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23/11/2010

Banque Scotia va prendre le contrôle de Patrimoine Dundee

La Banque Scotia (Scotiabank) a annoncé le 22 novembre être parvenue à un accord avec Dundee Corporation et Patrimoine Dundee (DundeWealth) visant l’acquisition des 48 % de Dundee Corporation dans la société de gestion dont elle détient déjà 18 % sur la base de 21 dollars canadiens par action ordinaire.La transaction va porter sur 2,3 milliards de dollars canadiens. Lorsqu’elle aura été bouclée, la Banque Scotia prévoit procéder également à l’acquisition du reste des actions ordinaires de Patrimoine Dundee.
23/11/2010
Fonds

Lyxor fait enregistrer sa gamme de newcits en Espagne

Récemment, indique Funds People, Lyxor Asset Management (Société Générale) a fait enregistrer par la CNMV neuf hedge funds aux normes OPCVM III de sa gamme dimension, qui viennent rejoindre les Lyxor Hedge Fund Index et Lyxor Active Edge bénéficiant déjà d’un agrément depuis quelques mois.Parmi les fonds nouvellement enregistrés figurent sept fonds de stratégies (Lyxor Special Situations, Lyxor Merger Arbitrage, Lyxor L/S Equity Long Bias, Lyxor L/S Equity Variable Bias, Lyxor L/S Equity Statistical Arbitrage, Lyxor Convertible Bonds and Volatilitily Aarbitraje et Lyxor CTA long term) et deux fonds thématiques (Lyxor Top 10 et Lyxor Credit Strategies).
Fonds
23/11/2010
Fonds

Brandes fait enregistrer trois fonds en Espagne

Brandes Investment Funds (47 milliards de dollars) a fait enregistrer le 19 novembre, les fonds coordonnés Brandes European Equities Fund, Brandes Global Equities Fund et Brandes Equities Fund par la CNMV. La distribution en Espagne sera assurée par Allfunds Bank. Il s’agit de produits actions «value».
Fonds
23/11/2010

RBS aurait vendu sa participation dans Magnum Capital Industrial Partners

Selon les proches du dossier, le britannique royal Bank of Scotland (RBS) aurait revendu "à un investisseur international» sa participation dans le capital-risqueur espagnol Magnum Capital Industrial Partners dirigé par Ángel Corcóstegui (ancien vice-président du Santander, et Enrique de Leyva, rapporte Cotizalia.Cette cession s’inscrit dans le cadre d’un programme de ventes d’actifs pour rembourser les 20 milliards de livres qui lui ont été fourni par l’Etat britannique à l’automne 2008.La prochaine opération en Espagne pourrait être la vente d’un portefeuille d’immobilier commercial estimé à au moins 300 millions d’euros.
23/11/2010

Le réseau UNPRI recrute

Alors que le nombre de signataires des Principes pour l’investissement responsable des Nations Unies (UNPRI) approche la barre des 250, le réseau international vient de lancer une campagne de recrutement pour quatre nouveaux postes, dont un responsable des initiatives stratégiques («Director of Strategic Initiatives») qui aura notamment en charge le recrutement de nouveaux signataires.Le réseau recrute également deux «assessment Officers» et un «Implementation Support Officer», ce qui va porter le nombre de permanents de l’organisation à plus de trente.
23/11/2010

Brevan Howard va doubler son effectif

Brevan Howard, l’un des plus importants gérants de fonds alternatifs britanniques installés en Suisse, va renforcer sa présence à Genève. Il va porter d’ici à mi-2011 son effectif de 30 à 65 personnes, selon l’agence Bloomberg (citée dans Le Temps), qui se base sur une personne proche de la société.
23/11/2010

SG Private Banking se renforce à Genève

Selon L’Agefi suisse, Société Générale Private Banking renforce à Genève son offre pour répondre aux exigences des très grandes fortunes et confirme ainsi sa stratégie de développement de la banque privée en Suisse. Nicolas de Ziegler a été nommé directeur du département UHNWI (Ultra High Net Worth Individuals). Il sera secondé par Gustav Koskull et Caroline Gérin Castagné.
23/11/2010

Assets in the Italian asset management industry total over EUR1trn

p { margin-bottom: 0.08in; } Assets in the Italian asset management industry totalled EUR1.01trn as of the end of September 2010, according to the most recent statistics from Assogestioni, the Italian association of management professionals. Since the beginning of the year, the sector has taken on EUR27bn. In third quarter, inflows were boosted by collective management, which took on EUR1.5trn and as of the end of September, represented nearly EUR500bn.
23/11/2010

SWIP recruits a big name from BlackRock

p { margin-bottom: 0.08in; } Daniel McKernan, director of fixed income and senior credit portfolio manager at BlackRock, will join Scottish Widows Investment Partnership (SWIP) on 1 February 2011, as head of European and UK credit in a bond team which manages GBP68bn. He will be in charge of investment grade credit research teams and institutional management.
23/11/2010

Brevan Howard to double staff

p { margin-bottom: 0.08in; } Brevan Howard, one of the largest British hedge fund managers based in Switzerland, will be scaling up its presence in Geneva, from 30 to 65 people by the middle of 2011, according to the news agency Bloomberg (relayed in Le Temps), citing a source close to the firm.
23/11/2010

Brevan Howard va doubler son effectif

Brevan Howard, l’un des plus importants gérants de fonds alternatifs britanniques installés en Suisse, va renforcer sa présence à Genève. Il va porter d’ici à mi-2011 son effectif de 30 à 65 personnes, selon l’agence Bloomberg (citée dans Le Temps), qui se base sur une personne proche de la société.
23/11/2010

Multi-boutique model wins imitators

p { margin-bottom: 0.08in; } In the European post-crisis environment, the model of the multi-boutique is beginning to establish itself as the dominant model. About 30% of asset management firms in Europe have adopted the multi-boutique model at their companies, and the trend is set to continue to accelerate in the near future, the consulting and research firm Celent reports in a study on structural changes in the asset management sector (“Structural Changes in the Asset Management Industry: The Rise of the Multiboutique Model.”) Assets under management at European multi-boutiques average EUR150m, while the amounts under management by integrated producers or asset managers average EUR300m, and independent boutiques have an average of EUR60m under management. According to Celent, assets under management at multi-boutiques in the next few years may be expected to increase more rapidly than other models, for a total of EUR300m by 2014. Celent also observes that the outsourcing of peripheral activities is gaining popularity. Unlike the first wave of outsourcing in 2000-2002, which was more specifically about cost reduction, efforts are now focused on operational excellence (technology, compliance, distribution).
23/11/2010

Heavy outflows from ETFs

p { margin-bottom: 0.08in; } Deutsche Bank reports that ETFs in Europe saw net redemptions of EUR327m in the second week of November, compared with net inflows of EUR858m the previous week, the Frankfurter Allgemeine Zeitung reports. The setback is particularly related to concerns over the credit rating of Ireland, which provoked significant outflows from ETFs specialised in government bonds and money markets.
23/11/2010

Jennifer B. McHugh assumes interim direction of investment management division of SEC

p { margin-bottom: 0.08in; } Following the departure of Andrew J. “Buddy” Donohue on Friday, Mary L. Shaprio, chairman of the SEC, has appointed Jennifer B. McHugh to act as interim director of the investment management division. She was previously senior advisor in the chairman’s office for questions related to mutual funds and investment advising.McHugh will hold the responsibilities until a new director is appointed. At that time, she will return to the chairman’s office. The investment management division is responsible for protecting investors and overseeing the asset management sector.
23/11/2010

FBI raids three hedge funds

The FBI on Monday raided the offices of three hedge funds, according to people familiar with the matter cited by the Financial Times.The funds are Level Global Investors and Diamondback Capital Management, both based in Connecticut, and Loch Capital Management in Boston. The raids come amidst reports of a probe into potential insider trading on Wall Street, the FT adds.
23/11/2010

Lehman bankruptcy has already cost USD1bn in legal fees

p { margin-bottom: 0.08in; } In October, the legal and consulting fees to a total of nearly 40 firms involved in the Lehman bankruptcy proceedings totalled another USD40.6m, bringing the overall bill over the psychologically significant USD1bn barrier, more precisely at USD1.02bn, the Wall Street Journal reports. The largest share of these fees has gone to the restructuring firm Alvarez & Marsal, which has billed a total USD369.8m.
23/11/2010

Hank Morris pleads guilty in pay-to-play scandal

p { margin-bottom: 0.08in; } Henry “Hank” Morris on 22 November became the eighth person to plead guilty in the pay-to-play scandal surrounding the Common Retirement Fund, the New York state pension fund (USD125bn in assets), the Wall Street Journal reports. He was at the time a political consultant to Alan Hevesi, the former New York state controller (who has also pleaded guilty). Morris admitted to receiving placement commissions as a broker, although he was passing on the investments to managers who paid him kickbacks. He was sentenced to pay a fine of USD19m, and faces up to four years in prison when the verdict is handed down next year.
23/11/2010

Moody's offers a managed account ratings tool

p { margin-bottom: 0.08in; } The ratings agency Moody’s on 22 November announced that it has extended its operational hedge fund ratings activities to include managed accounts. The agency will apply the same analysis to managed accounts and managed account platforms that it uses for traditional hedge funds. According to estimates, assets under management on managed account platforms as of the end of March will total over USD40bn, or about 2% of all assets in hedge funds.
23/11/2010

UN PRI network recruits

p { margin-bottom: 0.08in; } As the number of signatories of the United Nations Principles for Responsible Investment (UN PRI) is now nearing 250, the international network has launched a recruitment campaign for four new positions, including a director of strategic initiatives who will be responsible for recruiting new signatories. The network is also hiring two assessment officers and an implementation support officer, which will bring the total permanent staff at the organisation to nearly 30.
23/11/2010

Philippe Taffin joins Aviva Investors

p { margin-bottom: 0.08in; } Aviva Investors France has announced the arrival of Philippe Taffin as a part of the management team, in the role of fixed income product specialist.Taffin will report to Pascal Heurtault, chief investment officer, and will also be responsible for calls for tenders, and will coordinate the group’s global liability driven investment (LDI) product range. The objective is to consolidate the asset management firm’s expertise in this asset class and confirm its ambition to develop close relations with institutional investors, a statement says.Since September 2005, Taffin was head of the development and specialist products for euro fixed income and credit at Amundi/CAAM.
23/11/2010

Singapore offers a publicly-traded, Sharia-compliant REIT

p { margin-bottom: 0.08in; } Sabana Shari’ah Compliant Industrial Real Estate Investment Trust, or Sabana Reit, will be the first sizeable Sharia-compliant REIT-format real estate fund to be offered on the Singapore market. The fist listing will take place on 28 November. The market offering will raise up to SGD640m, or slightly under UDS500m. Among the major investors are FIL Investment Managers (Fidelity Investment Managers), Al Salam Bank-Baharin, Meren Pie Lid (Metro Holdings) and Capital Investment Brokerage (an affiliate of the Jordanian Capital Bank). The REIT is primarily aimed at industrial real estate, including properties suited to the high tech and chemistry sectors.
23/11/2010

Lyxor registers its Newcits fund range in Spain

p { margin-bottom: 0.08in; } Recently, Funds People reports, Lyxor Asset Management (Société Générale) registered nine UCITS III-compliant hedge funds from its dimension range with the CNMV; they join the Lyxor Hedge Fund Index and Lyxor Active Edge, which have already had licenses for several months.Among the newly-registered funds are seven strategy funds (Lyxor Special Situations, Lyxor Merger Arbitrage, Lyxor L/S Equity Long Bias, Lyxor L/S Equity Variable Bias, Lyxor L/S Equity Statistical Arbitrage, Lyxor Convertible Bonds and Volatility Arbitrage, and Lyxor CTA Long Term), and two theme funds (Lyxor Top 10 and Lyxor Credit Strategies).
23/11/2010

Brandes registers three funds in Spain

p { margin-bottom: 0.08in; } Brandes Investment Funds (USD47bn) on 19 November registered the UCITS-compliant funds Brandes European Equities Fund, Brandes Global Equities Fund and Brandes Equities Fund with the CNMV. Sales in Spain will be provided by Allfunds Bank. They are value equities products.
23/11/2010

Scotiabank to take control of DundeeWealth

p { margin-bottom: 0.08in; } Scotiabank on 22 November announced that it has reached an agreement with Dundee Corporation and DundeeWealth to acquire Dundee Corporation’s 48% stake in the asset management firm, in which it already owns 18%, at a purchase price of CAD21 per ordinary share. The transaction will total CAD2.3bn. When it is completed, Scotiabank will also launch a bid to acquire the remainder of shares in DundeeWealth.
23/11/2010

RBS reported to have sold its stake in Magnum Capital Industrial Partners

p { margin-bottom: 0.08in; } According to sources familiar with the matter, Royal Bank of Scotland (RBS) is said to have resold its stake in the Spanish private equity investor Magnum Capital Industrial Partners, led by Ángel Corcóstegui, former vice president of Santander, and Enrique de Layva, “to an international investor,” Cotizalia reports.The decision comes as part of a program of asset sales to pay back GBP20bn which the firm received from the British government in autumn 2008.The next deal in Spain may be the sale of a commercial real estate portfolio whose value is estimated at at least EUR300m.
23/11/2010

Commerzbank concludes sale of fund administration activities in Singapore

p { margin-bottom: 0.08in; } Commerzbank announced on 22 September that it has completed its sale of Commerzbank International Trust Singapore (CITS) to the Trident Trust group. Assets under administration at CITS as of the end of 2009 totalled EUR930m, The other activities of Commerzbank in Singapore are not affected by this transaction.
23/11/2010

Neuberger Berman plans to launch actively-managed ETFs

p { margin-bottom: 0.08in; } Neuberger Berman has become the next firm to submit a request to the SEC for an exemption and license to allow it to launch actively-managed ETFs. The license applied for from the regulator is for management of equities and bond ETFs, based on currencies and funds of funds, which will use ETFs managed by Neuberger Berman.
23/11/2010

CA Cheuvreux adds new order processing locations to its range

CA Cheuvreux on 22 November announced that it has extended its order processing capacities to three new markets: Brazil (M&F Bovespa), Israel (Tel Aviv stock exchange) and Mexico (Bolsa Mexicana de Valores). In 2010, CA Cheuvreux added a total of 15 new order-processing locations: 5 primary markets (Egypt, Russia, Israel, Brazil and Mexico), 5 MTFs (ITG Posit, LiquidnetH2O, KnightLink, SmartPool, TQ Lens), and 5 dark pools in the United States. The European broker of the Crédit Agricole group now provides its clients with access to 100 order processing locations.“The desire of clients to have access to developed and emerging markets is increasingly high,” explains Ian Peacock, global head of execution services at CA Cheuvreux. “By adding these new order-processing locations, CA Cheuvreux clearly proves its commitment to provide optimal access to the liquidity of key global markets, via a high-quality range of products and high-tech trading tools.”
23/11/2010

Andrew Dyson leaves BlackRock

According to Financial News, Andrew Dyson has stepped down as global head of BlackRock’s institutional asset management business after an operational review.

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