Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
16/12/2010

Aberdeen acquires a shopping centre in Pforzheim

p { margin-bottom: 0.08in; } Aberdeen Asset Managers announced on 15 December, without disclosing the purchase price, that it has acquired a real estate complex which was fully renovated this year, located in the commercial district of Pforzheim, with 4,200 square metres of retail space and 700 square metres of office space, for its Aberdeen European Balanced Property Fund. The vendors are Centrum and the B&L group.The fund has already attracted EUR302m from institutional investors. Its commercial and office real estate portfolio as well as its logistical centres represent EUR380m, in Germany, Belgium, Finland, France, and the Netherlands.
16/12/2010

KanAm distributes USD250m to shareholders in US-grundinvest

p { margin-bottom: 0.08in; } As announced previously (see Newsmanagers of 1 October), the Munich-based RE fund management firm KanAM has paid out a first round of USD250m to shareholders in the real estate fund KanAm US grundinvest, which was the first German fund of its kind to be liquidated (over two and a half years, to conclude on 31 March 2012).Following the distribution to shareholders, the net asset value of the fund is reduced by half, to USD22.48.So far, the management team has succeeded, despite the difficult situation prevailing on the US real estate market, in selling 11 of the 17 properties in the portfolio in only eight months. The property sales have so far been made at a markdown of only 2% compared with the most recent expert valuations.The next payment is scheduled for June 2011. By that time, six other properties will be sold, with the exact amount of the distribution to be determined by the tax status accorded to the operations by the US and Canadian tax authorities.Since the launch of the fund on 20 May 2003 until 15 December this year, performance totals 20.1%, equivalent to 3% per year for an average investment duration of 5 years. KanAm states that 97% of assets have been in the fund for over two years; the fund has been closed to subscriptions for one year.
16/12/2010

Axa IM has found a director for Iberia at last

p { margin-bottom: 0.08in; } More than two and a half months after the departure of Iñigo Bilbao-Goyoaga, who created the affiliate and directed it for eight years, Axa Investment Managers has announced the appointment of Beatriz Barros de Lis as director for Spain and Portugal. The Iberia team (5 members) also provides operational support for the group’s activities in Latin America. Barros de Lis was previously head of AllianceBernstein for Spain and Portugal.
16/12/2010

Quantitative management professionals join forces

p { margin-bottom: 0.08in; } Several quantitative management professionals have teamed up to create QuantValley, an association under the 1901 Law led by Arnaud Chrétien (founder of Aequam Capital), whose founding members are the managemetn firms Aequam Capital, CFM, Cogitam, Finaltis, John Locke Investments, Numbers AM, Rivoli Fund and Seven Capital. The association aims to promote the expertise of the Paris financial industry in quantitative finance worldwide. “QuantValley aims to create sustainable ties between the academic and professional spheres, and to set up collaborations to foster financial innovation,” a statement says. The project is supported by the Institut Louis Bachelier and the “Finance Innovation” global competitiveness unit of Paris Europlace.
16/12/2010

Equities regain popularity with US managers

p { margin-bottom: 0.08in; } The most recent quarterly survey by Russell Investments has confirmed that investors’ interest in equities has begin rising once again, as 88% of managers responding to the survey saying they plan to increase their exposure to equities markets in the twelve months to the end of 2011, and 40% predicting that markets may gain 10% or more in 2011. Fears of a double-dip recession appear to have dissipated, as managers’ optimism is also based on solid fundamentals at businesses, as well as new growth opportunities, among others for major multinational companies. The durvey also finds that 52% of managers estimate that markets are correctly valued, whereas in September this year, 57% estimated that they were undervalued. Only 38% are of this opinion now. IT remains the favourite sector for managers, with 80% unreservedly optimistic about the sector, compared with 69% in September. Energy is also gaining popularity, with the percentage of managers favourable to the sector up from 51% to 68%. The real estate sector, an asset class which is generally overlooked in these quarterly studies, has also achieved an unprecedented result, with 31% of managers saying they are optimistic about the sector, 10% up on September. However, US Treasuries no longer seem to be attracting the managers, with a vote of only 5%, the lowest since June 2004.
16/12/2010

Michel Audeban leaves Fidelity France

p { margin-bottom: 0.08in; } Michel Audeban, director of commercial distribution at Fidelity France, will be leaving the firm at the beginning of January 2011. He is planning to carry out a project which will require several months of preparation. According to information obtained by Newsmanagers, Fidelity France is currently seeking a replacement for Audeban.
16/12/2010

BNY Mellon AM adds to Asian staff

p { margin-bottom: 0.08in; } BNY Mellon Asset Management has appointed Thom Fisher as country head for Japan, Asian Investor reports. BNY Mellon is also seeking a successor to David Jiang, former CEO for the group’s activities in the Asia-Pacific region, based in Tokyo.
16/12/2010

A majority of hedge fund managers still oppose AIFM directive

A Preqin survey of more than 100 alternative management firms and investors finds that slightly over one third of respondents support the final version of the AIFM directive. This is a “significant minority,” says Preqin, which also reports that 89% of respondents say the directive should be amended to take into account the differences between various asset classes.Nearly one respondent in two (45%) says it is probable or highly probable that management firms will leave Europe as a result of the directive, while 26% say that their firm is likely to make that move.28% of respondents say that the introduction of the European passport will have the largest impact on the sector.
16/12/2010

Stoxx launches new optimised indices

Stoxx Limited has launched of the Stoxx Optimised Country Indices for select emerging markets, as well as that of the Stoxx Optimised Asia Select Index. The country indices are available for Brazil, Chile, China, Colombia, Egypt, India, Indonesia, Israel, Malaysia, Mexico, the Philippines, Poland, Russia, South Africa, South Korea, Taiwan, Thailand, Turkey and Vietnam. The Stoxx Optimised Asia Select Index covers all companies which are based in Hong Kong, Singapore, South Korea and Taiwan, and are listed on a North American stock exchange.All new indices are part of the Stoxx Optimised Index family. The most defining features of this family is that it does not only take into account the average daily trading value (ADTV) for stock selection but also for the derivation of the index constituents’ weights.
16/12/2010

BlueCrest recruits Jaime Valdivia

BlueCrest Capital Management has appointed Jaime Valdivia as head of global emerging markets research and strategy. He joins from the Emerging Sovereign Group where he was a partner, portfolio manager and director of global macro research specialising in global sovereign credit and rates strategy.
16/12/2010

Two departures from FundQuest

p { margin-bottom: 0.08in; } According to reports in Citywire, Richard Timberlake and Paul Kim have resigned from FundQuest. They may join LV = Asset Management.
16/12/2010

Schroders closes its Asia fund to retail investors

p { margin-bottom: 0.08in; } Citywire reports that Schroders has decided to close its Asia fund, Schroder ISF Asian Total Return, based in Luxembourg, to retail investors. Assets under management in the fund, launched in late 2007, now exceed USD1bn. The fund shows returns of 47.2% from its launch to the end of November, compared with losses of 8.2% for the MSCI AC Asia Pacific ex Japan index. The decision to close the fund aims to protect the performance of the fund, as inflows were highly dynamic in 2010. Schroders says that the strategy cannot claim to manage over USD1bn in assets without risk. Schroders states, however, that institutional investors will be able to continue to invest in C and I class shares for the near future.
16/12/2010

Legal & General IM appoints a head for Middle East

p { margin-bottom: 0.08in; } Legal & General Investment Management (LGIM) has appointed Andy Clark as head of the distribution team for the Middle East. Clark, who will be based in London, previously worked at Northern Trust Global Investments.
16/12/2010

Strong growth in 2010 for BBVA Banca Privada

p { margin-bottom: 0.08in; } In an interview with Cinco Días, Alfonso Gómez Garcimartín, CEO, says that BBVA Banca Privada is expecting to have recruited a net total of 6,000 new clients this year. Assets under management will have increased by 5%, Banca Privada is dedicated to clients with over EUR300,000 in financial savings, while BBVA Patrimonios is aimed at investors with savings of over EUR2m; on average, accounts measure EUR500,000 and EUR5.7m, respectively. Garcimartín says that BBVA Banca Privada relies on open architecture, and offers 50% third-party products. He also says that at present there is no observed trend of Spanish investors’ assets expatriating to Luxembourg. Client demand is currently focused on fund portfolios and custom structured products.
16/12/2010

Gervais Williams joins MAM Funds

p { margin-bottom: 0.08in; } Gervais Williams, former head of UK small caps at Gartmore, is joining MAM Funds, a management firm listed on the AIM in London. He will be appointed managing director, pending the approval of shareholders. At the same time, Ian Dighé will be appointed executive chairman, and Graham Hooper director of distribution. Meanwhile, MAM Funds has also announced plans to raise a further GBP20m.
16/12/2010

Madoff scandal, a factor in valuation of Pioneer

p { margin-bottom: 0.08in; } Irving Picard, the court-appointed trustee in charge of liquidating the management firm operated by the US frauster Bernard Madoff, is seeking USD19.6bn from the UniCredit family of companies, Agefi reports. Candidates to acquire the asset management unit of the Italian bank are now seeking to evaluate the litigation to determine whether it will create liabilities for Pioneer. “This is one more factor to be taken into account in the due diligence,” says one of them. So far, with EUR185bn in assets under management as of the end of September and EUR247m in pre-tax profits for the first nine months of the year, Pioneer is estimated to be worth about EUR3bn. This price may be adjusted depending on the manner of payment of the acquisition price. Meanwhile, discussions are also taking in sensitive subjects, including distribution commissions paid to networks by the asset management firm. These now come to about 50% at Pioneer, compared with 65% to 70% for the industry as a whole in Italy. If Pioneer had to raise its commissions to this level tomorrow, its profits would decline, and therefore also its value, the newspaper reports.
16/12/2010

Lancement imminent du processus de vente de Yoplait

Le processus de vente formel des parts de PAI Partners dans Yoplait devrait commencer lundi avec l’envoi des « information memorandum » aux acheteurs potentiels, a indiqué mercredi à Reuters une source proche du dossier. Yoplait est le numéro deux mondial des produits laitiers derrière Danone et est détenu à parts égales par PAI et par la coopérative agricole Sodiaal.
16/12/2010

Icahn emporte Dynegy

A la suite du rejet de l’offre de rachat déposée par Blackstone, le troisième producteur indépendant d’électricité aux Etats-Unis a accepté la proposition d’Icahn Enterprises qui le valorise à 665 millions de dollars. A 5,5 dollars par action, l’offre fait ressortir une prime de 10% par rapport à celle de Blackstone. L’accord permet à Dynegy de solliciter une offre supérieure jusqu’au 24 janvier.
16/12/2010

Les créanciers de Lehman se démènent

Un groupe de porteurs de dette obligataire de Lehman Brothers Holdings, parmi lesquels Paulson & Co et Calpers, a soumis hier un plan alternatif de remboursement des créanciers par rapport à celui établi par la banque en mars dernier. Ces investisseurs assurent que le plan initial favorise les grandes banques pour la distribution des 58 milliards de dollars attendus.
16/12/2010

Baisse attendue des rendements dans le capital investissement

Selon un sondage mené par bfinance à l’international, les sociétés de gestion spécialistes du capital investissement comme les investisseurs institutionnels anticipent une baisse de 5 à 10 points de pourcentage du taux de rentabilité interne des programmes de capital-investissement au cours des prochaines années.
16/12/2010

Les actifs américains moins demandés en octobre

Les achats de valeurs mobilières américaines par des acteurs étrangers ont fortement diminué au mois d’octobre, a annoncé mercredi le département américain du Trésor. Les afflux nets de capitaux à long terme ont atteint 27,6 milliards de dollars en octobre, contre 77,2 milliards le mois précédent. Les afflux nets de capitaux globaux ont représenté 7,5 milliards de dollars contre 80,1 milliards de dollars le mois précédent selon les données révisées du mois de septembre. Les investisseurs étrangers ont peu investi dans les obligations du Trésor américain, limitant leurs achats à 23,5 milliards de dollars, contre 78,9 milliards en septembre. La Chine, premier détenteur de la dette américaine, a néanmoins augmenté ses achats de titres obligataires souverains américains de 23,3 milliards de dollars afin de porter sa position à 906,8 milliards, le montant le plus élevé depuis novembre 2009.
16/12/2010

Qualium Investissement revend Exxelia / Eurofarad

La filiale de la Caisse des dépôts a annoncé mercredi la cession d’Exxelia / Eurofarad, leader européen des composants passifs spécifiques, à LBO France. Le groupe devrait enregistrer en 2010 un chiffre d’affaires d’environ 73 millions d’euros. Qualium Investissement avait acquis en mars 2004 la majorité du capital aux côtés des fondateurs et des dirigeants.
16/12/2010

Le patrimoine de l’Etat évalué à 67 milliards d’euros

Selon le président du conseil immobilier de l’Etat, le député UMP Yves Deniaud, le patrimoine de l’Etat est évalué à 67 milliards d’euros en 2010, contre 30 milliards d’euros en 2005. Le patrimoine de l’Etat est placé sous la gestion des 1.800 salariés de France Domaine.
16/12/2010

Le compromis fiscal adopté aux Etats-Unis

Le Sénat américain a voté mercredi largement en faveur du compromis fiscal conclu entre le gouvernement de Barack Obama et l’opposition républicaine, qui prolonge les allègements d’impôts hérités de la présidence de George W. Bush. Les sénateurs ont voté en faveur du texte par 81 voix contre 19. Ce «paquet fiscal» doit encore être adopté par la Chambre des représentants.
16/12/2010

Sukuk : le modèle français approuvé par un régulateur

L’Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), une institution de régulation de la finance islamique, a approuvé le modèle mis en place pour une émission de sukuk, a indiqué mercredi Thierry Dissaux, responsable du Fonds de garantie des dépôts, cité par l’AFP. Il s’exprimait dans le cadre d’un forum du Dubai International Financial Centre (DIFC).
16/12/2010

Axa PE et Permira se rapprochent pour Opodo

Selon Les Echos, qui cite des sources concordantes, Axa Private Equity et Permira se sont alliées en vue du rachat d’Opodo. Si les deux sociétés échouent lors du second tour, prévu en janvier, elles envisagent de marier Go Voyages et eDreams.
16/12/2010

Un nouveau hedge fund en vedette

Morgan Sze, qui doit quitter son poste de responsable du pôle de trading pour compte propre Principal Strategies chez Goldman Sachs, entend bien lancer au premier trimestre 2011 un fonds alternatif d’un montant de 1 à 1,5 milliard de dollars dès son lancement, soit le plus important depuis le début de la crise selon le quotidien. Ce fonds basé à Hong Kong, Azentus Capital, semble vivement attendu par le marché. La levée de fonds a débuté. Le fonds sera largement diversifié en termes de stratégies de gestion déployées. Un autre ancien de GSPS, Pierre-Henri Flamand, a déjà lancé un hedge fund cette année, Edoma Capital.
16/12/2010

Le Japon va durcir la réglementation minière

Le gouvernement prévoit d’exercer un contrôle plus strict sur ses ressources minières en exigeant des permis d’exploration et en revoyant la procédure d’attribution de droits miniers, rapporte le quotidien. Ces mesures seront soumises sous forme de projet de loi au parlement l’année prochaine. Le pays, richement doté en hydrate de méthane, veut se donner les moyens de gérer les ressources nationales.

Sujets d'actualité

Tous les sujets