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01/04/2009

United Kingdom - Assets in CROCI Funds from Deutsche Bank up by one third

Since the beginning of the year, net subscriptions to the CROCI (Cash Return On Capital Invested) range of funds on the Fund Solutions platform from Deutsche Bank have topped EUR300m, and assets in this strategy now total more than EUR1.3bn, says Manfred Schraepler, head of fund structuring.
01/04/2009

France - Olympia Capital Management avoids downgrade of rating

Fitch Ratings on Tuesday confirmed the fund of hedge fund management rating of FoHF M2 for the French management firm Olympia Capital Management (OCM). The maintained rating reflects the solidity of the hedge fund selection, portfolio construction, and risk management processes at the firm. It also takes into account increased risks to the financial stability of OCM during a difficult year in 2008 in terms of performance and development, particularly in light of leverage following its LMBO in 2006. In addition, the management firm has entered the final phase of a transition in which the founders will give up their operational prerogative in favour of supervisory roles from June 2009.
01/04/2009

Switzerland - Fitch lowers rating of RMF

On Tuesday, Fitch Ratings announced that it is lowering its rating of the fund of hedge fund manager RMF Investment Management, an affiliate of Man Group, from FoHF M1 to FoHF M2+. The downgrade is due to a fall in assets since second quarter 2008 due to redemptions and market effects, and a loss of USD360m on an indirect exposure to the Madoff fraud, and a deterioration in performance. These factors have obliged Man Group to merge its two fund of hedge fund management affiliates, RMF and the American management firm Glenwood, to create a single management firm.
01/04/2009

Germany - TCI and Atticus will no longer cooperate at Deutsche Borse

In a joint statement released on Tuesday, the alternative management firms TCI and Atticus announced that they will no longer cooperate to defend their common interests as major shareholders (19.3% in total) at Deutsche Börse, the Frankfurter Allgemeine Zeitung reports. The Börsen-Zeitung reports that the most recent declared participations for these investors stood at 10.06% for TCI and 9.24% for Atticus.
01/04/2009

Germany - H&A takes control of Cazenove AG

The Hauck & Aufhäuser (H&A) private bank has subscribed to a EUR2.7m capital increase at Cazenove AG (50 employees) for an undisclosed amount, and now owns 40% of the investment bank. In the next few weeks, the firm will increase its stake to 60% by buying shares from the three board members who bought the company from JP Morgan in October, the Frankfurter Allgemeine Zeitung reports. Cazenove AG will become known as H&A Corporate Finance. The firm will not conduct any trading of owners equity, and will not operate on derivatives. For its part, H&A has successfully maintained a stable level of assets under management at EUR18bn in 2008, thanks to EUR500m in net inflows.
01/04/2009

United States - Global equities funds have lost 11.5%

According to preliminary estimates from Lipper, global equities funds have seen losses of 11.5% in first quarter. Latin American equities funds lost only 0.2%, after a plunge of 57.3% in 2008, and emerging markets equities lost 3.6%. But the heaviest losses were for European (16.3%) and Japanese equities (17.2%).
01/04/2009

World - The present time is propitious for global macro funds, according to Credit Suisse

According to a study by Credit Suisse Liquid Alternatives, Alpha Strategies, the moment has probably come to invest in global macro hedge funds, at least judging by the performance of this strategy after past periods of market dislocation.Global macro funds are the category which has performed best since the launch of the Credit Suisse/Tremont index, with average annual performance of 12.57% between the beginning of 1994 and the end of January 2009. Five factors explain this outperformance: the flexibility of tactical allocation; top-down investment style with an emphasis on macroeconomic analysis; the potential offered by a global universe; aversion to investments with low liquidity; and lastly, limited ?participation risks? due to ?crowded trades.?Further points in favour of global macro: this category of hedge funds has generally posted double-digit returns in the twelve months following a market dislocation, and they have maintained this double-digit performance on an annual basis for the three years that followd each one of these dislocations. Lastly, as a general rule, this strategy has outperformed other hedge funds by an average of 5 percentage points in the year following market dislocatons.
31/03/2009
Fonds

Direxion s'efforce d'éliminer les distorsions sur les ETF inversés à effet de levier

Afin de corriger dans la mesure du possible les distorsions qui peuvent apparaître dans la performance des ETF inversés et à effet de levier, Direxion introduit aux Etats-Unis une nouvelle gamme d’ETF qui utilisent comme sous-jacent l'évolution mensuelle des indices, rapporte Das Investment. Il s’agit d'éviter des incidents comme la performance de 29,4 % en janvier de l’ETF inversé triple sur le Russell 1000 Financial Services qui aurait dû en fait gagner 62,7 % puisque l’indice avait perdu 20,9 %. La distorsion avait été imputable aux fortes fluctuations au jour le jour des actions bancaires.
Fonds
31/03/2009
Fonds

Lancement d'un ETF de hedge funds

IndexIQ, une société basée à New York spécialisée dans le développement de stratégies d"investissement quantitatives, a lancé un ETF destiné à répliquer la performance du secteur des hedge funds, rapporte le Financial Times. Le IQ Hedge Multi-Strategy Tracker ETF est coté sur le NYSE.
Fonds
31/03/2009
Fonds

Byron Trott (Goldman) lance un fonds

Selon les proches du dossier, Byron Trott, l’un des principaux arrangeurs de transactions pour Warren Buffett chez Goldman Sachs, se met à son compte en créant une banque d’affaires dans laquelle il est prévu que Berkshire Hathaway, la société de Warren Buffett, prenne une «modeste» participation. De fait, précise The Wall Street Journal, Byron Trott va surtout mettre sur pied un fonds d’environ 2 milliards de dollars qui investira dans des sociétés familiales et entrepreneuriales, et qui les conseillera.
Fonds
31/03/2009

Blackstone s'installe à Paris

Le capital investisseur The Blackstone Group a annoncé lundi l’ouverture d’un bureau à Paris et la nomination de Jean-Michel Steg au poste de senior managing director. Ces cinq dernières années, l’intéressé a été directeur du pôle #banque# de Citigroup en France et en Belgique.L"équipe de conseil française dépendra du siège social européen de Blackstone à Londres. L"ouverture de ce bureau parisien renforce la présence mondiale du pôle conseil restructuration et en fusion-acquisition de Blackstone, qui compte à présent 190 collaborateurs aux Etats-Unis, en Asie et en Europe.
31/03/2009

Europe - Fortis : une facture de 10 millions d?euros pour les AG

Selon L"Echo, les neuf assemblées générales organisées par Fortis entre décembre 2008 et avril 2009 représentent pour le holding une facture globale de quelque 10 millions d’euros. A elle seule, l’AG du 11 février à Bruxelles, qui a débouché sur un «non» au deal avec BNP Paribas, a coûté plus d’un million.
31/03/2009

Singapore - Mark Smallwood is promoted to head of wealth management for Asia-Pacific

Handelsblatt reports that Deutsche Bank on Monday announced the appointment of the head of the Geneva branch as head of wealth management for Asia-Pacific, based in Singapore. Smallwood will also continue to serve as global head of insurance for high net worth private clients. Meanwhile, Anil Venuturupalli, who was head of business & risk control activities for the bank in the United States, becomes COO for Asia-Pacific, also based in Singapore.
31/03/2009

Spain - Generali and Deutsche Bank submit bid for Cintra parking portfolio

Valiance Capital, a fund from the Italian insurer Generali, has teamed up with Isolux, while the management firm RREEF, an affiliate of Deutsche Bank, has partnered with Vinci in the final phases of the competition to buy the 302,000 parking spaces owned by Cintra, an affiliate of Ferrovial, Expansión reports. Isolux is also a candidate to acquire the parking affiliate of Acciona, in competition with the private equity firm ProA Capital. Expansión says the other two final candidates to acquire Cintra Aparcamientos are the Portuguese firm Emparque, owned by the A. Silva & Silva group, and the French management firm PAI Partners, which controls Cortefiel, along with the private equity investors Permira and CVC.
31/03/2009

Germany - BaFin extends naked shorts prohibition

The German financial surveillance authority BaFin announced on Monday that it is extending its prohibition of short-selling of shares to which the vendor does not have direct access, or naked short selling, until at least the end of May, the Frankfurter Allgemeine Zeitung reports. The prohibition applied to shares in Deutsche Bank, Commerzbank, Allianz, Deutsche Börse, Munich Ré, Hannover Rück, Hypo Real Estate, AMB Generali, Aareal Bank, Postbank and MLP.
31/03/2009

United States - Managers highly optimistic about bonds

Russell Investments has announced that for the first time since the data series began about five years ago, the quarterly Investment Manager Outlook survey has found that managers surveyed are more optimistic about bonds than equities. 67% of respondents are bullish on corporate bonds, while 61% have a positive outlook on high yield bonds, compared with only 57% (compared with 72% in December) for large cap equities.
31/03/2009

United Kingdom - First State launches a Latin America fund

First State Investments on Monday announced the forthcoming launch (probably in mid-April, pending approval form the FSA) of the Latin America Fund, an equities product with 30-40 positions which will be managed by Jonathan Asante and Millar Mathieson, with the assistance of Alan Nesbit. Minimal subscription will be GBP1,500, while front-end fee and management commission will be set at 4% and 1.75%, respectively.For the fund, managers will apply the stock-picking methodology already employed for the Asia-Pacific and global emerging markets funds, with a focus on Brazil, Chile, Colombia, Mexico, and Peru.
31/03/2009

Spain - AlphaPlus launches its third fund

AlphaPlus Gestora on Monday announced the launch of a third product, following the Alpha Plus Dinero (money market) and Alpha Plus Diversificación (diversified) funds on 2 February: it is the absolute performance fund Alpha Plus Rentabilidad Absoluta, which will invest in equities, bonds, and derivatives; it may be up to 50% exposed to currency risks, and managers are authorised to place up to 20% of the portfolio in emerging markets. The objective is to outperform the Eonia by at least 300 basis points, and to limit volatility to less than 8%, with a combination of derivative, market neutral, global macro, and long/short strategies. Management commission is set at 1%, while performance commission is 9%.
31/03/2009

United Kingdom - Fourth consecutive month of net subscriptions

In February, funds domiciled in the United Kingdom have posted net subscriptions of GBP2.28bn, of which GBP1.19bn were for retail products, and GBP1.09bn for institutional funds, compared with GBP1.81bn, GBP1.19bn, and GBP623m in January, the Investment Management Association (IMA) reports. Richard Saunders, CEO of the association, points out that this is the fourth consecutive month of net subscriptions, while bond funds have continued to be the preferred category for investors, who for the moment do not appear disposed to invest their money in equities funds. In February 2008, net subscriptions totalled GBP775.3m.Funds domiciled abroad, for their part, saw net redemptions of GBP19.8m, compared with net inflows of GBP66.6m in January, and net outflows of GBP236.1m one year previously.Meanwhile, total assets at the end of February totalled GBP339.2bn for funds domiciled in the United Kingdom, and GBP13.7bn for funds domiciled abroad, compared with GBP355.2bn and GBP15.2bn as of 31 January. One year earlier, assets under management totalled GBP442bn and GBP16.2bn, respectively.
31/03/2009

Germany - Prestigious recruitment for Vontobel

Vontobel has announced that it has recruited Maximilien, prince of Sayn-Wittgenstein, as head of private banking in its wholesale distribution team in Germany. He will report to Matthias Klein, CEO of asset management for the German market. The prince is leaving the Fortis group, where he managed assets on behalf of Fortis Investments and Fortis Merchant Banking in Germany.
31/03/2009

Germany - DVAG posts record profits despite the financial crisis

The financial products distribution network Deutsche Vermögensberatung AG (DVAG) has posted record profits in 2008, up 18.1% to EUR149m, on revenues up 21.9% to EUR1.22bn. DVAG recruited 180,000 new clients in the second half of the year, bringing the total to 5.2 million.The IFA network of DVAG last year mediated net subscriptions of EUR1.2bn, compared with EUR900m in 2007 for DWS, bringing total subscriptions provided to the Deutsche Bank group to EUR6.2bn (+8%).
31/03/2009

World - Investors maintain confidence in hedge funds

According to an IRC Conferences/Terrapinn survey of 273 institutional investors, hedge fund managers and financial services providers worldwide, 80% of professionals surveyed still believe that hedge funds can generate good performance in the long term. Only 20% say that the financial turbulence has caused them to lost confidence in hedge funds.Responses also reveal that the various categories of respondents virtually unanimously consider it time to act to improve transparency, risk management, compliance, auditing, and market actors’ preference for self-regulation over regulatory legislation. The only disagreement is in the area of commissions, which are considered very important to improve confidence by 43% of investors, compared with only 14% of managers.Lastly, a majority of hedge fund managers are hoping for an improvement in net subscriptions in the second half of 2009, while most investors do not see it happening before next year.
31/03/2009

Germany - Credit Suisse releases an SRI fund

Credit Suisse has been granted a license in Germany to release the Credit Suisse (Lux) Global Responsible Equities fund, an SRI equities sub-fund of the firm’s Luxembourg Sicav, which may also invest in funds (up to 10%) and money market instrments. The product, denominated in Euros, was launched on 15 January 2009, and is managed in Zurich by Markus Mächler (see Newsmanagers of 24 March). Shares are selected on the basis of international environmental, social and governance (ESG) criteria, which comply with the United Nations Principles for Responsible Investment (UN-PRI). Respect for the expense books is monitored by Global Ethical Standard Investment Services, and the benchmark index that has been selected is the Dow Jones Sustainability World TR index in Euros. Front-end fees are 5%, and management commission is 1.92%.
31/03/2009

World - Pioneer Investments signs up to Principles for Responsible Investment

Pioneer Investments (UniCredit group), which manages EUR160bn in assets worldwide, and which has 2,300 employees in 31 countries, announced on Monday that it has signed up to the United Nations Principles for Responsible Investment (UN-PRI), a list of six ?best practices? in the areas of environmental, social and governance (ESG) performance.
31/03/2009

France - Blackstone sets up shop in Paris

The private equity investment firm Blackstone Group on Monday announced the opening of an office in Paris and the appointment of Jean-Michel Steg as senior managing director. For the past five years, Steg has been director of the banking unit at Citigroup in France and Belgium.The French management team will be a branch of the firm’s European head office in London. The opening of the Paris office will strengthen the global presence of the restructuring and merger and acquisition consulting unit of Blackstone, which now has 190 employees in the United States, Asia, and Europe.

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