Comme il l’avait annoncé (lire notre article du 1er octobre), le gestionnaire indépendant munichois KanAm a procédé au versement d’une première tranche de 250 millions de dollars aux porteurs du fonds immobilier KanAm US grundinvest, qui a été le premier fonds allemand de ce type à être liquidé (sur deux ans et demi au 31 mars 2012).Suite à cette distribution, la valeur liquidative a été réduite de moitié, à 22,48 dollars.Jusqu'à présent, l'équipe de gestion est parvenue malgré la situation difficile prévalant sur le marché immobilier américain à vendre en huit mois seulement onze des dix-sept actifs du portefeuille. Les cessions d’actifs se sont effectuées jusqu'à présent avec une décote moyenne de seulement 2 % sur la dernière valeur d’expertise.Le prochain versement est programmé pour juin 2011. D’ici là, les six autres immeubles doivent être vendus, le montant exact de la distribution étant fonction du traitement fiscal des opérations par les autorités fiscales américaines et canadiennes.Depuis le lancement du fonds le 20 mai 2003, la performance au 15 décembre ressort à 20,1 %, soit 3 % par an pour une durée de placement moyenne de 5 ans. KanAm précise que 97 % des encours sont depuis plus de deux ans dans le fonds, lequel est fermé aux souscriptions depuis un an.

Le 15 décembre, le conseil d’administration du groupe Vontobel a nommé Zeno Staub comme CEO à compter du 4 mai 2011 en remplacement d’Herbert J. Scheidt, qui est déjà désigné comme futur président du conseil d’administration depuis fin août (lire notre article du 1er septembre).Zeno Staub est actuellement responsable de l’unité d’affaires gestion d’actifs (depuis 2008), poste auquel il demeurera jusqu'à ce qu’il prenne ses nouvelles fonctions. Membre depuis 2003 du directoire du groupe, il avait rejoint Vontobel en 2001 et avait été nommé directeur financier en 2003.

Le gestionnaire helvétique SAM (groupe Robeco) a indiqué le 15 décembre que ses efforts de mise en conformité avec les Principes de l’investissement responsable des Nations-Unies (UN-PRI) ont été honorés par l’organisme chargé de l'évaluation des signataires dans sa dernière notation individuelle pour 2010. Sa note s’est améliorée sur pratiquement tous les chapitres.En particulier, SAM est passé du deuxième au premier quartile pour le Deuxième Principe (exercice actif du droit de propriété et engagement) et le gestionnaire s’est maintenu dans le premier quartile pour l’intégration des critères environnementaux, sociaux et de gouvernance (ou ESG) dans le processus de recherche et de décision en matière d’investissement.La fiche individuelle UN-PRI de SAM est disponible à l’adresse :http://www.unpri.org/report10/2010_PDFs/PRI%202010%20-%20Full%20Responses%20for%20publication%20-%20SAM%20Sustainable%20Asset%20Management%20AG%20(0017000000N7czw).pdf

China Development Bank va lancer le premier fonds de fonds de private equity de Chine, rapporte le Financial Times. Le produit devrait lever un total de 60 milliards de renminbi, soit 9 milliards de dollars.

Gervais Williams, l’ancien responsable des petites capitalisations britanniques de Gartmore, rejoint MAM Funds, une société de gestion cotée sur l’AIM à Londres. Il doit être nommé managing director, sous réserve de l’approbation des actionnaires. Dans le même temps, Ian Dighé est nommé président exécutif et Graham Hooper, directeur de la distribution.Parallèlement, MAM Fund a aussi annoncé son intention de lever 20 millions de livres supplémentaires.

Selon les informations de Citywire, Richard Timberlake et Paul Kim auraient démissionné de FundQuest. Ils pourraient rejoindre LV = Asset Management.

Un groupe de porteurs de dette obligataire de Lehman Brothers Holdings dont Paulson & Co et Calpers, a soumis hier un plan alternatif de remboursement des créanciers par rapport à celui établi par la banque en mars dernier, annonce l’Agefi. Ces investisseurs jugent que le plan initial favorise les grandes banques pour la distribution des 58 milliards de dollars attendus, ajoute le quotidien.

Morgan Sze, le responsable mondial du plus gros desk de transactions pour compte propre de Goldman Sachs, GS Principal Strategies, a commencé à lever de l’argent pour un hedge fund qui portera le nom d’Azentus Capital et sera basé à Hong Kong, rapporte le Financial Times. Il devrait être lancé avec 1 à 1,5 milliard de dollars, selon des personnes proches du dossier. Morgan Sze n’a pas encore quitté son poste chez Goldman.

Déjà head of equities, Asia-Pacific, depuis avril, Sigurbjorn (Siggi) Thorkelsson a été nommé head of equities, EMEA chez Barclays Capital, qui annonce cette promotion le 15 décembre. L’intéressé sera chargé du développement de la plate-forme actions de la banque d’investissement. Siggi Thorkelsson rejoindra Londres courant 2011. Il reste subordonné à Jerry Domini, global head of equities.Avant de rejoindre Barclays Cap, Siggi Thorkelsson était head of equities Asia Pacific, chez Nomura. Il avait précédemment passé 13 ans comme head of equities, Asia Pacific, chez Lehman Brothers.

BNP Paribas Securities Services a été sélectionnée par la banque sud-africaine Standard Bank Plc pour la fourniture de services de conservation au Royaume-Uni et en Suisse.

China Development Bank is set to launch the country’s first private equity fund of funds, according to the Financial Times.The product is scheduled to raise a total of Rmb60bn (USD9bn).

p { margin-bottom: 0.08in; } Irving Picard, the court-appointed trustee in charge of liquidating the management firm operated by the US frauster Bernard Madoff, is seeking USD19.6bn from the UniCredit family of companies, Agefi reports. Candidates to acquire the asset management unit of the Italian bank are now seeking to evaluate the litigation to determine whether it will create liabilities for Pioneer. “This is one more factor to be taken into account in the due diligence,” says one of them. So far, with EUR185bn in assets under management as of the end of September and EUR247m in pre-tax profits for the first nine months of the year, Pioneer is estimated to be worth about EUR3bn. This price may be adjusted depending on the manner of payment of the acquisition price. Meanwhile, discussions are also taking in sensitive subjects, including distribution commissions paid to networks by the asset management firm. These now come to about 50% at Pioneer, compared with 65% to 70% for the industry as a whole in Italy. If Pioneer had to raise its commissions to this level tomorrow, its profits would decline, and therefore also its value, the newspaper reports.

Stoxx Limited has launched of the Stoxx Optimised Country Indices for select emerging markets, as well as that of the Stoxx Optimised Asia Select Index. The country indices are available for Brazil, Chile, China, Colombia, Egypt, India, Indonesia, Israel, Malaysia, Mexico, the Philippines, Poland, Russia, South Africa, South Korea, Taiwan, Thailand, Turkey and Vietnam. The Stoxx Optimised Asia Select Index covers all companies which are based in Hong Kong, Singapore, South Korea and Taiwan, and are listed on a North American stock exchange.All new indices are part of the Stoxx Optimised Index family. The most defining features of this family is that it does not only take into account the average daily trading value (ADTV) for stock selection but also for the derivation of the index constituents’ weights.

p { margin-bottom: 0.08in; } Legal & General Investment Management (LGIM) has appointed Andy Clark as head of the distribution team for the Middle East. Clark, who will be based in London, previously worked at Northern Trust Global Investments.

p { margin-bottom: 0.08in; } Citywire reports that Schroders has decided to close its Asia fund, Schroder ISF Asian Total Return, based in Luxembourg, to retail investors. Assets under management in the fund, launched in late 2007, now exceed USD1bn. The fund shows returns of 47.2% from its launch to the end of November, compared with losses of 8.2% for the MSCI AC Asia Pacific ex Japan index. The decision to close the fund aims to protect the performance of the fund, as inflows were highly dynamic in 2010. Schroders says that the strategy cannot claim to manage over USD1bn in assets without risk. Schroders states, however, that institutional investors will be able to continue to invest in C and I class shares for the near future.

BlueCrest Capital Management has appointed Jaime Valdivia as head of global emerging markets research and strategy. He joins from the Emerging Sovereign Group where he was a partner, portfolio manager and director of global macro research specialising in global sovereign credit and rates strategy.

p { margin-bottom: 0.08in; } According to reports in Citywire, Richard Timberlake and Paul Kim have resigned from FundQuest. They may join LV = Asset Management.

p { margin-bottom: 0.08in; } Gervais Williams, former head of UK small caps at Gartmore, is joining MAM Funds, a management firm listed on the AIM in London. He will be appointed managing director, pending the approval of shareholders. At the same time, Ian Dighé will be appointed executive chairman, and Graham Hooper director of distribution. Meanwhile, MAM Funds has also announced plans to raise a further GBP20m.

p { margin-bottom: 0.08in; } Both general partners and limited partners are anticipating a 5 to 10 percent decrease in the internal rate of return (IRR) for private equity programmes in the next few years, according to the first international survey by bfinance on the subject of private equity. In addition, eight out of ten limited partners (81%) say the performance of investments in private equity will be more diffuse and volatile in the future. As a result, 71% of institutional investors surveyed are planning to reduce the number of partnerships they enter into with general partners, as well as the number of private equity funds in their portfolios, in order to limit the dispersion and the expected decline in returns. The survey also finds that 74% of limited partners are expecting an IRR of over 15% for their investments in private equity. The asset class will continue to be privileged by institutional investors with an eye to diversification and the overall improvement of the performance of portfolios. Despite a decline in expected returns, the weight of private equity in allocations is expected to remain stable overall. In their responses, limited partners and general partners gave three major reasons for declining returns in this asset class. Significant amounts of uninvested capital are leading program heads to be more aggressive, and to offer higher prices when they see an investment opportunity. Leverage levels for funds have tended to be reduced. And lastly, the growth of businesses is expected to be sustainably affected by the economic context. The same reasons also go to explain the expectation that the performance of funds will be more varied in the future. Private equity will remain a major source of portfolio diversification for institutionals. However, in a context of falling returns, the choice of general partners will become even more important. According to Oliver Cassin, managing director and head of the research and development department, “limited partners no longer have a passive approach to their investments in private equity and are increasingly seeking to identify sustainable competitive advantages of managers who will generate consistent returns in the future. As a result, we are seeing an increase in demand for advising for this asset class, as investors seek to maintain the quality of their exposures.”

p { margin-bottom: 0.08in; } Sigurbjorn “Siggi” Thorkelsson, who has already been head of Asia-Pacific equities since April, has been appointed head of equities, EMEA at Barclays Capital, which announced the promotion on 15 December. Thorkelsson will be in charge of the development of the equities platform for the investment bank. He will move to London in 2011, and will continue to report to Jerry Domini, global head of equities.Before joining Barclays Cap, Thorkelsson was head of equities, Asia Pacific, at Nomura. He previously served 13 years as head of equities, Asia Pacific at Lehman Brothers.

p { margin-bottom: 0.08in; } More than 70% of European institutional investors think that funds that comply with the UCITS directive may represent a growing proportion of absolute return products, as their liquidity and transparency presents a definite advantage, according to a survey by Aviva Investors of investors in several countries with EUR280bn under management. Respondents included institutional investors and financial establishments in Germany, Switzerland, France, Italy, Spain, Belgium, Norway, Ireland and Denmark. 67% say that they are also attracted to the products due to the regulatory security provided by UCITS status. These findings come at a time when 90% of investors say they are prepared to increase their exposure to absolute return strategies in the next three years. The absolute return strategies which interest them most are: global macro (67%), volatility trading (67%), long/short equity (60%), and market neutral (53%). When asked about the characteristics they look for in managers using absolute return strategies, European institutionals point to unanimity and rigour of the risk management framework. 80% also prefer a manager who is familiar with alternative management techniques, while 67% say the existence of an outperformance track record for the strategies is essential.

p { margin-bottom: 0.08in; } Following the first step announced this summer with its participation in the management firm N+1 Syz Gestión, the Swiss banking group SYZ & CO on 15 December announced that it is strengthening its presence in Spain with a second entity, N+1 SYZ Agencia de Valores, which will be dedicated to management for high net worth private clients. To create the new firm, in addition to personnel from N+1 and SYZ & CO, the new partnership will team up with several front-line personalities in the Spanish finance sector. The team at the new firm, led by Alfonso Gil, will include 20 people, with an average of over 15 years’ experience in private banking at domestic and international entities. Initially, N+1 SYZ will be active in Madrid and Bilbao, but other locations are also planned. It is 50% owned by SYZ & CO, while the remainder is shared by N+1 and employees of the new firm.

Morgan Sze, the global head of Goldman Sachs’ biggest proprietary trading desk, GS Principal Strategies, has begun raising money for a hedge fund which is to be called Azentus Capital and will be based in Hong Kong, according to the Financial Times. It is going to start trading with between USD1bn and USD1.5bn, people familiar with the launch told the Financial Times. Mr Sze has yet to leave his position at Goldman.

p { margin-bottom: 0.08in; }a:link { } The Swiss management firm SAM (Robeco group) on 15 December announced that its efforts to bring itself into compliance with the United Nations Principles for Responsible Investment (UN PRI) were distinguished by the organism in charge of evaluating signatories in its most recent individual rating for 2010. Its rating has improved for virtually all chapters.In particular, SAM has risen from the second to the first quartile for the Second Principle (active exercise of shareholder rights & engagement); the manager has also held onto its place in the top quartile for integration of environmental, social, and governance, or ESG, criteria in the research process and investment decisions.The individual UN-{RI evaluation of SAM is available at this address:http://www.unpri.org/report10/2010_PDFs/PRI%202010%20-%20Full%20Respons…

p { margin-bottom: 0.08in; } On 15 December, the board of directors of the Vontobel group appointed Zeno Staub as CEO from 4 May 2011, replacing Herbert J. Scheidt, who was already named as the future chairman of the board of directors in late August (see Newsmanagers of 1 September).Staub is currently head of the asset management business unit, a position he has held since 2008, and which he will retain until he takes up his new role. He has been a board member at the group since 2003, and joined Vontobel in 2001, before being appointed CFO in 2003.

p { margin-bottom: 0.08in; } According to a study by independent analysts at the Fonds Consult agency, published exclusively by Handelsblatt, wealth management in the form of shares in investment funds often results in insufficient or below-average returns. In Germany, this market measures EUR28bn, and is sometimes aimed at clients with as little as EUR10,000.The leader in this market is DekaBank, which alone manages EUR11.4bn, and has a relatively good rating, although the two leaders in terms of returns are Fürst Fugger Privatbank and Commerzbank, with assets in this market niche of EUR0.3bn and EUR3.1bn, respectively. Lower in the rankings are the two institutions of the co-operative banking sector.Fonds Consult adds that the products on offer are often expensive, with fees sometimes reaching 3% for strategies based on equity funds.

p { margin-bottom: 0.08in; } According to sources close to the German savings banks, shareholders at DekaBank have reached an agreement, the Frankfurter Allgemeine Zeitung reports. The asset management firm is valued at EUR4.6bn, and the 50% stake controlled by the Landesbanken (WestLB, LBBW and NordLB) would be sold for EUR1.3bn to the savings banks, which already control a 50% stake in the firm. The remaining EUR1bn would be paid by DekaBank itself, whose owners’ equity would thus be reduced to EUR3.4bn.

p { margin-bottom: 0.08in; } BNY Mellon Asset Management has appointed Thom Fisher as country head for Japan, Asian Investor reports. BNY Mellon is also seeking a successor to David Jiang, former CEO for the group’s activities in the Asia-Pacific region, based in Tokyo.

p { margin-bottom: 0.08in; } More than two and a half months after the departure of Iñigo Bilbao-Goyoaga, who created the affiliate and directed it for eight years, Axa Investment Managers has announced the appointment of Beatriz Barros de Lis as director for Spain and Portugal. The Iberia team (5 members) also provides operational support for the group’s activities in Latin America. Barros de Lis was previously head of AllianceBernstein for Spain and Portugal.

p { margin-bottom: 0.08in; } In an interview with Cinco Días, Alfonso Gómez Garcimartín, CEO, says that BBVA Banca Privada is expecting to have recruited a net total of 6,000 new clients this year. Assets under management will have increased by 5%, Banca Privada is dedicated to clients with over EUR300,000 in financial savings, while BBVA Patrimonios is aimed at investors with savings of over EUR2m; on average, accounts measure EUR500,000 and EUR5.7m, respectively. Garcimartín says that BBVA Banca Privada relies on open architecture, and offers 50% third-party products. He also says that at present there is no observed trend of Spanish investors’ assets expatriating to Luxembourg. Client demand is currently focused on fund portfolios and custom structured products.