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22/09/2009

KBL Richelieu en quête d'acquisitions

Lors d’une rencontre avec la presse, Olivier Roy, directeur général de KBL Richelieu Banque Privée, a annoncé qu’il n’excluait pas de réaliser une acquisition sur le marché. Alors que KBL Richelieu Gestion gère aujourd’hui 1,5 milliard d’euros au sein des OPCVM «maison» (contre 4 milliards d’euros à la fin de décembre 2007), Olivier Roy a précisé rechercher des sociétés disposant d’encours d’au moins 500 millions d’euros et pouvant atteindre plusieurs milliards.
22/09/2009

Christophe Bavière prend la direction générale d'Allianz GI France

Christophe Bavière accède à la fonction de directeur général d’Allianz Global Investors France et devient membre du board d’Allianz Global Investors Europe. Par ailleurs, il conserve ses responsabilités de président du directoire d’AGF Private Equity. Agé de 45 ans, il succède à Géraud Brac de La Perrière, 54 ans, qui cède son poste mais demeure président d’Allianz Global Investors France.
22/09/2009

Mandarine Gestion accroit ses encours

Selon un communiqué de Mandarine Gestion, la boutique créée par Marc Renaud, a réussi à accumuler 700 millions d’euros d’encours depuis son lancement il y a 18 mois. La société était partie avec 250 millions d’euros. D’ici quelques mois, Mandarine Gestion prévoit le lancement d’un fonds actions « Small et middle Cap Europe » qui sera géré par Joëlle Morlet Selmer pour profiter des opportunités de la classe d’actifs. La socité de gestion nourrit également des projets de développement hors des frontières. Outre la commercialisation des produits en Allemagne qui a débuté via à la présence d’Andreas Krebs, responsable de la distribution en Allemagne, Mandarine gestion compte mettre en place prochainement des objectifs extra-financiers afin d'être «en phase avec les fondamentaux de l’économie réelle au travers de produits transparents et performants.»
22/09/2009

La Société Générale affiche ses ambitions

Selon l’Agefi qui cite son président Frédéric Oudéa lors d’une conférence de presse à Londres lundi 21 septembre, la Société Générale entend toujours devenir «l’une des cinq principales banques européennes dans les trois à cinq ans». Bien que les pays d’Europe centrale et orientale soient la principale cause d’inquiétude du groupe en termes de coût du risque, les pays émergents sont une priorité dans la banque de détail. A ce titre, la Pologne et l’Egypte sont des pays nommément cités. La banque privée constitue l’autre axe de développement. Enfin, en banque d’investissement, Michel Péretié, le responsable de SG CIB, a rappelé vouloir atteindre la cinquième place en Europe.
22/09/2009
Fonds

Nouveau fonds garanti chez Fédéral Finance

Jusqu’au 23 novembre 2009, le Crédit Mutuel Arkéa, commercialise Formul’Action 2015, un fonds à formule à capital garanti (hors frais d’entrée) d’une durée de 6 ans. Géré par Fédéral Finance, sa performance est liée à celle des marchés actions de la zone euro. A l'échéance du 30 octobre 2015, les porteurs bénéficieront de 75 % de la performance moyenne de l’indice DJ Euro Stoxx 50, la performance étant calculée sur la base de relevés trimestriels. Caractéristiques Code ISIN : FR0010792705 Période de souscription/ Échéance de la formule : du 21 septembre au 23 novembre 2009/30 octobre 2015 Frais d’entrée : 2 % entre le 21/09/09 et le 30/10/2015 : 2 % + 1 % à compter du 23/11/09 Frais de sortie : 0,5 % entre le 23/09/09 et le 30/10/15 % + 1,5 % entre le 23/11/09 et le 30/10/15 Frais de gestion : 2 % Eligibilité : comptes de titres, assurance-vie, PERP Valeur liquidative d’origine : 100 euros Minimum à la première souscription : 45 euros
Fonds
22/09/2009
Fonds

Banque d'Orsay lance un fonds d'arbitrage

La Banque d’Orsay vient de lancer Orsay Arbitrages Actions, un FCP de droit français à objectif de performance absolue associant deux moteurs de performance : l’arbitrage sur fusions-acquisitions annoncées et l’arbitrage Long/Short actions en Market Neutral. Le nouveau fonds vise une performance annualisée supérieure à EONIA + 2 %, un objectif de volatilité inférieure à 5 % avec une liquidité quotidienne.Orsay Arbitrages Actions est géré par Frédéric Staub, qui a rejoint la Banque d’Orsay en 2008 en provenance du groupe BNP Paribas pour renforcer l’équipe actions, notamment sur le domaine du long/short.Caractéristiques Code ISIN : FR0000432767Frais de gestion : 0,80 % par an (HT, non soumis)Frais de gestion variable : correspondant à 20 % de la différence positive entre le rendement du fonds sur l’exercice et l’indice EONIA capitalisé +2
Fonds
22/09/2009

Bank of America veut prendre de la distance avec la garantie de l'Etat

Bank of America (BoA) a annoncé lundi 21 septembre qu’elle mettait fin à un accord de garantie d’actifs de 118 milliards de dollars passé avec le gouvernement américain en début d’année, mais jamais officiellement signé, moyennant le versement d’une indemnité de sortie de 425 millions, rapporte L’Agefi.
22/09/2009
Fonds

Putnam lance des fonds à horizon

Dans le cadre de son projet de développement dans le domaine de la retraite, Putnam Investments va dévoiler mardi 10 fonds à horizon à rendement absolu, rapporte le Wall Street Journal. Malgré son nom, la stratégie ne garantit pas une performance absolue, mais vise à atteindre un certain rendement annuel.
Fonds
22/09/2009

Banque d'Orsay launches an arbitrage fund

Banque d’Orsay has launched Orsay Arbitrages Actions, a French-registered fund which aims for absolute returns from a combination of two drivers of performance: arbitrage on announced mergers and acquisitions, and long/short equities market neutral arbitrage. The new fund will aim for annualised performance higher than the EONIA +2%, with a volatility objective of less than 5%, with daily liquidity. Orsay Arbitrage Actions is managed by Frédéric Staub, who joined Banque d’Orsay in 2008 from BNP Paribas, to strengthen the equities team, particularly in the area of long/short management.
22/09/2009

Putnam launches target-date funds

As part of its push to expand its retirement business, Putnam Investments on Tuesday will unveil 10 absolute return target-date funds, says the Wall Street Journal. Despite the name, the strategy does not guarantee an absolute return, but aims to hit a certain annual-return figure.
22/09/2009

Salus Alpha launches an arbitrage fund

From 17 September to 30 September, the alternative management firm Salus Alpha is releasing its first arbitrage fund with daily liquidity which complies with the UCITS III directive, entitled Salus Alpha Commodity Arbitrage. No withdrawal penalties will be charged for subscriptions made in this initial period. The fund is licensed for sale in Austria and Germany. The Austrian-registered product, focused on commodities, is intended to allow investors to profit from differences in valuations between various markets or entire families of commodities, and to earn gains both in backwardation and contango situations on the market. In addition, the fund aims to take advantage of seasonal variations in demand for commodities. The Salus Alpha Commodity Arbitrage fund invests indirectly in commodities via derivatives (swaps and futures) on indexes such as the CAX (Commodity Arbitrage Index), which is listed in Vienna, and maintained by Alternative-Index GmbH, an affiliate of Salus Alpha. Front-end fees and management commission are 5.55% and 2.50%, respectively.
22/09/2009

Money-market funds remain subject to strict regulations

Despite the fact that the Treasury Department’s guarantee program expired Friday, money-market funds must continue to report holdings and valuation information to the SEC in certain circumstances, under an interim rule adopted Friday. If a fund’s net asset value per share falls below USD0.9975, it must notify the regulator and provide a portfolio schedule.
22/09/2009

Rumours of merger between Glencore and Chinese sovereign fund

Les Echos, reports that the global leader in commodities trading, the Swiss firm Glencore, has been in discussions since summer with China Investment Corp. (CIC), the Chinese sovereign fund with assets of about USD300bn. Some observers say that the two parties signed a letter of intent in August which laid out a framework for plans to team up. Glencore is in search of added sources of financing, and China has high demand for commodities.
22/09/2009

Société Générale announces ambitions

L’Agefi reports, citing the chairman of the bank, Frédéric Oudéa, speaking at a press conference in London on Monday 21 September, that Société Générale is still hoping to become “one of the five largest European banks in the next three to five years.” Although the countries of central and eastern Europe are the main cause for concern for the group in terms of risk costs, emerging countries are a priority for the retail bank. To this end, Poland and Egypt are cited as particularly important targets. The private bank is the other major area of development. Lastly, in investment banking, Michel Péretié, head of SG CIB, also states that the firm hopes to reach fifth place in Europe.
22/09/2009

Mandarine increases assets

Marc Renaud’s boutique Mandarine Gestion has managed to accumulate EUR700 million in assets since its launch 18 months ago, says Citywire. In February 2008 the group had just assets of EUR250 million. A sixth fund is soon to be added, adds Citywire.
22/09/2009

York CM releases an event-driven fund with BoA Merrill Lynch

York Capital Management is now offering for sale the York Event-Driven UCITS Fund, a product which provides access to York CM event-driven strategies, as part of the UCITS III-compliant fund product range from Bank of America Merill Lynch. York will manage the fund’s investments, while Merrill Lynch International will act as sponsor for the fund. The fund, managed by Jamie Dinan (founder and CEO of York), and Dan Schwartz (CIO), will employ a multi-strategy approach based on risk arbitrage, event equities, high-yield equities strategies, and credit. The York Event-Driven UCITS fund is open to subscriptions to institutional and retail investors in the United Kingdom, Ireland, France, Italy and Spain. Minimal subscription is set at USD1,000.
22/09/2009

JP Morgan AM liquidates six target-date funds

Fondsweb reports that the board of directors at JPMorgan Investment Strategies Funds II has decided to withdraw its JPM LifeCycle range of Luxembourg-registered target-date funds (2015, 2020, 2025, 2030 and 2035) on 18 September. The decision was motivated by the fact that assets as of 30 April were below the EUR20m threshold stated in the prospectus. In addition, outlooks for sufficient subscriptions to ensure effective management of portfolios were not adequate.
22/09/2009

Another extension for sale of ABN Amro-Fortis assets

L’Echo reports that the finance minister of the Netherlands has been granted a further extension of two weeks to sell assets owned by ABN Amro and Fortis by the European Competition Commissioner, Neelie Kroes. The deadline has been moved back to 2 October. The sale of assets is a condition of the merger between ABN Amro and Fortis. Last week, Germany’s Deutsche Bank announced that it was backing out of plans to acquire some Dutch assets of ABN Amro, including an affiliate of ABN Amro, HBU.
22/09/2009

BNP Paribas to sell ABN Amro Teda Fund Management

BNP Paribas is close to selling its 49% stake in ABN AMRO TEDA Fund Management in China, in a step toward complying with Chinese mutual fund regulations, says Reuters. BNP Paribas currently owns three Chinese fund ventures, after taking over Fortis. China bars foreign investors from owning more than one fund venture.
22/09/2009

Ignis Am recruits a former New Star manager

StartFragment--> Ignis Asset Management (EUR74bn in AUM) has announced the appointment of Rob Page to the role of Marketing Director. He will join the UK asset manager in early 2010 «to oversee a major drive to develop the Ignis retail brand». Rob Page joins from Liontrust where he was responsible for the promotion of funds to professional investors and advisers in the UK and Europe. Prior to this and until early 2008, he helped launch the New Star brand and was responsible for the group’s marketing and fund positioning. He is the eleventh person from New Star, bought by Henderson, to join Ignis AM. The asset manager has been hiring many people for the last months. Recently, it recruited nine people to develop Ignis’ European distribution business.
22/09/2009

Impax AM recruits a New Star veteran as head of sales

John McDonald, who was head of alternative sales & marketing at New Star Asset Management, has joined Impax Asset Management as head of sales & marketing. This is a newly-created position, which will make it possible to better coordinate the distribution of long-only products, hedge funds and private equity products of Impax (USD1.8bn in assets).
22/09/2009

Hedge fund directive will be costly for the industry

According to a survey by Open Europe* published on Monday, the AIFM directive will cost the private equity and hedge fund industries in the EU between EUR1.3bn and EUR1.9bn in the first year. The annual recurring cost is estimated at between EUR689m and EUR985m. On average, private equity and hedge fund firms estimate that their compliance cost could increase by 31.5% if the directive comes in to force. *The EU’s AIFM Directive, Likely impact and best way forward
22/09/2009

Timetable for hedge fund directive is too ambitious

The timetable for amending the Alternative Investment Fund Managers Directive (AIFM) is too ambitious, according to experts quoted by Ignites Europe. The proposed date for the first reading in the European Parliament, expected to take place in February 2010, is too soon.Speaking at last week’s Asset Management Conference in London, Peter De Proft, director general at Efama, said: «We are now moving towards having a general framework for non-Ucits funds; it is so important not to rush».
22/09/2009

OECD calls for rigorous and transparent stress testing

L’Agefi Switzerland reports that the OECD claims in its annual report on the European Union, published on 21 September, that “in many EU countries, uncertainties remain about the scale of problems with compromised assets remaining on banks’ balance sheets. There are continuing fears that banks lack sufficient capital to confront a possible further degradation in economic conditions.” “Systematic, rigorous and transparent stress testing is necessary to quantify the needs for owners’ equity at the various European banks,” the OECD states.
22/09/2009

Unions call for ethical audit of Nestlé

In a letter to the Norwegian government, three Norwegian labour unions and the international food industry union IUF have jointly called on the minister of Finance to order an examination of practices at Nestlé by the Ethical Council of the Government Pension Fund - Global, IPE reports. They claim that the Swiss group’s refusal to include salaries in collective negotiations in Indonesia and India represent a clear violation of the principles of the international labour organisation (ILO), and the ethical principles of the fund. By size, Nestlé is the second-largest position in the fund’s portfolio.
22/09/2009

HFR launches six commodities, energy and real estate indexes

Hedge Fund Research (HFR) on Friday launched six new indexes, bringing the product range to 71 indexes. The new indexes are the HFRX Commodity: Agricultural Index, HFRX Commodity: Energy Index, HFRX Commodity: Metals Index, HFRX Alternative Energy Index, HFRX Energy Infrastructure Index and HFRX Real Estate Index, which, as their names indicate, cover commodities (soft commodities, energies, metals), alternative energies, infrastructure, and real estate. The indexes are calculated following a methodology compatible with the UCITS III directive.
22/09/2009

Real estate funds have greater overall asset volume than securities funds

At the end of August, assets in real estate funds on sale in Portugal represent slightly over EUR11.06bn, which amounts to growth of 0.59% compared with the end of July, the Portuguese securities commission (CNMV) states. Of this total, open-ended real estate funds had total assets EUR9.39bn, an increase of 0.7%, while “special” real estate funds EUR1.67bn (+0.2%). Since the beginning of the year, assets had increased by 4.04%. The three largest actors Fundimo, with a market share of 12.7%, Interunfos (10.8%), and ESAF (10.7%). The Fundimo fund is the largest, with EUR818.8m in assets under management. Funds People states that assets under management for real estate funds have now outstripped assets in securities funds, which total EUR10.69bn.
22/09/2009

UBS: Further extension to voluntary disclosure program

L’Agefi Switzerland reports that the extra workload on lawyers due to the UBS case is so heavy that the United States tax authority, the IRS, has granted a further extension to its deadline for the special program for voluntary disclosure of assets held overseas. The IRS will extend the program until 15 October. The initial deadline would have come tomorrow, Wednesday, 23 September.

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