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20/01/2011

BNY Mellon posts record assets at the end of December

p { margin-bottom: 0.08in; } For the year 2010, BNY Mellon has announced net profits of USD2.58bn, compared with losses of USD1.1bn in the previous year.As of the end of December, the group had record assets, both under custody and administration and under management. Assets under custody and administration totalled USD25trn, 25% higher than at the end of September and 12% higher than one year previously. Most of the increase in annual terms reflects the acquisition of Global Investment Servicing (GIS) on 1 July, and of BHF Asset Servicing on 2 August.Assets under management, excluding securities lending, as of the end of December totalled USD1.17trn, 3% higher than three months previously, and 5% higher than 31 December 2009.Accounts at BNY Mellon also show that revenues from asset and wealth management commissions totalled USD2.87bn in 2010, compared with USD2.68bn the previous year.
20/01/2011

LCF Rothschild “is doing reasonably well”

Michel Cicurel, chairman of the board at La Compagnie financière Edmond de Rothschild (LCF Rothschild) on 19 January announced that “the bank is doing well and has returned to its pre-crisis levels.” Total assets topped EUR100bn. Assets in Paris now total over EUR37.6bn as of the end of December, (“a little on the light side of” EUR40bn), compared with EUR33.7bn one year previously (see Newsmanagers of 15 January 2010).Profits for 2010, even with a highly prudent accounting approach, “will be higher than the EUR51m earned in 2008, but lower than the EUR105.3m earned in 2007.” In 2009, profits totalled “slightly under half” of the 2008 profits.Private banking activities posted a net inflow of EUR900m, and assets have increased 11%, to EUR12.6bn, largely due to deployment in the provinces.Asset management, which has gained a lot of momentum internationally, and which is planning to enter new international markets this year, has assets of EUR25bn, of which EUR14bn (+16%) are at Edmond de Rothschild Asset Management (EDRAM), with net subscriptions of EUR900m, while Edmond de Rothschild Investment Managers (EDRIM) has EUR9bn, with net inflows of EUR600m, excluding money markets.The private equity unit, with four dedicated affiliates, has assets of EUR1.9bn.
20/01/2011

Mobius considers a hedge fund

p { margin-bottom: 0.08in; } Agefi reports that Mark Mobius, the star emerging markets manager at Franklin Templeton, has told Reuters that he is considering launching a hedge fund at the traditional asset management firm.
20/01/2011

Wave of real estate funds in creation to take advantage of property sell-offs

p { margin-bottom: 0.08in; } In its bulletin for fourth quarter, the Spanish securities commission (CNMV) has announced that it is expecting several applications in the next few months for licenses to allow Spanish and foreign businesses to create collective real estate management firms, Cinco Días reports. The objective will be to create vehicles starting from zero, to take advantage of recent falls in real estate prices, and to score discounts from banks seeking to unload some of their ample stock of real estate properties.
20/01/2011

S&P warns United States

p { margin-bottom: 0.08in; } La Tribune reports that US government debt is becoming a subject of concern for ratings agencies. After Moody’s, Standard & Poor’s estimates that “in the absence of a credible plan, the AAA rating of the US federal government will be under pressure,” as the stable outlook for the rating supposes “that the government will soon unveil a credible plan to tighten its budgetary policy,” the newspaper reports.
20/01/2011

Hedge fund assets near all-time high

p { margin-bottom: 0.08in; } Agefi Switzerland reports that a report published on 19 January by Hedge Fund Research shows that the value of assets held by hedge funds rose unprecedentedly in fourth quarter 2010, to USD1.917trn, not far off its all-time record of USD1.93trn in second quarter 2008. 2010 ended with the highest quarterly increase ever observed for assets held by the hedge fund industry, at nearly USD149bn, according to figures from HFR. For the year as a whole, inflows of new capital to the hedge fund sector totalled USD55.5bn, the highest annual total since 2007, the firm says.
20/01/2011

RCM recruits an Asia specialist

p { margin-bottom: 0.08in; } RCM, an affiliate of Allianz Global Investors, has appointed Andres Allende as an Asia specialist in its global emerging markets team, Investment Week reports. Allende joins from RAB Capital, where he was in charge of global emerging markets long/short strategy.
20/01/2011

Franklin Templeton completes acquisition of Rensburg

Franklin Templeton Global Investors Limited (UK) has completed the acquisition of Rensburg Fund Management Limited, a subsidiary of Investec focused on UK equity. The purchase was closed in an all cash transaction for GBP 45 million (approximately USD 71 million) on 18th January 2011. Rensburg manages approximately GBP 935 million (approximately 1.5 billion USD as of 31 December 2010) in UK equities.
20/01/2011

Sherborne attacks acquisition of Thames River by F&C

p { margin-bottom: 0.08in; } The acquisition of Thames River and REIT by F&C may be prejudicial to shareholders, Sherborne Investors, the activist investor which bought a 17.5% stake in F&C and is seeking to unseat the chairman, Nick MacAndrew, claims. According to Investment Week, the investor had written to shareholders in F&C calling for a vote in favour of resolutions it has submitted for the general shareholders’ meeting on 3 February.
20/01/2011

Jupiter experienced net inflows of GBP2bn in 2010

p { margin-bottom: 0.08in; } Jupiter Fund Management has experienced net inflows of GBP772m in fourth quarter 2010. Including positive market effects of GBP1.13bn, this means that assets under management at the firm have increased by 9% to GBP24bn as of 31 December. For the year, the UK asset management firm shows net inflows of GBP2.32bn.
20/01/2011

Two former Deutsche Bank managers move to UBS London

p { margin-bottom: 0.08in; } Agefi Switzerland reports that the UBS group has recruited two former Deutsche Bank employees, Marcus Overhaus and Ricardo Honegger, for its equity business department, in the area of structured and synthetic products, in London, according to an internal UBS memo obtained by Bloomberg. They will both report to Yassine Bouhara and Francois Gouws, join global heads of equities, and Roberto Hoornweg, global head of securities distribution. Overhaus and Honegger become managing directors, and began in their new positions last week.
20/01/2011

Former Brevan Howard trader goes solo

p { margin-bottom: 0.08in; } According to reports in Financial News, Frederic Denjoy, a former trader at Brevan Howard Asset Management, has founded his own firm in London, Denjoy Capital Partners. The firm is planning to launch a long/short equities fund on 1 May.
20/01/2011

LCF Rothschild efface la crise

La Compagnie Financière Edmond de Rothschild a «retrouvé des taux de croissance d’avant-crise», selon Michel Cicurel, président du directoire. La société, dont les encours ont crû de 11% à 37,6 milliards d’euros en 2010, vise une collecte nette supérieure à 2,5 milliards en 2011.
20/01/2011

La Corée du Nord séduit la Chine

Les investissements chinois sont partout. Le quotidien américain évoque la signature d’une lettre d’intention de la part d’une société chinoise, Shangdi Guanqun Investment, qui serait disposée à investir deux milliards de dollars au sein d’une zone industrielle nord-coréenne. Il s’agirait de développer les infrastructures dans la zone économique spéciale de Rason, proche de la frontière russe.
20/01/2011

Un hedge fund pour Templeton

Mark Mobius, gérant vedette de Franklin Templeton sur les marchés émergents, a fait savoir à Reuters qu’il envisageait de lancer un fonds alternatif au sein du gestionnaire d’actifs traditionnel, sans donner davantage de détails sur son projet.
20/01/2011

Premier closing pour D&PV

Le fonds d’investissement D&P a réalisé le premier closing à près de 46 millions d’euros de son cinquième et nouveau véhicule, D&P V. Ce montant est conforme aux objectifs fixés par l’équipe de gestion au début de la levée de fonds qui devrait atteindre la somme de 150 millions d’euros d’ici fin 2012. Les tickets d’investissement seront compris entre 3 et 4,5 millions d’euros et devraient augmenter graduellement.
20/01/2011

Les actifs des hedge funds en forte croissance

Selon Hedge Fund Research, les actifs des fonds alternatifs ont progressé de 149 milliards de dollars au quatrième trimestre, à un niveau record de 1.917 milliards de dollars.
20/01/2011

Fitch confirme le triple A de la CDC

L’agence de notation a confirmé à «AAA» la note de défaut émetteur (Issuer Default Rating - IDR) à long terme de la Caisse des Dépôts et Consignations et sa note IDR à court terme à «F1+». La perspective de la note IDR à long terme est stable. Les notes sont fondées sur le bénéfice de la garantie implicite de l’Etat qui, selon Fitch, s’étend à l’ensemble des engagements financiers de la CDC.
20/01/2011

Paulson et Starwood enchérissent sur Taylor Morrisson

Selon Reuters, le constructeur immobilier britannique Taylor Wimpey a reçu au moins trois offres pour ses activités nord-américaines, pour un montant susceptible d’atteindre 950 millions de dollars. Le hedge fund Rain Tree Investment de John Paulson, Starwood Capital Group et un constructeur américain ont soumis des offres pour ces actifs connus sous le nom de Taylor Morrisson aux Etats-Unis.
20/01/2011

BNP Paribas REIM poursuit ses investissements

Le prestataire de services immobiliers a acquis pour environ 80 millions d’euros d’ensembles immobiliers de commerce au cours du quatrième trimestre pour le compte de Shopping Property Fund 1, la SPPICAV (Société à Prépondérance Immobilière à Capital Variable) dédiée au secteur du commerce. Après un an d’existence, le véhicule disposait en fin d’année de plus de 200 baux répartis sur une cinquantaine d’immeubles, pour une valorisation globale d’environ 220 millions d’euros.

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