Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
03/10/2012

Carlyle se lance dans le négoce de matières premières

Carlyle poursuit sa diversification au sein de la gestion alternative. Le groupe a annoncé l’acquisition d’une participation majoritaire de 55% au capital du hedge fund dédié au négoce de matières premières Vermillion Asset Management, dont les actifs avoisinent 2,2 milliards de dollars.
03/10/2012

Carlyle prépare le refinancement obligataire de RAC

Selon des sources proches du dossier citées par Reuters, le groupe de private equity s’apprête à mandater des banques pour refinancer la dette de la société d’assistance automobile britannique RAC. Cette opération doit lui permettre de s’attribuer un dividende de 260 millions de livres.
03/10/2012

L'IASB avance dans la réforme comptable

Le normalisateur comptable interna-tional devrait progresser sur la réforme de la comptabilisation des instruments financiers (IFRS 9), particulièrement sur le volet comptabilité de couverture d’ici à la fin de 2012. La norme sur le chiffre d’affaires est attendue pour le premier semestre 2013.
03/10/2012

Le délit d’initiés occupe le FBI

Selon James Barnacle, responsable des affaires financières au sein du FBI cité par le journal, le nombre de nouvelles enquêtes lancées par l’agence sur les affaires de délits d’initiés aurait grimpé de 43% sur le territoire des Etats-Unis sur l’année fiscale achevée fin septembre. Depuis 2009, des responsabilités criminelles auraient été établies pour 72 traders de hedge fund par le seul procureur de Manhattan.
03/10/2012

3i songe à céder Civica

La société britannique de capital-investissement a pour ambition de vendre ou d’introduire en Bourse le fournisseur de logiciels au service de nombreux organismes publics outre-Manche. Le projet pourrait aboutir au premier semestre 2013. 3i aurait mandaté Rothschild afin de mener une revue stratégique de Civica, société acquise pour 190 millions de livres en 2008.
03/10/2012

Blackstone fait équipe pour viser l’Europe

La société américaine de private equity a mis en place une coentreprise avec son concurrent britannique Anacap afin d’investir conjointement dans le secteur financier en Europe. C’est ce que confie au quotidien le coresponsable d’Anacap, Joe Giannamore. Les partenaires entendent tirer parti des cessions inspirées aux banques et assureurs par la crise et la pression réglementaire. Le dirigeant évoque une «accélération des opportunités» au cours des trois prochaines années, sous l’impulsion d’une «volonté désormais plus grande de vendre des actifs non-stratégiques». Ils visent des opérations pouvant aller jusqu’à 300 millions de dollars.
03/10/2012

Luxembourg OPCs nearly stable in August

As of 31 August 2012, the global net wealth of collective investment organisms and specialised investment funds totalled EUR2.295399trn, compared with EUR2.296717trn as of 31 July 2012, a decline of 0.06% in one month, according to statistics from the Financial sector surveillance commission (CSSF). Over the past twelve months, net asset volume is up 10.04%.The Luxembourg OPC industry has posted a negative variation in August totalling EUR1.318bn. This decline represents the balance of positive net issues of EUR10.515bn (+0.46%) and unfavourable evolution of the financial markets totalling EUR11.833bn (-0.52%).
03/10/2012

Carmignac was being watched by Italian counterpart of AMF

In Mid-December 2010, Consob, the Italian financial market authority, sent an informational letter concerning Carmignac Gestion to its French counterpart, the Autorité des Marchés Financiers (AMF), Plus, the weekly supplement of Il Sole – 24 Ore reveals. The note focused particularly on the firm’s use of over-the-counter (OTC) derivatives. The revelation comes at a time when Carmignac Gestion has reached a compromise with the AMF, in which it will pay EUR500,000 for shortfalls in transparency in the use of derivatives.
03/10/2012

Liikanen report favours separation of high-risk activities from banking

The riskiest activities undertaken by banks should be separated from the rest of their activites and grouped together into entities which are separate from the banking groups, according to a report submitted on 2 October to the European Commission. The report from the working group chaired by the governor of the Bank of Finland, Erkki Liikanen, much-awaited by the banking industry, was submitted yesterday to the European commissioner for the interior market and services, Michel Barnier.In brief, the group recommends action on the five following points:* requirement that owners’ equity trading and other high-risk market activities be separated,* means to separate other activities in accordance with bailout and default resolution plans,* means to modify the use of internal liquidity mechanisms as an instrument to resolve crises,* revision of owners’ equity requirements compared with assets held for transactional purposes and real estate lending, and* strengthened governance and controls at banks.“This report will feed our reflections on further measures to take. I will now consider the next steps, as a part of which the Commission will study the impact of these recommendations,” said Barnier, in a statement. The Commission will launch consultations before deciding whether to apply the report in the form of legislative proposals.
03/10/2012

Banks losing teams to asset management firms

On Wall Street, traders, analysts, strategists and staff of the back office are leaving banks to join asset management firms or other financial institutions where they can work free of the regulatory constraints they had been subject to previously, the Financial Times observes. This trend follows a toughening of regulations following the financial crisis. The FT cites the examples of traders Jerry and Michael Cudzi, who have recently joined TCW and Pimco, respectively.
03/10/2012

BlackRock to integrate alternatives in target-date funds

From 27 November, Mutual Fund Wire reports, the BlackRock Prepared Portfolios will disappear, to be replaced by LifePath Active Portfolios, which will include a larger exposure to alternative investments. In a SEC filing, the asset management firm says that its target-date mutual funds will include more exposure to real estate. The iShares Cohen & Steers Realty Major Index Fund, iShares FTSE EPRA?NAREIT Developed Real Estate ex-U.S. Index Fund, as well as the BlackRock Commodity Strategies Fund will now be eligible for use in the portfolios, whose performance will be measured with the inclusion of additional indices such as the MSCI ACWI ex US IMI Index and FTSE EPRA/NAREIT Developed Real Estate Index.When the shareholder retires, porfolios will include 38% equities and 62% fixed income.
03/10/2012

SocGen recruits for private investment banking activity

Société Générale on 2 October announced that Giovanni Ortolani is appointed Senior Banker for Societe Generale’s Private Investment Banking activity in Geneva, Switzerland effective October 1st 2012. In this newly created position, Giovanni Ortolani is responsible for launching the Private Investment Banking activity by developing the offer with large family holding companies and family offices in Switzerland. In addition, Renaud Billard is appointed Relationship Manager in the United Kingdom for the Private Investment Banking offer. Giovanni Ortolani and Renaud Billard report functionally to Galeazzo Pecori Giraldi, Head of Private Investment Banking. Giovanni Ortolani was previously Chief Country Officer for Italy since 2007. He joined Societe Generale Corporate & Investment Banking as Senior Banker and Head of public sector coverage in Italy in 2005. Billard joined Société Générale Private Banking in 1999 as a private banker serving French clients. In 2004, he joined the French team at Société Générale Private Banking Hambros in London, as Senior Private Banker, to develop the product range aimed at French and French-speaking residents of the United Kingdom, and has been Head of the France team since 2009.
03/10/2012

Fund closures in Sweden gather pace

In the past few months, several funds, especially small ones, have had to close down in Sweden, the Swedish economic daily newspaper Dagens Industri reports on its website. On Monday, the liquidation of the hedge fund Concepio, managed by Ragnhild Wiborg, was announced. Brummer & Partner and Swedbank Robur have also closed funds. Morningstar reports that in the past ten years, more than 300 funds registered in Sweden have been liquidated. There now remain 741 funds. This trend is due to toughening regulations, which make the operation of funds more costly.
03/10/2012

FSA plans to strengthen transparency at publicly-traded businesses

The British Financial Services Authority (FSA) on 2 October presented new, stricter governance rules for businesses listed in London. The proposals follow a consultation launched in January, which covered the questions of traded capital, protection of minority shareholders, and governance. The FSA would like to see an agreement put in place to regulate relations between controlling shareholders and the business. The FSA would also like to give more influence to independent directors on boards of directors.
03/10/2012

Pioneer launches EM high yield debt fund

With the Emerging Markets Corporate High Yield Bond sub-fund of its Luxembourg Sicav Pioneer Funds, Pioneer is beginning to realise its plans for emerging market funds (see Newsmanagers of 5 September). The new product is a high yield emerging market coporate debt fund, managed by Greg Seichin, who is also head of emerging market & high yield portfolio management at Pioneer.The portfolio will be evenly distributed between emerging markets in Europe, Asia and Latin America, with active management of duration and hedging via equity options and currency futures. The manager may also invest in government bonds, in order to provide a more defensive orientation to the fund depending on the market situation.CharacteristicsName: Pioneer Funds – Emerging Markets Corporate High Yield BondISIN codes:LU0765561054/A1J0EX (capitalisation)LU0765560916/A1J0EZ (distribution)Front-end fee: 2.50%Management commission: 1.55%Performance commission: 15% on performance exceeding the benchmark index, with high watermark
03/10/2012

Martin Theisinger joins Oppenheim KAG

Martin Theisinger, head of distribution in Germany for retail and wholesale products at BNP Paribas Investment Partners in Frankfurt, and previously of Fortis Investments and Schroder Investment Management, is joining the executive committee of the asset management firm Oppenheim Kapitalanlagegesellschaft in Cologne (an affiliate of Sal. Oopenheim, Deutsche Bank group). He will be responsible for institutional clients in the German-speaking countries, particularly insurers, pension funds and consultants.
03/10/2012

BNY Mellon acquires remainder of WestLB Mellon AM

BNY Mellon has acquired a 50% stake in its joint venture with Portigon AG (formerly WestlB), WestLB Mellon Asset Management (170 employees and EUR25bn in assets), for an undisclosed amount. The joint venture was founded in 2006.The new spokesperson (chairman) for the managing board at WestLB Mellon Asset Management will be Werner Taiber, who had previously been a member of the board at Portigon, pending approval from BaFin.Taiber will report to Mitchell Harris, chairman of BNY Mellon Investment Management, and Curtis Arledge, CEO of that firm.
03/10/2012

Investors steer clear of equity funds in August

Investors have once again steered clear of European equity funds in August, while investing an impressive net inflows of EUR16.95bn in bond funds, according to statistics from Morningstar. The situation is similar in the United States, where net inflows to bonds have topped USD30bn. Although inflows in Europe remain above the record posted in July of EUR22.9bn, the rush in bonds has only marginally slowed, compared with inflows to European bond products in previous months. Equity funds have posted an outflow of EUR7.02bn; the Morningstar United States mixed large caps category has been hardest-hit, with net redemptions of EUR810m. A few isolated categories of equity funds have seen positive inflows in August: US equities hedged for currency risks have seen the most sustained demand from investors, with net inflows of USD324m. Hedge funds have made a comeback, with net inflows of EUR713m. Allocation funds have posted net inflows of EUR587m; the Euro Prudent Allocation category continues to lead with positive inflows of EUR356m. The rankings of promoters with the largest inflows are topped by Pimco, with EUR3.1bn, excluding money market funds, followed by BlackRock (EUR2.07bn), KLP (EUR913m), Natixis (EUR872m), AXA (EUR842m) and Carmignac (EUR779m).
03/10/2012

L&G IM targets chairs of remuneration boards

Legal & General Investment Management, one of the largest shareholders in the United Kingdom, with 4% of the British stockmarket, has voted against 18 chairmen of remuneration committees on boards of directors since the beginning of this year, the Financial Times reports. This is the first time that an L&G asset management firm has voted against those in charge of setting pay scales for management. Some of the opposition votes were at WPP, Barclays and Trinity Mirror.
03/10/2012

Alain Defise joins Pictet in London

Swiss-based Pictet has created an emerging market corporate bond specialist team, for which it has recruited Alain Nsiona Defise, who had previously been head of emerging market corporate debt at J.P. Morgan Asset Management (JPMAM), which he joined from Fortis Investments. At JPMAM, he was responsible for a unit with USD2bn in assets.Defise, based in London, will be responsible for a team of three analysts specialised in emerging market corporate debt, including Vencent Feraton, Rosemary Fu and Teck Hoon Low. “These four have an average experience of more than 15 years in the areas of bond analysis and investment in emerging market corporate bonds,” says Pictet.Funds People reports, for its part, the Pictet has recruited Juan Carlos Martín Aparicio in Spain as a senior private banker. He had previously worked at Barclays Wealth in Madrid.
03/10/2012

S&P Capital IQ recruits for research

S&P Capital IQ, a provider of multi-asset class data and research to institutional investors, independent financial advisers and wealth managers, has announced the recruitment of Roger Hirst in London as vice president and director of European equity research operations, and the analysts William Mack and Roderick Wallace. In New York, the firm has recruited two equity analysts, Barbara Coffey and David Lewis.
03/10/2012

ETF Securities recruits from BoAML

The new head of distribution for Europe, Middle East and Africa at ETF Securities is Matt Johnson, who had been co-head of derivative sales for the same region at Bank of America Merrill Lynch, Fundweb reports. Johnson will report directly to Graham Tuckwell, chairman and CEO.
03/10/2012

Mike Godfrey joins Marathon

The emerging market specialist Mike Godfrey, who left M&G Only a few days ago, will be joining Marathon Asset Management, an asset management boutique based in London which works primarily with institutional clients, Investment Week reports.Godfrey, who had been manager of the GEM Fund from M&G, whose assets under management total over GBP680m, will begin in the role in December. He will be responsible for directing strategies dedicated to emerging markets and Asia ex Japan.
03/10/2012

Schroders registers its last new fund in Spain

Cinco Días reports that the British asset management firm Schroders has registered a new sub-fund of its Luxembourg UCITS-compliant platform GAIA, the Global Macro Fund (see Newsmanagers of 4 September), with the CNMV. The product aims for outperformance of 800 basis points over Libor.

Sujets d'actualité

Tous les sujets