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02/02/2011

Family office to launch a vintage car fund

p { margin-bottom: 0.08in; } The Count of Custoza Family Office is holding a press conference in Paris on Friday to announce its Classic Car Fund, a Liechtenstein-registered fund which will invest in vintage cars, Fondsprofessionell reports. The product, managed by Filippo Pignatti, will soon be offered for trading in Germany. The investment team will include experts from Sotheby’s and Christie’s as well as collectors who have themselves worked in finance.
02/02/2011

Brother of Galleon founder suspected of co-conspiration

US prosecutors have alleged that a brother of Galleon Group founder Raj Rajaratnam was a co-conspirator in a criminal insider-trading investigation, according to people familiar with the matter cited by The Wall Street Journal. Pressure builds on Raj Rajaratnam to plead guilty.
02/02/2011

DWS launches an emerging markets fund to mature in 2015

p { margin-bottom: 0.08in; } On 1 February, DWS Investments announced the launch of a fund of high dividend equities in companies from emerging markets, managed by Jens Labusch, entitled DWS Dividende Emerging Markets Direkt 2015. In order to improve performance, the manager may sell options. The Luxembourg product, for which an annual distribution of EUR7 per share is guaranteed, will mature on 31 July 2015.It is the third fund in the Aktien-Direkt series. The first, DWS Dividende Direkt 2014, has EUR414m in assets under management, while the second, DWS Dividende Deutschland Direkt 2014, has assets of EUR275m.CharacteristicsName: DWS Dividende Emerging Markets Direkt 2015ISIN code: LU0418623780Front-end fee: 4%Management commission: 1.5%
02/02/2011

OFI AM launches a Latin America fund of hedge funds

p { margin-bottom: 0.08in; } OFI AM announced on Tuesday, 1 February that it has launched the OFI MGA Latin America, a multi-strategy fund of hedge funds which invests in long/short equities funds, multi-strategy funds and in global macro funds managed by asset management firms specialised in Latin America. The fund, which is aimed at institutional and qualified private clients, and which was announced by Newsmanagers on 15 June 2010, will aim to participate in growth and in opportunities that present themselves in the Latin American region. The management of the fund will be undertaken by a multicultural team which will select managers with a bottom-up approach based on qualitative evaluation of the potential of a manager, a statement says. The fund will allow investors to be invested either in shares in US dollars, or in shares in euros hedge for currency risks. It aims for absolute returns of over 10%, with volatility of less than 10% on an investment horizon of 3 to 5 years. As of 31 December 2010, assets in the fund totalled EUR34m invested in 19 underlying funds. Characteristics ISIN codes: EUR shares: FR0010912584 / USD shares: FR0010915231Maximum front-end fee: 1 % Maximum management commission: 1.25%Performance commission: 15% on perfofmance exceeding 5% Valuation: Monthly, on the last day of each month Subscription: monthly, with advance notice of three working days Redemption: Monthly, with notice of 35 calendar days Currencies: euro and dollar
02/02/2011

Van Eck suspends suscriptions to its Egypt ETF

p { margin-bottom: 0.08in; } In light of events in Egypt, which have provoked the closure of the Cairo stock exchange until further notice, the US firm Van Eck Global on 31 January decided to exercise its right to suspend issue of new shares in the Market Vectors Egypt ETF (acronym: EGPT).However, redemption orders will continue to be honoured, as stated in the prospectus.The fund will recommence its normal activities once the Egyptian stock exchange reopens.
02/02/2011

Net redemptions continue

p { margin-bottom: 0.08in; } The Spanish association of asset management firms, Inverco, reports that securities funds saw gross subscriptions of nearly EUR4.19bn in January 2011, but net redemptions of EUR675m, while according to statistics by Ahorro Corporación, net outflows totalled EUR1.3bn.As to assets, Inverco estimates that they increased by EUR448m, or 0.3%, compared with the end of December, to nearly EUR138.45bn, while Ahorro Corporación estimates that they have fallen EUR400m (0.3%) to EUR144.7bn.Inverco welcomes news that the number of subscribers has increased by 42,323 to a total of 5,360,525, which represents an increase of 0.8% in one month.
02/02/2011

Bankinter and Unicaja launch guaranteed bond funds

p { margin-bottom: 0.08in; } With at least EUR600, until 15 February, Spanish investors may subscribe to the new bond product Bankinter Renta Fija 2013 Garantizado, which guarantees them 8.8% returns over two years and six months, a rate of 3.238% per year, Expansión reports.Unicaja is launching the bond product Unifond 2013-IX, which guarantees 6.42% after two years and seven months, an annual rate of 2.45%. Minimal subscription is set at EUR300, and the deadline is 21 February.
02/02/2011

France, Italy, Germany: good showing for Carmignac in Feri rankings

p { margin-bottom: 0.08in; } 15 out of 71 in Germany, 13 out of 50 in France, 10 out of 58 in Italy: these are the number of competitors in the Feri rankings for these markets who finished with less than 50% of their funds ranked A or B in the category of management firms with less than 24 funds ranked.There is a common element in all of these markets: Carmignac Gestion, which finished first in France, with 80% in a tie with Lazard AM), and in Italy (with 77.78%), does well. In Germany, the French asset management firm is in second place, tied with JP Hambro IM, with 75%, after DJE (78.57%).
02/02/2011

Feri rankings: Schroders and Threadneedle rank well in several countries

p { margin-bottom: 0.08in; } The rankings as of 31 December 2010 published by Feri EuroRating on 1 February make it mathematically clear that only nine asset management firms out of those with at least 25 funds rated in Germany, France, Italy and the United Kingdom got 50% or more of their funds into the top two categories, A or B.In fact, in these four markets there are only 12 management firms with a rate of 50% or more funds rated A or B, but Threadneedle is mentioned twice (in first place for the UK and for Italy), while Schroders is cited three times, (second in France and Italy, and third in the UK).In France, the top three are Rothschild & Cie Gestion (59.46% with 22 funds out of 37), followed by Schroder and State Street, neck and neck at 50% with 18 A or B-rated funds out of 36, and 16 out of 32.In Germany, the leader remains Union Investment, with 59.04% (49 funds out of 83), followed by LBB-Invest (52%). In the UK, M&G Investment takes second place with 55.17%, behind Threadneedle (66.67%), and ahead of Schroder (53.42%) and BNY Mellon AM (51.61%).The top spot in Italy goes to Threadneedle (56.10%), followed by Schroder (52.94%) and BlackRock (51.02%).French asset management firms get widely varying rankings outside France. Axa IM places 12th out of 17 in Italy (23.81%), 18th out of 34 in the United Kingdom (30.77%), and 32nd out of 36 in Germany (17.65%).BNP Paribas IP is 8th in Italy (31.03%), 25th in the UK (24.59%), and 30th in Germany (20.91%).Lastly, Amundi ranks 15th in Italy (12.82%), 33rd in the UK (13.33%), and 31st in Germany (20%).
02/02/2011

BNY Mellon AM launches its first fund managed by Insight

BNY Mellon Asset Management has announced the launch of the BNY Mellon Absolute Return Equity Fund, the first fund in its range to be managed by Insight Investment Management, an asset manager it acquired in 2009. The fund will be a sub-fund of the Dublin-domiciled, UCITS III authorised, BNY Mellon Global Funds, plc range.Launching on Monday 31 January 2011, the Fund will be managed by Insight Investment’s specialist equity team, who have established a five year track record of generating positive returns in the Absolute Insight UK Equity Market Neutral strategy.The new fund will aim to deliver positive absolute returns in all market conditions, over a 12 month period, investing in both long and short positions in the pan-European market by employing a paired trade approach.
02/02/2011

Olivier Lecler becomes CEO of SG Private Banking in Monaco

p { margin-bottom: 0.08in; } Société Générale Private Banking has appointed Olivier Lecler as CEO of Société Générale Private Banking (Monaco), from 1 February 2010. He succeeds Christian Zerry, who is retiring. Lecler was previously chief operational officer at Société Générale Global Investment Management & Services (GIMS), where he oversaw the creation and organisation of Amundi. He joined the SGAM group, where he held a series of positions, in 2006. In his new role, Lecler will continue the development of private banking in Monaco.
02/02/2011

L’Europe peaufine son harmonisation

La France et l’Allemagne seraient proches d’un accord concernant le dossier du «pacte de compétitivité», cher au président français Nicolas Sarkozy, indique le journal qui cite des sources de haut rang proches de la chancelière allemande Angela Merkel. Néanmoins, plusieurs semaines seraient encore nécessaires pour obtenir l’accord des autres membres de l’Union européenne. Visant à améliorer la coordination des politiques économiques entre les 17 membres de la zone, l’accord, pour obtenir l’adhésion allemande, comprendrait des clauses visant à favoriser la croissance et la compétitivité dans la zone, mais également des engagements de rigueur budgétaire.
02/02/2011

Envolée technique pour l'Eonia

Flirtant avec les 0,40 % fin décembre, le taux monétaire a touché les 1,31 % cette semaine dans un contexte de maintenance des réserves des banques européennes.
02/02/2011

La BCE s’interroge sur la définition de la stabilité des prix

Le vice-gouverneur de la banque centrale Tchèque, Mojmir Hampl, exprime dans un entretien accordé au quotidien les difficultés des banquiers centraux à définir la stabilité des prix, et la pertinence des indices retenus. «Nous n’avons toujours pas de définition précise de ce qu’est la stabilité financière» indique-t-il ainsi. Il précise néanmoins que l’intégration du crédit et du prix des actifs dans le pilotage monétaire fait son chemin chez les banquiers centraux.
02/02/2011

Blackstone poursuit ses investissements hôteliers

La société d’investissement serait proche d’un accord avec les propriétaires de l’Hôtel Del Coronado près de San Diego (Strategic Hotels & Resorts, KKR et KSL Resorts) afin de restructurer les 630 millions de dollars dette de l’établissement et ainsi en devenir le principal propriétaire indique le journal qui cite des sources proches du dossier. Blackstone apporterait 100 millions de nouveaux capitaux et la dette serait ramenée à 425 millions.
02/02/2011

Bras de fer sur la dette de Kerzner

Une partie d’échecs s’engage entre les créanciers et les propriétaires du groupe de loisirs Kerzner International Resorts au sujet du refinancement d’une dette de 3 milliards de dollars. Le groupe, repris en 2006 par un consortium composé notamment de Colony Capital et Whitehall (Goldman Sachs), aurait mandaté à ce sujet des conseillers du cabinet KIrkland é Ellis, de Goldman Sachs et de Blackstone.
02/02/2011

Apax finance l’achat de Takko

Le fonds Apax a fixé les termes de 850 millions d’euros de prêts destinés à financer le rachat à Advent de la chaîne allemande d’habillement Takko. Le financement est constitué de deux tranches A et B à 6 et 7 ans d’un montant de 175 et 425 millions d’euros, payant 450 et 500 points de base de marge. S’y ajoutent une lettre de crédit de 200 millions (300 pb) et une ligne revolving de 50 millions (450 pb), toutes deux à 6 ans. BNP Paribas, Deutsche Bank, Nomura et UniCredit syndiquaient la transaction.
02/02/2011

Les Bourses russes fusionnent

Les deux principales Bourses russes, le Micex et le RTS, ont signé un accord de fusion mardi après des mois de négociations qui verra les actionnaires du premier, dont la banque centrale de Russie, prendre une part majoritaire dans le second. La transaction valorise le Micex à 3,45 milliards de dollars et le RTS à 1,15 milliard.
02/02/2011

Les fonds de pension se détournent de l’obligataire

Selon la cinquième édition du «Pension Fund & Insurance Asset Allocation Survey» publiée par bfinance, les fonds de pension internationaux sont devenus négatifs sur l’obligataire entre juin et décembre 2010. A court et moyen terme, ils privilégient l’immobilier, les infrastructures et le capital investissement. Une tendance similaire à ce qui avait été observé en juin 2010 lors de la précédente édition de l’enquête.
02/02/2011

Feu vert à la chambre de compensation de NYSE et DTCC

New York Portfolio Clearing, une chambre de compensation codétenue par NYSE Euronext et Depository Trust and Clearing Corp (DTCC), a obtenu le feu vert réglementaire de la Commodity Futures Trading Commission en vue de traiter les dérivés. La structure sera en compétition avec le géant CME Group.
02/02/2011

Freescale choisit les banques pour son IPO

Des sources concordantes rapportent que Freescale Semiconductor a mandaté Deutsche Bank et Citigroup pour organiser son introduction en Bourse, attendue au semestre en cours. Le groupe américain, scindé de Motorola en 2004, a été repris en 2006 dans le cadre d’un LBO de 17,6 milliards de dollars incluant mené par Blackstone.
02/02/2011

Rome va présenter un projet de Bourse européenne du pétrole

L’Italie a rédigé un projet de Bourse européenne du pétrole visant à réduire la spéculation et l’instabilité des cours et le présentera vendredi au Conseil européen de l'énergie, a déclaré mardi le ministère italien de l’Industrie. Le projet prévoit la création d’un marché régulé couvrant l’Union européenne et portant sur les contrats standard à long et très long termes, avec livraison physique en Europe, a ajouté le ministère dans un communiqué.
01/02/2011

La Cades émet une obligation indexée sur l'inflation

La Caisse d’amortissement de la dette sociale a lancé lundi la syndication d’une obligation à 10 ans indexée sur l’inflation française hors tabac. La Cades devrait émettre au moins 500 millions d’euros de titres à un spread de 29 points de base au-dessus des OAT 10 ans. Natixis et SG CIB dirigent le placement.
01/02/2011

Standard & Poor's abaisse à son tour la note de l’Egypte

Standard & Poor’s a annoncé mardi avoir abaissé de BB+ à BB sa note sur la dette à long terme de l’Egypte au vu de l’ampleur qu’a pris le mouvement populaire réclamant le départ du président Hosni Moubarak. L’agence de notation, qui imite ainsi sa concurrente Moody’s, a précisé que cette note était sous surveillance négative, ajoutant qu’elle pouvait encore être abaissée de plus d’un cran d’ici les trois prochains mois si l’instabilité politique persistait.

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