Selon Les Echos, l’autorité de tutelle des marchés financiers indiens (Sebi), qui reproche au milliardaire indien Anil Ambani, patron du groupe Reliance Adag, d’avoir dissimulé la nature de certaines opérations financières, lui a interdit d’opérer sur le marché boursier secondaire en 2011 et lui a infligé une amende record de 8 millions d’euros, la plus importante de son histoire.

A la fin du troisième trimestre 2010, 680 hedge funds sur les 9.175 dans le monde étaient domiciliés en Irlande, soit le double de l’an dernier, rapporte le Financial Times Fund Management citant Hedge Fund Research. L’Irlande est aussi la juridiction choisie par 63 % de tous les hedge funds basés en Europe, selon l’Irish Funds Industry Association.

Selon l’Agefi qui cite plusieurs sources proches du dossier, Guido Mundt a été nommé directeur général d’ Oddo Asset Management (AM), une fonction assurée par Philippe Oddo lui-même. L’annonce de cette nomination aurait été faite, selon nos informations, jeudi 13 janvier en interne, par Philippe Oddo lors de la cérémonie des voeux de l'établissement.Guido Mundt était depuis fin 2008 directeur général de la Banque d’Orsay, filiale de WestLB racheté par Oddo & Cie finalisé en novembre dernier, précise le quotidien.

Bordier & Cie (France), la filiale française de Bordier & Cie, des banquiers privés genevois, a annoncé, lundi l’arrivée de Jean-Yves Gérardin, en tant que secrétaire général de Bordier & Cie (France).Après avoir rejoint la Direction des Prestataires de Services d’Investissement de l’Autorité des Marchés Financiers en 2003 pour travailler sur différents sujets ayant trait aux instruments financiers et aux services d’investissement, Jean Yves Gérardin a travaillé, à compter de 2007, sur les impacts de la directive MIF notamment sur les sujets immobiliers (SCPI, OPCI) et de titrisation, précise un communiqué.

L’information révélée lundi 17 janvier par le site H 24 Finance selon laquelle Roger Mainguy, le directeur des réseaux et partenariats Cardif allait quitter le groupe BNP Paribas dès le 1er février a été confirmée à Newsmanagers. Selon l’assureur, le départ du cadre ne va pas entrainer un remplacement poste pour poste. En revanche, Hervé Cazade, qui était jusque là responsable Epargne Financière et Protection France chez BNP Paribas Assurance devient responsable de l’ensemble des réseaux de distribution en France et récupère de fait les conseillers en gestion de patrimoine indépendants.H 24 Finance croit savoir que, de son côté, Roger Mainguy rejoindrait la société April.

Nyse Euronext attend au moins cinq nouvelles venues au premier trimestre sur son marché destiné aux PME, rapporte Les Echos. 2010 avait été marquée par une reprise des cotations (37 sociétés pour plus de 87 millions d’euros levés), grâce notamment aux transferts.

Le gestionnaire helvétique responsAbility Social Investments AG, spécialiste des investissements sociaux propose aux investisseurs qualifiés ayant un horizon de long terme, un fonds de capital-risque investissant dans des entreprises au fort potentiel de croissance et actives dans le domaine du développement. Ce produit de droit suisse, responsAbility Ventures I, va se focaliser sur un portefeuille équilibré d’entreprises spécialistes des marchés du «bas de la pyramide» mondiale des revenus (base-of-the-pyramid ou BoP) dans des domaines comme l’approvisionnement en énergie, l’agriculture et la technologie de l’information et de la communication.Le fonds a été élaboré avec l’organisation spécialisée dans la coopération au développement Helvetas et la fondation néerlandaise DOEN. Le concept du fonds est soutenu par le secrétariat d’État à l’Economie SECO, la DEZA - direction du développement et de la coopération - et la SNV, l’agence de développement des Pays-Bas.responsAbility Ventures I a drainé 15 millions de dollars lors de la première clôture et 2,35 millions de dollars supplémentaires ont été levés pour l’assistance technique. Le fonds accepte désormais des souscriptions à partir de 250 000 dollars de la part d’investisseurs qualifiés.

Selon l’Agefi, AllianceBernstein, la filiale américaine de gestion d’actifs d’Axa a fait état la semaine passée d’actifs sous gestion s'élevant à 486 milliards de dollars au 31 décembre, soit un repli de 2 % sur douze mois. L’an passé, les actifs actions ont chuté de 17% (pour représenter 45% du total), tandis que les actifs obligataires et «autres» (indiciels, alternatifs notamment) progressaient de 6 et 65% (42 et 13% des actifs à fin 2010). Le montant des actifs institutionnels abandonnait 6%, à 58% du total, celui des clientèles de détail et privée progressant de 5 et 4% (à 26 et 16% du total), précise le quotidien.

JP Morgan a annoncé le 14 janvier l’introduction en Arabie Saoudite d’activités sur devises, sur le marché monétaire et sur les titres du Trésor.Dans cette perspective, la banque américaine devient une banque à part entière du royaume saoudien, avec notamment des fonctions de contrepartie sur le marché local.

Skandia Investment Group (SIG) vient d’ajouter Danske Capital, à la liste des sociétés de gestion du fonds Skandia European Best Ideas Fund, un fonds regroupant les meilleures idées de dix gérants soigneusement sélectionnés, après qu’Argonaut Capital Partners et Gartmore Investment Limited ont perdu leur mandat. La filiale de la banque danoise Danske Bank s’est ainsi vue confier 38 millions de dollars. Le fonds Skandia European Best Ideas est géré par Lee Freeman-Shor (Skandia Investment Group), dont la mission consiste notamment à optimiser l’allocation des actifs du fonds entre les différents gérants sélectionnés. Aux huit gérants actuels (Crispin Odey de la société de gestion Odey, James Inglis-Jones, de Liontrust, Hugh Cuthbert, de SVM, Raj Shant, de BNY Mellon/Newton, Tobias Klein, de First Private, James Buckley, de Barings, Terrance Burnham, d’Acadian, Damien Lanternier de la Financière de l’Echiquier), il faut donc désormais ajouter Henrik Husted-Knudsen, de Danske Capital. Skandia ne compte pas passer à dix gérants pour le moment, le fonds se comportant bien.

La société de gestion alternative Algebris Investments vient de confier à l’un de ses associés, Alessandro Lasagna, la mission de piloter depuis Londres son développement européen en commençant par l’Italie. Les prochaines étapes de cette expansion seront l’Espagne et la Suisse.Créée en 2006 par Davide Serra et Eric Halet, Algebris gère aujourd’hui 1,4 milliard de dollars d’actifs. La société gère notamment un fonds long short actions sur le secteur financier, Algebris Global Financial Funds, et a lancé début 2010 un fonds long short sur les financières dans les pays émergents, Algebris Emerging Market Financials Fund. Basée à Londres, Algebris a aussi des bureaux à New York et Singapour et regroupe 17 professionnels. «Nous pensons qu’après quatre années de forte croissance et après avoir atteint un niveau d’encours sous gestion important, le moment est venu de regarder l’Europe et de s’adresser à un spectre plus large d’investisseurs. En Italie, en particulier, nous pensons offrir à court terme la possibilité d’accéder à notre savoir-faire dans les investissements alternatifs via des solutions ad hoc», déclare Davide Serra, associé fondateur d’Algebris. La personne choisie pour piloter le développement européen, Alessandro Lasagna, est membre du conseil d’administration d’Algebris Global Financials Fund depuis 2006. Il a notamment été membre du conseil d’administration d’IN Alternative SGR où, depuis 2006, il s’est occupé de faire croître les actifs des fonds de hedge funds gérés par la société italienne.

Le suédois Catella Fondförvaltning, filiale de Catella AB, a annoncé le 17 janvier le lancement de quatre fonds alternatifs coordonnés de droit luxembourgeois spécialistes des actions ou des obligations des pays nordiques. Ces produits sont tous à liquidité journalière.Il s’agit du Catella Nordic Long-Short Equity, du Catella Nordic Fixed Income Opportunity, du Catella Nordic Tiger (spécialiste des sociétés nordiques fortement engagées dans les marchés émergents) et du Catella Allocation Sweden (actions et obligations suédoises).

La société de gestion sud-coréenne Mirae a nommé Woong Park en qualité de directeur général de Mirae Global Investments (Magi), le pôle international du groupe, en remplacement de Peter Lee, qui a été désigné managing director de la division recherche de Magi, rapporte Asian Investor.Woong Park était précédemment chief marketing officer de Magi. Mirae a par ailleurs lancé le premier ETF de la place de Hong Kong sur l’indice Kospi, le Tiger Kospi 200 ETF.

ING Real Estate Investment Management a confirmé être en discussions avec «plusieurs parties» au sujet de la vente éventuelle d’une partie de son activité, alors que plusieurs articles de presse donnaient CBRE favori, rapporte IPE.com. La société de gestion immobilière a précisé que les négociations pourraient aboutir à une ou plusieurs transactions.

RWC Partners devrait lancer début février un fonds de performance absolue, le RWC Enhanced Absolute Rate & Currency (ARC), qui sera piloté par deux anciens gérants de Threadneedle, Peter Allwright et Stuart Frost, partis en juin dernier pour rejoindre RWC.Il visera un objectif de rendement du marché monétaire plus 6% et tirera partie des mouvements à court terme sur les marchés obligataires dans le cadre du format Ucits III. Le fonds ne devait pas être proposé au marché avant la fin du premier trimestre mais son lancement a été avancé en raison de la forte demande de la clientèle. Il sera disponible en sterling, euro et dollar américain. L’investissement minimal est fixé à 25.000 livres pour les investisseurs retail.

p { margin-bottom: 0.08in; } The organs of the Swiss Confederation in charge of financial questions are seeking to improve their cooperation. The Federal finance department (DFF), the Financial markets surveillance authority (Finma) and the Swiss national bank (BNS) on 17 January announced that they have signed a three-way protocol agreement. The conclusion of such an agreement, which in no way modifies the responsibilities and competences in decision-making of the various authorities named in the law, was required last year by the Management commission of the federal chambers. The agreement sets up a collaboration between the three authorities, which will include exchange of information on questions of financial stability and regulation of financial markets as well as collaboration in cases of crisis which may threaten the stability of the financial system, with the creation of two committees. The exchanges of information will involve the macroeconomic environment as well as financial markets and the banking sector. They also include national initiatives in regulatory areas, as well as international standards, and challenges and risks for the Swiss financial market. These exchanges of information will take place at least twice per year.

p { margin-bottom: 0.08in; } The Spanish Inverco association of management firms on 17 January announced tha thte 1,229 individual pension funds representing EUR51.58bn, in 8.4 million accounts, in 2010 as a whole earned returns of 1.43% compared with losses of 1.83% on one year to the end of November. In November, the statistic took in 1,202 pension funds, with assets of EUR50.4bn. In the longer term, however, average annual returns for December are higher, at 3.35% (compared with 3.27%) for 15 years, and 4.97% compared with 4.96% for 20 years.

p { margin-bottom: 0.08in; } The sanctions committee of the AMF on 17 January announced that, according to a decision on 13 January 2010, it has fined the Wendel company and Jean-Bernard Lafonta, chairman of the board at the management firm, an initial sum of EUR1.5m each, for failure to disclose market information about preparations for Wendel to increase its stake in Saint-Gobain. The AMF procedure dealt with the way in which Wendel indirectly acquired a stake in Saint-Gobain when the firm announced that it had passed the 5% threshold in the construction material group’s capital, in late September 2007. The challenge was to determine whether Wendel would have been required to inform the market of the existence of its position in derivative products which, indirectly, increased its position in the capital of Saint-Gobain. The sanctions committee found in the affirmative to this question, and concluded that the derivative products and financial agreements made in parallel with banks “were set up with the essential objective of preparing for an increase of Wendel’s stake in the capital of Saint-Gobain,” the AMF says in a statement. The sanctions commission emphasizes that “the mechanism put in place was set up in conditions which constitute an unfaithful reading of rules which are intended to guarantee financial information which is indispensable to the proper functioning of the market, and which therefore constitutes legal fraud.” It has also found against Wendel and Lafonta on charges of violating article 223-2 of the AMF general rules (“All issuers must, whenever possible, make the public aware of any privileged information as defined by article 621-1, which directly concern it.”) With statements that “by 21 June 2007, preparations by Wendel for the financial operation to acquire a stake in Saint-Gobain were already sufficiently advanced,” and that “on 3 September 2007 the board of Wendel decided to begin acquiring shares in Saint-Gobain,” the Commission claims that by 3 September at the latest, Wendel should have announced the information to the market, as it was likely to have an influence on the share price. Finally, the Commission states that the reason for the pecuniary sanction, which is set at the limit defined by the regulations in force on the date the deeds were committed, is due to “the scale of the violation of financial information rules and principles.”

p { margin-bottom: 0.08in; } JP Morgan on 14 January announced the introduction of currency activities in Saudi Arabia, trading on money markets and in Treasury bonds. With this in mind, the US bank has become a full-fledged bank in the Saudi kingdom, with counterparty functions on the local market.

p { margin-bottom: 0.08in; } The anointed markets for 2011 for the real estate division of Aberdeen (EUR26bn in assets) are clearly the “core” and “core+” categories, including Scandinavian countries, which have had fewer troubles than other markets, but which might pose problems of liquidity due to their smaller size, as well as France and the United Kingdom, Alessandro Bronda, head of global strategy, property, told Newsmanagers on 17 January. However, the British asset manager is underweight in eastern Europe, except for Poland, and in southern Europe. For France, Frédéric Lejeune, head of business development for France and Monaco at Aberdeen, says the year now beginning will be marked by a particular effort in real estate, which now represents EUR800m out of a total of EUR6bn, and which has 5 employees, out of a total of 25-strong staff. Very soon, the asset management firm will announce the recruitment of a sixth specialist. This effort will also result in the launch of an OPCI fund aimed at institutionals, since the release of a retail product is not on the agenda presently.

p { margin-bottom: 0.08in; } Les Echos reports that the most recent Coller Capital barometer finds that limiter partners (LP) in private equity funds will be making changes this year. A record number of them have turned down requests to reinvest from their management teams. The refusal rate has risen from 63% to 91% for European, and from 52% to 70% for Asian, investors. Investors are now looking to turn over their portfolios with allocation of capital to new teams. Investors are also planning to reduce their exposure to funds of funds in the next three years. Half of them cite high costs, and one third point to disappointing returns.

p { margin-bottom: 0.08in; } Agefi reports that AllianceBernstein, the US affiliate of Axa, last week reported assets under management totalling USD486bn as of 31 December, a decline of 2% over twelve months. Last year, equities assets fell 17%, to 45% of the total, while bond and “other” assets (index-based funds, many of them hedge funds) were up 6% and 65% (42% and 13% of assets in 2010). Total institutional assets lost 6%, to 58% of the total, while retail and private clients were up 5% and 4% to 26% and 16% of the total, the newspaper reports.

p { margin-bottom: 0.08in; } According to Agefi, citing several sources familiar with the matter, Guido Mundt has been appointed as CEO of Oddo Asset Management (AM), a position which was previously held by Philippe Oddo himeself. The newspaper understands that the announcement of the appointment was made internally on Thursday, 13 January, by Philippe Oddo at a ceremony at the firm. Since late 2008, Mundt had been CEO of the Banque d’Orsay, an affiliate of WestLB whose acquisition by Oddo & Cie was finalised in November, the newspaper adds.

p { margin-bottom: 0.08in; } Information revealed by the website H24 Finance on Monday, 17 January that Roger Mainguy, director of networks and partnerships at Cardif would be leaving the BNP Paribas group on 1 February has been confirmed by Newsmanagers. According to the insurer, the departure of the executive will not be followed by a position-for-position replacement. However, Hervé Cazade, who was previously head of financial savings and protection for France at BNP Paribas Assurance, will become head of all distribution networks in France, including IFAs. H24 finance reports that it understands that Mainguy has joined the April group.

p { margin-bottom: 0.08in; } HSBC Global Asset Managemetn transferred Xavier Desmadryl from Paris to Hong Kong in early November to coordinate the integration of environmental, social and governance issued into the global investment process, Financial Times Fund Management reports. The weekly newsmagazine says it is the latest exemple of an asset management firm which is strengthening its ESG coverage in the Asia-Pacific region, in light of the growing importance of that market for investors. BNP Paribas Investment Partners, for its part, transferred François Perrin from Europe to Hong Kong in May to manage its Asian SRI team.

p { margin-bottom: 0.08in; } Coface, which for 2011 predicts a moderate downturn in the global economy, announced on 17 January at its 15th Country Risk conference that the time has come for convergence between risk levels in developed and emerging markets, which have seen improving ratings throughout the crisis. The big winners from the crisis are emerging countries, which in 2011 will continue their trajectory of solid growth, with a slight slowdown, to 6.2% from 6.7% in 2010. This is in distinction to the Euro zone, where the private debt bubble led to gorwth for government debt. Activities in emerging markets are not burdened with these private debts. However, emerging markets are not safe from an increase in debt in the private sector. How can the investment boom which will continue to be seen in 2011 be financed? Coface estimates that the answer will be to focus on two types of profile. On the one hand is the “Polish-Brazilian” model of tendency to borrow abroad, as local banks are too reticent, and domestic interest rates are prohibitive, as a result of which there is a risk of having increasingly many collaterals in these countries denominated in the local currency, and on the other hand, the “Chinese-Vietnamese” profile, in which companies borrow more commonly in local currency from domestic banks, which are often not equipped to correctly analyse the risks. These entities have high levels of debt, and sometimes lack transparency, and may find themselves in difficulty. The global panorama of country risk presented at the 2011 conference points to a pronounced division in risk between developed and emerging markets, related to the stability of the latter and the resistant payments observed by Coface from businesses in emerging economies during the crisis. Emerging markets showed high and stable rates of activity and high levels of financial solidity, although risks have degraded in developed markets. Among these, only 9 out of 28 have returned to their pre-crisis levels. Before the crisis, the lowest raring for developed markets was A2, while 9 emerging markets had ratings higher than or equal to A2. In 2010, the lowest rating for developed markets was A4, and 27 emerging markets, including China, Turkey, Brazil, India and Poland, had ratings higher than or equal to A4, and have a higher rating than Greece, Ireland and Portugal, which are subject to the bubble in public and private debt. Turkey is now only a cut below the United Kingdom, while Poland is better rated than Iceland.

p { margin-bottom: 0.08in; } Institutional investors not only plan to maintain, but even to increase their financial engagements to hedge funds. According to the fourth edition of the international survey undertaken in fourth quarter 2010 by SEI, in partnership with Greenwich Associates, more than 54% of institutionals surveyed are planning to increase their target allocations to hedge funds in the next 12 months, more than three and a half times the level observed in 2009. The portfolio allocation dedicated to hedge funds represents nearly 14% of total allocation, an increase of more than 10% since the onset of the financial crisis. Another illustration of the increase in popularity of hedge funds with insitutionals is that two years ago, 39% of investors had more than 10% of their portfolios invested in hedge funds. At the end of 2010, the percentage had increased to 59%. Allocations are much higher for charities, while businesses are at the lower end of the spectrum. In 2009, diversification and absolute returns were the top priorities for institutionals, at 31% and 30%, respectively. These objectives were, however, in second and third place, and the top priority for these investors last year was exposure to uncorrelated strategies, (at 30%, compared with 24% the previous year). There is also a much higher interest (18% compared with 8% previously) who are looking to lower volatility. This recovery of confidence on hedge funds comes with increased requirements, particularly in terms of transparency of information. This is the top concern for 70% of institutional investors, more than three quarters of whom would like more information about the level of sectoral positions, use of leverage, or risk analysis. Another subject of concern for 58% of respondents is over liquidity risks as the most significant. This risk was not even a factor in the selection of hedge funds in 2009. More generally, investors who are returning to hedge funds now, never had concerns about the sector in this way in the past. The number of investors who now say this is their largest concern has tripled compared with 2008. In other words, hedge fund managers more than ever need to clarify their investment process and set (more) realistic performance objectives.

p { margin-bottom: 0.08in; } The management firm ERA Resources, founded in 2006, a specialist in commodities, has changed names, and has now become Stabilitas Fonds GmbH, to underscore the relationship between the business and the name of its funds, whose promoter is the Luxembourg firm IC Concept Fund Management, Martin Siegel, the new CEO of the firm, announced on 17 January. The change in name comes along with a change in manager on 1 January. Siegel took over a stake in the business, and its operational direction, from its founder James A. Ullmann. In this context, the headquarters of the firm have been moves from Augburg to Bad Salzuflen. The Stabilitas range includes the Stabilitas Gold + Resourcen as well as the institutional funds Stabilitas Silber + Weissmetale, Soft Commodities, Uran + Energie, Gold + Resourcen Special Situations, Growth-Small Cap Resourcen and Pacific Gold+Metals.

p { margin-bottom: 0.08in; } The BS index of the morale of 350 advisers at German commercial banks, savings banks and co-operative banks undertaken by Robeco Germany in fourth quarter 2010 rose to 100.7 from 99.8 in third quarter, and 87.7 in fourth quarter 2009. For sales of open-ended shares, 32% of respondents say they are satisfied with the situation in fourth quarter of last year, compared with 27% who were satisfied with July-October, but the percentage of optimists about sales in the next six months has fallen to 34% from 37%. 56% of specialists surveyed expect to see an increase in sales of shares in equities funds, compared with 45% in third quarter, and only 2% in January-March last year. However, outlooks are deteriorating for real estate funds, with 25% optimistic, compared with 38% in July-September, and for money market funds, down to 5% from 9%.

p { margin-bottom: 0.08in; } Jörg Laser, who since October has been head of private banking clients at Donner & Reuschel, has been appointed as a member of the board from 1 January. He joined Conrad Hinrich Donner Bank in October 2002. Before its merger with Reuschel & Co, he was head of the private bank and of the business bank.