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15/10/2010

UK firm GPP launches a new service

p { margin-bottom: 0.08in; } The UK firm Global Prime Partners (GPP) has announced the launch of the first prime brokerage service in Europe, which provides settlement, custody, securities lending and financing services to new hedge funds. GPP will initially focus on young hedge funds or managers starting out in the profession, with less than USD100m in assets under management. “This market segment is not correctly covered by the major banks, and represents a major opportunity for GPP. Capital flows in hedge funds are smaller than a few years ago, and many managers start out with USD5m to USD25m in assets. We can help them to start out, to manage at a lower cost, and to provide a new, more robust service than the major banks,” says Kevin LoPrimo, head of prime brokerage at GPP.
15/10/2010

BlackRock hires a manager from Brevan Howard

Ian Winship has joined the sterling fundamental fixed income team at BlackRock in London as a senior portfolio manager. He was most recently at Brevan Howard where he was head of absolute return product. Previously he spent 11 years at Aberdeen Asset Management as head of global rates.In his role at BlackRock, Ian Winship will report to Paul Shuttleworth, head of sterling fixed income. He will focus primarily on sterling rates and on developing the business in the UK.
15/10/2010

GLG shareholders approve merger with Man Group

Man Group and GLG Partners have announced on October 14 that the recommended acquisition of GLG by Man has been completed. GLG shareholders have approved the deal. Peter Clarke, chief executive of Man, said: “The acquisition of GLG is a significant milestone in Man’s development as a global leader in alternative asset management. The combined firm will have expertise in a wide range of investment styles including managed futures, equity, credit, emerging markets, global macro and multi-manager”.
15/10/2010

Brevan Howard to list a fund

Brevan Howard is set to list its Credit Catalysts fund in London, which returned 44% between May 2008 and August 2010, says Citywire. The fund is run by DW Investment Management, a specialist credit manager based in New York.
15/10/2010

James Caird launches a mortgage fund

James Caird Asset Management, the USD2.5bn credit hedge fund created out of Moore Capital, is going to launch a new fund to invest in distressed US mortgage bonds. The vehicle will launch with USD100m of assets under management.
15/10/2010

Ahorro Corporación network now offers Carmignac funds

p { margin-bottom: 0.08in; } The 23 Spanish savings banks which make up the Ahorro Corporación platform are now offering the 18 funds from Carmignac Gestion, 13 of which already have a sales license for Spain, Cinco Días reports. The network has a network of over 7,000 branches, in addition to virtually all the major mid-sized banks. Ahorro Corporación has already signed agreements with 13 foreign management firms, including Fidelity and JP Morgan, for over 1,000 funds. Carmignac already offers its funds via Allfunds Bank, Banco Sabadell, Banesto and Banco Pastor, among others. The CNMV’s list of firms which distribute Carmignac funds also includes Banif, Santander and BBVA, though the latter has assured Cinco Días that it does not currently sell any Carmignac products.
15/10/2010

Standish promotes David Leduc to CIO for active fixed income

p { margin-bottom: 0.08in; } David Leduc, managing director of global fixed income and senior portfolio manager in charge of management of all non-US and global bond strategies, has been appointed chief investment officer of active fixed income at Standish Mellon Asset Management Company, an affiliate of BNY Mellon Asset Management. Leduc joined Standish in 1995. Leduc replaces Kent Wosepka, “who has decided to pursue a new professional challenge” after many years at Standish. Standish, a boutique specialised in bonds, has assets of UDS71bn.
15/10/2010

FRR supports Emerging Markets Disclosure Project

The French pension fund FRR supports the initiative promoting transparency in the emerging markets (Emerging Markets Disclosure Project, EMDP). «In markets around the world that are still lacking transparency, it is very important to encourage businesses to disclose more extra-financial information than they currently do, so as to facilitate their financing by providing investors with a better way of assessing the threats and opportunities they present over the long term», says a press release issued on October 14. Supported by the World Bank and the United Nations, the EMDP initiative unites international investors (50 signatures to date, representing assets under management valued at more than a billion dollars). Under this initiative, businesses in emerging countries are being asked to disclose information on their triple-bottom line performances using the framework provided by the Global Reporting Initiative (GRI). Groups of local and international investors have been formed to conduct a dialogue with the large corporations in various markets. Convinced of the importance of full disclosure in the area of sustainability, the FRR hopes that asset management firms with which it works will support this initiative and play an active role in its implementation.
15/10/2010

Natixis AM preparing new funds

The bond team at Natixis Asset Management, which on 28 September gained three specialists from SGAM-Amundi, Brigitte Le Bris, Clothilde Malaussène and Sébastien Thénard (see Newsmanagers of 8 October), now has 107 people, 60 of whom are managers and 20 are analysts, under the leadership of Ibrahima Kobar, with total assets of EUR230-240bn (including money market funds).The manager will be able to develop its expertise in the areas of currencies and emerging market products. This will result in the launch of a pure currencies fund and a global bond product, either hedged for currency risks or not, in the near future. The team is structured into three parts, one for government bonds, one for credit, and one for aggregate multi-strategy.
15/10/2010

Hedge funds having trouble finding sources of alpha

Despite good results in September, hedge funds are still experiencing difficulty in finding solid sources of outperformance, the ratings agency Fitch Ratings says in its most recent quarterly letter dedicated to hedge funds. “Systemic risk has not dissipated and continues to cause difficulties for directional strategies, particularly equities and macro, which have been particularly affected by increasing correlations between asset classes, and the behaviour of the market, which has been described as “risk-on/risk/off,” says Olivier Fines, managing partner at EMEA Fund and Asset Manager Rating.At the same time, Fines adds, “relative value and event-driven strategies have managed to profit from low interest rates, an increase in corporate activity, and a wider range of inefficiencies in various fixed income sectors, interest rate curves, and credit.”Aymeric Poizot, senior director and head of the group at EMEA Fund and Asset Manager Rating, says “investors may need to refresh their approach to evaluating the merits and the logic behind investing in hedge funds. Expectations of returns need to be revised downward, and the emphasis is increasingly on the flexibility of managers, i.e. on their trading abilities in macro and long/short strategies, and on their relative size and diversification in relative value and event strategies.”
15/10/2010

Image of BRIC countries improves

p { margin-bottom: 0.08in; } According to the most recent Nations GfK Roper 2010 image survey, which measures the global image of 50 countries, two BRIC countries have made major progress, though they are not yet in the top 10: Brazil and China, which have risen from 21st to 14th place in the export area. The United States is still on top, despite mediocre rankings for some areas such as responsible behaviour for “peace and security” (21st), or responsible environmental protection policy (26th). In the top 10, major changes have taken place, as Spain has fallen out of the top 10. Canada has overtaken Italy, and France has fallen to third place, behind Germany.
15/10/2010

Martin Currie loses head of development for Asia

p { margin-bottom: 0.08in; } Asian Investor reports that Chen Ee-Fang has left the British asset management firm Martin Currie, where he was head of development for the Asian region. The position will be occupied in the interim by Kimon Kouryialas, head of Martin Currie for Asia-Pacific, who will move from Australia to Singapore at the beginning of November to find a successor to Chen.
15/10/2010

Lancement du VIX canadien la semaine prochaine

TMX group s’apprête à lancer un indice de la volatilité qui sera publié par Standard & Poor’s. Le S&P/TSX 60 VIX mesurera la volatilité implicite selon la même méthodologie que celle retenue par le CBOE pour le Volatility Index (VIX), lancé en 1993.
15/10/2010

Premier closing pour Idinvest Private Debt

Idinvest Partners (ex-AGF Private Equity) a annoncé jeudi le premier closing à 167 millions d’euros de son fonds destiné aux investissements en mezzanine sur le mid-market européen «Idinvest Private Debt». Le fonds vise un encours de 250 millions d’euros dans la perspective d’un closing final attendu pour le second semestre 2011.
15/10/2010

Les investissements de BNP Paribas REIM baissent

BNP Paribas REIM a investi 145,7 millions d’euros sur les neuf premiers mois de l’année 2010. Les acquisitions de biens immobiliers réalisées pour le compte de fonds réglementés ont ainsi diminué de 8 % par rapport à l’an dernier. Sur la même période, les cessions se sont élevées à 28,5 millions d’euros, soit moitié moins que sur les neuf premiers mois de 2009.
15/10/2010

NiXEN Partners prend son indépendance

Fruit du rapprochement entre N.I. Partners et iXEN Partners, deux sociétés historiquement filiales de Natixis Private Equity, NiXEN Partners a fait part de sa prise d’indépendance. La société gère NiXEN I (473 millions d’euros) et a lancé NiXEN II, avec un premier closing de 100 millions d’euros. Cette annonce s’inscrit dans le cadre de la cession des activités de private equity pour compte propre en France de Natixis à Axa PE, dont la réalisation effective a été officialisée hier.
14/10/2010

Le fonds Lone Star va revendre IKB

Selon la Tribune, le fonds d’investissement américain Lone Star a entamé le processus de vente de la banque IKB. Une vente au premier trimestre 2011 est envisageable. IKB espère « des profits substantiels » d’ici deux ou trois ans, a déclaré Bruno Scherrer, le patron de Lone Star en Europe, note la Tribune qui reprend ses propos dans le Handelsblatt.
14/10/2010

Lone Star veut revendre l'IKB

Bruno Scherer, head of Europe, a indiqué au Handelsblatt que le capital-investisseur Lone Star met en vente la banque allemande IKB, le dossier devant être présenté dès novembre à des repreneurs potentiels et la cession pouvant intervenir dans le courant du premier trimestre 2011.Désormais, ajoute-t-il, la banque des PME est assainie après avoir chuté sur les subprimes et devrait donc être attrayante pour un nouveau partenaire stratégique, que ce soit une banque, des capital-investisseurs ou des fonds souverains. Lone Star avait acheté l’IKB pour 150 millions d’euros.
14/10/2010

Goldman Sachs AM lance une nouvelle activité immobilière

Goldman Sachs Asset Management (GSAM) vient de lancer une nouvelle activité d’investissement dans l’immobilier «core». Elle portera sur l’investissement et la gestion d’actifs immobiliers de qualité, principalement aux Etats-Unis, pour le compte des clients de GSAM. Pour diriger cette activité, la société de gestion a recruté Jeffrey A. Barclay, lequel était précédemment chez ING Clarion Partners en tant que managing director. Il rejoindra GSAM en novembre 2010 et sera basé à New York.
14/10/2010

La gestion d’actifs de JPMorgan collecte 38 milliards de dollars au 3ème trimestre

Au troisième trimestre 2010, la division Asset Management de JPMorgan a enregistré des souscriptions nettes de 38 milliards de dollars, dont 27 milliards ont concerné des produits monétaires et 11 milliards des produits de long terme. Néanmoins, sur la période de 12 mois à fin septembre, la société accuse des rachats nets de 42 milliards de dollars. Les encours sous gestion sont ressortis à 1.300 milliards de dollars à fin septembre, soit un niveau stable par rapport à l’année précédente, en raison de sorties nettes sur les produits monétaires, qui ont été compensés par des souscriptions nettes sur les produits long terme et la hausse des marchés. Les actifs sous supervision sont de 1.800 milliards de dollars.L’activité gestion d’actifs de JPMorgan a dégagé au troisième trimestre un bénéfice net de 420 millions de dollars, en léger repli de 2 % par rapport à l’année précédente. Le revenu net est ressorti à 2,2 milliards de dollars, soit 4 % de plus que l’an passé. Cela se répartit entre 1,2 milliard pour la banque privée (+9 %), 506 millions pour l’institutionnel (-5 %) et 485 millions pour le retail (+3 %). A noter que la banque dans son ensemble a dégagé un bénéfice net en hausse de 23 % à 4,4 milliards de dollars au troisième trimestre.
14/10/2010
Fonds

Eaton Vance confie un mutual fund actions à Richard Bernstein

Eaton Vance Management a annoncé le 12 octobre le lancement du Eaton Vance Richard Bernstein Multi-Market Equity Strategy Fund, un mutal fund de performance absolue qui est confié à Richard Bernstein, CEO et CIO de Richard Bernstein Advisors LLC (RBA), en tant que subadvisor. La stratégie de gestion combine les approches macro-économique (top-down) et une construction de portefeuille sur mesure fondée sur l'évaluation par RBA de toute une gamme d’indicateurs exclusifs ou non ainsi que sur l’analyse et le sentiment macro-économique du gestionnaire. Le portefeuille pourra être investi dans toutes les classes de capitalisation, en actions américaines ou étrangères, de pays développés ou émergents.La sélection de valeurs s’appuiera sur un filtrage quantitatif et une étape d’optimisation pour obtenir l’exposition désirée aux marchés tout en gérant le risque spécifique à chaque titre.
Fonds
14/10/2010

Six banques créent un fonds de financement des PME

Lloyds, HSBC, Barclays, RBS, Standard Chartered et le Santander ont créé un fonds de 1,5 milliard de livres destiné au financement des petites et moyennes entreprises britanniques sous le parrainage de la British Bankers Association, rapporte Cinco Días. Cette initiative fait suite à la menace du gouvernement de restreindre les bonus si les crédits ne se fluidifient pas.

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