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05/03/2012

Change in managers for a Scottish Widows small caps fund

Scottish Widows has decided to entrust the management of the Scottish Widows HIFML UK Smaller Companies Alpha fund to an in-house team. As a result, the fund, which had previously been managed by Harry Nimmo, the small caps specialist at Standard Life Investments, will now be managed by two members of the SWIP equities team, Gregor Macdonald and Andrew Paisley. They are also responsible for the management of the SWIP UK Smaller Companies fund and the SW UK Smaller Companies fund. At Standard Life Investments, Nimmo manages the SLI UK Smaller Companies fund, whose assets under management total GBP1bn, the Standard Life UK Smaller Companies trust (GBP140m), and the SLI Global Smaller Companies fund, which has recently been created.
05/03/2012

Two Italian asset management firms merge

Sara Assicurazioni is selling Mc Gestioni to Zenit Sgr, according to an article in Milano Finanza. The operation, which is pending approval from the Bank of Italy, would create an asset management firm with EUR800m in assets under management.
05/03/2012

Investors steer clear of Europe

Appetite for risk has remained high in the last few days of February, but investors have been avoiding Europe, due to uncertainty about Greek debt and a downturn in growth in the region. European equity funds have seen levels of redemptions in the week to 29 February not seen in 14 weeks, according to statistics from EPFR Global.Equity funds overall nonetheless posted net inflows of USD4.7bn, and net subscriptions since the beginning of the year have totalled USD24bn, compared with USD40.2bn in the corresponding period of 2011. In the last few days of February, US equity funds have posted net subscriptions totalling over USD3bn.Bond funds in the week attracted more than USD5bn in assets, and USD48.8bn since the beginning of the year, compared with USD15.5bn in the corresponding period of 2010. As of the end of February, high yield bond funds have posted inflows of over USD1bn. Since the beginning of the year, they show inflows of over USD22bn.Money market funds, for their part, have seen redemptions totalling USD21bn in the last week of February, while European money market funds have posted their heaviest outflow since 2007.
05/03/2012

CIC handed a fresh purse

Jesse Wang, executive vice president, says that the sovereign fund China Investment Corp last year received additional financing of USD30bn, Agefi reports. The head refused, however, to say whether this amount would be used to purchase assets in Europe. “It’s not because Europe has its problems that we will be changing our examination methods,” the manager says.
05/03/2012

HansaInvest recruits from H&A

On 1 March, Herbert Dietz, who had been a director at Hauck & Aufhäuser Asset Management (H&A AM) in Munich, joined HansaInvest Hanseatische Investment GmbH as director of distribution. He will be in charge of intensifying relationship management for distribution partners, and will report to Dirk Zabel, a member of the board responsible for distribution.
05/03/2012

Thomas Miller Investment creates an onshore activity

The asset management firm Thomas Miller Investment is launching an onshore activity based in the United Kingdom, as a complment to its existing activities on the Isle of Man, Investment Europe reports. The new activity will be based in Edinburgh, and will be led by Harry Morgan, former head of investment management at Adam & Company. He will lead a team of 15 people. Assets under management at Thomas Miller Investment total GBP2.7bn.
05/03/2012

Guernsey, a preferred place for fund administration

Hedge fund managers in the United Kingdom have a marked preference for Guernsey. According to a survey by Fund Domiciles, 24% of them have their funds domiciled in Guernsry, compared with 21% in the United Kingdom, 18% in Jersey, 12% in the Cayman Islands and 9% in Luxembourg. For 24% of managers, administration services for their funds are done in Guernsey, compared with 20% in the United Kingdom, 18% in Ireland, and 16% in Jersey. According to Fund Domiciles, these results reflect the rise of Guernsey to third place in the evaluation of the market in terms of stability. Guernsey is especially highly regarded by the private equity sector. The number of establishments with a license as of 2011 totalled 35, as Bank Sarasin has not renewed its license, down from a peak of 79 at the end of the 1990s.
05/03/2012

Newton parts with its CIO for private clients

Philip Collins, chief investment officer for private clients and charities, has left Newton Investment Management (BNY Mellon group). His position has been discontinued following the promotion of Simon Pryke to the position of CIO, FundWeb reports.Collins, who had been manager of the Newton Phoenix fund, will be replaced by his co-manager Paul Flood, who will be succeeded by Ben Ward.
05/03/2012

Henderson GI looks to develop in real estate debt

Henderson Global Investors has hired John Feeney as head of real estate debt in its secured credit team. He will work closely with Henderson’s property business as well as the fixed income team to drive business growth in real estate debt as traditional lenders retreat from the market. Feeney most recently headed Bank of America Merrill Lynch’s Asia real estate Special Assets Group with responsibility for the region’s legacy debt book.
05/03/2012

Institutionals admire example of Canadian pension funds

Canadian public pension funds appear as precursors in the eyes of institutional investors, who are seeking to imitate them, The Economist reports. It’s not the size of the funds which interests investors – they manage over USD640bn in assets – so much as their investment strategy. Unlike many pension funds, Canadian institutions manage their portfolios internally and invest directly. They invest more than other funds in buyout operations, infrastructure and real estate. The Ontario Municipal Employees Retirement System (OMERS) would like to have 90% of its assets managed internally by the end of 2012. Canadian pension funds often make small solo transactions, but they undertake larger operations as co-sponsors with major private equity firms. This strategy allows thm to make substantial savings, particularly in private equity, where the famous standard commission level is 2/20 (2% of assets and 20% of profits). This approach has manifestly paid off. In the past ten years, the Ontario teachers’ pension fund, a pioneer in this area, has earned the best returns of the 330 largest public and private pension funds in the world.
05/03/2012

Franklin launches a fund of global convertibles

Franklin Templeton on 24 February launched a fund of global convertible bonds, which will be managed by Alan Muschott, Money Marketing reports. The fund will be registered in Luxembourg, and will use the same strategy as a fund domiciled in the United States launched in 1987.
05/03/2012

Market effects account for most of increase in assets for Luxembourg funds

Global assets in Luxembourg based funds totalled EUR2.15708trn as of the end of January, an increase of 2.89% in one month, the CSSF reports. The Luxmebourg regulator says the positive variation in the month of January of EUR60.659bn was the result of market effects totalling EUR55.407bn (+2.64%), and inflows of EUR5.162bn (+0.25%). There were 3,837 collective investment organisms (OPC) and specialised investment funds (FIS), compared with 3,845 the previous month. 2,421 entities have adopted a multiple sub-fund structure, which represents 11,857 sub-funds. With the addition of the 1,416 entities with traditional structures, a total of 13,273 entities are active on the financial market, a statement says. As of 31 January 2012, over a sliding 12-month period, net asset volumes fell by 1.23%.
05/03/2012
Gestion d'actifs

La Caisse de Retraite des Sénateurs de Belgique a sélectionné les mandataires de son appel d'offres Specialty Managers

La Caisse de retraite des sénateurs de Belgique a sélectionné, fin février, six gérants pour son appel d’offres Specialty managers, avec l’aide de la société de conseil Econopolis Strategy. Les mandats de gestion discrétionnaires étaient répartis sur plusieurs thèmes d’investissement spécialisés: Le lot 1 portait sur une poche d’actifs ISR énergie. Il a été attribué à KBC AM. Le lot 2 concernait une poche agri-food. Son gérant sera Petercam. Le lot 3, real assets, n’a pas été adjugé. Le lot 4 sur les actions européennes large cap a été attribué à Edmond de Rothschild AM et Capital at Work (Banque Delen) Le lot 5, actions à haut dividendes a été attribué à Axa IM et KBC AM Chaque lot du mandat est compris entre 5 et 10 millions d’euros. Il s’agit uniquement de poches actions. La Caisse de retraite des sénateurs de Belgique gère un portefeuille d’actifs de 180 millions d’euros. Seuls 40 % de ces encours sont externalisés. Pour lire l’avis complet: cliquez ici
Gestion d'actifs
05/03/2012
Gestion d'actifs

d' incubation, une nouvelle façon d' investir pour les institutionnels

L'incubation de sociétés de gestion a le vent en poupe et devient un vrai business. Encore adolescente dans cette activité, la France compte une poignée de sociétés qui en ont fait une spécialité alors que la Place financière de Paris vient de se doter de son premier fonds d'incubation. Si les institutionnels sont attirés par cette nouvelle catégorie d'investissement, la prudence reste, malgré tout, de mise.
Gestion d'actifs
05/03/2012

L'Italie refait son retard sur l'Espagne

Les rendements italiens sont revenus au niveau de ceux de l’Espagne, au moment où cette dernière relève à 5,8% du PIB sa prévision de déficit budgétaire pour 2012.
05/03/2012

LVMH entend grandir en Inde

L Capital, le fonds d’investissement du groupe LVMH, tiendrait la corde pour le rachat de l’indien Lilliput Kidswear. KKR, Mahindra & Mahindra et IVF (India Value Fund) auraient toutefois également signé des accords de confidentialité afin de négocier la transaction, selon le quotidien. Les discussions avec L Capital en seraient à un stade avancé et pourraient se conclure d’ici quelques semaines.
05/03/2012

Les technologiques chinoises émettent à haut rendement

Le 21st Century Business Herald indique de source anonyme que le régulateur chinois des marchés, la CSRC, a autorisé les petites et moyennes entreprises du pays au sein des secteurs technologique et agricole à émettre des obligations à haut rendement négociables sur les Bourses de Shanghai et de Shenzhen.
05/03/2012

Un trader vedette de JPMorgan lance son propre fonds

Mike Stewart, responsable mondial du négoce pour compte propre de la banque américaine depuis un an, devrait lancer à Londres au cours du deuxième trimestre 2012 selon le quotidien son propre hedge fund, dénommé Whard Stewart. Il s’agirait de l’un des plus importants lancements de fonds alternatifs outre-Manche cette année. L’ancienne équipe du dirigeant en charge des marchés émergents devrait le rejoindre.
05/03/2012

Un fonds s’invite au capital de Latécoère

Selon Le Figaro, le fonds de gestion alternative Alura Partners a franchi le seuil de 2% du capital de l’équipementier aéronautique. Le groupe a finalisé en décembre dernier sa restructuration financière avec ses créanciers bancaires et entend prendre part à la consolidation du secteur «dans un horizon de 2-3 ans».
05/03/2012

Naxicap Partners entre chez Lipp

Le fonds d’investissement a racheté 37% du capital de Groupe Bertrand aux fonds L Capital et Capzanine. Fondé par Olivier Bertrand, le groupe compte notamment parmi ses enseignes la brasserie Lipp et les boulangeries Moisan. Olivier Bertrand en reste le PDG et le premier actionnaire.
05/03/2012

Des fonds s’organisent pour la branche peinture auto de DuPont

Reuters croit savoir que des fonds de capital investissement tâchent d’unir leurs forces pour tenter de racheter les activités de peinture pour véhicules de DuPont, dont le prix pourrait dépasser 4 milliards de dollars. Blackstone se serait d’ores et déjà allié avec Bain Capital, tandis que le fonds Clayton, Dubilier & Rice ferait équipe avec CVC Capital Partners.

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