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12/01/2011

Brummer & Partners closes a hedge fund

p { margin-bottom: 0.08in; } The Swedish hedge fund firm Brummer & Partners has for the second time in its history been required to close a hedge fund, Dagens Industri reports. The product in question is the firm’s Asia fund, which lost 18.2% between its launch in July 2009 and November 2010. Meanwhile, the fund is launching two new funds, the Swedish newspaper reports.
12/01/2011

Hennessee hedge fund index up 3.04% in December

p { margin-bottom: 0.08in; } The Hennessee hedge fund index gained 3.04% in December, and 10.05% for the year as a whole, while at the same time, the S&P 500 gained 6.53% in December and 12.79% for the twelve months. Hedge funds showed their largest monthly gain of the year, but finished behind traditional equities indices for the year. Charles Gradante, co-founder of Hennessee Group, says this development is characteristic of a market environment driven by momentum rather than fundamentals. Since March 2009, the Hennessee hedge fund index has gained 39%, compared with 71% for the S&P 500. But since the beginning of the credit crisis in September 2008, the index has gained 16%, compared with a loss of 2% for the S&P 500 index. The best-performing strategies for the year 2010 as a whole were event-driven, distressed, fixed income and emerging markets.
12/01/2011

Aviva registers two more funds in Italy

p { margin-bottom: 0.08in; } Aviva Investors has launched the Aviva Investors Sustainable Future Pan-European Absolute Return and Aviva Investors Global Convertibles Absolute Return Bond funds in Italy. They will be available to retail investors either via independent financial advisers or via banking networks, a press statement says. The two funds belong to the Absolute Return Ucits III range from Aviva Investors, which represents EUR2.9bn in assets. With the registration of these products, the complete Absolute Return range is now available on the Italian market, which is open both to institutional and to private investors.
12/01/2011

Chris Ryan takes over as head of Perpetual

p { margin-bottom: 0.08in; } The Australian management firm Perpetual, listed on the ASX, on 11 January announced the appointment of Chris Ryan as managing director and CEO, from 14 February. Ryan succeeds David Deverall, and will be a member of the board of directors. Deverall, who announced his plans to leave the firm on 23 June last year, will remain until 4 March to facilitate the transition. With more than 30 years of experience in financial services in the Asia-Pacific region, Ryan has developed a particular expertise in asset management. In particular, he directed asset management activities in the region for HSBC, Fidelity International and ING Investment Management. He most recently developed a consulting activity for Citibank. Assets under management at Perpetual totalled AUD27.3bn as of 30 November.
12/01/2011

Inflows down in November in UK

p { margin-bottom: 0.08in; } Net inflows in the UK totalled GBP1.4bn in November, compared with GBP2.04bn in October, and GBP2.4bn twelve months previously, according to statistics from the British investment management association (IMA). Equities were the most popular asset class last month, with net inflows of GBP685m, compared with GBP475m in October. Net inflows to bonds fell to GBP160m, a net decline compared with an average of GBP588m in the past twelve months. For the second consecutive month, the emerging markets sector earned the best results in November, with net inflows of GBP337m. Commodities funds, for their part, posted record net inflows of GBP208m in the month under review. In the first eleven months of the year, net inflows totalled GBP21.4bn, compared with a record GBP23.7bn between January and November 2009. As of the end of November, assets under management totalled GBP554.9bn, compared with GBP556.9bn the previous month, and GBP467bn one year previously. Gross inflows via platforms totalled GBP3.4bn in November, compared with a monthly average of GBP3bn since the beginning of the year. The market share for platforms totalled 36% of gross inflows in November.
12/01/2011

Michael Wasserman repositions Swip Financial fund

p { margin-bottom: 0.08in; } The manager of the Swip Financial fund since December, Michael Wasserman, is planning to reduce the fund’s exposure to the British financial sector and to emerging markets, Fundstrategy reports. The manager is also planning to take a closer interest in European banks and the real estate sector in Austria, Germany and Poland.
12/01/2011

The time for feeling sorry is over, says Barclays

p { margin-bottom: 0.08in; } Bob Diamond, president and CEO of the British bank Barclays, promised that his bank would show in the future that it had learned its lessons, Les Echos reports. But he also warned on 11 January before the finance commission of the British parliament that “the time for remorse and apologies will end” soon for the banking sector. He refused to say whether he would forgo his bonus, as he has done in the past two years. His pay totalled GBP21m in 2007.
12/01/2011

Henderson acquires Gartmore

The boards of Henderson and Gartmore announced this morning that agreement has been reached on the terms of a recommended acquisition by Henderson of the entire issued share capital of Gartmore. The combined estimated AUM of the new group is GBP78.1bn as at 31 December 2010, (GBP16.5bn for Gartmore). Under the terms of the Acquisition, Gartmore Shareholders will receive 0.6667 of a New Henderson Share for each Gartmore share. Based on the closing price of 138.2 pence per Henderson share on 11 January 2011, being the last business day prior to this announcement, the acquisition values each Gartmore share at 92.1 pence and values the issued share capital of Gartmore at approximately GBP335.3m.Gartmore shareholders will hold approximately 22.5 per cent of the enlarged share capital of Henderson immediately following completion of the acquisition, giving them the opportunity to share in the development of the enlarged business. Henderson has received irrevocable undertakings to support the scheme, in respect of a total of 218,252,401 Gartmore Shares representing, in aggregate, approximately 60 per cent. of the issued share capital of Gartmore including from Hellman & Friedman, Gartmore’s largest shareholder.Henderson has also secured commitments from the key Gartmore portfolio managers, who collectively have responsibility as lead managers for 84 per cent (including sub-advised AUM) of Gartmore’s Estimated AUM, that they will remain with the combined group and that they will agree to be bound by the scheme.
12/01/2011

Former SGAM UK manager joins Investment Solutions

p { margin-bottom: 0.08in; } Rufus Warner, one of the founders of SG Asset Management UK, has been recruited by Investment Solutions, an investment services firm based in South Africa, to head its development in the United Kingdom, Financial News reports.
12/01/2011

ISAM recruits two heads from Man Group

ISAM, the London hedge fund manager set up by Stanley Fink, has hired two senior employees from Man Group, where Mr Fink was formerly working, the Financial Times wrote.Alexander Lowe, the former chief executive of Man global strategies, has joined ISAM as business development director, while Riva Waller, former head of managers at Man, has joined to become chief operating officer.
12/01/2011

Source makes major additions in distribution

p { margin-bottom: 0.08in; } On 11 January, Source announced that it has recruited five high-level heads for its distribution teams, to focus on the British, French, and Scandinavian markets, and on the bond and commodity asset classes.For institutional distribution in the United Kingdom and Ireland, Ceorgina Courtenay-Evans, director, who comes from Friedman, Billings, Ramsey Capital markets, has been recruited.For France, Luxembourg, Belgium and Monaco, Pierre Olivier Cohen will be director in charge of institutional investor clients, private banks, and fund distributors dedicated to retail clients. He joins from Pioneer Investments.Kenneth Barner-Rasmussen, who joins from Nordea Bank in Helsinki, is appointed director, and will be in charge of Scandinavian clients. For bonds, James Finch, head of the financial instututions team at Legal & General Investment Management (LGIM) in London, joins Source as executive director. He will primarily be in charge of developing distribution of bond products, relying for the better part on the partnership established in December with Pimco (Allianz Global Investors group). Patrick Witteveen joins Source as director, to concentrate on sales of publicly-traded index-based products investing in commodities. He was in charge of sales activities serving institutional investors in Switzerland, Luxembourg and Singapore at ETF Securities, and also spent some time at Type group Securities, assisting in the establishment of their ETF trading desk in Geneva.
12/01/2011

Daiwa Global Asset Services chooses BNY Mellon as depositary

p { margin-bottom: 0.08in; } BNY Mellon Trustee & Despoitary (UK) has been selected by Daiwa Fund Asset Services, a division of Daiwa Securities Group Global Asset Services, as depositary for its funds licensed for sale in the United Kingdom. Daiwa Fund Asset Services is in the process of enlarging its hosting service for funds domiciled in Ireland as British products aimed primarily at institutional or high net worth private clients.
12/01/2011

L'Assemblée durcit le contrôle du patrimoine des députés

Les députés qui auront omis sciemment de déclarer leur patrimoine ou mentiraient sur son évaluation devant la Commission pour la transparence financière de la vie politique (CTFVP) pourront être sévèrement punis. Les députés ont adopté trois projets de loi et notamment une disposition objet d'âpres débats qui prévoient que ces infractions pourront être punies de 30.000 euros d’amende et de la privation des droits civiques.
12/01/2011

Le LSE fixe le calendrier de migration de sa plate-forme

L’opérateur boursier londonien prévoit de lancer en février le processus de migration vers un nouveau système de cotation. Les clients auront accès à la nouvelle plate-forme du 24 janvier au 11 février afin de tester leur connectivité et il y aura deux tests grandeur nature le 29 janvier et le 5 février. Le système sera pleinement effectif le 14 février. Le LSE a indiqué que les perturbations ayant affecté sa plate-forme Turquoise l’an passé étaient dues à une «erreur humaine».
12/01/2011

Une modification des règles du FESF envisagée

La capacité de prêt du FESF «doit être renforcée et le champ de ses activités étendu» a indiqué Olli Rehn, le commissaire aux affaires économique de l’UE dans un entretien au Financial Times. Une question que les ministres des Finances de la zone euro devraient évoquer la semaine prochaine. La réflexion portera notamment sur un relèvement à son maximum de la capacité de prêt du FESF, soit 440 milliards d’euros contre environ 250 milliards actuellement.
12/01/2011

Cantor a soif de croissance européenne

Le spécialiste du trading obligataire envisage d’acquérir des courtiers en Espagne et en Irlande. «Là où les autres partent, nous y allons», a déclaré à Reuters Shawn Matthews, PDG du groupe. Cantor, qui prévoit de doubler ses effectifs en Europe pour les porter à environ 400 collaborateurs, cherche de petits acteurs indépendants ou des divisions scindées de grands établissements bancaires.
12/01/2011

Schwab passe un accord avec la SEC

Le courtier américain a accepté de verser 118,9 millions de dollars afin de solder une enquête des autorités de régulation américaines lui reprochant d’avoir trompé les investisseurs sur l’exposition de son fonds obligataire YieldPlus au risque hypothécaire.
12/01/2011

ISAM va faire son marché chez Man Group

La société d’investissement londonienne dirigée par Stanley Fink a débauché deux responsables de son concurrent Man Group. Alexander Lowe, ancien directeur général des stratégies globales chez Man, a ainsi pris la fonction de directeur du développement chez ISAM, alors que Riva Waller occupera la fonction de responsable des opérations.
12/01/2011

Le discours sur l’état de l’Union le 25 janvier

Le président américain Barack Obama prononcera le 25 janvier le traditionnel discours annuel sur l'état de l’Union dans lequel il exposera les priorités législatives de l’année. Avec une Chambre aux mains des républicains, le discours du président devrait être axé sur la relance de l'économie et la création d’emplois.
12/01/2011

L’ESMA devient opérationnelle

Après la mise en service le 1er janvier de l’Autorité européenne des marchés (European Securities and Markets Authority, ESMA), son conseil de surveillance a officiellement tenu sa première réunion de travail hier. Séance durant laquelle Carlos Tavares, président de la commission de marchés portugaise, a été élu vice-président de l’institution.
12/01/2011

Vers davantage de fluctuation du yuan

La banque sous contrôle de l’Etat chinois, Bank of China, vient d’offrir la possibilité à ses clients américains de traiter des opérations de marché en yuan. Lundi, un projet pilote avait été annoncé dans la ville de Wenzhou, visant à autoriser ses résidents de réaliser des investissements à l’étranger. Autant de signes donnés par les autorités en faveur d’une flexibilité plus grande du yuan, quelques jours avant la visite du président chinois aux Etats-Unis.
12/01/2011

Le comité de Bâle va dévoiler ses critères sur les titres hybrides

Les superviseurs bancaires pourraient préciser dès cette semaine les critères que les titres hybrides doivent respecter afin de pouvoir être considérés comme des fonds propres. La Comité de Bâle veut s’assurer que les instruments peuvent absorber les pertes ou être convertis en actions ordinaires lorsqu’une banque se retrouve au bord de la faillite.
12/01/2011

Michel Barnier promet aux banques des tests rigoureux

Le Commissaire européen indique souhaiter «lancer l’exercice» des prochains tests de résistance «enfévrier-mars». Il reconnaît l’impérieuse nécessité d’une «méthode européenne», afin que les tests «soient d’une égale rigueur pour chaque pays et pour chaque banque». La «primauté» à ce sujet revient à la nouvelle autorité de supervision des banques.
12/01/2011

La Chine réforme son modèle de croissance

La Chine devrait recentrer ses priorités économiques vers le développement de la demande intérieure afin d’équilibrer son modèle de croissance plutôt que de se focaliser sur les outils monétaires pour combattre l’inflation, a indiqué Yi Gang, membre de la banque centrale chinoise, dans un entretien au Shanghai Securities News. Et de préciser que l’effet des politiques monétaires devrait être limité par l’excès de liquidités sur les marchés.

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