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14/03/2012

Major net subscriptions for mutual funds in February

Morningstar reports that US mutual funds in February posted their strongest net inflows in nearly two years, totalling USD43.8bn.However, US equity funds continued to see net redemptions, totalling only USD1.2bn, which is the lowest level in the past ten months for this category.Passive US equity funds collected a net total of USD20.1bn in the past twelve months under review, while actively-managed funds saw net redemptions of USD134.4bn.In February, Morningstar adds, the fund with the strongest net subscriptions, at USD2.4bn, was the DoubleLine Total Return. The fund with the largest net outflows (USD3.1bn) was the Growth Fund of America from American Funds.
14/03/2012

SGSS selected for Emergence Sicav

Société Générale Securities Services (SGSS) on Tuesday, 13 March announced that it has been appointed following a call for proposals from the board of directors of the “Emergence” Sicav to provide depository and valuation services to the delegated manager of the fund, NewAlpha AM. Emergence, launched at the initiative of the Paris financial centre, with assets of EUR120m, allows young asset management firms to manage capital at their first inception, so that they can rapidly reach critical mass.To this end, SGSS has been retained due to its ability to meet information and reporting requirements of institutional investors, including the transparency requirements imposed by Solvency II regulations, a statement says.
14/03/2012

Credit Value Partners creates a “distressed” fund

The asset management boutique Credit Value Partners of New York has filed with the SEC plans to raise up to USD400m for a bond hedge fund specialised in debt from distressed businesses, entitled Credit Value Partners Distressed Duration fund, which is registered in Delaware, Investment Europe reports.The asset management firm, which has been independent since 2010, is led by four former Credit Suisse employees, and is not allowed to make public statements about strategy, as the fund will be offered as a private investment. Minimal initial subscription will be USD5m.
14/03/2012

JP Morgan WSS appoints a head of pension funds

JP Morgan Worldwide Securities Services has announced the appointment of Jemma Broadgate as head of pension fund and charity institution clients. Broadgate had previously served these clients at JP Morgan WSS, since 2007. Benjie Fraser has been appointed as global pensoin executive at WSS, also serving pension fund clients.
14/03/2012

Cost/income ratio improves at M&G

For 2011, the British Prudential group has announced operating profits of GBP2.07bn, compared with GBP1.94bn, of which GBP301m, compared with a record GBP246m in 2010 (an increase of 22%) are for the asset management firm M&G Investments, “on the basis of operating profit based on longer-term investment returns.” The cost/income ratio at M&G improved to 60% from 63%.Net subscriptions fell to GBP4.4bn, compared with GBP9.1bn, while the profession as a whole underwent net outflows of GBP69bn; total assets as of the end of December were up 2% for the year, at GBP201bn, of which GBP92bn (+3%) were for third parties.
14/03/2012

David Hanratty takes up a new strategic position at Pioneer

David Hanratty, who joined the firm in January 2003, was appointed on 13 March as the sole director of institutional and wholesale distribution for the United Kingdom and Ireland and the Global Strategic Partners Group at Pioneer Investments. The two segments have been identified as important elements in the new five-year growth strategy announced by CEO Roger Yates. They have increasingly similar characteristics, and the creation of a single position for a director of both is a recognition of the importance of London in strategic selection by global platforms and institutional consultants.In practice, Hanratty will leave the Dublin hub to move to London, where he will lead a team of nine people focused on the UK and Ireland, located both in London and Dublin. He will also be in charge of five members of the Global Strategic Group in Singapore and London, and will coordinate with a specialist in New York for the offshore US market.
14/03/2012

Asset management losses at Close Brothers down by half

Although operating profits for the group in the half ending 31 January have remained virtually unchanged at GBP63.2m, compared with GBP63.4m in the corresponding period of 2010-2011, Close Brothers has posted a loss, “as expected,” of GBP2.6m, compared with GBP6m for its asset management activities.The division is now “in the final stages of its restructuring,” although Close Brothers is still expecting a “small” loss in the second half of its fiscal year.As of 31 January, assets under management totalled GBP6.9bn, compared with GBP6.5bn as of the end of July 2011 for “private clients,” and GBP8.6bn, compared with GBP9.6bn, for the division as a whole, due to the withdrawal of a GBP1bn mandate from an institutional investor.
14/03/2012

Jamie Broderick to leave JP Morgan AM

Jamie Broderick, the European head of JP Morgan Asset Management, will be leaving the firm at the end of the year, according to reports in Financial News. He joined the firm in 1993. The firm has not stated where he will be going, nor who will replace him.
14/03/2012

Jamie Broderick leaves JP Morgan AM

Jamie Broderick, the head of JP Morgan Asset Management Europe, will be leaving the asset management firm at the end of this year, according to reports that first appeared in the British press, and which were confirmed to Newsmanagers yesterday. The name of his replacement has not yet been announced, a spokesperson for the firm says, and neither has his destination. Broderick arrived at JPMorgan Asset Management in 1993.
14/03/2012

Sarasin creates a new share class for AgriStar

The AgriSar equity fund from Sarasin (Safra group), whose assets total GBP169m, also includes a new “D” share class, whose management commission is 1.75%, rather than 1.5% for the existing A class. However, the share class charges no commission (of 15%) on performance exceeding the MSCI World index, Investment Week reports. The fund, managed by Henry Boucher and Mark Whitehead, is focused on the global food and agriculture sectors.
14/03/2012

Man launches a long-only commodities UCITS fund

UK-based Man Group is launching the Man Commodities funds, exposed to the Man Systematic Commodity Index, which is composed of 25 liquid futures contracts on precious and industrial metals, energy and soft commodities, Investment Europe reports.The UCITS-compliant, long-only product, which is managed by Scott Kerston, has seed capital of USD50m. Its objective is to outperform funds passively replicating indices, while limiting the risk of loss.The fund will be created in the Systematic Strategies unit led by Sandy Rattray, the founder of the VIX index, and will have a capacity of USD5bn, the Financial times reports.
14/03/2012

FSA fines a Credit Suisse head

The Financial Services Authority (FSA) has fined Nicholas Kyprios, head of European Credit Sales at Credit Suisse in London, GBP210,000 for improper market conduct in disclosing client confidential information ahead of a significant bond issue in November 2009.Credit Suisse acted on behalf of Liberty Global, Inc. (Liberty) during its takeover of UnityMedia GmbH (UnityMedia) which was part-financed by a EUR2.5 billion bond issue. So that he could market the bond to clients, on 9 November 2009, Kyprios was wall-crossed regarding the takeover and the proposed bond issue. He was given confidential information by Credit Suisse, told that it was inside information and instructed in writing not to disclose it to third parties, explains the UK regulator. «On 11 November 2009 Kyprios called a fund manager to invite him to the bond issue road show. The fund manager told Kyprios he did not want to be wall crossed. Although Kyprios did not have a pre-meditated intention to disclose the client confidential information, the fund manager asked Kyprios about the bond issue and in response Kyprios engaged in a guessing game, including advising when the fund manager was “getting warmer”. Kyprios was an active participant in the guessing game and could have extracted himself before straying into dangerous territory but he did not do so.As a result of the guessing game, Kyprios signalled confidential information to the fund manager», according to the FSA.
14/03/2012

Liontrust acquires Walker Crips AM for 2% of its assets

The British firm Liontrust Asset Management plc on 13 March announced the acquisition for a total fo GBP12.35m of Walker Crips Asset Managers Ltd (WCAM) from Walker Crips Group (WCG). This acquisition price represents 2.04% of assets at WCAM, reported at GBP604m as of 29 February, in four retail funds (CF Walker Crips UK Growth Fund, CF Walker Crips Equity Income Fund, CF Walker Crips UK High Alpha Fund, CF UK Fund), with GBP441m, and GBP163m in two mandates. This will put assets under management at Liontrust above GBP2bn.The WCAM name will disappear, and the four retail funds will adopt the Liontrust name. The two co-directors of WCAM, Stephen Bailey and Jan Luthman, will join Liontrust when the acquisition is complete. They have agreed to forego the GBP2.4m which they would have been entitled to receive for their 20% stake in WCAM, preferring instead to negotiate an arrangement with Liontrust.The other three WCAM funds (CF Walker Crips Corporate Bond Fund, CF Walker Crips Select Income Trust and CF Walker Crips Global Growth Trust) will be transferred to a new asset management firm at WCG Group, as many WCG clients are invested in these funds.
14/03/2012

Profits up 21% at Standard Life Investments

While operating profits at Standard Life were up 28% to GBP544m, profits from asset management, mostly Standard Life Investments, increased by 21.4% in 2011, to GBP125m.However, net subscriptions fell to GBP4.3bn, compared with GBP6.2bn, of which GBP1.64bn were for British mutual funds, compared with GBP2.2bn.Assets at the end of the fiscal year for “fee business” (asset management for third parties) totalled GBP71.8bn, compared with GBP71.6bn as of 31 December 2010, but the transfer of Global Liquidity Funds (GBP3.9bn) and negative market effects slowed the increase, while gross inflows totalled GBP12.9bn.
14/03/2012

Man Group to launch a quantitative commodities fund

Man Group will launch a new quantitative fund investing in commodities, which will be directed by the former trader from Ospraie Management and Amaranth, Scott Kerson, the Financial Times reports. The fund will be created in the Systematic Straetgies unit led by Sandy Rattray, the founder of the VIX index, and will have a capacity of USD5bn.
14/03/2012

Une lueur d'espoir pour la titrisation

Un projet du Conseil des ministres de l’UE sur CRD 4, qui transpose les règles de Bâle 3, suggère de prendre en compte certains titres adossés à des créances hypothécaires dans le calcul du ratio de liquidité à court terme des banques. De quoi redonner un coup de fouet au marché, même si rien n’est fait.
14/03/2012

Forte demande pour l’émission de l’Etat de l’Illinois

John Sinsheimer, responsable de la dette de l’Etat américain, indique au quotidien que l’émission de 575 millions de dollars réalisée hier aurait reçu des ordres de 2,3 milliards de la part des investisseurs, soit le meilleur ratio de couverture jamais atteint dans l’Illinois. Le montant initialement visé était de 500 millions. Pour autant, l’Etat a dû concéder un taux moyen de 4,19%, contre 3,9% en janvier.
14/03/2012

L’Asie augmente ses salaires minimaux

Suite à l’augmentation du salaire minimum en Chine, de 8,6% en janvier à Pékin et de 14% en février à Shenzhen, le gouvernement de la Malaisie s’apprêterait pour la première fois à installer la fixation d’un salaire minimum, selon le quotidien qui cite des sources proches du gouvernement. Son niveau pourrait être fixé entre 800 et 900 ringgits par mois, soit entre 200 et 230 euros par mois.
14/03/2012

Cinven lève trois milliards d’euros en six mois

Au sein d’un environnement difficile dans le domaine des levées de fonds, la société de capital investissement britannique a levé trois milliards d’euros dans le cadre du premier bouclage de son dernier véhicule, a indiquéà L’Agefi une source proche du dossier. Alors que le processus de levée a été lancé il y a six mois, Cinven vise un objectif final de 5 milliards d’euros pour ce fonds de cinquième génération. «Le closing final pourrait intervenir fin 2012 - début 2013», a déclaré la source. La répartition de la base d’investisseurs se révèle assez similaire à celle du fonds précédent, à savoir quelque 40% d’investisseurs européens, 40% d’américains et 20% d’investisseurs asiatiques. Cinven, qui rendu 2,8 milliards d’euros à ses investisseurs l’an passé, disposait auparavant d’un véhicule levé en 2006 de 6,5 milliards d’euros, dont l’objectif initial était également de 5 milliards.
14/03/2012

GBL sort d’Arkema

Groupe Bruxelles Lambert a annoncé le lancement de la vente de sa participation de 10,01% au capital d’Arkema, par placement privé auprès d’investisseurs institutionnels. Cette investissement représente environ 3% du portefeuille de GBL et l’opération, réalisée dans le cadre de sa «stratégie dynamique de valorisation», lui permettra de réduire son endettement de façon «substantielle».
14/03/2012

AmWINS mis en vente

Les actionnaires du premier courtier d’assurance en gros aux Etats-Unis ont mis la société en vente, espérant une valorisation d’environ 1,5 milliard de dollars, ont confié plusieurs sources proches du dossier à Reuters. AmWINS est détenu par la direction et par le fonds de private equity Parthenon Capital Partners qui a prévu de céder sa participation de 50%.
14/03/2012

Les investissements en baisse dans le capital-risque français

Selon la 27ème édition de l’indicateur Chausson Finance, les investissements dans le capital-risque ont diminué de 21% en 2011, à 822 millions d’euros. Les dix plus gros tours de table ne totalisent plus que 122 millions d’euros au deuxième semestre contre 270 millions il y a un an.

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