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09/11/2010

Dutch hedge funds gained 2.18% in September

p { margin-bottom: 0.08in; } The Finles index of 28 hedge funds in the Netherlands as of 1 October measured 112.74, for a gain of 2.18%, its third consecutive monthly gain, following increases of 0.31% in August and 0.2% in July (see Newsmanagers of 29 and 8 September). The five best performances since the beginning of the year have been for the Trade Wind Equity fund (27%), QTR fund (20%), HIQ Invest Market Neutral fund (17%), Flonds Bloemendaal (12%) and Antaurus Europe Fund (12%). From 1 October, the Finles index includes a 29th fund, the Frog Fund.
09/11/2010

Foreign funds selling well in Italy

p { margin-bottom: 0.08in; } In October 2010, funds and Sicavs on sale in Italy saw net redemptions of EUR1.3bn, according to the most recent statistics from Assogestioni, the Italian association of asset managers. These outflows were driven by redemptions of EUR2.5bn from Italian-registered funds. However, foreign-registered funds, managed either by Italian or other groups, saw inflows of EUR1.2bn. This category now represents 55.55% of assets in the sector. In terms of asset class, money market funds alone saw outflows of slightly over EUR2bn. Hedge funds have also seen outflows of EUR225m, as have flexible funds, of EUR100m. Equities funds, balanced funds and bond funds, on the other hand, have seen net inflows of EUR704m, EUR250m and EUR146m, respectively. Since the beginning of the year, Italian mutual funds have posted net subscriptions of EUR3.3bn. As of the end of the month, assets in the industry represented EUR450bn, a slight increase compared with the previous month. 49.5% of the industry is in the hands of four Italian groups: Intesa Sanpaolo, Pioneer Investments, UBI Banca and Mediolanum. The top two players posted some of the heaviest net outflows of the month, at EUR310.5m and EUR196.7m. However, Mediolanum saw the largest inflows of the month, with EUR217m.
09/11/2010

Investors demand transparency from hedge funds

Transparency is the leading concern institutonal investors share about the global hedge fund industry, followed by fees and managers’ pay, a report due to be released by Ernst & Young on Tuesday and cited by the Financial Times shows.
09/11/2010

Aviva Investors releases Index Opportunities in France, Germany and UK

p { margin-bottom: 0.08in; } The British management firm Aviva Investors has been granted a sales license in France, Germany and the United Kingdom for the UCITS-compliant absolute return fund Index Opportunities, managed by Iyad Farah and Ned Kelly, assisted by a team of seven managers and analysts, which follows up to 25 indices of Europe, North America, the Asia-Pacific region and emerging markets. The objective is to profit from inefficiencies and distortions related to the rebalancing of indices and therefore of passively-managed funds. This involves long positions on equities entering the indices and short positions on outgoing businesses. The fund, which was launched on 23 April, aims for returns 500 basis points higher than the Euribor 1 month, with ex ante volatility of less than 7.5%. Characteristics Name: Aviva Investors - Index Opportunities Fund AISIN code: LU0469930712front-end fee: 5%Management commission: 0.90%Minimal subscription: EUR2,000
09/11/2010

UCITS funds gained 0.71% in October

p { margin-bottom: 0.08in; } The global UCITS fund index calculated by Ucits Alternative Index gained 0.71% in the month of October, its fourth consecutive month of gains. Since the beginning of the year, the Global Index has gained 0.99%. The best returns of the month were for the Commodities Index (2.20%), CTA (1.45%) and the Emerging Markets index (1.34%). Since the beginning of the year, the Commodities Index and CTA Index have seen losses of 4.71% and 0.59%, respectively, while the Emerging Markets index has gained 2.56%. Event-driven strategies have gained only 0.13%, but are still among the best-performing strategies since the beginning of the year, with gains of 3.60%. Fixed income has continued to perform well, with gains of 0.44% for the month and 4.21% since the beginning of the year.
09/11/2010

European ethical and green funds regain positive momentum in August

p { margin-bottom: 0.08in; } European ethical and green retail funds have pulled out of their slump in a thus far disappointing year, with net inflows of EUR212.9m in August, according to the most recent statistics from Lipper FMI, collected on behalf of Responsible Investor. This category of fund, known as “RI extended,” includes exclusionary and normative funds, funds related to climate change and microfinance funds. “RI extended” assets totalled slightly over EUR22bn as of the end of August. Sales of funds which use filters for ESG criteria (“RI screened”), for their part, lost EUR192.3m in August. Only bond funds and money market funds remained highly positive. Assets in RI screened funds as of the end of August totalled EUR64.1bn.
09/11/2010

Janus launches two global bond funds

Janus Capital International Limited, the international arm of Janus Capital Group Inc., has launched the Janus Global Investment Grade Bond Fund and the Janus Global High-Yield Fund, part of its Dublin-domiciled Janus Capital Funds plc range.The Global Investment Grade Bond Fund will invest primarily in fixed or floating rate Investment Grade bonds of issuers anywhere in the world and the Global High-Yield Fund will invest primarily in Debt Securities or preferred stock of issuers anywhere in the world which are rated either below investment grade or if unrated are of a similar quality to below investment grade. Both funds will be co-managed by Gibson Smith, who is the co-CIO of Janus Capital Management, and Darrell Watters. Both are co-PMs on all of Janus’ fixed income strategies. They will be supported by the fixed income research team based in Denver and London.
09/11/2010

Two former employees of BlackRock launch a third party marketer

p { margin-bottom: 0.08in; } The former head of the Paris office of BlackRock, until October 2009, Sandrine Toulouse, has created the third-party marketing (TPM) firm Aloha Finance with Gilbert Nguyen, sales manager for distributor clients of BlackRock from September 2007 to October 2010. The new company offers services to asset management firms seeking to establish themselves or strengthen their position on the French market, provided that they have a license from the French regulator AMF. Aloha Finance develops the sales strategy for fund management companies it represents, designs sales and communication tools, and distributes financial investment products to French professional investor clients. Pending three more partnerships which are expected to be signed in the next few weeks and months, the new TPM will start with agreements with Wegelin (Lux) Funds SICAV), the European fund platform for the Swiss bank Wegelin & Co. Banquiers Privés, and with the French hedge fund manager Orchidée Finance.
09/11/2010

“German Madoff” faces day in court

p { margin-bottom: 0.08in; } Michael Keiner, who has been in preventive detention for more than a year (see Newsmanagers of 29 and 30 October 2009), will be indicted this week or next for serious fraud, the Frankfurter Allgemeine Zeitung reports, citing the Wurzburg public gazette. The founder of the hedge fund management firm K1 group causes losses of hundreds of millions of euros for Barclays, J.P. Morgan and BNP Paribas.
09/11/2010

Michael McManus joins Kima Capital

p { margin-bottom: 0.08in; } Asian Investor reports that Michael McManus is joining Kima Capital to serve as chief financial officer, after previously working for Kima Capital as an accountant. He will report to Michael Gallagher, CEO of the hedge fund management firm.
09/11/2010

Fidelity launches a European dividend fund

p { margin-bottom: 0.08in; } Michael Clark in London will be the manager of the new Luxembourg-registered product Fidelity European Dividend Fund, launched on 2 November, whose portfolio will invest in equities in European firms which already pay attractive dividends, or which are likely to increase their dividends significantly in the future. So far, the investment team is preferring businesses in the consumer goods, utilities, pharmaceuticals and telecommunications sectors, with stable business models and strong competitive positions. The benchmark index is the MSCI Europe. In addition to this new fund, Clark has also been the manager of the Fidelity Income Plus Fund since 2008, and of the Fidelity Enhanced Income Fund since 2009. CharacteristicsName: Fidelity European Dividend FundISIN codes: LU0353647737 A-Acc Euro capitalisationLU0353647653: A-Euro distribution LU0353648032: Y-Acc-Euro capitalisationManagement commission: 1.5%
09/11/2010

Les 50% de PAI dans Yoplait attirent les industriels

«Notre part sera mise en vente d’ici à quelques jours et ce sera complété à la fin du premier trimestre» 2011, a déclaré Lionel Zinsou, le président de PAI, sur la radio BFM. Il a affirmé avoir reçu «beaucoup de marques d’intérêt venant d’industriels ».
09/11/2010

L’AMF va bientôt publier son instruction sur les ventes à découvert

La modification du règlement général de l’AMF insérant les obligations de déclaration des positions courtes a été publiée au JO du 6 novembre. Une instruction du régulateur sur les conditions d’application de ce nouvel article 223-37, qui entrera en vigueur le 1er février 2011, sera publiée dans les prochains jours.
09/11/2010

La SEC promet de s’attaquer aux algorithmes

La présidente de la Securities and Exchange Commission, Mary Schapiro, a indiqué hier lors d’une conférence que ses services traiteraient la question des algorithmes «fous» dans le cadre du trading à haute fréquence.
09/11/2010

TPG signe deux acquisitions

La société de private equity a dévoilé deux acquisitions dans les secteurs de la chimie et des cosmétiques. TPG va reprendre une filiale d’Ashland pour 930 millions de dollars en numéraire ainsi que la filiale japonaise d’Avon pour 7,3 milliards de yens (65 millions d’euros environ).
09/11/2010

Doughty Hanson rachète une chaîne de cinémas

La société de private equity a officialisé la reprise de Vue Entertainment, troisième chaîne britannique de cinémas. Doughty Hanson a conclu le rachat pour 450 millions de livres auprès de l’équipe dirigeante et d’un fonds affilié à Och-Ziff Capital Management Group. Le fondateur et PDG, Tim Richards, procèdera à un réinvestissement.
09/11/2010

LCM recrute pour la région Asie-Pacifique

La maison de courtage a annoncé lundi des nominations destinées à renforcer son activité «cash equity» à Hong Kong et à Londres. Louis Capital Markets a notamment engagé Nick McDonald, en provenance d’Instinet, pour diriger cette activité sur la zone Asie.
09/11/2010

Invesco vise les actifs immobiliers asiatiques d’AIG

Reuters rapporte que l’assureur américain pourrait bien céder son activité de gestion d’actifs immobiliers en Asie à Invesco. La valeur brute de ces actifs avoisinerait 5 milliards de dollars, et la transaction pourrait se chiffrer en dizaines de millions. Un accord pourrait être signé ce mois-ci, les deux parties d’étant pour l’heure refusées à tout commentaire.
09/11/2010

CBOE Holdings relève son offre de rachat de titres

Le premier opérateur boursier américain sur les futures a porté à 25 dollars par action, contre 22,5 dollars précédemment, son offre de rachat des titres détenus par ses anciens membres. CBOE a réduit de 13,3 millions à environ 12 millions le nombre de titres concernés par l’offre.
09/11/2010

La sentence d’arbitrage sur Bayou confirmée

Un juge fédéral a rejeté hier une demande de Goldman Sachs visant à lui épargner une sentence d’arbitrage de 20,6 millions de dollars concernant l’ancien hedge fund Bayou. Les créanciers ont reproché à une filiale de la banque américaine d’avoir compensé des ordres pour Bayou tout en ignorant des signaux de fraude.
09/11/2010

Les ETP sur métaux de base critiqués

La FSA britannique a reçu une plainte de traders sur métaux qui s’inquiètent de l’effet déstabilisant des projets de lancement d’ETP sur métaux industriels.
09/11/2010

Foncière des Régions se refinance massivement

La foncière vient d’obtenir auprès de trois banques allemandes une ligne de 270 millions d’euros sur sept ans pour un coût annuel inférieur à 3,50 % pour sa tour CB 21 à la Défense. Il s’agit du troisième refinancement de ce bâtiment acquis juste avant la crise financière.
08/11/2010

Les industriels demandent une solution pour les terres rares au G20

Plusieurs grands groupements industriels, des secteurs de l’automobile, de l'électronique et de l'énergie ont publié une lettre ouverte pour appeler les dirigeants du G20 à garantir un approvisionnement continu en terres rares, soulignant qu'à défaut, la croissance économique en souffrirait.
08/11/2010

Baisse inattendue de la production industrielle allemande

La production industrielle allemande a décrû en septembre à son rythme le plus soutenu en près d’un an mais la reprise du secteur industriel de la première économie européenne est intacte, a annoncé le ministère de l’Economie. La production a diminué de 0,8% CVS en septembre. C’est sa baisse la plus forte depuis octobre 2009.

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