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15/09/2011
Fonds

Béatrice Denys rejoint Turenne Capital

Turenne Capital Partenaires a annoncé le 14 septembre l’arrivée de Béatrice Denys en qualité de directeur associé et membre du comité de direction. Au sein du pôle Santé, Béatrice Denys va apporter son expertise d’investisseur dans ce domaine.Avant de rejoindre Turenne Capital, Béatrice Denys a passé 11 ans chez SGAM/Amundi PEF. En décembre 2005, elle prend la gestion du fonds Sefti, un fonds de venture capital levé auprès d’industriels américains du médicament, d’institutionnels et d’investisseurs privés. Turenne Capital, qui dispose de près de 400 millions d’euros sous gestion, a développé une expertise dans le domaine de la santé et déjà investi environ 100 millions d’euros, notamment dans les domaines du «medical device"(dans les prothèses orthopédiques comme Serf Dedienne, Aston Medical), des services à la personne (Bien à la Maison), des logiciels et du traitement de l’information liée au médical (Capsule). L’ensemble de ces participations représente environ 30% du portefeuille des fonds gérés par Turenne Capital.
Fonds
15/09/2011

Groupe Pasteur Mutualité prend 34 % du réseau Fiducée Gestion Privée

Groupe Pasteur Mutualité fait son entrée dans le capital du réseau de conseillers en gestion de patrimoine indépendants (CGPI) dédié aux professionnels de santé, Fiducée Gestion Privée. Les fondateurs du réseau gardent la majorité, avec 53,58% du capital, Groupe Pasteur Mutualité prend 34%. D’autres actionnaires se partagent les 12,42% restants. L’entrée de Groupe Pasteur Mutualité dans son capital permet à Fiducée Gestion Privée d’élargir sa gamme de produits commercialisée auprès de ses clients, en proposant notamment des produits du goupe en protection des personnes (prévoyance, santé, dépendance) et en IARD (assurance de dommages et de responsabilité civile). Selon Pasteur Mutualité, le partenariat doit aussi répondre aux attentes exprimées par ses adhérents en matière de conseil et de stratégie patrimoniale. Enfin, elle doit permettre au groupe de renforcer son offre en proposant une expertise complémentaire et des solutions de gestion véritablement haut de gamme et sur-mesure, précise un communiqué.
15/09/2011

SwissLife Banque Privée crée un département Corporate Finance

SwissLife Banque Privée développe son offre destinée aux entrepreneurs en créant un département Corporate Finance, une nouvelle entité qui se propose d’accompagner les clients de la banque dans les différents cycles de la vie de l’entreprise. Alain Kuperty rejoint SwissLife Banque Privée pour diriger cette nouvelle activité. Le département va intervenir sur tous les secteurs d’activité et couvre notamment les domaines suivants :- Le conseil : analyse financière et diagnostic stratégique, évaluation, validation de business plans et recommandations- Les cessions : cession majoritaire ou minoritaire, cession d’actifs, spin-off- Les acquisitions : achat ciblé, croissance externe, analyse d’un secteur d’activité et identification des opportunités- L’ingénierie financière : recomposition de capital, LBO.Alain Kuperty, 50 ans, bénéficie d’une expérience d’une vingtaine d’années dans les fusions et acquisitions sur le segment small et mid-cap. Après avoir exercé pendant dix ans dans la banque d’affaires en tant que directeur au sein de Barclays, Hambros et Banexi, Alain Kuperty a occupé des fonctions de responsable Fusions et Acquisitions dans l’industrie et les services : Essilor, Laser Cofinoga, Communication & Systèmes. Cette expérience lui a permis de mener de nombreuses opérations d’acquisitions, de cessions, de LBO ou de spinoff en France et à l’international.
15/09/2011
Fonds

Schroders commercialise un fonds luxembourgeois d'actions brésiliennes

Partant du principe que «de plus en plus d’investisseurs considèrent les actions brésiliennes comme une classe d’actifs à part entière, plutôt que comme une sous-catégorie des marchés émergents», comme le souligne Philippe Lecomte, directeur général en France, Schroders commercialise désormais en France le compartiment d’actions brésiliennes de sa sicav luxembourgeoise Schroder International Selection Fund (SISF).Il s’agit d’un fonds de 20-40 lignes dont l’indice de référence est le MSCI Brazil 10/40. Le gérant, Carlos Scretas, met en œuvre une stratégie combinant une analyse ‘top-down’ du marché avec une sélection de valeurs de type ‘bottom up’, en choisissant des titres de qualité présentant à la fois des valorisations attrayantes et une forte exposition des revenus à la croissance intérieure.Schroders possède comme d’autres grandes maisons une légitimité certaine sur cette thématique. Le groupe britannique est actif dans la gestion et la sélection d’actions sur le marché brésilien depuis plus de 17 ans. Son équipe locale, composée de 16 spécialistes de l’investissement, gère des portefeuilles d’actions brésiliennes d’une valeur totale de plus de 1,8 milliard de dollars au 31 mars 2011.Caractéristiques:Dénomination : Schroder ISF Brazilian Equity A Acc EUR (par retail)et Schroder ISF Brazilian Equity C Acc EUR (part institutionnelle)Codes Isin : LU0672756755 (part A)LU0672756912 (part C)Frais de gestion : 1,50 % (part A)1 % (part C)Souscription minimale initiale : 1000 euros (part A)500.000 euros (part C)Souscription ultérieure minimale : 1000 euros (part A)250.000 euros (part C)
Fonds
15/09/2011

IPD nomme un directeur général adjoint

IPD, société spécialisée dans la mesure de performance pour l’immobilier d’investissement et d’exploitation annonce le recrutement d’Olivier Mège, nommé directeur général adjoint d’IPD France & Europe du Sud. L’intéressé sera en charge des départements Etudes & Recherche, du développement des services dédiés aux experts immobiliers et du développement du partenariat Immostat-IPD. Il aura aussi pour rôle d’accompagner la croissance de l’entreprise aux côtés de Stéphanie Galiègue, directeur général.
15/09/2011

Alliance stratégique entre Martin Currie et APS en Chine

L'écossais Martin Currie et le singapourien APS Asset Management ont annoncé le 14 septembre la signature d’un accord de principe en vue d’une alliance stratégique pour créer une société de gestion indépendante leader sur le créneau des actions A chinoises. Il s’agirait de gestion active et l’opération devrait être bouclée pour fin septembre, sous réserve de l’obtention des autorisations nécessaire de la part des autorités de régulation.Le partenariat avec APS permettrait aux clients de Martin Currie d’utiliser les compétences reconnues de l'équipe de gestion Chine d’APS, la seule société de gestion étrangère disposant d'équipes de recherche dans trois villes chinoises.Pour sa part, APS aura accès à la plate-forme de distribution et aux capacités de suivi de la clientèle de Martin Currie ; elle prendra en charge le gestion de portefeuille pour le compte des clients de Martin Currie à compter du 1er novembre 2011. Martin Currie deviendra ainsi le principal distributeur des produits APS dans le monde, au travers de son réseau de bureaux en Europe, aux Etats-Unis et en Asie.
15/09/2011

Guangfa Securities crée une filiale d'investissement alternatif

Guangfa (GF) Securities vient d’annoncer qu’elle projette d’investir 2 milliards de yuans dans la création d’une filiale d’investissement qui pourrait s’appeler Guangfe Alternative Investements et qui se positionnerait sur des actifs alternatifs qui sont normalement interdits aux gestionnaires traditionnels, tenus de se focaliser sur les actions, les obligations interbancaire et les produits financier de gré à gré.Selon Z-Ben Advisors, GF Securities va aussi investir 500 millions dans Guangfa Futures, ce qui portera l’enveloppe consacrée à cette filiale à 1,1 milliard de yuan.La création de la filiale d’investissement, qui sera consacrée au négoce, s’insère probablement dans un projet de créer une véritable société de gestion d’actifs dès que le régulateur permettra ce genre de transformation.
15/09/2011
Fonds

State Street fait coter de nouveaux ETF sur Nyse Euronext

State Street propose sept nouveaux ETF de la marque SPDR sur la plate-forme parisienne de Nyse Euronext. Il s’agit des ETF suivants : SPDR MSCI ACWI ETF (IE00B44Z5B48) chargé à 0,50%SPDR MSCI ACWI IMI ETF (IE00B3YLTY66) chargé à 0,55%SPDR MSCI Emerging Markets ETF (IE00B469F816) chargé à 0,65% SPDR MSCI Emerging Markets Small Cap ETF (IE00B48X4842) chargé à 0,65%SPDR MSCI EM Asia ETF (IE00B466KX20) chargé à 0,65%SPDR MSCI EM Latin America ETF (IE00B454X613) chargé à 0,65%SPDR MSCI EM Europe ETF (IE00B431K857) chargé à 0,65%
Fonds
15/09/2011
Fonds

Le FSI va entrer au capital de Cellectis

Le Fonds Stratégique d’Investissement (FSI) a annoncé le 14 septembre dans un communiqué sa décision d’accompagner le développement de Cellectis, l’un des leaders mondiaux de l’ingénierie du génome, en investissant 25 millions d’euros, aux côtés de Pierre Bastid qui investit le même montant. Cette levée de fonds d’un montant total de 50 millions d’euros a pour objectif d’accélérer les projets de croissance organique de Cellectis et de lui permettre de réaliser l’acquisition structurante de Cellartis, leader européen des cellules souches.«En souscrivant à cette levée de fonds, le Fonds Stratégique d’Investissement (FSI) a vocation à devenir un actionnaire de référence et de long terme de Cellectis», souligne le Fonds dans son communiqué .
Fonds
15/09/2011

Edram renforce son pôle marchés émergents

L’arrivée au 1er septembre de Thomas Gerhardt (ex-DWS) comme directeur de la gestion actions émergentes et matières premières (lire notre article du 8 avril) chez Edmond de Rothschild Asset Management (Edram) marque une nouvelle étape du développement de l’activité de la maison française. L'équipe, qui gère actuellement 2 milliards de dollars (contre 2 milliards d’euros à la fin du premier semestre), dont 500 millions dans le mandat QFII (actions chinoises A) et 285,3 millions d’euros en matières premières, va être très prochainement renforcée par deux adjonctions à Francfort et deux autres à Hong-Kong. Elle comptera 14 personnes (dont deux gérants matières premières, Emmanuel Painchault et Raphaël Dubois) avant la fin de l’année, a indiqué Thomas Gerhardt, précisant que ces embauches sont pratiquement bouclées.Cette extension s’accompagnera du lancement d’un fonds actions spécialiste des grandes entreprises asiatiques leaders dans leur secteur et d’un fonds Amérique latine. A terme, Edmond de Rothschild Asset Management n’exclut pas de créer un fonds investis sur des zones spécifiques telles que l’Afrique ou encore l’Europe de l’Est.En revanche, Thomas Gerhardt, qui gère en direct le EdR Global Emerging, n’a pas prévu pour l’instant de lancer des fonds thématiques sur, par exemple, la consommation ou les infrastructures dans les pays émergents, qui sont pourtant à son avis les grands sujets pour les prochaines années.Au 31 août 2011, Edmond de Rothschild Asset Management gérait 13,9 milliards d’euros au travers de mandats de gestion et de 27 fonds ouverts enregistrés à la commercialisation dans 15 pays.
15/09/2011

Net inflows of EUR11bn for long-term UCITS-compliant funds

UCITS-compliant funds posted a net outflow of EUR14bn in July, following outflows of EUR29bn in the previous month, according to the most recent statistics from the European financial and asset management association (EFAMA). This outflow was halved largely due to lower outflows from money market funds (EUR25bn, compared with EUR36bn in June), and an increase in net inflows to bond funds.Long-term UCITS funds, which means all funds excluding money market funds, saw a net inflow of EUR11bn in July, compared with EUR7bn in June, with net subscriptions of EUR6bn to bond funds (compared with an even balance in June), EUR3bn for diversified funds (compared with EUR6bn in June), and outflows of EUR1bn from equities funds (compared with EUR3bn previously).Dedicated funds, for their part, posted a net inflow of EUR6bn in July, after a similar level of subscriptions in June.
15/09/2011

AIFM directive: IMS calls for diversity of fund products to be taken into account

In response to a consultation held by the European Securities Markets Authority (ESMA) on measures proposed for the second level of the AIFM directive, the British Investment Management Association (IMA) has pointed out the diversity of the funds affected by the Commission’s proposed regulations, and has declared that there is a need to treat the various alternative investment vehicles equally. The trade body claims that the directive would apply to nearly 2,000 investment vehicles in the UK, which use a wide variety of strategies, invest in all asset classes and regions worldwide, and use various levels of leverage. “Many believe that the AIFM directive consists of regulations for hedge funds and private equity. This is not the case. This directive covers a wide variety of investment vehicles – 2,000 in the United Kingdom alone. The level 2 measures need to recognise this diversity and take it into account,” says Julie Patterson, director of the IMA, in a statement released on 14 September. The IMA claims that some proposals in the AIFM directive would not treat issues in a balanced an appropriate manner, particularly in terms of systemic risk.
15/09/2011

HM Treasury to sue ECB

The Financial Times reports that the British Treasury is planning to file a suit in the European Court of Justice against the European Central Bank. This summer, the ECB published a rule which requires chambers of compensation exposed to euros to be based in the euro zone. The City feels left out by the rule, and the Treasury claims that it obstructs the free circulation of capital in the Union.
15/09/2011

Changes at Touradji CM

Paul Touradji, a renowned commodities hedge fund manager, can expect 2011 to be the first year of losses for his flagship fund. The Wall Street Journal reports that the former protégé of Julian Robertson at Tiger Management is now planning to take some time off from the day-to-day management of the business, in order to direct the trading activities of Touradji Capital Management full-time, sources familiar with the matter say.As a part of the reorganisation, two other executives will be leaving the firm, while new recruitments are planned in order to develop the institutional client segment.
15/09/2011

Edram recruits for emerging markets unit

The arrival of Thomas Gerhardt (ex-DWS) on 1 September as head of emerging markets equities and commodities management (see Newsmanagers of 8 April) at Edmond de Rothschild Asset Management (EDRAM) marks a new stage in the development of the activities of the French firm. The team, which currently manages USD2bn (compared with EUR2bn as of the end of first half), of which EUR500m are for its QFII mandate (Chinese A-class equities) and EUR285.3m for commodities, will be reinforced very soon with the addition of two people in Frankfurt and two more in Hong Kong. It will have 14 members (including two existing commodities managers, Emmanuel Painchault and Raphaël Dubois) by the end of the year, says Thomas Gerhardt, who adds that the recruitments are nearly completed.The extension comes in addition to the launch of an equity fund specialised in large Asian businesses which are leaders in their sectors, and one Latin American equity fund. Edmond de Rothschild Asset Management has not ruled out the eventual possibility of creating funds which would invest in specific regions, such as Africa or Eastern Europe.However, Gerhardt, who directly manages the EdR Global Emerging fund, currently has no plans to launch thematic funds focused, for example, on consumer goods or infrastructure in emerging markets, which in his opinion are the major growth themes for the next few years.As of 31 August 2011, Edmond de Rothschild Asset Management had EUR13.9bn in assets under management in mandates, and 27 open-ended funds registered for sale in 15 countries.
15/09/2011

Mirae Asset Global Investments appoints head for US market

Mirae Asset Global Investments has announced the appointment of Joon Kwun as president and CEO in charge of the US market. In this position he replaces Jay Jang, who will take on other responsibilities at the asset management firm specialised in emerging markets. Kwun previously worked at Goldman Sachs in Hong Kong, where he was head of the office in Seoul, South Korea.
15/09/2011

IPD appoints a deputy CEO

IPD, a firm specialised in performance measurement for real estate investment and operations, has announced the recruitment of Olivier Mège, who becomes deputy CEO of IPD France and Southern Europe. Mège will be in charge of the studies and research departments, development of services for real estate experts, and development of the Immostat-IPD partnership. He will also assist in fostering the growth of the business, alongside Stéphanie Galiègue, CEO.
15/09/2011

Pension funds take increasing interest in hedge funds

At the end of 2010, according to the National Association of State Retirement Adminstrators, allocation by US state pension funds to hedge funds was 10%, compared with 3% in 2001. This is considerably lower than the exposure of university endowments, the Wall Street Journal adds.However, pension funds, which had an average of 50.9% of their assets invested in equities as of the end of December, may want to move their allocations to less volatile products, and that may work to the advantage of funds of hedge funds, ahead of direct investments in single hedge funds.Funds of hedge funds are the quickest way to change asset allocations, explains T.J. Carlson, CIO of the Kentucky Retirement System.
15/09/2011

iShares launches two physical replication bond ETFs

On 13 September, iShares (BlackRock) launched two Irish-registered products listed on the London Stock Exchange, entitled iShares Barclays Capital US Aggregate Bond (IE00B44CGS96, acronym: SUAG) and iShares Markit iBoxx $ High Yield Capped Bond (IE00B4PY7Y77, SHYU). The sampling-based physical replication bond ETFs charge fees of 0.25% and 0.50%, respectively.The first of the two funds focuses on investment grade fixed-rate bonds denominated in US dollars, with a minimal residual time to maturity of one year, while the second fund replicates an index of corporate bonds with a sub-investment grade rating, with a minimal remaining time to maturity of 3 and a half years, and a maximum of 15 years for new issues, and three years for existing issues.
15/09/2011

Lyxor Hedge Fund Index confirms that August was a hard month for hedge funds

Lyxor AM announced on Wednesday, 14 September that the Lyxor Hedge Fund Index posted a loss of 2.19% in the month of August 2011. As of 31 August, since the beginning of the year, the index shows a loss of 3.80%.In August, the alternative strategies which performed best were Lyxor L/S Equity Short Bias Index (+5.55%), Lyxor CTAs Short Term Index (+2.21%) and Lyxor Fixed Income Index (+0.26%).
15/09/2011

Pioneer says it doesn't need a partner to carry out major transformations

Among the developments on the agenda at Pioneer Investments, Roger Yates, CEO, announced on Wednesday, 14 September, that it is creating an emerging markets unit, which will be based in London. “Currently, we are present in emerging markets, but we are not good enough,” says Yates. The team, which will be led by Mauro Ratto, currently head of asset management for Europe and Asia at Pioneer Investments, will combine the existing capacities of the group in this area, regardless of the asset classes and countries concerned, which are currently spread out over several locations. The size of the team is not yet known, as several recruitments are underway, but the unit is expected to manage assets of EUR6-7bn.The other major project described by Yates is expansion in the United States, where Pioneer is now planning to offer products from the firm which are managed in other countries, which is not currently the case. “In the United States, we manage USD50bn in mutual funds. But we have just begun to exploit our growth potential,” says Yates. The firm is also planning to increase its development serving independent financial advisers in the US. From a geographical standpoint, Asia is naturally another attractive area for growth in terms of product distribution.Although Pioneer Investments is planning to develop in some areas, the firm has, however, announced plans to pull out of some areas of activity or regions which are considered peripheral, including Australia and Russia. All of this is coming at a time which Yates describes as difficult for the asset management firm.
15/09/2011

State Street opens an office in Brunei

State Street Corporation has announced the opening of an office in Brunei. The group will provide client relationship services to local institutional investors. Nick Wright, head of the global services activity at State Street for southern Asia, based in Singapore, has announced that the Brunei office will further State Street’s goal of increasing the percentage of its earnings generated outside the United States.
15/09/2011

Paul Boughton joins Mirabaud

Paul Boughton, head of sales for continental Europe, is leaving Neptune Investment Management after three and a half years, to join Mirabaud Investment Management as co-director of sales and marketing. In this role he will report to Patrick Berton, director of sales, FundWeb reports.Meanwhile, Alistair Wilson, head of institutional business, is also leaving Neptune IM, after six years at the firm. He will join a bond management boutique to direct institutional activities.
15/09/2011

Guangfa Securities creates an alternative investment affiliate

Guangfa (GF) Securities has announced plans to invest CNY2bn in an investment affiliate, which may be known as Guangfa Alternative Investments, which would adopt positions on alternative assets which are ordinarily not allowed for traditional investors, and would focus on equities, inter-bank bonds, and over-the-counter financial products. Z-Ben Advisors reports that GF Securities will also invest CNY500m in Guangfa Futures, which will increase the amount dedicated to the affiliate to CNY1.1bn. The creation of the investment affiliate, which would be centred on trading, is probably part of plans to create a complete asset management firm, once the regulator allows this type of transformation.
15/09/2011

Strategic partnership forged by Martin Currie and APS

The Scottish asset management firm Martin Currie and the Singapore-based APS Asset Management on 14 September announced that they have signed a strategic partnership to create an independent asset management firm which will be a leader in the Chinese A-class equities market. The firm will rely on active management, and the deal will be completed by the end of September, pending the necessary permission from regulatory authorities.The partnership with APS will allow clients of Martin Currie to avail themselves of the renowned expertise of the China asset management team at APS, the only foreign asset management firm with research teams in three Chinese cities.For its part, APS will have access to the distribution platform and the client relationship abilities of Martin Currie; it will take charge of portfolio management for Martin Currie clients from 1 November 2011. Martin Currie will become the largest distributor of products for APS worldwide, via its network of offices in Europe, the United States and Asia.
15/09/2011

LGT Capital sets up a distribution structure in Asia

The traditional asset management affiliate of LGT Group, LGT Capital Management (USD24bn in assets), has announced the opening of its first distribution structure in Asia, led by Marcel de Bruijckere, who had most recently been CEO for Singapore, head of institutional sales for south & southeast Asia and head of multi-asset solutions Asia Pacific at ABN Amro Asset Management.LGT CM will target institutional clients, wholesale distribution and sub-advisory with the local office. Several institutional investors based in Asia have already expressed interest in the services of the asset manager based in Pfäffikon, near Zurich, in the areas of custom multi-asset class solutions, long-term asset allocation, and inflation-linked bonds.Solutions and services available in the wholesale distribution area will be aimed not only at private banks, but also at insurers and independent brokers.Torsten de Santos, CEO of LGT CM, has announced that in addition to offering products under its own brand name, the management firm will also make efforts to create distribution partnerships with financial institutions in Asia, via a sub-advisory activity, or the provision of white label products. A presence in the region is a sine qua non for the creation of such strategic partnerships.
15/09/2011

Béatrice Denys joins Turenne Capital

Turenne Capital Partenaires on 14 September announced the arrival of Béatrice Denys as an associate partner and member of the board of directors. In the health unit, Denys will contribute her expertise as an investor in this area. Before joining Turenne Capital, Denys spent 11 years at SGAM/Amundi PEF. In December 2005, she took over as manager of the Sefti fund, a venture capital fund investing capital from industrial businesses of the US pharmaceutical sector, institutionals, and private investors. Turenne Capital, which has nearly EUR400m in assets under management, has developed expertise in the area of health, and has already invested about EUR100m, particularly in the areas of medical devices, including orthopedic prosthetics, for example at Serf Dedienne and Aston Medival, in personal services (Bien à la Maison), and in medial software and information management (Capsule). Its combined investments represent about 30% of the portfolio for funds managed by Turenne Capital.
15/09/2011

SwissLife Banque Privée creates a corporate finance department

SwissLife Banque Privée is adding to its range of products aimed at entrepreneurs, with the creation of a Corporate Finance department, a new entity which will aim to assist clients of the bank throughout the various stages of the corporate life cycle. Alain Kuperty will join SwissLife Banque Privée to direct the new entity.The department will be active in all sectors of activity, including the following areas: Advisory: financial analysis and strategic diagnostics, evaluation, valuation of businesses plans, and recommendations Sales: sales of majority and minority stakes, sales of assets, spin-offs Acquisitions: Targeted acquisitions, external growth, analysis of the sector of activity, and identification of opportunities Financial engineering: recomposition of capital, LBO operationsKuperty, 50, has 20 years of experience in mergers and acquisitions in the small and midcap sector. After spending ten years in the business bank as director at Barclays, Hambros and Banexi, Kuperty served as head of mergers and acquisitions in industry and services: Essilor, Laser Cofinoga, Communication & Systèmes. This experience involved many acquisition operations, sales, LBOs, and spinoffs, in France and internationally.

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