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21/09/2012

Carlyle acquiert VWD

Le capital-investisseur américain Carlyle, associé à l’ancien président de directoire Edmund Keferstein, indique s'être assuré plus de 90 % du capital de l’agence d’informations économiques allemande VWD dont les actionnaires étaient jusqu'à présent Deutsche Balaton (35,2 %), Dietmar Hopp (28 %) et son fils Oliver (11,1 %) ainsi qu’Edmund Keferstein (14,99 %), rapporte la Börsen-Zeitung.Une OPA sur le reliquat des titres (5,5 %) va être lancée sur la base de 2,80 euros par action, ce qui représentait le 18 septembre une prime de 35 % sur le cours boursier.L’acquisition est réalisée par le fonds Carlyle Europe Technology Partners (530 millions d’euros d’encours).
21/09/2012
Fonds

Swiss & Global lance un fonds d'obligations émergentes

La gamme des fonds luxembourgeois Julius Bär Multibonds s’est enrichie d’un nouveau fonds institutionel focalisé sur les obligations d’entreprises des marchés émergents et frontière du monde entier libellées en dollars, le Julius Bär Emerging Markets Corporate Bond Fund.Le portefeuille est investi principalement en titres de catégorie investissement selon un processus de sélection fondamental alliant des approches macro-économique (top-down) et de sélection de titres (bottom-up).CaractéristiquesDénomination : Julius Bär Emerging Markets Corporate Bond FundCode Isin : LU0784392978Commission de gestion : 0,60 %Souscription minimale : 0,5 million d’euros
Fonds
21/09/2012

Northern Trust veut se développer dans la zone Asie-Pacifique

George Hindmarsh vient de rejoindre Northern Trust en qualité de responsable régional du développement des activités auprès des investisseurs institutionnels, rapporte Asian Investor.Précédemment chez Citi, George Hindmarsh devrait dans ses nouvelles fonctions recruter des collaborateurs spécialisés.
21/09/2012

T. Rowe Price recrute en Suisse

Le gestionnaire américain T. Rowe Price International a nommé Paolo Corredig head of intermediary business pour la Suisse, à Zurich, sous la direction de Peter Preisler, head of Europe, rapporte finews.ch.Le nouvel arrivant était head of wholesale business Switzerland chez Invesco Asset Management, également à Zurich.
21/09/2012
Fonds

UFF annonce le lancement d'un FCPR géré par Sigma Gestion

Le FCPR UFF Actifs Non Cotés n°1 sera investi en priorité dans les PME européennes non cotées matures ayant une valeur située entre 50 millions d’euros et 1 milliard d’euros.Le produit aura une maturité plus courte qu’un FCPR traditionnel, à 6 ans prorogeables deux fois 1 an au lieu de 10 à 12 ans.Commercialisé exclusivement par l’Union Financière de France (UFF), la gestion du fonds sera assurée par Sigma Gestion, conseillé par la société ACG Private Equity. Sigma Gestion «ne percevra d’intéressement à la performance qu’une fois constatée une plus-value d’au moins 25% pour les investisseurs», souligne le communiqué. Au-delà de cette performance, Sigma Gestion est intéressée à hauteur de 20% de la surperformance.Caractéristiques Part A (code ISIN : FR0011266634) : 100 euros, hors commissions de souscriptionFrais d’entrée : 4% Souscription minimale : 100 € (hors commissions de souscription, soit 1 part)Période de souscription : Le fonds cessera d’émettre de nouvelles parts à compter du 30 octobre 2014Frais récurrents de gestion et de fonctionnement : 2,19% TTC
Fonds
21/09/2012

Vontobel quitte le marché autrichien de la banque privée

Selon finews.ch, les clients autrichiens de Bank Vontoble seront à l’avenir servis à partir de Zurich et l’agence de Salzbourg sera fermée. Les services de banque privée de Salzbourg et de Vienne seront également fermés.Bank Vontobel Österreich emploie 38 personnes et gérait fin août environ 1 milliard d’euros.Le groupe helvétique a d’ailleurs indiqué que les clients d’Europe de l’Est et de Russie seront à l’avenir suivis par les agences de Zurich et de Genève.
21/09/2012

Lucie Bordelais Charneau rejoint BNP Paribas Real Estate

BNP Paribas Real Estate a annoncé le 20 septembre le recrutement Lucie Bordelais Charneau qui, au sein de la ligne de métier Investment Management et sous la direction de David Aubin, aura pour mission de développer et coordonner l’activité à l’international auprès des futurs grands clients mondiaux, plus particulièrement en levant des fonds en Asie et au Moyen-Orient.Plus précisément, sa mission basée sur du conseil, du «sourcing» d’actifs et une bonne analyse des besoins et attentes des investisseurs de ces pays est de négocier des mandats de « separate account » en conseillant les grands clients institutionnels et professionnels de l’immobilier (fonds souverains, compagnies d’assurance, fonds de pension, etc.) afin qu’ils investissent dans l’immobilier en Europe et en confient la gestion d’actifs aux entités d’Investment Management de BNP Paribas Real Estate.Lucie Bordelais Charneau travaillait précédemment à la Société Générale qu’elle avait rejoint fin 2005 au poste de directeur des financements structurés immobiliers au sein de l’entité « SGCIB Real Estate and Lodging, (SGCIB-REL) » à Paris et Londres où elle mettra en place près d’un milliard d’euros de financement. Début 2009, elle est nommée Senior Banker au sein du département coverage de SGCIB-REL pour promouvoir les produits et services de la banque d’Investissement auprès de grands comptes immobiliers stratégiques avec une spécificité transversale sur les clients clés du secteur de la logistique.
21/09/2012

CLS reprofile son état-major

Le gestionnaire américain CLS Investments (6,5 milliards de dollars d’encours fin juillet), basé à Omaha (Nebraska), a annoncé que son president Todd Clarke, vient d’être promu CEO et sera remplacé à son ancien poste par Ryan Beach, qui était associate general counsel de la maison-mère de CLS, NorthStar Financial Services Group.Parallèlement, John Russel «Rusty» Vanneman, qui était CIO et gérant de portefeuilles chez Kobren Insight Management a été recruté comme CIO de CLS Investments.
21/09/2012

Invesco AM adopte Eagle pour la mesure de performance en Europe

Le gestionnaire Invesco a sélectionné la solution de mesure de la performance proposée par Eagle Investment Systems pour la gestion de ses activités retail et institutionnelle en Europe continentale, a annoncé BNY Mellon, dont Eagle est une filiale.Invesco utilisait déjà la plate-forme Eagle pour l’Amérique du Nord et pourra désormais disposer d’une image consolidée de ses activités couvrant les deux continents. Le gestionnaire utilise également les données d’Eagle pour améliorer son reporting sur la performance, la composition des portefeuilles, les transactions, le classement et la notation des fonds ainsi que les données de risque. De plus, la plate-forme Eagle permet d’améliorer le reporting aux clients, les comptes de pertes et profits et le développement des fiches de données des antennes de Paris et de Francfort.
21/09/2012

Canadian pension funds turn to alternative assets

Nearly one out of every two Canadian pension funds (48%) are planning to increase their exposure to alternative management (real estate, infrastructure and private investments), at a time when the sector is seeking long-term returns with lower correlation to equity markets, according to a survey undertaken by RBC Investor Services, which finds that 70% of pension funds have coverage rates of less than 90%. 88% of pension funds with assets of over CAD1bn are planning to increase their allocation to alternative investments. The most popular asset class in the alternative universe is uncontestably real estate (45%), followed by infrastructure (34%). The survey also finds that 61% of participants have no plans to discontinue their defined-benefit offerings. However, 39% of respondents have already closed their defined-benefit programmes to new members, and 27% have opened defined-contribution programmes. 12% are planning to offer defined-contribution programmes in the next two to three years.
21/09/2012

SGSS S.p.A awarded a mandate bt Aberdeen AM

Société Générale Securities Services in Italy (SGSS S.p.A.) has been retained by Aberdeen Asset Management to act as local transfer agent for the Aberdeen Global and Aberdeen Global II funds, the range of cross0border funds from the asset management firm, which represent over EUR38bn in assets under management. SGSS will provide paying agency and relationship management services for mutual funds with investors in Italy.
21/09/2012

Northern Trust plans to develop in Asia-Pacific

Geoge Hindmarsch has joined Northern Trust as regional head of development for activities serving institutional investors, Asian Investor reports. Hindmarsch, previously at Citi, will in his new role recruit dedicated personnel.
21/09/2012

ETF Securities sets up shop in Hong Kong

The London-based commodity specialist ETF Securities is setting up shop in Hong Kong, after receiving approval from the market authority there last month, Asian Investor reports. Asian activities will be led by Fred Jheon, who had previously been based in Japan. Nigel Phelan, for his part, will be transferred from Sydney to Hong Kong, to take over as head of distribution. The firm is also considering opening a location in China.
21/09/2012

Asset management firms dismissed for bad reasons in Asia

Asset management firms are selected for good reasons, but dismissed for bad reasons by Asian institutional investors, according to a study presented in Hong Kong by Cerulli. Institutionals tend to recruit managers to earn long-term returns as a top priority, but they change providers in reaction to observed short-term results, Cerulli claims. In other words, institutionals want their managers to post good returns quarter after quarter, but also to earn long-term returns. This is a difficult challenge in the current environment.
21/09/2012

Union resells a property in Singapore to ERC

The German real estate fund UniImmo: Global has resold the commercial property The House of Tan Yoek Nee (2,100 square metres) to ERC International Private for EUR38.7m. This amount is EUR17.7m higher than the acquisition price in 2007.Union Investment Real Estate (UIRE) is planning to acquire other properties in Asia, particularly in Seoul and Shanghai, says Volker Noack, a member of management at UIRE. The asset management firm is planning to invest up to EUR1bn in “growth markets” in Asia in the next five years.
21/09/2012

Standard Life Investments preparing an emerging market debt fund

Standard Life Investments will be launching an emerging market debt fund, after recruiting the former head of emerging market debt from Threadneedle, Richard House, Fund Web reports. House joined SLI in April as head of emerging market debt, along with two colleagues, Mark Baker and Nicolas Jacquier.
21/09/2012

Axa IM launches short-term emerging market debt fund

According to information obtained by Newsmanagers, Axa Investment Managers will on Monday launch the Axa WF Emerging Market Short Duration Bond fund, which has received a license from the Luxembourg authority CSSF, as reported by Fundweb on Thursday.The product will be managed by Damien Buchet, director of the emerging market debt team.
21/09/2012

French regulator to fine OFI AM

At a hearing of the sanctions committee of the French financial regulator, the Autorité des marchés financiers (AMF) on 20 September, in the case of the asset management firm OFI, the AMF College handed down a reprimand and a fine of EUR500,000 against OFI AM, as well as a warning to two of its directors, and a fine of EUR60,000 each, Les Echos reports.The college found that OFI AM had not undertaken required due diligence in the selection and monitoring of funds related to the Bernard Madoff company between June 2006 and the end of 2008. The firm also faced other charges: it failed to respect regulatory ratios, and invested in excess of the permitted maximal levels in some types of funds unrelated to Madoff.
21/09/2012

Bond funds break away from indices

At a time when bond yields are falling, many funds have found a way to look better: they are investing in higher-risk bonds, but are continuing to measure their performance against indices composed of safer investments, the Wall Street Journal reports. Putnam and Pimco in particular have been doing this. The practice may be dangerous if the markets turn down, the WSJ warns.
21/09/2012

Madoff victims get back another USD2.48bn

In the second wave of reimbursements for losses caused by the fraud perpetrated by Bernard Madoff, victims will receive USD2.48bn, Irving Picard has announced, cited by Expansión. The trustee has so far recuperated USD9.147bn, equivalent to 53% of the USD17.3bn fraud.
21/09/2012

Highbridge loses its chief risk officer

Subramanyam Venkataraman, chief risk officer (CRO) at Highbridge, has decided to leave the asset management firm at the end of this year, according to reports by the news agency Reuters. Jeff Holman, who joined Highbridge in 2008, will succeed Venkataraman, who had worked at Highbridge for nine years. Holman, who is currently in charge of the Highbridge Quantitative Portfolio Construction fund, will start as CRO on 1 October. Assets under management at Highbridge, which is owned by JP Morgan Chase, total about USD28bn.
21/09/2012

C-Quadrat liquidates three funds

Due to a lack of sufficient assets, three funds from the Austrian-German asset management firm C-Quadrat have been liquidated, effective 20 September.They were the following products:C-QUADRAT ARTS Best Momentum VT-A PLN (AT0000A0HQM6)C-QUADRAT ARTS Total Return Balanced VT-A PLN (AT0000A0HQN4)C-QUADRAT ARTS Total Return Dynamic VT-A PLN (AT0000A0HQP9)
21/09/2012

Hedge funds gain 4.22% in January-August

According to BarclayHedge, the 2,041 hedge funds which have reported their results as of 20 September show returns of 1.11% in August, and 4.22% for the first eight months of the year, while the 607 UCITS-compliant hedge funds gained 0.30% last month, and 5.42% in January-August.In August and in the first eight months of the year, the only strategy to show losses among hedge funds worldwide was equity short bias (5 funds), with respective losses of 3.75% and 12.87%. Among UCITS-compliant hedge funds, the 97 emerging market funds show a loss of 1.45%, and the 21 CTA funds show a loss of 0.35% in August. No strategy shows losses since the beginning of the year.The best segments in January-August worldwide were the 34 healthcare funds, with gains of 10.78%, and convertible arbitrage funds, with a 6.82% performance. For UCITS-compliant hedge funds, the best results were for the 118 equity long bias funds, with gains of 9% in January-August.
21/09/2012

LRI Invest claims place as a pioneer on German market

The Luxembourg-based firm LRI Invest claims to be the first foreign asset management firm to receive a license from BaFin for a German-registered UCITS IV-compliant fund, on 17 September. The product is the LRI Invest DeLux, a multi-asset class fund for which the depository bank will be LBBW Stuttgart.CharacteristicsName: LRI Invest DeLuxISIN code: DE000A1J0BZ9Front-end fee: 5% maximumManagement commission: Maximum 1.1%
21/09/2012

Swiss & Global launches emerging market bond fund

The Luxembourg fund range Julius Bär Multibonds has been enriched with the addition of a new institutional fund focused on global emerging and frontier market corporate bonds denominated in US dollars, the Julius Bär Emerging Markets Corporate Bond Fund.The portfolio invests primarily in investment-grade securities, according to a fundamental selection process which allies macroeconomic (top-down) and stock-picking (bottom-up) approaches.CharacteristicsName: Julius Bär Emerging Markets Corporate Bond FundISIN code: LU0784392978Management commission: 0.60%Minimal subscription: EUR0.5m
21/09/2012

Ignis launches AR bond fund in France

Ignis Asset Management is launching the Ignis Absolute Return Credit Fund in France, after receiving approval from the French financial market regulator, the Autorité des marchés financiers (AMF). The absolute return bond fund was created in July this year. It invests in investment grade and high yield credit via credit default swaps (CDS). “The credit team has identified anomalies in valuation between credits, and exploits opportunities to create value with a portfolio of 10 to 30 pairs, one long and one short,” explains Philip Goldsmith, managing director Europe. The market neutral portfolio aims to earn positive returns in all market conditions, with volatility of 2% to 6%, some handling risk, and zero interest rates. The product is managed by Chris Bowie, head of credit at the asset management firm, and his team of 14 people, which manages a total of EUR17.3bn in assets. It currently has a total of about EUR25m in assets, but is expected to reach EUR80m by the end of the month. This is the second product of the absolute return range from Ignis, and probably not the last, following the Ignis Absolute Return Government Bond Fund, launched last year. The government bond product has also been a driver of inflows at Ignis in Europe in 2012. Subscriptions were registered primarily in Italy and Germany.
21/09/2012

Solvency II: EIOPA to undertake an impact study of long branches

In the matter of the future of long branches under the new Solvency 2 regime, Agefi reports, the European insurance authority (EIOPA) will in the next few months test the minimal levels of risk and capital required for long-term liabilities (life insurance, construction, etc.) This move has been long demanded by industry. Insurers say the development will prevent regulators from overestimating the capital requirements associated with long-term liabilities, when they are measured against long-term assets. A delay is expected in the imposition of Solvency 2, which had initially been slated to come into force on 1 January 2014. The EIOPA report is not expected before March, which would result in an extension to the deadline to transpose the directive into national law, which had initially been set for 30 June 2013, the newspaper reports.
21/09/2012

Vontobel pulls out of Austrian private banking market

finews.ch reports that Austrian clients of Bank Vontobel will in the future be served from Zurich, and the Salzburg branch of the bank will be closed. Private banking services in Salzburg and Vienna will also be closed down.Bank Vontobel Österreich has 38 employees, and as of the end of August manages about EUR1bn.The Swiss group has also announced that clients in Eastern Europe and Russia will in the future be served by the Zurich and Geneva offices.
21/09/2012

RHJI pays 1.06% of assets for BHF

On Thursday morning, Deutsche Bank and Kleinwort Benson Group confirmed reports in Die Welt (see Newsmanagers of 20 September) that, pending the permission of regulatory authorities, the former firm is proposing to sell 100% of BHF-Bank to RHJ International (RHJI), an affiliate of the latter.The total sale price propsoed is EUR384bn in cash, which is equivalent to 1.06% of assets at BHF (about EUR36bn).RHJI is a financial services group led by Leonhard “Lenny” Fischer, a former star manager at Dresdner Bank.

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