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29/06/2009
Fonds

Lamont va conseiller un fonds

L’ancien chancelier de l’Echiquier Lord Lamont of Lerwick va être nommé au comité crédit d’Eternitas, un fonds de 20 millions de livres lancé en janvier, rapporte le Financial Times. Ce fonds a été créé par des experts des faillites et des redressements dans le Nord Ouest de l’Angleterre afin de fournir des arrangements, des conseils et des financements aux entreprises en difficulté.
Fonds
29/06/2009

"Nous veillons avant tout à éviter une concentration des risques"

Le fonds de droit irlandais Baring Global Emerging Markets géré par James Syme et Paul Wimborne, avec 723,6 millions d'euros d'encours fin mai, affichait en euros une performance de 36,1 % depuis le début de l’année contre 35,6 % pour le MSCI Emerging Markets. Sur un an, toujours en euros, sa perte se limite à 22 % contre 27,7 % pour l'indice de référence. Sur les cinq dernières années, la performance annuelle moyenne a été de 12 %, en retrait de 0,1 point sur le benchmark. Le fonds a drainé environ 60 millions d'euros sur les cinq premiers mois de l'année.Newsmanagers a rencontré Paul Wimbo
29/06/2009

BC Partners acquiert 20 % d'Office Depot

La première transaction du bureau new-yorkais du capital-investisseur BC Partners ouvert en 2007 est déjà une dérogation à la règle : il s’agit de l’acquisition pour 350 millions de dollars de seulement 20 % d’Office Depot, alors que la doctrine était jusqu'à présent d'être majoritaire dans les entreprises cotées. BC Partners achète des actions préférentielles des séries A et B rémunérées à 10 % et qui peuvent être converties en ordinaires à 5 dollars l’unité (le titre cotait 3,79 dollars lundi). De plus le capital-investisseur obtient trois sièges au board pour Raymond Svider, managing partner, James Rubin, senior partner, et Justin Bateman, partner.Office Depot a accusé une perte de près de 1,5 milliard de dollars en 2008 sur un CA de 14,5 milliards de dollars.
29/06/2009

Nouvelle externalisation des services administratifs dans l'industrie des hedge funds

Caxton Associates L.P., société d’investissement et de courtage dont l’activité principale est la gestion de hedge funds et la réalisation d’investissements alternatifs vient de confier à State Street Corporation l’administration d’un portefeuille de fonds alternatifs de six milliards de dollars. International Fund Services (IFS), la société de State Street spécialisée dans l’administration des hedge funds, fournira notamment des services de comptabilité, des services fiscaux et d’analyse des risques pour le compte de cinq structures de fonds master-feeder (maître-nourricier) gérées par la société Caxton Associates et ses affiliés.
29/06/2009

New indices of countries at risk of default

The Financial Times reports that Makit will Monday announce plans to launch four CDS indexes. They will be the first tradeable indices to focus on countries at risk of default. One index will cover the 15 countries of western Europe; another will track credit risks in 15 countries of central and eastern Europe, the Middle East, and Africa.
29/06/2009

Information-sharing agreement with the United States

The 25-member Liechtenstein parliament (Landtag) has unanimously ratified an information-sharing agreement with the United States for taxation information, the Börsen-Zeitung reports. The agreement comes into effect on 1 January 2010, and will apply to the fiscal year 2009.
29/06/2009

okoworld breaks with Fortis due to BNP Paribas acquisition

Germany’s sustainable investment advising firm versiko has announced that its wholly-owned subsidiary, the Luxembourg-based asset management firm Ökoworld Lux, will modify its support structure by the end of the year. The firm’s “fruitful” cooperation with Fortis Investments in the areas of management activities and central administration will be terminated. Ökoworld will select a new partner for these services and will also change its depository bank. The move comes as a result of the acquisition of Fortis Investment and the Fortis group by France’s BNP Paribas, versiko says. The name or names of Ökoworld’s future partners will be announced once the Luxembourg supervision authorities have granted their approval.
29/06/2009

Prosecutor seeks 150-year sentence for Madoff

La Tribune reports that the United States public prosecutor is seeking a 150-year prison sentence for Bernard Madoff for his massive fraud, estimated at USD65m. This is the maximal sentence the law would allow, the newspaper reports. Prosecutor Lev Dassin says that “a long sentence would ensure that Madoff will remain in prison for life and strongly dissuade” others from following in his footsteps. The businessman seduced potential investors with investments that promised exceptional and constant, but fictive, returns. In reality, he financed returns paid to investors with money invested by new clients. Madoff conducted his fraud behind a veil of legal market-making and compensation activities, or the purchasing and selling of shares, La Tribune adds. The fall of the asset management firm was triggered last winter, when one of the funds of funds most exposed to the fraud, Fairfield Greenwich, with USD7.5bn invested with Madoff, sought to recuperate its capital.
26/06/2009

Delphi points finger at hedge funds

Delphi has accused a group of hedge funds of holding General Motors and the US government hostage by opposing a sale of the auto parts manufacturing activities of Platinum Equity, the Financial Times reports. Elliott Associates is held particularly responsible.
26/06/2009

Only 30 banks and savings banks may guarantee funds

Since the CNMV pointed out that institutions with a rating of less than A- (S&P and Fitch) or A3 (Moody’s) are not authorised to guarantee investment funds, the number of banks and savings banks registered in Spain (75 and 45, respectively) able to provide these guarantees has collapsed, Funds People reports. This trend is all the more significant as 56% of funds recently launched on the Spanish market are guaranteed funds. Currently, there are only 13 banks and 10 savings banks “eligible” to provide these guarantees, with a rating higher than the minimum required. Seven firms, of which four are savings banks and one is a cooperative bank, qualify with the minimum rating. In this latter category are well-known names such as Bankinter and Banco Pastor.
26/06/2009

Co-head of fixed income appointed at Investec

Money Marketing reports that Jeff Burch has joined Investec Asset Management as a credit hedge fund manager, to become co-head of the fixed income team, and to manage a global long/short fund. Burch was previously at Blue Mountain Capital.
26/06/2009

Frédéric Codet joins Galena Asset Management

Frédéric Codet has joined Galena Asset Management as a senior trader, and will become co-head of the Galena Energy Fund. Codet, who began his career at BNP, has more than 15 years of experience on capital markets, including 12 years of experience in commodities. Before joining Galena, he worked at Citigroup as Managing Director and head of European trading in oil, soft commodities and exotic commodities.
26/06/2009

Aberdeen AM France soon to have EUR4bn in assets under management

With its acquisition of part of the activities of Credit Suisse, Aberdeen Asset Management has enlarged its geographical spread to a large extent. This is particularly the case in France, where the British management firm had only a limited presence previously. Martin Gilbert, CEO of Aberdeen Asset Management, says the entry into the French market is a genuine reason to be satisfied. At the Fund Forum International in Monaco, Gilbert says that about EUR4bn will be transferred in France from Credit Suisse to Aberdeen, putting total assets under management for the British management firm at EUR103.9bn. He adds that Philippe Troesch will be appointed CEO of Aberdeen Asset Management France. The transaction will be completed on 1 July.
26/06/2009

Sale of Tocqueville Finance imminent

A closing for an acquisition of a majority stake in the capital of Tocqueville finance has recently been completed, and in mid-July, we will officially know the name of the buyer. According to information obtained by Newsmanagers, the short list includes five contenders who may be separated into two groups. One of these is larger establishments - including one Swiss group and one major network - while the other consists of three independent management firms. One of the firms which has submitted a bid is reportedly considered solid. The contenders are bidding for a majority stake in the capital of Tocqueville Finance, via an acquisition of the shares held by Jean-Philippe Thierry, who arrived at the management firm in mid-2007, and thus of a participation of about 34%. Another large portion of the firm’s capital is held by Marc Tournier, who, some rumours claim, has announced a date on which he will be leaving the firm. Sources familiar with the matter say that it is clear the contenders will benefit from a particularly attractive window of opportunity, with “price limits.” A sale will be undertaken on the basis of a valuation of the company at EUR45m in total. The future major shareholder in Tocqueville Finance will be in a position to benefit from the firm’s value-type management in its close connections with independent financial advisors.
26/06/2009

BGI dépasse le seuil des 3 % de Fortis Holding

Fortis Holding a indiqué jeudi que Barclays Global Investors UK Holdings (BGI) lui a notifié le 18 juin avoir désormais franchi le seuil des 3 % de son capital. De fait, au 15 mai 2009, BGI détenait 3,05 % des actions Fortis Holdings en circulation.
26/06/2009

Four more real estate firms to reopen soon

Following the announcement on Thursday that redemptions will reopen for the CS Euroreal fund, the market is waiting for its example to be followed in the near future at four other open-ended real estate funds which were also frozen at the end of October, the Frankfurter Allgemeine Zeitung reports. In early July, KanAm grundbesitz will reopen, followed in mid-July by Axa Immoselect. During the month of July, Morgan Stanley Real Estate and TMW are expected to announce reopenings of the P2 Value and Immobilien Weltfonds. At any rate, the reopening of the SEB ImmoInvest fund (EUR6.3bn in assets) on 2 June has gone well: although SEB Asset Management was expecting heavy outflows, redemptions represented only an amount in the low hundreds of millions of Euros. At DEGI International (EUR2.5bn), redemptions have been limited to EUR260m in the past four weeks.
26/06/2009

CNP Assurances/Barclays partnership for banking and insurance in southern Europe

CNP Assurances (CNP) and Barclays Bank PLC (Barclays) have concluded an agreement for a term of 25 years to develop their life insurance activities, via the Barclays network in Spain, Portugal and Italy, capitalizing both on the experience and the rapid growth of Barlcays in these countries (about 1,000 sales points as of the end of 2008), and on potential for growth in the southern European insurance markets. The agreement involves an acquisition of a 50% stake in CNP by the life insurance affiliate of Barclays, Barclays Vida y Pensiones (BVP), which operates in Spain and Portugal. The two partners will also launch a new insurance activity in Italy, which will come in addition to the already existing activity. CNP will take operational control of all of these structures. By the terms of the agreement, Barclays will receive an initial sum of EUR140m from CNP, at the conclusion of the operation. This amount is subject to adjustment depending on the net assets of BVP as calculated at the conclusion of the operation. A complementary payment mechanism over 12 years which may result in a significant added amount has also been stipulated. The payments will be tied to expected volumes and margins as well as growth of the network of Barclays agencies.
26/06/2009

146 nouveaux fonds YTD

D’après VDOS Stochastics, rapporte Cinco Días, on a enregistré depuis le début de l’année le lancement en Espagne de 146 fonds, 98 étrangers et 48 espagnols. C’est plus du double du total enregistré pour la période correspondante de l’an dernier. Les gestionnaires les plus actifs dans ce domaine ont été le BBVA avec 7 fonds et le Santander ainsi qu’Invercaixa avec 5 fonds chacun.
26/06/2009

Sustainable investment forum founded

Four asset management firms, Erste Sparinvest (Erste Bank and the Austrian savings banks), Schelhammer & Schattera, Kepler, and RCM (Raiffeisen group) have founded the Austrian sustainable investment forum, or Forum Nachhaltige Geldanlagen Österreich (FNG), which will be the Austrian branch of the German-speaking FNG, which includes Germany, Austria and Switzerland, and which now has 95 members. Wolfgang Pinner, head of sustainable investment activities at Erste Sparinvest, has told Newsmanagers that “core SRI” assets in Austria total about EUR1bn currently, of which about 80% are at the four founding members of FNG Österreich. The goal is to double these assets under management in five years, which would let Austria catch up somewhat with the European leaders.
26/06/2009

Second closing for CSF Real Estate Switzerland

Following a reopening of subscriptions between 2 and 16 June, Credit Suisse Fondation de placement Real Estate Switzerland (CSF RES) has attracted more than the CHF250m in new money it had initially aimed for. Subscriptions totalled CHF1.65bn.
26/06/2009

Van Eck launches a multi-management hedge fund in mutual fund format

Van Eck Global has announced the launch of the Van Eck Multi-Manager Alternatives Fund, an open-ended mutual fund which provides investors with access to several strategies, including absolute performance strategies, with daily liquidity and NAV. The fund will have several sub-advisors, and will invest in open-ended funds, closed funds and ETFs, using arbitrage and directional long/short strategies, among others. For the selection of managers, Van Eck will rely both on internal specialists and the input of Explorer Alternative Management, a manager and hedge fund selection provider. Minimal subscription for A-class shares is USD5,000 and fees will have a ceiling of 2.40%.

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