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17/02/2010

Le sélectionneur de fonds Daniel Zeska rejoint Innovest

Le sélectionneur de fonds autrichien Daniel Zeska quitte l'équipe de fonds de fonds de Volksbank Invest pour rejoindre Innovest Kapitalanlage AG, indique Citywire. Il a été nommé senior investment manager et intègre l'équipe d’allocation d’actifs de la société de gestion autrichienne spécialisée dans les fonds de fonds à destination des investisseurs institutionnels. Les encours d’Innovest totalisent 5 milliards d’euros.
17/02/2010
Fonds

Macquarie distribue trois fonds en Autriche

Le groupe Macquarie a obtenu l’agrément de commercialisation en Autriche des trois compartiments de sa sicav luxembourgeoise Macquarie Funds Solutions qu’il distribue depuis peu en Allemagne (lire notre dépêche du 3 février). Il s’agit des Macquarie Emerging Markets Opportunities Fund, Macquarie Emerging Markets Infrastructure Fund et Macquarie and Rogers China Agriculture Fund, a indiqué Heribert Geistler, country manager de Macquarie Funds Group pour l’Autriche. Ces fonds sont conformes à la directive OPCVM III.La clientèle visée est celle des gérants de fonds de fonds ainsi que des investisseurs institutionnels. La distribution auprès des particuliers sera confiée à des partenaires.Macquarie gère déjà environ 200 millions d’euros pour le compte de clients autrichiens, dans les domaines du private equity et des infrastructures.
Fonds
17/02/2010

Nomination chez Société Générale Corporate & Investment Banking

Société Générale Corporate & Investment Banking a annoncé mardi 16 février la nomination de Mario Cortesi au poste de responsable des marchés primaires, financements et couvertures pour l’Italie. Il travaillera à Milan sous la responsabilité de Jean-Luc Parer, directeur global finance, ses adjoints Jean-François Mazaud, Pierre Palmieri et David Coxon ainsi que Giovanni Ortolani, responsable pays banque de financement et d’investissement pour l’Italie.Avant de rejoindre Société Générale Corporate & Investment Banking, Mario Cortesi a exercé différentes fonctions au sein de la banque d’investissement à Londres chez Morgan Stanley et Citigroup dans les activités de marchés de capitaux et financements structurés, précise le communiqué de SGCIB.
17/02/2010
Fonds

HSBC lance son fonds MENA en Italie

Selon Bluerating, HSBC lance en Italie son fonds Moyen-Orient et Afrique du Nord, HSBC GIF Middle East and North Africa (MENA). Le compartiment, qui fait partie de la Sicav luxembourgeoise HSBC Global Investment Funds, est géré par Andrea Nannini.
Fonds
17/02/2010
Fonds

Shedlin lance un fonds de fonds immobilier et d'infrastructures

Le gestionnaire de Nuremberg Shedlin Capital a annoncé mardi le lancement le 1er mars du fonds de fonds immobilier et d’infrastructure de droit luxembourgeois Shedlin Real Estate & Infrastructure qui est confié au gérant-star de Shedlin, Stefan Thomas-Barein, l’ancien directeur de la gestion d’actifs de Wallberg Invest. Le promoteur est Shedlin Investment Managers GmbH tandis que Hauck & Aufhäuser (H&A) administre le nouveau produit.Le nouveau fonds de fonds investira à l’international dans des fonds immobiliers offerts au public, en actions de sociétés immobilières ainsi que dans des fonds thématiques immobilier et infrastructures. Shedlin a prévu aussi une classe de parts institutionnelle.Pour l’instant, le Shedlin Real Estate & Infrastructure ne dispose d’un agrément de commercialisation qu’au Luxembourg. Des autorisations ont été sollicitées de la BaFin allemande et de la FMA autrichienne.Caractéristiques Dénomination : Shedlin Real Estate & InfrastructureCode ISIN : LU0447028357Droit d’entrée : 5 %Commission de gestion : 1,2 %Commission de surperformance : 20 % de la surperformance par rapport à l’euribor 1 mois, avec high watermarkSouscription minimale initiale : 1.000 euros
Fonds
17/02/2010
Fonds

Nordkapp lance son premier hedge fund

Le premier hedge fund de droit espagnol (FIL) de Nordkapp Gestión est le Capitrade Systematic Global Futures, rapporte Funds People. L’objectif de ce produit de futures consiste à surperformer l’euribor 1 an de 1.400 à 1.800 points de base avec une volatilité annuelle moyenne de 13-17 %, avec une VaR journalière de 6 %.Le fonds sera conseillé par Capital markets pour la gestion et pour le logiciel automatisant les achats et ventes de lignes, mais la sélection et la pondération des marchés seront confiés à Jacobo Blanquer, le spécialiste de l’investissement alternatif de Nordkapp Inversión.La partie du portefeuille non investie en futures sera placée en obligations d’Etat de l’UE, en dépôts à vue ou en papier d’instituts de crédit de l’UE avec une échéance inférieure à un an. La duration moyenne du portefeuille obligataire sera inférieure à 6 mois.
Fonds
17/02/2010
Fonds

Morgan Stanley rétrocède le portefeuille "Pegasus" à la RBS

On vient seulement d’apprendre que, fin 2009, Morgan Stanley Real Estate Funds (MSREF) a rétrocédé à la Royal Bank of Scotland (RBS) le portefeuille Pegasus dont cette banque avait co-financé l’acquisition pour 2,1 milliards d’euros en mai 2007 auprès d’Union Investment Real Estate, indique la Frankfurter Allgemeine Zeitung. Le Pegasus comporte 29 actifs, dont l’immeuble de bureaux Frankfurter Welle qui vaudrait à lui seul 703 millions d’euros. A l'époque de la transaction, les prix de l’immobilier étaient en fait au plus haut et MSREF comptait sur une poursuite de la hausse des loyers et des prix.Avant la crise, MSREF a acheté pour 10 milliards d’euros d’actifs immobiliers en Allemagne. Le patron des achats, James Lapsuhner, quittera l’entreprise fin mars.
Fonds
17/02/2010
Fonds

Le DEGI Global Business risque la liquidation

Hartmut Leser, directeur général d’Aberdeen Asset Management Deutschland, a indiqué au Handelsblatt que s’il ne parvient pas à convaincre les nombreux investisseurs institutionnels du fonds immobilier DEGI Global Business qu’il est possible d’escompter des performances maintenant que la valeur des actifs a été révisée à la baisse de 21,6 %, le fonds sera liquidé et l’argent rendu aux clients. Tous les investisseurs devraient avoir pu être contactés d’ici à fin mars (lire notre article du 11 février).
Fonds
17/02/2010

Fidelity se renforce dans Qiagen

Par un avis boursier, Qiagen indique que Fidelity (FMR LLC) lui a notifié le 12 février avoir franchi la veille le seuil des 10 % de son capital et détenir désormais 10,09 % des droits de vote. Cela posé, Fidelity était déjà le plus important actionnaire de la société de biotechnologie.
17/02/2010

Chute du bénéfice de la Deutsche Börse

Mardi soir, la Deutsche Börse a annoncé que sur une base provisoire son chiffre d’affaires a diminué en 2009 de 16 % à 2.016,7 millions d’euros contre 2.455,1 millions, tandis que son bénéfice avant impôt et charges financières (EBIT) plongeait de 58 % à 637,8 millions d’euros contre 1.508,4 millions.Quant au bénéfice net, il s’est contracté de 52 % pour revenir à 496,1 millions contre 1.033,3 millions. Le directoire propose le versement au titre de 2009 d’un dividende inchangé de 2,10 euros par action.On notera en outre que, pour la première fois depuis l’introduction en Bourse de l’entreprise de marché (en 2001), le résultat avant impôt et charges financières a été négatif (de 166,3 millions d’euros) en octobre-décembre, contre un bénéfice de 322,5 millions d’euros pour la période correspondante de 2008.Par ailleurs, le directoire a décidé mardi de dégraisser les instances de direction du groupe et d’adopter des mesures d'économie supplémentaires pour réduire les coûts durablement de 50 millions d’euros par an, ce qui représentera dans un premier temps une charge de 40 millions d’euros qui sera comptablisée pour l’essentiel au premier semestre de cette année. D’autre part, la Deutsche Börse compte augmenter de plus de 50 % cette année le budget des «initiatives de croissance» à environ 100 millions d’euros.
17/02/2010

Hausse du bénéfice net de Clariden Leu

Au titre de 2009, le bénéfice net de Clariden Leu a bondi de 67 % sur un an, à 353 millions de francs suisses, pour un coefficient d’exploitation de 67 %, contre 56 % en 2008. A fin décembre, les encours sont en hausse de 9 % à 102 milliards de francs, contre 94 milliards sur l’année précédente. La filiale du Credit Suisse a accusé une sortie nette de 0,5 milliard de francs, contre 1,1 milliard.
16/02/2010

Warren Buffett becomes largest shareholder in Munich Re

In a statement to the market on Friday, Munich Re announced that Warren E. Buffett had notified it that his stake in the firm’s capital on 4 February passed the 5% threshold. On that date he held 5.073% of capital, via Berkshire Hathaway and its affiliate OBH Inc. On 11 March, the investor known as the “Oracle of Omaha” may also exercise options on nearly 2% of the firm’s capital, which would bring the value of his exposure to the German reinsurer to about EUR1.5bn. The second-largest shareholder in Munich Re is BlackRock, with about 4.6% of capital. Das Investment reports, citing Bloomberg, that Carla Goldenberg, a hedge fund manager at Highbridge (an affiliate of JPMorgan AM), has been invited to lunch with Buffett, apparently without having to pay the USD2m price tag ordinarily associated with such an appointment.
16/02/2010

Steep decline in the number of vulnerable debt issuers worldwide

According to a recently-published study by Standard & Poor’s, the number of vulnerable debt issuers worldwide has fallen significantly from its peak in April 2009 (300 businesses). As of 8 February, Standard & Poor’s found a total of 213 firms (including 141 in the United States) in this category, which includes issuers rated B- or lower, with a negative orientation to ratings, either because the firm is affected by a negative outlook, or because it is subject to a negative ratings watch. One year previously, the number of vulnerable businesses totaled 265. The cumulative debt of these 213 firms as of the beginning of February totaled USD197.53bn. The ratings agency also points out that from the beginning of the year to 8 February, it has counted 13 defaults by issuers, representing USD5.9bn in debt. For the year 2009 as a whole, it counted 264 issuers in default, with total debt of USD627.7bn. Most of the defaults observed since the beginning of this year have been in the United States (12). Meanwhile, after 19 consecutive months of increase, the default rate on speculative category corporate debt has fallen for the second consecutive month, to 9.22% worldwide in January, compared with 9.23% in December 2009. In the United States, this rate has fallen to 10.89%, from 10.92% in December. However, the default rate increased in Europe,. From 7.5% in December to 8.27% in January of this year. The same trend may be seen in emerging markets, where the default rate is up to 5.94% from 5.91%.
16/02/2010

LaCrosse Global signs partnership with RiskMetrics

The hedge fund administrator LaCrosse Global Fund Services announced just before the weekend that it has signed a partnership agreement with the RiskMetrics group, by which its clients will be allowed to use tools from the data provider for risk reporting and other purposes. LaCrosse says in a statement that the RiskMetrics platform HedgePlatform Community allows hedge funds and funds of funds to offer transparency on the subject of risk without giving details of its positions if it prefers not to do so. “In a secure environment, hedge funds control the granularity level and the statistics which they choose to make available to investors,” says LaCrosse.
16/02/2010

ProShares launches eight leveraged ETFs

The US-based management firm ProShares has announced the launch of four pairs of UltraPro ETFs, with triple leverage, in long (3x) and short (-3x) varieties, based on the broadest market indices of the United States, the Nasdaq 100 (acronym TQQQ), the Dow Jones Industrial Average (UDOW), the S&P MidCap400 (UMDD), and the Russell 2000 (URTY). All of these funds carry management fees of 0.95%.
16/02/2010

LV=AM appoints a CIO

Piers Hillier has been appointed chief investment officer (CIO) of LV=Asset Management. He was previously head of investment at West LB Mellon Asset Management, Money Marketing reports.
16/02/2010

Julius Baer plans to create an advisory board

In an interview with Agefi Switzerland, Boris F. J. Collardi, CEO of the Julius Baer group, says the group’s ambition is to be a top performer from an absolute return point of view. With this in mind, “we would like to control the entire value chain: to have the idea, to reflect on the subject, decide now to play it, and to have the research available for the client. This service should be part of the Julius Baer range of offerings, both offshore and onshore throughout the world, while we can also remain focused on what we can do best ourselves, buying in added help from outside this circle when we need it from third parties who do good research, when we consider it a good choice to do so. We are planning to set up an advisory board which will allow us to better apprehend mega-trends, related to cultural, political, environmental, and geographical developments.”
16/02/2010

Good results for hedge fund ETF from db x-trackers

For the year since its launch on 31 January 2009, the db x-trackers db Hedge Fund Index ETF (ISIN: LU 032 847 633 7) has generated returns of 7.5%, with volatility of 3.56%. The product with daily liquidity has attracted assets of nearly EUR900m. It is invested in over 40 hedge funds, following a distribution between equity hedge, event driven, systematic macro, credit & convertible and equity market neutral strategies corresponding to that of the HFRX index.
16/02/2010

Santander AM changes strategy

With the appointment of Juan Alcaraz, the former head of Allfunds Bank, as the number two at the private banking and asset management division of Santander, the market will see an evolution of Santander Asset Management towards open architecture, Expansión reports. The new strategy will be to offer equities and bond funds based on markets where the asset management firm has specialists (Spain, Portugal, the United Kingdom, Brazil, Mexico, Argentina, Chile, Colombia and Puerto Rico), and to outsource products covering other regions of the world.
16/02/2010

Inflows rebounded in 2009

In 2009, funds on sale in Europe posted total net inflows of EUR190bn, whereas they underwent net redemptions of EUR298bn the previous year, according to the most recent statistics from Lipper FMI. Inflows were driven by equities funds, which attracted EUR112bn, exactly the same amount that flowed out of funds in 2008, Lipper FMI notes. Bond funds were also successful in attracting inflows, with EUR86bn in net inflows, nearly half of which were invested in investment grade corporate bond funds (EUR36bn). This sector was the most dynamic of the year, Lipper FMI observes.
16/02/2010

Crisis eliminates chaff from fund market

According to statistics from Morningstar and Lipper, reported in Handelsblatt, 2009 was the first year when the number of funds launched in Germany and Europe was smaller than the number of funds closed or merged. In Europe, there were 2,262 new funds launched last year, while 2,973 funds were closed, and 1,389 were merged, while these respective totals were 3,787, 2,154 and 1,079 in 2008. In Germany, 591 newly-created funds did not make up for 410 closures and 329 mergers.
16/02/2010

M&G releases details of “Club Med” portfolio

Concerns about countries on the periphery of the Euro Zone have led M&G Investments to release details of its pan-European funds’ exposure to markets such as Greece, Ireland, Italy and Spain. The M&G Pan European fund has 15.9% of its assets invested in these countries, of which 5.9% are in Ireland, 4.4% in Greece, and 5% in Spain, Expansión reports. In Spain, the fund is 1.9% invested in Telefónica and Grifols, and 1.2% invested in Santander. For the M&G European Strategic Value Fund, total exposure to peripheral markets is only 8.5%, of which 4.4% is invested in Italy, and 2.3% in Spain, via Repsol.
16/02/2010

East Capital on the comeback trail

The Swedish asset management firm East Capital, a specialist in Eastern European markets, was not spared when the markets crashed. Its assets fell from a peak of EUR5.7bn at the end of 2007, to EUR1.8bn as of the end of 2008. “This decline was primarily related to a fall in valuations,” says Karine Hirn, CEO and co-founder of East Capital, adding that net redemptions accounted for about 15% of the fall in assets. This situation led to fears at the independent management firm of an operating loss for 2009, and led it to close its Milan office, as well as 45 job cuts worldwide. But in 2009, assets began to climb again, as the markets turned around and net subscriptions of about EUR180m came in, largely from Scandinavian markets. As of the end of 2009, assets totalled EUR3.3bn, and with the combined effect of this and the austerity measures taken, the firm was able to remain profitable in 2009.
16/02/2010

Goldman Sachs recruits for sales teams

Goldman Sachs Asset Management (GSAM) has recruited four people as additions to its deams dedicated to sales in Europe. Europe. Martijn Hoogendijk and Brittne-Aspen Whitelaw, formerly of BlackRock and Morgan Stanley, respectively, will be in charge of the Benelux region. In Italy, Loredana La Pace, who joins the firm from Allianz Global Investors, and Giancarlo Fonseca, from Alico Wealth Management, have been recruited, Citywire reports.
16/02/2010

Bellevue acquires 10% of Auerbach Grayson

Bellevue Group announced on 12 February that it has acquired a 10% stake in the US brokerage firm Auerbach Grayson & Co. The transaction is estimated at USD2.5m. Bellevue has already been involved in a collaboration with the New York-based firm for three years, which allowed it to breach the American market without needing to set up its own infrastructure, Bellevue points out in a statement. The Auerbach Grayson company, founded in 1993 and led by its two co-founders, Jonathan Auerbach and David Grayson, has a network of nearly 480 analysts throughout the world, covering 127 markets.
16/02/2010

HSBC adds to prime brokerage services

Chris Barrow, previously of Nomura, where he was head of international sales of prime brokerage services, has joined HSBC as global head of sales for the group’s prime services team. Barrow will report directly to Clan Burke, head of HSBC Prime Services; Brian Heyworth, head of sales for the international market division in Europe, the Middle East and Africa; and to Paul Stillibower, international head of development for activities of HSBC Securities Services.
16/02/2010

T. Rowe Price launches an infrastructure fund

T. Rowe Price has announced the launch of an infrastructure fund, the Global Infrastructure Fund, which offers a long-term strategy based on investment in equities related to the infrastructure sector worldwide, including the United States. The fund will also be available to retail investors. The fund will seek to invest in 60 to 90 businesses of all cap sizes in numerous regions of the world, and expects to be able to offer some protection against inflation by taking positions on firms whose cash flows are inflation-linked. Exposure to emerging markets will be significant, in light of infrastructure needs in these regions. Minimal investment for the fund is USD2,500 for institutionals, and USD1,000 for retail investors. The net expense ratio has been set at 1.10% for institutionals, and 1.20% for retail investors.
16/02/2010

AMF warns investors against Global International Trading

The French regulator AMF issued a statement on February 15 drawing the attention of the public to the activities of Global International Trading, a firm headquartered in Japan. The firm operates by telephone, contacting investors largely resident in France, to offer them shares issued by mining companies which it claims have a high potential for growth. The AMF states that the firm is not licensed “either to operate, or to conduct activities as a provider of investment services, or to receive funds, in France.” However, it has already been the subject of a warning from the Dutch counterpart of the AMF, the Netherlands Authority for the Financial Markets (AFM). The AMF consequently recommends that investors ignore solicitations from this firm. The AMF has handed over information in its possession about this firm to the Paris prosecutor’s office.

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