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23/09/2010

Axa PE négocie la vente d'Eliokem

Selon l’Agefi, la société de capital investissement Axa PE a indiqué avoir reçu une offre ferme de la part du groupe américain Omnova Solutions concernant la cession de la majorité du capital d’Eliokem, le groupe de chimie de spécialités. Le montant de l’opération s'élèverait à 227,5 millions d’euros avec une période d’exclusivité jusqu'à fin décembre.
23/09/2010

La reprise de Fortis par BNP Paribas est déjà un succès

La Tribune rapporte que le plan de marche lié à la reprise de Fortis par BNP Paribas a aujourd’hui « six mois d’avance », selon Jean-Laurent Bonnafé le directeur général délégué de la banque de la rue d’Antin. Au 30 juin 2010, le programme de synergies de coûts avait déjà permis de dégager 402 millions d’euros, un niveau qui devait être atteint en 2011. La banque vise le chiffre de 900 millions d’euros à horizon 2012, mais devrait réviser à la hausse cet objectif. Au deuxième trimestre, la filiale belge de BNP Paribas a également tiré les revenus du groupe. Sans elle, ils auraient stagné au lieu d’augmenter de 11,8 %. BNP Paribas achève actuellement l’intégration des 1.300 collaborateurs de Fortis Banque France (FBF), note le quotidien, 80 % d’entre eux s'étant déjà vu présenter une nouvelle affectation. Cependant, les organisations syndicales notent un décalage parfois entre les anciennes et les nouvelles fonctions pour les salariés.
23/09/2010

EFG Banque Privée se dote d'un nouveau directeur

EFG Banque Privée, la filiale d’EFG International en France, a nommé Maxime Vermesse au poste de directeur général, sous réserve de l’agrément des autorités de tutelle. L’intéressé, qui a rejoint la banque basée à Paris en septembre, travaillera en collaboration étroite avec Fabrice Moullé-Berteaux et Antoine Lacourt, qui dirigeaient précédemment l’entité, dans l’objectif d’accélérer la croissance de l’activité, indique un communiqué. Maxime Vermesse a fait l’essentiel de sa carrière chez BNP Paribas. Dernièrement, il était responsable de l’Europe et de l’Amérique latine chez BNP Paribas Wealth Management Monaco, dont il était aussi membre du comité exécutif. Cette nomination fait suite à l’acquisition par EFG International de la société de gestion Sycomore Gestion Privée, finalisée en juillet 2008 et renommé EFG Banque Privée en janvier 2010 après avoir obtenu l’agrément bancaire par les autorités de tutelle. «Après une première phase d’intégration, la société dirigée par Fabrice Moullé-Berteaux et Antoine Lacourt s’est développée rapidement grâce au renforcement de ses capacités et au recrutement sélectif de CROs (Client Relationship Officers) de grande qualité», indique le communiqué.
23/09/2010
Fonds

Les Newcits se développent rapidement

Les «Newcits» - les stratégies alternatives logées dans des fonds coordonnés Ucits III – sont l’un des segments du secteur de la gestion alternative qui se développe le plus rapidement, selon Eurekahedge. Le nombre de ces fonds est estimé à 775, pour un encours sous gestion de plus de 130 milliards de dollars. Pour Eurekahedge, 500 autres Newcits devraient être ajoutés à sa base de données dans les mois qui viennent. A fin août, les encours du secteur de la gestion alternative s’établissaient à 1.540 milliards de dollars, après des souscriptions nettes de 7,1 milliards de dollars.
Fonds
23/09/2010

Deux nouvelles acquisitions pour la SCPI de Perial PFO2

Perial a annoncé le 22 septembre que sa SCPI PFO2, venait de réaliser deux nouvelles acquisitions de bureaux : un bâtiment neuf de 1.336,40 m2 utiles de bureaux en Loire Atlantique (Nantes), et un bâtiment avec une surface utile de 1.992 m2 dans le Bas Rhin (Illkirch), pour un montant non précisé.
23/09/2010
Fonds

Euronext Paris cote 5 ETF Asie hors Japon de Lyxor

Le 22 septembre, NYSE Euronext a annoncé avoir admis à la négociation cinq ETF Asie hors Japon de Lyxor Asset Management (Société Générale), tous de droit français et tous chargés à 0,65 %.Il s’agit des fonds Lyxor ETF MSCI AC Asia Ex Japan Financials TR, Lyxor ETF MSCI AC Asia EX Japan Consumer Staples TR, Lyxor ETF MSCI AC Asia Ex Japan Materials TR, Lyxor ETF MSCI AC Asia ex Japan Information Technology TR et Lyxor ETF MSCI AC Asia Ex Japan Infrastructure Capped TR.De la sorte, NYSE Euronext cote 548 fois 478 ETF. Depuis le début de l’année, 77 ETF ont été admis à la négociation sur les plates-formes européennes de NYSE Euronext.
Fonds
23/09/2010

CASA tient à rassurer sur les effets de Bâle 3

Lors d’une tournée aux Etats-Unis, la banque verte a tenu à faire passer un message rassurant concernant les effets de la réforme des règles prudentielles de Bâle 3, rapporte l’Agefi. «Sur la base des derniers développements, CASA estime ne pas avoir besoin d’augmentation de capital», souligne Raymond James, qui organisait le road-show. Par ailleurs, le groupe semble se caler sur ses concurrents s’agissant de la mise en réserve des résultats, option privilégiée aujourd’hui par les banques françaises pour accroître leurs fonds propres durs pendant la période de transition vers Bâle 3. Chez CASA, «il n’y aura pas de baisse du dividende», a souligné Raymond James. L’option du paiement du dividende en actions continuera à être proposée.
23/09/2010
Fonds

Invesco fait enregistrer 14 PowerShares en Autriche

A compter du 1er septembre, Invesco PowerShares bénéficie d’un agrément de la FMA pour la commercialisation de 14 ETF PowerShares en Autriche. Il s’agit de produits qui répliquent des indices «intelligents» (Intelligent Index, Intelligent Exposure, Intelligent Access).
Fonds
23/09/2010
Fonds

Les grands fonds donnent le ton de la collecte

Dans une analyse du marché allemand des fonds pour janvier-juillet 2010, l’agence Kommalpha souligne que souvent un nombre restreint de promoteurs, voire de fonds, suffisent à influencer l'évolution de la collecte ou de la décollecte dans leur segment.A titre d’exemple, Pimco Europe a levé environ 8,6 milliards d’euros, alors que l’ensemble des fonds obligataires drainait seulement 7,5 milliards d’euros. Dans le compartiment des fonds immobiliers offerts au public, les quatre plus gros acteurs se répartissent 50 % de l’encours total de la branche tandis que parmi les quelque 2.500 fonds d’actions, il est arrivé récemment qu'à eux seuls deux grands ETF arrivent à générer une collecte nette pour le secteur qui serait sans cela dans le rouge.La tendance selon laquelle les grands fonds déterminent l'évolution de leur secteur prévaut aussi pour les fonds obligataires, les fonds diversifiés et les fonds monétaires (voir tableau page 3 à l’adresse http://www.kommalpha.com/cms_sources/dateien/fondsmarkt/Kommalpha_Fondsmarkt_September_2010_BASIS.pdf)
Fonds
23/09/2010

Pictet launches a long/short China fund

Pictet Funds, the fund distribution arm of the Swiss private bank Pictet & Cie, has launched the Pictet Total Return-Mandarin fund, an Asian equities long/short fund domiciled in Luxembourg, and compliant with the UCITS III directive.The fund, managed by Lan Wang Simond, invests in China, with diversification in Hong Kong, Taiwan, or other Asian countries outside Greater China. The Pictet Total Return-Mandarin fund replicates the management of the Cayman Islands-registered fund Asia Focus. The management team hopes to benefit from the “secular growth” of China, while minimising risk of losses in turbulent periods, and maximising outperformance through specific concepts in stock-picking.Management strategy aims to reduce market correlation and to generate “asymetric, less volatile, positive returns,” Pictet Funds says. The fund is currently licensed for sale in France, Germany, Luxembourg, Switzerland, and the United Kingdom. p { margin-bottom: 0.08in; }
23/09/2010

Singapore will overtake London as global asset management centre by 2025

Singapore is going to become the second largest global asset management cluster by 2025, says PricewaterhouseCoopers in a new research. By 2040, the three largest clusters by value of assets under management are projected to be New York, Singapore and London.Boston, London and New York are currently the largest clusters in asset management (based on the value of funds under management).But the threat of stricter regulation in some western financial markets has created opportunities for Asian and South East Asian markets, which are campaigning to attract funds to the region. Perhaps even more important is the potential for organic growth in Asia – driven by strong economic performance and large stock of private and public capital.PwC expects to see the existing asset management clusters of Hong Kong and Singapore grow rapidly. Both locations offer less burdensome tax regimes than their western counterparts and have “well-regulated but moderate”11 regulatory structures. However, in PwC’s view there can only be one dominant regional centre in Asia.In the first half of 2010 Hong Kong out-performed Singapore in attracting start up asset management funds with 65% of Asian fund launches during the period occurring in Hong Kong. However, with the Singaporean government actively promoting the city as a global centre for asset management and with a higher existing value of assets under management, Singapore is well-placed to compete with Hong Kong going forward, according to PwC.
23/09/2010

Institutionals should engage more in responsible investment

A recent analysis by Unctad (“Investment and Enterprise Responsibility Review”) of the 100 largest pension funds in the world, with total assets under management of USD8.6trn, or about EUR6.5trn, reveals that nearly half of the major pension funds publish one or several indicators based on the United Nations Principles for Responsible Investment (UN PRI). But the analysis finds no reference to responsible investment by 51 pension funds in the sample, representing 39% of total assets under management. Only 27 funds, with assets representing only 42% of all assets under management, publish four or more indicators.The authors of the study conclude that although the increasing spread of responsible investment is a reality, the fact is that many pension funds still have a long way to go. For this reason, they recommend that all institutional investors should be invited to formulate their position in regards to responsible investment to all parties. “Transparency of practices in terms of responsible investment is essential, not only to reduce imblances between contractual parties, but also to ensure the sustainable development of international markets,” the authors point out.p { margin-bottom: 0.08in; }
23/09/2010

Rebound in bonuses for management risk specialists

p { margin-bottom: 0.08in; } Pay scales for risk professionals in asset management rebounded last year, following declines in 2007 and 2008, according to the most recent edition of the annual study by Risk Talent Associates. Total pay increased 4%, with a stagnation or slight decrease in salaries, but a 7% increase in bonuses. The study finds that last year, 90% of alternative management professionals earned bonuses, compared with 86% in traditional asset management and 81% in insurance.
23/09/2010

Westwood acquires McCarthy

p { margin-bottom: 0.08in; } Westwood Holdings Group (USD9.7bn in assets as of 30 June) has acquired the investment advisory firm McCarthy Group Advisors (MGA) which advises the no-load funds McCarthy Multi-Cap Stock Fund (USD62.4m) and has about USD1bn under management for high net worth and institutional clients, for an undisclosed amount. Westwood announced on 22 September that MGA, whose 11 employees will be transferred to the group, will in the future operate as the Omaha, Nebraska, branch of Westwood Trust, an affiliate of Westwood Holdings with USD1.8bn in assets under management.
23/09/2010

New head of Latin American activities at BofA Global Wealth

p { margin-bottom: 0.08in; } Bank of America Global Wealth and Investment Management (GWIM) on 21 September announced the retirement next month of Brian Sepe, head of Latin American activities, and his replacement by Sonia Dula, currently head of Bank of America Merrill Lynch Corporate and Investment Banking for Latin America. In her new position, Dula, who will report to Sallie Krawcheck, chair of BofA GWIM, and Andrea Orcel, executive chairman of Global Banking and Markets, and president of emerging markets ex Asia, will be in charge of all onshore and offshore financial advisers in Latin America.
23/09/2010

Alfred Moeckli takes over at bank zweiplus

p { margin-bottom: 0.08in; } bank zweiplus, in which Sarasin bank controls a majority stake, announced on 22 September that it has appointed Alfred Moeckli as chief executive officer (CEO) and chairman of the board at the Zweiplus bank, effective immediately. Moeckli takes over from Marco Weber, who has decided to leave the ban after contributing to the success of its initial launch phase. Moeckli previously worked at Falcon Private Bank as deputy CEO, institutional and treasury head, and member of the board of directors.
23/09/2010

AMG plans to open Hong Kong office

p { margin-bottom: 0.08in; } Asian Investor reports that the US group AMG (USD250bn in assets under management) is planning to open a Hong Kong office by the end of the year. The head of AMG, Sean Healey, was recently in Hong Kong, where he announced that he has already recruited a head for Asia. AMG has only 30% of its assets invested in US equities, while 35% of its portfolio is dedicated to global equities, and at least 10% of assets under management are emerging markets equities.
23/09/2010

Lochiel Crafter appointed CIO for SSgA Asia

p { margin-bottom: 0.08in; } State Street Global Advisors (SSgA) announced on 21 September that it has appointed Lochiel Crafter as chief investment officer for Asia-Pacific. “The newly-created position illustrates the importance of the Asia-Pacific region in SSgA’s growth straetgy,” a statement from the firm says. Crafter will be head of investment teams in Sydney, Hong Kong, Tokyo and Singapore. Before joining SSgA, where he had already worked in the past, Crafter was CEO of the Australian pension fund Australian Reward Investment Alliance (Sydney). He will continue to be based in Sydney.
23/09/2010

Two heads of private banking from Guipuzcoano join BES

p { margin-bottom: 0.08in; } Garikoitz Olabera, director of private banking at Guipuzcoano, has joined Banco Espirito Santo (BES) in Portugal as head of private banking, and the private wealth management arm of BES as head for the central Spanish region, Funds People reports. Eva Quintero, who was previously head of the private bank at Guipuzcoano for the Madrid region, will lead a new private banking centre which BES will open in Madrid. Guipuzcoano has been acquired by Banco Sabadell. Its private banking team manages 19 Sicavs with total assets of EUR181m. To replace Olabera, Guipuzcoano has appointed Ana Euba Aldape, head of the group’s management firm (EUR1bn). Quintero’s position is a newly-created one.
23/09/2010

Invesco registers 14 PowerShares funds in Austria

p { margin-bottom: 0.08in; } From 1 September, Invesco PowerShares is licensed by the FMA to sell 14 PowerShares funds in Austria. The products replicate Intelligent indices (Intelligent Index, Intelligent Exposure, Intelligent Access).
23/09/2010

Pimco launches two ETFs

p { margin-bottom: 0.08in; } With the Pimco Build America Bond Strategy Fund (BABZ), an actively-managed ETF, and the Pimco Investment Grade Corporate Bond Index Fund (CORP), a passively-managed fund, Pimco (Allianz Global Investors group) has added two products to its range, one with a management commission of 0.45%, and the other with fees of 0.20%. BABZ offers access to the taxable municipal bond markets, and aims to capture the performance of the best securities, while avoiding issues from municipalities which Pimco considers to have deteriorating credit quality. The fund is managed by John Cummings, executive vice president and head of the municipal bond desk. COPR invests in investment grade corporate bonds, most of which belong to the BofA ML US Corporate index, with careful balancing of the duration curve and the credit characteristics of the index.
23/09/2010

Euronext Paris lists 5 Asia ex Japan ETFs from Lyxor

p { margin-bottom: 0.08in; } On 22 September, NYSE Euronext announced that it has admitted five Asia ex Japan ETFs from Lyxor Asset Management (Société Générale), all of them registered in France, all with fees of 0.65%, to trading. The funds are the Lyxor ETF MSCI AC Asia Ex Japan Financials TR, Lyxor ETF MSCI AC Asia EX Japan Consumer Staples TR, Lyxor ETF MSCI AC Asia Ex Japan Materials TR, Lyxor ETF MSCI AC Asia ex Japan Information Technology TR and Lyxor ETF MSCI AC Asia Ex Japan Infrastructure Capped TR.
23/09/2010

Belgrave Capital registers Vitruvius fund in Spain

p { margin-bottom: 0.08in; } On 10 September, the CNMV registered the UCITS-compliant, Luxembourg-domiciled Vitruvius fund, and its eleven sub-funds. The multi-portfolio, multi-adviser rage specialises in alternative strategies, with the London-based Belgrave Capital Management (BCM), an affiliate of Banca del Ceresio, as its promoter. Vitruvius is already licensed for sale in Germany, Austria, France, Italy, Luxembourg, Sweden, and Switzerland.
23/09/2010

Newcits develop rapidly

UCITS III is the most rapidly developing sector in the global hedge fund industry, with the number of funds estimated to be 775 and assets under management exceeding USD130 billion, according to Eurekahedge. Currently, the Eurekahedge UCITS III Hedge Fund Database lists 775 UCITS III products, with another 500 to be added in the coming months.Total assets under management grew by USD13.4 billion in August, bringing the size of the global hedge fund industry to USD1.54 trillion. Net positive asset flows accounted for USD7.1 billion of the total growth.
23/09/2010

Rapid expansion for GlobeOp

p { margin-bottom: 0.08in; } For the period from 30 June to 31 August, assets under administration at GlobeOp Financial Services increased from USD120bn to USD139bn, due to USD15bn in investments from new clients (including a USD14.6bn mandate from European Credit Management Ltd). Client subscriptions totalled USD8bn, which partially offset redemptions of USD5bn. The performance of funds increased assets by USD1.5bn, while existing clients launching new funds added up to USD0.5bn. GlobeOp is an Anglo-American independent provider of administration services, specialised in middle and back office and integrated risk reporting aimed primarily at hedge funds and asset management firms, as well as pension funds, corporate treasuries, insurers, and banks.
23/09/2010

A fixture of value investment retires

p { margin-bottom: 0.08in; } The Jersey-based management firm Dreman Value Management announced on 21 September that the fixture of value asset management, David Dreman, will be leaving his position as co-chief investment officer. Clifton Hoover, previously co-CIO alongside Dreman, who will now take over as CIO. Hoover will also become CEO. Dreman, who launched his business in 1977, will remain in control of the firm, as he retains his position as chairman and member of the investment board. He will also continue to manage the Dreman High Opportunity Fund and the Dreman Market Overreaction Fund.
23/09/2010

Charter Group launches hedge fund administration activity

p { margin-bottom: 0.08in; } Charter Group has launched Charter Group Fund Administration. The firm will be based in London, and will provide administration services to hedge funds, primarily offshore hedge funds managed by alternative management boutiques on the London market. The activity will be led by Brian Taitz, who previously managed a similar firm in Australia, a statement from Charter Group Fund Administration says.
23/09/2010

Mark Krombas joins Charlemagne

p { margin-bottom: 0.08in; } Fund Strategy reports that Mark Krombas, who managed the Ocean Equities Mena Opportunities, SGAM Fund Equities Mena and SGAM Oasis funds at GLG and SGAM (UK), is joining Charlemagne Capital, where he will manage a Middle East and North Africa (MENA) sub-fund of the UCITS-compliant Sicav Magna.
23/09/2010

Large funds set the tone for inflows

p { margin-bottom: 0.08in; }a:link { } In an analysis of the German fund market in January-July 2010, the Kommalpha agency finds that often a small number of promoters, or funds, are enough to influence the evolution of inflows or outflows in their segment. For example, Pimco Europe has raised about EUR8.6bn, while bond funds as a whole attracted only EUR7.5bn. In the open-ended real estate fund segment, the four largest actors account for 50% of total assets, while among 2,500 equities funds, it recently occurred that only two large ETF funds between them managed to generate positive overall net inflows for the sector as a whole, which otherwise showed outflows. The trend towards large funds determining the direction of their sectors also applies to bond funds, diversified funds and money market funds (see the table on page 3, at the following address: http://www.kommalpha.com/cms_sources/dateien/fondsmarkt/Kommalpha_Fonds…)
23/09/2010

BlackRock looks to grow in Brazil

BlackRock on 21 September announced the appointment of Luiz felipe Andrade as managing director and country head for Brazil, and will aim to develop the group’s activities in Brazil.Andrade will oversee a team of 16 professionals at BlackRock’s offices in Sao Paulo. He previously worked for 13 years at Itaù-Unibanco, where he was most recently director of markets and liquidity risk.p { margin-bottom: 0.08in; }

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