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08/07/2009

Nomura recherche en Chine

La banque japonaise Nomura qui a racheté les activités européennes et asiatiques de Lehman Brothers, cherche un partenaire chinois pour l’aider à créer un métier d'émissions sur les marchés actions, indique la Tribune.
08/07/2009

Credit Suisse se renforce dans la gestion de fortune

En mai, Credit Suisse a ouvert au Japon un bureau pour la desserte d’une clientèle très aisée, avec désormais 40 professionnels. Selon Junya Tani, directeur de groupe suisse à Tokyo, quelques clients avec une fortune supérieure à 1 milliard de dollars ont déjà été recrutés. La banque prévoit d’embaucher plusieurs centaines de collaborateurs pour pouvoir attirer davantage de grandes fortunes.
08/07/2009

Bertelsmann revient avec KKR sur le marché de la musique

Trois ans après l’avoir quitté, Bertelsmann revient sur le créneau de la musique, en compagnie du capital investisseur américain KKR. Selon les informations de la Frankfurter Allgemeine Zeitung, le groupe allemand prévoit de monter une coentreprise avec KKR en apportant sa filiale berlinoise BMG Rights Management, KKR fournissant 250 millions d’euros de fonds propres sur les cinq prochaines années et promettant de procurer à la filiale commune jusqu'à 500 millions d’euros de financements bancaires. Cela permettrait de réaliser d’importantes acquisitions.
08/07/2009

DBAG et Quadriga vendent Lewa

Les capital-investisseurs Deutsche Beteiligungs AG (DBAG) et Quadriga Capital ont revendu au bout de quatre ans le fabricant de pompes Leonberger Wasseraufbereitung (Lewa) au japonais Nikkiso. Selon la Frankfurter Allgemeine, la transaction aurait porté sur 150 millions d’euros, et même nettement plus de 200 millions, dette comprise. Sur les quatre dernières années, Lewa a vu son chiffre d’affaires augmenter de 15 % par an pour atteindre 143 millions d’euros et son ebitda a gonflé de 30 % par an.
08/07/2009

Promotion pour Claus Thomas chez LaSalle

Directeur général de LaSalle GmbH à Munich et responsable du suivi de clientèle (client services) pour le monde germanophone de LaSalle Investment Management, Claus Thomas a été nommé head of client services EMEA de LaSalle IM, un poste nouvellement créé. Il conservera en outre ses attributions actuelles et demeurera basé à Munich.
08/07/2009

Le private equity séduit encore chez Edmond de Rothschild Investment Partners

Edmond de Rothschild Investment Partners a procédé le 30 juin 2009 au premier closing de son fonds de capital développement Winch Capital 2, à hauteur de 175 millions d’euros. Trois mois ont suffit pour collecter cette somme. En outre, ce montant initial dépasse la taille de Winch Capital 1 (165 millions d’euros), levé en décembre 2005 par la même équipe.
08/07/2009
Fonds

Edmond de Rothschild lève 175 millions d’euros

Selon Les Echos, le fonds de capital-développement Winch Capital2 a réalisé son premier «closing» plus rapidement que prévu - trois mois ont suffi - pour un montant de 175 millions d’euros, supérieur aux 165 millions de son prédécesseur Winch Capital 1.
Fonds
08/07/2009

ESG : les bonnes pratiques se diffusent dans le private equity

Selon une enquête réalisée par Novethic auprès des principaux gérants français du capital investissement, avec le soutien d’AXA Private Equity, la prise en compte des critères Environnementaux, Sociaux et de Gouvernance (ESG) dans les entreprises non cotées et les fonds de private equity se développe lentement. En effet, 66% des répondants déclarent prendre en compte des critères ESG dans leurs choix financiers. Ce chiffre montre leur intérêt pour le sujet mais est en décalage avec les pratiques des divers métiers d’investissement dans des entreprises non cotées où ce type d’approche en est encore à ses premiers balbutiements. On est loin de la mise en place systématique d’outils, tels que des grilles d’analyse sectorielle ou des questionnaires systématiques. Quand on demande pourquoi à ceux qui n’ont pas encore ce type de pratique, les freins évoqués sont, pour 64% des personnes interrogées, l’absence d’expertise ESG du côté des entreprises et, pour 52% d’entre elles, l’absence d’outils d’évaluation ad hoc du côté des gérants du private equity. Néanmoins, les résultats de l’enquête montrent que les gérants ont une bonne compréhension de la dimension globale du développement durable et qu’ils ne l’associent pas à un effet de mode ou d’aubaine. Ainsi, concernant l’intégration des critères ESG dans leurs investissements, près de 75% des sociétés de gestion interrogées citent la valeur ajoutée économique qu’apporte l’éclairage extra-financier, et 84% ont conscience qu’il s’agit d’un prisme global ne se limitant ni à la gouvernance ni aux « clean tech ». Autre signe de compréhension, aucun d’entre eux ne pense que l’intégration de critères ESG constitue un handicap pour la performance financière.
08/07/2009

Ruth Madoff gets her passport back

The wife of Bernard Madoff, Ruth, on Tuesday regained her passport, the Wall Street Journal reports. She was required to surrender the document when her husband was released on bail in December.
08/07/2009

IMA critical of Peer Steinbruck

Robert Jenkins, chairman of the Investment Management Association, on Tuesday accused the federal finance minister, Peer Steinbrück, of wanting to regulate hedge funds too strictly, and of forgetting that the European financial sector needs to compete globally, the Frankfurter Allgemeine Zeitung reports. Along with his counterparts on the continent, the German minister is attacking management firms from behind and shooting himself in the foot, says Jenkins. How will governments be able to resell the stakes they now hold in banks?
08/07/2009

HFRX holds steady in June

The global hedge fund index from Hedge Fund Research remains unchanged in June, but shows growth of nearly 6% in first half, compared with losses of about 25% in the corresponding period of last year, the Börsen-Zeitung reports. In June, the best performance was achieved by relative value arbitrage and event-driven hedge funds, with gains of 3% and 2%, respectively.
08/07/2009

Managers take a step back from equities

According to a monthly barometer of Spanish funds conducted by Lipper, covering 14 management firms, 53.85% of managers surveyed previous to 1 July had a neutral exposure to equities, compared with 38% the previous month, while only 7.69% are overexposed (which corresponds, in fact, to only one manager). Meanwhile, 38.46% are underexposed to equities, and in general, equities allocations in portflios have been reduced to 36.18% from 36.56%, Cinco Días reports. Cash, meanwhile, represents 26.41% of assets.
08/07/2009

Claus Thomas promoted at LaSalle

The CEO of LaSalle GmbH in Munich and head of client services for the German-speaking countries at LaSalle Investment Management, Claus Thomas, has been appointed head of client services EMEA at LaSalle IM, a newly-created position. He will also retain his current responsibilities, and will continue to be based in Munich.
08/07/2009

Hugh Langmuir appointed Managing Partner at Cinven

The European private equity firm Cinven has today announced the appointment of Hugh Langmuir as Managing Partner. Robin Hall will now become Executive Chairman. Hall will continue to manage the company operationally, and will continue to conduct investments and realisations for the current fund (Fonds 4). The new Managing Partner will initially provide a transition, by reducing Hall’s involvement in new transactions, as well as advising mandates for companies in the portfolio. He will then lead business development in the mid-to long term.
08/07/2009

Barclays recrute

Selon la Tribune, après la reprise de Lehman Brothers, barclays. prévoit de recruter 20 traders sur les matières premières l’an prochain dans le cadre du développement de ses activités de marchés .
08/07/2009

Barclays is hiring

La Tribune reports that, following the revival of Lehman Brothers, Barclays is planning to recruit 20 commodities traders next year to develop its market activities.
08/07/2009

Veritas AM recruits a senior analyst from Brevan Howard

The director of strategy for the Asia team at the alternative management firm Brevan Howard Asset Management, Raymond Foo, has been recruited as a senior analyst in the Asia team at Veritas Asset, alongside Ezra Sun. Foo will be in charge of the Irish-registered funds Veritas Asian Fund and Veritas Real Return Asian Fund.
08/07/2009

Libya had invested USD500m with Stanford

The Libyan government had invested at least USD500m with Allen Stanford, who is accused of orchestrating a USD7bn fraud, legal documents state, according to the Financial Times. Sir Allen travelled to Tripoli on 25 January to meet with directors of investment, including Mohamed Layas.
08/07/2009

Ecofact awarded a mandate by ethical council of Norwegian government pension fund

The Zurich-based agency Ecofact, a specialist in advising and management of environmental, social and reputational risk, has been awarded a four-year mandate for ethical analysis from companies in the portfolios of the Norwegian Government Pension Fund – Global,formerly known as the Oil Fund. Ecofact will make available to the ethical council of the fund, managed by Norges Bank Investment Management (NBIM) its online tool RepRisk, to identify businesses in the fund’s portfolios which may be involved in serious or systematic violations of human rights, environmental expectations, which are involved in admitted cases of corruption, or particularly serious violations of fundamental ethical standards. RepRisk is used by a number of commercial and investment banks, asset management firms, pension funds, development banks and ratings agencies, to manage ESG risks and to put in place screening procedures. Among the clients mentioned on the Ecofact site are Pictet, Vontobel, Credit Suisse, UBS, Deutsche Bank, Commerzbank, Fortis, JP Morgan, Goldman Sachs, oekom research, RiskMetrics, the Ethical Funds Company, and ethix. Ecofact (a spin-off of SBS< founded in 1998), says worldwide, RepRisk has so far identified over 10,000 businesses and 2,000 projects considered controversial.
08/07/2009

Custody: Wilson AM chooses RBC Dexia

RBC Dexia Investor Services has been retained by the Australian asset management firm Wilson Asset Management to provide custodial services. Commenting on the decision, Wilson points to RBC Dexia’s track record, and also to the custodian’s desire to create solutions adapted to the specific needs of clients.
08/07/2009

London commercial real estate market recovering

The fact that Union Investment Real Estate (UIRE) has recently purchased a top-quality office building at 10 Gresham Street in London for GBP141.5m suggests that the London real estate market has begun to recover. The eight-story, 260,000 square foot property was developed by Standard Life Investments. It was completed in 2003, and its tenants include Lloyds Banking group, the private equity investor JC Flowers & Co, and the consultant Jones Lang LaSalle.
08/07/2009

RWC Partners has over GBP2bn

Investment Week reports that assets under management at the independent management firm RWC Partners have passed the GBP2bn threshold. RWC launched its first fund two and a half years ago.
08/07/2009

Adam Cordery (Schroders): &quot;There is no bubble in corporate bonds&quot;

The popularity of corporate bonds has been growing steadily since the beginning of the year, provoking some investors to ask whether there is a bubble in this asset class. Adam Cordery, head of investment strategies for European credit markets at Schroders, says it is “quite the opposite of a bubble.” Valuations are not currently very high. “In fact, the spread between corporate bonds and government bonds is now higher than normal, and the spread between corporate bonds and cash has reached an all-time high,” the manager points out. According to Cordery, two factors mean that corporate bonds will continue to outperform in the next 12 to 24 months. “First, there will be a modest recovery of economic growth in 2010. Massive stimulus measures and falling interest rates will have an impact on the real economy, and in particular, on consumers who have managed to retain their jobs, and will then stop storing up their income as savings,” he explains. The second factor is “better visibility for companies which will be able to survive this recession. The trend may lead to a fall of about 50% in spreads in the next 12 to 24 months,” the manager adds. With this outlook, Cordery is concentrating all his attention on investment-grade rated bonds from solid issuers.
08/07/2009

Madoff: Life insurance is also affected

Les Echos reports that the French insurance and mutuals control authority (ACAM) and the FFSA are discreetly, yet closely monitoring the effects of the Madoff fraud on the life insurance industry. According to the assistant secretary general of ACAM, Cyril Roux, cited by Les Echos, assets have been affected only very slightly. “It’s nearly nothing as a proportion of overall assets. Losses are concentrated in a few unit-linked policies. Not many people had subscribed, and they were often rich subscribers who had used life insurance to hold their shares in Sicav funds. Insurers have not wanted to publicise this much,” he explains. But this does not mean that they should do nothing to protect the interests of their clients. “Insurers have important obligations. Our role is not only to remind them what the laws are, but also to ensure that they apply them, and to sanction them if they do not do so,” says Roux.
08/07/2009

Pope Benedict XVI condemns immorality of capitalism

In the third encyclical of his papacy, Pope Benedict XVI condemns the errors of capitalism and calls for a “global political authority” to regulate and bring morality to the global economy, the Financial Times reports.
08/07/2009

Qataris own 10% of Barclays

La Tribune reports that the British bank Barclays has announced that the Qatari sovereign fund Qatar Investment Authority (QIA) owns 7.38% of its capital, while Challenger Universal, an investment fund owned by Qatar, holds 2.84%. In total, Qatari shareholders control 10.22% of capital in Barclays.
08/07/2009

Slight growth in assets in May

As of 31 May, total net assets in collective investment organisms and specialised investment funds in Luxembourg were up 1.65% in one month, to EUR1.61927trn, according to the CSSF, though they are down 18.7% over the past twelve months, from a peak of EUR2.123trn in October 2007. Growth in May is a result of positive market effects to the tune of +1.15%, which corresponds to EUR26.34bn, and +0.50% net subscriptions, which totalled EUR8.08bn.
08/07/2009

Partnership agreement between A&G and U1st Sports

The Spanish private bank A&G has concluded a partnership agreement which makes it the exclusive wealth management firm for the multinational firm U1st Sports, Funds People reports. U1st, present in 22 countries, has 388 high-level professional athletes as clients, many of them basketball and football players.
08/07/2009

Vornado seeks to raise USD1bn

Vornado Realty Trust, one of the largest REITs in the United States, is currently seeking to raise USD1bn for a private equity fund, Vornado Capital Partners, which will aim to profit from a wave of bankruptcies in real estate in the next few years, the Wall Street Journal reports. The move is a sign that Vornado is confident in its ability to raise funds discreetly from private investors at more advantageous conditions than on the market. But this may make shareholders unhappy, as they may have hoped that Vornado would use its investment expertise to conduct deals on its own behalf. The performance objective for Vornado Capital Partners is over 20%, and Vornado itself is supplying 20% of the capital.
08/07/2009

Natixis AM in search of a profitable management firm

Few are indifferent to the charms of the world of independent financial advisors - certainly not a major management firm such as Natixis AM, which is now kicking off a major campaign to win over some of them and to enter the capital of Dorval Finance. Louis Bert, highly regarded by independent financial advisors and one of the heads of Dorval, achieves strong performance with his “star” fund Dorval Convictions, a flexible fund composed of equities and money market investments. The success of the Natixis AM - Dorval Finance partnership may also lead the management firm for the French co-operative banks and savings banks, to repeat the experiment elsewhere. When asked about the intentions of Natixis AM, Philippe Zaouati, director of development, confirms that the firm is “looking at” several - many - candidates on the market currently, with several specific requirements. “As at Dorval finance, we are only looking for profitable management firms, which are complementary in terms of expertise and distribution channel,” he explains.

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