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24/01/2013

Reech AiM acquires Aurea Real Estate

Reech AiM Froup, an international hedge fund management firm based in London and Luxembourg, on 23 January announced the acquisition of Aurea Real Estate, a real estate investment firm with offices in Paris and Madrid, by its affiliate Reech REIM LLP. Aurea Real Estate, founded in 2009, currently manages a portfolio of assets totalling about EUR100m. As a part of Reech REIM LLP, the team will offer its clients investment opportunities in added value real estate construction products, via funds, separate accounts and club deals. Reech REIM LLP is now composed of the “Indirect Real Estate” unit, whose team manages the Iceberg fund, and the “Private Equity Real Estate” unit, trained by the team at Aurea. As a part of the acquisition, Maxime Barkatz, founder of Aurea Real Estate, will join Reech AiM as a Partner. Before founding Aurea, Barkatz had been Managing Director and Partner at the publicly-traded realty firm Affine, where he founded and directed the real estate promotion affiliate of the group in the Iberian peninsula.
24/01/2013

Close Brothers increases AUM by 3% in five months

The “pre-close trading update” from Close Brothers reports that in the five months to 31 December, assets under management by the asset management unit increased by 3%, to GBP8.5bn, due to positive market effects. The profit margin has increased due to a rise in more lucrative retail assets.
24/01/2013

Odey AM gives a fund to former Griffin manager

Odey Asset Management has launched a global long/short fund for the former Griffin Capital Management manager Markus Rezny, Citywire Global reports. The fund, entitled Odey Orion, has a mandate with no constraints.
24/01/2013

Cantab Capital Partners launches a fund

Cantab Capital Partners, the USD4.7 billion systematic global macro manager, has launched a new fund: the CCP Core Macro Fund. It will be opened to external investors on 01 February 2013. The CCP Core Macro Fund is designed to give investors access to a diversified stream of macro-style returns at a fraction of standard industry fees as well as offer daily liquidity. It is expected to show negligible correlation to traditional sources of risk (equity and fixed income) and limited correlation to trend following strategies. The new Fund is a natural extension of Cantab’s investment philosophy, tested risk management and portfolio construction process and its trading and execution infrastructure. The CCP Core Macro Fund is based on a multi-model, multi-asset approach. The strategy offers investors access to the momentum and value groups of models using the ensemble of risk management tools developed by Cantab’s team of scientists over the last six years.
24/01/2013

Norwegian funds post inflows in 2012

Funds on sale in Norway in 2012 recorded net inflows of NOK41.6bn, or EUR5.6bn, according to the local financial management association, Verdipapirfondenes forening. Inflows were driven by bond funds, which attracted NOK31bn, while equity funds attracted NOK7.2bn. NOK29bn were invested by institutionals. Norwegian retail investors and foreign clients each accounted for net subscriptions of NOK6.3bn. Overall, assets in the sector increased by NOK73bn in 2012 to a record level of NOK558bn (EUR75.3bn). Institutionals accounts for NOK312bn of that total, while Norwegian retail investors account for NOK164bn, and foreign clients, NOK81bn.
24/01/2013

State Street launches two funds in Italy

State Street Global Advisors has launched two flexible funds in Italy: SSgA Flexible Asset Allocation Fund, and SSgA Flexible Asset Allocation Plus Fund, Bluerating reports.
24/01/2013

Pictet AM registers emerging market debt fund in Italy

Pictet Asset Management has received a license in Italy for the new Pictet-Emerging Corporate Bonds fund, Bluerating reports. Since its launch in November, the fund, managed by Alain-Nsiona Defise, has seen more than USD600m in inflows (as of 14 January).
24/01/2013

Pimco releases GIS Income Fund in Europe

The multi-sectoral international bond fund PIMCO GIS Income Fund, which was launched on 30 November 2012, is now on sale in Europe, including France, Germany, the United Kingdom and Italy.The objective for the Irish-registered, UCITS-compliant fund, managed by Daniel J. Ivascyn, managing director and head of the portfolio management team for real estate mortgages, and by Alfred T. Murata, executive vice president and portfolio manager, is to generate high and sustainable monthly revenue, through a flexible investment approach which targets international bonds that generate revenues.The portfolio is composed of high quality bonds, and the primary objective is to generate high and consistent revenues. The fund also aims for long-term capital appreciation, while seeking to rigorously limit the risk of decline. The portfolio may be invested in government bonds, inflation-linked bonds, bonds backed by real estate debt, whether or not these are issued by agencies, securities backed by commercial real estate loans, investment-grade corporate bonds, high yield corporate bonds, bank loans and emerging market bonds.As of the end of December, the overall duration came out to 2.14 years, compared with 5.06 for the benchmark, the Barclays U.S. Aggregate (Euro Hedged).CharacteristicsName: PIMCO GIS Income FundISIN codes for E class shares:IE00B84J9L26 (capitalisation)IE00B8N0MW85 (income)Management fees: 1.36%
24/01/2013

Hedge funds around the world moving to 1.5%/20% pricing model, according to Mercer

Due to an abundant supply of high quality active asset management, the level and structure of commissions for actively-managed products held out remarkably well against a slowdown in demand in 2012, Mercer finds in its “2012 Global Asset Manager Fee Survey.” However, hedge fund managers were required to sacrifice the traditional 2% management fee and 20% performance commission cost structure, in favour of a 1.5%/20% formula. This comes due to the fact that the dynamics of supply ad demand have driven managers to be more accommodating when negotiating fees. The Mercer study, which covers over 25,000 funds from 5,000 asset management firms, also finds that the majority of asset management firms maintained their fees “relatively unchanged,” while fee reductions were concentrated on equity mandates, and retail equity funds tended to reduce their fees more sharply than institutional funds and mandates. About one third of asset managers increased their commissions, particularly managers of small cap funds, except in the United States, where commissions fell for this type of strategy. For all asset classes as a whole in US dollars, Canada is the lest expensive country for investments, with average fees of 0.3%, compared with 0.4% in the United Kingdom and 0.5% in continental Europe. Emerging market funds are the most costly, with an average of 0.89% (0.75% for Asia).
24/01/2013

ESMA unveils its working programme for ratings agencies

The European Securities and Markets Authority (ESMA) published on January 23 its 2013 ertified credit rating agencies Supervision and Policy Work Plan. ESMA will focus on structured finance products ratings, due to concerns stemming from high outstanding volumes and ratings fluctuations. Sovereign credit ratings will also be reviewed, prompted by concerns on the growth in volatility over the past 12 months, their importance for credit markets and financial stability, and their impact on other rated entities and products.
24/01/2013

DWS tech fund changes managers

Tim Albrecht has handed over his technologies fund, DWS ZukunftsInvestitionen, to analyst Marcus Poppe, so as to be able to focus on the DWS Deutschland fund of German equities, Citywire Global has learned.
24/01/2013

Federal Finance Gestion launches a socially responsible money market fund

The asset management firm Federal Finance Gestion, an affiliate of the Crédit Mutuel Arkéa group, at the end of November launched a socially responsible money market fund, Federal Support Trésorerie IR. After two months on sale, the fund has already passed EUR100m in inflows. In the current environment of particularly low interest rates, the strategy of the fund is to compensate for a lack for returns from money market funds by extending the maturity of investments. By retaining the characteristics of money market funds, Federal Support Trésorerie IR aims to improve the returns offered to investors, while taking full advantage of maturity thresholds (WAM & WAL). In addition, the management of the fund applies socially responsible investment (SRI) rules. The manager may invest only in issuers who have integrated responsible and high-performance management of human capital and the environment, and good governance, into their strategy. As a complement to credit analysis, this SRI analysis allows for a more detailed examination of risks specific to issuers the fund invests in. The money market asset management team at Federal Finance Gestion has over EUR6bn in assets under management in the form of open-ended or dedicated funds or mandates. Primary characteristics of the fund ISIN code: FR0011347145 Benchmark index: Euribor 3-month Recommended investment duration: 90 days Minimum investment: EUR150,000 Maximum management fees: 0.40% including taxes Real management fees: 0.15%, including taxes Front-end fee: none Withdrawal penalty: none Movement commission: 0 to EUR180 per transaction
24/01/2013

Perquisitions aux domiciles de Bernard Tapie et Stéphane Richard

La brigade financière a mené jeudi des perquisitions aux domiciles de l’homme d’affaires Bernard Tapie et du PDG de France Télécom Stéphane Richard, a-t-on appris de source judiciaire. Ces perquisitions s’inscrivent dans le cadre d’une enquête sur les conditions dans lesquelles a été réglé, par voie d’arbitrage en 2008, le conflit entre Bernard Tapie et le Crédit lyonnais au sujet de la revente de l'équipementier sportif Adidas en 1993. Stépahe Richard était alors directeur de cabinet de Christine Lagarde à Bercy.
24/01/2013

OFI AM adosse sa multigestion alternative à Man

Man Investments Holdings Limited, une filiale de Man s’est engagée à investir 1,6 million d’euros pour entrer au capital d’OFI MGA, la filiale de multigestion alternative du Groupe OFI, à hauteur de 20 %. Il détient une option pour en devenir majoritaire dans trois ans. OFI MGA, qui totalise 600 millions d’euros d’actifs gérés pour le compte d’investisseurs institutionnels français, pourra dorénavant investir sur la plate-forme de comptes gérés développée par Man dont les encours s’élèvent à 9 milliards de dollars.
24/01/2013

La zone euro se stabilise mais la France s'enfonce

La publication des indicateurs avancés d’activité PMI pour janvier montre un début de stabilisation de la zone euro sur des niveaux bas, sauf en France. L’indice dans les services atteint 48,3, mieux qu’attendu (48,0) et qu’en décembre (47,8), meêm s’il reste sous la barre des 50 qui sépare contraction de croissance. La composante manufacturière s'élève à 47,5 en janvier, là encore au-dessus de décembre (46,1) et du consensus (46,5). L’Allemagne a dépassé les attentes, avec un composite passé de 50,3 à 53,6 grâce aux services. En France en revanche, les PMI plongent, avec un indice composite qui tombe à 42,7 après 44,6 en décembre, soit son plus bas niveau depuis mars 2009.
Photo : Fotolia
24/01/2013

ICAP dans la tourmente du Libor

Le quotidien cite des notes internes du gendarme britannique des marchés financiers, la FSA, pour mettre en lumière que le principal courtier interbancaire au monde mobilise à lui seul sept de la cinquantaine d’inspecteurs dédiés aux enquêtes concernant les soupçons de manipulation du Libor. ICAP a toujours éveillé l’attention des autorités, mais la FSA semble s’intéresser plus précisément à la société pour manquement aux règles de marché. Le travail de l’autorité viserait ainsi plus directement la société plutôt que des courtiers personnes physiques. ICAP clame sa pleine coopération avec l’enquête.
24/01/2013

Le Portugal revient sur les marchés

Sous programme d’aide européenne et du FMI depuis le printemps 2011, le pays a placé 2,5 milliards d’euros de titres à 5 ans et rencontré une forte demande.
24/01/2013

Le Japon répond aux critiques allemandes

Répondant aux critiques de Jens Weidmann, le président de la Bundesbank, quant aux conséquences sur les changes de la politique ultra-accommodante menée par le nouveau gouvernement japonais, le ministre japonais de l’Economie Akira Amari indique au quotidien que l’Allemagne « est le pays dont les exportations ont le plus bénéficié du système de taux de change fixe de l’euro. Il n’est donc pas en position de critiquer».
24/01/2013

Tokyo table sur une croissance de 2,5% en 2013

Le gouvernement japonais pourrait fixer le 28 janvier prochain un objectif de croissance réelle du PIB pour l’année fiscale 2013/2014 d’environ 2,5%, selon le journal qui ne cite pas de sources. L’objectif est de 2,2% sur l’année 2012/2013. Tokyo attend notamment que la baisse du yen, les assouplissements monétaires et la relance budgétaire et notamment les travaux de reconstruction soutiennent la croissance.
24/01/2013

Fitch révise sa perspective sur la note belge

L’agence de notation a ramené de négative à stable la perspective attachée à la note «AA» de la Belgique. Elle souligne la réussite du gouvernement dans la réduction du déficit budgétaire d’environ 1% du PIB en 2012, à 2,9%, malgré une contraction du PIB réel estimée à 0,4%. Par ailleurs, des mesures contingentes supplémentaires adoptées en mars, juillet et octobre ont aidé à maintenir la budget dans les clous.
24/01/2013

Un nouveau fonds d’envergure en Afrique du Sud

Ethos Private Equity a levé 800 millions de dollars pour un nouveau fonds qui recherchera des opportunités d’investissement dans la première économie du continent. La société a ainsi dépassé son objectif initial de 750 millions. Elle a notamment réussi à attirer pour la première fois des fonds de pension et des fonds souverains asiatiques, ainsi que des investisseurs venus d’Europe, d’Amérique du Nord, d’Afrique et du Moyen-Orient.

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