSA announced on 23 March that six people have been arrested for insider trading, including two well-known City professionals employed at major firms, and one representative of a hedge fund. The FSA says in a statement that 143 police officers, accompanied by the Serious Organised Crime Agency (SOCA), a special police unit, have seized documents and computers from 16 different home and office locations. “These City professionals are suspected of having transmitted confidential information to traders (either directly or through intermediaries), which was then used for financial gain,” the FSA says in the statement. The investigation began in late 2007. Since 2008, the FSA has made five waves of arrests (counting yesterday’s operation) for financial offences of this type.
24/03/2010

Morgan Stanley trader quits

M. Wisniewski, head of European foreign exchange and emerging markets trading, has left Morgan Stanley to join BlueCrest Capital Management, Financial News reports.
24/03/2010

Aberdeen: heavy outflows from fixed income in January-February

Investment Week reports that Aberdeen Asset Management has reported net outflows from fixed income in the first two months of the year of GBP3.02bn, after net redemptions of EUR3.57bn in the fourth quarter of 2009. But real estate and equities, respectively, attracted GBP1.34bn and GBP1.32bn during the same period. As of the end of February, assets under management at the firm were still up 10.4% compared with 30 September last year, at GBP161.4bn. Most of the increase comes from the acquisition of the alternative strategies of RBS Asset Management.
24/03/2010

CIO leaves Fidelity International

Nicky Richards, CIO of the Fidelity International group, is preparing to leave the firm, Citywire reports. Richards, who has been at the company since 2006, is planning to take a break from his career. Robert Higginbotham, president and CEO of Fidelity European business, will fill the position in the interim until another person can be appointed. The announcement comes at a time when the market is waiting for the opening of a trust by Anthony Bolton, entitled Fidelity China Special Situations, for which the firm is raising GBP630m.
24/03/2010

Eurex launches futures on butter and milk powder

The German-Swiss futures market Eurex on Tuesday announced that it will admit trading on futures in butter and skimmed milk powder at the end of second quarter, at spot prices. The new futures have been developed in cooperation with the German and European dairy associations (MIV and Eucolait), and with the major actors in the dairy market in Europe and the United States.
24/03/2010

F&C submits its bid for C-Quadrat

On 22 March, the British management firm F&C Asset Management officially submitted its proposal to buy the Austrian firm C-Quadrat for EUR12.50 per share, which values the firm at EUR54.5m (see Newsmanagers of 10 March). The Austrian antitrust commission (ÜBK) will now impose a waiting period of 12 to 15 trading days to study the offer.
24/03/2010

Compass Advisers launches a management platform

The US-based boutique Compass Advisors Group, specialised in strategic and financial advising, has set up an asset management platform, Compass Partners Asset Management, dedicated to alternative investment. Scott Marden, previously at Credit Suisse, has joined the firm as head of asset management, and will become a managing partner at Compass Investment Partners Fund, a private equity fund which will look for deals in North America, particularly in the IT sector.
24/03/2010

Vanguard returns to neutral position on short-term Treasuries

Robert Auwaerter, CIO for bonds at Vanguard Group, is expecting the Fed to maintain its rates at near-zero levels for nearly the entire year, or even until the end of the year, the Wall Street Journal reports. He has thus become less pessimistic about short-term US Treasury bonds. He has returned to a neutral position, up from underweight, on these assets. He estimates that the Fed’s first rate rise will come in fourth quarter 2010 or first quarter 2011. However, Auwaerter says that he prefers investment-grade corporate bonds and supersenior commercial mortgage-backed securities with AAA ratings. The CIO for fixed income at BlackRock, Curtis Aledge, recently stated that he had increased his allocation to Treasuries, particularly on 10-year and longer bonds, due to mitigated outlooks for economic growth, trouble with sovereign debt in the Euro zone, and limited risks of inflation. Meanwhile, Bill Gross, CIO of Pimco (Allianz), prefers German bunds to US Treasuries due to the fiscal outlooks for the United States.
24/03/2010

Barclays Wealth recruits a head from Merrill Lynch

The new head of the ultra high net worth investors (UNHWI) segment at Barclays Wealth for Spain will be Santiago Durán de la Colina, who was previously first vice president, investments, at Merrill Lynch, until last week. Barclays Wealth España has assets of EUR8.3bn, and employs 125 people in 12 office locations. The division includes Barclays Wealth Managers España, which manages 85 Sicavs.
24/03/2010

Deka registers a Russian equities fund

On Thursday, 18 March, the German management firm DekaBank registered its Russian equities fund Deka-Russland (EUR82m in assets) with the CNMV, for sale in Spain. The Luxembourg-registered product was launched in November 2009 (see Newsmanagers of 5 January 2010). The objective is to outperform the MSCI Russia 10/40 net return index.
24/03/2010

USD222bn for hedge funds

According to an annual Deutsche Bank survey of institutional investors, hedge funds can expect net subscriptions in 2010 of USD222bn, which at about 15% would amount to the largest rise since the beginning of the annual survey eight years ago, Handelsblatt reports. If the projections prove accurate, total assets would total USD1.7trn as of the end of December, up from USD1.9trn at the end of 2007, and USD1.1trn at the end of 2008. 50% of investors surveyed see the largest danger to the hedge fund sector in regulatory changes which European and American regulatory agencies are now undertaking. Hedge funds may be caught out by new regulations which forbid short-selling or aim to increase the transparency of over-the-counter (OTC) transactions.
24/03/2010

Lombard Odier IM to launch three funds in six months

In the first two quarters of this year, Lombard Odier Investment Managers is planning to release three new funds in France. In addition to Golden Age, an equities product focused on the ageing population, this will include a fund of emerging market debt in local currencies, the LO Funds - Emerging Market Local Bonds and Currencies, which was granted a sales license by the AMF on 10 March. The third fund will be a market neutral absolute return fund with a bias for US equities.
24/03/2010

BNY Mellon AM releases a new flexible absolute return fund

BNY Mellon Asset Management on Tuesday announced the launch of the BNY Mellon Global Real Return (EUR) fund, a flexible absolute return fund. The sub-fund of the Sicav BNY Mellon Global Fund is managed by Newton Investment Management Limited, one of the management boutiques from BNY Mellon based in London, specialised in the management of equities and bonds, both global and regional, and in flexible multi-asset management. The BNY Mellon Global Real Return (EUR) fund aims to generate total returns higher than a cash benchmark over an investment term of three to five years. To achieve this objective, the fund will have freedom to invest in a wide range of asset classes, which will be permanently defined in order to obtain moderate risk exposure at all times. The new sub-fund is a European version of a strategy which has been available in the United Kingdom since 2004, which has “outperformed” its benchmark (LIBOR +4%). Characteristics ISIN code: IE00B4Z6HC18 Front-end fee: 5% maximum Exit fee: None Management commission: 1.5% Value per share: EUR1.0022 Minimal initial subscription: EUR5,000
24/03/2010

BNY Mellon launches an absolute return fund

Newton Investment Management Ltd., a boutique from BNY Mellon Asset Management, has put the management of the BNY Mellon Global Real Return Fund, a sub-fund of BNY Global Funds plc, in the charge of James Harries, CIO of the firm for global funds, and Iaian Stewart. The multi-asset class absolute return product aims to outperform a cash index over a three to five-year investment term. The new fund reproduces the strategy of a fund domiciled in the United Kingdom which was launched in 2004, which has outperfomed the Libor + 400 basis points, with returns of 10% on one year, 31% on three years, and 63% on five years.

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