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17/12/2009

Putnam continue de ponctionner Fidelity

Mutual Fund Wire rapporte que Putnam Investments vient de débaucher une personne de plus chez Fidelity. Il s’agit de Scott Sipple, qui dirigeait le pôle bank trust chez Fidelity et qui rejoint Putnam au poste nouvellement créé de head of strategic relations. Chez Fidelity, ses anciennes attributions sont désormais partagées entre d’autres personnes du groupe.
17/12/2009

Citigroup attaqué par le fonds souverain d'Abou Dhabi

La banque Citigroup a annoncé mardi 15 décembre être visée par une demande d’arbitrage déposée devant un tribunal new-yorkais par le fonds souverain d’Abou Dhabi qui conformément à un accord passé en 2007, est obligé d’acquérir des actions de la banque pour un total de 7,5 milliards de dollars d’actions ordinaires à des dates spécifiées en 2010 et 2011. A l’époque l’action cotait très sensiblement plus que sa valeur actuelle.Dans sa plainte, le fonds Abu Dhabi Investment Authority (ADIA) évoque de «fausses déclarations frauduleuses» de la part de Citigroup et cherche l’annulation de l’accord ou des dommages et intérêts de 4 milliards de dollars. La banque conteste vigoureusement ces accusations.
17/12/2009
Fonds

Centurion lance le tout premier fonds de longévité macro/micro

La Commission luxembourgeoise de surveillance du secteur financier (CSSF) a accordé son agrément à Centurion Fund Managers pour le lancement de son quatrième fonds de longévité ouvert qui est en outre le premier produit sur le marché à combiner macro et micro-longévité. Le Centurion Longevity Fund, un fonds d’investissement spécialisé (FIS ou SIF en anglais) de droit luxembourgeois destiné aux investisseurs professionnels (souscription minimale de 125.000 euros), vise une performance annuelle comprise entre 6 et 9 % avec une faible volatilité et une corrélation «minimale» avec les marchés d’actions. Il a été lancé en juin 2009 avec un capital d’amorçage en attendant l’agrément de la CSSF, l’objectif officieux étant d’atteindre les 100 millions de dollars.L’approche micro permet d’investir dans les fonds de longévité au travers d’instruments physiques et ou synthétiques tandis que l’approche macro autorise d’utiliser des dérivés.
Fonds
17/12/2009

Pru appoints a new head of management for Asia

Prudential Corporation Asia has appointed Graham Mason as fund management chief executive taking over from Arne Lindman. He is joining from Prudential Portfolio Managers in South Africa where he is currently chief executive officer and co-chief investment officer.
17/12/2009

Water funds show strong potential

Jean Ryan, a specialist in ecological investments at KBC, points out to the Frankfurter Allgemeine Zeitung that the KBC Eco Fund Water, one of the three water funds available to German investors, has shown performance in the past five years an average of 5% higher than the MSCI World index, with volatility levels half those of emerging markets funds. The volatility of alternative energies funds was 40% higher than water funds. The KBC analyst is convinced that water will long remain a lucrative investment theme, with a rise in consumption, growing need for modernisation in waste water treatment, and USD80bn to be spent on water supply infrastructure as part of stimulus spending, particularly in the United States and China. In addition, the municipal bond market in the United States, which is the largest source of infrastructure financing, is slowly emerging from its coma.
17/12/2009

Owners' equity: banks will have time to adapt to new requirements

Les Echos reports, citing the Japanese newspaper Nikkei, that the Basel Committee may grant banks a 10- to 20-year time-frame to apply new owners’ equity requirements currently being drafted, which aim to strengthen the financial solidity of the sector. The Committee neither confirms nor denies the reports, but states only that its recommendations will be published by the end of the week.
17/12/2009

Italian fund for small businesses in the making

A new Italian fund for small and mid-sized businesses is taking its first steps, Il Sole - 24 Ore reports. It is a closed private equity fund aimed solely at institutional investors, whose aim is to support mergers and recapitalisations for about 15,000 companies. Between January and February, the asset management firm which will manage the fund will be founded. It will open in March, and will make its first investments in late June. The fund will have assets of EUR3bn.
17/12/2009

Good results at DWS

According to the consulting agency FWW, 17 of 26 DWS funds beat their benchmarks over ten years, while 18 out of 34 did so on five years, Das Investment reports. On the 10-year period, funds from the Deutsche Bank affiliate generated total outperformance of EUR1.5bn for their subscribers.
17/12/2009

Change of generations at Union Investment

On 30 June 2010, Rüdiger Ginsberg, 63, will hand down the chairmanship of the board of directors of Union Asset Management Holding (the central asset management firm for the German co-operative banks), a position he has held since 2003, to his colleague, Hans Joachim Reinke, who will become vice-chairman of the board on 1 January 2010. Reinke, 47, has since 2004 been head of retail management.
17/12/2009

iShares launches a guide to ETFs for financial advisers

iShares has published a guide to ETFs to make Italian financial advisers more familiar with them, Bluerating reports. “We have observed a growing interest from financial advisers in ETFs,” explains Emanuele Bellingeri, head of iShares for Italy.
17/12/2009

Steven Cohen's ex-wife sues for over USD100m

Patricia Cohen, who was married to Steven Cohen from 1979 to 1988, is seeking more than USD100m from her ex-husband, the Wall Street Journal reports. In a suit filed on Wednesday at US District Court in Manhattan, Patricia Cohen accuses Steven Cohen and his alternative management firm, SAC Capital Advisors, of insider trading in the 1980s, and of having concealed assets during the divorce proceedings.
17/12/2009

Putnam poaches another Fidelity exec

Mutual Fund Wire reports that Putnam Investments has hired another employee from Fidelity. Scott Sipple, who was head of the bank trust at Fidelity, will be joining Putnam in the newly-created position of head of strategic relations. At Fidelity, his former responsibilities will now be distributed among other members of the team.
17/12/2009

Investors oppose Korean poison pill amendment

In the letter sent to the Korean Ministry of Justice on Monday, 22 institutional investors with over USD2.5trillion in assets under management show their opposition to an amendment to Korean company law that would allow companies to introduce poison pills. The letter was sent out by F&C, a member of the Asian Corporate Governance Association (ACGA), who initiated this effort. «As a matter of principle, we tipically oppose poison pills because they are ofter used to shield management and protect the interests of related parties at the expense of public minority shareholders and wider economic efficiency and competitiveness», says the letter.
17/12/2009

Multiple recruitments at Pioneer

Pioneer Investments (USD58bn in assets in the United States) has announced the recruitment of seven people for its sales team in the United States, as reinforcements for its sales force serving large retail clients. Among the new arrivals are Mary Power (formerly of John Hancock Financial) and Jason Xanthakis (from Ameriprise Financial), who will report to Bill Taylor, head of the new “business development group” (formerly known as the “relationship management team”). Taylor is also head of the “investment-only & retirement group.”
17/12/2009

Citigroup sued by Abu Dhabi sovereign fund

The bank Citigroup announced on Tuesday, 15 December, that it has been named in a lawsuit filed in a New York court by the Abu Dhabi sovereign fund, which, under an agreement signed in 2007, is obliged to buy ordinary shares in the bank for a total of USD7.5bn on specific dates in 2010 and 2011. At the time, shares in the bank were considerably more valuable than they are now. In its lawsuit, the Abu Dhabi Investment Authority (ADIA) cites “false and fraudulent declarations” on the part of Citigroup, and seeks an annulment of the agreement, and damages and interest of USD4bn. The bank vigorously denies the accusations.
17/12/2009

Jackson National Asset Management confie un produits GTAA à Mellon Capital Management

Mellon Capital Management Corporation (MCM) a été choisi par Jackson National Asset Management pour gérer un nouveau produit selon la Stratégie d’Allocation d’Actifs Tactique Internationale (Global Tactical Asset Allocation ou GTAA). Jackson National Asset Management avait déjà confié 30 millions de dollars à MCM pour un autre produit GTAA.
17/12/2009

Aviva Investors reopens its European real estate fund

Aviva Investors has reopened its EUR249.5 European Property Sicav, more than 13 months after it suspended dealing in the fund. The fund suspended on 4 November 2008 due to a lack of immediate liquidity and to safeguard existing client interests.
17/12/2009

Centurion launches first macro/micro longevity fund

The Luxembourg financial sector surveillance commission (CSSF) has granted a license to Centurion Fund Managers to launch its fourth open-ended longevity fund, which also becomes the first product on the market to combine micro- and macro-longevity. The Centurion Longevity Fund, a specialised investment fund (SIF) registered in Luxembourg and aimed at professional investors (minimal subscription EUR125,000), aims for total annual performance of 6% to 9%, with low volatility and a “minimal” correlation with equities markets. The fund was launched in June 2009 with seed capital while awaiting the license from the CSSF, with the declared objective of reaching USD100m in assets. The micro approach makes it possible to invest in longevity funds via physical or synthetic instruments, while the macro approach allows to use derivatives.
17/12/2009

Partners Group "hard-closes" secondary fund with EUR2.5bn

The Swiss alternative management firm Partners Group has announced the hard closing of its Secondary 2008 fund with EUR2.5bn, above the objective for the fund of EUR2bn. The fund took the crisis as an occasion to acquire a portfolio from a bank at a 70% discount in early 2009, in a deal which is expected to generate an internal rate of return (IRR) of over 20%. The fund has also more recently acquired a portfolio of high-quality assets from adistressed investor in search of immediate liquidity. This deal is also expected to generate an IRR of over 20%.
17/12/2009

Two new faith-based ETFs

FaithShares Trust has announced the launch of two products in its range of faith-based ETFs, which includes the FaithShares Catholic Values, FaithShartes Methodist Values and FaithShares Christian Values funds. The new products are the FaithShares Baptist Values and FaithShares Lutheran Values, with the acronyms FZB and FKL. The products were developed with the FTSE Group and KLD Research & Analytics, who created custom indices for the environmental, social and governance (ESG) component. Each of the ETFs will include 100 positions on large businesses, excluding those which may be objectionable to believers of the religion in question. The commission for each of the two new ETF funds is 0.87%.
17/12/2009

Sauren launches an absolute returns fund of funds

On 30 December, Sauren Fonds-Service will launch its Sauren Absolute Return sub-fund of its Luxembourg Sicav Sauren Fonds-Select, for which subscription will be open from 21 to 29 December; the fund has also been granted a sales license for Germany. The initial price of shares in the fund will be EUR10, with a front-end fee of 3%. Management commission is 0.50%, a placement fee of 0.45%, and a performance commission of 10% is charged on performance exceeding 3%. The manager is Eckard Sauren himself. As its name indicates, the fund will invest in absolute return funds selected by four analysts from Sauren Fonds-Service. Inititally, the portfolio will include 25% bond funds, 28% European equities funds, and 20% in hedge funds of five different strategies.
17/12/2009

Feri EuroRating: ETFs show strong potential to penetrate retail markets

The results of an online survey of 572 Germans between 28 July and 14 September by Feri EuroRating Services reveal that 79% of respondents expect ETFs to show significant average net subscriptions in the next three to five years, while 45% of respondents are planning to increase their allocation to ETFs in the next two to three years. However, 52% of respondents do not yet have ETFs in their portfolio, while these products represent more than one third of the portfolios of only 8% of those surveyed. Feri EuroRatings finds that cost is the determining factor behind investment in ETFs, and that 74% of respondents are not prepared to pay more than 0.25% commission for a bond ETF. The other two decisive characteristics are the choice of underlying (for 46% of respondents) and transparency (32%). However, the reputation of the management firm and construction are important secondary factors (17% and 16%). Respondents spontaneously cited the issuers iShares (BlackRock) 202 times, db x-trackers (Deutsche Bank) 167 times, and Lyxor Asset Management (Société Générale) 132 times. ComStage ranked fourth, with only 38 mentions.
16/12/2009
Fonds

LFP présente un fonds de dette subordonnée européenne

Funds People a rapporté mardi qu’UFG-LFP a lancé le fonds LFP Libroblig. Ce produit est investi en obligations subordonnées européennes. Il s’agit d’un fonds coordonné à liquidité hebdomadaire qui vise une performance annualisée de 8 % sur le long terme et dont le portefeuille d’une trentaine de lignes n’a pas d’objectif de volatilité prédéterminé. Géré par Paul Gurzal, ce fonds n’a pas de véritable benchmark mais utilise comme simple référence l’Iboxx Eurofinancials Subordinated. La plus forte exposition est sur la France, que l'équipe de gestion connaît le mieux. Il n’y a pas de papier britannique ou allemand dans le fonds pour le moment. En Espagne, seules les meilleures adresses figurent dans le portefeuille, qui comprend aussi des «lower tier 2" belges et néerlandais.
Fonds
16/12/2009
Fonds

Better Capital lève 142 millions de livres

Le capital-investisseur vedette Jon Moulton est parvenu à attirer 142 millions de livres pour son nouveau fonds Better Capital dont les titres vont être introduits sur l’AIM ce jeudi à 100 pence l’unité, rapporte le Financial Times. Better Capital, basé à Guernesey mais avec des bureaux à Convent Garden (Londres), a obtenu des fonds de Ruffer Investment Management, BlackRock, Scottish Widows, Aviva et Artemis. Ce sera le fonds nourricier d’un fonds de private equity traditionnel géré par Jon Moulton. Il investira en sociétés britanniques ayant de sérieux problèmes opérationnels, éventuellement couplés à des difficultés financières et ne pourra pas investir plus de 28 millions de livres dans une seule opération ni plus de 10 % de son encours dans des sociétés cotées.
Fonds
16/12/2009

L'ancienne star obligataire de Gartmore rejoint un hedge fund

Selon Financial News, Karl Bergqwist, l’ancien co-responsable du fixed income de Gartmore, a refait surface chez Arrowgrass Capital Partners, un hedge fund multistratégies fondé par une ancienne équipe de Deutsche Bank, un an après avoir quitté la société de gestion britannique.
16/12/2009
Fonds

Erste Sparinvest lance un fonds de fonds de microfinance

L’autrichien Erste Sparinvest (gestionnaire d’actifs d’Erste Bank et des caisses d'épargne autrichiennes) a annoncé mardi le lancement du fonds de fonds Espa Vinis Microfinance géré par Martin Cach. Ce fonds sera investi dans 10 à 15 fonds de microfinance ou en obligations de fonds de microfinance à durée fixe. Le risque de change sera «en grande partie» couvert et l'émetteur prévoit un rendement de 4-6 % par an. Dans un premier temps, le produit sera proposé aux investisseurs institutionnels, mais les particuliers avertis pourront également y souscrire.Martin Cech a précisé que le montant moyen d’un microcrédit se situe à 600 euros, mais varie fortement d’une région à l’autre. Il est ainsi de 2.700 dans les pays d’Europe centrale et orientale mais de 35-70 euros seulement en Asie. La durée moyenne se situe entre 18 et 36 mois.
Fonds

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