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11/02/2014

EFG AM recruits a head of equities

P { margin-bottom: 0.08in; } The Swiss equity specialist Urs Beck has joined EFG Asset Management to oversee the launch of a fund dedicated to the Swiss market, Citywire reports. Urs Beck previously worked at the Cantonal Bank of Zurich, where he was responsible for Swiss equities in institutional and retail mandates.
11/02/2014

Ofi AM adds to its convertibles team

P { margin-bottom: 0.08in; } Stanislas Grenet, in charge of the credit arbitrage activity at Ofi Asset Management, is joining the convertible bond team at the asset management firm Ofi AM, led by Nancy Scribot–Blanchet et Olivier Ravey. Grenet will continue his credit arbitrage management activity. He reinforces the new team for the creation and management of synthetic convertibles. Grenet joined ADI Alternative Investments in 2006 as a manager-analyst for convertibles, and was later taken over by the Ofi group.
11/02/2014

Inflows for Barings in France despite emerging markets

P { margin-bottom: 0.08in; } Despite its significant exposure to emerging markets, Barings in France has managed to finish the year 203 with net inflows of EUR80m, Benoît du Mesnil du Buisson, chairman of Baring Asset Management France, tells Newsmanagers. Assets under management as of the end of December 2013 totalled slightly over EUR1bn, compared with EUR900m as of the end of 2012. Groupwide, assets under management remained stable at about EUR44bn.
11/02/2014

Two hedge funds face off over Argentine debt

P { margin-bottom: 0.08in; } As Argentine is facing a seond default in 13 years, two US hedge funds are playing a central role but on opposing sides in effort to help the country through its current crisis, the Wall Street Journal relates. The two firms, Gramercy Funds Management and Elliott Management, have hundreds of millions of dollars at stake. But they have adopted contrary tactics in their attempts to get their money back. Gramercy, which has USD3.9bnin assets, is advising Argentine behind the curtain on how to restore their reputation with the international community and regain access to the markets. Gamercy is facing off against Elliott, which has been fighting Argentina for years.
11/02/2014

Algebris seeking new distribution agreements in Italy

P { margin-bottom: 0.08in; } The asset management firm Algebris Investments wants to continue to grow through new sales agreements, Alessandro Alsagna, COO of the structure, which has EUR1.5bn in assets, explains to Bluerating. “In partnership with a fund with only one strategy, we have in the past few years reached the point of managing various managed accounts and six funds, three of which are in UCITS format,” the director says. To sell this range, “We have in all eight agreements with distribution networks.”
11/02/2014

Pimco teams up with GWM in Italian real estate

P { margin-bottom: 0.08in; } Pimco has signed a joint venture with GWM, a financial company controlled by the Italian Diaz Pallavicini and Rovati families, in order to invest in shopping centres and sales points in Italy and Europe, Plus24, the money supplement of Il Sole – 24 Ore, reports. The partnership will have about EUR1bn, due to a contribution of EUR500m from the two partners (70% Pimco and 30% GWM), while the rest will come from financing. GWM will manage the investments. The first investment has already been made for EUR130m: the Da Vinci shopping centre located in the vicinity of one of the Rome airports. It is the largest shopping cente in Italy, with an area of 56,000 square metres.
11/02/2014

Kairos Partners recruits a veteran of Franklin Templeton

P { margin-bottom: 0.08in; } The Italian asset management firm Kairos Partners, in which Julius Baer owns a stake, has recruitd Amir Kuhdari as head of sales. Kuhdari has worked for the past seven years at Franklin Templeton Italia, where he was sales manager and head of retail.
11/02/2014

Gottex releases a fund in Sweden

P { margin-bottom: 0.08in; } Gottex Fund Management has launched the Swedish multi-asset class UCITS fund Gottex Balanserad Fund, on the Swedish life insurance platform Folksam, Hedge Week reports. The fund is invested in nine asset classes, including global and Swedish equities, emerging markets, real estate, commodities and hedge funds. The Swiss firm has at the same time opened an office in Stockholm (see Newsmanagers of 5 February).
11/02/2014

Growth of shadow banking is still far from offsetting the shrinkage in bank balance sheets

P { margin-bottom: 0.08in; } Although many banks have made substantial progress in reducing the size of hteir balance sheets, they still have some way to go to meet the requirements of regulators and investors. At a time when an economic recovery is emerging in the United Kingdom and continental Europe, parallel or shadow banking is continuing to grow both in terms of volume and offerings. The agency Standard & Poor’s estimates, however, that the growth of shadow banking in western Europe could be slowed by some factors despite clear signs of a growing need for financing alternatives.
11/02/2014

Coupon funds boost Italian inflows by 60%

P { margin-bottom: 0.08in; } In 2013, Italian funds posted net inflows of EUR18.7bn, their best year since 1999. This return to grace has been favoured by banks, which thanks to a radical change in sales policy, have started offering funds again, especially coupon funds. According to a study carried out by Plus24, out of EUR48.7bn which were attracted to funds, about EUR30bn went to coupon funds, or 61% of the total. The newspaper stated that this is a low estimate, as asset management firms did not all disclose their data. Among the most active companies in coupon funds are Eurizon (EUR10bn in inflows to coupon funds in 2013), Pioneer Investments (EUR5.5bn), Aletti Gestielle (EUR4.7bn), Anima (EUR4.1bn), and Arca (EUR1.5bn). Plus24 claims that the commercial success of coupon funds is largely due to the attractive returns that sales networks can immediately earn.
11/02/2014

Schroders launches a fund dedicates to emerging market equities

P { margin-bottom: 0.08in; } The British firm Schroders has launched a fund dedicated to emerging market equities and particuarly to small caps, Citywire reports. The Schroder ISF Global Emerging Markets Smaller Companies fund, domiciled in Luxembourg, is currently in incubation and is aimed at institutional investors as a top priority.
11/02/2014

Aviva Investors liquidates a real estate fund

P { margin-bottom: 0.08in; } Aviva Investors will liquidate its Property Investment fund with GBP78.9m in assets, due to its size, which makes it economically unviable, FT Adviser states. The fund had reached GBP200m in early 2011. Weak performance and redemptions had led to the fall in assets.
11/02/2014

Neil Woodford unveils new firm

P { margin-bottom: 0.08in; } Neil Woodford, the star manager who left Invesco to join an entrepreneurial project at Oakley Capital, will manage assets under his own name, Fundweb reveals. Woodford Investment Management was founded on 15 January. The firm is located in offices in Oakley, which Woodford will join on 1 May.
11/02/2014

Coutts hires a new chief investment officer

P { margin-bottom: 0.08in; } The British private bank Coutts has announced the recruitment of Arne Hassel as its new chief investment officer from April 2014, Money Marketing reports. Hassel, who previously worked ass co-head of multi-asset class allocation for the Universities Superannuation Scheme in London, succeeds Gayle Schumacher, who has been appointed as managing director in charge of development projects, alongside the head of products, services and marketing, Ian Ewart.
11/02/2014

Fidelity launches tracker funds

P { margin-bottom: 0.08in; } Fidelity Worldwide Investments wants to add to tis range of passively-managed funds aimed at independent financial advisers, with the launch in March this year of strategies based on Europe ex UK, Japan, emerging markets and the Pacific ex Japan region. The Us group already offers passeive strategies for the US, the world and the United States. The funds will be available to independent advisers and a few wealth managers on the Fidelity FundsNetwork platform. The funds charge 0.16% for Europe ex-UK, 0.27% for emerging markets, 0.15% for Japan and 0.2% for the Pacific ex-Japan region. The tracker funds are managed by Geode Capital Management, an institutional asset managemnent firm created by Fidelity Investments.
11/02/2014

Deutsche A&WM launches a China ETF in Milan

P { margin-bottom: 0.08in; } Deutsche Asset & Wealth Management and Harvest Global Investments are launching a physical replication ETF on the Milan stock exchange based on the CSI300 index, composed of Chinese A-class equities. The db x-trackers CSI00 Index UCITS ETF (DR) is, according to its promoter, the first ETF compliant with UCITS in Italy to offer investors direct access to the Chinese equity market.
11/02/2014

Myra launches a multi-asset class fund of funds

P { margin-bottom: 0.08in; } The investment boutique Myra Capital is proposing to launch a new multi-asset fund of funds to offer a more diversified approach to the market, Citywire reports. The Mura Solidus Global fund will be domiciled in Luxembourg, and may be launched in early March, after obtaining regulatory clearance. The absolute return strategy will invest as a priority in actively-managed funds and ETFs.
11/02/2014

DeAWM launches a low-cost ETF range

P { margin-bottom: 0.08in; } Deutsche Asset & Wealth Management (DeAWM) is launching the “Core ETF” range, which will have a total expense ratio (TER) of 0.09% per year, or 9 basis points. The low-cost range includes ETFs which are already part of the offerings from the asset management firm, but which will have their fees reduced. This includes the X-trackers FTSE 100 UCITS ETF (DR), whose TER will be cut from 0.30% to 0.09% per year, and the db X-trackers DAX® UCITS ETF (DR), whose TER will be lowered from 0.15% to 0.09% per year. The 9 bp range will be complemented by the db X-trackers Eurostoxx 50 (DR), which will soon (during 1st quarter 2014) be converted to physical replication and will be complemented by another ETF of the MSCI USA index. “With this range of low-cost ETFs, we are seeking both to improve our range of current investors, and to extend our base of investors. With low TER, liquidity, transparency and visibility, this new range will interest a wide range of investors,” says Reinhard Bellet, head of DeAW Passive Asset Management, in a statement. With this initiative, DeAWM is entering the price war on the ETF market, which already involves Vangaurd, BlackRock and Lyxor.
11/02/2014

IOSCO consults on code of conduct for ratings agencies

P { margin-bottom: 0.08in; } The international organisation of securities commissions (IOSCO) on 10 February published a consultation document on the foundations of a code of conduct for ratings agencies, which proposes significant changes to the current code from the organisation. The code was revised in 2008, after the bursting of the financial bubble, to introduce terms to improve the quality of information as well as reflections on the resolution of conflicts of interest related to the role of ratings agencies with issuers in the creation of structured products.
11/02/2014

Hedge fund Fenician recruits a CEO

P { margin-bottom: 0.08in; } The London-based hedge funds Fenician Capital has recruited Andrew Crane of Investcorp as its CEO, Financial News reports. Crane had previously worked for VHC Partners and Fielity Investments.
11/02/2014

Source recruits a director of intermediaries in the United Kingdom

P { margin-bottom: 0.08in; } The ETP provider Source has recruited Dominic Clabby as director of intermediaries in the United Kingdom and Ireland, Fund Web reports. He will cover platforms, intermediaries and independent financial advisers. Clabby was previously at Axa Elecate.
11/02/2014

Duke Street sells Marlin Financial Group to Cabot Credit Management

P { margin-bottom: 0.08in; } Duke Street, a British private equity firm majority owned by the French asset management boutique Tikehau, has announced that it has signed an agreement to sell its stake in Marlin Financial Group, one of the leaders in debt repurchasing in the United Kingdom, to Cabot Credit Management Limited. The transaction values Marlin at about GBP295m, a statement says.
11/02/2014

Pension fund Etera selects State Street for fund administration

P { margin-bottom: 0.08in; } The Finnish pension fund Etera Mutual Pension Insurance Company (Etera) has awarded a mandate to State Street to provide a range of solutions for pension funds. The mandate for services from State Street on more than EUR5.6bn in assets under management will include securities custody, fund accounting, securities lending, derivative product compensation, collateral management, routing of UCITS orders, and dailyrisk monitoring services. “Institutional investors need access to data in real time to optimise their investment decisions. That helps to explain why nearly 90% of them are planning to invest in order management and execution systems in the next three years”, says Paola Bergamaschi, head of solutions dedicated to pension funds for the EMEA region at State Street.
11/02/2014

AMP Capital appoints a new head of fixed income

Simon Warner has been appointed as head of fixed income for AMP Capital, effective immediately. He replaces Mark Beardow, who was announced as chief investment officer of specialist investment teams in December 2013.Simon Warner has held the role of AMP Capital’s Head of Macro Markets within the fixed income team for the past seven years, Prior to joining AMP Capital in March 2007, he held a range of investment roles with JPMorgan Chase in London, Sydney and Singapore. The fixed income team has 30 dedicated investment professionals based in Australia, New Zealand, Hong Kong and Chicago.
11/02/2014

Canadian pension fund starts up an internal hedge fund

P { margin-bottom: 0.08in; } The Canada Pension Plan Investment Board (CAD175bn in assets) is launching an in-house hedge fund at its London office, Financial News reports. To do that, the Canadian pension fund has recruited Dureka Carrasquille from Tranberg Capital. Alain Carrier, head of Europe at CPPIB, says that the fund wants to recruit a team of five professionals to construct a long/short portfolio to target Europe, the Middle East and Africa.
11/02/2014

Church of England increases its exposure to alternative investments

P { margin-bottom: 0.08in; } The investment unit of the Church of England, Church Commissioners, is increasing its allocation of assets to alternative investments to 33%, Financial News reports. One quarter of the portfolio of GBP4bn is now invested in alternatives.
11/02/2014
Fonds

Le fonds Lone Star prend le contrôle de Coeur Défense

Le fonds immobilier Lone Star Real Estate a pris le contrôle du complexe de La Défense, racheté par Lehman Brothers en 2007 pour 2,1 milliards d’euros, rapporte L’Agefi. La transaction notifiée à l’Autorité de la concurrence valoriserait l’immeuble de bureaux autour de 1,3 milliard d’euros. Lone Star se propose de refinancer l’ensemble de la transaction. Les porteurs de titres de classe A (776 millions d’euros) où figureraient BNP Paribas ou encore Dexia, seraient ainsi remboursés au pair. De même que les porteurs des titres de classe B, C et D (483 millions), aux mains de deux autres fonds en embuscade, Blackstone et surtout Perella Weinberg.
Fonds
11/02/2014

Ofi AM renforce son équipe convertibles

Stanislas Grenet, en charge de l’activité d’arbitrage de crédit chez Ofi Asset Management, rejoint l'équipe obligations convertibles de la société de gestion, menée par Nancy Scribot–Blanchet et Olivier Ravey. Tout en continuant son activité de gestion sur l’arbitrage de crédit, Stanislas Grenet renforce sa nouvelle équipe pour la création et la gestion des convertibles synthétiques.L’intéressé avait rejoint ADI Alternative Investments en 2006 en tant qu’analyste–gérant convertibles, repris par le groupe Ofi.
11/02/2014

La capitalisation boursière de Google dépasse celle d'Exxon Mobil

Le géant d’internet Google a délogé le groupe pétrolier ExxonMobil de la place de deuxième plus grosse capitalisation boursière au monde, derrière la société informatique Apple, rapporte l’AFP.Google a terminé la séance lundi à la Bourse de New York avec une capitalisation boursière de près de 394 milliards de dollars, dépassant pour la première fois à la clôture celle d’Exxon (388 milliards de dollars). Apple reste en tête avec près de 472 milliards de dollars.Frank Gillett, un analyste du cabinet de recherche Forrester, évoque une transition symbolique qui montre que la société valorise de plus en plus les entreprises basées sur des informations et pas seulement des actifs.
11/02/2014

Arkéa s'affirme dans le capital-investissement

Dans son activité de capital-investissement, Arkéa qui est doté essentiellement d’une activité pour compte propre, envisage son développement dans le compte de tiers, rapporte L’Agefi. «Nous ne nous interdisons pas de diversifier notre activité à travers de nouveaux véhicules d’investissement spécialisés, éventuellement ouverts à de nouveaux souscripteurs externes, institutionnels ou privés», explique Marc Brière, président du comité directeur d’Arkéa Capital Gestion, la société de gestion en charge des fonds de private equity de la banque. Ces véhicules spécialisés pourraient notamment être des fonds sectoriels.La banque table sur une année 2014 dynamique tant en terme de sorties que d’activité sur le portefeuille de participations.En 2013, Arkéa a investi dans cinq dossiers et a réalisé une petite dizaine de sorties effectuées qui ont généré au total 7 millions d’euros de plus-values.

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