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22/11/2010

Gartmore en quête d’une autre issue

Goldman étudie à un stade préliminaire l’acquisition d’un certain nombre de gestionnaires alternatifs qui pourraient être intégrés à Gartmore afin de pouvoir éviter la vente de ce dernier. Cette cession semblait inévitable depuis l’annonce du départ du gérant Roger Guy il y a deux semaines. Le hedge fund londonien Artemis serait sur les rangs.
22/11/2010

Nordic Capital lorgne Britax Childcare

Le groupe suédois de private equity devrait annoncer aujourd’hui l’acquisition de Britax Childcare Holdings, groupe d'équipement pour enfants, pour un montant de 450 millions de livres (524 millions d’euros), selon le quotidien qui ne cite pas ses sources. Carlyle avait acheté Britax il y a 5 ans pour 230 millions de livres.
19/11/2010

Pékin relève encore les réserves obligatoires des banques

La Banque populaire de Chine (BPC) a annoncé un nouveau relèvement du coefficient des réserves obligatoires des banques, le deuxième en deux semaines et le cinquième cette année, intensifiant ainsi la lutte contre l’inflation. Ce coefficient, qui s’applique aux dépôts que doivent obligatoirement constituer les banques auprès de la banque centrale, est relevé de 50 points de base à 18,5% pour les grandes banques, un niveau record. La BPC explique sa décision, qui prendra effet le 29 novembre, par une volonté de «renforcer la gestion de la liquidité et de maîtriser de façon adaptée la masse monétaire et l'émission de crédits». «Cette deuxième hausse en deux semaines laisse penser que la Chine a bien l’intention de gérer les pressions sur les prix en retirant de la liquidité du système», commente Dongming Xie, économiste de l’OCBC Bank, à Singapour, cité par Reuters.
19/11/2010

France Télécom fait le plein avec son offre de rachat obligataire

Selon un communiqué diffusé au Luxembourg, France Télécom a reçu des demandes de rachats d’obligations portant sur 1,96 milliard d’euros via son offre portant sur 3 lignes (janvier 2012, février 2012 et janvier 2013). L’opérateur ayant décidé au préalable de ne reprendre que pour 1 milliard d’euros de titres, il ne répondra à la demande qu'à hauteur de 30,6% sur sa souche 2013. En retour, le groupe a déjà émis 250 millions de livres à 40 ans. Il place également aujourd’hui 750 millions d’euros à 10 ans. La marge devrait être de 85 à 90 points de base au-dessus des mid swaps.
19/11/2010

La SEC veut superviser les hedge funds et les fonds d'investissement

Une nouvelle supervision va être mise en place aux Etats-Unis pour les fonds d’investissement et les fonds spéculatifs, en vertu d’un plan actuellement évalué par le régulateur boursier américain, la Securities and Exchange Commission. La SEC doit se réunir pour voter sur cette proposition, qui rendrait obligatoire l’enregistrement des conseils travaillant pour les fonds d’investissement et les hedge funds gérant plus de 150 millions de dollars d’actifs.
19/11/2010

Alken preparing an absolute return fund

p { margin-bottom: 0.08in; } In January 2011, the management firm founded by Nicolas Walewski, Alken Asset management, is planning to launch the UCITS-compliant long/short fund Alken Absolute Return Europe, which will invest in European equities, Funds People reports (see Newsmanagers of 18 November). The new product will replicate the long/short strategy of the Alken Capital One fund, launched in July 2008, which has so far generated returns of about 60%, in a UCITS III-compliant environment. The Alken Absolute Return Europe may have a gross total exposure to the market of 50% to 150%, with market risks dynamically hedged with futures. Minimal subscription will be EUR100. Alken is planning to charge a management commission of 1.5% for institutionals and 2.25% for retail investors, while performance commission is set at 20%.
19/11/2010

Assets in pension funds will rapidly increase by one third

p { margin-bottom: 0.08in; } According to a study by the consulting firm Towers Watson, the German corporate retirement planning market already represents over EUR400bn, but only EUR14.5bn will be placed in pension funds, the Börsen-Zeitung reports. Towers Watson predicts that growth rates will total 20% to 30% in the mid-term, while the EUR20bn threshold may soon be reached. So far, most contributions are concentrated on seven pension funds and four or five providers of such funds, such as Allianz and other insurers.
19/11/2010

Aberdeen acquires a real estate property in Flensburg

In a period in which the troubles of the DEGI-branded open-ended real estate funds is a focus of attention for German professionals, Aberdeen Asset Management has announced that it has acquired a portfolio of commercial properties with a total area of 7,000 square metres, all located in Flensburg, for its institutional Aberdeen European Shopping Property Fund.The acquisition price has not been revealed, but a statement says that the German affiliate Aberdeen Immobilien Kapitalanlagegesellschaft mbH (which also manages the DEGI funds) was actively involved at every phase.The Aberdeen European Shopping Property Fund, managed by Nico tates, has assets of about EUR115m, and will soon be opened to new investors. Its portfolio includes commercial properties in France, Belgium, the Netherlands, and Germany, with a market value of EUR198m.
19/11/2010

Credit Suisse registers a smidcaps Newcits fund in Spain

p { margin-bottom: 0.08in; } The UCITS-compliant long/short fund Credit Suisse SICAV One (Lux) Small and Mid Cap Alpha Long/Short has been registered with the CNMV. The portfolio, with 70 positions, 55 long and 15 short, is managed with a bottom-up approach by Felix Meier. As its name indicates, the fund invests in European small and midcaps.
19/11/2010

db x-trackers to list its ETFs in Madrid

p { margin-bottom: 0.08in; } Several ETFs from the db x-trackers range (Deutsche Bank) will be released on the Madrid stock exchange next week, Funds People has announced. Currently, only two promoters are offering ETFs on the Bolsas y Mercados Españoles (BME): BBVA, with 8 products, and Lyxor Asset Management, with 35 funds.
19/11/2010

HSBC launches six new ETF funds

HSBC launched, on November 18, six Irish based ETFs on Euronext Paris. These funds are:- HSBC MSCI EUROPE ETF/ IF00B5BD5K76- HSBC S&P 500 ETF/IE00B5KQNG97- HSBC MSCI USA ETF/IE00B5WFQ436- HSBC MSCI Brazil ETF/ IE00B5W34K94- HSBC MSCI Pacific ex Japan ETF /IEB00B5SG8Z57- HSBC MSCI EM Far East ETF/IE00B5LP3W10
19/11/2010

Century launches a growth fund

p { margin-bottom: 0.08in; } Century Capital Management has launched the Century Growth Opportunities Fund, specialised in small and midcaps. The fund, managed by Donald Bisson and David Borah, will largely invest in the United States, but, according to Mutual Fund Wire, up to 20% of the portfolio may be placed in foreign countries, including emerging markets.
19/11/2010

Franklin Templeton buys Rensburg Fund Management

Franklin Resources has announced that its subsidiary Franklin Templeton Global Investors Limited (UK) has entered into a conditional agreement to acquire Rensburg Fund Management, a subsidiary of Investec, in an all cash transaction for GBP 45 million (approximately USD 72 million). The agreement is subject to regulatory approval and is expected to be completed in early 2011. Based in Leeds, UK, Rensburg Fund Management is a specialist UK Equity manager with a track record of managing unit trusts dating back to 1985. The team of six investment professionals has a combined tenure of 43 years managing six distinctive strategies: UK Equity Income; UK Blue Chip Growth; UK Midcap Growth; UK Select Growth; UK Smaller Companies and UK Managers’ focus. The group manages approximately GBP 880 million (as of 01 November 2010) in UK equities. Jamie Hammond, Managing Director Europe, Franklin Templeton Investments said: “We are best known in the UK for our global and specialist funds, and we are looking to develop core UK equity products, which are an important asset class for UK investors”. Franklin Resources has also entered into a strategic relationship with Pelagos Capital Management, LLC, acquiring a 20 percent equity stake in the firm. Pelagos, an independent investment advisor, was founded in 2005 and is based in Boston, Massachusetts. The firm’s mission is to create alternative investment solutions that enhance overall returns and lower portfolio volatility. Pelagos manages three distinct alternative investment capabilities including a commodity strategy, a managed futures strategy, and a hedge fund replication strategy.
19/11/2010

Société Générale offers a one-stop UCITS fund solution

Societe Generale has launched a UCITS Fund Solution for fund managers setting up or redomiciling funds under UCITS regulations. The new service provides an easily accessible, one-stop solution combining the custody, trustee, administration, execution and finance tools required to set up UCITS compliant funds, along with the core services required to operate them. This new solution has been developed by teams from Societe Generale Securities Services and Societe Generale Corporate & Investment Banking and offers asset managers the following benefits: − A competitively-priced alternative to using a UCITS platform; − Access to independent assistance on corporate and operational infrastructure; − Societe Generale Securities Services’ comprehensive global custody, trustee and administration services, including liquidity management, collateral management and OTC derivative pricing; − Synthetic shorting via Societe Generale Corporate & Investment Banking’s Dynamic Portfolio Swap Platform; − Extensive execution solutions from the Corporate & Investment Bank, with one of the largest liquidity pools in Global Equities, providing access to 70 equity cash and derivatives markets; − Access to the Corporate & Investment Bank’s ranked research services. P {MARGIN-BOTTOM: 0.08in}
19/11/2010

AxaRosenberg CIO resigns

p { margin-bottom: 0.08in; } William Ricks resigned on Monday from his position as chief investment officer at AxaRosenberg Investment Management, Pensions & Investment reports, relayed by Mutual Fund Wire. It is not yet known whether the management firm has already appointed a successor.Mutual Fund Wire reports that the departure of Ricks is the most recent in a series of changes to the management at AxaRosenberg, in the wake of the coding glitch introduced into their systems in June 2009, and discovered in April 2010.
19/11/2010

Access to hedge funds may be facilitated

p { margin-bottom: 0.08in; } The Italian Treasury is considering lowering the minimal amount required to invest in a hedge fund in Italy to EUR250,000, Bluerating reports, citing Alessandro Rivera, general director of the ministry of the Economy, speaking at a press conference held by MondoHedge. The minimal amount is currently EUR500,000.
19/11/2010

Access teams up with Finnish Pohjola group

p { margin-bottom: 0.08in; } Access Capital Partners Group, a provider of private equity funds of funds which manages EUR2.9bn in assets, has acquired Pohjola Private Equity Funds, a private equity firm with EUR1.6bn in assets under management, part of the Finnish financial services group Pohjola Group. In addition, it has signed a distribution partnership with the asset management firm of the group, Pohjola Asset Management, with assets of EUR3.5bn, covering the Scandinavian countries.
19/11/2010

Sabadell woos potential pension fund subscribers

p { margin-bottom: 0.08in; } An end-of-year campaign by the Catalan bank Sabadell offers a savings account paying 5% interest to clients who sign up for one of the pension funds from the group, or make a payment of at least EUR600 into their existing fund. The 5% savings deposit will be for the same amount as the contribution into the pension fund, Expansión reports. In addition, Sabadell has added a guaranteed product to its pension fund range, the BS Plan Futuro, which offers guaranteed technical returns of 2.20% per year until 26 January 2017.
19/11/2010

Petercam extends sales focus to Southern Europe

p { margin-bottom: 0.08in; } Tomás Murillo has been appointed as director of sales for the development of Petercam’s institutional activities in Spain. He was previously head of institutional clients at Bank Degroof, and head of the Brussels office of Merrill Lynch Wealth Management. The Belgian management firm is currently adding to its sales staff in Europe, and will soon confirm the appointment of Bernard Jans as head of sales for Germany. Petercam is also engaged in an effort to reinforce its personnel in France, with a recruitment for a support person in Brussels, to cater for Ives Hup, senior sales manager, and Thierry Minet, sales & account manager. Extending this reinforcement process to the French market, Petercam doesn’t rule out a local recruitment in Italy, in light of the specificities of this market, which is also covered by Ives Hup.
19/11/2010

Cheyne Capital recruits a manager from Morgan Stanley

p { margin-bottom: 0.08in; } The British hedge fund manager Cheyne Capital Management (USD6bn) announced on 17 November that it has recruited John Hyman, who becomes a partner at the firm. He will help Cheyne Capital to develop its equities activities, launch new products, and to come up with investment ideas. Hyman was previously at Morgan Stanley, where he served in positions of responsibility in the area of equities.
19/11/2010

Amundi to double German-Austrian assets in five years

p { margin-bottom: 0.08in; } Amundi has now officially launched its activities in Germany. Due to the high level of volatility on these markets, the French manager will promote its absolute return products in particular. Hubert Dänner, director for Germany, says the objective is to double assets under management in Germany and Austria to EUR7bn in five years, the Börsen-Zeitung reports. Growth will be organic.
19/11/2010

Cantab to launch a Newcits fund

p { margin-bottom: 0.08in; } Citywire reports that Cantab Capital Partners, a firm based in Cambridge, will create a UCITS III version of its star hedge fund CCP Quantitative Fund. The Cantab Quantitative UCITS Fund will be launched in January 2011.

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