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06/04/2010

Bono's fund buys 1% stake in Facebook

Elevation Partners, an investment fund in which Bono, the singer for the group U2, is one of the shareholders, at the end of 2009 bought a 1% stake in the social network Facebook for USD90m, Cinco Días reports. Facebook has declined to comment. In early 2010, Elevation Partners went on to invest USD25m in Yelp, a social networking startup; the fund has since confirmed its plans to increase its investment in the firm to USD100m.
06/04/2010

Private equity fund buys a stake in a hedge fund

La Tribune reports that Petershill Fund Offshore LP, a private equity fund from Goldman Sachs, has announced that it has acquired a minority stake in a USD4bn hedge fund by David Ganek, entitled Level Global Investors LP. The business bank says that it will not take part in investment decisions, the newspaper adds.
06/04/2010

AAA rating for UK government bonds under pressure

Pimco continues to be highly negative about the outlooks for British government debt. Scott Mather, director of international portfolio management at the largest manager of bond funds in the world, estimates that the UK may lose its AAA rating in the next twelve months, according to reports by Reuters. He also estimates that the European Union’s plan in support of Greece will be ineffective. “There will need to be miracles in the next six months to maintain economic growth in the developed world,” Mather said in Taipei. As a result, Pimco recommends an underweight exposure to government bonds from the UK, the US and Europe. In January, the co-founder and co-head of investment at Pimco, Bill Gross, expressed his reservations about UK government debt, remarking that gilts were sitting on a “bed of nitroglycerine.” Standard & Poor’s has recently placed its AAA rating for the United Kingdom on a watch with negative outlook.
06/04/2010

Aviva Investors restructures its business development

Following the departures of Adam Lessing, head of business development Europe, and Kirk Skarba, head of business development Central Europe, at the end of December, Aviva Investors appears to be in the process of restructuring its global business development activities, Fondsprofessionell reports. The new scheme is said not to be organized around countries, but instead on three types of clients: financial institutions, institutions, and Aviva. Fondsprofessionell suggests that the reorganization may be a part of a cost reduction effort, as revenues are not developing as positively as expected.
06/04/2010

Carlyle recruits former head of private equity for Dubai sovereign fund

Carlyle, the US-based private equity group, has poached Eric Kump, head of Dubai International Capital’s European private equity team, says the Financial Times. Eric Kump will on Tuesday be unveiled by Carlyle as a new managing director in its European buy-out team, only two years after he was hired by the sovereign wealth fund.
06/04/2010

Guillaume Rambourg violated procedures which had been in place since May 2009

Jeff Meyer, CEO of Gartmore, says the manager Guillaume Rambourg, who controls a 4% stake in the management firm, was dismissed last week for continuing to give instructions to the trading floors about brokers to be used in specific transactions, which has been forbidden since 15 May 2009. To do this, he did not use the Gartmore IT system, but the Bloomberg instant messenger system, the Sunday Times reports. Meyer, however, says he is convinced that Rambourg did not do this for personal profit. All communications external to the manager (email, instant messaging, phone calls and other data) will now be analysed by the law firm Clifford Chance, which will take three weeks.
06/04/2010

software-systems launches a “3D” fund ratings concept

The Austrian firm software-systems will on 5 May launch its new three-dimensional ratings concept, FER3D, at the Finance & Ethics (FER) conference. The components will include fund risk ratings according to European regulatory standards, performance in comparison with other funds in the same peer group, and ethical/dynamic EDA ratings (see Newsmanagers of 13 July 2009).
06/04/2010

Offshore funds now integrated into IMA classification system

The British investment management association (IMA) on 2 April announced that it has now integrated offshore funds into its classification system. 91 funds will be included in 17 existing classes.About 180 funds were candidates for integration into the IMA grid; the association says that 69 more are nearing approval.
06/04/2010

Threadneedle to offer two tech funds

According to Citywire, Threadneedle is planning to transfer two US technology funds from its sister company Seligman into its Sicav. The two funds, Threadneedle Global Technology and Threadneedle US Communication, will thus be opened to investors in Europe.
06/04/2010

Coordinator appointed for joint ACP-AMF unit

Danièle Nouy, secretary general of the French pension regulatory body Autorité de contrôle prudentiel (ACP), and Thierry Francq, secretary general of its financial counterpart, the Autorité des marchés financiers (AFP), on 2 April announced the appointment of the deputy secretary general for pension control, Fabrice Pesin, as coordinator of the joint ACP-AMF unit for supervision of relations between professionals and their clients, created by an ordnance passed on 21 January 2010. His counterpart at the AMF is Natalie Lemaire, director of the office for relations with savings investors. The coordinator has been appointed for a period of two years, and the position will be held alternately by individuals from the ACP and the AMF. Pesin has been appointed until 31 December 2011. From 1 January 2012, Lemaire will succeed him. Pesin, a graduate of the École Polytechnique and of the École Nationale de la Statistique et de l’Administration Économique (ENSAE), and director of INSEE, joined the ACP in March 2010 as deputy secretary general.
06/04/2010

Gartmore teams up with Hermes in private equity

Gartmore has announced the completion of the joint venture with Hermes Fund Managers Limited to combine Private Equity fund of fund businesses into a new vehicle, Hermes GPE LLP. At inception, Hermes GPE LLP will have combined assets under management of GBP4.1 billion.
06/04/2010

Former Rambourg fund under watch

Fund Strategy reports that Hargreaves Lansdown has withdrawn the Gartmore European Absolute Return Fund from its “Wealth 150” list of recommended funds, following the suspension of its manager, Guillaume Rambourg.
06/04/2010

Wave of redemptions hits Nevsky Capital

Nevsky Capital, the USD7bn London hedge fund manager, was hit last week by more than USD1bn of redemption requests from investors seeking to leave its flagship hedge fund, Nevsky Fund. The outflows follow the disclosure that Martin Taylor and Nick Barnes, the fund’s two star managers, were planning to step down next spring, says the Financial Times. In a letter to investors, the fund’s directors said the fund was unlikely to continue after the pair left.
06/04/2010

Marcel Herbst joins Weston Capital

Hedge Week reports that Weston Capital Management has appointed Marcel Herbst as a member of the board of directors. Marcel Herbst, who was previously managing director at Harcourt, will be in charge of development for international activities and the creation of strategic partnerhships.
06/04/2010

ABP confirms interest in microfinance

ABP, the pension fund for Dutch civil servants, has invested USD30m (EUR22.3m) in a global private equity microfinance fund from Grassroots Capital, says IPE.com. It means ABP’s holding in microfinance debt and private equity has now grown to USD215m since it first invested $5m in this strategy with Dexia Asset Management in 2005.
06/04/2010

Reputation of Berkshire Hathaway up, AIG and Citigroup down

According to a survey by Harris Interactive, the reputation of the business world is “not good” or “catastrophic” in the opinion of 81% of those surveyed. Agefi reports. At the top of the list of businesses with the worst reputations are AIG and Citigroup. At the other end of the spectrum is Berkshire Hathaway, whose head, Warren Buffett, is regarted as a man who effectively leads his business without excessive remuneration.
06/04/2010

Nationwide hands a new mandate to JP Morgan

Nationwide Funds Group (NFG), which includes the asset management activities of Nationwide Financial Services, has asked JP Morgan to provide it with more services. In addition to custody and securities lending, JP Morgan will take charge of accounting, administration and settlement. NFG manages about USD32bn in 92 mutual funds.
06/04/2010

Star managers striking out on their own

According to a study by Prince Associates, 48% of private banking clients in the United States withdrew their assets from their bank between September 2008 and January 2010. 40% of them opted for a multi-family office, while 26.4% chose an independent management firm, Expansión reports. This development coincides with an increase in departures of star managers to found their own businesses. For example, Joan David Grimá left Santander to create Tegri Asesoramiento, while Zoe Cruz, former co-president of Morgan Stanley, is launching the hedge fund management firm Voras Capital Management. Eric Brugel and Jeff Erber (formerly of Merrill Lynch) have gone into the wealth management business, with Grey Own Capital Management, while Erich Thurber, Fred Molfino and Mrett Sharkey (formerly of Morgan Stanley Smith Barney) have followed their example, founding Three Bridge Wealth Advisors. The four founders of Old Lane (Citigroup) and their executive director, Guru Ramakrishnan, at the end of 2009 launched the hedge fund Meru Capital Group (EUR200m in assets), while Justin Kennedy (formerly of Deutsche Bank) is preparing to launch a real estate fund. Florian de Sigy, director of structured products for Europe at Deutsche bank, has launched a hedge fund management firm, Gamma Finance, with Javier Rodriguez, a former director of Barclays Global Investors. Lastly, Andrew Bodner has joined his father Martin, also formerly of UBS, to found a firm in New Jersey, while Arié Assayag (formerly of SocGen) has joined 30 senior managers to launch a hedge fund.
02/04/2010

Mercer se renforce en Asie

La firme de conseil Mercer a recruté Stephen Roberts au poste nouvellement créé de responsable de la gestion des investissements dans la zone Asie-Pacifique et annonce son intention de se développer sur le marché de la multigestion dans la région.Stephen Roberts, qui était précédemment chez Russell Investments, managing director des services d’investissement dédiés à la clientèle institutionnelle dans la zone Australasie, prendra ses fonctions le 19 avril prochain à Sydney.
02/04/2010

Whitehall et Cerberus prévoient d'introduire GSW en Bourse

Selon deux proches du dossier cités par Reuters, les fonds Whitehall de Goldman Sachs et le capital-investisseur Carberus devraient décider juste après Pâques quelle proportion du capital de la société allemande d’immobilier résidentiel GSW ils vont faire introduire en Bourse, rapporte la Börsen-Zeitung. Il est question de 500 millions d’euros sur des fonds propres de 950 millions. GSW devrait percevoir à cette occasion 150 millions d’euros pour réduire son endettement et procéder à quelques acquisitions.
02/04/2010

SG Private Banking détecte des anomalies en Asie

L’Agefi rapporte que la Société Générale a découvert des irrégularités dans la gestion d’un compte client par l’un de ses banquiers privés à Singapour en février. Un audit interne a été diligenté, précise le quotidien, et les autorités de Singapour en ont été «immédiatement» informées».
02/04/2010
Fonds

Robeco fait enregistrer son Small Cap Euro en Espagne

La CNMV accorde son agrément de commercialisation en Espagne au fonds de droit français Robeco Small Cap Euro (19,45 millions d’euros) géré par Dominique Dequidt et Anne-Sélime de Murard. L’objectif de ce fonds de petites capitalisations de la zone euro lancé le 8 janvier 2008 consiste à surperformer l’indice MSCI EMU Small Cap Total Return, mais avec une volatilité inférieure à celle du benchmark.
Fonds

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