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03/01/2011

Carlyle réduit son exposition dans China Pacific Insurance

L’Agefi rapporte que la société d’investissement américaine Carlyle s’est allégée dans China Pacific Insurance en vendant 215,8 millions d’actions au prix unitaire de 31,15 dollars de Hong Kong, selon un prospectus obtenu par Bloomberg (voir NewsManagers du 31 décembre). Au total, le montant de l’opération s'élève à 6,7 milliards de dollars (près de 650 millions d’euros).
03/01/2011

"Nous devrions nous adresser à des clientèles plus ciblées en 2011, notamment les investisseurs institutionnels"

Eric Helderlé détaille pour Newsmanagers l'actualité d'une société de gestion sous les feux de la rampe avec ses 50 milliards d'encours. Des récentes nominations à l'après-Edouard Carmignac - son fondateur - en passant par le succès du fonds Carmignac Patrimoine et les limites de cet engouement, le directeur général de la maison de la place Vendôme n'élude aucune question...
03/01/2011

Laffitte CM vise 250 millions d'euros d'encours en 2011

Aujourd’hui, Laffitte Capital Management (LCM) gère 85 millions d’euros répartis à parts égales entre institutionnels, particuliers et multigestion. Selon La Tribune, la société de gestion vise les 250 millions d’euros fin 2011. La société étudie aussi le développement de «managed accounts» (comptes gérés). L’arrivée d’un nouveau gérant est également prévu.
03/01/2011

amLeague dresse un premier bilan concernant l’activité de son championnat

La société amleague, qui produit des données de performances comparables sur des portefeuilles dont le cadre de gestion a été défini par 40 grands investisseurs membres du Club amLeague, vient de réaliser un premier bilan concernant l’activité de son championnat entre sociétés de gestion. En ayant récemment enregistré 17 nouveaux portefeuilles, dont 11 sur les deux catégories nouvellement ouvertes (Allocation d’Actifs long only et Europe Equity flexible) – lire Newsmanagers du 23/12/2010) - ce sont désormais 21 sociétés de gestion qui participent au programme amLeague, soit au total 44 portefeuilles. Ces données sont disponibles quotidiennement sur le site www.am-league.com.
03/01/2011
Fonds

Gemini IM travaille à de nouveaux fonds

Selon Money Marketing, Gemini Investment Management réfléchit à de nouveaux fonds qui pourraient être dédiés à l’Amérique du Sud et à l’Afrique. Gemini envisage également de lancer des véhicules alternatifs.Deux fonds pourraient d’ores et déjà être proposés dans le courant du premier trimestre, a indiqué le managing director de Gemini, Stuart Alexander. En novembre dernier, Gemini a lancé, en partenariat avec le courtier indien Motilal Oswal, le Gemini Most India fund.
Fonds
03/01/2011

Les associations caritatives favorables à une taxe sur les bonus outre-Manche

L’Agefi rapporte que les associations caritatives britanniques ont appelé samedi 1er janvier à une taxation des bonus bancaires. Une nouvelle taxe à titre exceptionnel rapporterait, selon elles, plus de trois milliards de livres de recettes qui, au final, pourraient compenser les réductions dont les associations caritatives vont faire l’expérience.
03/01/2011
Fonds

Hargreaves retire le SVM global opportunities de sa liste de fonds recommandés

Le britannique Hargreaves Lansdown a retiré le fonds SVM global opportunities de sa liste de 150 fonds recommandés, évoquant sa volatilité accrue depuis le début de la crise financière, rapporte Money Marketing.Le fonds a très significativement sous-performé son secteur de référence au cours des trois dernières années, puisqu’il affiche un recul de 24,6% à comparer à un gain de 8% pour le secteur Global Growth.
Fonds
03/01/2011
Fonds

Dynamic Funds aligne deux champions sur six fonds

Depuis 2009, Dynamic Funds (groupe Patrimoine Dundee ou DundeeWealth) commercialise six fonds aux Etats-Unis.Au 27 décembre, rapporte The Wall Street Journal, son US Growth Fund géré par Noah Blackstein a gagné 52 % sur un an et a enregistré 14 millions de dollars de souscriptions nettes au quatrième trimestre, ce qui lui a permis de doubler son encours. C’est le meilleur fonds diversifié d’actions américaines pour 2010, hors fonds utilisant l’effet de levier.Quant au Dynamic Gold & Precious Metals Fund, un fonds d’actions géré par Robert Cohen, il affiche la plus forte performance de tous les types de fonds pour 2010, avec 71 %.Il reste à savoir si Dynamic Funds, qui représente l’essentiel des 33,8 milliards de dollars canadiens d’encours de Patrimoine Dundee, réussira à fidéliser ses gérants stars, maintenant que Banque Scotia (Scotiabank) a annoncé son intention d’acquérir Patrimoine Dundee (lire notre article du 23 novembre 2010). Noah Blackstein a en tous cas annoncé qu’il compte rester en place.
Fonds
03/01/2011
Fonds

La moitié du fonds de BP suffirait aux indemnisations

Selon l’Agefi, Kenneth Feinberg, l’administrateur du fonds de 20 milliards de dollars abondé par BP pour répondre aux dégâts causés par la marée noire dans le Golfe du Mexique, estime que la moitié des sommes affectées pourrait suffire à indemniser les victimes. Jusqu'à présent, la Gulf Coast Claims Facility a versé quelque 2,7 milliards de dollars à plus de 170.000 demandeurs au cours des quatre derniers mois .
Fonds
03/01/2011

Raymond James rachète un courtier de Chicago

La société américaine de services financiers Raymond James Financial vient d’annoncer la conclusion d’un accord définitif pour l’acquisition de Howe Barnes Hoefer & Arnett, une firme de courtage basée à Chicago qui dispose également d’un pôle gestion de fortune à la tête de 1,9 milliard d’actifs sous gestion.
03/01/2011
Fonds

Fonds miroirs : leur performance dépend des stratégies répliquées

Si les fonds «miroirs» donnent accès à certains des plus grands gérants de hedge funds, la Tribune s’interroge si les performances sont les mêmes que celles des fonds offshore. HedgeFund Intelligence (HFI) a réalisé une étude auprès de 62 produits offshore et de leurs clones. Toutes stratégies confondues, l'écart de performance moyenne entre les deux types de fonds est de 3,38 %, selon le quotidien. HFI précisant qu’il y a quasiment autant de fonds Ucits qui sur ou sous-performent les offshore. «L'écart de tracking error (TE) dépend de la stratégie répliquée et du coût de structuration», explique Serge Darolles, responsable adjoint équipe R&D Lyxor, et auteur d’une étude sur le sujet.
Fonds
03/01/2011
Fonds

Francisco Partners rachète des activités de Technicolor

Technicolor a annoncé le 3 janvier la conclusion de la vente des activités Diffusion Professionnelle (Broadcast) Grass Valley au fonds de private equity Francisco Partners.Suite à cette cession, à celle de Screenvision US annoncée le 14 octobre 2010, ainsi qu'à l’offre ferme de Parter Capital Group pour les activités Transmission Grass Valley annoncée le 23 décembre 2010, la majeure partie du programme de cession d’actifs non stratégiques a été réalisée, souligne Technicolor dans un communiqué. Les activités cédées représentent plus des deux tiers du chiffre d’affaires total des activités faisant partie du périmètre à céder.
Fonds
03/01/2011
Fonds

Affaire Porsche : des hedge funds perdent une manche

Selon l’Agefi, Le juge de l’Etat de New York, Harold Baer, a rejeté jeudi dernier les plaintes déposées par des hedge funds concernant la communication financière de Porsche en 2008. De fait, le juge a renforcé les espoirs de voir l’opération de fusion entre Porsche et Volkswagen se nouer comme prévu fin 2011. La quarantaine de fonds alternatifs, réunis sous les bannières d’Elliott Associates et de Black Diamond qui se lamentent d’avoir perdu 2 milliards de dollars à l’occasion de la tentative avortée de prise de contrôle du principal constructeur automobile européen par son compatriote spécialiste des voitures de sport de luxe pourraient ne pas s’avouer vaincus, note cependant le quotidien. Porsche aurait trompé les fonds en position vendeuse sur ses intentions réelles, provoquant un redoutable «effet de rareté» («short squeeze») lorsque les fonds ont été contraints en catastrophe d’acheter des titres.
Fonds
03/01/2011

Pension fund sues Wells Fargo

p { margin-bottom: 0.08in; } The School Employees Retirement System of Ohio, a pension fund with USD9.7bn in assets, is seeking a total of Usd24m, which it lost on operations related to securities lending, from Wachovia, and therefore Wells Fargo, which acquired the firm, the Wall Street Journal reports. The pension fund says the bank reinvested the cash collateral in transactions which were not a part of the mandate it had been assigned, particularly with Sigma Finance, a structured investment vehicle.
03/01/2011

US economists create ethical code

p { margin-bottom: 0.08in; } Les Echos reports that US economists at the American Economic Association (AEA) would like to give some support to their credibility by setting up an “ethical code” to smooth relations between Wall Street and academic circles. At the annual conference, which will be held in Denver on 6 January, the executive committee of the largest global organisation of economists (17,000 professionals) will propose a new charter for its members which would require economists to make their consulting activities publicly known. The initiative comes a few months after the release of a documentary entitled “Inside Job” by Charles Ferguson, which revealed the sometimes incestuous relations between Wall Street and certain university professors.
03/01/2011

Receiver for Petters' business seeks USD300m from J.P. Morgan Chase

p { margin-bottom: 0.08in; } Douglas A. Kelley, the court-appointed receiver for the business of Tom Petters, has filed several lawsuits against J.P. Morgan Chase and its affiliate One Equity Partners, seeking USD300m on the basis that they knew, or should have known, that money seized from the accounts of the fraudster were the proceeds of fraud, the Wall Street Journal reports. The amount sought represents the millions of dollars in these accounts as well as commissions earned from the acquisition of shares in Polaroid in operations related to a Ponzi scheme.
03/01/2011

Gold gained nearly 30% in 2010

p { margin-bottom: 0.08in; } Gold gained nearly 30% in 2010, on the basis of its closing price on Friday, 31 December, after a fifth consecutive month of rising value in December. The metal has turned in its best annual performance since 2007, the news agency Reuters reports. The gold fixed spot price was USD1,410.25 per ounce on Friday morning, compared with USD1,405.50 at the previous fixing on Thursday afternoon. On the basis of these fixings, the price of the metal has risen 29.7% over the year, compared with gains of 28.7% on the free spot market.
03/01/2011

One out of four Italian managers outperforms benchmark

p { margin-bottom: 0.08in; } In 2010, only one quarter of Italian managers succeeded in outperforming their benchmarks, compared with 43% in 2009, Il Sole – 24 Ore reports. The two fund categories which suffered most were money markets and short-term bonds, with only 10.7% and 9.1% outperforming their benchmarks. Most funds analysed (60%) had returns 0% to 2% higher or lower than their benchmarks. Only 10% were more than 5% away from the index (13 in a positive and 34 in a negative direction).
03/01/2011

Euro has a one-in-five chance of surviving the next ten years

The euro has only a 20% chance of surviving in its current form for the next ten years, according to the British research institute CEBR (Centre for Economics and Business Research), which on 31 December published its ten major predictions for 2011.In its commentary on the euro, at the top of the list of predictions, the CEBR points out that Spain and Italy will need to refinance EUR400bn of their debt in spring, which could potentially create a new crisis in the euro zone. The euro may disintegrate at that time, even if European directors are capable of responding to such a crisis.“If the euro does not fall apart, 2011 could be the year when it weakens substantially, towards parity with the dollar,” says the CEO of the CEBR, Douglas McWilliams. “I think that the thing which will put an end to the euro will be the failure of most countries to adopt remedies that include the necessary constraints to make their economies competitive over the longer term,” the CEBR chief explains.The British think tank estimates that Germany will continue to play the role of a super-star in the Western world. It points out that the success of the German economy is partly due to the contribution of its immigrants, particularly from Turkey. However, Japan, whose debt now represents 200% of its GNP, may be facing a new financial crisis.The CEBR gives itself a positive verdict on its predictions for 2010, but admits that its sporting predictions were nearly all wrong. For 2011, the CEBR is nonetheless giving it another try. In football, it plucks for Manchester United for the British championship, and Real Madrid for the European title. New Zealand will beat Australia in the rugby world cup final, it says.
03/01/2011

Porsche: setback for hedge funds

p { margin-bottom: 0.08in; } Agefi reports that a New York state judge, Harold Baer, on Thursday rejected lawsuits filed by hedge funds related to the financial disclosures made by Porsche in 2008. The judge thus strengthened hopes that the merger of Porsche and Volkswagen would go ahead as planned in late 2011. The 40 hedge funds, led by Elliott Associates and Black Diamond, which lost USD2bn in the takeover bid by the largest European auto maker for its specialist compatriot, may now be defeated, the newspaper notes. Porsche did not disclose its real intentions to the hedge funds, which had short-sold shares, provoking a “short squeeze” effect when the funds were required to buy back the shares in catastrophic conditions.
03/01/2011

Islamic finance stagnating in Switzerland

p { margin-bottom: 0.08in; } Agefi Switzerland reports that the private banking sector in Switzerland is seeing limited demand for Sharia-compliant financial products. Pictet & Cie launched a thematic fund based on the methods of Islamic finance two years ago, and closed it last year. “There is an inexplicable scepticism on the part of Geneva private banks about giving a mandate to a consulting firm specialised in Sharia-compliant investment. As of now, no major institution of this type which is respected internationally is yet established in Switzerland, though they are in London and Luxembourg,” says John Sandwick, independent manager in Geneva, cited by the newspaper.
03/01/2011

Mirror funds: performance depends on the strategies replicated

p { margin-bottom: 0.08in; } Although “mirror funds” provide access to some of the largest hedge fund managers, La Tribune asks whether their returns are the same as those of the original offshore funds. HedgeFund Intelligence has undertaken a study of 62 offshore products and their clones. Across all strategies, the average difference in performance between the two types of fund is 3.38%, the newspaper reports. HFI states that there are nearly as many UCITS funds that ouperform as underperform the offshore products. “The difference in performance depends on the strategy replicated and on structuring costs,” explains Serge Darolles, deputy head of the Lyxor R&D team, and author of a study on the subject.
03/01/2011

Raymond James acquires a Chicago brokerage firm

p { margin-bottom: 0.08in; } The US financial services firm Raymond James Financial has announced that it has signed a definitive agreement to acquire Howe Barnes Hoefer & Arnett, a brokerage firm based in Chicago, which also has a wealth management unit with USD1.9bn in assets under management.
03/01/2011

Three shareholders in C-Quadrat sell shares

p { margin-bottom: 0.08in; } The German AmpegaGerling Asset Management (Talanx group) and the Austrian foundations San Gabriel and T.R. just before Christmas notified the German (BaFin) and Austrian (FMA) regulators that they have reduced their stakes in the Austro-German asset management firm C-Quadrat Investment (nearly EUR5bn in assets). AmpegaGerling AM, which is planning to retain 25.1% of capital, says it has reduced its stake to 29% from 32.59%, acquired from the receiver of AvW (see Newsmanagers of 14 October). San Gabriel and T.R., for their part, respectively controlled by Thomas Riess and Alexander Schütz, the two founders of C-Quadrat, have announced that as of 20 December they have sold a total stake of 3.51% in its capital. They now respectively control 21.95% and 21.359%. C-Quadrat Investment has informed the FMA in a market statement that it is planning to sell its 25.1% stake in the Austrian group Ariconsult Holding to other shareholders, who have first right on it, for a total of EUR0.5m. The offer is valid for two months.
03/01/2011

Bill Miller pumps for large caps

p { margin-bottom: 0.08in; } 2011 may be an excellent year for equities, many managers predict. The question, of course, is which ones. There is no agreement on this subject. Several major US managers are sticking by their picks, despite criticism from their peers, Bloomberg reports. The chairman and chief investment officer of Legg Mason, Bill Miller, estimates, that 2010 was the right time to buy large caps. He persists and claims that 2011 will be a year to bring that prediction to fruition, despite 2010 having given it the lie. His flagship fund, dedicated to large caps, the Legg Mason Capital Management Value Trust, with about USD4bn in assets, gained 6.6% in 2010, less than 98% of funds in the same category, according to Bloomberg statistics. However, Miller’s fund dedicated to midcaps (USD2bn), the Legg Mason Capital Management Opportunitey Trust, has gained 17%. Donald Yacktman, who in 2000 predicted that US equities would gain ground in the next ten years, is also backing large caps. His fund, the Yacktman Focused Fund (USD1.9bn), did less well than 75% of similar funds. “In 40 years, I have rarely seen a situation where so many large and profitable multinational companies were selling at such low prices,” Yacktman says.
03/01/2011

Laffitte Capital Management aims for EUR250m in assets in 2011

p { margin-bottom: 0.08in; } Laffitte Capital Management (LCM) now manages EUR85m, equally divided between institutional, retail and multi-management clients. According to La Tribune, the management firm is aiming for EUR250m by the end of 2011. The firm is also studying the possibility of developing managed accounts. The arrival of a new manager is also planned.
03/01/2011

Klaus Kaldemorgen: Fall of a DWS superstar

p { margin-bottom: 0.08in; } Professionals do not believe the official version of the story, according to which Klaus Kaldemorgen is voluntarily giving up his position as administrative head of DWS (EUR274bn in assets) in order to concentrate on management of equities funds, Handelsblatt reports (see Newsmanagers of 30 December 2010).Sources familiar with the matter say that the transfer or departure of Kaldemorgen and other senior officers from the management firm (Andreas Feiden, who is moving to Fidelity, Ingo Gefeke and Axel Schwarzer, who are leaving the group) is due to insufficient profits for the investment fund activitie and to the fact that the heads of Deutsche Bank, would haveve wished to see DWS develop more internationally. In addition, open-ended funds from DWS in 2010 saw net outflows of over EUR1.6bn.The new CEO is Wolfgang Matis, 54, who had been planning to retire. He was a colleague of Anshu Jain, the head of the investment banking division of Deutsche Bank. Jain is credited with the best chances of succeeding Josef Ackermann, chairman of the board.
03/01/2011

Norwegian government pension fund changes strategies

p { margin-bottom: 0.08in; } The Government Pension Fund – Global (GPFG), formerly known as the Petroleum Fund, has recently obtained permission to invest up to 5% of its assets (currently NOK3trn) in real estate, Handelsblatt reports. Previously, the fund was allowed to invest 60% of its assets in foreign equities and 40% in bonds, but the proportion in bonds has now been limited to 35%.The CEO of the GPFG, Yngve Slyngstad, soon afterwards announced the acqusition of a 25% stake in 113 properties in Regent Street in London from The Crown Estate, for NOK4.2bn (EUR513.8m). Further real estate acquisitions are planned in the United Kingdom, Germany and France, but no investments will take place in the United States before 2012.Slyngstad and Svein Gjedrem, governor of the Norwegian central bank, are currently in talks with the government to get an approval for the GPFG to invest in private equity.
03/01/2011

ESMA to stand up to national market authorities

p { margin-bottom: 0.08in; } ESMA, the new European market authority, will be created on 3 January in Paris, with the aim of harmonizing national regulatory frameworks, Les Echos reports. It will become a force to contend with for national market regulators, including the British FSA. To this end, it has new competences beyond those of its predecessor, the European Committee of Securities Regulators (CESR). The most important of these is the ability to declare technical standards applicable to all markets in Europe.

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