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18/11/2013

Arbuthnot Latham opens office in Dubai

The private banking and wealth management unit at the Arbuthnot Banking unit has opnened an office in Dubai in order to develop its activities in the region. Meanwhile, Arbuthnot Latham has recruited four senior bankers for the new unit, Paul Donovan and Kieran McDonnell, previously of Coutts, as directors, as well as Giles Hanson and Peter Casey of HSBC and Barclays, respectively, as associate directors, Clare Doyle, Frances White and David Smith have been appointed as private banking executives.
18/11/2013

Aberdeen AM: acquisition of SWIP imminent

Aberdeen AM will probably today sign off on the purchase of Scottish Widows Investment Partnership (SWIP) from Lloyds Banking Group, to create the first independent publicly-traded fund management firm in Europe, Agefi reports, citing the Sunday Times. The price of about GBP500m (nearly GBP600m), paid in shares, will allow Aberdeen to manage about GBP250bn in assets. Life insurance activities at Scottish Widows will continue to be housed at Lloyds.
18/11/2013

Edmond de Rothschild to open merchant bank in London

Edmond de Rothschild will launch a merchant banking business in London this week, to make the City its largest centre after Paris, Geneva and Luxembourg, the Fiancial Times reports. The group, led by Baron Benjamin de Rothschild, has recruited 20 senior advisers to launch its private banking and corporate finance business, alongside its existing asset management activity. The group now has 100 employees in London, but is planning to increase this number. Christophe de Backer, CEO of Edmond de Rothschild, has told the Financial Times that the private banking and asset management group may put up to 150 employees at its Mayfair offices, and that it is planning to expand if necessary.
18/11/2013

RWC convertible bond team takes over a fund

The Global Convertible Bond team at RWC, headed up by Davide Basile, has taken over the RWC Cautious Absolute Rate and Currency fund.The fund will be renamed RWC Core Plus and it will be co-managed by Basile and Lakshman Harendran. The objective of the fund will be to generate strong real returns with low volatility. The fund will have a core portfolio of convertible bonds that will be complemented by the use of other asset classes and hedging.Basile’s team currently manage $1.8bn in long only convertible bonds funds having seen net inflow of $595m this year. The approach and asset allocation framework currently used by the team will be extended to RWC Core Plus. It is expected that the new strategy will have many of the benefits of a traditional convertible bond fund but it will have additional flexibility to express the macro views of the team to reduce downside volatility and enhance returns.The fund is a UCITS IV Luxembourg SICAV. It is registered for sale in a number of European countries.
18/11/2013

GLG Partners unveils new fund

GLG Partners has unveiled the GLG Undervalued Assets fund, Fund Web reports. The new product has received GBP40m in capital, and is expected to be launched on 15 November. Henry Dixon will manage the new portfolio, which will be invested predominantly in British equities with an emphasis on undervalued securities.
18/11/2013

Caceis becomes depositary for RE funds from publity Performance

The German asset management firm publity Performance GmbH has selected Caceis to serve as its depository fr its open-ended real estate investment funds, according to a statement released on 14 November. The first real estate fund was successfully migrated to Germany by Caceis in April 2013. the migration of the second fund is planned for January 2014. Publity AG< the paent company based in Leipzig, invests largest in commercial real estate, as well as in office and residential properties located in German cities, such as Frankfurt-am-Main, Hamburg, and Munich. Publity Performance GmbH, an affiliate of publity AG, is an independent asset management firm (Kapitalverwaltungsgesellschaft).
18/11/2013

Third Point invests in Turkish real estate

The New York-based hedge fund Third Point has acquired USD150m in equities in the largest issue from the Turkish asset management firm Emlat Konut GYO, 49.3% controlled by the Turkish government, the news agency Bloomberg reports. According to sources familiar with the transaction, the acquisition of Third Point is its only investment in the Turkish market. Thid Point has increased its stake from slightly under 5%, the level at which a declaration is required in Turkey.
18/11/2013

Thierry Crovetto joins Amilton Asset Management

Amilton Asset Management has announced the recruitment of Thierry Crovetto as manager. The arrival responds to “the desire of Amilton Asset Management to strengthen its expertise in asset management, including the bond and absolute return asset classes,” a statement says. Since 2009, Crovetto was responsible for investment strategy at G&G Private Finance, an asset management firm based in Monaco. He previously worked for various asset management firms and banks, in Monaco and Luxembourg, including Société Générale. With assets of about EUR420m, and a wide range of products and services, Amilton Asset Management is present in private clients, institutional investmsnts, Family Offices and independent fianncial advisers.
18/11/2013

Petercam AM launches HY corporate bond fund

Petercam Asset Management has launched a high yield corporate bond fund, Petercam L Bond EuR Corporate High Yield, which will be managed by Thierry Larose and Bernard Lalière. The two are currently responsible for two high yield funds, Petercam L Bonds Higher Yield and Petercam L Bonds EUR High Yield Short Term.
18/11/2013

“Our international development is an absolute necessity”

As head of Amundi, the largest European asset management firm by assets under management, Yves Perrier admits it: the significant outflows form networks in France, especially Crédit Agricole, has now become a major trend. Despite all this, Amundi is still showing good results since the beginning of the year. It owes this to its international activity, and activities serving institutional investors. Hence the firm's partnership strategy, buying stakes or making acquisitions guided by the firm to make it one of the players who count in the industry.
18/11/2013

Tim Geithner joins Warburg Pincus

The former secretary of the Treasury, Timothy Geithner, has been recruited as president and managing director by the private equity firm Warburg Pincus, the Wall Street Journal reports. Geithner will report directly to the co-CEOs, Charles Kays and Joseph Landy, and will serve full-time in the operational roles at the firm of strategy and management for the group, investor relations, and questions related to investments.
18/11/2013

César Zeitouni abandons management of Exane Archimedes

César Zeitouni has left the Exane Archimedes fund, Citywire reveals. The long/short equity specialist was co-manager of the EUR326m fund with Gilles Lenoir since its launch in December 2006. Zeitouni will now concentrate on new fund launches.
18/11/2013

Italian real estate funds stable in first half

After a slowdown in second half 2012, the Italian real estate sector has finished the first six months of the year with stable evolution, Assogestioni, the Italian association of asset management professionals, reports. Total activities are approaching EUR42bn, slightly up by 0.4% compared with second half 2012. Assets in the 209 funds counted in Italy totalled EUR25.6bn, and gross inflows totalled EUR701m, down compared with EUR981m in December. Redemptions totalled EUR439m. In first half, 9 funds were launched and the average duration for new products is 14 years. The range in the sector is 90% composed of funds reserved for institutional or qualified investors (188 funds for EUR2bn). The 21 retail funds have assets of EUR4.6bn.
18/11/2013

M&G posts EUR2.5bn in inflows in Italy

M&G Investments has posted net subscriptions in Italy since the beginning of 2013 of over EUR2.5bn, and now has assets of over EUR7.1bn in the country, Andrea Orsi, associate director of M&G Investments Italia, tells Bluerating. “Italy now represents the second largest market for M&G, after the UK,” he says.In 2013, the British firm has formed 10 new distribution agreementswith networks of financial advisers and private banks. Five other agreements are expected to be signed by the end of the year, with three networks of financial advisers and two private banks.In Italy, M&G has 12 employees, who are supported by 10 native Italian speaking people based in London.
18/11/2013

Eurizon Capital posts inflows of nearly EUR10bn

In the first nine months of the year, Eurizon Capital, the asset management firm of the Intesa Sanpaolo group, has posted net subscriptions of EUR9.8bn. This allowed it to increase its assets to EUR158bn as of the end of September (+8.6%). The results of operational management came to EUR173m, up by 50.4%.
18/11/2013

BNP Paribas IP to relaunch Parvest

Matthieu David, head of external distribution at BNP Paribas Investment Partners, has told Bluerating that the French asset management firm will soon start an “ambitious campaign” to relaunch the Parvest platform. In 2013, it says that BNP Paribas IP has seen an acceleration in its activities serving financial adviser networks.
18/11/2013

Luxembourg authorises UCITS RQFII funds

The Luxembourg regulator (CSSF) has authorised the first RQFII UCITS fund (renminbi qualified foreign institutional investor), a statement says. Such a product can now be created in Luxembourg, even though the asset management firm is not based in the country. However, the asset management firm must have RQFII status in its jurisdiction. A statement says that the RQFII UCITS is particularly attractive for foreign asset management firms which use Luxembourg as a platform to distribute their funds internationally. As of the end of June 2013, 18 asset management firms had already created renminbi funds in Luxembourg, representing CNY220bn in assets.
18/11/2013

L'excédent courant de la zone euro se réduit en septembre

Le surplus de la balance courante en zone euro s’est réduit à 13,7 milliards d’euros en septembre, a annoncé la BCE, contre 17,9 milliards en août. Il s’agit du plus faible excédent mensuel cette année, rappelle BNP Paribas, malgré les chiffres records déjà publiés pour l’Allemagne (19,7 milliards), ce qui suggère que le déséquilibre entre BErlin et les autres pays de la zone euro s’est accentué le mois dernier. Sur douze mois glissants, la zone euro affiche un excédent de sa balance courante à 2,1% du PIB de la région.
18/11/2013

Edmond de Rothschild officialise l'ouverture de sa merchant bank à Londres

Le groupe Edmond de Rothschild annonce lundi le lancement de son activité de private merchant banking à Londres. Cette nouvelle offre profilée pour une clientèle privée propose des services dans le conseil stratégique et financier, la structuration, le conseil en investissement et la gestion de fortune sur mesure. L'équipe sera menée par Henrick Schliemann.
18/11/2013

L'Italie s'apprête à dévoiler un plan de privatisation

Le gouvernement italien présentera cette semaine le contenu d’un plan de privatisations destiné à réduire la dette publique, a déclaré le président du Conseil, Enrico Letta. Celui-ci pourrait inclure la cession d’un bloc de titres Eni.
18/11/2013

Chypre confirme vouloir bientôt lever le contrôle des capitaux

Harris Georgiades, le ministre chypriote des finances, a confirmé à Reuters que le pays pourrait lever d’ici à quelques mois ses mesures de contrôle des capitaux. Instaurées début 2013, lors de la crise qui a touché le pays, les mesures ont déjà été assouplies.
18/11/2013

La production industrielle américaine baisse de 0,1% en octobre

La production industrielle américaine a enregistré en octobre un repli de 0,1% lié au recul de la production énergétique et minière. Cette baisse inattendue est la première depuis juillet. La Réserve fédérale explique cette évolution par la fermeture temporaire d’installations pétrolières et gazières menacées par la tempête tropicale Karen dans le golfe du Mexique.
18/11/2013

Le fonds pour les emprunts toxiques voté à l’assemblée

Les députés ont approuvé vendredi la création d’un fonds de 1,5 milliard d’euros pour les collectivités aux prises avec les emprunts toxiques. Les amendements adoptés associent davantage les élus à l’intervention du fonds et ouvrent celui-ci aux établissements publics locaux. Les collectivités seront informées avant toute transaction avec une banque sur les frais de sortie des emprunts et verront l’aide au remboursement anticipé plafonnée à 45%.
18/11/2013

Pershing Square détient près de 10% de Fannie Mae et Freddie Mac

Le fonds contrôlé par l’investisseur Bill Ackman est entré au capital des deux groupes de refinancement de crédits immobiliers, qu’un nombre grandissant d’investisseurs jugent sous-évalués. Selon un document transmis à la SEC vendredi, Pershing détient respectivement 9,77% de Freddie Mac et 9,98% de Fannie Mae. Cette prise de participation, qui représente près d’un demi-milliard de dollars, intervient après l’annonce par Fairholm Capital Management de son intention d’acheter, avec d’autres investisseurs, Freddie Mac et Fannie Mae avant de les recapitaliser. Fairholme Funds a acquis des actions préférentielles de Fannie Mae et Freddie Mac d’une valeur nominale de 3,5 milliards de dollars avec une importante décote, ainsi que des actions ordinaires. Les deux groupes, cotés sur le marché au comptant américain, sont sur le point de rembourser la majeure partie des 187 milliards de dollars d’aides publiques reçues pendant la crise.
18/11/2013

Angela Merkel prête à céder sur le salaire minimum

La chancelière prépare son parti à l’instauration d’un salaire minimum uniforme en Allemagne afin de parvenir à un accord de coalition avec le Parti social-démocrate (SPD). Lors d’un rassemblement des jeunes de la CDU vendredi soir, elle a notamment déclaré que l’exigence posée par le SPD d’un salaire horaire minimum à 8,50 euros «jouera un rôle» à l’avenir.
18/11/2013

JPMorgan conclut un accord amiable dans les RMBS

La banque américaine a annoncé vendredi soir avoir accepté de débourser 4,5 milliards de dollars (3,3 milliards d’euros) pour régler à l’amiable des plaintes déposées par des investisseurs ayant perdu de l’argent dans des actifs adossés à des crédits immobiliers (RMBS), juste avant l’effondrement du marché immobilier aux Etats-Unis. Elle précise avoir conclu un accord avec 21 investisseurs institutionnels dans le cadre de 330 fonds de RMBS émis par elle et par Bear Stearns, établissement racheté par JPMorgan Chase pendant la crise financière. La transaction doit encore être avalisée par les administrateurs de ces fonds qui ont dans un premier temps jusqu’au 15 janvier pour se prononcer, sachant qu’ils peuvent ensuite disposer de 60 jours supplémentaires. Le présent accord n’inclut cependant pas les fonds émis par Washington Mutual, autre société acquise par JPMorgan durant la crise financière.

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