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16/09/2010
Fonds

Meeschaert met le cap sur l'Afrique

Meeschaert Gestion Privée, qui ne cache pas sa préférence actuelle pour les actions, a récemment lancé un FCP dédié à l’Afrique, MAM Actions Afrique dont l’objectif de gestion est d’offrir une croissance du capital à long terme à travers l’exposition sur des actions d’entreprises des marchés internationaux dont l’activité principale est située en Afrique. Pour le gérant du fonds, Guillaume Chaloin, de multiples facteurs militent pour l’Afrique. Outre que les ingrédients sont réunis pour un décollage économique du continent africain avec une croissance moyenne de 5% par an depuis 2000, la région est encore peu travaillée par les investisseurs en tant que zone d’investissement. MAM Actions Afrique a choisi une approche d’investissement tournée vers l'éveil de la consommation, à travers notamment les biens de consommation, les services, les télécoms. Les zones géographiques retenues sont l’Afrique du Nord, l’Afrique subsaharienne ainsi que l’Afrique du Sud. Le portefeuille devrait comporter une quarantaine de valeurs «buy and hold». Principales caractéristiques Code ISIN : FR0010916171Frais d’entrée : aucun jusqu’au 30 septembre 2010Frais de gestion : 2% TTC maximum
Fonds
16/09/2010

Comgest prend ses marques à Singapour

L’Agefi rapporte que la société de gestion française Comgest, spécialiste des actions internationales, va ouvrir une quatrième filiale à Singapour d’ici la fin de l’année. Pour monter ce nouveau bureau, deux gérants vont être détachés de la filiale de Hong-Kong qui cogère avec Paris les fonds Asie hors Japon, mais ne dispose pas d’une équipe de vente locale. «Nos clients institutionnels préfèrent parler directement aux gérants pour mieux cerner notre style d’investissement très typé, axé sur les grandes valeurs de croissance offrant une faible volatilité», a justifié Jean-François Canton, cofondateur et président du directoire de Comgest cité par le quotidien.Si il ne souhaite pas s’implanter pour le moment dans ses autres régions d’expertise, le groupe qui affiche 11,7 milliards d’euros d’encours à fin juin «ouvrira sans doute un jour un bureau au Brésil», a également prédit Jean-François Canton.
16/09/2010
Fonds

Terra Partners confie l'administration d'un fonds à SS&C

Le gestionnaire tchèque Terra Partners a externalisé l’administration des parts A et CEF de son hedge fund sur les marchés frontières Worldwide Opportunity Fund à SS&C Fund Services, rapporte ICFA Online. Le fonds, enregistré aux îles Caïman était jusqu’ici administré en interne. Il a été lancé en 2003, mais n’a pas dépassé les 10 millions de dollars d’encours. Sous-traiter l’administration à une équipe polyglotte devrait permettre de faire décoller les actifs sous gestion, a estimé Howard Golden, co-fondateur et gérant de Terra Partners.
Fonds
16/09/2010

Citi Private Bank nomme un responsable pour les investissements gérés

Selon Asian Investor, Citi Private Bank vient de recruter Roger Bacon, précédemment à l’Union Bancaire Privée, en qualité de responsable des investissements gérés (managed investments ou MI) et du conseil pour la région Asie-Pacifique.Dans cette fonction nouvellement créée, Roger Bacon sera en charge de la vente des produits MI, les ventes et l’origination de portefeuilles sur mesure ainsi que l’administration de produits MI. Roger Bacon est rattaché à Debashish Dutta Gupta, responsable des investissements dans la zone Asie-Pacifique.
16/09/2010
Fonds

Départ d'un gérant Asie de Henderson

Frankie Lee, qui gérait le Henderson HF Asia-Pacific Property Equities Fund depuis 2008, quitte Henderson pour rejoindre une autre société de gestion basée à Hong Kong. Il continuera à être impliqué dans la gestion du fonds de 355 millions de dollars jusqu’à son départ le 1er décembre, à moins qu’un successeur lui soit trouvé avant. La société de gestion britannique cherche en effet à le remplacer, mais en attendant, Patrick Sumner, responsable des actions immobilières, sera chargé de gérer les 800 millions de dollars d’actifs investis en actions immobilières asiatiques, dont ceux du fonds Henderson HF Asia-Pacific Property Equities Fund. De plus, pour assurer la bonne gestion du fonds et aider à trouver un remplaçant, Patrick Sumner va déménager à Singapour en octobre et y restera tant que cela sera jugé nécessaire, indique Henderson.
Fonds
16/09/2010

Le montant des privatisations en hausse en Russie

La Russie prévoit de lever 50 milliards de dollars - et non plus 29 milliards - par le biais de privatisations au cours des cinq années à venir, a déclaré mercredi 15 septembre le ministre des Finances, Alexeï Koudrine, cité par l’Agefi.
16/09/2010

IC Immobilien achète Property One

A la faveur d’une augmentation de capital par apport d’actifs, IC Immobilien Holding (5 milliards d’euros d’actifs sous gestion) acquiert PropertyOne (2,8 milliards). La fusion prend la forme d’une nouvelle société, IC PropertyOne Asset und Real Estate Management GmbH, dont l’encours se situe donc à 7,8 milliards d’euros, selon un communiqué boursier du 15 septembre. L’effectif total sera d’environ 7.000 personnes et la surface locative ressort à environ 3,7 millions de mètres carrés répartis sur quelque 700 actifs.Les actionnaires de PropertyOne détiendront environ 7 % de la nouvelle entité, dont 4,8 % pour le capital-investisseur américain Cerberus. L’objectif d’IC Immobilien est d’atteindre les 10 milliards d’euros d’actifs sous gestion d’ici à la fin de 2011.
16/09/2010
Fonds

Raiffeisen CM lance une sicav luxembourgeoise à compartiments

Le 15 septembre, l’autrichien Raiffeisen Capital Management (RCM) a lancé sa nouvelle Sicav luxembourgeoise avec des compartiments qui sont les clones de fonds autrichiens, Raiffeisen Emerging European Equities, Raiffeisen Russian Equities, Raiffeisen Emerging Markets Equities et Raiffeisen Emerging Markets Local Bonds. Ces produits seront enregistrés dans un premier temps au Royaume-Uni, aux Pays-Bas, au Luxembourg et à Singapour, les principaux pays où sont distribués les fonds de RCM. L’enregistrement dans d’autres pays est envisagé. En dehors du Russian Equities, dont la monnaie de référence est le dollar, tous les compartiments sont libellés en euros. Des parts en livres, en dollars et en euros sont envisagées pour une date ultérieure.Le choix de l’enveloppe sicav s’explique par le fait qu’actuellement environ les trois quarts de la distribution transfrontière s’effectuent avec des produits utilisant cette forme juridique. La sicav luxembourgeoise devrait permettre d’améliorer l’accès à d’importants débouchés en Europe et en Asie tout en développant la distribution à l’international.RCM précise que son encours a augmenté de 1,6 milliard d’euros ou de 6 % durant les huit premiers mois de l’année pour atteindre 28,5 milliards d’euros fin août. En comptant les mandats de conseil le total ressortait à 30,7 milliards d’euros. Quant à la situation bénéficiaire, elle est légèrement supérieure aux attentes. Pour les particuliers, la souscription minimale est fixée à 2.500 euros. La commission de gestion se situe à 1,75 % pour les fonds d’actions et 1 % pour les produits obligataires.
Fonds
16/09/2010
Fonds

Rydex fait enregistrer 19 ETF

Le 13 septembre, Rydex ETF Trust a fait enregistrer par la SEC une série de 19 nouveaux ETF sans effet de levier répliquant 16 indices Russell et 3 indices MSCI. Tous comportent le suffixe «equal weight» signifiant que les titres des sociétés composant l’indice considéré sont équipondérés. Les commissions de gestion s'échelonnent entre 0,55 % et 0,90 %.
Fonds
16/09/2010

Frankie Lee leaves Henderson

Frankie Lee has decided to leave Henderson to join another asset manager based in Hong Kong. He has been managing the USD355 million Henderson HF Asia-Pacific Property Equities Fund since 2008. Henderson is currently in the market to hire an equal replacement for Frankie Lee but until it has done so, Patrick Sumner, head of property equities, will be responsible for the management for the USD800 million Asian property equities assets the asset manager manages on behalf of its clients on a segregated and pooled basis, including the Henderson HF Asia-Pacific Property Equities Fund. In addition, to ensure the smooth management and running of the Fund and to assist in finding a replacement Patrick Sumner will move to Singapore in October until such a time as Henderson feel is appropriate following the recruitment of a replacement, says Henderson. Frankie Lee will continue his involvement in the fund until his day of departure on the 1st of December 2010 or until his replacement arrives.
16/09/2010

CIC and Exim Bank invest in infrastructure via private equity

p { margin-bottom: 0.08in; } Agefi reports that Export-Import Bank of China and the Chinese sovereign fund CIC have invested USD300m each in a fund which will finance projects in energy and infrastructure in South-East Asia. The fund will have USD10bn in assets in eight years’ time.
16/09/2010

Axa finalises sale of part of its UK life, savings, and retirement activities

p { margin-bottom: 0.08in; } Axa announced on 15 September that it has finalised its sale of the following activities based in the United Kingdom: traditional life insurance and retirement; collective retirement planning and pensions distributed by independent financial advisers; and annuities, all for an overall sale price of GBP2.75bn (about EUR3.3bn). The amount received in cash by the group is EUR1.7bn, the group says in a statement. “The operation is a key element in our strategy to better optimise the allocation of capital within the group, while concentrating on higher growth and profit operations on the British life insurance, savings, and retirement market,” Denis Duverne, the deputy CEO of Axa says in a statement.
16/09/2010

F&C rebrands funds following merger with Thames River

F&C Investments is rebranding its UK retail range to Thames River following the merger of the two companies, writes Money Marketing. The fund manager is going to retain the F&C brand for the UK institutional side and switch to F&C Thames River in the rest of Europe.
16/09/2010

Schroders adds to international equities team

p { margin-bottom: 0.08in; } Sam Catalano, who was head of the equities research team specialised in metals and mining in Europe for Macquarie in London, has joined the global equities team at Schroders, led by Virgini Maisonneuve, head of global and international equities, as a portfolio manager specialised in the global materials sector. Giles Money, a recent university graduate, has also been recruited as a portfolio manager and analyst specialised in climate change. He will report to Simon Webber, co-manager of the Schroder Global Climate Change Fund.
16/09/2010

Chris McGolpin joins Schroders

p { margin-bottom: 0.08in; } Chris McGolpin, associate director of KPMG in the United Kingdom, has joined Schroders as head of client service & business management for institutional activities. The position is newly-created. McGolpin will report directly to Miles O’Connor, head of UK institutional.
16/09/2010

Banque Sarasin planning to issue its first bonds

p { margin-bottom: 0.08in; } In a statement published on 15 September, Banque Sarasin announced that it is planning to exploit the current favourable prevailing conditions on the Swiss capital market with a mid-term bond issue, in order to “diversify financing strategy.” Banque Sarasin has mandated UBS to manage the issue.
16/09/2010

Banque Sarasin extends product range aimed at high net worth private clients

p { margin-bottom: 0.08in; } Banque Sarasin announced on 15 September that it has added to its range of offerings for high net worth private clients, with the launch of the Private Solutions brand, which provides global wealth management advising and sophisticated solutions for the needs of non-bankable assets such as real estate properties, participations in private companies, intellectual property and lifestyle assets. The range is aimed to respond first and foremost to fundamental neets in relation to non-bankable assets, such as generating liquidity, improving returns, and reducing risk. Bankable assets, i.e. cash, securities, and precious metals, generally represent only a fraction of the total wealth of European high net worth clients. Most of the assets are located outside the world of banking, and are in principle declared in the country of domicile of the owner of the assets at book value. Real estate properties, stakes in private companies, intellectual property and lifestyle assets are a part of this largely unexploited and attractive realm of assets, the bank says in a statement.
16/09/2010

Citi Private Bank appoints a head of managed investments

p { margin-bottom: 0.08in; } Asian Investor reports that Citi Private Bank has recruited Roger Bacon, previously at Union Bancaire Privée, as head of managed investments (MI) and advising for the Asia-Pacific region. In this newly-created position, Bacon will be in charge of sales of MI products, sales, and development of custom portfolios as well as administration of MI products. Bacon will report to Debashish Dutta Gupta, head of investments in the Asia-Pacific region.
16/09/2010

Premier AM offers a multi-asset class strategy

p { margin-bottom: 0.08in; } Premier Asset Management, whose assets under management total about GBP2.5bn, has launched a multi-asset class portfolio, which includes five funds, UK Money Market, Conservative Growth, Multi-Asset Distribution, Multi-Asset Growth and Enterprise Funds, which offer several ways to invest in money markets, equities, fixed income, structured products and real estate.
16/09/2010

Simon Somerville to co-manage Jupiter Global Managed Fund

Jupiter Asset Management has announced that Simon Somerville has been appointed deputy manager of the Jupiter Global Managed Fund. The GBP275m fund covers a broad spectrum of global markets and sectors with individual stocks selected by eight of Jupiter’s regional managers including Cedric de Fonclare, manager of the Jupiter European Special Situations Fund, Derek Pound, co-manager of the Jupiter Primadona Investment Trust, Sebastian Radcliffe, manager of the Jupiter North American Income Fund and Ben Surtees, manager of the Jupiter Asian Fund,. Overall asset allocation is set by John Chatfeild-Roberts, who has lead-managed the fund since November 2001.
16/09/2010

Intervention in Japanese Yen market caught hedge funds off guard

p { margin-bottom: 0.08in; } The intervention of the Bank of Japan on Wednesday to weaken the Yen (which fell 3%) was a hard hit for hedge fund specialists in fast-trading who had accumulated profits through betting on rises in the Japanese currency, the Wall Street Journal reports. John Taylor at FX Concepts (USD7.8bn), for example, has stated that several funds from his firm lost about 2% on Wednesday. According to financial industry sources, Aspect Capital and Winton Capital Management, among others, were also affected.
16/09/2010

Capital Investments chief pleads guilty

p { margin-bottom: 0.08in; } Nevin Shapiro, the former owner and CEO of Capital Investments USA, has pleaded guilty to securities fraud and money-laundering, over charges that he orchestrated a USD880m Ponzi scheme related to his grocery wholesale business, the Wall Street Journal reports. Shapiro admits that the fraud damaged 50 investors, who lost a total of USD50m to USD100m. A verdict in the case will be delivered on 4 January.
16/09/2010

Raiffeisen CM launches a Luxembourg Sicav

p { margin-bottom: 0.08in; } On 15 September, the Austrian management firm Raiffeisen Capital Management (RCM) launched its new Luxembourg Sicav container for several sub-funds which are clones of Austrian-registered funds: Raiffeisen Emerging European Equities, Raiffeisen Russian Equities, Raiffeisen Emerging Markets Equities and Raiffeisen Emerging Markets Local Bonds. The products will initially be registered in the United Kingdom, the Netherlands, Luxembourg and Singapore, the main countries where RCM products are sold. Registration in other countries is planned. Aside from the Russian Equities fund, which is denominated in US dollars, all other funds are denominated in Euros. Shares in pounds Sterling, US dollars and Euros are planned for a later date. For retail investors, minimal subscription is set at EUR2,500. Management commission is 1.75% for equities funds, and 1% for bond products. The choice of a Sicav wrapper for the fund is due to the fact that about three quarters of cross-border sales are of products in this legal format. The Luxembourg Sicav vehicle will allow the firm to improve its access to major opportunities in Europe and Asia and to develop international distribution. RCM states that its assets increased by EUR1.6bn, or 6% in the first eight months of the year, to EUR28.5bn as of the end of August. Including advisory mandates, the total comes to EUR30.7bn. Profits are slightly superior to expectations.
16/09/2010

5.3% increase in assets in Austrian funds in January-August

p { margin-bottom: 0.08in; } According to statistics from the Austrian VÖIG association of management firms, assets in funds as of the end of August totalled EUR143.9bn, compared with EUR142.1bn as of the end of July. Compared with 31 December 2009 (EUR136.7bn), this represents an increase of 5.27%.
16/09/2010

CalPERS recruits a head of risk management

p { margin-bottom: 0.08in; } The Californian pension fund CalPERS, with about USD208bn in assets under management, on 15 September announced two “significant reforms,” which will aim to restore investor confidence. Firstly, a position has been created for a senior chief risk officer, who will concentrate on risk management; and secondly, an ethics helpline has been created, which will identify fraud, conflicts of interest, and all other types of abuse. These new efforts come in addition to those already engaged in by the pension fund in the past 12 months to “restore confidence, integrity, and accountability in everything we do,” CalPERS says in a statement.
16/09/2010

Rydex registers 19 ETFs

p { margin-bottom: 0.08in; } On 13 September, Rydex ETF Trust registered a series of 19 new ETF funds which do not rely on leverage, replicating 16 Russell indices and 3 MSCI indices, with the SEC. All the products carry the suffix “equal weight,” indicating that the securities in the index are considered equally weighted. Management commissions range from 0.55% to 0.90%.
16/09/2010

Pimco reduces exposure to US government bonds

p { margin-bottom: 0.08in; } For the second consecutive month, Pacific Investment Management Co (Pimco, Allianz group) has reduced its allocation to US government debt, as returns on Treasuries has fallen to historic all-time lows, the Wall Street Journal reports. US public debt in the portfolio of the Pimco Total Return Fund (USD247.9bn), managed by Bill Gross, were down to 36% as of the end of August, compared with 54% in July, and 63% in June, while mortgage-backed securities (MBS) totalled 21%, compared with 18% in July and 16% in June.
16/09/2010

CamGestion plans growth abroad

p { margin-bottom: 0.08in; } CamGestion, an affiliate of BNP Paribas which changed its name slightly over one year ago, is planning to develop abroad, particularly in Italy, Spain, Switzerland and Benelux. The wealth management specialist of the BNP Paribas Investment Partners group has seen inflows of about EUR500m since the beginning of the year, following EUR2.6bn in inflows in 2009. Assets as of 31 March totalled EUR12.6bn.

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