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21/12/2009

Apollo acquiert Cedar Fair pour plus de $ 2 milliards

L’exploitant de parcs d’attraction Cedar Fair va être acheté pour environ 2,4 milliards de dollars, dette comprise, par une filiale d’Apollo Capital Management. Les actionnaires percevront 11,50 dollars par action, ce qui représente une prime de 43 % sur le cours moyen pondéré des 30 séances précédentes et de 28 % sur la clôture du 15 décembre. JP Morgan, BofA Merrill Lynch, Barclays Cap, UBS Investment Bank et KeyBanc Capital Markets ont fourni des financement d’un total de 1,95 milliard de dollars pour permettre l’opération.
21/12/2009

Airvana passe sous le contrôle de quatre capital-investisseurs

Le fabricant d’infrastructures de réseau à haut débit Airvana Inc, qui est coté au Nasdaq, a annoncé vendredi qu’il accepte d'être acheté pour 530 millions de dollars, soit 7,65 dollars par action, par un consortium composé de quatre capital-investisseurs comprenant S.A.C. Private Capital Group, GSO Capital Partners (Blackstone), Sankaty Advisors et ZelnickMedia.Techniquement, Airvana va être absorbée par une société ad hoc, 72 Mobile Holdings. La transaction s’effectue avec une prime de 23 % sur le cours boursier de la veille.
21/12/2009

Faillites des banques régionales au Etats-Unis : 140 au compteur

Avec la faillite de la banque RockBridge Commercial Bank d’Atlanta (Géorgie, sud-est) annoncée vendredi 18 décembre, 140 banques régionales aux Etats-Unis ont fait faillite depuis le début de l’année, rapporte les Echos. Les actifs de la banque repris par l’agence fédérale américaine de garantie des dépôts bancaires s'élèvent à 291,7 millions de dollars de dépôts.
21/12/2009

BlackRock controls over 3% of Deutsche Telekom

In an ad-hoc market statement, Deutsche Telekom announced on Friday that it had been informed on 15 December by BlackRock that the asset management firm owned a state of 3.34% in its capital as of 1 December (when its acquisition of BGI was completed), equivalent to over 145.76 million shares.
21/12/2009

FRR selects US credit managers

The French national pension fund, the Fonds de réserve pour les retraites (FRR), at the end of last week announced the results of its third round of a restricted call for tenders to renew a portion of its bond mandates. In the third round, which covered investment grade securities denominated in US dollars (active management), the FRR has selected the following three asset management firms: Axa IM Paris, BlackRock International, Conning AM, Deutsche AM International, Schroder IM. The mandates will be awarded for a 5-year period. The indicative total amount of funds allocated to management in this round is estimated at EUR1.5bn.
21/12/2009

Bill Gross increases cash allocation

Allocation to liquidity for the Total Return Fund (USD199.4bn) from Pimco, a fund managed by Bill Gross, has been increased to 7%, its highest level since the Lehman crisis in 2008. The level was negative by 7%, via derivatives, futures and short strategies, in November. To increase this allocation, the Pimco homepage states, Bill Gross lowered exposure to government bonds (govies) to 51%, from 63% in November, as the management team shares the opinion that United States GDP in 2010 will increase sufficiently to allow the Federal Reserve to raise interest rates. The Pimco star manager has also lowered exposure to mortgage-backed securities to 12% from 16%, bringing them to their lowest level since 2000.
21/12/2009

BNY Mellon appoints new heads of client management for United States and Europe

BNY Mellon has announced the appointment of two new heads for the United States and Europe. For the United States, Frank Froud, executive vice president, has been appointed head of client management. He was previously head of client management for Europe. In his new role he will be based in New York. For Europe, Hani Kablawi, executive vice president, will become head of client management. He will retain his role as chairman for the Middle East and Africa, and will relocate from Dubai to London. Frank Froud and Hani Kablawi will both report directly to Tim Keaney, senior executive vice president and head of Global Client management.
21/12/2009

ETF Securities launches an ETC fund of physical gold stored in Zurich

With the ETFS Physical Swiss Gold fund, ETF Securities is launching an ETC which replicates the evolution of the price of gold, backed by a stock of the metal held in Zurich by the custodian JP Morgan Chase Bank. Each lingot is packaged, individually labelled, and deposited with the Trust. The product, denominated in US dollars and domiciled in Jersey, has been listed on the London Stock Exchange under the acronym SGBS since December 16, but is not subject to British stamp tax, and is also listed as Sharia-compliant. Management commission is 0.39%.
21/12/2009

Fidelity appoints a new head of Asia

Fidelity has appointed Arne Lindman as president and CEO for the Asia-Pacific region, following the departure of Brett Goodin, who held the same position, in May, Asian Investor reports. Lindman, who has recently left the British Prudential group, will join Fidelity in his new role on 19 April next year. He had previously been chief executive of asset management activities at Prudential, since May 2008.
21/12/2009

Plunge in assets in funds of funds

The fund of hedge funds industry in Switzerland has suffered a steep decline of 70% in assets under management between May 2008 and October 2009, according to estimates by Eurekahedge, cited by Le Temps. Swss specialised institutions managed USD203bn in funds of funds as of the end of 2007, and now manage USD61bn. The market share for Switzerland has fallen to 13.9% of the global market, compared with 24.9% in 2007.
21/12/2009

BNY Mellon looks to grow in Japan

BNY Mellon Asset Management is seeking to enlarge its investment capacities in Japan through new recruitments and the possible acquisition of a asset management boutique in 2010, Reuters reports, citing David Jiang, CEO for Asia-Pacific at BNY Mellon.
21/12/2009

Cash injection for Chinese sovereign fund

China Investment Corp, the Chinese sovereign wealth fund, is expected to receive another injection of capital from the country’s foreign exchange reserves in the coming months, according to government officials and people familiar with the fund cited by the Financial Times. CIC will likely receive a similar amount to the initial USD200bn it was given on its establishment in 2007.
21/12/2009

Aviva Gestión aims to double assets in two years

Funds People reports that José Caturla has announced that the team at Aviva Gestión is aiming for EUR500m in assets under management in Spain within a two-year time frame. As of the end of October, the asset management firm had assets of EUR225m, according to Inverco. The new objective for the firm comes following a reshuffle of the management at Aviva Gestión last year, and a decision to release Aviva products for sale in Spain, beyond portfolio management on behalf of the firm itself, as previously. Aviva funds are now available on the Inversis platforms, and have more recently become available on Allfunds. The product range on offer includes five funds (short-term bonds, bonds, Aviva valor Preferente, Spanish equities, and Euro zone equities), and José Caturla, who is also chief investment officer at Aviva España, says this range is enough for the time being.
21/12/2009

Edrim bets on guided architecture

In an interview with Cinco Días, Guillaume Poli, chairman of the executive board, explains that Edmond de Rothschild Investment Managers (Edrim) has opened an office in Serrano street in Madrid, because, after four years of serving the Spanish market from offices in Paris, clients demanded more direct service. Edrim predicts that Spain will transition from an open architecture to a guided architecture market, and hopes to be one of the 10 to 12 providers relied on by the major networks. Its product range consists of controlled risk and low-volatility products, which are in demand for Spanish clients. Currently, Edrim already has 12 products on offer in Spain, and its objective is to reach 30 products in the short term. Though the range includes a wide variety of products, Edrim is only planning to register those products in Spain which sell best there.
21/12/2009

Natixis Global Asset Management wholly taken over by Natixis

Natixis announced on Friday, December 18, that it has become the 100% owner of Natixis Global Asset Management, which includes the asset managers of Natixis, after buying a 11.34% stake which CNP Assurances has held in Natixis Global Asset Management by CE Participations. The transfer of shares in Natixis Global AM from CNP Assurances to CE Participations was approved by the board of directors of CNP Assurances on October 20, 2009, and was undertaken in the form of an exercise of a sell option in which CE Participations was the receiving party. Natixis Global AM had assets totalling EUR494bn as of September 30, 2009.
21/12/2009

Dublin lays out welcome mat for hedge funds

The Irish government has passed legislation to make it easier for hedge funds based in the Cayman Islands and other tax havens to move to Dublin, says the Financial Times.
21/12/2009

Swedish pension fund AP6 embroiled in scandal

AP6, one of the Swedish national pension funds, has been rocked by a scandal involving a company, Xeratech, held in its portfolio, says IPE.com. The fund has accused the two founding brothers of “plundering” the company and is now also considering suing the firm’s auditors, Ernst & Young. Ulf Lindquist, spokesman for AP6, said he was unwilling to reveal how much money the fund has been lost in the scandal but said it threatens the company’s existence.
21/12/2009

EDHEC: Losses only for short hedge funds in November

According to estimates by Edhec-Risk, all hedge fund strategies generated positive returns in November, except dedicated short bias strategies, which lost an average of 2.16%. The largest gains were for CTA global funds, at 3.54%, and distressed securities, which gained an average of 2.32%. Since the beginning of the year, convertibles arbitrage has earned the best results, with gains of 43.8%, ahead of emerging markets (34.9%). Dedicated short bias is once again the red light, with losses of 17.4%. Since January 2001, the highest average annual performances have been 12.4% for emerging markets, and 10.8% for distressed securities.
21/12/2009

Jupiter AM to launch a European absolute returns fund

Jupiter Asset Management is to launch a UCITS III fund for investors seeking to capture returns from investing in pan-European equities. The Jupiter European Absolute Return (Sicav), which launches in January, will seek to generate an absolute return independent of market conditions. In seeking to meet the objective, the manager will aim to limit volatility. The Fund, a sub-fund of the Luxembourg-domiciled Jupiter Global Fund, will be managed by two of Jupiter’s fund managers - Cédric de Fonclare and Stephen Pearson. This marks the first time that the long/short investment capabilities of Stephen Pearson will be made available to investors in a regulated environment. The managers’ investment process will be based upon fundamental ‘bottom up’ stock-picking. They will look to build a portfolio of 50-80 long and short positions in individual companies in the European markets. Directional exposure to the equity markets will therefore be more a function of decisions taken on individual companies rather than top down positioning based on macro economic views.
21/12/2009

Credit Suisse in talks to buy Prime Fund Solutions

Credit Suisse has entered exclusive negotiations with Fortis Bank Nederland to buy Prime Fund Solutions, a unit specialised in prime brokerage and fund administration for hedge funds and sovereign funds, Agefi reports.
21/12/2009

Natixis Global Asset Management est repris en totalité par Natixis

Natixis a annoncé vendredi 18 décembre être devenu actionnaire à 100% de Natixis Global Asset Management, qui regroupe les sociétés du pôle degestion d’actifs de Natixis, après avoir acquis auprès de CE Participations la participation de 11,34% que CNP Assurances détenait dans Natixis Global Asset Management.Le transfert des actions Natixis Global AM de CNP Assurances à CE Participations a été approuvé par le conseil d’administration de CNP Assurances le 20 octobre 2009 et s’est opéré sous la forme de l’exercice d’une option de vente dont CE Participations était contrepartie.Cette opération - de caractère purement patrimonial précise un communiqué de l’établissement - ne modifiera pas les relations opérationnelles entre les deux entreprises. Natixis Global AM continuera de gérer les encours d’assurance-vie de CNP Assurance collectés par le réseau des Caisses d’Epargne, ainsi que d’autres portefeuilles.Natixis Global AM totalisait un encours sous gestion de 494 milliards d’euros au 30 septembre 2009.
21/12/2009

Départ d'un cadre de la BFI chez Natixis

Natixis a annoncé, lundi 21 décembre, le départ de Jean Marc Moriani jusqu’alors directeur général adjoint en charge du pôle banque de financement et d’investissement depuis mai 2009. Ce départ, dont la date exacte sera communiquée ultérieurement, est motivé «par les nouvelles orientations stratégiques décidées par Natixis dans le cadre de son plan New Deal annoncé à l’automne 2009", précise la banque. Un nouveau responsable du pôle Banque de financement et d’investissement sera nommé dans les prochaines semaines.Ces changements sont sans incidence sur les résultats de Natixis. L'établissement sera profitable au 4e trimestre 2009 et sur l’ensemble du second semestre 2009, est-il noté dans un communiqué.
21/12/2009

Dernière ligne droite pour la vente d'AGF Private Equity

Selon la Tribune, Allianz France est entré en négociations exclusives avec l’IDI dans le cadre de la vente de sa filiale AGF Private Equity - qui gère 2,6 milliards d’euros d’actifs. Le montant de la transaction s'élèverait à 30 millions d’euros, indique le quotidien. L’IDI gère 400 millions d’euros d’actifs, essentiellement sur les PME et via des fonds de fonds investis sur les pays émergents.
21/12/2009

Retour en grâce précoce du billet vert

Les chiffres de l'emploi américain et les craintes sur la Grèce ont favorisé la hausse, depuis fin novembre, de 5,6 % du dollar vis-à-vis de l'euro
18/12/2009

La cession de Banca Depositaria est imminente

L’offre de State Street pour Banca Depositaria sera examinée ce vendredi par le conseil de surveillance et le directoire d’Intesa Sanpaolo, la maison mère, rapporte Il Sole – 24 Ore. La cession pourrait être annoncée dès aujourd’hui. Quoi qu’il en soit, les deux organes donneront mandat aux dirigeants de la banque italienne de boucler la vente avant la fin de l’année. L’opération devrait tourner autour de 1,8 milliard d’euros. Par ailleurs, s’agissant de Banca Fideuram, la solution privilégiée semble être celle de l’introduction en Bourse.
18/12/2009

La Deutsche Bank lance une plate-forme de cantonnement pour les hedge funds

La division «prime finance» de la Deutsche Bank à Londres a annoncé le lancement d’une structure de courtage principal hybride, DB Integrated Prime Custody, qui s’adresse initialement à des clients basés en Europe. Cette plate-forme permet aux hedge funds de détenir des actifs non gagés qui étaient auparavant sur des comptes de conservation séparés auprès de BNY Mellon ou de la Deutsche Bank. De surcroît, la Deutsche Bank s’engage à pratiquer un système d’architecture ouverte pour cette plate-forme de cantonnement (asset segragation platform) si les clients venaient à souhaiter les services d’un conservateur spécifique.Pour la Deutsche Bank, la caractéristique principale de cette formule est qu’elle n’exige que de minimes modifications des processus opérationnel, de reporting et de contrôle. La banque, qui indique avoir été conseillée par Clifford Chance et Hengeler Mueller, PwC et Lehman Brothers International (Europe), souligne qu’elle va supporter l’essentiel du fardeau opérationnel, sous le contrôle journalier des gérants de fonds.
18/12/2009
Fonds

Hausse de l'indice Lyxor Hedge Fund en novembre

En novembre, l’indice “Lyxor Hedge Fund Index” a augmenté de 1,05 %. Les stratégies alternatives qui ont le mieux performé sur le mois sont les stratégies Long Term CTA Index (+3,55 %), Special Situations Index (+2,62 %), et L/S Credit Arbitrage Index (+2,07 %). A contrario, les plus mauvaises performances ont été le fait des stratégies L/S Equity Short Bias Index (-7,43 %), CTAs Short Term Index (-0,65 %) et L/S Equity Statistical Arbitrage Index (-0,56 %). Sur les dix premiers mois de l’année, l’indice global de Lyxor est en hausse de 5,49 %. Les meilleures performances sont enregistrées par les stratégie L/S Credit Arbitrage Index (+51,12 %), la stratégie L/S Equity Long Bias Index (+25,23 %) et la stratégie Special Situations Index (+16,84 %). A l’autre bout du spectre, le L/S Equity Short Bias Index perd 30,20 %.
Fonds
18/12/2009

L'indice Credit Suisse/Tremont en hausse de 2,11% en novembre

La performance du Credit Suisse/Tremont Hedge Fund Index a été confirmée à 2,11% en novembre, ce qui porte la performance depuis le début de l’année à 17,53%.Les managed futures et les global macro ont figuré parmi les secteurs les plus en vue, avec des performances de respectivement 4,94% et 3,52%.

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