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24/06/2013

Hermes Real Estate appoints head of RE debt

Hermes Real Estate Investment Management Limited (HREIML), with over GBP5.8 billion assets under management, has announced the appointment of Marcus Palmer as head of real estate debt. Based at the company’s headquarters in London, he will report into Ben Sanderson, Director of International Investment, HREIML. He will be responsible for managing the real estate debt programme. Prior to joining HREIML, Marcus was a Partner at Chalkhill Partners LLP.
24/06/2013

Polar Capital increases investment in healthcare

P { margin-bottom: 0.08in; } The British firm Polar Capital has recruited two investment professionals, Deane Donnigan and David Pinniger, who will serve in the healthcare unit at the asset management firm, Fundweb reports.Donnigan previously worked at Axa Framlington, while Pinniger has for more than 12 years worked in the healthcare sector.Polar Capital offers two healthcare strategies: the Polar Capital Healthcare Opportunities fund (GBP478.4m), and the Polar Capital Global Healthcare Growth and Income trust (GBP152.6m).
24/06/2013

Investors have bought up GBP2.3bn in equities in the past six months

P { margin-bottom: 0.08in; } Private investors continued to buy equities in the six months to the end of May, according to statistics released by Capita Registrars in its Private Investor Watch.Investors in the United Kingdom added GBP2.3bn to their portfolios, bringing their total assets to GBP222.2bn, the equivalent in value of 11% of the British equity market.Since the beginning of the rising market cycle in 2009, investors have added GBP6.1bn to their equity assets, of which BP3.6bn have been in the past 12 months.Between December 2012 and May 2013 investors traded about GBP45bn in equities, the most active period in the past two years.However, investors did not anticipate the fall on the market which began in June, and therefore did not take profits. They even continued to invest until the end of May. As of 18 June, they had lost GBP11.5bn, and their assets were down to GBP210.7bn.
24/06/2013

Yuan: UK signs swap deal with China

P { margin-bottom: 0.08in; } In the competition amongst European financial centres to become the preferred offshore platform for the Chinese yuan in Europe, the British capital scored a point this weekend, Les Echos reports. The governor of the Bank of England (BoE), Mervyn King, has signed a currency exchange, or swap, agreement with a Chinese counterpart, Zhou Xiaochuan, which will allow the London market to have liquidity in yuan under all circumstances.The agreement covers an amount of up to CNY200bn (or RMB200bn), for the BoE, or up to GBP20bn for the People’s Bank of China (PBOC). In other words, slightly over USD30bn which can be mobilised on the market on both sides in order to meet the needs of businesses. Beijing has already signed numerous swap agreements, but so far only with emerging markets. This is the first time that a member of the group of seven most industrialized nations has achieved such a relationship with China.
24/06/2013

“We now have a shared sales team 40 times larger than before”

Deutsche Bank in mid-June unveiled its new division, Deutsche Asset & Wealth Management (DeAWM), including the 23 asset management, wealth management and market activity brands. After serving as managing director and global head of RREEF Real Estate, Pierre Cherki, who is head of the new alternative/real asset management profession, discusses the size of his unit, its composition and its plans, now that it has a sales team 40 times larger than previously.
24/06/2013

Skagen manager departs

Ross Porter left the Nordic asset management firm Skagen on 21 June after 13 years “to seek new challenges,» according to a press release. Since joining Skagen in September 2000, Ross has been involved in the management of both the equity and fixed income funds. Since August 2011, Ross has been part of the emerging markets Skagen Kon-Tiki fund team. The remaining Skagen Kon-Tiki team members are Kristoffer Stensrud, Knut Harald Nilsson, Cathrine Gether and Erik Landgraff. There are no plans to hire a replacement for Ross at present.
24/06/2013

PREI recruits Asia-Pacific CEO from Grosvenor

P { margin-bottom: 0.08in; } The US firm Prudential Real Estate Investors (PRE), the real estate investment and advising arm of Prudential Financial, has announced the appointment of Eryck Su as managing director and chief investment officer at Pramerica Real Esate Investors (Asia) Ltd, its affiliate for Asia-Pacific.Su will be responsible for acquisitions and sales in the region, and the development of its regional strategy and portfolio management. He will also be responsible for the strategy of the business in China, and will be a member of the Asia-Pacific investment committee.Su had previously been managing director and head of Greater China at Grosvenor Fund Management.
24/06/2013

Medobanca to establish alternative management platform

P { margin-bottom: 0.08in; } The board of directors at Mediobanca on 21 June unveiled its 2014-2016 plan for the group, with the objective of generating returns on owners’ equity in 2016 of 10-11%. It plans to simplify structures, focusing on the three pillars on investment banking, retail banking, and wealth management.For this unit, Mediobanca is planning to invest in human resources (including private equity, private debt, and non-performing credit) as well as in IT in order to develop the most highly profitable and least costly activities, including the launch of Mediobanca Alternative Asset Management (MAAM). The objective assigned to wealth management is to generate 15% of the group’s banking revenues by 2016.
24/06/2013

Azimut and Italian SWF team up in private equity

P { margin-bottom: 0.08in; } The Fondo italiano d’investimento is teaming up with Azimut to launch Programma 101, a private equity operator specialised in investments in startups in the digital sector, Il Sole – 24 Ore reports. The structure is starting up with about EUR35m, but is aiming for EUR50m. The financial commitment of Azimut is EUR10-15m.
24/06/2013

Man appoints a CEO for its Australian affiliate

P { margin-bottom: 0.08in; } Jamie Douglas, who had been managing director in the chief investment office, responsible for currencies and emerging markets at JPMorgan in London, is joining Man Group as CEO of Man Investments Australia, from 1 July. He will report to Emmanuel Roman, CEO of Man Group.The new arrival will aim to sell the full range of MAN products, including quantitative strategies from AHL, discretionary long-only strategies and GLG hedge funds, as well as funds of hedge funds from FRM.
24/06/2013

Deutsche Börse offers a Dax fund without the financial sector

P { margin-bottom: 0.08in; } For institutionals, Deutsche Börse has designed the new Dax ex-Financials 30 index, which includes equities listed on the prime standard segment of the Frankfurt stock exchange in the 30 largest German companies outside the “FIRE” sector, which includes banks, providers of financial services and insurance.These shares represent about 80% of the total capitalisation in German pubicly-traded businesses. The Dax ex-Financials 30 index currently includes shares in 25 companies of the Dax and MDax indices.The composition of the new index will be updated on a quarterly basis, and data are available with backtesting to 20 March 2003. The weighting of each share is limited to 10%.
24/06/2013

Private banking is becoming less profitable in Europe

P { margin-bottom: 0.08in; } According to an annual study by the consultant Mckinsey, no less than 15% of European private banks had operating losses in 2012, Les Echos reports. Only 2% to 3% of banks were in this situation before the financial crisis, and the percentage has been increasing each year. However, overall, the 110 banks examined by the agency have returned to their pre-crisis profit levels, and 25% of them have even surpassed them. Total assets under management have recovered by 8% in one year. But this increase in assets is more due to improved markets in 2012 than to inflows, which have increased only modestly.
24/06/2013

AXA PE cède ses parts du capital d’Outremer Telecom à Altice

AXA Private Equity, un des leaders mondiaux du capital investissement, annonce aujourd’hui avoir signé un accord pour la vente de sa participation majoritaire dans la société Outremer Telecom à Altice, le fonds d’investissement spécialisé dans les télécommunications. Fondé en 1986, Outremer Telecom est le premier opérateur alternatif de télécommunications dans les départements et régions d’outremer. Avec sa marque commerciale Only, le groupe est présent sur la zone Antilles-Guyane et la zone Océan Indien. En 2012, la société a réalisé un chiffre d’affaires de 195 millions d’euros.
24/06/2013

Christian Dargnat prend la présidence de l'Efama

Christian Dargnat, directeur des gestions (CIO) de BNP Paribas Investment Partners, a été élu président de l’Efama, l’association européenne des gérants d’actifs, pour un mandat de deux ans. Il était vice-président de l’Efama depuis 2011. Christian Dargnat remplace Claude Kremer.
24/06/2013

TIAA Henderson Global Real Estate, une nouvelle société mondiale de gestion d`actifs immobiliers

TIAA-Cref, société prestataire de services financiers et Henderson Global Investors, l’un des plus importants gestionnaires de fonds en Europe, sont aujourd’hui convenus de lancer TIAA Henderson Global Real Estate, une nouvelle société mondiale de gestion d`actifs immobiliers. Le total combiné des actifs immobiliers sous gestion de TIAA-Cref et de la nouvelle entreprise représente 63 milliards de dollars.
24/06/2013

Clive Cowdery s'intéresse au marché américain

L’investisseur britannique envisage de racheter l’assureur vie Lincoln Benefit Life pour 600 millions de livres, selon le Sunday Times. Cela marquerait son entrée sur le marché américain. TPG Capital et JC Flowers seraient également sur les rangs.
24/06/2013

151 IPOs ont eu lieu au deuxième trimestre

Selon le rapport trimestriel établi par Ernst & Young, 151 introductions en Bourse ont eu lieu au deuxième trimestre pour une levée totale de 34 milliards de dollars. Il y un an, il y avait eu 242 IPOs pour une levée de 43,8 milliards de dollars. La Bourse américaine a représenté 48 opérations pour 12 milliards récoltés, soit 32% du nombre de transactions dans le monde et 35% des capitaux levés.
24/06/2013

Le Qatar veut investir 10 milliards d'euros en France

L’émirat entend ainsi réaliser un « saut quantique » dans les relations entre les deux pays, a fait savoir l’ambassadeur du Qatar en France dans un entretien au quotidien Qatar Tribune. Mohamed Jaham al Kuwari a précisé que ces investissements concerneraient des « institutions françaises majeures ». La chaîne télévisée Al Djazira rapporte par ailleurs que l’émir du Qatar, Cheikh Hamad bin Khalifa al Thani, doit rencontrer aujourd’hui les membres de la famille royale et les principaux responsables politiques du pays concernant une éventuelle abdication au profit de son fils, le prince héritier Cheikh Tamim.
24/06/2013

Les banques privées en mal de rentabilité

En Europe, un gestionnaire de fortune sur six était déficitaire l’an dernier, selon l'étude annuelle de McKinsey. Certains acteurs vont logiquement disparaître ou se consolider, même si l’attrait pour le métier rend les pertes supportables pour certains groupes pluridisciplinaires.

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