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03/01/2011

hausInvest fund falls below EUR10bn

p { margin-bottom: 0.08in; } As of 22 December, assets in the hausInvest fund, managed by Commerz Real, represented less than EUR9.98bn, compared with more than EUR10.81bn as of 1 October, Das Investment reports.This decline of nearly EUR1bn is due to rising equities and uncertainties related to the future of open-ended real estate funds. Despite the redemptions, Commerzbank is not planning a sales drive, says Markus Esser, spokesman for Commerz Real.HausInvest is the product born of the merger of the hausInvest europa and hausInvest global funds (see Newsmanagers of 25 March 2010).
03/01/2011

Union Investment sells a property in Hamburg

p { margin-bottom: 0.08in; } One week after selling two properties in Saint-Denis for EUR120m (see Newsmanagers of 24 December), Union Investment Real Estate (UIRE) has announced the sale of an office/commercial property in Hamburg for EUR44.6m to Aachener Grundvermögen Kapitalanlagegesellschaft mbH. The sale, like those of the two French properties, took place at a price higher than the most recent expert valuation.
03/01/2011

CS Euroreal fund sells two properties in Paris

p { margin-bottom: 0.08in; } The open-ended real estate fund CS Euroreal from Credit Suisse Germany, which has been closed to redemptions for several months (see Newsmanagers of 21 May 2010), on 17 December announced the sale for EUR184m of two properties in Paris: an office building located at 31 avenue Pierre I de Serbie, and a commercial property at 88 rue de Rivoli. The total sale price is higher than the most recent expert valuation.Credit Suisse also states that the fund on 14 December distributed EUR199.1m in dividends for the period to 30 September 2010, of which more than one quarter, EUR52.4m, were reinvested in the fund in the next three days.
03/01/2011

Good outlooks for private equity in Germany

p { margin-bottom: 0.08in; } The sun is rising over the Rhine. Major transactions are still expected in the German private equity industry, despite its collapse in 2009, and the fact that the recovery of private equity funds has been slower than expected, the Financial Times Deutschland reports. But investors estimate that the time is not right, and nothing is changing in terms of fundamental trends. Germany is nonetheless a privileged hunting-ground for large funds, due to the excellent financial health of many businesses which may represent potential targets. In this environment, major market actors have all built up funds with very good volumes of spending money, with more than EUR11bn at Apax, more than EUR6bnat BC Partners and about EUR10bn at Blackstone.
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

Assets in funds down by more than 15% in 2010

p { margin-bottom: 0.08in; } According to statistics from VDOS Stochastics, Spanish funds as of 24 December had assets of EUR144.54bn, 15.35% less than at the end of 2009. In December, assets under management were down by EUR324m, due to the fact that gains of over EUR1.59bn were not enough to offset net redemptions of nearly EUR1.92bn.
03/01/2011

Luis Hernández to lead BNP Paribas Wealth Management in Spain

p { margin-bottom: 0.08in; } Luis Hernández, formerly of Cetelem as well as BNP Banque Privée, has been appointed CEO of BNP Paribas Wealth Management in Spain, following the merger with Fortis, Expansión reports, relayed by Funds People. He will be assisted by Jaime Hap, former CEO of Fortis Banca Privada, Alfonso Martínez Parras, head of sales, and Bertrand Léger, administrative director. BNP Paribas Wealth Management (200 employees, two thirds of whom come from BNP Paribas and the rest from Fortis) manages about EUR5.5bn. It has 4,500 individuals or families as clients, and has reduced its personnel by 65 as part of the merger. Hernández says that net inflows in 2010 totalled about EUR200m, which were offset by market effects, meaning that asset volumes remained stable.
03/01/2011

Threadneedle recruits a manager from Ahorro Corporación

p { margin-bottom: 0.08in; } Juan Carlos Acitores, European equities fund manager at Ahorro Corporación, has been recruited as head of sales at Threadneedle for the Iberian peninsula and Latin America.He joins the Madrid office of the British asset management firm, where he will work with Leonardo López, head of sales for Spain. He will report to Rubén García, head of distribution for the Iberian peninsula and Latin America.
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

DWS sur la piste de la gestion alternative

La filiale de fonds ouverts de Deutsche Bank, DWS Investment, va lancer au cours du trimestre en cours un fonds alternatif pour les investisseurs particuliers. C’est ce qu’a confié à l’édition dominicale du Frankfurter Allgemeine Zeitung à l’occasion d’un entretien le membre du conseil de direction du gestionnaire d’actifs Klaus Kaldemorgen.
03/01/2011

Le « Panel Allocation » se renforce en actions

Les gestions du Panel Allocation de L’Agefi consacrent désormais la moitié de leur portefeuille aux actions, au plus haut niveau depuis fin 2009. Ce mouvement s’est réalisé au détriment de l’obligataire, ainsi que du cash qui constitue plus que jamais une classe d’actifs de transition.
03/01/2011

Carlyle s’allège dans China Pacific Insurance

La société d’investissement américaine a vendu 215,8 millions d’actions au prix unitaire de 31,15 dollars de Hong Kong, selon un prospectus obtenu par Bloomberg. Au total, le montant de l’opération s’élève à 6,7 milliards de dollars (près de 650 millions d’euros). La banque suisse UBS a tenu le livre d’ordres.
31/12/2010

Steven Rattner buries the hatchet with State of New York

p { margin-bottom: 0.08in; } The Financial Times reports that Steven Rattner, former automotive industry advisor to Barack Obama. Has agreed to pay USD10m to settle a dispute with the State of New York over a corruption scandal. Rattner was accused of paying bribes in 2007 to obtain a USD150m by the state’s pension fund in the Quadrangle fund, which he co-founded and directed. The New York authorities were seeking at least USD26m and a permanent ban of Rattner from the state’s financial activities. They ultimately got USD10m and a five-year ban on any contact with the New York pension fund. The payment comes in addition to the USD6.2m which the former advisor to Obama had already agreed to pay the previous month in order to settle SEC lawsuits.
31/12/2010

Axa poursuit son développement à l'Est

Le groupe Axa a annoncé le 30 décembre l’acquisition de 80% du capital du biélorusse B&B Insurance dans le cadre de la poursuite de son développement en Europe centrale et de l’Est. Le montant de la transaction n’a pas été rendu public.« L’acquisition de B&B est une excellente opportunité pour AXA d’entrer sur le marché biélorusse, qui se développe rapidement. Nous souhaitons réitérer ici le succès d’AXA en Ukraine où nous sommes devenus le premier assureur en trois ans, en nous appuyant sur les liens géographiques et culturels entre les deux pays », explique Cyrille de Montgolfier, directeur général d’AXA Europe centrale et de l’Est, cité dans un communiqué. Le marché biélorusse offre à l’assureur français un important potentiel de croissance puisque moins de 15% de foyers notamment disposent d’une assurance habitation. Deuxième assureur biélorusse par sa taille et premier assureur privé en Biélorussie avec une part de marché globale de 10%, B&B Insurance vend exclusivement des produits d’assurance dommages. Le montant des primes émises s’est élevé en 2009 à 29 millions d’euros.La finalisation de l’opération devrait intervenir dans le courant du premier trimestre 2011.
31/12/2010
Fonds

Astorg et Axa Private Equity, parmi les fonds plus performants du monde

Selon le Top 10 mondial des acteurs du private equity les plus performants, établi par HEC Paris et l’agence Dow Jones. Astorg Partners pointe à la deuxième place, gagnant un cran par rapport à l’année dernière, et AXA Private Equity arrive en dixième position, indique La Tribune. On retrouve trois acteurs américains (Leonard Green & Partners, Hellman & Friedman et Lincolnshire), trois britanniques (BC Partners, Permira et TowerBrook Capital), un allemand (Waterland) et un suédois (Nordic Capital).
Fonds
31/12/2010

Chinese insurers may develop in asset management

p { margin-bottom: 0.08in; } In the wake of approval from the Chinese authorities for the insurance firm Sino-Life to create an asset management affiliate, the consulting firm Z-Ben Advisors estimates that the way has now been cleared for new initiatives in the insurance sector, Asian Investor reports. The insurance supervisory authority, the China Insurance Regulatory Commission, has granted permission for Sino-Life, which is the eighth-largest insurer in China, to make preparations for the creation of an asset management affiliate.

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