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13/01/2010

Wendel launches Helikos SPAC

The French investment firm Wendel is releasing 25 million shares in Helikos, a “Special Purpose Acquisition Companiy” (SPAC), at EUR10 per share, the Frankfurter Allgemeine Zeitung reports. The shares will be available from 2 February. The board of directors, composed of Roland Lienau, Hermann Simon and Jürgen Heraeus, will aim to build up a “hidden champion” war chest of EUR650m-EUR750m, with revenues of more than EUR3bn, which will then immediately be listed through Helikos. The firm should be expected to grow by 10% per year, and be one of the top three actors in its industry.
13/01/2010

London HFs haven't come, yet

British hedge funds’ interest for settling in Geneva is slow to materialize. Only a few big London names like Bluegold, CQS Asset Management and Tiresias Capital already have set up a physical presence on the shores of the lake over the last 18 months, Le Temps reports. According to the Swiss Funds Association, some 10 to 20 hedge funds have been settling in Switzerland over the last two years.These FMCs have limited their presence to 2-3 person offices. Neither Brevan Howard Asset Management nor BlueCrest have actually opened the rep offices the had said they would. They plan to move big teams -up to 50 people- to Geneva, which would represent 20% of their present headcount.
13/01/2010

ETFlab launches a jumbo-Pfandbriefe fund

ETFlab Investment, an affiliate of DekaBank, has added the ETFlab iBoxx € Liquid Germany Covered Diversified, a German-registered index-linked fund (DE000A1A4DP7) which complies with UCITS III and replicates the performance of the Markit iBoxx € Liquid Germany Covered Diversified index, to trading on the XTF segment of the Xetra electronic platform from Deutsche Börse. The fund covers the evolution of the 30 most liquid German Pfandbriefe (jumbo-Pfandbriefe), which have a minimum volume of EUR1bn. The index may include only up to four Pfandbriefe from the same issuer. The product was launched on 16 December 2009, and has assets of EUR30.27m. Management commission is 0.09%. With this new fund, the XTF segment now includes 550 ETFs.
13/01/2010

2009 was a record year for Swedish funds

In 2009, funds on sale in Sweden posted net subscriptions of SEK135bn (about EUR13.2bn), the Swedish fund association Fondbolagens Förening reports. This is a record annual amount, which is all the more surprising as it comes after a difficult year in 2008, when funds saw outflows of SEK7.8bn. Inflows got a boost from investor interest in equities funds, which alone saw net inflows of SEK112bn. Diversified funds and bond funds received SEK24bn and SEK22bn. However, money market funds saw outflows of SEK23bn, while hedge funds had SEK1bn in outflows. The Swedish association observes that 2009 was also an exceptional year in terms of performance. On average, equities funds earned 38%. In the month of December alone, Swedish funds posted net subscriptions of SEK36.6bn, with SEK28.7bn for equities funds.
13/01/2010

Tiberius recommends investing in corn and coffee

Swiss-based Tiberius Asset Management is this year predicting 20% returns on investments in some commodities, such as corn, due to demand for ethanol, and coffee, due to a shortage of arabica for meteorological reasons, the Frankfurter Allgemeine Zeitung reports. Gold will also be a good investment. However, aluminium, zinc, and nickel prices rose too far in 2009, and have not much further room to increase. Equities will not be likely to continue their increases of last year, and the Dax may fall back to 5600 points by the end of the year, from 6000 currently.
13/01/2010

Appointment at Natixis AM

Natixis Asset management has announced the appointment of Aline Flamain as director of customer service in the office of the director of development. In this position, she will be in charge of client reporting, performance attribution and client assistance. Flamain, 38, was previously at Crédit Agricole Asset Management, from 2005, where she was head of the commercial and marketing information system in the customer services department, in charge of Relationship Marketing Consumer areas, asset management, inflows, and product reference.
13/01/2010

Financière de Champlain acquires 42 % de Nef Capital Ethique Management

Financière de Champlain, a specialist in sustainable development funds, has acquired a 42% stake in the capital of Nef Capital Ethique Management (NCEM), a private equity firm founded in December 2007, through an acquisition of the stake in that firm acquired in 2008 by Sarasin-France, which has been held since 2009 by the UFG group. The investor thus becomes the largest shareholder in NCEM, alongside the Société Financière de la Nef (42%); the remainder is held by Ecofi Investissements (12%) and the management. The change in shareholders was provoked by the arrival of UFG, which is considered a potential competitor to NCEM, in the capital of Sarasin-France. This has not prevented the Banque Sarasin from continuing to produce extra-financial investment analysis of FCPR funds from NCEM. On the contrary, says Jacques Favier, CEO of NCEM: the new configuration will allow the insurer total independence from the Sarasin brand.
13/01/2010

Crédit Agricole PE signs up to PRI

Crédit Agricole Private Equity has become a signatory of the United Nations Principles for Responsible Investment (UN PRI). By adopting the Principles, the private equity firm pledges to include ESG issues in its investment analysis and decision-making process, to take ESG questions into account in its shareholder policies and practices, to require business in which Crédit Agricole Private Equity invests to publish appropriate information about ESG questions, to foster the acceptance and application of the Principles by asset management actors, to work together to increase the effectiveness of signatories in the application of the Principles, and to individually track activities and progress in the application of the Principles.
13/01/2010

Private banking profit margins shrinking

Horst Schmidt, chairman of the managing board at the German private bank Delbrück Bethmann Maffei (ABN Amro group), says that net profits in European private banking have fallen to 17 basis points in terms of assets under management, down from 35 basis points previously, due to the crisis. This remains a comfortable figure, but increases the critical size necessary for a private bank to EUR10bn under management, from EUR6-7bn previously, the Börsen-Zeitung reports. Delbrück saw an increase in its assets of EUR2bn in 2009, to EUR13bn. The bank is planning to increase its distribution staff and possibly to make acquisitions.
13/01/2010

MBO at Merck Finck Invest AM

The Munich-based private bank Merck Finck & Co Privatbankiers (KBL group) on Tuesday announced that on 1 January, it sold its affiliate Merck Finck Invest Asset Management GmbH (EUR1.75bn in assets) to the management of the firm. The heads of the new MFI Asset Management are Johann Peter Roßgoderer and Johann Ipfelkofer.The new firm, which has been issued a license by BaFin, will specialise in asset allocation strategies for institutional funds. It will retain its privileged ties with the bank in the areas of wealth management and open-ended funds.
13/01/2010

Julius Baer recruits a director from UBS

Julius Baer has announced the recruitment of Lee Boon Keng as co-director of investment solutions in Asia, and co-CIO for the region. Lee will be based in Hong Kong; he was previously a chief strategist at UBS Wealth Management for Asia, Asian Investor report. A search is underway at UBS to replace him.
13/01/2010

Equities research: Nasdaq OMX extends agreement with Morningstar

Nasdaq OMX on 11 January announced that it has extended its previously-announced agreement with Morningstar in the area of equities research. In June 2009, the exclusive agreement between the two firms included basic research produced by Morningstar on all companies traded on the Nasdaq. Now, it includes deeper analysis of the same companies. Nasdaq OMX says in a statement that research provided by Morningstar in the past few months has been very favourably received by the companies concerned. Morningstar’s product offerings are all the more welcome as coverage in terms of the number of small and mid-sized companies has often been considerably reduced recently if not completely discontinued.
13/01/2010

Metrópolis and La Caixa get their start in the City

The Metroinvest fund, founded by Metrópolis and clients of the private bank La Caixa, founded one year ago with EUR150m in acapital, is making its first deal in London with the acquisition of a 3,000 square metre office property near Finsbury Square for GBP20.2m, Expansión reports. The vendor is a fund from the German asset management firm IVG. Metroinvest is planning to invest about EUR500m in two years.
13/01/2010

Other hedge funds may be implicated in Galleon fraud case

A hedge-fund manager known to prosecutors as «Tipper X» in the Galleon Group insider-trading investigation could lead prosecutors to scrutinize hedge funds not previously implicated in the probe, people familiar with the case say. The manager was identified as Thomas Hardin, a trader at Lanexa Global Management. Mr. Hardin is included in a list of individuals that the Securities and Exchange Commission has provided to defense lawyers as potential witnesses.
13/01/2010

Galleon founder challenges wiretap evidence

Galleon hedge fund founder Raj Rajaratnam, accused of fraud and conspiracy, attacked the U.S. government’s wiretap evidence on Tuesday, says the Financial Times. His lawyer John Dowd said that he would file a motion to suppress telephone recordings used to arrest his client last October. Raj Rajaratnam also won approval to stay free on bail.
13/01/2010

AFG and FIR unveil new transparency code for open-ended SRI funds

The guiding transparency principles initially released in 2005, were in need of a brushing up. Thus, after 18 months of work, the AFG on 12 January unveiled the new version of the principles, now known as the Transparency Code for open-ended SRI funds, designed and approved by the AFG and the FIR (Forum for Responsible Investment). The chairman of the AFG, Pierre-Henri de La Porte du Theil, says that the board of directors of the association has decided to make adherence ot teh code obligatory for all funds bearing the open-ended SRI stamp. For their part, the AFG and FIR will engage to publish a list of funds that have signed up to the code on their websites.
13/01/2010

Guotai gets a USD700m QDII quota

The Chinese asset management firm Guotai has received a USD700m quota from the regulatory authorities as part of the QDII program. Z-Ben Advisors reports that Guotai will be the only major fund management firm which will resist the temptation to launch an ETF based on the Shanghai Stock Exchange (SSE) index: instead, its product will be based on the Nasdaq 100. The fund is slated for launch by the end of first half, and will be the first non-Hong Kong based single-country fund to be offered as part of the QDII program. It is likely that UBS SDIC has also received a USD500m quota, but no announcement has yet been made so far. Z-Ben Advisors remarked on Wednesday that nine fund management firms to date have received a total of USD7bn in QDII quotas, but only E-Fund, China Merchants and China Universal also have a license to sell their products, which is the last stage before the effective launch of the funds.
13/01/2010

PSigma IM appoints a CIO

PSigma Investment Management has recruited Tom Becket at chief investment officer (CIO) and Tim Gregory as director of global equities, Money Marketing reports. Becket joined the firm six years ago, and is currently director if investment strategies. PSigma Investment Management manages more than GBP1bn in assets.
13/01/2010

Ignis AM appoints a CIO for fixed income

Ignis Asset Management has appointed Chris Fellingham as Chief Investment Officer, Fixed Income. He joins Ignis from George Soros’ London based asset management business where he has been working since 2008. Prior to joining Soros he spent 12 years at Blackrock/Merrill Lynch/Mercury Asset Management.Chris Fellingham will join the Ignis Board and take overall responsibility for the company’s circa GBP50bn of fixed income assets. Peter Reid remains CIO responsible for all other asset classes – circa GBP21 billion of equity, property and alternative assets.
12/01/2010
Fonds

Les fonds de fonds Ucits III vont se multiplier

80 % des gestionnaires de fonds de hedge funds ont l’intention de lancer des fonds de hedge funds Ucits dans les 12 mois qui viennent, révèle un sondage mené par KdK Asset Management auprès de 30 multigestionnaires alternatifs en décembre 2009. Et ce, alors même qu’ils sont tout aussi nombreux à penser que les coûts liés à la gestion d’une stratégie de hedge fund dans un format Ucits seront plus élevés que les coûts du fonds offshore équivalent et qu’ils sont 67 % à juger que la performance sera plus faible. Mais l’enveloppe Ucits présente pour les gestionnaires de fonds de hedge funds un certain nombre d’avantages susceptibles de contrebalancer cet inconvénient majeur, et notamment un meilleur accès à la clientèle de particuliers et une plus grande liquidité. En termes de clientèle, la demande pour des produits Ucits semble en tout cas venir principalement des plates formes de fonds, des réseaux retail et des personnes fortunées. Parmi les sociétés de gestion ayant lancé un fonds de hedge funds Ucits III figure notamment Alternative Asset Advisors (Syz & Co), tandis que d’autres, comme UBP, y songent.
Fonds
12/01/2010

"2010 exigera davantage de dextérité en sélection de titres"

L'an dernier, BNY Mellon Asset Management a réalisé un parcours exemplaire dans notre pays, si l'on en juge par l'évolution de ses encours, même corrigée de l'effet de marché. Son directeur général de la succursale de Paris, Anne-Laure Frischlander, n'est pas loin de penser que la galaxie des boutiques qui le composent permettra au groupe américain de faire mieux que tirer son épingle du jeu sur le marché français en 2010, où les marchés deviennent nettement plus discriminants.
12/01/2010

Asset Allocation Advisors et NOAM fusionnent

Dans le cadre de sa réorganisation, Neuflize OBC a simplifié son offre de gestion d’actifs. La filiale de banque privée d’ABN Amro fusionne ainsi la société Asset Allocation Advisors, centre d’excellence du groupe au plan international pour la sélection de fonds tiers et la multigestion, et la société de gestion Neuflize OBC Asset Management, dont la vente avait été envisagée pendant un temps. L’ensemble, qui regroupera aussi la gestion financière de la banque, portera le nom de Neuflize OBC Investissements et sera dirigé par Stéphane Corsaletti, l’actuel dirigeant de AAA. «Cette filiale proposera, à partir de janvier, une vingtaine de fonds phare, identifiables sous le nom de NOBC», indique Neuflize OBC. «Elle disposera de ressources complètes en gestion sous mandat, fonds classiques et multigestionnaires de droits français et luxembourgeois, fonds dédiés, sélection de gérants, et s’appuiera sur un recours accru à l’architecture ouverte qui sera par ailleurs proposés à des institutionnels». Cette nouvelle entité cohabitera avec Neuflize Private Assets, dirigée par François Mouté, qui «proposera aux clients de la banque une offre originale destinée à une clientèle à la recherche d’un style de gestion de conviction et d’opportunité à forte valeur ajoutée», selon Neuflize OBC. Neuflize Private Assets existe depuis 2003, mais se retrouve ici renforcé par l’intégration de Fontenay Gestion et l’apport de quelques fonds auparavant chez Neuflize OBC Asset Management. Actuellement, ces deux filiales de gestion d’actifs gèrent un total de 30 milliards d’euros. Leur objectif est de parvenir à 34 milliards d’euros sous gestion en 2010, en collectant plus de 2,4 milliards d’euros d’ici à la fin de l’année.
12/01/2010

Banca Leonardo pourrait entrer en Bourse dans les deux ou trois ans

Dans un entretien aux Echos, Nicolas Mérindol, senior managing director chez Leonardo & Co, la banque d’affaires du groupe Banca Leonardo, évoque les perspectives de la boutique fondée en 2006 par Gerardo Braggiotti, qu’il a rejoint l’an passé. L’introduction en Bourse est une «priorité», mais un adossement ou un rapprochement avec un autre acteur n’est pas exclu. Sur les métiers de gestion d’actifs (DNCA) et de gestion privée (Banque Leonardo), la priorité va à la croissance organique et au renforcement des équipes, mais le groupe n’exclut pas des petites acquisitions «si les opportunités sont très favorables».
12/01/2010

First Eagle cherche un partenaire distributeur en Asie

La société de gestion basée à New York, First Eagle Investment Management, cherche un partenaire distributeur en Asie hors Japon, pour compléter l’association développée avec Nikko Securities, selon Asian Investor.Pour 2010, l’autre priorité stratégique de la société qui gère quelque 38 milliards de dollars serait de trouver une équipe de gestion global credit orientée value qui serait intégrée dans la société. La société dispose déjà en interne d’une équipe d’analyse crédit qui se concentre sur la structure du capital et son impact sur les actions mais pas dans la perspective d’investissements directs.
12/01/2010

UBS se renforce sur le segment UHNW en Asie

UBS vient de renforcer son activité sur le segment UHNW (ultra high net worth) en Asie avec la nomination de Reto Marx en tant que managing director et responsable de l'équipe UHNW à Singapour, selon Asian Investor. Il sera directement rattaché à Daniel Harel, responsable de l’activité UHNW dans le sud de l’Asie.Reto Marx était précédemment responsable de la zone Asie du Sud-Est à la banque Sarasin-Rabo (Asia).
12/01/2010
Fonds

Année record pour les ETF en Italie

En 2009, le nombre d’ETF et d’ETC cotés sur le segment ETF Plus de Borsa Italiana est passé de 326 à 400, rapporte Il Sole – 24 Ore. Les échanges quotidiens moyens ont augmenté sur l’année de 12,9 % à 215 millions d’euros en contrevaleur et de 73,1 % en termes de nombre de contrats qui ont changé de mains en une séance (9.690). Le leader du marché en termes d’encours, de contrats et de contrevaleur est Lyxor Asset Management, avec 31,08 milliards d’euros (+31 % sur un an).
Fonds
12/01/2010
Fonds

Gonflement de l'encours des ETF cotés à Madrid

Selon les statistiques de Bolsas y Mercados Españoles (BME), le nombre de transactions sur les ETF en 2009 a opéré un bond en avant de 99 % à 50.789 et le volume de ces échanges a représenté 3,47 milliards d’euros.L’encours des ETF cotés en Espagne représentait pour sa part 13,68 milliards d’euros fin décembre, soit 28,7 % de plus qu’un an auparavant. En grande partie, cette hausse est due à l’introduction en cours d’année des fonds Lyxor ETF Euro Corporate et Lyxor ETF Ibex 35 Inverso.
Fonds
12/01/2010

Jeff Gundlach répond aux accusations de TCW

Jeffrey Gundlach a réfuté les accusations de son ancien employeur TCW dans une lettre adressée lundi aux clients et associés de DoubleLine, sa nouvelle société, rapporte le Wall Street Journal. Il annonce qu’il va prochainement porter plainte.

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