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22/11/2010

Lyxor AM recrute Robert Picard

Vendredi 19 novembre, Lyxor Asset Management (Société Générale) a annoncé le recrutement de Robert Picard comme US head of managed account development. Il sera basé à New York et subordonné à Lionel Erdely, CEO de Lyxor Etats-Unis. Ancien CIO et head of hedge fund research chez Optima Fund Management, l’impétrant était en dernier lieu senior adviser pour le compte de l'équipe de solutions de restructuration des établissements financiers chez Navigant Consulting.
22/11/2010

Axa Rosenberg a vocation à rester dans le giron d'Axa

L’Agefi rapporte les propos de Dominique Carrel-Billiard, directeur général d’Axa IM selon qui Axa Rosenberg a vocation à rester dans Axa IM. «Cela est pertinent, notre volonté étant de proposer une large palette de styles de gestion à nos investisseurs», a-t-il expliqué. D’après le responsable, les difficultés de sa filiale américaine, qui devrait enregistrer une décollecte de quelque 30 milliards d’euros cette année, devraient commencer à s’estomper dès 2011. «Les chantiers pour l’an prochain porteront sur les fonctions support, à l’image de l’infrastructure réseau», souligne Dominique Carrel-Billiard. Axa IM entend par ailleurs mettre la priorité sur l’enrichissement de sa gamme de produits core (de fond de portefeuille).
22/11/2010
Fonds

Les parts institutionnelles gagnent du terrain

Au total, les investisseurs ont retiré 90 milliards de dollars des mutual funds d’actions américains depuis le début de 2009, d’après Morningstar. Toutefois, souligne The Wall Street Journal, ce total est le résultat de deux phénomènes différents. Les investisseurs ont sorti plus de 162 milliards de dollars des parts retail, mais les souscriptions nettes enregistrées pour les parts institutionnelles, celles qui sont détenues souvent sur des plans d'épargne 401 (k) ou des comptes de courtage à commission fixe, ont représenté 72 milliards de dollars.
Fonds
22/11/2010
Fonds

Les parts institutionnelles gagnent du terrain

Au total, les investisseurs ont retiré 90 milliards de dollars des mutual funds d’actions américains depuis le début de 2009, d’après Morningstar. Toutefois, souligne The Wall Street Journal, ce total est le résultat de deux phénomènes différents. Les investisseurs ont sorti plus de 162 milliards de dollars des parts retail, mais les souscriptions nettes enregistrées pour les parts institutionnelles, celles qui sont détenues souvent sur des plans d'épargne 401 (k) ou des comptes de courtage à commission fixe, ont représenté 72 milliards de dollars.
Fonds
22/11/2010

Wells Fargo veut régler son différend avec Citigroup

L’Agefi rapporte que la banque Wells Fargo a fait part de sa décision de verser 100 millions de dollars à Citigroup en vue de régler un litige portant sur l’acquisition de Wachovia en 2008. Bien que Citigroup ait été déboutée par la justice fédérale en juillet 2009, l'établissement continuait de réclamer une compensation financière.
22/11/2010
Fonds

KKR s'intéresse à l'agroalimentaire

Le fonds de capital investissement KKR chercherait à racheter Del Monte Foods, rapporte l’Agefi. Selon plusieurs médias anglo-saxons, qui citent des sources concordantes, KKR aurait proposé de payer un prix de 18,5 dollars par action, ce qui valorise le capital du groupe agro-alimentaire américain (conseillé par Barclays) à environ 3,6 milliards de dollars (2,7 milliards d’euros), sans compter 1,3 milliard de dette nette. Un accord pourrait être obtenu d’ici au 2 décembre.
Fonds
22/11/2010

"Nous avons accru notre encours de 80 % cette année"

Muzinich, "le" spécialiste américain du haut rendement, dispose depuis moins de deux ans d'une antenne à Paris. Les produits de la gamme ont apparemment rencontré leur public, qui découvre progressivement les avantages du high yield à la fois comme diversification et comme adjuvant de performance.
22/11/2010

Amundi Deutschland se focalisera sur les institutionnels et les distributeurs

Lors d’une présentation à Francfort le 18 novembre pour officialiser le regroupement des activités de CAAM Deutschland et de SGAM Deutschland, Hubert Dänner, directeur général d’Amundi Deutschland a indiqué que la nouvelle entité a l’intention de se concentrer sur la clientèle institutionnelle (caisses de retraites, banques pour leur compte propre, entreprises et assurances) ainsi que sur les distributeurs (fonds de fonds, gestionnaires de fortune, plates-formes et banques privées).L’objectif consiste à doubler l’encours en Allemagne et en Autriche sous cinq ans à 7 milliards d’euros. Amundi Deutschland se focalisera sur les produits de performance absolue, les fonds d’actions et d’obligations émergentes, la volatilité et les obligations européennes et mondiales.En 2011 et les années suivantes, la filiale allemande se concentrera sur les produits «absolute return 2.0", les stratégies avec un profil de risque asymétrique et des stratégies sur l’inflation tant pour les marchés établis que pour les marchés émergents.
22/11/2010
Fonds

Oppenheim Fonds Trust commercialise les fonds de matières premières de Bache

Le gestionnaire colognais Oppenheim Fonds Trust (OPFT, 16,3 milliards d’euros d’encours au 30 septembre) a annoncé le 19 novembre qu’il commercialise désormais en Allemagne les fonds de la sicav luxembourgeoise Bache Global Series qui répliquent l'évolution des 19 indices de matières premières couvertes par l’indice Bache Commodity IndexSM (BCISM).Les trois groupes de l’indice sont l'énergie (maximum 49 % avec six composantes), les métaux (maximum 21,5 %, 5 composantes) et les matières premières agricoles (maximum 29,5 %, huit composantes). Bache gérait au 31 août plus de 700 millions de dollars en appliquant la méthodologie BCI. Les allocations stratégiques sont adaptées tactiquement à l'évolution des prix sur les différents marchés pour réduire les risques et les fluctuations.
Fonds
22/11/2010
Fonds

Shedlin lance un fonds immobilier focalisé sur le Brésil

Le gestionnaire Shedlin Capital de Nuremberg a annoncé le lancement du fonds immobilier fermé Shedlin Latin American Property 1 d’une durée de 7 ans et dont le volume se situera entre 35 et 40 millions d’euros répartis sur un maximum de sept projets résidentiels dans le Nord-Est du Brésil.La souscription minimale est fixée à 10.000 euros pour les particuliers, le droit d’entrée étant de 5 %. Le taux de rendement interne, après frais serait d’environ 12 % par an.Shedlin explique que le choix de la région Nord-Est du Brésil (Natal, Recife, Maceió) s’est imposé en raison de la forte croissance, de la stabilité de l’environnement politique ainsi que de l’organisation de la Coupe du monde de football en 2014 - Natal et Recife sont des sites où se dérouleront des matches - et des Jeux olympiques de 2016. Le Nord-Est est aussi une région qui attire beaucoup de particuliers hauts de gamme.La distribution du fonds s’effectuera au travers de partenaires sélectionnés.
Fonds
22/11/2010

Michael Mandel quitte comdirect pour la Commerzbank

Thorsten Reitmeyer prendra le 1er décembre les fonctions de président du directoire de comdirect bank. Il était ces quatre dernières années membre du directoire de la Commerzbank chargé de la gestion de fortune.Il remplace Michael Mandel qui est nommé membre du directoire de la Commerzbank avec les responsabilités de la clientèle de particuliers, des professionnels et de la gestion de fortune.Le nouveau président du conseil de surveillance de comdirect est, avec effet immédiat, Martin Zielke, responsable de la clientèle de particuliers au directoire de la Commerzbank.
22/11/2010

Gartmore fidélise John Bennett

Le gestionnaire britannique Gartmore, qui a annoncé son intention de distribuer 15 % de son capital aux gérants-clés suite au départ de Roger Guy, a offert plus de 9 millions d’actions à John Bennett en échange de la promesse qu’il restera trois ans ; il assumera la responsabilité de tous les fonds Europe (lire notre article du 9 novembre), rapporte Investment Week. Sa participation passe de 0,68 % à 3,18 %.Le CEO Jeffrey Meyer et le directeur mondial de la distribution, Phil Wagstaff, se sont vu attribuer respectivement 3 millions et 2 millions d’actions, leur participation augmentant ainsi à 1,9 % et 0,83 %.
22/11/2010

ETF price war spreads to Europe

p { margin-bottom: 0.08in; } DAB Bank has announced that its sales of savings plans in the form of shares in 59 db x-trackers ETFs have quadrupled since it began offering them with no commission, Financial Times FM reports. Deutsche Bank is financing the commission-free offerings from its brokerage affiliate MaxBlue and DAB-Bank by paying a share of the commission earned during the duration of the contract (5 years). The price war which is currently raging in the US ETF market is now spreading to Europe. In Germany, SBroker is offering ETF savings plans without commissions for 13 ETFlab ETF funds, and Commerzbank is preparing to do the same in early 2011 (with its ComStage ETFs). In the United Kingdom, Stocktrade (an affiliate of Brewin Dolphin) is in talks with three ETF promoters to launch commission-free savings plans in the near future.
22/11/2010

KTOs recruits a manager from HatherSage CM

p { margin-bottom: 0.08in; } The Japanese hedge fund management firm KTOs Capital Partners has recruited Bill Lipschutz from Hathersage Capital Management to manage a currencies fund in New York, which will be launched in December and will be aimed at Japanese pension funds, Hedge Week reports. The objective is to collect USD300m in the first year. The fund will focus on currencies of the G10 countries.
22/11/2010

Axa Rosenberg plans to remain in Axa family

p { margin-bottom: 0.08in; } Agefi reports that Dominique Carrel-Billiard, CEO of Axa IM, says that Axa Rosenberg is planning to remain a part of Axa IM. “It is pertinent, as we want to offer a wide range of management styles to our investors,” he explains. According to the head, the difficulties at the US affiliate, which will post outflows of EUR40bn this year, will begin to be stemmed next year. “The challenges for next year will be to reform support functions in the image of the network infrastructure,” says Carrel-Billiard. Axa IM is planning to make enriching its range of core products (portfolio products) a priority.
22/11/2010

Three appointments in Switzerland and Luxembourg for Petercam

p { margin-bottom: 0.08in; } Agefi Switzerland reports that Petercam has announced three appointments to Petercam Banque Privée Suisse and Petercam Luxembourg in order to make the growth of their activities in Switzerland and Luxembourg more dynamic. Cédric Roland-Gosselin joins Petercam Banque Privée Suisse as deputy CEO. Ghislain Nys is appointed as a mamber of the board at Petercam Luxembourg, and director and head of private banking, more specifically in charge of commercial development in Luxembourg. Bernhard de Jonghe d’Ardoys rejoins the group as director of Petercam Luxembourg and head of Estate Planning activities in Luxembourg.
22/11/2010

Morgan Keenan sentenced by Finra

p { margin-bottom: 0.08in; } On 19 November, the Boca Raton panel of the Financial Industry Regulatory Authority (Finra) sentenced Morgan Keenan, an affiliate of Regions Financial Corp, to pay USD1.82m to Frank and Brenda Flautt, their foundation, and their businesses, the Wall Street Journal reports. The plaintiffs had invested in a bond fund sold by Morgan Keegan, which suffered very heavy losses in 2007 and 2008. They sued Morgan Keenan for breach of fiduciary duty, misrepresentation and selling unsuitable investments.
22/11/2010

New York attorney general files suit against Steven Rattner

p { margin-bottom: 0.08in; } The Frankfurter Allgemeine Zeitung reports that Andrew Cuomo, the attorney general and future governor of New York, has filed a suit against Steven Rattner in the “pay-to-play” scandal involving the New York state pension fund. The suit accuses the “car czar” of receiving favours in exchange for ensuring mandates for his former management firm. Cuomo is seeking to get Rattner barred from the financial profession for life, and a fine of USD26m. Rattner has already reached an out-of-court settlement with the SEC, by the terms of which he agreed to a professional bar of 2 years and a fine of USD6.2m.
22/11/2010

SEC plans to more closely monitor investment advisers

SEC commissioners on 19 November adopted a proposal by four votes which tighten sthe regulatory framework for hedge funds and venture capital funds, a proposal (http://www.sec.gov/news/press/2010/2010-228.htm) which is now open for a market consultation for a period of 45 days. It is the regulator’s interpretation of the Dodd-Frank Wall Street Reform and Consumer Protection Act.Requirements to register with the SEC will be imposed on all funds, including private equity funds which were exonerated by the Dodd-Frank law, with assets of over USD100m (up from USD25m previously); in addition, the proposal eliminates the exemption which had applied to hedge funds. All investment advisors will be required to provide information to the regulatory about assets, investors, their auditor, their brokers, and other service providers.Funds which become subject to the registration requirement will be required to appoint a head of compliance, establish a code of compliance, and to undergo inspections by SEC personnel.This will also for the first time permit a clear survey of the sector, the regulator says.
22/11/2010

Former SocGen trader convicted of theft

p { margin-bottom: 0.08in; } A US District Court in Manhattan on 19 September found Samarth Agrawal guilty of theft of professional secrets and transportation of stolen property. Agrawal admitted to having stolen a code and a program for high frequency trading from Société Générale. He copied them in the hopes of selling them to a rival of the French bank before resigning in November 2009; he is now facing 46 to 57 months in prison. He has been incarcerated since his arrest. The verdict will be handed down in February 2011.
22/11/2010

Major enquiry into potential insider trading

p { margin-bottom: 0.08in; } The Wall Street Journal reports that the New York attorney general’s office, the FBI and the SEC are preparing a major investigation of a potential insider trading ring which may involve consultants, investment bankers, hedge fund and mutual fund managers, as well as analysts throughout the United States. In the vast majority of cases cited, businesses have declined to comment. Officials are also looking into the relationships between some professional firms which may have provided expert assistance to the financial industry. The newspaper names Primary Global Research, Goldman Sachs Broadband Research (whose head announced in a message to SAC Capital Advisors, Citadel AM, Janus Capital Group, Wellington Management and MFS Investment Management that his offices had been visited by two FBI officers seeking to use him as bait in a sting operation), and First New York Securities. The SEC has also issued requests for information about several transactions by Ziff Brothers, Jana Partners, TPG-Axon Capital Management, Jennison Associates (Prudential Financial), UBS Financial Services and Deutsche Bank, which also all refused to comment.
22/11/2010

Turner changes head of sales

p { margin-bottom: 0.08in; } Jim Wiley, who was recruited in September as chief marketing officer, will now take over distribution for Turner Investment Partners, Mutual Fund Wire reports. The promotion comes as a result of the fact that Ed Kerpius, who was recruited two years ago from BostonCoach (Fidelity), has resigned, and will be leaving the business at the end of the year.
22/11/2010

IndexIQ forms partnership with Rocaton

p { margin-bottom: 0.08in; } IndexIQ, a specialist in index-based hedge fund management, on 18 November announced that it has formed a strategic partnership with Rocaton Investment Advisors (USD270bn in assets advised), an independent consultant specialised in institutional clients. The two businesses are planning to develop and launch institutional investment solutions together and to distribute them widely, particularly to high net worth private clients. To support the cooperation, Rocaton has bought a minority stake in IndexIQ, of a size and amount which have not been disclosed.
22/11/2010

Norges Bank owns 7.5% of BlackRock

p { margin-bottom: 0.08in; } The Norwegian central bank, Norges Bank, owns 7.5% of BlackRock, or 9.85 million shares, according to a document submitted to the Securities and Exchange Commission on Thursday. The announcement of the increased stake comes on the heels of a sale by Bank of America and PNC Financial Services Group of BlackRock shares.
22/11/2010

Westwood completes acquisition of McCarthy

p { margin-bottom: 0.08in; } On 19 November, Westwood Holdings Group (USD10.6bn) announced that it has completed its acqusition of McCarthy Group Advisors, or MGA (see Newsmangers of 23 September), which managed over USD1.1bn as of 30 September for high net worth clients and institutional investors. As planned, MGA becomes the Omaha branch of Westwood Trust (USD1.9bn). The McCarthy Multi-Cap Stock Fund (Usd64.5m) will be integrated with the range of five mutual funds sold by Westwood under the WHG brand, including the WHG LargeCap Value Fund, which came into the range throught eh acquisition of the Philadelphia Fund one year ago.
22/11/2010

Invesco loses a team from MSIM

p { margin-bottom: 0.08in; } Gregory Lai and five other members of his US large caps team, who were recruited by Morgan Stanley Investment Management (MSIM) on 1 May 2007, have left Invesco, which acquired MSIM, Mutual Fund Wire reports. The six people concerned are planning to bring back Affinity Investment Advisors, their original management firm before its acquisition by MSIM.
22/11/2010

Lyxor recruits Robert Picard

On Friday, Lyxor Asset Management (Société Générale) announced the recruitment of Robert Picard as US head of managed account development. He will be based in New York, and will report to Lionel Erdely, CEO of Lyxor United States.Erdely, former CIO and head of hedge fund research at Optima Fund Management, was most recently senior adviser for the financial establishment solutions and restructuring team at Navigant Consulting.
22/11/2010

Warren Buffett and John Paulson make opposite moves on financial sector

p { margin-bottom: 0.08in; } In the past quarter, Berkshire Hathaway, the firm controlled by Warren Buffett, once again increased its stake in Wells Fargo and for the first time declared a stake in BNY Mellon. It also increased its stake in Munich Re to over 10%, the Frankfurter Allgemeine Zeitung reports. However, the hedge fund management firm Paulson has liquidated its shares in Goldman Sachs, and reduced its stakes in Citigroup, Bank of America and J.P Morgan Chase.
22/11/2010

FrontPoint Partners to close hedge fund investing in the health sector

p { margin-bottom: 0.08in; } La Tribune reports that the US asset management firm FrontPoint Partners will be closing its hedge fund investing in the health sector, with assets of USD1.5bn. The decision comes after Dr. Yves Benhamou, one of its portfolio managers, was accused of insider trading for disclosing information about results.
22/11/2010

Institutional share classes attracts a growing number of investors

p { margin-bottom: 0.08in; } In total, investors have withdrawn USD90bn from US equities funds since the beginning of 2009, according to Morningstar. However, the Wall Street Journal points out, this total is the result of two opposing trends. Investors withdrew over USD162bn from retail share classes, but net subscriptions for institutional shares, which are often held by 401(k) savings plans or fee-based brokerage accounts, represented USD72bn.

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