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22/11/2010

Shedlin launches a real estate fund focused on Brazil

p { margin-bottom: 0.08in; } The Nuremberg-based asset management firm Shedlin Capital has announced the launch of the closed real estate fund Shedlin Latin American Property 1, with a duration of 7 years, and a volume which will range from EUR35m to EUR40m, spread over a maximum of seven residential projects in northeastern Brazil.Minimal subscription is set at EUR10,000 for retail investors, while the front-end fee is 5%. The internal return rate, after costs, is about 12% per year. Shedlin explains that the choice of the northeastern part of Brazil (Natal, Recife, Maceió) was made because of strong growth, stability of the political environment, and the upcoming World Cup in 2014, and Olympics in 2016. Northeastern Brazil is also a region which attracts a lot of high net worth individuals. In addition, Natal and Recife will be locations for World Cup football matches.Distribution of the fund will be made through selected partners.
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

Gartmore grants a stake in the firm to John Bennett

p { margin-bottom: 0.08in; } The British management firm Gartmore, which has announced plans to distribute 15% of its capital to key managers, following the departure of Roger Guy, has offered more than 9 million shares to John Bennett in exchange for a promise that he will remain for three years; he will be in charge of all European funds (see Newsmanagers of 9 November), Investment Week reports. His stake increases from 0.68% to 3.18%. The firm’s CEO, Jeffrey Meyer, and the global head of sales, Phil Wagstaff, received 3 million and 2 million shares, respectively, bringing their respective stakes to 1.9% and 0.83%.
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

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

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.
22/11/2010

Hedge fund created in Paris

p { margin-bottom: 0.08in; } The former economic adviser to Matignon, Alain Demarolle, who has spent three years in London at Eton Park, has chosen Paris as the site for the launch of his hedge fund specialised in European large caps, Agefi reports. The Luxembourg-registered Sicav, Alura Capital Partners, began operations in early October, with clients such as CNP Assurances, OFI AM and the Swiss private bank JP Hottinguer. It will aim for assets of EUR500m. Alura Capital is active in long/short and event-driven strategies, which the firm is hoping to sell to US investors, though its clients are evenly divided between France and the rest of Europe. The fund has monthly liquidity, the newspaper reports. Its investment horizon is about 6 months, with leverage limited to a maximum of 200%.
22/11/2010

La SEC et la CFTC font des propositions

Les autorités américaines de régulation ont proposé vendredi de nouvelles règles visant à accroître la transparence des marchés de produits dérivés, des hedge funds et des sociétés de capital-investissement. La CFTC n’a précisé aucune limite de temps pour déclarer les transactions de certains dérivés effectuées par un investisseur, mais s’est contentée de dire que cela devait être fait «dès que c’est technologiquement possible». La CFTC a proposé que les données sur les blocs de titres standardisés et les swaps dont le montant notionnel est important soient conservées pendant 15 minutes avant d'être rendues publiques. De son côté, la SEC a proposé de rendre obligatoire l’enregistrement des conseils travaillant pour les fonds d’investissement et les fonds d’arbitrage gérant plus de 150 millions de dollars d’actifs. La CFTC et la SEC vont évaluer les commentaires qui seront faits sur leurs propositions au cours des deux prochains mois.
22/11/2010

Télésat en quête d’acquéreurs

L’exploitant canadien de satellites fixes a mandaté trois conseillers financiers (JPMorgan, Morgan Stanley et Credit Suisse) afin d’organiser sa cession. Bloomberg avance que le montant de la vente pourrait atteindre 6 à 7 milliards de dollars. Télésat aurait déjà été approché par Intelsat, détenue par les fonds BC Partners et Silver Lake.
22/11/2010

Retraits massifs des fonds obligataires municipaux

Selon Lipper, les investisseurs ont retiré en net près de 3 milliards de dollars des fonds de «municipal bonds» au cours de la semaine close mercredi, soit le montant le plus important jamais enregistré. Lors de la semaine précédente, les retraits n’avaient atteint que 34 millions de dollars.
22/11/2010

Gartmore en quête d’une autre issue

Goldman étudie à un stade préliminaire l’acquisition d’un certain nombre de gestionnaires alternatifs qui pourraient être intégrés à Gartmore afin de pouvoir éviter la vente de ce dernier. Cette cession semblait inévitable depuis l’annonce du départ du gérant Roger Guy il y a deux semaines. Le hedge fund londonien Artemis serait sur les rangs.
22/11/2010

Nordic Capital lorgne Britax Childcare

Le groupe suédois de private equity devrait annoncer aujourd’hui l’acquisition de Britax Childcare Holdings, groupe d'équipement pour enfants, pour un montant de 450 millions de livres (524 millions d’euros), selon le quotidien qui ne cite pas ses sources. Carlyle avait acheté Britax il y a 5 ans pour 230 millions de livres.
22/11/2010

Un nouveau fonds alternatif à Paris

Alura Capital, le fonds d’Alain Demarolle - passé par Matignon - a démarré ses activités le mois dernier en choisissant d'être basé en France plutôt qu'à Londres. Spécialisé dans les actions européennes, il espère atteindre en vitesse de croisière les 500 millions d’euros d’actifs.
22/11/2010

Axa IM cherche à repartir de l'avant

Axa IM, qui détenait 75 % d’Axa Rosenberg, a finalisé début novembre l’acquisition de l’intégralité de la filiale, qui «a vocation à rester» au sein du groupe. Le président d’Axa IM mise sur l’élaboration de synergies dans la distribution et les fonctions support.

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