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26/08/2011
Fonds

Fermeture d’un hedge fund londonien

La boutique de gestion alternative londonienne Ratio Asset Management, fondée par Jonathan Sharpe et Ralph Jainz fin 2005, va fermer son fonds Ratio European Fund et rembourser les investisseurs. Le déclencheur de cette décision a été des demandes de rachats de la part deux investisseurs importants. «Dans ce contexte, et compte tenu de la persistance des incertitudes des marchés, nous pensons que c’est la meilleure chose pour nos investisseurs», écrivent les fondateurs dans une lettre datée du 11 août. Selon Financial News, ces deux investisseurs représentaient 60 millions de dollars sur un encours qui en faisait 160 millions. En 2010, le Ratio European Fund avait dégagé une performance de 12,7 %, mais, depuis le début de l’année, le fonds perd un peu plus de 4 %. Néanmoins, depuis le lancement en février 2006, le fonds a enregistré une performance nette de plus de 25 %. Jonathan Sharpe et Ralph Jainz affirment qu’ils comptent revenir sur les marchés avec un autre fonds, lorsque la période sera favorable.
Fonds
26/08/2011

Berenberg a recruté trois spécialistes à Londres en deux mois

L’allemand Berenberg a recruté Max White, senior private banker de Morgan Stanley, pour sa filiale de banque privée britannique, rapporte WealthBriefing. L’intéressé est responsable de la clientèle dans les îles anglo-normandes, l'île de Man et le Nord-Ouest du Royaume-Uni.Il s’agit de la troisième embauche en deux mois par le tandem de dirigeants Fred Hervey et Ross Elder, après celles de Richard Brass, qui est arrivé en juillet de Schroders Private Banking, et de Matthew Stemp, qui sera "à cheval» sur la banque privée et la gestion d’actifs (Berenberg Asset Management) à Londres et à Hambourg. Matthew Stemp vient d’UBS Global Asset Management.
26/08/2011

Axa Wealth prévoit une très forte croissance de ses actifs sous gestion

Début août, Axa Wealth indiquait dans un communiqué son ambition de tripler ses actifs sous gestion d’ici à 2015. Son managing director, David Thompson, vient de déclarer au site spécialisé MoneyMarketing que l’objectif était d’arriver à un encours de l’ordre de 45 milliards de livres d’ici à 2015.Cet optimisme se fonde sur la forte croissance des actifs sous gestion d’Axa Wealth par le biais de sa plate-forme de distribution Elevate. Au premier semestre, les actifs sous gestion de la plate-forme se sont accrus de 107% par rapport au premier semestre 2010 à 2,9 milliards de livres. L’activité sur Elevate représente 40% de l’ensemble des ventes contre 21% durant la période correspondante de 2010. Les actifs sous gestion d’Axa Wealth, qui comprend également Architas (avec des actifs en progression de 48% sur douze mois à 8,6 milliards de livres) se sont accrus de 21% au cours des douze derniers mois, passant de 15,6 milliards de livres à 18,9 milliards de livres.
26/08/2011
Fonds

RWC Partners lance un fonds value international

La société de gestion britannique RWC Partners vient de lancer un fonds value international qui sera piloté par des anciens gérants de Schroders, Nick Purves et Ian Lance, rapporte Investment Week. Il s’agit du troisième fonds confié aux deux gérants qui ont toujours donné la priorité à une approche value doublée d’une forte propension à l’international. Le fonds Income Opportunities, l’un des deux fonds qu’ils gèrent depuis leur lancement l’an dernier, affichait au 30 juin une poche de près de 50% dédiée à l’international. Le fonds, qui a été doté de capitaux maison à l’occasion de son lancement, est ouvert aux investisseurs, mais RWC Partners n’envisage pas de pousser cette offre auprès des investisseurs externes avant au moins douze mois.
Fonds
26/08/2011
Fonds

RWC lance un fonds international value coordonné

Le gestionnaire britannique RWC Partners a annoncé le lancement du RWC Global Value fund, produit coordonné deep value «sans contrainte» qui pourra être investi jusqu'à 100 % à l'étranger. RWC fournit le capital d’amorçage mais n’a pas l’intention de l’ouvrir à des investisseurs extérieurs avant un an.Les gérants sont Nick Purves et Ian Lance recrutés en août 2010. Ils avaient quitté Schroders (qui détient entre-temps 49 % de RWC) en mai 2010 et seront assistés de John Teahan, également un ancien de Schroders, comme analyste.Nick Purves et Ian Lance gèrent environ 1,1 milliard de livres chez RWC, qui leur a notamment confié les fonds Enhanced Income et Income Opportunities.
Fonds
26/08/2011

UBS recrute chez Credit Suisse

WealthBriefing rapporte qu’UBS a recruté en juillet à Zurich Toby FitzGerald comme associate director. En 2008, l’intéressé a été avec Stephen Conolly à l’origine chez Credit Suisse d’une gamme de services de banque privée avec des conseillers homosexuels à destination d’un public d’homosexuels, lesbiennes et transsexuels. Cela posé, UBS a précisé que Toby FitzGerald ne se focalisera pas uniquement sur cette clientèle, mais que cette possibilité n’est pas exclue.L’impétrant est subordonné à Shona Baijal, executive director dans la division gestion de fortune d’UBS.
26/08/2011

Nomination chez Clariden Leu

Clariden Leu, filiale de Credit Suisse, a nommé Marco Bartolucci à la direction de sa division Investment Products, membre de la direction générale, avec effet immédiat. Marco Bartolucci était depuis 2003 à la tête de la division Produits structurés de Clariden Leu, indique un communiqué publié le 25 août.
26/08/2011

Recul des actifs sous gestion de la LLB au premier semestre

La Liechtensteinische Landesbank (LLB) a enregistré au premier semestre une collecte nette en légère progression à 523 millions de francs suisses, a indiqué le 25 août la banque dans un communiqué.Toutefois, les actifs sous gestion s’inscrivaient à fin juin à 48,7 milliards de francs suisses contre 49,8 milliards de francs à fin décembre 2010, en raison de l’impact négatif des cours de change (-2,7%) et de la performance négative du marché (-0,5%).
26/08/2011

EUR29bn in outflows from UCITS in June

In June, even before the turmoil in the global markets, investors were already holding back from risky assets due to uncertainties over the strength of the economic recovery and increasingly visible tensions in European debt markets.According to the most recent statistics from the European Fund and Asset Management Association (EFAMA), which brings together 23 professional associations representing more than 97% of total UCITS and non-UCITS assets, UCITS witnessed a swing in net sales in June to record net outflows of EUR29bn, after recording net inflows of EUR 22 billion in May. This turnaround in net sales is attributable to large net outflows from money market funds and reduced net sales of equity and bond funds. Long-term UCITS (UCITS excluding money market funds) experienced reduced net inflows in June of EUR 7 billion, down from net inflows of EUR 16 billion in May. Balanced funds continued to record strong net sales in June increasing to EUR 6 billion, up from EUR 5 billion in May.Bond funds, however, experienced a drop in net sales to breakeven point in June, after recording net inflows of EUR 8 billion in the previous month. Equity funds experienced a turnaround in net flows during the month to record net outflows of EUR 3 billion, after recording net inflows of EUR 1 billion last month. Money market funds experienced large net outflows in June amounting to EUR 36 billion, significantly lower than the net inflows of EUR 6 billion recorded in May.
26/08/2011

John Paulson sees heavy losses in August

The situation has not turned out well for John Paulson in August, the Financial Times reports. His flagship fund, Advantage Plus had lost 38.7% since the beginning of the year as of Friday, according to a source familiar with the matter. The fund has lost 22% in the first 19 days of August. Paulson suffered in particular from the plummeting Hewlett-Packard share price.
26/08/2011

JP Morgan AM adds Threadneedle funds to its range

JP Morgan Asset Management on 24 August announced that it is adding to the range of products on offer on its WealthManager+ platform, with the inclusion of 51 funds from Threadneedle, bringing the number of third-party funds available to slightly over 600.
26/08/2011

Profits at ATP down by more than one third

The Danish pension fund ATP on 25 August announced net profits of DKK8.1bn (about EUR1.1bn) for first half 2011, compared with DKK12.7bn in the corresponding period of last year. The positive bottom line is primarily due to exposure to inflation-linked bonds.Although investments generated profits of DKK8.4bn, hedging operations cost DKK1.3bn, while modifications to guaranteed pension benefits brought an improvement of DKK1bn to accounts.As of 30 June, ATP managed DKK469bn for 4.7 million policyholders. The fund delivered benefits in January-June of DKK5.5bn to nearly 813,000 pensioners.Annually updated statistics have also shown that life expectancy for those aged 65 has increased by 3 1/2 months for men, and 2 months for women.
26/08/2011

Vanguard to launch a range of six Canadian ETFs

In a notification to the Canadian market regulator, Vanguard has announced plans to launch a range of ETF funds domiciled in Canada. The range, composed of six products, will allow investors to track the evolution of the MSCI Canada index and five other equities and bond indices.
26/08/2011

Commodity funds see outflows of nearly USD4bn in second quarter

In second quarter 2011, commodity funds posted an outflow of USD3.9bn, according to statistics from Barclays Capital. All categories of products were affected, including soft commodities and energies in particular. Assets under management nonetheless remain above USD400bn, with a total as of the end of June of USD410bn.
26/08/2011

Outflows from hedge funds in the two months to the end of July

In the past two months to the end of July, hedge funds have faced net redemptions totalling USD1.8bn, after attracting USD13.9bn in the first five months of the year, according to estimates by TrimTabs, which may yet be subject to significant corrections, as 21% of hedge fund managers have not yet disclosed figures about the evolution of their assets and their performance in the month of July.In July, multi-strategy funds attracted a record USD16.2bn. In the first seven months of the year, these funds have earned 1.4%.Fixed income funds and macro funds have seen significant inflows since the beginning of the year, of USD15.1bn for the former, and USD9.5bn for the latter. Fixed income funds have earned 5.1% in the first seven months of the year, while macro funds have lost 1%.
26/08/2011

SEB AM invests in Warsaw

For its institutional fund SEB Europe REI, the German asset management firm SEB Asset Management has acquired a wholly-leased office building in Warsaw for EUR38m. The vendor of the 13,270 square metre property is Investec GLL Global Special Opportunities Real Estate Fund. The Polish portfolio of the various SEB AM funds now includes 8 properties, with an area of 199,200 square metres, and a book value of EUR352m.
26/08/2011

RWC Partners lance un fonds value international

La société de gestion britannique RWC Partners vient de lancer un fonds value international qui sera piloté par des anciens gérants de Schroders, Nick Purves et Ian Lance, rapporte Investment Week. Il s’agit du troisième fonds confié aux deux gérants qui ont toujours donné la priorité à une approche value doublée d’une forte propension à l’international. Le fonds Income Opportunities, l’un des deux fonds qu’ils gèrent depuis leur lancement l’an dernier, affichait au 30 juin une poche de près de 50% dédiée à l’international. Le fonds, qui a été doté de capitaux maison à l’occasion de son lancement, est ouvert aux investisseurs mais RWC Partners n’envisage pas de pousser cette offre auprès des investisseurs externes avant au moins douze mois.
26/08/2011

Axa Wealth predicts major growth in assets under management

In early August, Axa Wealth announced in a statement that it plans to triple its assets under management by 2015. Its managing director, David Thompson, has recently told the specialist site MoneyMarketing that the goal is to achieve assets of about GBP45bn by 2015. This optimism is based on strong growth in assets under management at Axa Wealth, thanks to the Elevate distribution platform. In first half, assets under management on the platform increased 107% compared with first half 2010, to GBP2.9bn. Activity on Elevate represents 40% of total sales, compared with 21% in the corresponding period of 2010. Assets under management at Axa Wealth, which also includes Architas (with assets up 48% in twelve months, to GBP8.6bn), have increased 21% in the past twelve months, from GBP15.6bn to GBP18.9bn.
26/08/2011

RWC launches an international deep value fund

The British asset management firm RWC Partners has announced the launch of the RWC Global Value fund, an unconstrained UCITS-compliant deep value fund, which may invest up to 100% of its assets abroad. RWC will provide the seed capital, but has no plans to open the fund to external investors for one year.The managers are Nick Purves and Ian Lance, who were recruited by the firm in August 2010. They left Schroders (which has since acquired a 49% stake in RWC) in May 2010; they will be assisted by John Teahan, also formerly of Schroders, as an analyst.
26/08/2011

A London hedge fund closes its doors

Jonathan Sharpe and Ralph Jainz, who founded Ratio Asset Management in late 2005, have decided to close the Ratio European Fund and return all assets to investors. The catalyst has been fund redemptions by two of their largest long standing investors and in the light of this and continued market uncertainty, they believe this is the best course of action for our investors. According to Financial News, the investors withdrew USD60m on total assets under management of USD160m. During 2010 the fund delivered a return of 12.7%, but this year stock selection has not proved profitable. The fund is currently down just over 4% year to date. Since its launch in February 2006, the fund produced a net return of over 25%.“We fully intend to return to the fray with another investment vehicle in the future”, Jonathan Sharpe and Ralph Jainz write in a letter to investors.
26/08/2011

Finma sets out requirements for ratings agencies

The Swiss federal financial markets surveillance authority (Finma) on 25 August published a circular which redefines its requirements for ratings agencies. It also introduces uniform conditions for ratings agencies to be recognised. Under the new rules, which will come into force on 1 January 2012, the use of credit ratings concerns not only banks and securities traders, but also insurers, Finma says in a statement. The surveillance authority has also taken into account evolutions that have taken place in Switzerland and abroad concerning ratings agencies.
26/08/2011

Warren Buffett to invest USD5bn in Bank of America

Berkshire Hathaway, Warren Buffet’s company, is going to invest USD5 billion in Bank of America. Bank of America Corporation announced on August 25 that it reached an agreement to sell 50,000 shares of Cumulative Perpetual Preferred Stock with a liquidation value of USD100,000 per share to Berkshire Hathaway in a private offering. The preferred stock has a dividend of 6 percent per annum, payable in equal quarterly installments, and is redeemable by the company at any time at a 5 percent premium. In conjunction with this agreement, Berkshire Hathaway will also receive warrants to purchase 700,000,000 shares of Bank of America common stock at an exercise price of USD7.142857 per share. The warrants may be exercised in whole or in part at any time, and from time to time, during the 10-year period following the closing date of the transaction. The aggregate purchase price to be received by Bank of America for the preferred stock and warrants is USD5 billion in cash.
26/08/2011

Southeastern AM doubles stake in Ferrovial

The US firm Southeastern Asset Management on 24 August notified the CNMV that its stake in Ferrovial, the principal asset of the Del Pino family, has passed the 5% threshold, and stands at 5.012%, which is equivalent to about 36.76 million shares out of a total of 733.51 million.The shares, which closed EUR8.40 on Thursday, are worth EUR303.3m. They make Southeastern AM the second-largest shareholder in Ferrovial after the Del Pino family, which retains a 45.57% stake.In early August, the US management firm announced that it held a 3.07% stake in the Spanish group, which then was worth EUR166m.
26/08/2011

Bestinver continues to concentrate its portfolio

In its most recent quarterly bulletin, the asset management firm of the Acciona group, Bestinver, has announced that it continued to concentrate its international portfolio in first half 2011, as the team led by Francisco García Paramés moves to place a higher level of confidence in businesses that it has known for a long time, which are well-managed, have a low level of debt, and an inexpensive share price. The average PER for the international portfolio is 7.6 times. As of the end of June, the top 12 positions in the portfolio represented nearly 64% of assets, and assets in the top 15 positions represented 70%.Bestinver also states that in first half, all funds in its range posted gains. Returns since the beginning of the year ranged from 0.63% for the Bestinver Previsión to 5.86% for the Bestinver Global.
26/08/2011

Appointment at Clariden Leu

Clariden Leu, an affiliate of Credit Suisse, has appointed Marco Bartolucci as director of its Investment Products division and a member of its board of directors, effective immediately. Since 2003, Bartolucci had been head of the structured products division at Clariden Leu, a statement released on 25 August says.
26/08/2011

Assets under management down in first half at LLB

The Liechtensteinische Landesbank (LLB) has posted net inflows in first half up slightly to CHF523m, the bank announced in a statement on 25 August. However, assets under management as of the end of June totalled CHF48.7bn, compared with CHF49.8bn as of the end of December 2010, due to the negative impact of currency exchange rates (-2.7%) and the negative performance of the market (-0.5%).
26/08/2011

TPG Capital acquires 30% of Saxo Bank

Following an acquisition agreement, an affiliate of the investment fund TPG Capital will acquire a 30% stake in Saxo Bank, with an option to increase the stake to 40%. The shares will be sold by existing shareholders in the bank, including General Atlantic, an international investment fund, and Banco Espirito Santo, one of the largest Portuguese banks, among others. The founders of the firm, Kim Fournais and Lars Seier Christensen, will retain majority stakes, and will continue to serve as co-presidents of the group, even if TPG Capital does acquire a 40% stake in the firm, a statement says. The acquisition by TPG Capital is subject to approval by regulators and antitrust authorities.
26/08/2011

UBS recruits a pioneer in gay private banking from Credit Suisse

WealthBriefing reports that UBS in July recruited Toby FitzGerald in Zurich as associate director. In 2008, FitzGerald founded a range of private banking services with Stephen Conolly at Credit Suisse, which offered homosexual client advisors and was aimed at gay, lesbian and transgender clients.UBS says, however, that FitzGerald will not focus exclusively on gay clients, though that possibility has not been ruled out.FitzGerald will report to Shona Baijal, executive director in the wealth management division at UBS.
26/08/2011

Hong Kong management specialist recruited by Citi

The Asian management specialist Stewart Aldcroft has joined the global transaction services division of Citi, according to Asian Investor. Aldcroft previously worked at the Hong Kong management firm EIP (Enhanced Investment Products). He began on 22 August in his new role as managing director and senior advisor for investor services in the Asia-Pacific region.

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