Chenavari Credit Partners, la société de gestion alternative du français Loïc Fery, arrête sa stratégie de dette décotée et se sépare des deux gérants de l’activité, Clemens Zehndorfer et Mark Barry, a appris Bloomberg de sources proches du dossier. Chenavari n’a pas souhaité faire de commentaires et les deux partants n’ont pas répondu aux sollicitations de l’agence de presse. Le premier avait rejoint le hedge fund londonien en 2015, le second mi-2017.

Axa Investment Managers (IM) - Real Assets a annoncé ce matin le rachat d’une ligne d’activité de la société américaine Quadrant Real Estate Advisors dédiée à l’immobilier commercial. La filiale de gestion d’actifs d’Axa va reprendre une équipe d’investissement de 24 personnes basée à Atlanta et 9,4 milliards de dollars (8,2 milliards d’euros) d’encours de prêts d’immobilier commercial américain.

La société de gestion Fourpoints IM a annoncé hier le rachat de Pastel & Associés et l’intégration de ce concurrent spécialiste des actions value. David Pastel, fondateur de la boutique éponyme en 1997, intégrera la direction de Fourpoints IM. Les deux maisons actions gèrent le même montant d’encours, soit 130 millions d’euros, précise à L’Agefi Nathalie Martin-Pelras, directeur général de Fourpoints IM depuis l’an dernier. A l’automne 2017, Fourpoints IM avait elle-même été rachetée par Herez, un cabinet de conseillers en gestion de patrimoine. Ce dernier souhaitait disposer d’une société de gestion pour proposer à ses clients privés de la gestion sous mandat et pilotée. Quelques mois plus tôt, Fourpoints IM avait rompu ses discussions avec Ycap AM, pourtant annoncées officiellement début 2017. A l'époque, la boutique affichait deux fois plus d’actifs qu’aujourd’hui mais elle avait perdu peu après un gros mandat institutionnel. La société de gestion était née en 2012 de la fusion de PIM Gestion France et IT Asset Management. Elle est toujours actionnaire minoritaire de Fourpoints AM, basée à New York.

Le Sénat a adopté hier soir à main levée, en première lecture, un projet de loi habilitant le gouvernement à prendre par ordonnances les mesures nécessaires, en particulier en cas de Brexit dur. Le texte sera examiné par l’Assemblée nationale en décembre. Le texte encadre ainsi le cas des Britanniques - au moins 150.000 - vivant en France, ainsi que des Français installés au Royaume-Uni qui reviendraient. Il s’agit aussi de gérer les flux de personnes et de marchandises, notamment par le tunnel sous la Manche. Les exportations vers le Royaume-Uni représentent 3% du PIB français, environ 30.000 entreprises françaises exportent des marchandises ou des services outre-Manche, et 4 millions de Britanniques se rendent en France chaque année.

Le Fonds de dotation du Louvre a investi dans trois secteurs chers aux missions du musée : l’éducation, les métiers d’art et le patrimoine, et ce à travers des fonds à impact. Cette poche représente 3% du portefeuille soit plus de 7 millions d'euros. Il pourrait aussi toucher au tourisme culturel et à l’ingénierie culturelle. Philippe Gaboriau, directeur général, présente ces initiatives dans le cadre de sa participation au prix des Couronnes Instit Invest 2018.

Yann Louin, précédemment responsable des relations partenaires au sein de La Financière de l’Echiquier, vient de rejoindre Pictet Asset Management en tant que « sales manager », a appris NewsManagers d’après le profil LinkedIn de l’intéressé. Basé à Paris, il a pris ses fonctions au début du mois de novembre. Avant de rejoindre La Financière de l’Echiquier en septembre 2014, Yann Louin avait travaillé au sein de la cellule fiscalité internationale d’Indosuez Wealth Management au Luxembourg.

Morgan Stanley Expansion Capital, the growth-focused private investment platform within Morgan Stanley Investment Management, today announced that it has closed on approximately $400 million of capital commitments for North Haven Expansion Equity LP and its related funds (collectively, “Expansion Equity” or the “Fund”), exceeding its original fundraising target capital commitments by nearly $100 million. Expansion Equity will focus on identifying later-stage private companies in technology and other high growth sectors, including consumer, healthcare and media, and will build on the success of the seven prior Morgan Stanley private growth equity funds.Investments are primarily located in North America and Western Europe

David Ric, former absolute return head of Amundi who departed last June, has co-founded Resco Asset Management in London alongside Alex Eventon, Oddo Meriten’s fixed income chief between 2013 and 2016, and Scott Schuberg, who was CEO of Australian financial services firm Rivkin and held research roles at BNP Paribas and Henderson. The trio had worked together in the mid-2000 at Fischer Francis Trees & Watts in London before the fixed income shop was purchased by BNP Paribas. In a message posted on Resco’s website, CEO Scott Schuberg said global landscape had changed between 2006 and 2018 and that during this period, the trio had been part of «organisations that were so mature that redefining them would be impracticable."Resco will launch the Resco Macro Credit fund in November with initial commitment of $50m and investment capacity of $800m-$1bn. The fund will house active liquid fixed income strategies, targeting a 4-8% volatility and returns of cash plus 5%. Positions in emerging markets debt and active FX strategies will be limited to 20% and 25% of the fund’s net assets respectively.

Invesco has appointed Graham Hook to the newly-created role of head of UK government relations & public policy, based in London. Graham Hook began his role yesterday and is reporting to Invesco’s general counsel, EMEA, Rupert Rossander.Graham Hook’s appointment is the second to be announced as part of the creation of Invesco’s government relations team in EMEA. It follows the appointment last month of Elizabeth Gillam to the role of head of EU government relations & public policy, based in Brussels.The appointments complement the recently-formed US government relations team based in Washington DC. The EMEA and US-based teams will work with Invesco’s corporate communications team in the development of a tailored programme focused on further building the business’ pro-active approach to stakeholder engagement across relevant jurisdictions. Graham Hook previously worked in four UK government departments including as special adviser to Phillip Hammond as Chancellor of the Exchequer. Most recently, he worked with the Investment Association, advising on its government relations strategy.

The partial spin - off of BancoPosta Fondi SGR’s asset management activities underlying Poste Vita Class I insurance products has become effective November 1 st 2018, in favour of Anima SGR, with ANIMA Holding remaining its sole shareholder upon completion of all transaction’s steps. Consequently, Anima SGR will manage approximately € 70 billion Poste Vita Class I mandates from November 1st 2018. In line with the signed agreements , the cooperation between Poste Italiane and ANIMA in the asset management business is equally effective . Therefore Anima SGR will continue to be a delegated manager of retail mutual funds originated by BancoPosta Fondi SGR and assets underlying Poste Vita Class III life insurance products sold by Poste Italiane for the next 15 years.

US asset manager Neuberger Berman has appointed Leen Meijaard as adviser focusing on the institutional market in the EMEA region at the start of November, FondsNieuws reported. Meijaard has worked from 2007 to 2016 as member of the executive committee, EMEA region at BlackRock, with a focus on institutional clients. In addition, he was BlackRock’s managing director in the Netherlands as from 2002. Meijaard also sits within the supervisory board of Dutch football team AFC Ajax Amsterdam.

@page { size: 8.27in 11.69in; margin: 0.79in }p { margin-bottom: 0.1in; line-height: 115%; background: transparent }TheGerman asset management firm DWS, an affiliate of the Deutsche Bankgroup, on 4 November announced that it has signed an agreement toacquire a 15% stake in Neo Technologies, a firm specialised infinancial technologies, based at the Dubai International FinancialCenter (DIFC). Noe Technologies offers digital solutions for assetmanagement in the Middle East and North Africa (MENA) region. As partof the agreement signed, the two partners have established astrategic partnership, as part of which the two parties willcollaborate to develop services dedicated to asset managementthroughout the region, a statement says.“Byinvesting in this platform, we once again mark our commitment todigitalisation and to technology, as promised at the time of our IPO.Neo Technologies will allow DWS to strengthen its presence in aregion which offers high growth rates in the asset managementsector,” says Thorsten Michalik, a member of the board ofdirectors, and co-head of the global coverage group at DWS,responsible for distribution for the asset management firm in theEurope, Middle East and Africa (EMEA) and Asia-Pacific (APAC)regions.Thetwo parties have agreed not to disclose the price of the operation,which will be completed by the end of the year.

The obstacles to factorial investment are disappearing, and the abilities of investors are continuing to increase, according to the third annual Invesco Global Factor Investing Study. This 2018 qualitative and quantitative study, the third in an annual series, covered over 300 institutional investors (pension funds, insurers, and sovereign funds) and wholesale investors, including private banks, multi-managers, and financial advisers), all of whom are users of factorial investment, in 21 countries, with total assets under management of over USD19trn.While confidence in factorial investment is increasing, asset managers are modifying the ways in which they participate in factorial investment, the third piller of the investment strategies, increasingly rapidly. Half of institutional investors, and one third of wholesale investors, are recruiting talent to more effectively manage their factorial investments.The study finds that the most significant obstacle to the deployment of the strategy, internal capacities, has been considerably reduced in the past two years, falling 1.8 point to 6.5 on a scale of one to ten. Obstacles such as confidence in factorial theory, lack of internal support from management, and an abundance of strategies, have also declined over this period. For experienced factorial investors introducing new strategies, these obstacles have been reduced by 10% to 15%.“The progress of factorial investment requires structural changes within the financial industry, creating a genuine third pillar in the investment industry, distinct from traditional active management and from passive management weighted by market capitalisation. Investors, including both wholesale and institutional investors, see factorial investment as a special area that requires special external expertise, rather than a general area of expertise within an existing internal team,” says Georg Elsaesser, senior manager on the Invesco Quantitative Strategies team.The projection that factorial allocations will continue to incease over the coming years – the finding of the 2017 report – remains valid. According to the 2018 study, investors are planning to increase their factorial allocations in the next three years. Three fifths of investors overall (64% of institutional investors, and 56% of wholesale investors) are planning to increase their factorial strategies over the next three years, and this trend is even more pronounced for investors in the Asia-Pacific region. More than tree quarters of respondents (77%) are planning to increase their factorial allocations there, compared with 57% in Europe, and 54% in North America. The primary driver of further increases in allocations by investors, by far, is improved net performance, followed by cost efficiency, reduction of risk, and controlling exposures in the portfolio.Style factors continue to be the most widely used, but the value factor remains the most popular (with 78% of factorial investors), followed by low volatility (62%). There are major regional differences: in Europe, factorial investors use value less than the global average, and use high yield more. Investors in the Asia-Pacific region prefer the value and quality approaches, while North American investors prefer value and size.

JPMorgan Asset Management is set to merge two sub-funds of its Luxembourg-domiciled Sicav JPMorgan Funds, the Emerging Europe, Middle East and AfricaEquity et the Emerging Europe Equity funds. The merger will be effective 14 December 2018. The Sicav board has assessed that the Emerging Europe, Middle East and Africa Equity fund had limited growth prospects contrary to the Emerging Europe Equity fund, which will absorb its peer and whose assets under management should record further strong rise according to the Sicav board. Both strategies are managed by Oleg Biyulyov, Pandora Omaset and Habib Saikaly. As of 2 November 2018, the JP Morgan Funds - Emerging Europe Equity fund had €357m of AUM while assets of the JPMorgan Funds - Emerging Europe, Middle East and Africa Equity fund amounted to €256.6m.

French investment firm Promepar Asset Management, which is part of Bred Banque Populaire group, has appointed Sophie Neftel Avram as portfolio manager in October, NewsManagers has learned. Formerly, she worked as financial adviser for French investment website mes-placements.fr where her duties included asset allocation and fund selection. Prior to that, Neftel Avram served as European equities portfolio manager at Covea Finance, Deux-Villes AM and La Banque Postale Asset Management. She also co-founded Paris-based IFA Odéon Patrimoine in 2009.

@page { size: 8.27in 11.69in; margin: 0.79in }p { margin-bottom: 0.1in; line-height: 115%; background: transparent }Atthe conclusion of third quarter 2018, assets under management atOch-Ziff Management (Och-Ziff) totalled USD33bn, down 2.7% comparedwith the end of June 2018, but up 1% compared with the end ofSeptember 2017, the asset management firm has announced at a releaseof its quarterly results. In the past quarter, Och-Ziff has seen anet outflow of USD680.7m. Since the beginning of the year, netredemptions have totalled EUR920.3m. The decline in assets hascontinued since the end of September, as assets under management atOch-Ziff totalled USD32.3bn as of 1 November 2018.Inthe third quarter of 2018, Och-Ziff collected USD93.8m in revenues,down by nearly 29% from third quarter 2017. The asset management firmhas seen a net loss of USD14.5m, compared with a net profit ofUSD5.7m in third quarter 2017.

@page { size: 8.27in 11.69in; margin: 0.79in }p { margin-bottom: 0.1in; line-height: 115%; background: transparent }Theasset management firm Invesco Real Estate on 5 November announcedthat it has sold the Tour Prisma, located at La Défense in Paris, toAEW Ciloger, acting on behalf of several of its open funds (SCPI andOPCI). The sale price has not been disclosed. The Prisma tower is anoffice property with 23,000 m² of area, completed in 1998 andrenovated in 2011. It is wholly leased to four tenants, includingFidal. Invesco Real Estate acquired the property in 2014, making itthe first of six European properties acquired for an Asian dedicatedmandate, two of which have already been sold.

GAM Holding AG announces that Alexander Friedman, Group CEO and the Board of Directors have agreed that the next stage of the company’s evolution would be best served by new leadership and that Mr Friedman will step down today. The Board has appointed David Jacob, a member of the Board of Directors, as interim Group CEO and member of the Group Management Board, whilst a search for a new CEO is conducted. Mr Jacob has extensive industry experience, having held senior leadership roles at a number of asset management businesses. Mr Jacob’s immediate priority will be to ensure that the steps necessary to drive forward GAM’s strategy and to support profitability are actioned as soon as possible. Further updates will be given in due course.

@page { size: 8.27in 11.69in; margin: 0.79in }p { margin-bottom: 0.1in; line-height: 115%; background: transparent }AllianceBernsteinon 5 November announced that it is adding to its distribution team inSwitzerland, with the recruitment of Marc Schumacher as directorFinancial Institutions, at its Zurich offices. In this new role,Schumacher will be a member of the distribution team responsible forbanks, financial companies and family offices. He will report toMartin Dilg, head of distribution for central and eastern Europe.Beforejoining AllianceBernstein, Schumacher had worked at JP Morgan, wherehe was head of distribution to cantonal, private and regional banks.He previously worked at Vontobel and Credit Suisse.

@page { size: 8.27in 11.69in; margin: 0.79in }p { margin-bottom: 0.1in; line-height: 115%; background: transparent }UBSis continuing to recruit for its advising teams for the onshoreChinese market, one of the largest markets for the Swiss group, thespecialist website finews reports. After the shock arrest of anemployee of UBS at Beijing airport a few days ago, which has led thegroup to cut back on its travel in the region, everything thusappears to be returning to normal.Accordingto an internal memo obtained by finews, Ann Qian and Fritz Chan willdirect the activities of the newly-recruited advisers from the startof 2019.

@page { size: 8.27in 11.69in; margin: 0.79in }p { margin-bottom: 0.1in; line-height: 115%; background: transparent }TheJ. Safra Sarasin group, with assets under management totalling overUSD249bn, on 5 November announced the recruitment of two newemployees to expand its Swiss and international distributionactivities.MarcoCorti joins the wholesale division as director responsible formanagement of relationships with banks, insurance companies, assetmanagers, and family offices. Corti will be based in Zurich. He hasover 15 years of experience in the wholesale sector, including morethan four years at Swisscanto Invest and the cantonal bank of Zurich,after previous terms at Man Investments and Banque Leu.VolkerBuschmann joins Banque J. Safra Sarasin (Luxembourg) SA as executivedirector, responsible for the wholesale and institutional activitiesfor Benelux and the Scandinavian countries. With over 25 years ofexperience, Buschmann has served in a variety of senior roles atRobecoSAM Europe GmbH in Frankfurt and M&G InternationalInvestments in Frankfurt and Zurich. He has also worked at GartmoreInvestment Services, BHF Bank and Dresdner Bank.

@page { size: 8.27in 11.69in; margin: 0.79in }p { margin-bottom: 0.1in; line-height: 115%; background: transparent }Invescohas launched two new ETFs on the Milan stock exchange, Blueratingreports. They are the Invesco Goldman Sachs Equity Factor IndexEmerging Markets UCITS ETF and Invesco Communications S&P USSelect Sector UCITS ETF.

Erik Andersson has been appointed chief investment officer (CIO) at Swedbank Robur. He comes from a role as deputy head of equities and head of global equities, and has since 2010 had several senior roles at Swedbank Robur.The role as CIO is new at Swedbank Robur and is part of a new organizational structure, which purpose is to coordinate all parts of investment management - supporting the achievement of the goal to become world leading in sustainable value creation in a faster pace. The new organization is valid as of the 1st of November, 2018.Erik Andersson takes place in Swedbank Robur’s management team and reports to Liza Jonson, CEO, Swedbank Robur.

@page { size: 8.27in 11.69in; margin: 0.79in }p { margin-bottom: 0.1in; line-height: 115%; background: transparent }Theinvestment company Ardian on 5 November announced that it hasacquired a majority stake in Trustteam from Naxicap Partners.Trustteam, based in Courtrai, Belgium, is a company specialised in ITsolutions for small and mid-sized businesses, founded in 2002 by itscurrent CEO, Stijn Vandeputte. The firm offers outsourced IT servicesto SMEs, including infrastructure, data centres, cyber security,communications solutions, software, and maintenance services. Thecompany has about 1,500 clients. The financial details of thetransaction have not been disclosed.

Paris-based boutique Seven Capital Management has registered its Ucits fund range in Austria, NewsManagers can reveal. The manager has started marketing of its four funds on 31 October 2018 after it received approval from Austrian financial market authority FMA. Products available to Austrian investors include the Seven European Equity fund (eurozone equities long-only fund), the Seven Diversified fund (diversified and flexible fund), the Seven Fortress fund (market neutral equity fund) and the Seven Absolute Return fund (multi-asset long/short fund). Seven Capital Management is led by CEO Johan Schwimann since inception in 2006.

Marie-Pierre Peillon, directrice de la recherche et de la stratégie ESG depuis mai dernier, et Aurélie de Barochez, responsable de l’intégration ESG, prennent la tête de la nouvelle direction de la stratégie ESG de Groupama AM, rapporte le quotidien Les Echos. La filiale de gestion d’actifs de Groupama combine les analyses financières et ESG au sein d’un même département depuis 2006. « Tous nos analystes combinent les deux compétences. Une seule recommandation conclut nos études, sans distinguo entre critères financier et extra-financier, intégrant qualitativement et intégralement les deux composantes », explique au quotidien économique Marie-Pierre Peillon. Des plans de formation internes sont prévus pour diffuser la culture ESG à l’ensemble de la société de gestion. A partir de 2019, l’offre de fonds ESG sera étoffée.

La société de gestion Promepar Asset Management, qui évolue au sein du groupe Bred Banque Populaire, a recruté Sophie Neftel Avram en tant que gérante de portefeuilles courant octobre, a appris NewsManagers. Elle travaillait depuis mars 2016 en qualité de conseil en investissements financiers pour le site mes-placements.fr où elle était notamment impliquée dans l’allocation d’actifs et la sélection de fonds.Avant cela, Sophie Neftel Avram a été gérante de fonds actions européennes chez Covea Finance, Deux-Villes AM et La Banque Postale Asset Management. Elle fut également co-fondatrice du cabinet de gestion de patrimoine Odéon Patrimoine en 2009.

JPMorgan Asset Management va fusionner les fonds JPMorgan Funds - Emerging Europe, Middle East and AfricaEquity et JPMorgan Funds - Emerging Europe Equity. La fusion prendra effet le 14 décembre 2018. Le conseil d’administration de la Sicav JPMorgan Funds a estimé que le premier compartiment, qui investit dans des compagnies de pays émergents d’Europe centrale, de l’Est et du Sud ainsi que dans des pays du Moyen-Orient et d’Afrique, avait des «perspectives de croissance limitées».Le fonds Emerging Europe Equity, qui l’absorbera en décembre, investit principalement dans des sociétés des marchés émergents d’Europe. Dans une lettre envoyée aux actionnaires du fonds, JPMorgan Asset Management explique que la fusion leur «permettra d’investir dans un compartiment plus grand, dont les actifs devraient enregistrer une croissance plus forte à l’avenir, avec un potentiel d’économies d’échelle susceptibles d’entraîner une diminution des frais administratifs et d’exploitation.» Géré par Oleg Biyulyov, Pandora Omaset et Habib Saikaly, le fonds Emerging Europe Equity de JPMorgan Asset Management avait 357 millions d’euros d’encours au 2 novembre 2018. L'équipe de gestion est la même que celle du fonds absorbé, JPMorgan Funds - Emerging Europe, Middle East and Africa Equity, dont les actifs sous gestion s'élevaient à plus de 256,6 millions d’euros à la même date.

Le hedge fund D1 Capital Partners, lancé par Daniel Sundheim, a perdu de l’argent le mois dernier et abandonne environ 5 % sur l’année, rapporte le Wall Street Journal, citant un document dédié aux investisseurs. La société basée à New York a levé plusieurs milliards de dollars, ce qui en a fait l’un des plus gros lancements de hedge funds cette année. Daniel Sundheim était précédemment directeur des investissements de Viking Global Investors. En octobre, le fonds a perdu de l’argent, quelle que soit la méthode de calcul : 8,4 % ou 5,9 % (que l’on prenne ou non l’apport d’argent frais).

Morgan Stanley Expansion Capital, la plate-forme d’investissement en capital privé dédié aux entreprises de croissance au sein de Morgan Stanley Investment Management, a levé environ 400 millions de dollars pour son huitième fonds baptisé North Haven Expansion Equity LP et ses fonds associés (collectivement dénommés «Expansion Equity»). Selon le communiqué, elle a dépassé de près de 100 millions de dollars ses objectifs initiaux d’engagements. Expansion Equity se concentrera sur les sociétés non cotées en phase de développement dans les secteurs technologiques et autres secteurs à forte croissance, notamment la consommation, les soins de santé et les médias.La plate-forme Morgan Stanley Expansion Capital a investi dans 190 entreprises depuis sa création.