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14/05/2013

Deka resells a logistical property in New Jersey

P { margin-bottom: 0.08in; } The realty firm Duke Realty, listed on the New York stock exchange, has bought the logistical complex at 311-315 Half Acre Road in Cranbury, New Jersey, from the German firm Deka Immobilien GmbH. The 88,000 square-metre property had been part of the portfolio of the dedicated fund Deka-S-PropertyFund No.1.The sale price has not been disclosed, but Deka Immobilien states that it took advantage of strong demand for large size logistical properties to sell the property with a capital gain.
14/05/2013

Investeam and Accola launch a second midcap fund

P { margin-bottom: 0.08in; } Investeam and Accola will launch a second contractual bond FCP fund of midcaps with a 2019 horizon, Newsmanagers has learned. The fund, entitled Micado France 2019, will be managed by Palatine Asset Management, and will invest in bonds issued by French midcap companies which are publicly traded but not rated. Investments will go into the treasuries of selected midcap companies, to finance regional growth projects. The net TRI for investors is expected to range from 4.2% to 4.7%. The product has the same investment strategy as the first fund, Micado France 2018, with a slight variation: it may invest up to 10% in non-listed businesses, in order to seek out additional returns. Given that the fund targets 20 issuers, two issuers may therefore be included. Investeam and Accola are seeking to raise a maximum of EUR100m, while the interests of French institutional investors already total EUR86m. The first product, managed by Portzamparc Gestion, brought in more than EUR60m. Micado France 2019 will be launched in early July, and will be on sale until late September or early October.
14/05/2013

Schroders releases ISF Euro High Yield fund in Germany

P { margin-bottom: 0.08in; } Achim Küssner, CEO of Germany-based Schroder Investment Management GmbH, has announced that the British firm has now received a sales license for Germany and Austria for the Euro High Yield fund (ISN codes: LU0849399786, A capitalisation share class, LU0849400543, A distribution share class), a sub-fund of its Schroder International Selection Fund (Schroder ISF) Luxembourg Sicav, which was launched on 14 November. Front-end fees are limited to 3%.The fund is already licensed for sale in Luxembourg, the United Kingdom, Spain and France (see Newsmanagers of 30 January).
14/05/2013

German equity funds have trouble beating their benchmarks

P { margin-bottom: 0.08in; } Barely 41% of German equity funds have managed to beat their benchmark index, the DAX 30 TR, over a 5-year period, according to a study by e-fundresearch. The study takes into account German equity funds on sale as of 10 May 2013 in at least one of the three European German-speaking countries, Germany, Austria and Switzerland, and which have a track record of at least 5 years. The best 5 German equity funds are the following: ISIN Name of fund LU0247468282 DB Platinum III Platow R1CLU0158903558 ACATIS CHAMPS SEL - ACATIS AKTIEN DEUTSCHLAND ELMLU0068841302 GS&P Fonds Deutschland aktiv GAT0000A07SN5 Aktienfonds Deutschland Spezial R VADE0009752303 Pioneer Investments German Equity A ND In Switzerland, only 17% of funds have managed to beat their benchmark, the Swiss Market Index (SMI), over a 5-year period. The best fund is the DM Swiss Equities Assymetric Fonds, which beat out the UBS MSF Equities Switzerland and the Mirabaud Fund Swiss Equities.
14/05/2013

Strong increase in AUM at Franklin, Invesco and AllianceBernstein

P { margin-bottom: 0.08in; } On 30 April, assets under management by Franklin Resources (Franklin Templeton Investments) totalled USD847.5bn, compared with USD823.7bn as of the end of March, largely due to incrases of USD6bn for equities (to USD325.9bn) and especially USD14.5bn (to USD383.7bn) for bond products.Assets at Invesco increased by USD19.2bn in April to finish the month at USD748.6bn, with the increases distributed over the various fund ranges (equities, bonds, balanced, money market and alternative). AllianceBernstein’s AUM increased by USD10bn, to a total of USD453bn as of the end of April, due to an increase of USD7bn for bonds (to USD272bn), and a gain of USD2bn (to USD145bn) for equities.Lastly, assets at Legg Mason fell to USD655.4bn as of the end of April, compared with USD664.6bn as of the end of March, largely due to a decline of USD16.4bn in assets in money market funds, while long-term funds were up by USD7.2bn, to USD534.1bn.
14/05/2013

Jean-Philippe Olivier leaves FRR

P { margin-bottom: 0.08in; } Jean-Philippe Olivier has left his position as head of the delegated management department at the French pension fund Fonds de Réserve pour les Retraites (FRR), the website IPE reports. He left the public establishment, whose assets total about EUR36.6bn, last month, in order to take up a position as chief investment officer at Coface. Olivier had been working at the FRR since 2006.
14/05/2013

Axa IM appoints head of institutional development for US

P { margin-bottom: 0.08in; } Lawrence Remstedt, a portfolio manager at Axa Rosenberg, which he joined in 2008 after working at American Century Investments since 2003, has been promoted to head of institutional development & relations at Axa Investment Managers for the United States.
14/05/2013

Janus reorganizes fund management team

P { margin-bottom: 0.08in; } Richard M. Weil, CEO, has announced that as Ron Sachs has resigned and left the firm on 31 May, Janus Capital Group has recruited Doug Rao from Marsico Capital Management to manage the Jany Forty and Aspen Forty funds.Marc Pinto, who has spent 19 years as a part of the large cap growth equities team at Janus, has been appointed from 13 May as portfolio manager for the Janus Twenty Fund (a fund which is currently closed to new investors), also replacing Sachs. Pinto will also remain as co-portfolio manager of the Janus Balanced Fund and a portfolio manager of the Janus Growth & Income Fund.Also from 13 May, Jonathan Coleman has been appointed as a portoflio manager at the Janus Triton Fund. With Maneesh Modi, an equity analyst, Coleman will also be co-manager of the portfolio of the Janus Venture Fund. They replace Chad Meade and Brian Schaub, who will be leaving the business after a period of transition, in order to allow the new managers to take over command of the fund. Coleman joined Janus in 1994 and Modi in 2008. As a part of the reorganization, Jonathan Coleman will be leaving the management of the Janus Fund and the Aspen Janus Portoflio, which he had co-managed, to Barney Wilson, who joined Janus in 2005 and who had been the other co-manager of the two products.
14/05/2013

Hedge funds sue Porsche

P { margin-bottom: 0.08in; } The Börsen-Zeitung reports that before a Stuttgart court, 25 hedge funds, including Viking Global Equities, Glenhill Capital and Greenlight Capital, are seeking damages and interest from Porsche Automobile Holding SE of EUR1.36bn. They claim that they were not adequately infomed by Porsche during its takeover battle at Volkswagen (a takeover which ultimately failed).The Stuttgart prosecutor’s office has also filed suit against the former chief financial officer and former chairman of the managing board at Porsche, Holger Härter and Wendelin Wiedeking, for market manipulation.
14/05/2013

SSgA signs a partnership with SEI Master Trust

P { margin-bottom: 0.08in; }State Street Global Advisors (SSgA) has signed a new partnership with the SEI Master TrustSEI is now using SSgA’s index fund components to help power its investment offering within the SEI Master Trust. The SEI Master Trust is a fully bundled multi-employer occupational pension scheme, which can be used to meet auto-enrolment requirements and to buy-out DC benefits. SEI will be utilising a number of SSgA DC funds to help participating employees design appropriate and competitively priced default funds.
14/05/2013

Barings hires head of sales for Asia

Baring Asset Management on May 13 announced the appointment of Marco Tang to the newly-created senior role of head of sales, client service and business development for mutual fund distribution, across Hong Kong, China and Singapore. He will be based in Hong Kong and report to Gerry Ng, chief executive officer, Asia ex Japan.Marco Tang joins Barings from JP Morgan Asset Management where he was executive director and head of intermediary business. Prior to this, he held various sales roles at Allianz Global Investors, HSBC Asset Management and Jardine Fleming Unit Trusts.
14/05/2013

Mandate for a US pension fund from Martin Currie

P { margin-bottom: 0.08in; } The Pennsylvania State Employees’ Retirement System (PASERs) has retained the Scottish firm Martin Currie Investment Management Ltd to manage USD250m, corresponding to a new global emerging markets (GEM) strategy for the pension fund. The mandate is managed by Kim Catechis, head of GEM, and the investment directors are Andrew Ness and Jeff Casson, whose team has assets of GBP487m, or USD739m.
14/05/2013

Former JP Morgan head founds his own hedge fund

P { margin-bottom: 0.08in; } Tolga Uzner, former international head of equities and corporate bonds at the chief investment office at JP Morgan, sadly known because of the “Whale of London,” left the bank last month, Financial News reports. He is preparing to launch a credit hedge fund, according to a source familiar with the matter. He has founded Brocade Capital Management, where he is CIO.
14/05/2013

River & Mercantile extends mandate for BNY Mellon

P { margin-bottom: 0.08in; } BNY Mellon Asset Servicing was up to now the provider of UK’s River and Mercantile Asset Management LLP (R&M) with global custody, trust, depositary banking, transfer agency and forex market operator services. The US group has now been retained on 13 May by R&M as provider a back and middle office services on assets totalling USD3.1bn. This includes nine OEIC type open-ended funds and all closed-end funds from R&M.BNY Mellon will also provide data management services concerning all assets at R&M for which technologies from Eagle Investment Systems, an affiliate of BNY Mellon, are used. The data are consolidated, checked and enriched by BNY Mellon before being delivered to R&M.
14/05/2013

Deutsche Bank takes lead for subscriptions in January-March

P { margin-bottom: 0.08in; } According to statistics from the German BVI association of asset management firms, open-ended securities funds in first quarter attracted net inflows of EUR12.161bn.This time, the top of the class is no longer Allianz, with its EUR1.9289bn, but rather the Deutsche Bank galaxy, with EUR2.8743bn. Union takes third place, with net subscriptions of EUR1.7219bn. Deka has limited its net redemptions fo EUR414.7m for the first three months of the year.On the ETF front, the winner is db x-trackers, with net inflows of EUR890.3m, followed by iShares and BlackRock with EUR187.8m, and products from ETFlab (not consolidated with Deka) with EUR165.8m. However, ComStage (Commerzbank) suffered net outflows in first quarter of EUR116.8m.
14/05/2013

German institutional funds top EUR1trn

P { margin-bottom: 0.08in; } As of 31 March, the 3,913 Spezialfonds, or German institutional funds, had assets of EUR1.01131trn, compared with EUR981.66bn as of the end of December, the BVI association of management firms reports. For their part, the 7,466 open-ended funds had assets under management of EUR687.52bn three months previously.Spezialfonds posted net inflows of EUR22.97bn, compared with EUR13.98bn for open-ended funds, and EUR1.98bn for mandates excluding funds.
14/05/2013

Le fonds Idinvest Partners dédié aux PME dépasse les 200 millions d’euros

Idinvest Partners, leader européen du financement des entreprises non cotées, annonce le closing intermédiaire à 205 millions d’euros de son nouveau véhicule d’investissement exclusivement dédié à la dette senior. Le fonds, appelé « Idinvest Dette Senior » vise à dépasser millions d’euros pour un closing final prévu d’ici fin juin. Les premiers souscripteurs sont principalement des grandes compagnies d’assurances.
14/05/2013

Hess tente d’amadouer Elliott Management

Le groupe pétrolier et gazier a convenu d’accorder deux sièges de son conseil d’administration à des représentants du fonds activiste. Hess se trouve sous la menace de perdre le contrôle de cinq sièges à l’occasion de l’assemblée générale annuelle des actionnaires prévue ce jeudi. Elliott Management détient 4,5% du capital du groupe et appelle à des changements depuis janvier.
14/05/2013

Pari perdu pour l’offre sur Betfair

La société britannique de paris en ligne a indiqué hier soir avoir rompu les négociations autour d’une offre d’un milliard de livres émanant d’un consortium emmené par CVC Capital Partners. Les parties ne sont pas parvenues selon le communiqué à nouer un accord concernant un plan crédible de développement. Les prétendants avaient pourtant relevé à deux reprises le prix de l’offre.
14/05/2013

Nouvelles poursuites contre Porsche

Le groupe, qui se voit déjà réclamer 4 milliards d’euros pour le recours à des options dans le cadre du rachat avorté de Volkswagen, fait l’objet de nouvelles poursuites en Allemagne de la part de vingt-cinq fonds d’arbitrage. Les plaignants, qui incluent Viking Global Equities et Glenhill Capital, demandent 1,4 milliard d’euros. En début d’année, ils avaient renoncé à des poursuites aux Etats-Unis.
14/05/2013

PAI Partners cède FTE Automotive

Le fonds de private equity est parvenu à un accord avec Bain Capital portant sur la cession de FTE Automotive. Les conditions de la transaction n’ont pas été révélées. Le closing est prévu courant juillet 2013. FTE est le leader mondial des systèmes de commande hydraulique d’embrayages pour véhicules légers. En 2012, le chiffre d’affaires de FTE s’est établi à 430 millions d’euros.
14/05/2013

Un consortium va reprendre Asiainfo-Linkage

Un groupement d’investisseurs comprenant CITIC Capital et Temasek a prévu de racheter l’éditeur de logiciels pour l’industrie des télécoms pour environ 900 millions de dollars. A 12 dollars par titre, l’offre est supérieure de 2,8% au cours de clôture de la cible vendredi. Le financement comprendra 670 millions de dollars de fonds propres et 330 millions de dette.
14/05/2013

Un choc historique est en cours pour les matières premières

Pas de doute pour Philippe Chalmin, le directeur de CyclOpe, rapport de référence sur les matières premières dont la nouvelle édition est publiée aujourd’hui en partenariat avec le quotidien, les marchés mondiaux connaissent actuellement un «choc» comme on en voit «tous les 20 à 25 ans». «Nous avons vécu dans l’illusion que la crise était passée», assène Philippe Chalmin cité par le quotidien.
14/05/2013

Pas de baisse de taux possible en Chine

La Banque Populaire de Chine (PBOC) ne peut pas baisser ses taux d’intérêt pour relancer l’activité du fait de l’abondance de la liquidité dans le système financier, explique au China Securities Journal Zhu Baoliang, responsable du département du Centre d’information et de prévision économique de l’Etat chinois. Seule la politique fiscale peut ainsi, selon lui, être utilisée comme levier d’ajustement.
14/05/2013

Emergence cherche à incuber un fonds actions

Après la gestion alternative, le fonds d’incubation a lancé un appel à candidatures pour son futur compartiment actions. La structure devra coupler stratégie innovante et ambition internationale. L’objectif est de collecter entre 150 et 300 millions d’euros auprès d’institutionnels.
14/05/2013

La CFTC se penche sur des contrats de swaps

L’autorité de régulation américaine aurait lancé une enquête concernant la réalisation de plus d’un million de contrats de swaps effectués par des banques qui concernent «des montants de trading gigantesques», indique le journal qui ne cite pas de source. La CFTC a ainsi demandé aux banques et aux traders concernés de lui fournir les contrats prouvant la légalité des opérations visées.

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