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03/02/2011

Jim O'Neill introduces MIST, a concept to follow BRIC

p { margin-bottom: 0.08in; } Jim O’Neill, the chairman of Goldman Sachs who coined the successful formula BRIC for Brazil, Russia, India and China, says investors would do well to have four other promising countries on their radar, which may be starting out from a weaker position than the BRIC countries, but who could overtake them. These are what he calls the MIST countries, Cotizalia reports.The new acronym stands for Mexico, Indonesia, South Korea and Turkey, which now account for about 1% of global GDP and all of which are members of the G20.
03/02/2011

Marco Sebastian Arteaga joins Zurich Germany

p { margin-bottom: 0.08in; } Marco Sebastian Arteaga, a German-born US citizen, and CEO for Germany, Austria and Switzerland for the brokerage and consulting firm Aon Jauch & Hübener Consulting, was on 1 February 2011 appointed CEO for the corporate retirement planning (bAV) of the German arm of the Zurich group.The position is newly created, and Arteaga will be in charge of developing corporate retirement savings schemes and distribution activities. Zurich’s objective is to reach major brokers, intermediaries specialised in corporate retirement savings, and multinational groups. Before joining Aon Jauch & Hübener, Arteaga was chairman of the executive board at Mercer.
03/02/2011

Las Vegas adventure costs Deutsche Bank its green image

p { margin-bottom: 0.08in; } The acquisition of the Cosmopolitan hotel and casino in Las Vegas by Deutsche Bank for USD4bn last week led to the removal of shares in the German bank from 7 sub-indices of the Dow Jones Sustainability Indices series, the magazine Börse-Online reports, relayed by Das Investment.The engagement in the gambling industry has also led several fund managers to liquidate their Deutsche Bank shares. These managers include MEAG (Munich Re), DZ Privatbank and SEB Asset Management.
03/02/2011

ING IM Italy has a new head of marketing

p { margin-bottom: 0.08in; } Gerardo Galvano has been appointed marketing & communication manager at ING IM Italia. He was previously head of marketing and communication at Banca Intermobiliare. Galvano will report directly to managing director Fabrizio Meo. He will be in charge of defining the marketing and communication strategies for the asset management firm in Italy.
03/02/2011

Philippe Setbon appointed as CIO of Generali

Philippe Setbon has been appointed to the post of chief investment officer of Generali. He will hold the rank of assistant general manager and will report to the general manager and CFO, Raffaele Agrusti.Philippe Setbon, 45, joined the Generali Group in 2004. He was chief investment officer at Generali Investments France, where he was subsequently appointed chief executive officer. Today, Setbon is CEO of Generali Investments and holds senior posts in Generali Investments Sicav (Luxembourg), Generali Investments Deutschland and Generali Investments Italia Sgr. He has also been a member of the board of directors of China’s Guotai AMC since 2010.
03/02/2011

Equilibria, the first Spanish-registered hedge fund company, starts operations

p { margin-bottom: 0.08in; } Equilibria, born from a conversion of the Tacomago Investment II Sicav, has become the first Spanish entity to obtain a license from the CNMV as a “free investment company” (SIL), Funds People reports. The independent firm aims for absolute returns on the basis of a macroeconomic, regulatory and sectoral analysis strategy.Equilibria aims for absolute returns over 3 to 5 years of 2%, after the deduction of inflation and all fees. Tacomago has generated absolute returns of 25.33% for the period from 1999 to the end of December 2010.The executive chairman of the firm is Carlos Arenillas Lorente, who has also served as vice-president of the CNMV.Equilibria has outsourced risk monitoring, compliance and administration to Santander Asset Management, while Santander Investments acts as depository.
03/02/2011

Assets under management at BBVA down again

p { margin-bottom: 0.08in; } For 2010, BBVA has announced net profits of nearly EUR4.61bn, compared with EUR5.02bn the previous year, but an improvement in its cost/income ratio to 42.9%, from 44.6%, and an increase in its core capital ratio to 9.6%, from 6.2% one year previously.Profits for its wholesale banking and asset management unit increased 11.4% in 2010 to EUR950m.However, assets under management are down to EUR40.52bn, from EUR49.97bn. For investment funds, assets as of 31 December totalled EUR23.71bn, 7.3% less than at the end of September, compared with EUR32.8bn twelve months earlier (see Newsmanagers of 28 January 2010), which is due both to the arrival at maturity of several guaranteed products and a preference on the part of investors for savings accounts. In 2010, BBVA Asset Management also gave back its place as the largest fund manager in Spain to Santander AM.For pension funds, assets as of the end of December totalled EUR16.81bn, 1.2% less than at the end of September, compared with EUR17.17bn at the end of 2009, but in this area, BBVA retains its position as the top Spanish provider.
03/02/2011

Principal acquires Border AM

Principal Investment Management has announced its immediate parent company, Principal Holdings, has acquired Border Asset Management in a transaction which brings together two specialist discretionary investment management businesses.The combined business will manage circa GBP1.5 billion of assets. It will have 130 staff and will operate from Principal’s existing offices in London, Sevenoaks and Bath, and from Border’s existing offices in Kirkby Lonsdale and Harrogate.
03/02/2011

Asset management drives results at Nomura

p { margin-bottom: 0.08in; } The Japanese financial services group Nomura Holdings on 2 February announced a 31% increase in its net profits in the third quarter of its 2010/2011 fiscal year to JPY13.4bn (EUR122m), due to the good performance of its asset management activities.“Assets under management increased to JPY24.1trn, due to an increase in funds received at our investment management firms,” the group says in a statement.
03/02/2011

Swiss Life AM releases a solid income fund

On 2 February, Eric Bourguignon, deputy CEO of Swiss Life Asset Management (France), announced with Gilles Frisch, senior portfolio manager, that the firm is releasing the French-registered FCP fund SLF(F) Rendement, which was launched on 15 December 2010, and which had assets as of the end of January of EUR25.91m, from the private bank of the group and funds of funds, to institutional and retail investors.The concept for the new product is simple: due to the risks which are now weighing down government bonds, and concerns about the evolution of equities, although these appear to be attractively priced, Swiss Life AM has created a product which aims at annual returns 300 basis points higher than the Euribor 3-month capitalised for a period of 4 years, after the deduction of management fees.The fund, which will have 100 positions (currently 60), has three allocations: corporate bonds, with a maximum of 40% high yield, 10 to 15 points of which are for hybrid corporates (rated from A to BBB), up to 40% (currently 25%) for subordinated bank debt (tier 1 and tier 2), and at most 25% for equities in companies which pay high dividends, and or strategies related to equities (particularly volatility arbitrage).CharacteristicsName: Swiss Life Funds (F) RendementISIN codes:Retail:FR0010962910 P capitalisation sharesFR0010967539 P distribution sharesInstitutional:FR0010967794 I capitalisation sharesFR0010967802 I distribution sharesBenchmark index: Euribor 3 month + 3%Front-end fee: 1% maximumManagement fee: 0.6%Performance commission: 20% of performance exceeding the benchmarkMinimal initial subscription:EUR10,000 (P shares)EUR100,000 (I shares)
03/02/2011

Brandes launches an emerging markets equities fund

p { margin-bottom: 0.08in; } «Value» asset manager Brandes Investment Partners (USD47.8bn as of the end of 2010) on 1 February announced that it is launching a mutual fund, Emerging Markets Equity Fund, which will invest, as its name indicates, in emerging markets.The product, focused exclusively on valuations, is aimed at investors with a long-term horizon, with the objective of not overpaying for growth potential in emerging markets.In addition, the seven-member management team is authorised to overweight particularly promising countries or sectors, or to abstain from investing in countries or sectors which lack a convincing outlook.Management fees are 1.12% for I-class shares, and 1.37% for S class shares.
03/02/2011

Two lawsuits filed against BNY Mellon

p { margin-bottom: 0.08in; } BNY Mellon has been named in two different lawsuits, filed by South Carolina and Virginia, which accuse the bank of poor management of investment and false reporting, the Financial Times reports. The State of South Carolina is seeking about USD200m in damages and interest.
03/02/2011

Deka invests in Reutlingen

p { margin-bottom: 0.08in; } Deka Immobilien has acquired the office and retail complex RTW 1 / RTW 3, at the centre of Reutlingen, which has 3,000 square metres in area, completed in autumn 2010, from ZGV Grundstücks- und Verwaltungsgesellschaft mbH, for about EUR19m. The property will be added to the portfolio of an institutional real estate fund.
03/02/2011

Assets in Riester funds up by half in 2010

p { margin-bottom: 0.08in; } As of the end of December, assets invested in shares in investment funds from Riester subsidized retirement savings plans totalled EUR7.4bn, compared with EUR4.9bn one year previously.The number of policies has increased by only 0.2 million, to 2.8 million; the increase in assets observed by the German BVI association of asset management firms is largely due to the performance of equity markets.
03/02/2011

M&G releases European Inflation Linked Corporate Bond fund in Spain

p { margin-bottom: 0.08in; } The Spanish affiliate of the British management firm M&G Investments has announced the release in Spain of the European Inflation Linked Corporate Bond fund (GB00B3VQKJ6), which aims to outperform the European harmonised index of consumer prices (HICP).The product was released in the United Kingdom on 16 September (see Newsmanagers of 13 December).
03/02/2011

Team of Mizuho traders launches a hedge fund

Curtis Adams, the head of Mizuho’s London proprietary trading team, has left the bank with a team of traders to launch a hedge fund, Ovington Capital Management, according to the Financial Times. The start up began trading with circa USD55m under management, including a seed investment from a Luxembourg-based fund run by Sweden’s SEB bank.
03/02/2011

Henderson rationalises multi-manager range

p { margin-bottom: 0.08in; } On 2 February, Henderson Global Investors announced plans to merge five funds from its multi-manager range, pending approval from the FSA and shareholders. The announcement led to the departure of managers Mark Harris and Craig Heron, who joined Henderson with its acquisition of New Star in 2009. The mergers are slated to be completed by mid-May.The funds managed by the two outgoing managers (Henderson Multi-Manager Tactical and Balanced) have been taken over by Bill McQuaker, who becomes head of multi-manager, and remains deputy head of equities. The funds will become known as Henderson Multi-manager Active and Managed, respectively. In addition, McQuaker is taking over management of the Henderson Cautious Portfolio Unit Trust, which was previously managed by Heron. The fund will become known as Henderson Multi-Manager Income & Growth from 25 February.The three regional multi-manager funds (American, Asia and European Portfolios) will be absorbed into funds which are not multi-managed: Henderson North American Enhanced Equity (managed by Robert Villiers), Asia Pacific Capital Growth (Anderw Beal), and European Growth (Richard Pease).
03/02/2011

HSBC suspends activities of its MENA fund

p { margin-bottom: 0.08in; } In a notice to the Spanish CNMV dated 2 February, the Spanish branch of HSBC Global Asset Management (France) announced the suspension of calculation of net asset value, subscriptions and redemptions for the Middle East & North Africa (MENA) sub-fund of the HSBC Global Investment Funds, due to events in Egypt and the closure of the country’s main stock market.
03/02/2011

Deutsche Bank and Traxis launch a UCITS fund

Deutsche Bank and Traxis Partners have launched a UCITS compliant version of the Traxis Global Equity Macro fund. The UCITS fund, called DB Platinum Traxis Global Equity Macro, was launched on Deutsche Bank’s DB Platinum platform on 1 February 2011. The fund will be managed by Traxis in accordance with the strategy managed by Barton Biggs in a similar way to the Traxis Global Equity Macro fund, modified where needed to comply with UCITS regulations. The fund’s investment process is discretionary in nature and leverages the global insight and experience Barton Biggs has developed over 40 years of investment management. Traxis was formed in June 2003 by Barton Biggs, former chairman and chief investment officer of Morgan Stanley Investment Management, Madhav Dhar and Cyril Moullé-Berteaux. Traxis currently manages more than USD 1bn.
03/02/2011

Nouveau départ pour un ancien de Mizuho

Ovington Capital Management, le fonds alternatif mis en œuvre par Curtis Adams, ancien haut responsable au sein des équipes londoniennes de trading de Mizuho, a commencé à engager des transactions le 1er février. Le montant des actifs sous gestion du nouveau fonds se limiterait pour l’heure à 55 millions de dollars, selon le quotidien britannique.
03/02/2011

Le high yield démarre bien l’année

Les émetteurs notés dans la catégorie spéculative profitent de la fenêtre d’opportunité et de l’appétit de nombreux investisseurs compte tenu du contexte de taux bas. Signe de l’appétit pour ces titres : des LBO se sont récemment intégralement financés sur le marché.
03/02/2011

PAI boucle le financement de Hunkemöller

La dette de 178 millions d’euros finançant le rachat de la chaîne de lingerie néerlandaise sera constitué d’une tranche A à 6 ans de 57 millions (450 pb de marge), d’une tranche B à 7 ans de 57 millions (500 pb), d’une ligne revolving de 16,5 millions et d’une ligne d’investissement (capex) de 12,5 millions. ABN Amro, ING et Rabobank arrangeaient la dette senior. PAI Partners bénéficie aussi d’une mezzanine de 35 millions, apportée pour l’essentiel par Sankaty Advisors, filiale de Bain Capital.
03/02/2011

Nasdaq dépasse les attentes

Hors éléments exceptionnels, Nasdaq OMX Group a dégagé au quatrième trimestre un bénéfice net de 110 millions de dollars, contre 99 millions un an auparavant. Le chiffre d’affaires a progressé de 8% pour atteindre 400 millions de dollars. Pour 2011, l’opérateur boursier s’attend toutefois à ce que les dépenses d’exploitation soient supérieures de 5% à celles de 2010, au-delà des prévisions des analystes.
02/02/2011

La Banque d'Angleterre pourrait être contrainte de relever ses taux

Il se peut que la Banque d’Angleterre soit obligée de relever les taux d’intérêt si les prix des matières premières continuent d’augmenter et que l’inflation s’incruste, a déclaré son vice-gouverneur Charles Bean. Dans un entretien publié mercredi par le journal régional Western Mail, il souligne que la BoE pense toujours que l’inflation refluera vers son objectif de 2% pour autant qu’il n’y ait pas de nouveau choc sur les prix. Mais si les prix des matières premières restaient élevés à moyen terme, les autorités monétaires devraient agir. «Il se peut bien qu’il nous faille réagir en gardant basse l’inflation générée intérieurement», argue-t-il. «Que cela altère la confiance dépend des raisons pour que cela survienne: si nous relevons les taux parce que l'économie croît fortement et que la reprise est bien ancrée, alors c’est une bonne hausse des taux d’intérêt et le chômage baissera», explique Bean. Dans le même temps, le rigoriste Andrew Sentance préconise une fois de plus une hausse des taux, affirmant que la crédibilité de la BoE en matière de lutte contre l’inflation est en jeu. Pour Andrew Sentance, la banque centrale ne doit pas se laisser impressionner par le fait que le pays ait subi une contraction du PIB de 0,5% au quatrième trimestre 2010.
Photo: Bloomberg

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