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12/01/2010
Fonds

AGI compte lancer en mars deux fonds de performance absolue

Nick Smith, managing director et head of fund distribution d’Allianz Global Investors (AGI) au Royaume-Uni, a annoncé selon Investment Week qu’un fonds actions et un fonds multi-classes d’actifs, tous deux de performance absolue, seront lancés en mars et probablement gérés à Londres. AGI compte utiliser pour ses premiers produits de performance absolue sur le marché britannique son expérience dans les domaines du 130/30 et des fonds multi-classes d’actifs.D’autre part, AGI envisage de lancer des fonds régionaux déclinant le concept du BRIC Stars Fund d’Allianz RCM (699 millions de livres).
Fonds
12/01/2010

Asset Allocation Advisors et NOAM fusionnent

Dans le cadre de sa réorganisation, Neuflize OBC a simplifié son offre de gestion d’actifs. La filiale de banque privée d’ABN Amro fusionne ainsi la société Asset Allocation Advisors, centre d’excellence du groupe au plan international pour la sélection de fonds tiers et la multigestion, et la société de gestion Neuflize OBC Asset Management, dont la vente avait été envisagée pendant un temps. L’ensemble, qui regroupera aussi la gestion financière de la banque, portera le nom de Neuflize OBC Investissements et sera dirigé par Stéphane Corsaletti, l’actuel dirigeant de AAA. «Cette filiale proposera, à partir de janvier, une vingtaine de fonds phare, identifiables sous le nom de NOBC», indique Neuflize OBC. «Elle disposera de ressources complètes en gestion sous mandat, fonds classiques et multigestionnaires de droits français et luxembourgeois, fonds dédiés, sélection de gérants, et s’appuiera sur un recours accru à l’architecture ouverte qui sera par ailleurs proposés à des institutionnels». Cette nouvelle entité cohabitera avec Neuflize Private Assets, dirigée par François Mouté, qui «proposera aux clients de la banque une offre originale destinée à une clientèle à la recherche d’un style de gestion de conviction et d’opportunité à forte valeur ajoutée», selon Neuflize OBC. Neuflize Private Assets existe depuis 2003, mais se retrouve ici renforcé par l’intégration de Fontenay Gestion et l’apport de quelques fonds auparavant chez Neuflize OBC Asset Management. Actuellement, ces deux filiales de gestion d’actifs gèrent un total de 30 milliards d’euros. Leur objectif est de parvenir à 34 milliards d’euros sous gestion en 2010, en collectant plus de 2,4 milliards d’euros d’ici à la fin de l’année.
12/01/2010

Banca Leonardo pourrait entrer en Bourse dans les deux ou trois ans

Dans un entretien aux Echos, Nicolas Mérindol, senior managing director chez Leonardo & Co, la banque d’affaires du groupe Banca Leonardo, évoque les perspectives de la boutique fondée en 2006 par Gerardo Braggiotti, qu’il a rejoint l’an passé. L’introduction en Bourse est une «priorité», mais un adossement ou un rapprochement avec un autre acteur n’est pas exclu. Sur les métiers de gestion d’actifs (DNCA) et de gestion privée (Banque Leonardo), la priorité va à la croissance organique et au renforcement des équipes, mais le groupe n’exclut pas des petites acquisitions «si les opportunités sont très favorables».
12/01/2010
Fonds

FvS commercialise un fonds de hedge funds

La BaFin a accordé son agrément de commercialisation en Allemagne au fonds de hedge funds de droit luxembourgeois Tectum Global Hedge (code Isin : LU0250237731) lancé en avril 2006 par Flossbach & von Storch. Ce produit dont l’encours dépasse les 95 millions d’euros est géré selon une approche multi-stratégies et investit dans une quinzaine de hedge funds, l’objectif étant de générer une performance absolue de 7 à 9 % par an.Les frais de gestion se situent à 0,75 % et FvS facture une commission de performance de 10 %, avec high watermark.
Fonds
12/01/2010
Fonds

Un fonds de performance absolue chez Helaba Invest

Au 4 janvier, Helaba Invest a lancé le fonds de droit allemand HI-Atlas-Invest, un produit de performance absolue multi-classes d’actifs dont l’objectif est de gérer en permanence un rendement supérieur à celui du monétaire et de limiter le perte en fin d’année à trois points de pourcentage.L'équipe de gestion réplique au moyen de futures très liquides l'évolution de dix marchés d’actions mondiaux et de quatre marchés obligataires mondiaux et peut investir en matières premières ainsi qu’en volatilité.Caractéristiques de HI-Atlas-Invest : Code Isin : DE000A0YCQL7Droit d’entrée : 2 % maximum Frais de gestion: 0,80 %Montant initial de la part : 50 eurosSouscription minimale : 2,5 millions d’euros
Fonds
12/01/2010

Frank Asbeck entre chez Hauck

Michael Schramm, associé-gérant de Hauck & Aufhäuser, a confirmé à la Börsen-Zeitung que Frank Asbeck, président du directoire de Solarworld, a acheté en fin d’année dernière une participation de 9 % dans le capital de la banque privée.
12/01/2010

CRM franchit "mécaniquement" le seuil des 3 % chez Deutsche Bank

La Deutsche Bank a indiqué par un communiqué événementiel lundi que Capital Research and Management (CRM) lui a notifié le 7 janvier qu’elle avait franchi le seuil des 3 % de son capital, dont elle détient à présent 3,53 %. Cependant, précise la banque allemande, ce franchissement de seuil est uniquement dû à l’effet mécanique du reclassement de titres Deutsche Bank entre divers fonds de CRM.
12/01/2010

La Fraspa dédommage à 50 % les porteurs de certificats Lehman

Lundi, la Frankfurter Sparkasse (Fraspa), caisse d'épargne francfortoise appartenant à la Helaba, a annoncé que 92 % de ses quelque 5.000 clients qui avaient investi chez elle dans des certificats émis par Lehman Brothers ont accepté une offre volontaire d’indemnisation portant sur 50 % de la valeur nominale de ces titres. Selon les proches du dossier, cette opération coûtera plus de 40 millions d’euros à la Fraspa.
12/01/2010

First Eagle cherche un partenaire distributeur en Asie

La société de gestion basée à New York, First Eagle Investment Management, cherche un partenaire distributeur en Asie hors Japon, pour compléter l’association développée avec Nikko Securities, selon Asian Investor.Pour 2010, l’autre priorité stratégique de la société qui gère quelque 38 milliards de dollars serait de trouver une équipe de gestion global credit orientée value qui serait intégrée dans la société. La société dispose déjà en interne d’une équipe d’analyse crédit qui se concentre sur la structure du capital et son impact sur les actions mais pas dans la perspective d’investissements directs.
12/01/2010

UBS se renforce sur le segment UHNW en Asie

UBS vient de renforcer son activité sur le segment UHNW (ultra high net worth) en Asie avec la nomination de Reto Marx en tant que managing director et responsable de l'équipe UHNW à Singapour, selon Asian Investor. Il sera directement rattaché à Daniel Harel, responsable de l’activité UHNW dans le sud de l’Asie.Reto Marx était précédemment responsable de la zone Asie du Sud-Est à la banque Sarasin-Rabo (Asia).
12/01/2010
Fonds

Investec propose trois nouveaux fonds Ucits III

Investec Asset Management vient de lancer trois nouveaux fonds pour sa gamme GSF domiciliée au Luxembourg, selon Investment Week.Le fonds Investec GSF Enhanced Global Energy, dirigé par Mark Lacey et Jonathan Waghorn, se propose de prendre des positions longues et courtes sur des titres liés à l'énergie (equities, commodities, dérivés) avec l’objectif de dégager des rendements plus réguliers pendant tout le cycle.Le fonds Investec GSF emerging Markets Currency Alpha, dirigé par Werner Gey van Pittius, sera lui géré avec un objectif de performance absolue au travers d’expositions aux marchés actions et obligataires dans un univers de 55 devises émergentes.Le troisième fonds, le GSF Enhanced Natural Resources Fund, piloté par Bardley Goerge et George Cheveley, se propose de prendre des positions longues et courtes dans un univers de plus de 300 ETC commodities et de 800 actions dans le secteur des ressources.
Fonds
12/01/2010
Fonds

Carlyle va lancer un fonds en renminbi

Carlyle Group a dévoilé mardi son projet de travailler avec les autorités de la ville de Pékin pour créer un fonds en renminbi qui lui permettra de procéder à des investissements en devise locale dans toute la Chine, rapporte le Financial Times. La société américaine de private equity espère que le fonds sera lancé cette année.
Fonds
11/01/2010

Sycuan to liquidate Value Fund

Sycuan Capital Management, a management firm owned by the Kumeyaay tribe, has announced that as of 29 January at the latest, it will be closing down its only fund, the US Value Fund, which was launched in November 2003 and which has only USD5.3m in assets.
11/01/2010

Latitude Capital Management launches AR fund

Latitude Capital Management on 8 January announced the launch of a UCITS III fund: Euro Market Neutral (ISIN Code: FR0010815886). The diversified FCP fund has an absolute returns objective over a 24-month horizon. The management process systematically exploits divergences between the evolution of share prices in the Euro zone and their corresponding fundamentals. The strategy is strictly non-directional, as performance is sought regardless of the orientation of the markets. The fund is eligible for PEA and has daily liquidity. The fund was launched on 30 November 2009. The complete prospectus is available from the firm and on the AMF website.
11/01/2010

A&G plans external growth this year

Alberto Rodríguez-Fraile, president of the Spanish wealth management firm A&G (72% controlled by EFG), has told Expansión that assets increased 25% last year to top EUR3bn. He says the firm is planning to use liquidity generated in the past few years and the resources of EFG to acquire several independent wealth advisory businesses. In addition, A&G is planning to continue to recruit experienced private banking professionals. The president predicts that the number of partners will increase from 20 presently to 60 by the end of 2011.
11/01/2010

Managers leaving Spain for Luxembourg and Ireland

The exodus of Spanish fund management firms to Luxembourg and Ireland is accelerating, Expansión reports. 25% of these businesses already have permission from the CNMV to provide their services in other EU countries. In 2009, Altex Partners, Valorica, Tressie and Cartesio moved abroad, while Omega Capital, M&B Capital Advisers, Cygnus and EDM Gestión are offering their products outside Spain. This emigration is due to the fact that the Spanish finance ministry is requiring all asset management firms or private banks which use a Spanish fund from another entity to provide the issuer with details of their clients, which violates their confidentialtiy and poses a risk to the investment firms of losing their clients. To remedy this, the government would need to adopt an “omnibus account” system, in which asset management firms and private banks would be considered representatives of their clients without needing to disclose the details of the final investor. Ángel Martínez-Aldama, CEO of the Inverco association, estimates that this modification could be introduced by the end of the year.
11/01/2010

Hugh Osmond launches a new investment fund

This week, the Sunday Times reports, the financier Hugh Osmond will announce plans to launch a GBP500m investment vehicle entitled Horizon on the London Stock Exchange, and to use it as a launchpad for a takeover bid for a business or businesses valued at potentially as much as GBP500m. Osmond plans to buy large companies which have been bought up by private equity investors, and whose business continues to perform poorly. An ideal project would be to restructure Gala Coral, which is a fundamentally healthy business, but which has been dragged down by excessive debt.
11/01/2010

British firm Witan gets a new CEO

The management firm Witan Investment Trust has recruited Andrew Bell as CEO, replacing Robert Clarke, who has held the position since September 2008, Investment Week reports. Bell is currently head of research and strategy at Rensburg Sheppards in London.
11/01/2010

RFPs: not enough attention is paid to evaluation of indices

In an interview with Les Echos, Noël Amenc, professor of finance and director of the Edhec Risk Institute, argues that “the evaluation of indices is too often neglected in RFPs in favour of the choice of managers. This is an error in appreciation, in my understanding, on the part not only of asset management firms, but primarily of investors and their advisers. It must be said that researchers are not exempt from responsibility in this. By confusing the market portfolio in portfolio theory which would be unbeatable on the long term with “weighted-cap” indices [indices which are weighted on the basis of market capitalisation -ed], they have helped to create a condition particular to this method of index construction which nothing currently validates, either empirically or theoretically.”
11/01/2010

Standish boosts Asia staff

Standish, the bond specialist arm of BNY Mellon Asset Management, is strengthening its staff numbers in Asia to meet rising demand from investors for bond products, Asian Investor reports. After recruiting a product specialist in Australia last year, Standish is now planning to recruit another expert to be based either in Hong Kong or Singapore. As of the end of October 2009, assets under management at Standish totalled USD62bn, compared with USD45bn previously, as some products have posted growth of over 60%. Europe and Japan were the major contributors to this development. The trends observed last year are expected to continue in 2010, particularly concerning high yield, in the United States and worldwide. The appeal of investment grade credit is expected to move toward the rest of the world rather than the United States.
11/01/2010

Better regulatory supervision of hedge funds is needed

The Joint Forum, which includes several supervisory bodies, on 7 January published a series of recommendations which aim to reinforce surveillance of the financial sector, particularly hedge funds. The Forum, which brings together the Bank for International Settlements (BIS), the Basel committee for banking supervision, the International Organization of Securities Commissions (IOSCO) and the International Association of Insurance Supervisors (IAIS), is responding to a request from the G20 to identify areas which were not yet adequately taken into account in terms of problematics related to systemic risks. Among the 17 recommendations for measures to fill lacunae which became apparent during the crisis are increased surveillance of risks posed by hedge funds. In parallel with the work undertaken by IOSCO on hedge funds, the tripartite Forum points to the need for increased transparency of hedge funds, to identify potential risks, to the need to introduce minimal standards in risk management, and to establish linimal owners’ equity requirements for firms which have high systemic risk.
11/01/2010

Galleon: USD36m in gains from insider trading

Les Echos reports that investigators now estimate that the investment fund Galleon made USD36m off of insider trading. Former accomplices of the founder of Galleon are beginning to bear witness against him, though he continues to maintain his innocence. At the end of last week, the testimony of Anil Kumar, a former McKinsey employee, before a federal court in Manhattan, revealed that Galleon, the fund founded by the Sri Lankan financier Raj Rajaratnam, made millions of dollars on information passed to it by the consultant. Investigators estimate that Kumar’s disclosure to the fund that ATI Technologies would soon be acquired by the semiconductor manufacturer AMD made USD19m for Galleon.
11/01/2010

Schroders granted a license for Egerton European Equity A fund

BaFin and FMA have granted Schroders licenses to release the Egerton European Equity A sub-fund of its new Luxembourg Sicav Global Alternative Investor Access (GAIA) respectively in Germany and Austria. The platform allows Schroders to distribute hedge fund strategies in an environment that complies with UCITS III. The fund, launched on 25 November, invests in European equities, and may use synthetic short positions; in normal market conditions, it should remain in a net long position. Characteristics Name: Schroder GAIA Egerton European Equity A ISIN: LU0463469048 Front-end fee: 3.09% maximum Management commission: 2% Performance fee: 20% of performance exceeding Eonia +100 bp Minimal initial subscription: EUR5000
11/01/2010

ZKB and Credit Suisse list new ETFs

SIX Swiss Exchange on Friday announced that it had admitted 28 new products to trading on its Exchange Traded Funds segment. These include 24 precious metals ETF products from Julius Baer/Swiss & Global Asset Management (see Newsmanagers of 6 January), and three versions of the ZBK Gold ETF from the Zürcher Kantonalbank (ZKB), hedged for currency risks in Swiss francs, Euros and pounds Sterling, and one version of the product in pounds. SIX has also announced that from 13 January, it will list seven new Irish-registered ETFs from the Xmtch range by Credit Suisse. These include the Xmtch (IE) on MSCI Pacific ex Japan, Xmtch (IE) on MSCI Canada, Xmtch (IE) on MSCI UK, Xmtch (IE) on MSCI USA, Xmtch (IE) on MSCI Japan, Xmtch (IE) on MSCI Europe and Xmtch (IE) on MSCI EMU. The new additions bring the number of products traded on the ETF segment of the Swis sstock exchange to 312.
11/01/2010

Neuberger Berman wants to develop relations with consultants

US asset management firm Neuberger Berman on 8 January announced the appointment of the former ING employee Christopher Gunns to provide relations with investment consultants in the Asia-Pacific region. Gunns began in his new position on 4 January in Hong Kong. Neuberger has also decided to create a position for a chief operating officer (COO), who will begin in February, but whose name has not yet been announced. “Consultants represent an increasingly large portion of activities in Asia, particularly from an institutional perspective. They clearly do not play the role of guardian that they might play on more developed markets such as Australia, Europe and the United States, but there presence and their influence will increase,” says Gunns.
11/01/2010

Eleven asset management firms launched on the Spanish market in 2009

Last year, nine foreign asset management firms set up offices in Spain, according to Funds People. They were iShares, Fulcrum AM, Standard Life, Ignis AM, Edmond de Rothschild IM, Seven Capital Management, Polar Capital Funds, Brevan Howard IF, and State Street Global Advisors. Meanwhile, two new asset management firms were created in Spain: Neila Capital Partners and Altamar Gestión.
11/01/2010

Net outflows from Italian funds slow in 2009

In 2009, mutual funds on sale in Italy saw net redemptions of EUR3bn, according to Assogestioni, the Italian association of asset management professionals. This is certainly a negative figure, but it is considerably less than the EUR140bn which left funds in 2008, and the EUR50bn in outflows in 2007. In the past seven months, the trend has turned positive once again. With net subscriptions of EUR1.6bn, December became the seventh consecutive month of positive inflows for Italian mutual funds. In 2009, equities funds did best, with EUR2.9bn of net inflows. Discretionary management funds and bond funds are also in positive territory with EUR856m and EUR273m, respectively. However, hedge funds saw outflows of EUR5.4bn in net. Money market funds and mixed funds are also in the red, with EUR889m and EUR661m in net outflows. As of the end of the year, assets under mangement total EUR429.8bn.
11/01/2010

U.S. vs UBS : Administrative Court snubs FINMA

On 5 January 2010 the Federal Administrative Court ruled that the order issued by financial markets watchdog FINMA on 18 February 2009 to surrender client data to the US authorities was unlawful.FINMA «will analyse the ruling closely before deciding whether to launch an appeal at the Federal Supreme Court».

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