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03/07/2012

Nicolas Vauthier arrive chez NewAlphA AM

NewAlpha Asset Management, filiale d’incubation du Groupe Ofi, annonce l’arrivée de Nicolas Vauthier au poste de chief operating officier (COO). Il sera notamment chargé de superviser les opérations, le risk management et les systèmes d’information de la société. L’intéressé a co-fondé en 2003 une société de gestion entrepreneuriale spécialisée dans les stratégies de performance absolue, Aqtis, intégrée en 2007 au sein du Groupe Ofi.
03/07/2012

Lancement de S&P Dow Jones Indices

McGraw-Hill et le CME ont annoncé le 2 juillet le lancement de S&P Dow Jones Indices, le premier fournisseur mondial d’indices sur les marchés financiers. S&P Dow Jones Indices calcule plus de 830.000 indices, publie des indices de référence qui servent de base à 575 ETF dans le monde représentant 387 milliards de dollars d’actifs et joue le rôle d’ADN pour quelque 1.500 milliards de dollars d’actifs indexés.S&P Dow Jones Indices est contrôlé à 73% par McGraw-Hill, le CME détenant de son côté 24,4% au travers de ses sociétés affiliées.
03/07/2012

La Carac nomme son nouveau président

Le conseil d’administration de la mutuelle d’épargne Carac a confirmé, jeudi 28 juin, l’élection de Claude Tarall à la présidence et d’André Darnet à la vice-présidence. Délégué de la Carac au sein de la section Lorraine depuis 10 ans, puis élu vice-président en 2010 après avoir été membre du comité d’audit, Claude Tarall succède à Jacques Goujat qui a souhaité renoncer à sa fonction, précise un communiqué.
03/07/2012

L'Afpen s'est sabordée

Les adhérents de l’Association française professionnelle de l’épargne retraite (Afpen), réunis le 29 juin en assemblée générale, ont voté sa dissolution, indique L’Argus de l’assurance sur son site. Créée en 1996, cette association, qui compte parmi ses membres, des grandes entreprises, des assureurs, des mutuelles, des groupes de protection sociale et des organisations professionnelles, avait comme ambition de développer les dispositifs d’épargne retraite en France. Cette association qui vivait uniquement des cotisations de ses adhérents a vu leur nombre sensiblement diminuer du fait notamment de la loi Fillon, qui a instauré le Perco et le Perp, et la loi Woerth, qui favorise le développement de l’épargne retraite. Selon l’Afpen, une nouvelle association de défense de l’épargne longue devrait voir le jour le 5 juillet prochain avec pour objectif de lancer officiellement l’association en octobre au moment des examens du projet de loi de finances (PLF) et du projet de loi de financement pour la Sécurité sociale (PLFSS).
03/07/2012
Fonds

La SocGen lance SG Objectif 2 Plus

Société Générale annonce le lancement du fonds commun de placement non garanti à l'échéance, SG Objectif 2 Plus. Le produit offre une potentielle sortie par anticipation à chaque date anniversaire pendant les 5 premières années avec un gain de 6,20 % par année écoulée à la condition que l’évolution de l’Euro Stoxx 50 soit positive ou nulle ; ou un gain de 37,20% à l’échéance des 6 ans si l’indice Euro Stoxx 50 est stable, en hausse ou enregistre une baisse de moins de 50% (inclus), sinon, une perte en capital équivalente à la baisse de l’indice.Ce placement commercialisé jusqu’au 28 septembre 2012, 13h, est éligible au compte-titres ordinaire et au PEA.Code ISIN : FR0011262450
Fonds
03/07/2012
Fonds

Jean-Bernard Lafonta reprend le fonds Perfectis

Le fonds d’investissement dans les petites entreprises Perfectis, sponsorisé à hauteur de 20 % par l’assureur-crédit Euler Hermès Sfac, va s’adosser à HLD, le holding cofondé par Jean-Bernard Lafonta et soutenu par une dizaine d’entrepreneurs dont Claude Bébéar, la famille Decaux et Norbert Dentressangle, rapporte Les Echos. Un rapprochement salutaire pour l'équipe de Perfectis, qui a dû arrêter d’investir faute d’avoir réussi à lever son troisième fonds mi-2009. Et qui envisage même désormais de repartir en levée au deuxième trimestre de l’année prochaine, à hauteur d’une centaine de millions d’euros.
Fonds
03/07/2012

Moody's baisse la note d'Exane d'un cran

L’agence Moody’s a baissé la note d’Exane d’un cran pour la ramener à Baa2, du fait de la dégradation de deux crans le 21 juin de la note de sa maison mère à 50%, BNP Paribas, rapporte L’Agefi. Moodys’s ajoute cependant que la note, assortie d’une perspective stable, reste de deux crans supérieure à ce qu’elle serait sans le soutien de BNP Paribas.
03/07/2012
Fonds

BlackRock achète Swiss Re Private Equity Partners AG

BlackRock a trouvé un accord définitif pour reprendre Swiss Re Private Equity Partners («SRPEP»), le fonds d’investissement spécialisé dans le private equity et les infrastructures de Swiss Re, selon un communiqué de BlackRock publié le 3 juillet. Ce fonds gère des investissements d’une valeur de 7,5 milliards de dollars à la fin mai 2012. Le prix de la transaction n’a pas été dévoilé. L’ensemble des investissements SRPEP sont repris, et la voie est ouverte pour d’autres engagements de Swiss Re sur la plateforme alternative BAI (BlackRock Alternative Investors).SRPEP, qui est présent à Zurich et à Genève, sera intégré dans le fonds de BlackRock Private Equity Partners («BRPEP»). Il lui permettra de renforcer sa présence en Europe et en Asie. La plateforme gérera 15 milliards de dollars. Philippe Hildebrand, ancien président démissionnaire du directoire de la Banque nationale suisse, deviendra dès octobre sera le numéro deux opérationnel de BlackRock. Au 31 mars 2012, les actifs sous gestion de BlackRock s'élevaient à 3.684 milliards de dollars.
Fonds
03/07/2012

Andrej Brodnik leaves BlackRock Frankfurt

According to reports in Fondsprofessionell, Andrej Brodnik, who had been head of the Frankfurt office of BlackRock Investment Management (UK) Ltd, left the business at the end of June. He had been head of retail distribution in Germany, Austria and Eastern Europe since 2001.His successor will soon be named.
03/07/2012

CMC Markets recruits a head for Germany and Austria

Niklas Helmreich, who had most recently been a partner at the consulting firm Strateco, after serving as director sales & operations at Mercedes Benz Bank, has been appointed as director of CMC Markets for Germany and Austria. He is based in the new Frankfurt office, opened in June.
03/07/2012

Mercato: A DZ-Bank director for Deka?

According to the Frankfurter Allgemeine Zeitung, relayed by Fondsprofessionell, Lars Hille, a member of the board at DZ-Bank, one of the central entities of the German co-operative banks, may become chairman of the board at DekaBank, the central asset management firm for the German savings banks, in August. He would succeed Oliver Behrens, who has been serving in the role in the interim since the dismissal of Franz Waas in early April.
03/07/2012

Swiss Life plans to change name of German affiliate AWD

Swiss Life is planning to change the name of its German affiliate AWD. If the plans go ahead, one of the best-known and most controversial brand names on the German financial market would disappear, also signifying the end of the era of Carsten Maschmeyer, the founder of AWD, Financial Times Deutschland writes. A final decision will be made by November, the newspaper reports, citing sources close to the insurer. A spokesperson for Swiss Life, contacted by Newsmanagers, declined to comment on the reports.
03/07/2012

IFP Fund Management becomes Mirante Fund Management

The asset management firm IFP Fund Management SA, specialised in convertible bonds, and founded in 2003 by Giuseppe Mirante, is changing names, following a management buyout, according to a statement from the firm. It will now be known as Mirante Fund Management SA (MFM). As of 15 August, the two IFP funds, which are actively managed and licensed for retail sale in Switzerland in several share classes, will also be renamed, and will be relaunched under the name MFM. However, the ISIN numbers, depository bank and administrator of the funds will not change. Assets under management by the firm currently total CHF470m, of which CHF320m are for its flagship product, the IFP Global Convertible Bonds fund. Giuseppe Mirante, 42, and Alexis Martin, 32, will lead the firm based in Buchillon, while Markus Bossard, 43, Gianfranco Iuliano, 37, and Matthias Neubrand, 29, at the Zurich offices, will pursue the firm’s proven strategy of conservative and traditional orientation in portfolios and convertible bonds, with an emphasis on controlled and constant growth, both for house funds and for special mandates from institutional clients.
03/07/2012

BlackRock appoints a director of institutional affairs

The BlackRock group has appointed Frank Rosenschon as director of institutional business in Switzerland, according to a statement released on 2 July. The new director will report to Leen Meijaard, director of business in continental Europe, and to the head for Switzerland, Martin Gut. Rosenschon has spent the past four years at Credit Suisse. “We would like to strengthen our presence in the area of pension funds, insurers and family offices,” says Gut, cited in the statement.
03/07/2012

Lombard Odier on course to meet objectives

Bernard Droux, one of the eight partners at Lombard Odier, has claimed in Business Week, relayed by finews, that the firm is in a position to achieve its net inflow objective of CHF7-8bn, as in 2011 (CHF7.2bn). The banker claims that Swiss banks are profiting from uncertainty in Europe. They may have lost assets due to the attacks on Swiss banking confidentiality, but foreign clients are attracted by the security and safety of the Swiss financial market, and are likely to invest even if they have to declare it all to the tax authorities.
03/07/2012

Duemme SGR sells its real estate fund activity

Investment Europe reports that the Italian asset management firm Duemme SGR has announced that it will be selling its real estate fund activity to Idea Fimit. Following the agreement, Idea Fimit will manage a range of eight real estate funds, with total assets of about EUR560m. The asset management firm has EUR10bn in assets under management in 31 funds, Investment Europe states.
03/07/2012

S&P Dow Jones Indices launched

McGraw-Hill and CME on 2 July announced the launch of the S&P Dow Jones Indices, the world’s largest provider of indices of financial markets. S&P Dow Jones Indices calculates over 830,000 indices, publishes benchmarks for 575 ETFs worldwide representing assets of USD387bn, and acts as an ADN for about USD1.5trn in indexed assets. S&P Dow Jones Indices is 73% controlled by McGraw-Hill, while CME owns 24.4% via its affiliates.
03/07/2012

Alternext launches slow

As in fourth quarter 2011, first quarter 2012 saw a considerably slowed pace of IPOs due due to the euro zone debt crisis. As of 30 June 2012, 4 firms added themselves to listing on Alternext, compared with 14 in the same period of the previous year (of which 6 were transfers from Euronext or the free market, which nuances the difference), according to statistics from Allegra Finance. In the Euronext portion of the market, 7 operations were completed in first half 2012, driven by a trend for the healthcare sector: it has been the bext quarter since 2008 in terms of the number of operations completed. In terms of fundraising, IPOs have allowed busnesses to raise EUR18m on Alternext, which is considerably below the levels achieved in the same period of last year. Notably, public IPOs represent the majority of operations, which reflects some confidence on the part of operators in retail demand.
03/07/2012

S&P Capital IQ acquires London's CMA

The data provider S&P Capital IQ on 2 July announced the acquisition of the London-based firm Credit Market Analysis (CMA), a provider of data on over-the-counter markets. The acquisition comes in addition to those of R2 Financial Technologies and QuantHouse, which will allow S&P Capital IQ to offer very broad risk and market data analysis platforms.
03/07/2012

Emory University endowment selects State Street

State Street Corp has been selected by Emory University to provide risk analysis for its endowment, which has total assets of USD5bn; the contract includes data management, risk measurement and investment analysis, which will provide an overall picture of the exposure of all portfolios to various risks, and to factors derived from characteristics of those risks. The Boston-based firm was already responsible for custody, performance measurement and compliance for the Emory endowment.
03/07/2012

Neuberger Berman signs up to PRI

The US asset management firm Neuberger Berman (USD199bn in assets as of the end of March) has announced that it signed the United Nations Principles for Responsible Investment (UN-PRI) on 29 June.
03/07/2012

US debt at 800% of GDP in 2015, Bill Gross predicts

According to the manager of the Total Return Fund (USD259bn) from Pimco, Bill Gross, if current trends continue and nothing is done to correct them, the United States will owe 125% of its GDP in 2015, compared with 100% currently. But counting USD66trn in deficit for the social security and healthcare systems and USD38trn in unfinanced debt for local and state governments, and the ratio will reach 800%, Investment Week reports. However, Gross recommends not underweighting Uncle Sam during the debt crisis, since in the United States, money seeking a refuge will find deep and liquid equity and bond markets.
03/07/2012

Chinese government creates a test bank to trial convertible yuan

The Chinese government has announced a trial monetary zone in Qinhai Bay (Shenzhen). It will serve as a test of a convertible yuan, as banks in Hong Kong will be authorised to lend yuan directly to firms based in this area of Mainland China.The plans are part of a larger plan to introduce full convertibility of the yuan by 2015, Z-Ben Advisors states. The creation of the special currency area consecrates the role of Hong Kong in the internationalisation of the Chinese currency.
03/07/2012

Tudor launches a macro fund

Tudor Investment Corp is launching a new macro hedge fund, the first of its kind in a decade, according to investors contacted by the Bloomberg agency. The Tudor Discretionary Macro Portfolios fund has starting capital from the firm of USD150m. Paul Tudor Jones, who will be chairman of the fund, will sit on the fund’s investment board. Assets under management at Tudor Investment Corp total USD11.4bn. In first quarter 2012, macro funds have posted inflows of USD7.8bn, out of total inflows of USD16.3bn for hedge funds overall, according to statistics from Hedge Fund Research.
03/07/2012

Citi Capital Advisors launches a CLO fund

The hedge fund management firm Citi Capital Advisors, which is in the process of becoming independent of Citi, is launching an investment fund dedicated to CLIs, Absolute Return + Alpha reports. Citi, which will retain a stake in the firm, will also provide sales for the new vehicle.
03/07/2012

No quantitative easing this year

Investors estimate that a third wave of quantitative easing by the US Federal Reserve is unlikely this year, despite rumours of such a possibility, according to a survey of major asset management firms by the wealth management unit of the Singapore-based OCBC group. Only 135 of managers surveyed expect a third wave of quantitative easing. The majority of firms surveyed (56%) are neutral on the question.
03/07/2012

BlackRock acquires Swiss Re Private Equity Partners AG

BlackRock has reached a final settlement to acquire Swiss Re Private Equity Partners (“SRPEP,”) the investment fund specialised in private equity and infrastructure from Swiss Re, according to a statement from BlackRock published on 3 July. The fund managed investments valued at USD7.5bn as of the end of May 2012. The sale price has not been disclosed. All investments of SRPEP will be taken over, and the way is open to other engagements by Swiss Re on the alternative platform BAI (BlackRock Alternative Investors). SRPEP, which is present in Zurich and Geneva, will be integrated into the BlackRock Private Equity Partners (BRPEP) fund. This will allow it to strengthen its presence in Europe and Asia. The platform will have USD15bn in assets under management. Philippe Hildebrand, former chairman of the Swiss national bank, who resigned, will in October become the operational second in command at BlackRock.
03/07/2012

ESMA investigates ratings agencies

The European Securities Markets Authority (ESMA) has opened an investigation into the methods used by international ratings agencies, its president, Steven Maijoor, has told the financial newspaper the Financial Times. ESMA has begun inspecting the work of Moody’s, Fitch Ratings and Standard & Poor’s, and hopes to complete its work by the end of this year. The European regulator plans to ensure that the three regulators have “adequate analytical resources,” at a time when the banking sector has recently experienced man adjustments to its ratings.
03/07/2012

Business real estate: Stability is an illusion in first half

The volumes invested in the French corporate real estate market in first half totalled EUR5.6bn, an increase of 4%, year on year, according to statistics from Cushman & Wakefield. “This apparent stability should not distract us from a 33% decline in the number of transactions year on year, which is a sign of a steep downturn in activity, partly related to a decline in operatoins of EUR50m to EUR00m, and a disaffection from secondary markets currently,” says Olivier Gérard, president of Cushman & Wakefield France. Of 166 transactions registered since the beginning of 2012 (compared with 249 in first half 20110, 15 were over EUR100m, compared with 8 one year previously. These major transactions totalled EUR3.3bn, equivalent to 59% of the total invested in France, compared with 30% in first half 2011.
03/07/2012

Best Spanish equity fund loses more than 4%

In first half, the Ibex index of Spanish equities lost 17.08%. of the 104 funds of Spanish equities monitored by Morningstar, 50 saw heavier losses than the benchmark, 17 lost 15% to 17%, and 13 lost 13-15%, Cotizalia reports. The best result was for the Fidelity Iberia Fund, which lost only 4.18% or 4.87%, depending on the share class. The next two are EDM-Inversión (-6.24%) and Gesconsult Crecimiento (-6.5%). The Caja Ingenieros Iberian Equity fund is in fourth place, with losses of 6.6%.

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