Le patron des actions internationales chez Threadneedle, Jeremy Podger, a quitté la société pour rejoindre Fidelity en tant que gérant senior dans l'équipe dédiée aux actions internationales, rapporte Investment Week.Il va prendre en charge le Global Special Situations fund dont les actifs sous gestion s'élèvent à 1,5 milliard de livres. Le gérant actuel du fonds, Jorma Korhonen, va quitter Fidelity. Il travaillera en étroite collaboration avec Richard Lewis, le responsable récemment nommé du pôle actions internationales.

Annoncé dans un premier temps le 17 décembre 2010 (voir Newsmanagers du 20.12.2010), le groupe financier indien spécialisé dans les infrastructures IDFC et Natixis Global Asset Management (NGAM) ont finalisé officiellement le 8 décembre la signature d’un partenariat stratégique pour leur activité de gestion d’actifs collective. Les deux entités ont annoncé l’acquisition par NGAM de 25% du capital de IDFC Asset Management Company (IDFC AMC) et de IDFC AMC Trustee Company.IDFC AMC est la société de gestion d’actifs de IDFC Mutual Fund et la plateforme dédiée aux investisseurs particuliers et institutionnels de IDFC group.Ce partenariat permet à NGAM de se renforcer en Asie, où la société de gestion est déjà présente au Japon, à Taïwan, à Singapour et en Chine. «Cet accord constitue une étape importante dans la réalisation de nos objectifs stratégiques de diversification de nos activités internationales et de renforcement de notre présence en Asie», a ainsi souligné dans un communiqué Pierre Servant, directeur général de NGAM. «En joignant nos forces à celles de IDFC AMC nous élargissons notre gamme d’expertises et étendons notre présence à l’Inde, qui représente une économie émergente dynamique avec une base d’investisseurs individuels en croissance rapide à la recherche d’opportunités d’investissements innovants et internationaux». L’accord permet également à IDFC AMC d’offrir aux investisseurs indiens un accès à des opportunités d’investissements internationaux à travers les produits de gestion d’actifs de NGAM. La société pourra aussi par ce biais accéder à des investisseurs globaux qui souhaitent bénéficier de la croissance de l'économie indienne et investir sur les marchés boursiers indiens.Au 30 septembre 2011, IDFC Asset Management Company Ltd disposait d’actifs sous gestion moyen de 5,6 milliards de dollars. L’encours de Natixis Global Asset Management totalisait à cette date 525 milliards d’euros.

A l’issue de la réunion du conseil de surveillance du 8 décembre, La Compagnie Financière Edmond de Rothschild (LCF Rothschild) a indiqué que son résultat de 2011 sera du même ordre que celui de 2010, «ce qui constitue une bonne performance» dans un contexte économique et financier difficile.Michel Cicurel a annoncé son souhait de quitter en septembre 2012 ses fonctions de président du directoire après 13 ans à la tête de la Compagnie. D’autre part, comme prévu voici trois ans, après la mise en place de Marc Lévy et de Marc Samuel, Guy Grymberg, directeur général, se retirera en même temps que Michel Cicurel.LCF Rothschild précise que sous la direction de Michel Cicurel et de Guy Grymberg, ses encours et ses résultats ont été multipliés par sept. Comme l’a souhaité Benjamin de Rothschild, les deux hommes accompagneront le conseil de surveillance dans l’organisation de leur succession.

Schelcher Prince Gestion transforme le fonds à échéance Schelcher Prince Horizon 2012, investi en obligations publiques et privées, en Schelcher Prince Horizon 2016, allongeant ainsi son terme de quatre ans.Ce fonds avait été lancé en 2009 pour profiter «d’une situation exceptionnelle au regard des spreads» avec un objectif de 20 % sur trois ans. Un but atteint avec plus de 22 % de performance, indique Bruno Promonet, directeur général délégué de Schelcher Prince Gestion. Cette fois l’objectif de performance est de 30 % sur cinq ans. «L’échéance 2016 permet de profiter de décotes sur les obligations et de figer des taux de rendement pouvant atteindre 6 % pour des émetteurs de qualité présentant un risque de défaut faible. Les obligations senior du secteur financier offrent des rendements jamais égalés. 2016 permet aussi de gérer le portefeuille en incluant les offres provenant du marché primaire, dont les primes d’émissions sont importantes», explique Schelcher Prince Gestion dans la présentation de son fonds.Les contraintes de gestion pour Horizon 2016 restent les mêmes que pour Horizon 2012. Ainsi, le portefeuille sera ainsi investi pour 80 % minimum dans des obligations notées investment grade par une des agences de notation majeure (Standard&Poor’s et autres). Il pourra être investi pour 20 % maximum dans des obligations non notées ou notées non investment grade avec une limite à BB-. Quoi qu’il en soit, les obligations constituant le fonds auront une maturité inférieure au 31 décembre 2016.Le fonds, qui est aujourd’hui d’environ 60 millions d’euros, est ouvert aux investisseurs actuels et à de nouveaux souscripteurs. Les frais de sortie ont été fixés à 1 % (acquis au fonds) jusqu’à fin décembre 2015. Au-delà, il sera libre de frais de sortie.CaractéristiquesPart C : FR0010705491Part D : FR0010707539Part P : FR0010707513Valeur de la part / Souscription initialePart C et D: 10 000€ , Part P : 100€Part C, D et P : 10 parts minimumDroits d’entrées Part C et D néant, Part P 2 % maxDroits de sorties 1% jusqu’au 31.12.2015 ; néant pour la période résiduelle. Ils sont acquis au fonds.Frais de gestion Part C et D : 0.50 % ; Part P 1 % max

Trois valeurs vont intégrer l’indice ASPI Eurozone, Sodexo, Gecina et Fiat, a indiqué le 8 décembre le Comité ASPI qui vient de procéder à la révision annuelle de l’indice. L’indice ASPI Eurozone® inclut les 120 sociétés cotées les mieux notées de la zone euro sur la base des notations Vigeo.Parallèlement, trois valeurs vont être retirées de l’indice ASPI, Dexia, Rautaruukki et Brisa. Les changements de composition de l’indice seront mis en place après la clôture des cotations le vendredi 16 décembre 2011, et deviendront effectifs dès la séance boursière suivante.

The real estate fund management firm RREEF (Deutsche Bank group) has announced that it has resold the PEP shopping centre in Munich-Neuperlach to the US firm TIAA-CREF for EUR408m. It is the largest and one of the most profitable transactions in 2011 in the German commercial real estate market. The property was acquired for about EUR54m in July 1984. Since then, RREEF has invested about EUR170m in renovations and works. PEP had been in the porfolio of the open-ended real estate fund grundbesitz europa, whose portfolio is 27% invested in the United Kingdom, 21% in France, 16% in Germany, 13% in Spain, and 10% in the Netherlands. As of the end of November, the fund had assets of EUR3.2bn, with 41 properties in the porfolio. Additional sales of assets are planned in the next few months.

Schelcher Prince Gestion is converting the horizon fund Schelcher Prince Horizon 2012, which invests in government and corporate bonds, into the Schelcher Prince Horizon 2016, adding four years to its lifespan. The fund was launched in 2009 to take advantage of “an exceptional situation in terms of spreads,” with an objective of 20% over three years. This goal was met, with over 22% returns, says Bruno Promonet, deputy CEO of Schelcher Prince Gestion. This time the performance objective is 30% over five years. The management constraints for the Horizon 2016 fund remain the same as for the Horizon 2012 fund. The portfolio will be at least 80% investted in bonds rated investment grade or better by one of the major ratings agencies (Standard & Poor’s and others). It may invest up to 20% of its assets in bonds with no ratings or rated below investment grade, with a limit of BB-. Bonds in the fund will mature on or before 31 December 2016. The fund, which now has assets of about EUR60m, is open to current investors and to new subscribers. Exit fees have been set at 1% (paid into the fund), up to the end of December 2015. After that, there will be no withdrawal penalty.

In November, the coverage rate for US pension funds improved slightly, with an increase of 0.3 percentage points to 75.1%, according to statistics from BNY Mellon Asset Management. Since the beginning of this year, the coverage rate has now fallen by ten percentage points.

Hian-Boon Tay, who had been a member of the portfolio management team at the Singapore sovereign fund GIC since 1993, has joined the emerging markets team at the German asset management firm DWS Investments, with a staff of 40, 25 of whom are in Frankfurt. He will join the equity team (28 members). All emerging markets management is directed by Andreas Römer, with assets of about EUR15bn. The new recruit had been in charge of an absolute return equity fund with assets of several billion euros at GIC.

After two months, Bethmann Bank (ABN Amro group) has received the necessary authorisation from the Federal Office of Cartels and BaFin to finalise its acquisition of LGT Bank Deutschland (EUR2bn in AUM).The supervisory board at Bethmann Bank has appointed Roland Schubert as a board member, effective from 8 December. Bethmann had been CEO for private banking activities in Germany at LGT.After the transaction, assets at Bethmann Bank will total EUR19bn.

The Hamburg-based alternative management firm Aquila Capital has recruited Oldrik Verloop as director of development. The objective is to develop the firm’s presence in Benelux and Scandinavia. Verloop had previously been one of the directors of development at the Swiss bank Wegelin & Co, where he set up a strategy to enter the institutional markets in Benelux and Scandinavia.

Ben Weston, who for the past three years has been CEO of Helvetica Wealth Management Partners (a joint venture of Credit Suisse and the Emirate of Qatar), and who has also been CEO of Merrill Lynch Alternative Investments (USD26bn in assets, 2005-2008), has joined the sovereign fund Abu Dhabi Investment Authority (ADIA) as global head of alternative investments. He will report to Khalifa Almheiri, executive director of the alternative investment department.

According to the Börsen-Zeitung, subscriptions to the Luxembourg-registered Bilfinger Berger Global Infrastructure Sicav SA will be permanently closed on 13 December, and an initial listing of the fund on the London Stock Exchange will take place on 21 December (see Newsmanagers of 20 September). Initially, the investment had been planned for first quarter 2012.The amount invested in the fund is expected to total EUR250m. The German firm Bilfinger Berger will retain a 19.9% stake in the portfolio, which includes 19 construction projects ranging from schools in the United Kingdom, a high security prison in Germany, and highways in Canada. Compared with the initial plans for the fund, the performance objective has been lowered from 6% to 5.5%.

Carsten Maschmeyer, founder of the German financial services provider AWD Holding, on 7 December resigned with immediate effect form his position as director of Swiss Life Holding, a position he was elected to in 2009, following a decision to reduce his stake in Swiss Life Holding to less than 3% from 5.05% currently. Maschmeyer says in a statement that he is also hoping to spare Swiss Life AWD from the unfounded personal attacks he has been subject to. Maschmeyer is hoping that his decision to resign and sell shares in the firm will put an end to rumours that he had had a direct influence on operational activities at AWD. The German SMB CGI Industrie AG, for its part, announced on 8 December that Maschmeyer has increased his stake in its capital above the 3% and 5% thresholds, the day after a sale of some of his shares in Swiss Life Holding. The transaction was processed via the wealth manager Paladin Asset Management.

Jim Ross, global head of ETFs at State Street Glboal Advisors, has told Mutual Fund Wire that the firm is planning to launch its first actively-managed ETF products in 2012. The first round of launches may include 5 or 6 new products, which will be launched on the market in the first few months of the year. SSgA is the second-largest ETF provider, after iShares (BlackRock).

State Street Global Advisors is planning to create an educational website about ETFs, aimed at retail investors, Jim Ross, global head of ETFs at the firm, has announced. The website will be available at www.SPDRETFFactorFiction.com, and will aim to dispel a number of misconceptions about ETF funds.

Jerry Szilagyi, president of Vice Advisor USA Mutuals, has confirmed to Mutual Fund Wire that before the end of December, it will be creating two new share classes (A and C) in its Vice Fund, aimed at financial advisers. The firm will also soon recruit for its sales team, in order to increase its client base in this segment, the article adds.

Oddo AM on 8 December unveiled an equity fund with a rather contrarian approach: it invests in a range of European banking sector equities. The fund will aim to outperform the Stoxx Europe 600 Banks Net Return index, with a minimal investment horizon of 5 years. The fund will invest exclusively in European financial sector shares (banks and insurers, though insurance sector shares are limited to no more than 15% of assets). The fund will be managed by Alain Dupuis, who has covered the banking sector as a financial analyst for over 15 years, including 11 years at Oddo Securities, and in the thematic equity management team at Oddo Asset Mangaement, led by Emmanuel Chapuis. The launch of the fund comes in an environment in which many consider the banking sector to be trapped in a vicoius circle: sovereign crisis, refinancing crisis, fast-paced regulatory changes, and a virtual recession in Europe. These are all interconnected problems which feed one another. However, following a 45% fall in the banking sector since the beginning of the year, and valuation levels which have already integrated projections of major stress, the banking sector offers opportunities for entry with a long-term horizon, so long as shares are acquired highly selectively. According to Dupuis, “the current valuation of banks has integrated heavy losses on sovereign debt, but also a scenario of a deeper than expected recession, and massive recapitalisation. Even a partial improvement in the economic or political situation would have a positive effect on the valuation of the entire sector, which is now trading at all-time low ratios.” Characteristics of the fund ISIN code: A shares: FR0010493957/ B shares: FR0011156215 Legal format: French-registered FCP AMF classification: International equities Benchmark: Stoxx Europe 600 Banks Net Return Subscription commission: Maximum 4%, including all taxes, of net assets, not paid back to fund Management fees: A class shares: maximum 2% of net assets, including all taxes; B shares: 1% of net assets, including all taxes Performance commission: 20% of outperformance exceeding the benchmark, if the performance of the fund is positive, including all taxes Minimum initial subscription: A shares: 1 thousandth of one share; B shares: EUR1m

Dubai Investment Group is closing down its New York office and transferring control of its USD1.1bn real estate portfolio to a private equity firm co-founded by Mark Walsh, the Wall Street Journal reports. Walsh is the former head of the real estate unit at Lehman Brothers.

As initially announced on 17 December 2010 (see Newsmanagers of 20 December 2010), the Indian infrastructure specialist financial group IDFC and Natixis Global Asset Management (NGAM) on 8 December officially finalised a strategic partnership for their collective asset management activities. The two entities have announced the acquisition of a 25% stake in the capital of IDFC Asset Management Company (IDFC AMC) and ADFC AMC Trustee Company by NGAM. IDFC AMC is the asset management firm for IDFC Mutual Fund, and the platform dedicated to retail and institutional investors for the IDFC group. The partnership will allow NGAM to strengthen its presence in Asia, where the asset management firm is already present in Japan, Taiwan, Singapore, and China. “This agreement represents a significant step in the realisation of our strategic objectives of diversifying our international activities and strengthening our presence in Asia,” Pierre Servant, CEO of NGAM, says in a statement. “By joining forces with IDFC AMC, we are extending our range of expertise and extending our presence to India, which is a dynamic emerging economy with a rapidly-growing base of retail investors seeking innovative and international investment opportunities.” The agreement also allows IDFC AMC to offer Indian investors access to international investment opportunities via asset management products from NGAM. Under the agreement, the firm may also access global investors who may be seeking to profit from the growth of the Indian economy by investing on the Indian stock markets. As of 30 September 2011, IDFC Asset Management Company Ltd had assets under management of USD5.6bn. Assets at Natixis Global Asset Management on that date totalled EUR525bn.

The family of George Soros has bought up about USD2bn in European bonds previously held by MF Global Holdings, sources familiar with the matter have told the Wall Street Journal.The bonds in question are precisely the short-term European government bonds, largely from Italy, which drove MF Global to file for bankruptcy protection on 31 October. Under the direction of CEO Jon S. Corzine, MF Global had accumulated USD6.3bn in European government debt.

Following a meeting of the supervisory board on 8 December, La Compagnie Financière Edmond de Rothschild (LCF Rothschild) has announced that its 2001 results will be on a par with its 2010 results, “which is a good performance” in a difficult financial and economic environment. Michel Ciurel has announced that he plans to leave his position as chairman of the board in September 2012, after 13 years at the head of the company. As planned three years ago, after the installation of Marc Lévy and Marc Samuel, Guy Grymberg, CEO, will be leaving the firm at the same time as Cicurel. LCF Rothshild says that under the leadership of Cicurel and Grymberg, its assets and profits have been multiplied by a factor of seven. As desired by Benjamin de Rothschild, the two men will assist the supervisory board in arranging for their succession.

“I simply don’t know where the money is, or why the accounts were not kept current,” John Corzine, former chairman and CEO of the bankrupt broker MF Global, declared on Thursday at a House of Representatives committee hearing. At the hearing, Corzine testified that his knowledge of specific transactions involving client funds was limited, Agefi reports.

The North American multi-asset class team at Barings, led by Hayes Miller in Boston, has recruited Matthew Whitbread as investment manager. He has left Fundquest Inc, an affiliate of BNP Paribas, where he had been portfolio manager, with responsibility for asset allocation.The multi-asset class team at Barings, which was created in 2002, includes eight portfolio managers and two analysts; as of the end of October, it managed GBP5.7bn.

The California State Teachers’ Retirement System (CalSTRS, USD148.2bn in assets as of the end of October) has announced that it has selected Lyxor Asset Management as its advisor for the development of a new strategy based on global macro hedge funds. The mandate was awarded following a 15-month process, and includes a trial period of up to three years. Among the responsibilities that will be assigned to Lyxor (Société Générale group) are assisting investment professionals at CalSTRS to develop, monitor and update investment policies, procedures and programme structures for the strategy. The US affiliate of the French asset management firm will also set up a strategy to identify highly qualified managers, and to undertake due diligence on the candidates. In addition, Lyxor will undertake regular evaluations of managers and accounts, identify problems, and undertake quarterly reporting for the investment committee at CalSTRS.

Three shares have been added to the ASPI Eurozone index: Sodexo, Gecina and Fiat, the ASPI committee announced on 8 December, following its annual revision of the index. The ASPI Eurozone® index includes the 120 best-rated companies in the euro zone on the basis of Vigeo ratings. Meanwhile, three shares have been removed from the ASPI index: Dexia, Rautarukki, and Brisa. The changes in the composition of the index will be applied after the end of the trading day on Friday, 16 December 2011, and will take effect form the beginning of the following trading day.

Michael Gallucci, who has spent 16 years at Standard & Poor’s, most recently as senior sales director at S&P Index Services, joined Russell Investments in late November. He has been appointed regional director for structured products and data redistribution to sell-side clients for the United States. Gallucci will be in charge of developing distribution activities in the United States for Russell Indexes products, including new products which have recently been added to the line of traditional benchmarks and custom products. Gallucci will report to Mark Sutter, director of US Sales for Russell indices.

FTSE Group pulled the Investec group (banking and asset management) from the FTSE 100 index at its most recent quarterly revision. Investec, along with Lonmin and Inmarsat, will join the FTSE 250 at the end of this month. The three firms that will join the FTSE 100 will be the construction materials group CRH, the steel maker Evraz, and the precious metals specialist Polymetal International. The changes announced will be applied at the close of trading on 16 December, and will take effect from 19 December.

The head of international equities at Threadneedle, Jeremy Podger, has left the firm to join Fidelity as a senior manager in the team dedicated to international equities, Investment Week reports. Podger will take charge of the Global Special Situations fund, with assets under management toalling GBP1.5bn. The current manager of the fund, Jorma Korhonen, will be leaving Fidelity. Podger will work closely with Richard Lewis, the recently-appointed head of the international equities unit.

Paul McLaughlin has joined State Street Alternative Investment Solutions in Guernsey, where he is now head of operations, Hedgeweek reports. His responsibilities include strengthening the alternative investment services offered to clients based in Europe, the Middle East and Africa (EMEA), including private equity and real estate funds. McLaughlin previously worked at BNY Mellon in Dublin, where he held a similar position.