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06/08/2013

KKR launches its first publicly-traded closed investment fund

The private equity group KKR has launched its first publicly-traded closed fund, the KKR Income Opportunities Fund. The stock market listing raised USD305m.The fund, which aims for a high level of income as well as capital appreciation, says that it aims to achieve these objectives through investments in secured and non-secured loans, as well as high yield corporate debt instruments.
06/08/2013

Assets under management at US firm Och-Ziff up 12%

Assets under management at the US-based group Och-Ziff Capital Management totalled USD36.6bn as of 30 June, up 12%, or USD4bn, compared with the end of December 2012, Och-Ziff has announced in a statement. This development is the result of a net inflow of USD2bn, and a positive market effect, also of USD2bn. As of 1 August 2013, assets under management totalled USD36.7bn, due to a positive market effect of about USD300m, partly offset by a net outflow of about USD200m since 30 June 2013.
06/08/2013

US hedge funds available in more liquid versions

53% of hedge fund managers have launched a ’40 Act mutual fund (a liquid alternative fund), are in the process of launching a ’40 Act fund or are considering doing so, according to a survey led by Infovest21 on ’40 Act funds - “Hedge Fund Use of ’40 Act Registered Investment Funds”. Another 25% are a subadvisor to a ’40 Act fund or considering becoming a subadvisor. 8% have decided not to launch a ’40 Act fund.While launching a liquid alternative fund is considered by most to be a recent development, almost 30% of the respondents have been managing a ’40 Act fund for more than 10 years.In fact, 42% of those surveyed have more than one ’40 Act mutual fund.As one would expect, the manager’s generally reported that their hedge fund performance has been higher than its mutual fund counterpart. On a year-to-date basis (January -June), hedge funds have returned 6.8% compared with 4.1% for the ’40 Act fund. Over 130 hedge fund managers responded to Infovest21′s which was conducted in June.
06/08/2013

CCR announces dissolution of CCR Flex Bamboo Sicav

CCR Asset Management on 5 August announced in an informational letter that it is dissolving the CCR Flex Bamboo Sicav, due to “persistently low asset levels.” The deputy CEO of CCR AM, Jean François Sarlat, says in the letter that the strategy of the Sicav, which had been based on the use of quantitative models, requires “sufficient assets to permit management in the interests of shareholders.” However, “due to the persistently low level of assets, the General Shareholders’ Meeting voted to dissolve the Sicav without waiting for assets to fall belwo the threshold defined by regulations. This dissolution was approved by the Autorité des marchés financiers (AMF) on 30 May 2013. The conclusion of liquidation was approved on 2 August 2013, and the net proceeds of the liquidation, after settlement of debts, will be distributed by the appointed trustee to shareholders, by 9 August, 2013, at the latest.” After a peak of EUR3.6m in mid-2012, assets in the fund have since fallen below EUR1.8m, and according to a document obtained by Citywire, they may have fallen as low as EUR300,000 in May 2013.
06/08/2013

Abante Assesores launches a multi-asset class strategy

The Spanish boutique Abante Assessores has launched a multi-asset class strategy, which will be led by Alberto Espelosin, Citywire reports. The new strategy, Abante Global Fund Pangea, will be part of the Luxembourg-based Sicav range from the firm. The fund may invest up to 100% in shares in companies registered in OECD countries. The fund may also invest up to 20% of its net assets in shares in companies from outside the OECD.
06/08/2013

TTF penalises equity trading volumes in France and Italy

The introduction in France and Italy of a financial transaction tax has taken a bite out of demand for equities, providing a glimpse of the impact that a pan-European tax could have on the recovery of activity on equity markets, the Reuters news agency reports. Monthly trading volumes in Europe were up 14% this year compared with 2012, but in France and Italy, activity is down 10%. Since the introduction of the TTF, in August 2012 in France, and in March 2013 in Italy, their respective market share ha fallen by 30% and 45%, respectively, according to statistics from Thomson Reuters Equity Market Market Share Reporter. In terms of revenues, this erosion of trading volumes may bring in only one fifth of the EUR1bn estimated by the government in Italy, according to projections by the Italian brokers’ association Assosim. A source in Brussels indicates that France may bring in only one third of the EUR800m estimated.
06/08/2013

Franklin Templeton hires Toby Hayes

Franklin Templeton has recruited Toby Hayes, a former manager at Insight and Armstrong, to manage a new multi-asset class range, Investment Week can reveal. Hayes will report to Brent Smith, CIO of Franklin Templeton Multi_Asset Strategies. Hayes previously worked at Pacific Real Estate Capital Partners.
06/08/2013

Aviva Investors closes a fund to new investors

Aviva Investors will close its US Equity Income fund to new investors in early October, slightly two years after its launch, and is planning to launch a new fund to meet investors’ appetite for the strategy, Investment Week reports.The fund, with GBP366m, is managed by Henry Sanders and Thomas Forsha. Since its launch in July 2011, it has earned returns of 29.3%, compared with 23.2% for the IMA North America sector.
06/08/2013

Record inflows to retail funds in the United Kingdom

Funds on sale to retail clients in the United Kingdom in second quarter posted their strongest net quarterly inflows in two years, according to the most recent edition of the Pridham Report, cited by Fund Web. Net inflows to retail funds totalled GBP5.3bn, as the market rally compensated for the negative effects of RDR. Standard Life Investments takes first place in terms of net subscriptions in the three-month period, with GBP920.2m. M&G leads for gross inflows with GBP2.3bn.
06/08/2013

Singapore sovereign fund posts real returns of 4%

GIC, the Singapore sovereign fund, has earned real annualised returns over the past 2 0years of 4% per year as of the end of March 2013, compared with 3.9% as of the previous year, the fund has announced in its 2012-2013 annual report. The Singapore sovereign funds has also announced that it anticipates an improvement in the Western banking sector, which may lead to increased investment in the finance sector.
06/08/2013

Russell Eurozone index up 5.46% in July

Euro zone stock markets posted strong gains in the month of July, according to Russell indices as of 29 July, with monthly returns of 5.46% for the Russell Eurozone index, following returns of 3.75% in first half 2013. These results compared with returns of 2.78% for the Russell Global ex-U.S. Index for July, after returns of 2.09% for first half 2013. In the countries which constitute the Russell Eurozone index, Ireland (20.5%), France (12.8%) and Germany (9.7%) top the performers since the beginning of the year as of 29 July, while Austria (-0.02%), Luxembourg (-3.32%) and Greece (-12.36%) earned the weakest returns in the same period. Among member countries, Spain (+9.47%) has posted the best returns from the beginning of the month to 29 July, while Greece (-1.29%) takes last place in the rankings of the index in the same period.
06/08/2013

BNP Paribas-BNL launches a small cap corporate bond fund in Italy

The Italian bank BNL (BNP Paribas group) will launch a fund of EUR150m after this summer, which will invest in Italian small cap corporate bonds, Il Sole – 24 Ore reports. The fund is reserved for institutional investors, and will replicate an analogue product in France. It will buy senior bonds issued by small and mid-cap businesses with a maximal duration of 5 years. 30 to 40 bond issues, created ad-hoc, will be targeted. Il Sole – 24 Ore notes that many initiatives of this type are being created at present, due to a dearth of bank financing.
06/08/2013

Mirova launches three funds in Italy

Mirova, the arm of Natixis Asset Management dedicated to socially responsible investment, is launching three funds in Italy, Bluerating reports. Mirova Global Climate Change is an equity fund based on the theme of climate change, Mirova Europe Sustainable Equity, a European responsible equity fund, and Mirova Euro Sustainable Corporate Bonds, a socially responsible corporate bond fund.
06/08/2013

Hedge funds convert into family offices

Hedge fund firms based in New York and London are reorganizing as family offices in order to avoid oversight by regulators, Financial Times fund management reports. “Single family offices” are exempt from Dodd-Frank legislation in the United States and the AIFM directive in Europe. George Soros was the first to make such a move earlier this year.
06/08/2013

Aquila Capital recruiting to launch a new strategy

The German alternative management specialist Aquila Capital has recruited Dorothee Goerz, with plans to offer a new strategy that may be launched this autumn, Citywire reports. Goertz previously worked in London at Aremus Partners, where she managed event-driven and long/short equity strategies.
06/08/2013

Arca Sgr takes over Carige AM for EUR101m

The Italian asset management firm Arca Sgr has agreed to acquire all capital in its rival Carige Asset Management Sgr from Banca Carige for a price of EUR101m, a statement released on Friday announces. The acquisition will allow Arca Sgr to increase its assets under management by EUR4.2bn to EUR23.5bn. The Italian asset management firm also extends its network, with access to 677 branches of the Banca Carige group. The sale is accompanied by a strategic agreement which includes “a long-term preferential commercial relationship” in asset management between the banking group and Arca Sgr.
06/08/2013

Deutsche A&WM recruits in Italy

Deutsche Asset & Wealth Management has appointed Massimo Aslvadori in Italy as head of its Tuscany team, Bluerating reports. He is already part of the Florentine team at the German firm. The firm has also recruited Alessandro Cecchinato to serve clients from Verona.
06/08/2013

Appointment to Hedge Fund Association

The Hedge Fund Association, an international organisation including hedge funds, funds of funds, family offices, financial advisers and service providers, on 5 August announced the appointment of two alternative management experts to head the Latin American chapter, due to the departure of the first head of that chapter, Victor Hugo Rodriguez, who had served since the chapter opened in March 2011. The Latin American chapter will now be led by two co-directors, Juan Garrido and Les Baquiran. Garrido is the global head of investment solutions at BBVA Global Private Bank in New York, while Baquiran had been principal at Park Hill, an alternative investment placement agency of the Blackstone group.
06/08/2013

Albania gets its first billionaire

Samir Mane, chairman and CEO of the Balfin group, has become the first known billionaire from Albania, according to the wealth specialist website Wealth-X. The wealth of Mane, who opened the first shopping centre in Albania, is estimated at about USD1.2bn.
06/08/2013

HFRX Global index up 1.01% in July

The HFRX Global index gained 1.01% in the month of July, bringing its performance since the beginning of the year to 4.20%. The HFRX Market Directional, for its part, gained 1.87% ni July. The HFRX Equity Hedge index is up 2.57% in July, with positive contributions from Fundamental Value (+2.91%), Growth (+2.32%), and Market Neutral (+0.60%) strategies. The HFRX Special Situations index has posted growth of 2.08% in July, meaning that in the first eight months of the year, it is up 11.78%. The HFRX Macro index, for its part, is down by 0.54% in July.
06/08/2013
Fonds

Les hedge funds américains se proposent en versions plus liquides

Plus de la moitié des sociétés de hedge funds aux Etats-Unis ont lancé une version liquide de leurs stratégies alternatives dans le cadre d’un mutual fund, sont sur le point ou envisagent de le faire, montre une étude d’Infovest21 intitulée “Hedge Fund Use of ’40 Act Registered Investment Funds”.De plus, 25 % des 130 gérants de hedge funds sondés gèrent par délégation un fonds traditionnel ou envisagent de le faire. En revanche, 8 % ont décidé de ne pas lancer de tels produits.Le lancement de fonds alternatifs liquides, qui a aussi vu le jour en Europe, n’est pas une tendance si récente que cela puisque environ 30 % des sociétés de hedge funds interrogées gèrent déjà un fonds traditionnel depuis plus de 10 ans. En fait, 42 % des sondés ont plus d’un fonds traditionnel dans leur gamme. Comme on peut s’y attendre, les fonds offrant une liquidité plus importante dégagent une performance moins élevée que les hedge funds qu’ils répliquent. Ainsi, de janvier à juin, les hedge funds ont enregistré une performance de 6,8 % contre 4,1 % pour les fonds traditionnels.
Fonds
06/08/2013
Fonds

CCR dissout la sicav CCR Flex Bamboo

CCR Asset Management a annoncé le 5 août dans une lettre d’information la dissolution de la sicav CCR Flex Bamboo en raison de «la faiblesse persistante des encours».Le directeur général délégué de CCR AM, Jean François Sarlat, rappelle dans ce courrier que la stratégie de la sicav, qui reposait sur l’utilisation de modèles quantitatifs, nécessite «des encours suffisants pour permettre une gestion dans l’intérêt des actionnaires». Toutefois, «compte tenu de la faiblesse persistante des encours, l’Assemblée générale extraordinaire a acté la dissolution de la sicav sans attendre que ses actifs passent au-dessous du seuil défini par la réglementation. Cette dissolution a été agréée par l’Autorité des marchés financiers le 30 mai 2013. La clôture de la liquidation a été approuvée le 2 août 2013, et le produit net de la liquidation, après le règlement du passif, sera réparti, par liquidateur désigné, en espèces entre les actionnaires, au plus tard le 9 aout 2013".Après avoir culminé à 3,6 millions d’euros à la mi-2012, les actifs du fonds ont depuis passé sous la barre des 1,8 million d’euros et, selon un document consulté par Citywire remontant à mai 2013, ils seraient même tombés à 300.000 euros.
Fonds
06/08/2013

Amundi collecte 4,5 milliards d’euros au 1er semestre

Au premier semestre 2013, Amundi, la filiale de gestion du Crédit Agricole (75 %) et de Société Générale (25 %), a enregistré des souscriptions nettes de 4,5 milliards d’euros, annonce la banque verte dans un communiqué financier publié ce matin.Mais la totalité de la collecte a été effectuée au premier trimestre. En effet, Amundi avait affiché des souscriptions nettes de 11,1 milliards d’euros sur les trois premiers mois de l’année. Vu le total annoncé pour le semestre, la société de gestion a donc vu sortir 6,6 milliards d’euros au deuxième trimestre. La collecte semestrielle globale est soutenue par la clientèle institutionnelle (+8,7 milliards d’euros), les réseaux internationaux (+2,2 milliards d’euros) et l’épargne entreprises (+1,7 milliard d’euros), détaille le Crédit Agricole. Les réseaux France ont en revanche vu sortir 8,1 milliards d’euros au premier semestre. En incluant à 100% les joint-ventures en Asie, les actifs sous gestion d’Amundi s’élèvent à fin juin 2013 à 746 milliards d’euros (+0,9% par rapport à fin décembre 2012). Amundi affiche un résultat net part du Groupe de 160 millions d’euros au premier semestre 2013, soit une hausse de 12,1% par rapport au premier semestre 2012, retraité de la plus-value de cession de Hamilton Lane de 60 millions d’euros avant impôts au premier trimestre 2012. Pour le deuxième trimestre 2013, le résultat net part du Groupe s’élève à 81 millions d’euros, traduisant la croissance du produit net bancaire de 8,3% par rapport au deuxième trimestre 2012 alors que les charges restent stables sur la même période (+0,5%). Le coefficient d’exploitation s’établit à 54,8% au deuxième trimestre 2013, en amélioration de 4,2 points en un an.
06/08/2013

Progression de 12% des actifs sous gestion de l'américain Och-Ziff

Les actifs sous gestion du groupe américain Och-Ziff Capital Management s’inscrivaient à 36,6 milliards de dollars au 30 juin, affichant ainsi une progression de 12% ou 4 milliards de dollars par rapport à fin décembre 2012, a indiqué Och-Ziff dans un communiqué. Cette évolution est la conséquence d’une collecte nette de 2 milliards de dollars et d’un effet marché positif de 2 milliards de dollars également. Au 1er août 2013, les actifs sous gestion totalisaient 36,7 milliards de dollars, grâce a un effet marché positif d’environ 300 millions de dollars en partie effacé par une décollecte nette de quelque 200 millions de dollars depuis le 30 juin 2013.
06/08/2013
Fonds

KKR lance son premier fonds fermé coté

Le groupe de capital investissement KKR vient de lancer son premier fonds fermé coté, le KKR Income Opportunities Fund. L’introduction en Bourse a permis de lever 305 millions de dollars. Le fonds, qui vise un niveau élevé de revenu ainsi qu’une appréciation du capital, indique vouloir atteindre ces objectifs par le biais d’investissements dans des prêts garantis et non garantis ainsi que dans des instruments de dette d’entreprise high yield.
Fonds
06/08/2013

Nominations à la Hedge Fund Association

La Hedge Fund Association, une organisation internationale regroupant des hedge funds, des fonds de fonds, des family offices, des conseillers financiers et des fournisseurs de services, a annoncé le 5 août la nomination de deux experts de la gestion alternative à la tête du chapitre latino-américain en raison du départ du premier responsable de ce chapitre, Victor Hugo Rodriguez, en fonction depuis le lancement de ce chapitre en mars 2011.Le chapitre latino-américain sera désormais piloté par deux co-directeurs, Juan Garrido et Les Baquiran. Juan Garrido est responsable mondial des solutions d’investissement chez BBVA Global Private Bank à New York tandis que Les Baquiran était principal chez Park Hill, un agent de placement en investissements alternatifs du groupe Blackstone.
06/08/2013

Arca Sgr reprend Carige AM pour 101 millions d’euros

La société de gestion italienne Arca Sgr a signé l’acquisition de la totalité du capital de sa concurrente Carige Asset Management Sgr à Banca Carige pour un prix de 101 millions d’euros, annonce un communiqué vendredi.Ce rachat va permettre à Arca Sgr d’accroître ses encours sous gestion de 4,2 milliards d’euros à 23,5 milliards d’euros. La société de gestion italienne élargit aussi son réseau en ayant accès aux 677 filiales du groupe Banca Carige.La cession s’accompagne en effet d’un accord stratégique prévoyant une « relation commerciale préférentielle de long terme » dans la gestion d’actifs entre le groupe bancaire et Arca Sgr.
06/08/2013
Fonds

Mirova sort trois fonds en Italie

Mirova, la structure de Natixis Asset Management dédiée à l’investissement responsable, lance trois fonds en Italie, rapporte Bluerating. Il s’agit de Mirova Global Climate Change, un fonds actions sur la thématique du changement climatique, de Mirova Europe Sustainable Equity, un fonds actions européenne responsables, et de Mirova Euro Sustainable Corporate Bonds, un fonds d’obligations d’entreprises socialement responsables.
Fonds
06/08/2013

Deutsche A&WM se renforce en Italie

Deutsche Asset & Wealth Management vient de nommer en Italie Massimo Salvadori en tant que responsable de son équipe toscane, rapporte Bluerating. Il fait déjà partie de l’équipe florentine de la société allemande. Par ailleurs, cette dernière a recruté Alessandro Cecchinato pour s’occuper de la clientèle de Vérone.
06/08/2013
Fonds

BNP Paribas-BNL lance un fonds d’obligations de petites entreprises en Italie

La banque italienne BNL (groupe BNP Paribas) va lancer après l’été un fonds de 150 millions d’euros qui sera investi dans les obligations de petites et moyennes entreprises italiennes, rapporte Il Sole – 24 Ore. Réservé aux investisseurs institutionnels, répliquera un produit analogue en France. Il achètera des obligations senior émises par les petites et moyennes entreprises, avec une durée maximale de 5 ans. 30 à 40 émissions obligataires, créées ad hoc, seront ciblées. Il Sole – 24 Ore note que de nombreuses initiatives de ce genre voient le jour en ce moment, face au tarissement du financement bancaire.
Fonds

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