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01/03/2011

M&G releases an inflation-linked corporate bond fund in Germany

p { margin-bottom: 0.08in; } The British asset management firm M&G Investments is now offering the new M&G European Inflation Corporate Bond Fund, managed by Jim Leaviss and Ben Lord, which invests in investment grade corporate bonds, with the objective of generating performance at least equivalent to the European inflation rate, for sale in Germany, Das Investment reports.
01/03/2011

Schroders releases a European small and midcaps fund

p { margin-bottom: 0.08in; } Schroders Germany has released the European Small & Mid Cap Value sub-fund of its Luxembourg Sicav Schroder Isf, launched on 30 November 2010, based on the seven-year track record of a similar Swiss-registered fund, for sale in Germany. The manager remains the same: Caspar Benz, assisted by Daniel Lenz as co-manager.As its name indicates, the value fund focuses on European small and midcaps, including shares from central and eastern Europe and Russian companies, with total capitalisations of EUR500m to EUR10bn. The portfolio of 70-100 positions is managed with a stock-picking approach, and a good deal of freedom to diverge from the benchmark index (MSCI Europe Small & Mid Cap TR).CharacteristicsName: Schroder ISF European Small & Mid Cap ValueISIN code: LU0559386015Front-end fee: 5%Management commission: 1.5%Minimal initial subscription: EUR1000
01/03/2011

Redemption freeze to be extended for KanAm grundinvest

p { margin-bottom: 0.08in; } In a letter to shareholders, the German asset management firm KanAm has announced that the freeze on redemptions from it open-ended real estate fund grundinvest will probably be extended for another year, from 6 May 2011, the Börsen-Zeitung reports. The move comes as a result of depreciations of assets, tax charges, poor returns (0.3% in 2010), and legislative changes in preparation.
01/03/2011

Mitigated success for Italian Fund Hub

p { margin-bottom: 0.08in; } The Italian Fund Hub, an internet platform which is intended to bring together data on funds from asset management firms members of Assogestioni, the Italian association of asset managers, has been a mitigated success, Plus, the money supplement of Il Sole – 24 Ore reports. Of 74 financial groups registered with the association, only 18 have released information on the site so far, though among them are the major players in the sector: Eurizon Capital, Generali, Pioneer, Allianz and Mediolanum. The cost of the service is not prohibitive: from EUR1,440 to EUR7,200 per year. The idea is to offer investors a single location where information on funds from various asset management firms can be found.
01/03/2011

Madoff claims his fraud started out legal

Bernard Madoff has claimed in a series of taped phone calls with a reporter for New York magazine that his Ponzi scheme, in which investors lost USD65bn, started off as a legitimate business that earned 15 per cent annual returns through much of the 1980s, according to the Financial Times. He said that he started defrauding investors in the early 1990s when a period of low market volatility made it hard for his strategy to work. “I thought I could extricate myself after a short period of time. But I just couldn’t,” he said.
01/03/2011

Jeff Kaplan leaves BofA for a hedge fund

Jeff Kaplan, the global head of mergers and acquisitions, is going to leave Bank of America Merrill Lynch to become become chief operating officer of Appaloosa Management, according to the Financial Times. Steven Baronoff will again take control of the deals business at the bank.
01/03/2011

Tikehau eyes strategic partnership with UniCredit

p { margin-bottom: 0.08in; } The French independent asset management boutique Tikehau may see the entry of the Italian group UniCredit into its capital, Les Echos reports. UniCredit would buy a stake of about 10% in the firm’s holding company, Tikehau Capital Advisors, which is controlled by the management. A joint venture would be created to set up shared teams and work on operations (valuation, distribution). UniCredit will also gradually invest in funds from Tikehau Investment Management. The partnership could be made official on Tuesday, 1 March, and then be presented to a general shareholders’ meeting on 2 March.
01/03/2011

Berkshire Hathaway names another potential successor to Buffett

p { margin-bottom: 0.08in; } The board of directors at Berkshire Hathaway has named a fourth candidate on its top-secret list of potential successors to Warren Buffett, CEO, the Wall Street Journal reports, citing a securities filing. Matt Rose is head of Burlington Northern Santa Fe, in which Berkshire is a shareholder.
01/03/2011

First State recruits a manager from Macquarie for its real estate unit

p { margin-bottom: 0.08in; } Marco Van Bussel at the end of January joined the 13-member global real estate securities management team at First State Investments (UK) as a portfolio manager. He was previously in charge of mandates focused on European real estate securities at Macquarie Fund Management in London. Van Bussel will continue to be based in London with First State, and will be in charge of continental European and UK real estate securities. He will report to Andrew Nicholas, head of global property securities.
01/03/2011

BlackRock releases BGF European Income fund in Spain

p { margin-bottom: 0.08in; } The BGF European Income sub-fund of the Luxembourg Sicav BlackRock Global Funds (61 funds) has been issued a sales license for Spain by the CNMV, Funds People reports. The product, which aims for average annual returns of at least 110% of the MSCI Europe index, is managed by Andreas Zoellinger and Alice Gaskell. It invests at least 70% of its portfolio (40-70 positions) with a bottom-up approach in businesses domiciled in Europe or which realise most of their activities on the continent.
01/03/2011

Pimco launches a high yield bond fund

p { margin-bottom: 0.08in; } Investment Week reports that Pimco has launched a high yield bond fund, whose largest allocations will be dedicated to ABS, RMBS and CMBS. The Select UK Income Bond Fund is a UCITS-compliant vehicle, which will be managed by Mike Amey, and which will aim for gross returns of 5% per year. The fund will invest as a top priority in investment grade rated British assets. About 50% of the allocation is dedicated to ABS and MBS, 30% to investment grade credit (largely from the UK), 10% to high yield, and 10% to emerging markets debt.
01/03/2011

Jean Peyrelevade aux commandes de Leonardo & Co en France

Jean Peyrelevade devient l’homme fort de Leonardo & Co en France. Déjà président de la banque d’affaires et de sa division midcaps, l’ancien dirigeant du Crédit Lyonnais prend la direction opérationnelle de la structure, remplaçant Nicolas Mérindol. Ce dernier ne siègera pas au comité exécutif, continuera à développer son portefeuille de clients et s’occupera du suivi des affaires de la banque privée en France.
01/03/2011

Partenariat canadien pour CM-CIC Securities

ESN North America, filiale majoritairement détenue par CM-CIC Securities, a signé avec Valeurs mobilières Desjardins (VMD) un accord de partenariat pour la distribution en Europe des produits de recherche sur les sociétés cotées en Bourse au Canada, notamment dans les secteurs des ressources naturelles et de l’énergie.
01/03/2011

GDF Suez veut vendre son réseau de gaz en Italie

Le groupe français étudie la possibilité de céder son réseau de distribution de gaz en Italie, ont déclaré hier plusieurs sources financières citées par Reuters, dans le cadre d’une transaction pouvant représenter 750 millions d’euros. GDF Suez se serait notamment entretenu avec CVC Capital Partners, RREEF Infrastructure et un consortium composé d’Axa Infrastructure et du fonds italien F2i.
01/03/2011

Carlyle grandit au Japon

Un représentant anonyme de Carlyle a confié à Reuters que la société de private equity américaine doit dévoiler ce matin les détails de l’acquisition du groupe industriel japonais Tsubaki Nakashima auprès de Nomura Holdings. Le quotidien Nikkei avait évoqué la transaction pour un montant de quelque 70 milliards de yens (617 millions d’euros).
01/03/2011

Lutte mondiale pour Yoplait

Bloomberg croit savoir que General Mills et Nestlé font partie des candidats tenant la corde pour la reprise des 50% du capital de Yoplait mis en vente par PAI Partners. Ils auraient présenté des offres valorisant la cible à 1,6 milliard d’euros. Le chinois Bright Dairy & Food aurait présenté la meilleure offre, de 1,7 milliard, mais pourrait ne pas obtenir l’approbation de Pékin. Axa Private Equity serait le dernier fonds en lice.
01/03/2011

Le gouvernement compte toujours renforcer les moyens du FSI

Le gouvernement a réaffirmé lundi vouloir renforcer les ressources financières du Fonds stratégique d’investissement à hauteur de 1,5 milliard d’euros pour financer les petites et moyennes entreprises. Cette augmentation se fera par l’intermédiaire des fonds d'épargne de la Caisse des dépôts, actionnaire à 51% du FSI, comme l’avait annoncé fin janvier le président Nicolas Sarkozy.
01/03/2011

Les banques se réfugient vers l'épargne de bilan

Elles ont enregistré plus de 40 milliards d’euros de décollecte nette en 2010 dans les fonds monétaires. La baisse des taux n’est pas seule en cause. Les normes de Bâle 3 poussent les établissements bancaires à se tourner vers des produits bilanciels.
01/03/2011

Temasek et CIC livrent bataille à Shanghai

Le fonds souverain de Singapour, Temasek, et celui de Pékin, China Investment Corp, font partie selon le quotidien des prétendants à la reprise d’une part de 39% du capital de Shanghai Jahwa United, détenu par le gouvernement local. C’est ce qu’a indiqué au quotidien le président du groupe chinois, Ge Wenyao. Le groupe discute également avec des acheteurs privés.
01/03/2011

La banque du Japon ne craint pas la hausse du yen

Le gouverneur de la Banque du Japon, Masaaki Shirakawa, a estimé dans un entretien accordé au quotidien que le niveau actuel du yen ne posait pas de problème pour l’économie du pays. «Pour le moment, le niveau du yen ne constitue pas un facteur additionnel de risque». L’impact d’une appréciation de la devise sur le niveau des exportations serait ainsi compensé, selon lui, par l’effet bénéfique sur les conséquences de la flambée du prix des matières premières. Masaaki Shirakawa estime en outre qu’un accroissement de l’incertitude internationale pourrait entrainer une hausse future du yen, du fait de son statut de «monnaie refuge».

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