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08/02/2010

Credit Suisse sold 1.5% of Santander on Thursday

On Thursday, 4 February, Credit Suisse sold a 1.5% block of shares in Santander, via Cheuvreux, for EUR1bn, one week after making its entry into the capital of the Spanish bank with an acquisition of 3.15% of its capital for more than EUR2.4bn, Cotizalia reports. Santander’s share price on Thursday fell by 9%. The same day, BlackRock announced belatedly that it controls a 4.7% stake in Santander, following its acquisition of iShares last year. This represents EUR3.5bn at current share prices.
08/02/2010

China Investment Corporation prepares for further acquisitions

Michael McCormack, director of Z-Ben Advisors, says the China Investment Corporation (CIC) may receive a further USD200-250bn from the Chines foreign currency office (SAFE) before the Chinese New Year (14 February), while would double the initial capital of USD200bn allocated to the entity. At least 60% of this new money would be placed in funds managed by third parties, much of it in private equity, the Frankfurter Allgemeine Zeitung reports. It has recently been announced that CIC has acquired a stake in the fund Apax Europe VII (EUR11.2bn), as well as a 2.3% stake in Apax Partners, for EUR685m. The Chinese press reports that CIC is rumoured to be in talks to buy a stake in Enel Green Power, though this has not been confirmed. But CIC has admitted that it is studying direct investment in iron ore and silver markets in Brazil and Mexico.
08/02/2010

Citigroup trader joins a hedge fund

A Citigroup proprietary trader, Matthew Carpenter, plans to leave the bank to work at Moore Capital Management, a hedge fund, people familiar with the matter said, according to the Wall Street Journal.
08/02/2010

Pimco launches its third actively-managed ETF

With the Pimco Short Term Municipal Bond Strategy Fund (NYSE: SMMU), Pimco (Allianz group) has released its third actively-managed ETF, and the second fund dedicated to municipal bonds, after the Pimco Intermediate Municipal Bond Strategy Fund, which was launched on 30 November 2009. As its name indicates, the product, which charges fees of 0.35%, will focus on short-term, high quality municipal bonds, whose returns are exempt from federal taxes, and in some cases from state taxes. Unlike passively-managed funds, which rely solely on ratings agencies for their credit analysis, Pimco is planning to study municipalities’ capacity to redeem the bonds, to levy taxes, and to participate in federal aid programs on a case-by-case basis. In addition, the fund management team, led by John Cummings, executive vice president of Pimco, will analyse the structure of each issue before including an investment in the portfolio. Active management will also allow Pimco to adjust the composition of the portfolio as conditions evolve on the credit markets.
08/02/2010

Grail plans to convert a mutual fund into an ETF

At a time when a growing number of mutual fund managers is rushing to get into the ETF market, Grail Advisors, an ETF manager, will seek to transform an existing mutual fund into an actively-managed ETF, the Wall Street Journal reports. Grail is in talks with two traditional fund management firms to convert funds that they manage: it will announce the names of the firms in the next 60 to 90 days.
08/02/2010

Another departure from TCW

Allan R. Toole, former portfolio manager at TCW and head of the firm’s Portfolio Analytics Group, has assumed the positions of chief risk officer of DoubleLine Capital LP and head of product development at the firm.
08/02/2010

Jupiter targets French investors

Last November, Jupiter made its debut on the French market (see Newsmanagers of 12/11/2009). For that move, the UK asset management firm, which manages EUR23bn in assets, mostly in equities, formed a partnership with Alfi Partners, a third party marketing firm, which was awarded the exclusive commercial rights to sell the Jupiter Global Fund to qualified investors in France. For the CEO of Jupiter, Edward Bonham Carter, this solution provided more flexibility than opening a representative office in France. Eric Bonneville, managing parter at Alfi Partners, does not give a precise figure when asked about the partnership’s goals in terms of assets. But he does hope to be able to reproduce the success achieved with New Star, a previous client of the firm, before it encountered difficulties and was ultimately acquired by Henderson. Alfi Partners collected as much as EUR2bn over 3-4 years for that firm. Jupiter’s arrival in France is part of a policy of “prudent” international expansion. In Europe, aside from its London headquarters and its partnership in France, Jupiter has opened an office in Munich, from whence it serves Germany and German-speaking Switzerland. The firm has also opened an office in Singapore. About 5% of assets are now managed for foreign clients. In the United Kingdom, Jupiter, founded in 1985, manages funds for retail clients first and foremost, with an active management approach. The firm, formerly an affiliate of Commerzbank, is now independent following an MBO in June 2007, in partnership with TA Associates, which put Jupiter’s management in charge of a majority stake. Most employees are also shareholders.
08/02/2010

Emerging markets equities popular with French institutionals

Les Echos reports that a survey conducted in January by MultiRatings of 43 French institutional investors who manage total assets of over EUR450bn in capital has found that emerging markets equities represent one of the preferred investment themes at the beginning of this year. Two thirds of investors are planning to increase the weight of this asset class in 2010, compared with 6% one year earlier. Only 4% of respondents are currently planning to reduce their investments.
08/02/2010

European Commission launches consultation on data privacy

The European Commission on 5 February announced the opening of a public consultation on a possible agreement between the European Union and the United Staets on data privacy and exchange of information. The goal of the consultation is to gather viewpoints from market participants and the general public on a document drafted by the Commission as part of preparations for a recommendation to allow negotiation of a potential agreement between the European Union and the United States. All participants and organizations on both sides of the Atlantic involved in the protection of personal information or in the treatment, transfer and exchange of information for the purposes of enforcement, as well as the general public, are invited to respond as a part of this public consultation. The closing date for the consultation is set on 12 March 2010. The document submitted for consultation is available on the website “Your point of view on Europe,” at this address: http://ec.europa.eu/yourvoice/consultations/index_fr.htm
08/02/2010

Chi-X seeks legal status as fully licensed stock market

Les Echos reports that the alternative platform Chi-X Europe, which has become one of the three largest operators in Europe, is lobbying for status as a fully licensed stock market. Two factors may prevent the platform from becoming recognized as a regulated market: Chi-X does not offer an IPO service, and the MTF model has yet to prove its economic viability. No platform has yet reached the point of breaking even, including Chi-X.
08/02/2010

Goldman creates “Club Med Banks Basket”

Peter Oppenheimer, head of research of European stock markets at Goldman Sachs, claims in Expansión that “domestic” banks in southern Europe will be highly vulnerable to an increase in the price of sovereign CDS if the crisis in public finances continues. Goldman Sachs has made a list of the most vulnerable banks, entitled the Club Med Banks Basket, which includes five Spanish banks (BBVA, Bankinter, Popular, Sabadell et Pastor), four Greek banks (EFG, National Bank, Alpha and Piraeus), four Italian banks (Intesa, MPS, Popolare and UBI), and three Portuguese banks (BPI, BCP and Espirito Santo). The share prices of firms in this basket have had an inverse relationship to the price of sovereign CDS.
08/02/2010

Julius Baer has the means to make acquisitions

Boris Collardi, CEO of Julius Baer, has announced that the bank is planning to locate the platform for its European activities in Germany, the Börsen-Zeitung reports. Collardi also states that the firm will spend CHF1bn this year on external growth, largely in Switzerland.
08/02/2010

Annual results up at Julius Baer

Assets under management for private clients at Juluis Baer increased last year by 19% to a total of CHF154bn, close to their peak in late 2007 (CHF159bn). Net inflows totalled CHF5.1bn, while market effects were positive to the tune of CHF19.5bn. “Global inflows which remained sustained and robust - largely from emerging markets, particularly in Asia - were partially offset by outflows due to the Italian tax amnestry and a gradual withdrawal from activities in the United States,” Juluis Baer said in a statement. Assets in custody rose 37% to CHF87bn, due to net inflows of CHF13.5bn and positive market effects of CHF10.5bn. Net profits at the group were up 7% to CHF473bn. At its general shareholder’s meeting on 8 April, the board of directors will propose a dividend of CHF0.40 per share.
08/02/2010

Ivan Pictet quits his role as senior partner at Pictet & Cie

On 30 June, Ivan Pictet will cease to serve as a senior partner at Pictet & Cie (CHF373bn in assets), a position he has held since 2005. Pictet (who will turn 66 next month) will be replaced at a senior partner by Jacques de Saussure, a partner since 1987. The bank has also appointed Marc Pictet, currently director of Pictet Europe (Luxembourg), and Bertraned Demole, head of the hedge fund team in Geneva, as partners at the firm. There will be eight members after these new additions. Currently, the team’s seven members are Ivan Pictet, Jacques de Saussure, Nicolas Pictet, Philippe Bertherat, Jean-François Demole, Renaud de Planta and Rémy Best.
08/02/2010

Altex Partners launches its first single hedge fund

The Spanish firm Altex Partners, which manages three funds of hedge funds, on 29 January registered its first single hedge fund,t he Altex Activist FIL (ES0163030002). The “activist” product will focus on undervalued businesses in France, Spain and Portugal, with market capitalisation of EUR25m to EUR500m. The prospectus states that the number of positions held by the fund will not exceed 12, with the largest position limited to 20% of assets, and that the fund will not take controlling stakes, but will seek to influence the management of the firms by participating in entities responsible for their direction. The new product will have monthly liquidity and will require a 60-day advance notice for redemptions after a three-year lock-up period. The management team will have two years to invest the assets, without the use of leverage. Minimal subscription is EUR3m, while the base commission is 2%, and performance commission is 20%.
08/02/2010

Hedge fund model evolving

Hedge funds finished 2009 with good results, while their economic model appears to be about to evolve. According to a quarterly newsletter published on 5 February by Fitch, hedge funds last year posted their best returns in ten years. Last year was dominated by top-down approaches, while bottom-up approaches took to the sidelines until better economic times return. In such a context, the best-performing strategies were convertibles arbitrage (of both credit and equities), emerging markets equities, and distressed credit. The agency notes that 2009 is expected to have been the staging-ground for highly interesting development, as hedge funds that comply with the UCITS III directive, which offer liquid and transparent access to alternative investment to institutional and retail investors becoming widely available. Managed accounts represent another area of development last year.
08/02/2010

Henderson discontinues New Star brand name

Henderson Global Investors has decided to remove the New Star name from its products from April, the Sunday Times reports. The decision is reported to have been taken not because New Star’s reputation was tarnished by the discovery in 2008 of a hole in its accounts, but because all funds are now on the same platform, and need to carry a single name. Henderson bought New Star for GBP115m in December 2008.
08/02/2010

Brevan Howard opens Geneva office

Brevan Howard, Europe’s largest hedge fund, plans to open an office in Geneva offering staff the chance to relocate from London amid growing uncertainty over taxation in the UK. In a letter to clients obtained by the Financial Times, the fund manager said premises in Geneva had now been acquired and the office was to open shortly.
05/02/2010

Hawkpoint va lancer une activité de marché

Après avoir été racheté par le courtier britannique Collins Stewart, opérant sur les sociétés de taille moyenne, Hawkpoint s’apprête à lancer une activité de marché de capitaux actions pour les mid-caps françaises, rapporte la Tribune. Des équipes en France pourront travailler sur des opérations de marché comme des introductions en Bourse, des cessions de titres, des contrats de liquidité, ajoute le quotidien qui précise que la boutique vient de recruter Éric Favier, ancien patron de Cazenove en France.
05/02/2010

Le FRR renouvelle son comité de sélection des gérants

Le Fonds de réserve pour les retraites (FRR) a annoncé le 4 février que son directoire avait procédé au renouvellement du Comité de sélection des gérants (CSG) dont la composition avait été fixée en 2006. Les quatre personnalités suivantes ont accepté de participer aux travaux du Comité, présidé par Antoine de Salins, membre du directoire du FRR, pour les trois années qui viennent :Nathalie Boullefort-Fulconis, qui était jusqu’à l’été 2009 membre du Management Board et du Comité Exécutif d’AXA Investment Managers, Directeur Général Délégué d’AXA IM Paris et en charge des fonctions de distribution d’AXA IM au niveau mondial, après avoir exercé des fonctions de direction dans les activités de gestion d’actifs de BNP-Paribas;Thierry Coste, qui était jusqu’en décembre dernier directeur général de la SFEF (Société de Financement de l’Economie Française) et qui était auparavant responsable des activités de gestion d’actifs du Crédit Agricole;Jean-François Marie, membre du Comité depuis 2006, qui a occupé jusqu’à fin 2009 des fonctions de direction générale dans plusieurs groupes financiers (Caisse des dépôts, Banque Worms, Banque de gestion privée, Financière Atlas, BRED-Banque populaire, Montpensier Finance) ;Marcel Nicolaï, qui était associé-gérant à la Banque Rothschild & Cie Gestion jusqu’en 2009, après avoir été Président du Directoire de Victoire Asset Management et responsable de la gestion financière de l’UAP.
05/02/2010

L'hémorragie continue chez Sal. Oppenheim

Après notamment Frank Wieser, parti chez Vontobel et Hoachim von Arnim, qui rejoint Hartz, Reger & Partner, une autre grosse pointure de Sal. Openheim quitte le bord juste avant de contrôle de la banque privée, fin février, par la Deutsche Bank : Dirk van den Berg, directeur d’Oppenheim Vermögenstreuhand et donc de l’activité allocation d’actifs, rejoint le gestionnaire de fortune Flossbach & von Storch (FvS). Il sera directeur de FvS Family Office GmbH, un gestionnaire multi family office.

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