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18/01/2011

RREEFs invested EUR1.8bn in German real estate last year

p { margin-bottom: 0.08in; } In 2010, the two open-ended real estate funds from RREEF Deutschland (Deutsche Bank group), grundbesitz europa and grundbesitz global, have invested EUR558m and EUR406m respectively, while the nine institutional funds of the range have acquired activities worth EUR823m. In total, the fund manager says, acquisitions included 34 properties in ten countries, 13 of which were in Germany.The biggest deal last year with the acquisition of a portfolio of office and commercial properties in New York by the RREEF fund Spezial Invest for EUR210m, while the largest investment in a single property was the acquisition of a commercial property in Osaka by the grundbesitz global for EUR170m.Net subscriptions totalled about EUR1.1bn for open-ended funds, and about EUR500m for institutional funds, says Georg Allendorf, CEO.
18/01/2011

Allianz sets up a single advising outlet for retirement planning

p { margin-bottom: 0.08in; } Effective from 1 January, Allianz SE (insurance), Allianz Global Investors (AGI, asset management) and Allianz Lebensversicherung (life insurance) have founded a joint venture in the name Allianz Corporate Pension Advisors (ACPA). The new structure will act as a single outlet for advising to the 200 largest business clients of the Allianz group for German corporate pensions. The objective is to provide custom solutions which make use of the range of asset management and life insurance tools.The two managing directors of ACPA are Jörg Braun (Allianz Lebensversicherung) and Michael Schütze (Allianz Global Investors). Braun was previously head of distribution via life and health insurance brokers, while Schütze was head of the pension investment advisory division of AGI.The two will report to an executive committee, composed of the heads of the three parent companies: Elizabteh Corley, CEO of Allianz Global Investors Europe Holding, James Dilworth, CEO of AGI Deutschland, Maximilian Zimmerer, chairman of the board at Allianz Lebensversicherung, Michael Hessling, board member at Allianz Lebensversicherung, and Oliver Wohlgemuth, COO Global Life at Allianz SE.
18/01/2011

Deka acquires a building project in Hamburg

p { margin-bottom: 0.08in; } A consortium composed of Hochtief Projektentwicklung, Norddeutsche Grundvermögen and Frank-Gruppe has sold the office and retail building under construction known as Metropolis Haus, located in the business improvement district of Hamburg, to Deka Immobilien for an undisclosed sum. The property, with 17,000 square metres, will be added to the portfolio of the open-ended real estate fund Deka-ImmobilienEuropa. The completion of construction is slated for autumn 2011.
18/01/2011

Skandia selects Danske Capital for its European Best Ideas Fund

p { margin-bottom: 0.08in; }Skandia Investment Group (SIG) has added Danske Capital to its Skandia European Best Ideas Fund, a fund which incluces all the best ideas from 10 selected managers, after Argonaut Capital Partners and Gartmore Investment Limited lost their mandate. Danske Capital, a division of Danske Bank A/S, will take on a EUR38m mandate.Launched nearly three years ago, Skandia European Best Ideas Fund is managed overall by SIG fund manager Lee Freeman-Shor who allocates capital to the leading European equity managers; currently, Crispin Odey of Odey, James Inglis-Jones of Liontrust, Hugh Cuthbert of SVM, Raj Shant of BNY Mellon/Newton, Tobias Klein of First Private, James Buckley of Barings, Terence Burnham of Acadian, as well as Damien Lanternier of Financiere de l’echiquier. Those investment managers have now been joined by Henrik Husted-Knudsen of Danske Capital.
18/01/2011

Dublin attracts hedge funds

By the close of the third quarter of 2010, as many as 680 of the 9,175 hedge funds and funds of hedge funds were run from Dublin, according to data from Chicago-based Hedge Fund Research cited by the Financial Times Fund Management. Ireland is the domicile of choice for 63 per cent of all European-domiciled hedge funds, according to the Irish Funds Industry Association.
18/01/2011

Privat Bank Degroof to release its range of funds in Spain

p { margin-bottom: 0.08in; } David Córdoba, who until 2009 worked at LCF Rothschild, has joined Privat Bank Degroof, an affiliate of the Belgian bank Degroof, Expansión reports, relayed by Funds People. Córdoba will be in charge of institutional activities and asset management, a newly-created unit in Madrid, while the Privat Bank has its headquarters in Barcelona. The objective is to release the full range of Degroof funds in Spain, including through the Inversis and Allfunds platforms. Córdoba will be in charge of developing sales for Degroof’s Belgian hedge funds in Latin America, beginning with Chile. As of the end of 2010, assets at Privat Bank Degroof totalled EUR1.1bn, which represents a one-year increase of 6%.
18/01/2011

Robeco looks to agriculture

Robeco plans launch a range of focused products in food and agricultural commodities, according to the Financial Times Fund Management.Roderick Munsters, chief executive, said the Dutch fund manager wants to work more closely with its parent Rabobank, a global specialist in the food and agriculture sector.
18/01/2011

ING REIM is for sale

ING Real Estate Investment Management has confirmed it is in talks with «several parties» on a possible sale of parts of its business after media reports claimed CBRE was the front-runner in the bidding process, IPE.com wrote.ING REIM has added the discussions could potentially lead to «one or more transactions» relating to its business.
18/01/2011

Algebris Investments hopes to develop in Europe

The alternativemanagement firm Algebris Investments has assigned one of itspartners, Alessandro Lasagna, to lead its European development effort fromLondon, beginning with Italy. The next steps in the expansion will beSpain and Switzerland.Algebris, founded byDavide Serra and Eric Halet, now manages USD1.4bn in assets. The firmmanages a long/short financial sector equities fund, Algebris GlobalFinancial Funds, and in early 2010 launched a financial sectorlong/short fund focused on emerging markets, the Algebris EmergingMarkets Funancial Fund. Algebris, based in London, also has officesin New York and Singapore, and has 17 employees.“We believe thatafter four years of strong growth and after achieving a high level ofassets under management, the time has come to look accross Europe ata wider spectrum of investors. In Italy, in particular, we hope tooffer availablility in the short term of access to our expertise inalternative investments via ad-hoc solutions,” says Serra, foundingpartner at Algebris.The person selected tolead the European development, Alessandro Lasagna, has been a memberof the management board for the Algebris Global Financials Fund since2006. He has also been a member of the board of directors at INAlternative SGR, where since 2006 he has been in charge of increasingassets for funds of hedge funds managed by the Italian firm.p { margin-bottom: 0.08in; }
18/01/2011

New CE for Mirae in Hong Kong

p { margin-bottom: 0.08in; } The South Korean management firm Mirae has appointed Woong Park as the CEO of Mirae Global Investments (Magi), the international unit of the group, replacing Peter Lee, who has been appointed as Managing Director of the research division of Magi, Asian Investor reports. Woong Part was previously chief marketing officer at Magi. Mirae has also launched the first ETF of the Hong Kong market’s Kospi index, the Kospi 200 ETF.
18/01/2011

Former Julius Baer banker hands over a list of suspected tax evaders to Wikileaks

p { margin-bottom: 0.08in; } Agefi Switzerland reports that a former banker from Julius Baer on 17 January handed over two CDs containing the names of clients of the wealth management firm to the founder of Wikileaks, Julian Assange. The former employee says the clients are guilty of tax evasion. The former banker, who was head of the Cayman Islands affiliate of Julius Baer for eight years, explained to the press in London that he hoped to make the world aware of the money hidden in offshore accounts. The man did not wish to disclose the number of people on the lists, though press reports put it at about 2000. The former employee, aged 55, whose trial will open before the Zurich courts on 19 January, is accused of several attempts at coercion and threats against his former employer, as well as violation of banking confidentiality. The public minister has called for a sentence of at least eight months in prison and a fine of CHF2,000.
18/01/2011

AMP/AXA APH: independent expert supports merger bid

p { margin-bottom: 0.08in; } The agreement between the French insurer Axa and the Australian group AMP to share Axa Asia Pacific Holdings (Axa APH) is “fair and reasonable,” an independent expert found on 17 January, marking a new step towards the conclusion of the operation, slated for March. “The added value for minority shareholders in Axa APH from the offer is convincing,” and “in the absence of a higher offer, the offer is fair and reasonable and in the best interests of minority shareholders,” according to the conclusions of the respor, prepared by the independent expert Grant Samual, cited in a statement. Shareholders in Axa APH, including minority shareholders who have a sufficient minority to block motions, will meet on 2 March to vote on the bid.
18/01/2011

Significant increase in number of signatories of Stewardship Code

p { margin-bottom: 0.08in; } The new British code of conduct, the Stewardship Code, though it is still subject to considerable criticism, appears to be winning converts as well. As of 17 January, the number of management firms which had signed up to the code totalled 108, according to the website of the Financial Reporting Council (FRC), compared with less than 50 when the FRC for the first time announced a number of signatories. Many big names of the financial sector are among the signatories, but foreign management firms such as the Dutch pension funds ABP and PGGM have not taken the step. And there are no sovereign funds on the list at all. Hedge funds have also not been quick into the breach to sign the Code. Responsible Investor reports that all the big names in the sector, MAN, Marshall Wace, King Street Capital and Eton Park International, consider the code not relevant to their activities.
18/01/2011

RWC launches an absolute return fund

p { margin-bottom: 0.08in; } RWC Partners will launch an absolute return fund in early February, entitled the RWC Enhanced Absolute Rate & Currency (ARC) which will be managed by two former Threadneedle managers, Peter Allwright and Stuart Frost, who left their former firm in June in order to join RWC. The fund will aim for returns equivalent to the money markets plus 6%, and will participate in short-term movements on the bond markets within a UCITS III-compliant framework. The fund will not be offered on the market until the end of first quarter, but its launch has been moved forward due to strong demand on the part of clients. It will be available in pouds Sterling, euros and US do;llars. The minimal investment is set at GBP25,000 for retail investors.
18/01/2011

Catella launches four Scandinavian Newcits funds

p { margin-bottom: 0.08in; } The Swedish asset management firm Catella Fondförvaltning, an affiliate of Catella AB, on 17 January announced the launch of four Luxembourg-registered, UCITS-compliant hedge funds, specialised in equities or bonds from Scandinavian countries. The products all have daily liquidity. The products include the Catella Nordic Long-Short Equity, the Catella Nordic Fixed Income Opportunity, the Catella Nordic Tiger (specialised in Scandinavian countries which are engaged in emerging markets), and the Catella Allocation Sweden (Swedish equities and bonds).
18/01/2011

MTS lance des indices sur la dette souveraine italienne

Le marché européen électronique des instruments de taux a annoncé l’extension de sa gamme d’indices avec les indices MTS Italy et ex-Bank of Italy. Ces indices, composés exclusivement de titres de dette émis par le gouvernement italien, seront calculés en utilisant l’algorithme reconnu des indices EuroMTS, suivant les principes de transparence, publication en temps réel, réplicabilité et indépendance, a expliqué la société.
18/01/2011

Carlyle lève des fonds pour B&B Hotels

La société d’investissement a mis en place un financement de 75 millions d’euros destiné à financer l’acquisition et la construction en France et en Allemagne d’une vingtaine d’hôtels à l’enseigne B&B, rachetée en septembre dernier. Le financement a été souscrit par Natixis et SG CIB.
18/01/2011

CBRE Hotels réalise une transaction d’envergure

La filiale de CB Richard Ellis a vendu le Grosvenor House Hotel de Londres, dans le quartier de Mayfair, pour la somme de 470millions de livres (565millions d’euros), en tant qu’agent exclusif. Cet établissement de 494chambres, géré par JWMarriott et situé sur Park Lane, constitue la plus importante transaction hôtelière (en termes de prix de vente) jamais réalisée en Europe pour un bien unique, a précisé la société.
18/01/2011

La CFTC prend du retard

L’institution de régulation américaine a annoncé dans un rapport qu’elle compte boucler son plan de mesures visant à limiter la spéculation sur le marché des matières premières début 2012, soit une année après la date butoir fixée par le gouvernement.
18/01/2011

BNY Mellon au service des fonds souverains asiatiques

Bank of New York Mellon a fait part de la mise en place d’une entité dédiée au service des fonds souverains asiatiques. Des institutions essentielles au système financier mondial, et dont les actifs sous gestion pourraient tripler d’ici 2020 à 20.000 milliards de dollars, selon la banque américaine.
Markit 1
18/01/2011

L'Espagne paie cher pour sa dette

Madrid a syndiqué à un spread de 225 pb au-dessus des swaps pour 6 milliards d’euros de dette d’échéance avril 2021, contre une demande de 12,5 milliards.

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