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14/12/2009

F&C confirms talks with C-Quadrat

F&C Asset Management has confirmed that it is in «exploratory discussions» regarding a potential offer for C-Quadrat Investment, a company listed on the Vienna and Frankfurt stock exchanges. These discussions are preliminary in nature and there can be no certainty that any transaction will occur, adds the UK asset manager. As previously announced in the company’s latest interim management statement, «F&C will continue to consider bolt-on acquisition opportunities where they have the potential to strengthen its product offering and generate shareholder value».
14/12/2009

Gartmore reduces target price for share offering

Gartmore is reducing the price range for its public flotation following lukewarm response from investors, says Citywire. The price range being talked about is 220-250p against 230-250p originally planned. Gartmore could also sell less shares than originally hoped.
14/12/2009

Fidelity recruits a head of distribution from SWIP

Fidelity International has recruited Ominder Dhillon as head of distribution for its institutional activities in the United Kingdom, the British press is reporting. Dhillon joins the firm from Scottish Widows Investment Partnership, where he was head of UK institutional.
14/12/2009

KfW will get back two thirds of its Lehman loan

According to sources familiar with the matter, the German public bank KfW will recuperate about EUR214m of the EUR320m it mistakenly sent to Lehman Brothers on 15 September 2008, at a time when the bankruptcy of the American bank had already become public knowledge, the Frankfurter Allgemeine Zeitung reports. This recovery rate of 67% is higher than the rate other lenders will receive, since KfW is entitled to claim a Lehman deposit held with the German federal debt administration office.
14/12/2009

Insight to close five equities funds

Insight Investment is planning to close five equities funds, after admitting that they are not economically viable, Investment Week reports. The funds concerned, currently managed by SWIP, are the European Alpha fund (with assets of GBP34m), Global Alpha, with GBP32m, European Small Cap (GBP24m), UK Alpha (GBP20m), and UK Discretionary (GBP18m).
14/12/2009

Cazenove CM acquires Thornhill

Cazenove Capital Management has announced that it has acquired Thornhill Holdings Limited, a wealth management firm based in London and Edinburgh with assets of over GBP600m, for an undisclosed amount. The deal ups assets under management at Cazenove Capital for retail investors at GBP6.5bn, while assets under management at group level total over GBP14bn. Thornhill was founded in 2003 by former Martin Currie employees.
14/12/2009

Record subscriptions to emerging markets equities funds

According to EPFR Global, net subscriptions to emerging markets equities funds in the week ending 9 December totalled USD2.3bn, bringing the total since the beginning of the year to USD75.4bn, while the previous record, for the year 2007 as a whole, was USD54bn, the Frankfurter Allgemeine Zeitung reports.
14/12/2009

Departure of a director from EFG International and EFG Bank

EFG International and EFG Bank last week announced a change to the composition of their boards of directors, following the departure of Apostolos Tamvakakis, who has quit the bank following his appointment as CEO of the National Bank of Greece.
14/12/2009

Morgan Stanley recruits former Merrill Lynch COO to lead asset management

Morgan Stanley has announced that Gregory J. Fleming, former President and Chief Operating Officer at Merrill Lynch, will join the firm as President of Morgan Stanley Investment Management, including Merchant Banking. Among other important industry milestones, he was a key player in the combination of Merrill Lynch Investment Management with BlackRock . Mr. Fleming will also be responsible for Global Research. The heads of each of these businesses will report directly to him. He will serve as a member of the Operating Committee and report to James P. Gorman, who becomes Chief Executive Officer and President of Morgan Stanley in January. Gregory Fleming will be joining the firm in February. He currently serves as a senior research scholar and lecturer in law at Yale Law School.
14/12/2009

DWS Investments recruits a former Bear Stearns manager

On Friday, DWS Investments (Deutsche Bank group) announced the recruitment of Gregory Troccoli as senior national account manager, in charge of client relationship management for broker-dealers, private banks and trusts. Troccoli will be based in New York, and will report to Mike Woods, director of distribution at DWS Investment Distributors for the United States. He was previously head of platform sales at Bear Stearns & Co.
14/12/2009

Morningstar acquires Logical Information Machines

On Friday, Morningstar announced its acquisition for about USD51.5m of Logical Information Machines (LIM), a provider of data and analysis to the energy, finance and agriculture sectors. LIM has earned revenues of about Usd20m in the past twelve months. The transaction is expected to be completed by the end of the month. LIM, which has about 80 employees, based in Austin, Houston, Chicago, New York and London, was founded in 1989.
14/12/2009

Real estate fund created for Italian journalists' pension fund

The national retirement planning institute for Italian journalists (INGPGI) has launched a real estate fund entitled Inpgi Hines Fund, which will be managed by Hines Italia Sgr, Il Sole - 24 Ore reports. The fund will have an 8-year duration, and will invest in residential developments and renovations, with returns expected to be not less than 12%. the fund will have a debt level of under 40%, and is planning an investment program of up to EUR70m (thus EUR100m including leverage).
14/12/2009

Bonus tax will affect 2,000 to 3,000 bankers in France

Les Echos reports that the French government is at work on a proposed tax on bonuses distributed by banks, as announced by Nicholas Sarkozy last Thursday. The tax would be calibrated so that revenues would be proportional to those expected by the British government (GBP550m), or about three times smaller, due to the respective sizes of the Paris and London financial industries. The general idea is to tax about 2,000 to 3,000 traders who stand to receive bonuses, compared with 20,000 in the United Kingdom. As in London, hedge funds would not be affected by the tax. However, guaranteed bonuses may be exempt.
14/12/2009

James Nicholson pleads guilty to fraud

The former head of the alternative management firm Westgate Capital Management, James Nicholson, has pleaded guilty to several counts of fraud at a hearing in Manhattan, the Wall Street Journal reports. The New York attorney general’s office claims the fraud, which went on for four years, cost its victims USD133m. Though Nicholson is facing a maximum sentence of 45 years in prison, his legal team predict that in light of the comparatively small size of the fraud, the sentence will be between 188 and 235 months.
14/12/2009

Probation for Erik Franklin

Erik Franklin, a former hedge fund manager at Q Capital Investment Partners, has been sentenced to a three-year probation on Friday, the Wall Street Journal reports. In 2007, he pleaded guilty to insider trading in a case involving Morgan Stanley and UBS.
14/12/2009

Santander AM launches sales offensive

Santander Asset Management will reward clients who invest liquidity via the online banking network Openbank and Banesto until the end of the year. In the case of the first of the two distribution channels, the asset management firm will match 3.5% of subscriptions to the Santander Acciones Euro, and 3% for subscriptions to the Mixto Renta Fija 90/10, for investments between EUR3,000 and EUR200,000. The investor must pledge to leave the money in the funds for at least 12 months. For Banesto subscribers, Santander AM will offer a 1% supplement to subscriptions to diversified funds, up to a total reward of EUR1,500.
14/12/2009

Hedge fund ETF from Deutsche Bank is doing well

Heavy losses, closures, and scandals have tarnished the reputation of hedge funds. Nonetheless, the Börsen-Zeitung reports, some products have generated strong results. For example, the DB Hedge Fund Index ETF from db x-trackers, which was launched in January 2009, has posted returns of 7.5%. The ETF based on a hedge fund index has attracted USD1.05bn, or EUR715m, in subscriptions.
14/12/2009

China: Fidelity may launch a closed fund

The China fund which Anthony Bolton is planning to launch in first quarter 2010, probably in March, may be a closed fund, Money Marketing has announced. Bolton is in the process of weighing the pros and cons of a closed structure rather than a UCITS III fund. A closed fund would allow the manager to limit the capacity of the fund, while a UCITS III fund would have the advantage of being attractive to investors outside the UK. Fidelity will announce its decision in January.
11/12/2009

En Belgique, objectif deux fois plus pour BNP Paribas

Présente seulement en gestion privée à Anvers et Bruxelles, BNP Paribas va ouvrir 35 centres supplémentaires à travers la Belgique en s’appuyant sur le réseau de Fortis pour constituer sa base de clientèle, indique la Tribune. Actuellement, la banque de la rue d’Antin y compte 42 milliards d’euros d’actifs sous gestion. Son objectif est de doubler de taille à moyen terme, avec dès 2012, un montant de 50 milliards d’euros pour Fortis Private Banking.
11/12/2009

En Belgique, objectif deux fois plus pour BNP Paribas

Présente seulement en gestion privée à Anvers et Bruxelles, BNP Paribas va ouvrir 35 centres supplémentaires à travers la Belgique en s’appuyant sur le réseau de Fortis pour constituer sa base de clientèle, indique la Tribune. Actuellement, la banque de la rue d’Antin y compte 42 milliards d’euros d’actifs sous gestion. Son objectif est de doubler de taille à moyen terme, avec dès 2012, un montant de 50 milliards d’euros pour Fortis Private Banking.
11/12/2009

Goldman Sachs renforce son maillage en Asie

Selon Asian Investor, Chris Keogh quitte Pékin pour s’installer à Tokyo en tant que co-responsable de Goldman Sachs Asset Management, une nouvelle responsabilité qui comprend la coordination des activités entre le Japon, la Corée du Sud et la Chine.L’intérêt de la clientèle pour l’intégration de ces marchés est à l’origine de la décision de Goldman Sachs, selon Oliver Bolitho, dont la fonction de managing director responsable de l’Asie hors Japon comprend désormais le Japon. Oliver Bolitho, qui va contrôler l’activité de Chris Keogh, relève notamment une augmentation des flux d’investissement et d’affaires entre le Japon et la Corée du Sud.Chris Keogh était précédemment conseiller du président chez Goldman Sachs Gao Hua Securities à Pékin.
11/12/2009
Fonds

Les Suédois privilégient toujours les fonds actions

En novembre, les fonds commercialisés en Suède ont enregistré des souscriptions nettes de 11,4 milliards de couronnes suédoises (1,1 milliard d’euros), selon les dernières statistiques de l’association suédoise des fonds, fondbolagens förening. Comme pour les mois précédents, les investisseurs ont privilégié les fonds actions, qui ont vu rentrer en net 4,6 milliards d’euros. Depuis le début de l’année, c’est cette catégorie de fonds qui tire la collecte, avec 84,7 milliards de couronnes d’entrées nettes sur des souscriptions nettes de 98 milliards de couronnes pour l’ensemble du secteur. Au mois de novembre, toutes les catégories ont enregistré des souscriptions nettes à l’exception des hedge funds (-0,6 milliard).
Fonds
11/12/2009
Fonds

Commerz Real boucle le placement d'un fonds immobilier fermé

Commerz Real a annonxé avoir placé «en quelques mois malgré un environnement difficile» pour 32,1 millions d’euros de parts du fonds immobilier fermé CFB-Fonds 173 qui a investi au total 93 millions d’euros dans le siège de l’opérateur de téléphonie mobile E-Plus (groupe KPN) à Düsseldorf. Les distributions annuelles devraient être comprises entre 6 et 6,5 %. Cet actif affiche environ 30.000 mètres carrés et il est loué pour 10 ans à E-Plus. L’acquisition elle-même a porté sur 86,5 millions d’euros.
Fonds

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