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19/03/2012

Net profits up 18% at ABC Arbitrage

For 2011, ABC Arbitrage has posted net profits of EUR34.3m, compared with EUR29m for 2010, which represents the second-best results in the groups’ history.During the past year, the firm has added to its third-party management product range with the launch of three investment funds aimed at qualified investors. Inflows exceeded initial objectives (EUR165m in in net inflows for 2011), generating highly increased revenues: EUR3.6m in commissions charged to external investors (+209% year on year).Since the beginning of 2012, growth in third-party management activities “has continued at a sustained pace,” with inflows of a further EUR45m.
19/03/2012

Michele Faissola, new head of the Asset and Wealth Management unit at Deutsche Bank

Deutsche Bank on 16 March announced the appointment of Michele Faissola as head of the Asset & Wealth Management unit.Kevin Parker, head of Asset Management, and Pierre de Weck, head of Private Wealth Management, will be leaving their respective roles on the Group executive committee on the day of the general shareholders’ meeting, scheduled for 31 May 2012.The appointment of Faissola comes as the executive committee is being enlarged from 12 to 18 members, from 1 June 2012.The executive committee will be co-chaired by Jürgen Fitsch, co-chairman, and Anshu Jin, co-chairman.
19/03/2012

Deutsche Bank does some spring cleaning at Sal. Oppenheim

According to reports in Financial Times Deutschland, Sal. Oppenheim is said to have offered 12 of its over 100 wealth management advisers a negotiated cancellation of their employment contracts.Since Deutsche Bank acquired the private bank, it has imposed stricter performance criteria for profit margins, recruitment of new clients and satisfaction of existing clients. Those who have not met the new requirements are being asked to leave the firm.
19/03/2012

Popular launches a fund of “author” funds

With the PBP Fondos de Autor Selección Global, Popular Banca Privada is launching a fund of funds managed in a highly personalised manner, which is flexible and generates outperformance, for its high net worth clients, Funds People reports. The objective is to select a number of managers other than the asset management arms of banks, says Jordi Padilla, director of Popular Banca Privada Gestión.The portfolio will be 50% allocated to asset allocation managers such as Carmignac Gestion, Ethna, Ruffier, Longview, Pimco and Comgest, while 25% will go to equity managers such as those at Bestinver, Mandarine, Alken and Odey, and 25% will be exposed to bonds (Bluebay or Henderson), or to cash (minimum 3%).The fund will have 13 to 20 positions. Management commission will be 0.75%, and performance commission will be 9%.
19/03/2012

Skandia IG withdraws a mandate from J.P. Morgan AM

Skandia Investment Group (SIG) has appointed international equities manager Five Oceans Asset Management to manage its USD350m Skandia Global Equity Fund mandate. The mandate has, until now, been run by J.P. Morgan Asset Management. The Skandia Global Equity Fund will be managed in a similar manner to the Five Oceans World Fund.
19/03/2012

Polar Capital merges two funds

Polar Capital is merging two vehicles (UK fund and Ratio European Opportunities) to create a new high-yield fund, Investment Week reports. The Polar Capital Market Neutral fund aims for net returns of 10% per year.
19/03/2012

Fund manager leaves Financière de l'Echiquier

Jean-Noel Roffiaen has left Financière de l’Echiquier slightly under two years after joning the firm, Citywire Global reports. He had been manager of the Echiquier Quatuor fund (EUR125m), which will now be managed by Jose Berros.
19/03/2012

Janus Capital recruits a salesperson in Italy

Janus Capital has recruited Carlo Roncalli, a sales executive at JP Morgan Asset Management, to strengthen its Italian team, Bluerating reports. Roncalli began in his new position at Janus, as sales director, on Monday, 12 March.
19/03/2012

“We need to work more on the image of Schelcher Prince”

Shortly after the entry of Federal Finance into the capital of the asset management firm one and a half years ago, Sébastien Barbe took over as CEO of Schelcher Prince Gestion. He discusses the recent changes at the firm, synergies realised with its major shareholder, which is preparing to increase its stake to 85% from this summer, and the advantages his firm presents. The director says the task now is to give the firm more visibility, particularly in the management of bond credit, among institutional investors.
19/03/2012

ETF Securities lists twelve new ETCs in Frankfurt

Since 15 March, the Xetra electronic platform in Frankfurt has been listing twelve new German-registered ETC funds from the British firm ETF Securities (ETFS).Seven of these products replicate the evolution of individual commodities (Brent crude, copper, gold, natural gas, silver, and WTI wheat), in shares hedged for currency risks against the US dollar:ETFS EUR Daily Hedged Brent Crude (DE000A1N3G19)ETFS EUR Daily Hedged Copper (DE000A1NZLL0)ETFS EUR Daily Hedged Gold (DE000A1NZLN6)ETFS EUR Daily Hedged Natural Gas (DE000A1NZLP1)ETFS EUR Daily Hedged Silver (DE000A1NZLR7)ETFS EUR Daily Hedged Wheat (DE000A1NZLS5)ETFS EUR Daily Hedged WTI Crude Oil (DE000A1NZLM8).Three funds also replicate baskets of commodities in currency-hedged shares (soft commodities, commodities, precious metals):ETFS EUR Daily Hedged Agriculture DJ-UBS EDSM (DE000A1NZLJ4)ETFS EUR Daily Hedged All Commodities DJ-UBS EDSM (DE000A1NZLK2)ETFS EUR Daily Hedged Precious Metals DJ-UBS EDSM (DE000A1NZLQ9).For these ETC funds, the TER is 1.21%ETFS has also listed two ETCs based on Brent, with fees of 0.99%:ETFS Brent Crude (DE000A1N49P6)ETFS Forward Brent Crude (DE000A1N49Q4).
19/03/2012

Net asset value of TWM Immobilien Weltfonds down

TWM Pramerica Property Investment on 16 March announced that the net asset value of shares in the TMW Immobilien Weltfonds, which will be liquidated by 31 May 2014 (see Newsmanagers of 1 June 2011), has been reduced by 7 cents, to EUR42.82. This reduction comes largely due to the fact that the real estate fund had to pay a redemption penalty estimated at CAD695,000. As of the end of February, assets in the TMW Immobilien Weltfonds totalled EUR662.8m.
19/03/2012

Source lists P-ETC Source Physical Gold fund on Xetra

The exchange-traded product (ETP) provider Source has announced the listing of its P-ETC Source Physical Gold fund on Xetra, denominated in euros. The listing comes in addition to existing listings in US dollars and pounds Sterling on the London stock exchange (LSE) and the Zurich stock market (SIX). It becomes the 264th ETC listed in Frankfurt. In 2011, the P-ETC Physical Gold fund attracted over USD1.2bn in net subscriptions, and saw trading volumes of over USD4bn on the London stock exchange (LSE), a statement says.
19/03/2012

Apax Partners to raise EUR4.5bn

Apax Partners, the British LBP specialist cousin of its French counterpart, is to announce in the next 15 days that it has reached the midpoint in its fundraising objective of EUR9bn, or about EUR4.5bn, Les Echos reports, citing several sources. This announcement marks the end of the freeze on the European market, only a few weeks after Cinven reached 60% of its EUR3.5bn fundraising objective, and the ninth fund from BC Partners was closed with EUR6.5bn at the end of February.
19/03/2012

Mirabaud allies alternative management and charity

With the Luxembourg-registered fund of hedge funds Mirabaud Opportunities Emerging Markets, launched in late 21011, which has already raised USD100m in assets but does not yet have a sales license in France, the Swiss firm Mirabaud has released a product which “allies the theme of domestic consumer spending in emerging markets with active alternative management to reduce volatility, and to the concept of sharing,” Lionel Aeschlimann, a partner at Mirabaud and head of asset management at the firm, explains to Newsmanagers.The portfolio of the fund, including about 20 positions, is allocated to traditional funds and alternative managers (largely global emerging markets, tactical alpha and global macro strategies). In its selection process, the Swiss asset management firm has opted for a global environmental, social and governance (ESG) approach, based on a best-in-class design. Aeschlimann says that “one of the original qualities of the fund is that we have been able to get all the managers of underlying funds to agree to exclude business which are involved in the production of weapons.”Mirabaud has also given the fund a sharing dimension, which contributes to Interpeace, an NGO which acts to mediate conflicts, and deliberately maintains a low media profile. As Aeschlimann explains, with this fund, “it is not the client who makes the donation directly: the investor decides the percentage of the management commission and the performance commission which Mirabaud donates to Interpeace. And we also have share classes for clients who are not interested in this sharing concept.”
19/03/2012
Gestion d'actifs

La Carpimko a renforcé sa poche immobilière en 2011 au moyen de 3 OPCI

Selon nos informations, la Carpimko, Caisse Autonome de Retraite et de Prévoyance des Infirmiers, Masseurs- Kinésithérapeutes, Pédicures-Podologues, aurait sélectionné trois OPCI (OPCVM ouverts) dans le cadre de la diversification de sa poche immobilière, par le biais d’un appel d’offres mené en novembre 2011 avec l’aide du consultant Amadeis. Le montant total de cet investissement serait de l’ordre de 40 millions d’euros.
Gestion d'actifs
19/03/2012

Le yen reste sur une pente descendante

La devise nipponne est tombée cette nuit à son plus bas niveau depuis octobre dernier contre euro à 110,15, avant de revenir à 109,91. Elle est restée stable contre dollar, à 83,46. Les positions courtes sur le yen ont atteint la semaine dernière leur plus haut niveau depuis onze mois, à 42.380 contrats, après 19.358 la semaine précédente, selon les données de la Commodity Futures Trading Commission (CFTC).
19/03/2012

Lehman se désengage de Neuberger Berman

850 millions de dollars, c’est le montant qu’a déjà retiré Lehman Brothers Holdings de la cession de sa participation dans la société de gestion Neuberger Berman. L’opération devrait lui rapporter au bout du compte autour de 1,5 milliard de dollars. Les fonds ainsi récoltés pourront être reversés aux créanciers non sécurisés. Lehman avait acquis Neuberger Berman en 2003 pour 2,6 milliards de dollars.
19/03/2012

Deux fonds se penchent sur Afflelou

Selon le Journal du Dimanche, Bain Capital et Lion Capital s’intéressent à l’opticien détenu par Bridgepoint et Apax malgré un prix d’environ 700 millions d’euros. Le journal indique que les candidats doivent faire à des conditions difficiles, et composer notamment avec Alain Afflelou, «très manœuvrier».
19/03/2012

Bruxelles tend une main aux assureurs

Les eurodéputés pourraient voter mercredi des assouplissements à Solvabilité 2 qui limiteraient la volatilité du cadre prudentiel applicable en 2014.
19/03/2012

Edmond de Rothschild se rapproche de Londres

Après l’ouverture du bureau allemand de sa société de gestion EdR Asset Management, le groupe Edmond de Rothschild va créer une société commune avec RIT Capital Partners, une entité proche de la branche britannique des Rothschild. Il souhaite s’implanter durablement au Royaume-Uni
19/03/2012

Privatisation en vue du réseau routier britannique

Dans le cadre de l’annonce du budget 2012/2013, le gouvernement britannique entend céder le réseau autoroutier du pays à des acteurs privés, selon le quotidien qui évoque un discours que le Premier ministre David Cameron devrait prononcer dès aujourd’hui. A ses yeux, «nous avons besoin d’approches innovantes pour le financement de nos routes nationales, pour accroître les investissements et réduire l’engorgement».
19/03/2012

Blackstone à l’affût de prêts de la Société Générale

La société américaine de private equity est selon le quotidien en négociations exclusives avec la banque française concernant un portefeuille de 100 millions d’euros de créances dans l’immobilier commercial. La transaction pourrait être scellée au cours des prochaines semaines. Le quotidien souligne que la Société Générale cherche à réduire son exposition à l’immobilier dans le monde.

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