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02/10/2009

Nominations : des mouvements dans la banque d'affaires à Paris

Selon la Tribune, qui se rapporte à plusieurs sources, Patrick Ponsolle, ancien président de Morgan Stanley à Paris, va rejoindre la banque d’affaires Rothschild. pour devenir vice-président pour l’Europe. Il sera chargé d’aider la banque à couvrir certains grands comptes. Le quotidien note également que Jacques-Henri David, qui vient de transmettre la présidence de Deutsche Bank France à Marc Pandraud, serait sur le départ, ainsi que François de Combret, qui était conseiller chez UBS depuis 2005.
02/10/2009
Fonds

Plus 60 % de gain en 2009 pour le meilleur fonds actions françaises

Au 25 septembre et depuis le début de l’année, selon les données d’Europerformance SIX telekurs, la catégorie de fonds investis en actions françaises affiche une progression moyenne de 24,15 %. Pluvalca France, géré par la Financière d’Arbevel, figure en haut du classement avec un gain de 63,82 %. Il est vrai que dans le fonds de la Financière d’Arbevel, les petites et moyennes capitalisations représentaient entre 15 % et 20 % du portefeuille. Or, en moyenne, les fonds investis sur cette classe d’actifs ont progressé depuis le début de l’année de 34,42 %. Avec, en tête de la catégorie, le fonds... Pluvalca France Small Caps, en hausse de 67,01 %.
Fonds
02/10/2009

La fusion KKR-KPE est bouclée

KKR Private Equity Investors (KPE) et KKR & Co ont annoncé jeudi avoir bouclé leur fusion et KPE prendra le nom de KKR Guernsey. Les actions de la société fusionnée seront cotées dès ce vendredi sur Euronext Amsterdam. Citi a été le conseiller financier unique de KPE tandis que Lazard a été le conseiller financier des administrateurs indépendants de KPE.
02/10/2009

Départ du patron de Bank of America

Kenneth Lewis, directeur général de Bank of America (BofA) quittera son poste à la fin 2009, note la Tribune, après avoir indiqué par lettre à ses collaborateurs que les intégrations de Merrill Lynch et Countrywide [l'établissement de crédit hypothécaire acquis en 2008, Ndlr] étaient sur les rails et déjà rentables. Cette décision intervient alors que le juge Rakoff, a rejeté l’accord conclu entre la banque de Charlotte, Caroline du Nord, et le gendarme boursier (SEC) au sujet des 5,8 milliards de bonus versés par Merrill Lynch après son rachat avec l’aval de Bofa, précise le quotidien.
02/10/2009
Fonds

Un fonds porte plainte contre Cadbury

Le Steward International Enhanced Value Index Fund, qui est investi selon des principes bibliques et chrétiens, a porté plainte aux Etats-Unis contre Cadbury, dont il détient 6.720 actions, rapporte le Financial Times. Le fonds américain avance que le conseil d’administration du groupe britannique a enfreint ses devoirs fiduciaires en rejetant l’offre de 10,2 milliards de livres de Kraft.
Fonds
02/10/2009

Invesco favori pour racheter Van Kampen

Invescofigure en pole position pour racheter Van Kampen, l’activité de fonds de Morgan Stanley, selon des personnes proches du dossier citées par le Wall Street Journal. La transaction, estimée entre 1 milliard et 2 milliards d’euros, porterait les encours d’Invesco à environ 550 milliards de dollars. Morgan Stanley prendrait une participation minoritaire dans le gestionnaire d’actifs.
02/10/2009

Union Investment launches a sustainable development fund

The UniNachhaltig Aktien Global fund, being launched by Union Investment (co-operative banks), is a global equities sustainable development product, which uses a stock-picking approach after environmental, social and governance (ESG) filters have been applied by the agency imug (Institut für Markt-Umwelt-Gesellschaft). Selection will be made from a universe of 2,800 businesses worldwide, from which imug will select 260 names. Then, the companies selected are passed through another filter which this time applies sustainable research from Union Investment. The shares are then selected based on a best-in-class approach, and are subjected to a parallel tradititional type financial fundamental analysis. The manager of the fund is Ingo Speich. Union Investment manages about EUR2.5bn in sustainable development. Characteristics Name : UniNachhaltig Aktien Global: ISIN : DE000A0M80G4 Front-end fee : 5% Management commission : 1.2% (maximum: 1.75%) Depository banking commission : 0.05%
02/10/2009

SRI provides high returns and a warm, fuzzy feeling

After noting that ecological sectoral funds in Germany currently represent assets of EUR826m, or about one third of the amount in biotech and pharmaceuticals funds, Börsen-Zeitung points out that regardless of the method used to compose funds (exclusion or best-in-class) SRI generates outperformance. According to a study by the Swiss asset management firm SAM (Robeco group) covering 2,500 businesses in all sectors, 20% of the most sustainable development-friendly businesses in 2008 posted performance 300 basis points higher than the 20% least sustainable development-friendly. Lucrative investments can also provide a good conscience, it seems, as long as the right fund is selected. According to the Sustainable Business Institute (SBI), the best sustainable development equities funds in the German-speaking countries (Germany, Austria, and Switzerland) in first half 2009 posted returns of about 53%, while the worst of them lost 7%. Meanwhile, the Dow Jones Sustainability World index gained about 28%.
02/10/2009

Redemptions outweigh subscriptions for funds

In August, securities funds on sale in Spain posted their first net subscriptions since April 2007 (see Newsmanagers of 2 September), totalling EUR402m. But in September, these funds saw further net outflows of EUR1.2bn, a phenomenon which the Inverco association of asset management firms blames primarily on issues on primary markets. In the first nine months of the year, net redemptions totalled EUR10.31bn, compared with EUR42.99bn in the corresponding period of 2008. Assets fell by 0.05%, or EUR77m, in September, to a total of EUR162.777bn as of 30 September, compared with EUR162.840bn one month earlier. Only two firms out of the top ten showed net subscriptions: Invercaixa Gestión and Ibercaja Gestión posted inflows of EUR80.9m and EUR126.5m, respectively, while BBVA Asset Management, Santander Asset Management and Ahorro Corporación saw net outflows of EUR673.5m, EUR172.3m and EUR268.2m. In terms of assets, BBVA Asset Management posted EUR32.36bn as of the end of September, putting it ahead of Santander Asset Management (EUR28.47bn) and Invercaixa Gestión (EUR12.66bn).
02/10/2009

Deutsche Bank launches 70 derivatives of db x-trackers ETFs

On Thursday, Deutsche Bank announced that it will be launching calls and puts, WAVEs, XXL WAVEs and discount certificates based on seven emerging markets ETF funds from db x-trackers on sale on its X-markets platform, for a total of 70 new derivatives. The products will allow investors to participate in an “extra-proportional” manner in the evolution of equities markets in emerging countries, including both negative and positive developments. Thorsten Michalik head of db x-trackers, points out that WAVEs and XXL WAVEs make it possible for the first time to make long and short investments with constant leverage on the selected indexes (FTSE Vietnam, MSCI Brazil TRN, MSCI EM TRN, MSCI Korea, MSCI Latam TRN, MSCI Taiwan TRN and FTSE/X. China 25 TRN). WAVEs and XXL WAVEs mature in November 2009, while options mature in December 2009 and June 2010. The new X-markets products will be traded from 8 AM to 8 PM on the Frankfurt and Stuttgart markets. They may also be traded until 10 PM off-market with Deutsche Bank, via several online brokers.
02/10/2009

Old Mutual launches a bond fund

Old Mutual Asset Managers is to launch a bond fund domiciled in Dublin for the head of fixed income Stewart Cowley. The fund will be launched in December, and will be based on the same investment strategy as the Global Strategic Bond fund, domiciled in the United Kingdom, and also managed by Cowley. The fund will be attentive to its benchmark, without being dependent on the benchmark. In other words, it will not adopt positions for the simple reason that they are found in the index.
02/10/2009

Hearings in US class action suit against Vivendi open 5 October in New York

The opening of a class action lawsuit against Vivendi will take place on 5 October in New York, in the presence of Frédéric-Karel Canoy, who initiated the suit in France, and who will represent French shareholders in the case, with the assistance of an American lawyer. French shareholders represent nearly 67% of shareholders in Vivendi, excluding French and foreign institutional investors. In a verdict in 29 September 2009, the high court in Paris ruled that information diffused by Vivendi was misleading and false. In addition, it appears that Jean-Marie Messier may soon face a prison sentence.
02/10/2009

Mediobanca pulls out of talks with Sal. Oppenheim

Mediobanca announced on Thursday that it is abandoning talks to acquire the originally German and Luxembourg-domiciled bank Sal. Oppenheim. The acquisition of these activities would have been possible only at the price of cost reductions impossible to put into action in the current environment, a spokesperson for Mediobanca explained to Reuters. According to sources close to the situation, other potential acquirers are said to be interested, including the UK bank Barclays and the Australian group Macquarie, which would seek to take control of all investment banking activities, an option which would be favoured by Sal. Oppenheim. Deutsche Bank, which dropped out of negotiations after its due diligence procedure, is said to be in discussions to buy a stake in the wealth management segment.
02/10/2009

Fast times for SRI funds

According to Wim Vermier, a member of the executive board at Dexia Asset Management in charge of investment management, European SRI funds posted net subscriptions last year corresponding to 5.6% of their assets as of the end of 2007, while conventional funds have undergone net redemptions of 6% in the same period. This trend continued in first half 2009, when net inflows to SRI funds were higher than those to traditional funds. As of the end of July, SRI assets at Dexia AM totalled EUR17.5bn, of which EUR4.6bn were in the form of funds, and EUR12.9bn in custom SRI solutions.
02/10/2009

Hester Borrie becomes a board member at Robeco

Hester Borrie has been appointed as a member of the board at the Robeco group. Borrie, formerly of Morgan Stanley Investment Management (MSIM), where she spent more than ten years, and where she most recently occupied the position of managing director for sales, will be in charge of the Global Distribution and Marketing units. Meanwhile, Roderick Munsters, CEO, will serve in the interim over the next few months as head of the Mainstream Investments unit.
02/10/2009

One out of three managers saw losses in first half

José María Marcos, director general for issuers at the CNMV, says 40 Spanish asset management firms, one out of every three, saw losses in January-June this year, Cinco Días reports. The deterioration of margins is the evident consequence of falling asset levels. In 2008, the number of asset management firms in the red was 34. Since their peak in May 2007, assets under management have fallen 38%.
02/10/2009

MEAG places institutional and retail management under a single command

MEAG Munich Ergo Asset Management (EUR186bn in assets), a joint venture from Munich Ré and the primary insurer Ergo, announced on Thursday that it is placing its institutional management and its management on behalf of retail investors under the single direction of Robert Helm, who since 2003 had been head of the institutional clients division. For his part, Max Plank, who was director of retail distribution, becomes general director of the asset management firm MEAG KAG, the operational affiliate of MEAG AM.
02/10/2009

Henderson infrastructure fund loses 2/3 of its value

According to Financial News Online, Henderson Group is in talks with investors and banks in a bid to refinance an infrastructure fund, Henderson PFI Secondary Fund II, whose value fell by 66% between 2006 and the end of June. The drop is linked to an investment made 3 years ago in John Laing, adds Financial News, which obtained a report sent to investors.
02/10/2009

EFG launches a bond fund

EFG Private Bank, the London-based affiliate of EFG International, has launched a bond fund in partnership with Stratton Street Capital. New Capital Wealthy Nations Bond Fund is a UCITS III fund domiciled in Ireland, which aims for returns of about 8%, and which maintains an average credit quality of single A for bonds in the portfolio.
02/10/2009

Funds will take 3-4 years to regain their levels at the end of 2007

According to Mariano Rabadán, president of the Inverco association of asset management firms, investment and pension funds will need three to four years to regain the asset volumes of EUR415bn seen at the end of 2007, when the crisis set in, Expansión reports. They are expected to finish 2009 with assets under management of EUR315-320bn.
02/10/2009

SLI recruits a marketing director from BlackRock

Nuala G. Walsh has been appointed head of marketing at Standard Life Investments (SLI). She will reprot to Rod Paris, head of investments. Since 2000, she had been managing director, head of international marketing at BlackRock.
02/10/2009

Name change for Impax

The asset management firm traded on the AIM known as Impax, specialised in the environmental sector, has decided to change its name, and will now be known as Impax Management Group plc. The modification reflects the priority given by the firm to asset management. Assets under management total EUR1.13bn as of 31 August.
02/10/2009

PA Pension Trustees chooses BlackRock

The British pension fund BA Pension Trustees Ltd (GBP410m) has selected BlackRock as its fiduciary manager. The two entities have together developed a “holistic” investment strategy which responds to the specific concerns of the trustees.
02/10/2009

FSA maintains short-selling policy

The British Financial Services Authority (FSA) on 1 October published a feedback statement for its public consultation on short-selling, launched in February, which confirms its desire to maintain a policy of transparency in short-selling, and to continue to publish all short positions on all shares. However, the FSA will continue to establish an international agreement on the subject, rather than engaging in efforts to introduce a specifically British regime.
01/10/2009

Dreyfus launches two funds of funds

Dreyfus Corporation, an affiliate of BNY Mellon Asset Management, has announced the launch of two funds of funds. The Dreyfus Satellite Alpha Fund will invest in mutual funds advised by Dreyfus, which will themselves invest in non-traditional asset classes such as commodities, currencies, and real estate. For its part, the Dreyfus Diversified Global Fund will invest in US and foreign equities mutual funds advised by Dreyfus.
01/10/2009

New offshore products from Thames River and Jupiter

Thames River and Jupiter are launching new offshore products on the British and European markets, according to Investment Week. Thames River will offer two long/short funds in the first half of 2010, directed by Joel Amsellem and Gaurav Bamania. The two UCITS III vehicles will be domiciled in Dublin. Jupiter, for its part, has launched a new vehicle entitled Global Opportunities, as a sub-fund of its Global fund, domiciled in Luxembourg. The fund is dedicated to institutional clients, but the minimal investment is set at GBP1,000. The fund is primarily invested in international equities, and is benchmarked against the MSCI World, and will be managed by Malcolm Millar, manager of European Income unit trusts, and Ben Surtees, manager of Asian unit trusts and Asia Pacific Sicav funds.
01/10/2009

Axa IM, Barings and Cazenove team up for roadshow

Baring Asset Management has announced that it will participate in the ABC of Bonds roadshow in the United Kingdom along with Axa Investment Managers and Cazenove Capital Management to popularise investment in bond funds with IFAs. The shows will be held in fifteen cities in the country, including London, Cardiff and Edinburgh, from the 17th to the 27th of November. It will reach about 400 IFAs.

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