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10/12/2009

SEB Immoinvest takes delivery of two real estate properties

On Wednesday, the German management firm SEB Asset Management announced that its open-ended real estate fund SEB Immoinvest (EUR6.2bn in assets) has taken delivery of the completed Werfthaus building in Frankfurt/Main (14,000 square metres), and of the Kop van Zuid tower in Rotterdam (38,000 square metres). The former required an investment of EUR69.5m, while the latter cost EUR162m. The Werfthaus is 85% leased, with a 5-year guarantee from the vendors (Groß & Partner Grundstücksentwicklungsgesellschaft mbH and OFB Projektentwicklung GmbH) on the remaining 15%. The 44-story Kop van Zuid skyscraper, meanwhile, is fully leased for 10 years.
10/12/2009

New gold fund launched

Patrick Pittaway, manager of the future URAM Gold Allocator fund, which will invest in gold ETFs and shares in the gold industry, says the recent downturn in the price of gold is welcome, but that USD2,000 remains a reasonable target for gold prices in the long term, Citywire reports. The new product, a SICAV sub-fund, will be a copy of a Cayman Islands-registered offshore URAM fund launched last year.
10/12/2009

Yves Robert-Charrue becomes director of Investment Solutions group at Julius Baer

The board of directors at the Banque Julius Baer on Wednesday appointed two new executve board members, effective from 1 January. Giovanni Flury will succeed Bernard Keller as market director for the Ticino region of Switzerland and Italy, while Yves-Robert Charrue will become director of the Investment Solutions group at the bank. He succeeds Boris F.J. Collardi, CEO of the Julius Baer group, who reorganized this “major activity” at Bank Julius Baer and directed it through the year 2009. Robert-Charrue joined Julius Baer early in 2009 as director of management for funds and products, in charge of management for the full range of investment funds worldwide. He “acquired solid experience at Credit Suisse” before joining the firm, the press release says.
10/12/2009

Merchant Capital to launch a dedicated UCITS platform for hedge fund managers

Merchant Capital is planning to launch a UCITS III fund structure which will provide an appropriate and effective vehicle for hedge fund managers to manage their own UCITS III funds, Hedge Week reports. It will take three to six months to construct and launch the fund product on the market. For funds which use the Merchant Capital platform, the delay will vary from four to six weeks, with a significant reduction in costs as a result. Hedge fund managers will not have to pay a front-end fee, and will also benefit from reduced administrative and legal costs.
10/12/2009

K1 Invest fund is broke

Das Investment reports that the Grant Thornton law firm, the receiver for the former K1 Invest fund of the “German Madoff,” Helmut Kiener, who has been in custody since late October, has announced that it has found only slightly over EUR0.3m in the fund. As of late July, assets in the fund totalled EUR348m.
10/12/2009

British pension funds plan to sue RBS

A group of British pension funds is discussing the possibility with American lawyers of filing a class action lawsuit against the Royal Bank of Scotland. Many other pension funds are considering joining the class action suit. Responsible Investor reports that the California law firm Coughlin Stoia Geller Rudman and Robbins estimates that the British pension funds were not correctly informed about the banking group’s exposure to subprime risks, and that they may claim several hundred million pounds in damages and interest. Coughlin is known largely for having recuperated USD7bn for investors in Enron.
10/12/2009

Hedge fund manager leaves London for Monaco

Lee Robinson, the founding partner of Trafalgar Asset Managers, a European hedge fund, has moved his country of normal residence from the UK to Monaco, says Financial News Online. The tax-free principality’s attraction grows among London-based financiers looking for lower tax rates, adds the newspaper.
10/12/2009

Horeca awards a major mandate to BNY Mellon AS

BNY Mellon Asset Servicing has announced that it has been issued a mandate by the Dutch pension fund Pensioenfonds Horeca & Catering (PH&C) for custody and added value services on USD2.8bn. PH&C is the pension fund for the restaurant, catering and hospitality industries, serving 80,000 members at 30,000 member businesses.
10/12/2009

Eight gold funds and two China funds are best performers in Germany since Lehman

As of 30 November 2009, the top ten funds on sale in Germany by performance since 15 September 2008 ranged, in decreasing order, from 124.3% to 67.3%, far outstripping the performance of their nearest rival, Carmignac Investissement, with gains of 23.2%. However, the Berenberg Emerging Ukraine and the Julius Bär Black Sea funds posted the heaviest losses, totalling over 60%, Das Investment adds. Of the top funds, the Earth Gold Fund UI, managed by Joachim Berlenbach, is the fund which has earned 124.3%; it places ahead of two China funds, Henderson China (+87.8%) and GAM Star China Equity USD (+86.8%), while the seven remaining funds in the top ten are gold funds, led by the LODH World Gold Expertise (USD).
10/12/2009

Goldman Sachs licensed to manage local funds

Goldman Sachs has been issued a license to offer onshore fund management, business advising and financing services in Malaysia, Asian Investor reports. The bank will open an office in Kuala Lumpur in first quarter 2010. The decision on the part of the regulator is part of an effort by Malaysia to liberalise the local financial industry.
10/12/2009

Sail Advisors opens an office in New York

The fund of hedge funds Sail Advisors, based in Hong Kong, has decided to open an office in the United States, in New York, Asian Investment reports. The local team will consist of Jeff Tomlinson, Chris Solarz and Shaunak Amin, who will provide analysis of hedge funds in the Big Apple. The activity will be launched in January 2010. Mike Tomlinson will join his colleagues in New York in March 2010. All four are former members of the ING fund of hedge fund team.
10/12/2009

T. Rowe Price to launch actively-managed ETFs

Mutual Fund Wire reports that T. Rowe Price on Friday submitted an exemptive relief application to the SEC to be permitted to issue actively-managed ETFs based on US and international equities as well as bonds.
10/12/2009

Maif, Macif and Matmut found second-largest French mutual insurer

Les Echos reports that Maif, Macif and Matmut yesterday unveiled Sferen, their joint mutual insurance group (SGAM), which was officially founded on Tuesday evening. The three mutuals have created the second-largest French mutual entity, after Covéa. They will now appoint a CEO for their SGAM. The partners have identified seven top-priority activities (insurance for lenders, life insurance, reinsurance, purchasing in external professions related to insurance, asset management, and personal services). Macif and Matmut, which are partners in OFI AM, are also considering centralising their asset management, though they are hesitant to “put all their eggs in one basket,” says the president and CEO of Matmut, Daniel Havis. Maif is an “observer” in that area, he adds.
10/12/2009

Losses at Hennessy Advisors

For the fiscal year to 30 September, Hennessy Advisors Inc. has announced a net loss of USD195,349, compared with net profits of more than USD1.61m in the twelve months to the end of September 2008, on revenues of USD5.81bn, compared with USD10.27bn. Although assets increased by 5.4% to USD923.4m as of the end of September, compared with USD876m twelve months earlier, the decline in assets under management has weighed down results, as assets fell to USD475m in March. The manager says that in the past fiscal year it has acquired four mutual funds, with assets of USD232m. It has also launched the Hennessy Select Series mutual funds, actively-managed products which are contracted out to selected “highly-qualified” sub-advisors.
10/12/2009

FCP recruits Piers Denne

The alternative management boutique Future Capital Partners (FCP, GBP6bn in assets) has announced that it has recruited Piers Denne as head of sales & marketing. Denne will use his wide-ranging expertise to direct development strategy. Initially, he will handle marketing for a large range of new products which FCP is planning to launch in first quarter 2010. Denne, who held top marketing positions at Gartmore, Fidelity and Threadneedle previously, is also secretary of the Investment Funds Association.
10/12/2009

L&G recruits a head of sales

Legal & General Trust Managers has recruited a head of sales to external distributors. Sean Gardner will supervise commercial relations with platforms, life insurers and affiliated IFAs, Money Marketing reports.
10/12/2009

Cheyne Capital hires a head of marketing for the UK

Hedge Week reports that Cheyne Capital has appointed Tom Wiggin as head of distribution for the UK. The newly-created position is a response to the recent appointment of Max Nardulli as head of the International Sales and Distribution unit, and will aim to increase Cheyne Capital’s presence on the UK market. Wiggin previously spent more than 10 years at Deutsche Bank in London. He was most recently managing director for relations with hedge funds in Europe.
10/12/2009

Les banquiers français prudents sur la taxation des bonus outre-Manche

Selon Les Echos, les banques françaises, qui emploient des milliers de professionnels à la City, ne savaient pas trop hier comment accueillir la nouvelle d’une taxation des bonus outre-Manche (lire par ailleurs). Cette décision pourrait conduire à la transformation de contrats locaux en contrats d’expatriés pour y échapper.
09/12/2009

Redémarrage des entrées en bourse au second semestre 2009

Selon une étude de Ernst& Young, le marché des introductions en bourse s’est redressé au second semestre après deux trimestres de stagnation. L’activité a surtout été tirée par l’Asie et l’Amérique du sud. Ces deux régions arrivent en tête des introductions avec un montant cumulé de 68,6 milliards de dollars représentant 72% du total. En revanche, l’Europe a perdu du terrain en 2009, avec seulement 10% des opérations au niveau mondial, soit seulement 5 milliards de dollars, contre 22% en 2008. Aux Etats-Unis, l’activité à chuté de 38% en valeur à 16,6 milliards de dollars sur onze mois. Elle s’est effondrée au Moyen-Orient de plus de 13 milliards de dollars l’an dernier à 2,1 milliards cette année à fin novembre.Sur les onze premiers mois de l’année, le nombre d’opérations est tombé 459 contre 740 pour la période correspondante de 2008. Toutefois, le montant levé sur onze mois, 94,9 milliards de dollars, est équivalent à celui de l’an dernier (94,6 milliards de dollars). D’ici à la fin de l’année, le montant des «IPO» devrait dépasser la barre des 100 milliards de dollars, estime Ernst & Young.
09/12/2009
Fonds

ING a suspendu le calcul de son compartiment Middle-East & North Africa

Après la fermeture d’ING Investment Management (Dubaï) et des marchés de la région Moyen-Orient, et en raison de son impact sur 60 % des actifs du compartiment Middle-East & North Africa de la Sicav ING (L) Invest, le conseil d’administration de la Sicav a informé, mardi 8 décembre, par voie de presse, de sa décision d’approuver la suspension du calcul de la valeur nette des actifs d’ING (L) Invest Middle-East & North Africa entre le 26 novembre et le 4 décembre 2009. «De fait, les ordres reçus le 25 novembre jusqu'à 15 H 30 sont suspendus et seront négociés à la valeur nette des actifs calculés le 7 décembre», précise l’avis aux actionnaires. De la même façon, «les ordres reçus le 25 novembre 2009 jusqu'à 15 H 30 avec les ordres reçus jusqu’au 4 décembre 2009 jusqu'à 15 H 30 seront négociés à la valeur nette des actifs calculée le 7 décembre 2009".
Fonds
09/12/2009
Fonds

Un nouvel ETF sur le changement climatique

Osmosis vient de lancer un ETF lié au développement des technologies changement climatique, rapporte Citywire. Coté à Dublin, l’ETF Osmosis Climate Solutions suivra l’indice Osmosis Climate Solutions Index, composé de 100 sociétés qui dégagent plus de 50 % de leurs bénéfices grâce à des produits ou services centrés sur l’utilisation efficiente des ressources naturelles et l’atténuation du changement climatique.
Fonds
09/12/2009

Revers pour certains actionnaires minoritaires de Fortis

La Tribune indique que la justice belge a rejeté un recours d’actionnaires minoritaires de Fortis visant à suspendre la décision de scission du groupe de services financiers et la vente d’une partie de ses activités à BNP Paribas.
09/12/2009

Dexia sabre dans l’obligataire

Selon L’Echo, Dexia pourrait opérer une réduction de son portefeuille obligataire. Par ailleurs, le groupe évoquerait la possibilité de se défaire de certains actifs tels que la filiale italienne, Crediop, ou d’autres plus petites activités, ajoute le quotidien.
09/12/2009
Fonds

Les fonds de pension suédois pourraient être fusionnés

Selon une étude publiée par un groupe de travail indépendant au sein du ministère suédois des Finances, les quatre fonds de pension du pays (AP-Fonden) devraient être fusionnés en un seul, afin de réaliser des économies d'échelle et de doper les encours de 1 milliard de couronnes suédoises (958 millions d’euros) par an, rapporte IPE.com. Avec ce rapprochement, le système des retraites suédois pourrait économiser 300 millions de couronnes grâce à des réductions de coûts et améliorer ses rendements de 700 millions de couronnes par an.
Fonds
09/12/2009
Fonds

Le fonds de pension danois lance un fonds changement climatique

Le fonds de pension danois ATP va lancer un fonds sur le changement climatique couvrant les pays émergents, auquel il compte allouer 1 milliard d’euros. Ce fonds «d’action», appelé Institutional Investor Climate Change Action Fund for Emerging Economies, a vocation à fédérer d’autres investisseurs institutionnels intéressés par la problématique du changement climatique. «Augmenter et soutenir des flux de capitaux privés plus importants dans des investissements pertinents pour le climat dans les économies émergentes est crucial si l’on veut éviter de sérieuses mutations climatiques», indique ATP dans le communiqué présentant le fonds. Le fonds cherchera principalement à cofinancer des projets prioritaires déjà prêts. Il pourra prendre une participation maximum de 33 % dans un projet et bénéficier d’un levier de 50 %.
Fonds

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