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14/12/2010

EdRAM Hong Kong adds to institutional staff

p { margin-bottom: 0.08in; } Melissa Lee, who since 2006 has been in charge of development and management of relations with Japanese, Korean and Hong Kong-based institutional clients at Pioneer Global Investments, is joining Edmond de Rothschild Asset Management Hong Kong Ltd as head of institutional clients, EdRAM announced on 13 December.Lee’s mission will be to develop commercial relations throughout Asia, promote EdRAM’s expertise in terms of equities management, convertible bonds and asset allocation, and to distribute all products of the range registered in the region, managed from Paris and Hong Kong.The statement adds that Edmond de Rothschild Asset Management Hong Kong Ltd, a wholly-owned subsidiary of Edmond de Rothschild Asset Management, was granted a license by the Securities and Futures Commission in February 2008 which allows it to manage funds and distribute all local as well as foreign investment vehicles. It now has 18 employees and manages assets of over EUR1.6bn.
14/12/2010

M&G recruits a head of development for Spanish-speaking world

p { margin-bottom: 0.08in; } Cristina García de Sola Riera, who was previously head of client services, marketing and sales support at BlackRock in Spain, on 1 December joined M&G Investments, whose team in Spain includes two people aside from the director, Ignacio Rodríguez Añino. García de Sola Riera will be in charge of development for M&G in Spain, Portugal, Andorra and Chile.
14/12/2010

UBS builds presence in Singapore

p { margin-bottom: 0.08in; } The Swiss UBS group has recruited several specialists as a part of its wealth management development strategy in Asia. UBS has hired three private bankers from Credit Suisse and two from DBS, all of whom will be based in Singapore. Gary Goh, previously of Credit Suisse, joins UBS as executive director and desk head. Yvonne Koh and Loh Swee Sung, both formerly of Credit Suisse, join UBS, the first as director and client advisor, and the second as associate director and client advisor. Tan Yeu Cheng and Wendy Toh, previously of DBS, join UBS as executive director and associate director, respectively.
14/12/2010

Oppenheimer and Hyundai sign a partnership agreement

p { margin-bottom: 0.08in; } US-based asset management firm Oppenheimer and Hyundai Securities from South Korea have signed an memorandum of understanding to create a non-exclusive alliance that would allow them to cooperate both in Korea and in the United States.The partnership project includes several areas of activity, including corporate finance, mergers and acquisitions, institutional sales, research, and wealth management.
14/12/2010

Isabelle Bourcier to join Ossiam

p { margin-bottom: 0.08in; } Agefi reports on the basis of a reliable source that Isabelle Bourcier, former global head of ETFs at Lyxor, who is leaving the Société Générale affiliate, will be joining the future specialist entity from Natixis AM, Ossiam. The French asset management firm, in which the bank owns 51%, is planning to launch its first ETFs in first quarter 2011.
14/12/2010

CalPERS adopts a new investment strategy

p { margin-bottom: 0.08in; } The California pension fund CalPERS on 13 December announced a new asset allocation strategy to better adjust performance to risk. The president of CalPERS, Rob Feckner, says in a statement that the pension fund had not paid enough attention to allocation risks. The new allocation strategy, which does more to take into account market conditions, divides assets into five major categories on the basis of markets and inflation: liquidity (cash, Treasuries which are easily converted into cash in order to reduce deflationary risks); growth (exposure to rising markets, 63%); income (fixed income, for example, in order to provide revenues in falling markets, 16%); real (assets which are less sensitive to inflationary risks, 13%), and lastly, inflation (commodities and inflation-linked securities, 4%). CalPERS has also set fluctuation margins for the farious categories, for example, +/-7% for the “growth” category, and +/-3% for inflation and liquidity. “Allocations will not change hugely, but we will look at the assets differently,” says the president of the CalPERS investment committee, George Diehr.
14/12/2010

Legg Mason hires a CFO from Carlyle

Legg Mason has announced the appointment of Peter “Pete” H. Nachtwey as chief financial officer and a member of its executive committee. He will report to Mark R. Fetting, chairman and chief executive officer. He joins the firm from The Carlyle Group, where he was also chief financial officer and a member of their operating committee. Pete Nachtwey said, “At the right time, I am also ready to help expand Legg Mason’s investment capabilities through targeted acquisitions.”
14/12/2010

Clariden Leu reopens its catastrophe bond fund to investors

p { margin-bottom: 0.08in; } Funds People reports that SGK Fondsleitung (Liechtenstein) AG, the management affiliate of Clariden Leu (Credit Suisse group), has announced the reopening of the Clariden Leu (Lie) Cat Bond fund to new investors, as many cat bond issues have been announced since the beginning of second half. Subscriptions were suspended in June due to a lack of new bond issues.
14/12/2010

BNP Paribas to launch offshore fund in Hong Kong

p { margin-bottom: 0.08in; } HFT Investment Management, a Chinese joint venture from BNP Paribas, is planning to launch its first offshore fund in the next three months via its new Hong Kong affiliate, in order to accelerate its international expansion, its CEO announced on 13 December. HFT Investment is 49% owned by BNP Paribas and 51% by Haitong Securities, the third-largest Chiense brokerage firm by capitalisation. HFT Investment is also hoping to launch its second foreign investment fund for Chinese investors in the next month, as part of the Qualified Domestic Institutional Investor (QDII) program, Tian Rencan announced at the Reuters Chinese investment summit. The new fund from HFT Investment is targeted in particular to high net worth retail investors. Investments will be largely focused on equities.
14/12/2010

Man Group to launch a fund of funds

p { margin-bottom: 0.08in; } Man Group, which has launched an asset management firm in Italy, will release an Italian-registered fund of hedge funds, which is currently in the license application process, according to Plus 24, the money supplement of Il Sole – 24 Ore. The product will use the firm’s managed accounts platform.
14/12/2010

Aviva Investors adds to sales team

p { margin-bottom: 0.08in; } Raphaelle Moysan, who helped to set up the European fixed income derivatives activity at National Australia Bank, is joining Aviva Investors as client portfolio manager for fixed income, and will report to Anne-Sophie Girault, head of client portfolio management, Fonds Professionell reports.Moysan will be based in London, and will be in charge of recruiting new clients and relations with investment advisers, in close collaboration with the global fixed income management team and the business development team.
14/12/2010

Richard Philbin leaves Architas

p { margin-bottom: 0.08in; } Richard Philbin has left his position at head of Architas Multi-Manager, the multi-management arm of Axa Wealth, in order to pursue other interests. His departure comes at a time when Axa Wealth is seeking to increase its presence in Europe, working with other Axa entities. Caspar Rock will take over from Philbin at the beginning of next year, as chief investment officer.Since its creation slightly over two years ago, Architas has seen its assets under management increase to nearly GBP4bn.
14/12/2010

Barclays pension fund launches its own management firm

p { margin-bottom: 0.08in; } Thz Barclays UK Retirement Fund has launched its own asset management firm, Oak Pensions Asset Management, Financial Times Fund Management reports. The objective is to accelerate decision-making for investments in uncertain times.
14/12/2010

Hedge funds employ 300,000 worldwide

The world’s hedge fund industry employs an estimated 300,000 people. That’s according to the Alternative Investment Management Association (AIMA) – the global hedge fund industry association. It’s the first time the number of jobs created by the sector globally has been assessed. The totals include both those employed directly within the hedge fund sector and those jobs generated by the industry among service providers like administrators, lawyers and accountants. The ratio of direct jobs to indirect jobs was found by AIMA to be generally 1:2, so the number of direct jobs within the industry globally is 100,000 with a further 200,000 indirect jobs generated by the industry.The regional breakdown of the figures is 240,000 in North America, 50,000 in Europe and 10,000 in Asia-Pacific.
14/12/2010

Frieh & Associés et Bouhénic Baudin & Associés se rapprochent

Les associés des deux cabinets ont décidé de donner naissance le 1er janvier prochain au cabinet Frieh Bouhenic. La nouvelle structure, dotée de dix associés, dispose d’une expertise notamment dans les domaines du private equity et des restructurations.
14/12/2010

Blackstone à la manoeuvre

BRE/Hospitality, entité gérée par Blackstone et détenant les murs de neuf hôtels haut de gamme en Europe, a restructuré une dette de 480 millions d’euros en étendant sa maturité de cinq ans. Un syndicat bancaire - Aareal, Citibank, Deutsche Postbank, ING et Swiss Re Capital - apporte 330 millions de dette senior, tandis qu’un fonds de Morgan Stanley prend 150 millions de mezzanine.
14/12/2010

Un nouveau directeur financier pour Carlyle

Confirmant des informations parues dans le Financial Times, la société d’investissement a fait part lundi de la démission de son directeur financier Peter Nachtwey. Le directeur exécutif Glenn Youngkin le remplacera jusqu’à ce qu’un successeur soit désigné. Selon Reuters, le calendrier potentiel d’une introduction en Bourse reste inchangé.
14/12/2010

BNP Paribas va lancer un fonds offshore à Hong Kong

HFT Investment Management, une coentreprise chinoise de BNP Paribas, compte lancer dans les trois mois son premier fonds offshore par le biais de sa nouvelle filiale de Hong Kong, a déclaré lundi son directeur général. La société espère également lancer d’ici un mois son deuxième fonds d’investissement étranger pour les investisseurs chinois suivant le programme Qualified Domestic Institutional Investor (QDII), a précisé Tian Rencan, lors du sommet Reuters sur l’investissement en Chine.
14/12/2010

Hong Kong lance un contrat sur l'or en yuan

Le marché des matières premières chinois devrait lancer le premier contrat international sur l’or libellé en yuan dès le début de l’année prochaine, indique le quotidien qui cite des propos de Haywood Cheung, président du Hong Kong Exchanges and Clearing. Cette initiative fait suite à la très forte augmentation de la demande d’or, alors que le gouvernement chinois cherche à internationaliser l’utilisation de sa monnaie.
14/12/2010

Pimco se lance dans les ETF en Europe

Le gérant américain s'est associé à Source pour lancer une plate-forme de fonds indiciels obligataires. La concurrence est féroce sur ce marché

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