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29/06/2009
Fonds

Lamont va conseiller un fonds

L’ancien chancelier de l’Echiquier Lord Lamont of Lerwick va être nommé au comité crédit d’Eternitas, un fonds de 20 millions de livres lancé en janvier, rapporte le Financial Times. Ce fonds a été créé par des experts des faillites et des redressements dans le Nord Ouest de l’Angleterre afin de fournir des arrangements, des conseils et des financements aux entreprises en difficulté.
Fonds
29/06/2009

"Nous veillons avant tout à éviter une concentration des risques"

Le fonds de droit irlandais Baring Global Emerging Markets géré par James Syme et Paul Wimborne, avec 723,6 millions d'euros d'encours fin mai, affichait en euros une performance de 36,1 % depuis le début de l’année contre 35,6 % pour le MSCI Emerging Markets. Sur un an, toujours en euros, sa perte se limite à 22 % contre 27,7 % pour l'indice de référence. Sur les cinq dernières années, la performance annuelle moyenne a été de 12 %, en retrait de 0,1 point sur le benchmark. Le fonds a drainé environ 60 millions d'euros sur les cinq premiers mois de l'année.Newsmanagers a rencontré Paul Wimbo
29/06/2009

New indices of countries at risk of default

The Financial Times reports that Makit will Monday announce plans to launch four CDS indexes. They will be the first tradeable indices to focus on countries at risk of default. One index will cover the 15 countries of western Europe; another will track credit risks in 15 countries of central and eastern Europe, the Middle East, and Africa.
29/06/2009

Information-sharing agreement with the United States

The 25-member Liechtenstein parliament (Landtag) has unanimously ratified an information-sharing agreement with the United States for taxation information, the Börsen-Zeitung reports. The agreement comes into effect on 1 January 2010, and will apply to the fiscal year 2009.
29/06/2009

okoworld breaks with Fortis due to BNP Paribas acquisition

Germany’s sustainable investment advising firm versiko has announced that its wholly-owned subsidiary, the Luxembourg-based asset management firm Ökoworld Lux, will modify its support structure by the end of the year. The firm’s “fruitful” cooperation with Fortis Investments in the areas of management activities and central administration will be terminated. Ökoworld will select a new partner for these services and will also change its depository bank. The move comes as a result of the acquisition of Fortis Investment and the Fortis group by France’s BNP Paribas, versiko says. The name or names of Ökoworld’s future partners will be announced once the Luxembourg supervision authorities have granted their approval.
29/06/2009

Fund mergers and closures announced at DWS

From the end of July, the DWS Invest Global Commodity will be withdrawn from sale, while the DWS Iberia fund will be liquidated in October, Das Investment reports. The DWS Zürich Invest Aktien Deutschland (EUR120m) will be absorbed into the DWS Deutschland fund on 11 December, while the DWS Zürich Invest Aktien Europa will be merged into the DWS Eurovesta in October. The CO2-Opportunities fund, launched with Aquila Capital in 2008, will be closed, as will the DWS Euro-Geldmarktfonds and the DWS Skandinavien. The DWS Geldmarktfonds will be absorbed by the DWS Geldmarkt Plus fund.
29/06/2009

DWS makes major cuts to product range

Das Investment reports that DWS Investments (Deutsche Bank) is said to be planning to close or merge 100 open-ended funds in Germany. If the reports are confirmed, the move would represent a serious cutback to the product range from the management firm, which currently includes 400 to 500 products. The rationalisation of the product range would apparently not be limited to exotic or trendy products, and would reportedly also affect the DWS Geldmarktfonds (EUR390m), which would be merged into the DWS Geldmarkt Plus. Lips were tight at DWS in Frankfurt on Friday, except for a statement that closures of funds which have limited potential are ultimately healthy and ongoing occurrences. It doesn’t make economic sense to indefinitely prolong the life of “redundant” funds merely because they were launched by asset management firms which have since been acquired by the Deutsche Bank group.
29/06/2009

Luke Newman joins Gartmore

Gartmore has recruited Luke Newman as a portfolio manager. Newman, who previously worked on long only and long/short funds at Deutsche Asset Management, Foreign & Colonial and Altima Partners, will start work this Monday alongside Ben Wallace on the Gartmore UK Absolute Return and AlphaGen Octanis funds.
29/06/2009

Founders of Rothschild and Freshfields profited from slavery

The Financial Times reports, citing the National Archives, that Nathan Mayer Rothschild, patriarch of the eponymous family, and James William Freshfield, founder of Freshfields, financially profited from slavery in British colonies, although the two City figures have often been portrayed as opponents of slavery.
29/06/2009

Aberdeen AM veteran joins Newscape Capital

Investment Week reports that Derek Fulton has joined the investment boutique Newscape Capital as CIO and board director, and will be in charge of asset allocation, strategy, and portfolio construction and management. Fulton was previously head of closed international bond portfolios at Aberdeen Asset Management.
29/06/2009

CMRA and Risk Fundamentals announce joint venture

Capital Market Risk Advisors and Risk Fundamentals have created a joint venture, which combines CMRA’s risk management consulting services with Risk Fundamental’s risk transparency software. The joint venture will allow the firms to offer integrated quantitative and qualitative risk management services to institutional investors, hedge funds, and funds of funds.
29/06/2009

Deutsche Bank launches funds-of-ETFs range

Deutsche Bank is now actively offering the DB Dynamic ETF Selector Funds 2, 6 and 8 funds for sale in the United Kingdom, Italy and Spain. The products are UCITS III-compliant Luxembourg-registered absolute return funds, which invest in predetermined baskets of «in-house» ETF products, including both long and short funds, for which the weightings are adjusted on a monthly basis. The performance objectives for the funds, respectively, are the Eonia plus 1 percentage point, with 3% volatility, the Eonia plus 2 points, with 6% volatility, and the Eonia plus 2.5 points, with 8% volatility. The Selector 8 is authorised to invest exclusively in long-only funds. To protect subscribers against sudden falls on the market, the funds have a volatility trigger which automatically shifts all assets into money market ETF funds until the next rebalancing, whenever volatility attains 10%, 15% or 18% in three out of five consecutive trading days.
29/06/2009

Four large asset managers have good ratings for more than 50% of their funds from Feri

In the monthly rankings from Feri EuroRating Services on 31 May, only four asset management firms with at least 25 products on sale in Germany (which is the case for State Street, SGAM and Legg Mason) had A or B ratings for over 50% of their products. The firms which achieved this were Threadneedle, with 17 funds rated A or B out of 28, or 60.71%; BNY Mellon AM (28/63 or 52.83%); State Street (13/25 or 52 %), and Union Investment, the first German firm in the rankings (43/83 or 51.61%). The other major German asset management firms trail behind, with 44.34% for DWS (5th), 31.68% for Deka (11th), and 29.09% for Allianz Global Investors (12th). Perfect scores for Vitrivius, Carmignac and DJE In the category of asset management firms with at least eight funds on sale in Germany, 19 firms out of 76 have more than 50% of their products rated A or B by Feri. Three of them stand out: Vitruvius (9/9), Carmignac Gestion (8/8), and DJE (9/9), with 100% of their funds well-rated. In fourth place, StarCapital gets 87.60% (7/8), followed by M&G Securities with 71.43% (10/14).
29/06/2009

Sarasin & Cie opens new Swiss location

Banque Sarasin & Cie SA on 26 June opened a branch in Bern. With the new location, Bern becomes the bank’s fifth Swiss city, after Basel, Geneva, Lugano, and Zurich.
29/06/2009

Hercules receives GBP100m in aid

The largest retail fund in the United Kingdom investing in parks, Hercules Unit Trust (GBP1.5bn), managed by British Land and Schroders, has obtained financial support from the Canada Pension Plan Investment Board, to help pay off its bondholders in a restructuring of a GBP800m debt facility. The North American fund will inject GBP100m in exchange for convertible bonds.
29/06/2009

European Union may require British banks to sell off some activities

Les Echos reports that the European Commissioner for Competition, Neelie Kroes, announced on Friday that the European Commission may require British banks “to sell off some of their activities, in exchange for massive government assistance which they have received. … We will work with the British government to require banks in the United Kingdom to reimburse the government aid they have received as soon as possible, and to adopt business models which will force them to concentrate on what they do best,” she said.
29/06/2009

Prosecutor seeks 150-year sentence for Madoff

La Tribune reports that the United States public prosecutor is seeking a 150-year prison sentence for Bernard Madoff for his massive fraud, estimated at USD65m. This is the maximal sentence the law would allow, the newspaper reports. Prosecutor Lev Dassin says that “a long sentence would ensure that Madoff will remain in prison for life and strongly dissuade” others from following in his footsteps. The businessman seduced potential investors with investments that promised exceptional and constant, but fictive, returns. In reality, he financed returns paid to investors with money invested by new clients. Madoff conducted his fraud behind a veil of legal market-making and compensation activities, or the purchasing and selling of shares, La Tribune adds. The fall of the asset management firm was triggered last winter, when one of the funds of funds most exposed to the fraud, Fairfield Greenwich, with USD7.5bn invested with Madoff, sought to recuperate its capital.
26/06/2009

BPI vend Inter-Risco au management de cette dernière

Le Banco Português do Investimento (Banco BPI) a annoncé la cession de sa filiale de capital-investissement Inter-Risco dans le cadre d’un MBO monté par Afonso de Barros, administrateur de la société et président de l’APCRI, l’association portugaise du capital-investissement. Afonso de Barros et les deux autres dirigeants d’inter-Riso, Isabel sousa Coelho et Rui pedro Mota, contrôleront 50,1 % du capital, rapporte Funds People.Inter-Risco prépare actuellement le lancement d’un nouveau fonds de 150 millions d’euros destiné à internationaliser son portefeuille qui comprend actuellement 17 participations d’une valeur totale de 46 millions d’euros.
26/06/2009

Jérôme Kerviel renvoyé en correctionnelle

Selon la Tribune, le parquet de Paris a requis hier le renvoi en correctionnelle de l’ex-trader de la Société Générale Jérome Kerviel, notamment pour « faux, usage de faux et abus de confiance ». Le renvoi devant le tribunal est aussi demandé pour son ex-assistant Thomas Mougard.
26/06/2009
Fonds

Van Eck lance un "mutual fund" alternatif en multigestion

Van Eck Global a annoncé le lancement du Van Eck Multi-Manager Alternatives Fund, un «mutual fund» ouvert permettant aux investisseurs d’accéder à plusieurs stratégies, dont des stratégies de performances absolue, avec une liquidité et une valorisation quotidiennes. Le fonds aura un ensemble diversifier de sub-advisors, et il investisera dans des fonds ouverts, des fonds fermés et des ETF.en utilisant des stratégies d’arbitrage et directionnelles long/short, entre autres. Pour la sélection de gérants, Van Eck se repose à la fois sur ses spécialistes en interne et sur la travaux d’Explorer Alternative Management, un sélectionneur de gérants et de hedge funds.La souscription minimale pour la classe de part A est de 5.000 dollars et les frais sont plafonnés à 2,40 %.
Fonds
26/06/2009
Fonds

Delphi attaque des hedge funds

Delphi accuse un groupe de hedge funds de prendre en otage General Motors et le gouvernement américain en s’opposant à la vente de la partie du fabricant de pièces détachées automobiles à Platinum Equity, rapporte le Financial Times. Cela concerne notamment le hedge fund Elliott Associates.
Fonds

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