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15/03/2013

Neuberger Berman closes its second co-investment fund with USD1.1bn

P { margin-bottom: 0.08in; } Neuberger Berman has closed its second co-investment fund, with USD1.1bn in assets. The NB Strategic Co-Investment Partners Fund II, which will invest in all global regions including Asia-Pacific, had an initial objective of USD750m. The Fund II already has nine investments in its portfolio, for a total of about USD185m, in Latin America, the United States and Europe.
15/03/2013

Number of hedge fund closures on the rise

P { margin-bottom: 0.08in; } In 2012, 873 hedge funds were liquidated, out of a total of 9,800, compared with 775 in 2010, the Financial Times reports, citing HFR. It is the third consecutive year in which the number of hedge funds closed has risen. Meanwhile, in 2012, 1,108 hedge funds were launched, down slightly compared with 2011.
15/03/2013

Cost of RDR regulations may reach more than GBP2.5bn in five years

P { margin-bottom: 0.08in; } Non-recurring costs related to the enactment of RDR legislation, which came into force on 1 January this year, may total about GBP1.5bn, according to estimates by Money Marketing, on the basis of figures disclosed to the website by the British Financial Services Authority (FSA). Operating costs may total an annual GBP233m, which would bring the total cost for all companies overall to GBP2.6bn in five years, according to estimates by Money Marketing. This amount is much higher than initial estimates released by the FSA. In June 2009, the British authority released figures of GBP430m for non-recurring costs, and GBP40m in recurring costs. In March 2010, the FSA estimated that the total cost of RDR legislation would range from GBP1.4bn to GBP1.7bn in five years.
15/03/2013

Assets down but 2012 profits up at F&C

P { margin-bottom: 0.08in; } The UK asset management firm F&C in 2012 saw a 4.9% contraction in its assets, to GBP95.2bn, which did not prevent it from posting an 11% increase in its underlying pre-tax profits to GBP52.4m.This decline in assets is largely related to net redemptions of GBP11.4bn from «strategic partners,» and GBP1.9bn from consumer and institutional branch. This also resulted in a decline in revenues, from GBP267m in 2011 to GBP243.5m in 2012.But the underlying operating costs (excluding one-time elements) were reduced from GBP202.1m to GBP172.1m, largely due to a restructuring by the firm which is now “complete.”
15/03/2013

Legg Mason and Permal complete acquisition of Fauchier

P { margin-bottom: 0.08in; } The US firm Legg Mason has announced that, with its affiliate Permal, it has completed the acquisition of Fauchier Partners from BNP Paribas Investment Partners. The European hedge fund management firm as of 28 February had estimated assets of USD5.4bn.
15/03/2013

Management of Investec AM acquire 15% of capital

P { margin-bottom: 0.08in; } The to management of Investec Asset Management have signed an agreement with the parent company Investec to acquire a minority stake which will amount to 15% of capital in the asset management firm. The agreement will include an option to allow this stake to be increased to 20% in the next seven years. The acquisition price is EUR180m in cash.The plans affect 40 members of management, who have been employed by the business for over five years. It will be financed with GBP90m in equity provided by employees, and GBP90m in debt.
15/03/2013

Ivaldi assists Asian hedge funds

P { margin-bottom: 0.08in; } The London-based alternative management firm Ivaldi Capital, founded by three former prime brokers from Citigroup, is assisting two new Asian hedge funds, which are expected to start their activities during first half 2013, the news agency Bloomberg reports. A market neutral and long/short equity strategy are planned, as well as an equity fund dedicated to the telecommunications sector in the region. Ivaldi opened an office in Singapore in December 2012. Currently, Ivaldi has funds under management solely for European public pension funds.
15/03/2013

Head of UK equities leaves Schroders

P { margin-bottom: 0.08in; } Richard Buxton, head of UK equities at Schroders, has resigned after 11 years at the British asset management firm, the Financial Times reports. Buxton will continue his career at another fund management firm in the City, according to sources familiar with the matter. Buxton’s teammate, Errol Francis, is also leaving Schroders. The pair together managed assets of GBP6bn. Schroders has not yet decided who will replace Buxton, the FT adds.
15/03/2013

Two former GLG traders launch an emerging markets hedge fund

P { margin-bottom: 0.08in; } The two former co-heads of emerging markets at Man Group, Bart Turtelboom and Karim Abdel-Motaal, have begun raising capital for a new hedge fund firm, APQ Partners, the Financial Times reports. The first fund from the structure will be entitled Alexandria, and is expected to be focused on emerging markets. It will be soft-launched in second quarter, with USD100m to USD200m in capital from friends, family and a few investors. It will officially be launched slightly later, with over USD500m.
15/03/2013

Heads of real estate leave Carlyle

P { margin-bottom: 0.08in; } The co-heads of European real estate funds at Carlyle, Eric Sasson and Robert Hodges, are leaving the firm, according to a letter to investors obtained by the Financial Times. The move has provoked anger on the part of investors in one fund, which has seen heavy losses. The second fund, raised in 2004, will pay only USD0.40 on each dollar invested.
15/03/2013

Assets under management at LGT up 18%

P { margin-bottom: 0.08in; } Assets under management at the largest bank in Liechtenstein, LGT, increased 18% last year to CHF102.1bn, due to the good performance of its investments and net inflows of CHF10.5bn, up 12% year on year, according to a statement released on 14 March. LGT last year tripled its profits to CHF216m, compared with CHF70m the previous year. This rebound is partly due to a basic effect, as the bank saw a 52% fall in its profits the previous year due to one-time charges related to the sale of its German affiliate. Last year, LGT also extended its activities in the Middle East, opening an affiliate in Dubai, which offers private banking services, particularly in the eastern Mediterranean, Turkey, and Africa. The bank also took over insurance-related investment activities from the wealth management firm Clariden Leu.
15/03/2013

Record assets and profits down at Saxo Bank

P { margin-bottom: 0.08in; } As of the end of 2012, assets under management by Saxo Bank totalled a record SEK49bn, compared with SEK33bn one year previously, while collateral client deposits increased by nearly 14% last year, to over SEK40bn.Net profits totalled SEK81m, compared with SEK618m in 2011. EBITDA came to SEK606m, down 48% compared with the previous year, which led the founders and ex-CEOs Kim Fournais and Lars Seier Christensen to call the 2012 results unsatisfactory, albeit explicable by the general economic climate. However, profits at Saxo Bank in January-February 2013 are already higher than for all of 2012.
15/03/2013

Appointments at Alcentra

P { margin-bottom: 0.08in; } Alcentra Limited, a boutique of BNY Mellon Asset Management, has appointed Jack Yang to the position of managing director of development for the Americas. Michael Johnson meanwhile becomes managing director and head of UK direct lending. Yang had previously been head of business development at Onex Credit Partners and Highland Capital. Johnson most recently served as head of European leveraged capital markets at Cantor Fitzgerald.
15/03/2013

Amundi opens office in Stockholm

P { margin-bottom: 0.08in; } Amundi has opened a representative office in Stockholm, the Swedish website Fondsbraschen reports. The objective for the office is to sell ETFs from the French asset management firm to Nordic clients. As a part of that endeavour, Björn Sandberg has been recruited as head of the Amundi Sweden representative office and head of ETF Client Relationships for the Nordic region.
15/03/2013

Henderson recruits for Swedish team

P { margin-bottom: 0.08in; } The real estate unit at Henderson Global Investors on 14 March announced the recruitment of Anna Sjöberg as a manager in its Swedish team. Sjöberg will be based in Stockholm, where she will report directly to Johan Aström, head of the real estate unit in Sweden, a statement from the firm says. Sjöberg, previously of Fortin Properties, where she was responsible for the Swedish retail portfolio, will be responsible for the management of the Scandinavian portfolio for Henderson.
15/03/2013

ABN Amro appoints exec for Asia

P { margin-bottom: 0.08in; } Ian Pollock has joined ABN Amro as director of the private bank for Asia. He left VP Bank in October Asian Investor states. He will begin in his new role on 13 May. He will be responsible for the private bank in China, Taiwan, Hong Kong and the Philippines. Pollock is based in Hong Kong, and in his new position replaces Arjan de Boer, who has been promoted to a global operational role in the management of ABN Amro.
15/03/2013

EFAMA denounces financial transaction tax

P { margin-bottom: 0.08in; } A planned tax on financial transactions (FTT) limited to 11 countries of the European Union has come in for criticism by the European Fund and Asset Management Association (EFAMA). According to estimates by the professional association, the new version of the FTT would have cost EUR13bn if the tax had been applied from the beginning of 2011. This total includes EUR7.3bn coing from countries in the FTT area, and EUR5.7bn from the non-FTT area.At a time when governments are expected to do more to encourage long-term financial savings and reduce dependency on the state to finance retirement, “the planned FTT is a move in the opposite direction, and punishes savers,” EFAMA claims. The application of FTT in a limited number of member states will lead to discussions about competition within the single European market which will lead asset management activities to move out of the FTT area.EFAMA “strongly opposes the FTT, which investors will have to pay (at least) twice, and which will considerably reduce the attractiveness of savings in funds and pension programmes. The result will be totally unjustified with regard to the important social role which investment funds play, and the international reputation acquired by UCITS funds as a model of excellence on the long-term savings market,” Peter de Proft, CEO of EFAMA, says.
15/03/2013

Contre-performance des fonds à performance absolue

Selon les statistiques d’EuroPerformance, les fonds à performance absolue ont enregistré une performance négative de 0,15% le mois dernier, l’arbitrage (-0,02%) et surtout les stratégies directionnelles (-0,23%) faisant plonger la catégorie dans le rouge. Les actions ont en revanche affiché une performance de 1,41%.
15/03/2013

La justice européenne s’oppose aux exécutions hypothécaires en Espagne

Dans un arrêt, la Cour de justice de l’Union européenne au jugé contraire au droit la procédure d’exécution d’une hypothèque en Espagne. Selon le droit espagnol, le soupçon d’une clause abusive ne suspend pas le processus d’exécution, ce qui conduit à la perte irrévocable du logement dans l’attente d’une éventuelle indemnisation.
15/03/2013

Iris Capital et Capnamic Ventures nouent un partenariat

Le fonds early-stage d’Iris Capital dédié aux investissements européens (OP Ventures Early Stage) co-investira avec le nouveau fonds multi-corporate Capnamic Ventures Fund dans les start-ups à forte croissance de l'économie numérique allemande. La coopération pourra également s'étendre à des opportunités d’investissement late stage en Allemagne.
15/03/2013

Chypre pourrait approvisionner l’Europe en gaz naturel

Nicosie pourrait exporter d’ici 2018 son gaz naturel issu de gisements récemment découverts et le vendra en priorité à ses partenaires de l’Union européenne (UE), a déclaré jeudi son ministre de l’Energie George Lakkotrypis. Noble Energy et le gouvernement chypriote avaient annoncé en 2011 qu’ils avaient découvert un gisement représentant environ 200 milliards de mètres cube de gaz.
15/03/2013

La BoE fait volte-face sur la livre sterling

Le gouverneur de la Banque d’Angleterre (BoE) a sonné l’alerte sur la chute de la livre sterling, qui a cédé environ 5% face au dollar depuis le début du mois de mars. Dans un entretien accordé hier soir à ITV News, Sir Mervyn King a ainsi estimé que «nous nous dirigeons vers un taux de change correctement valorisé. Je pense que nous y sommes probablement arrivés». Tout en estimant que la BoE ne cherchait pas à faire baisser la livre, il ajoute que la mission de l’institution est de «garantir la reprise de l’économie britannique et de ramener progressivement l’inflation vers son niveau cible de 2%». Des propos qui tranchent avec ceux prononcés en novembre 2012, quand Mervyn King indiquait que la hausse de la livre n’était «pas une évolution bienvenue». Et d’ajouter en janvier que la chute de 25% de la livre depuis 2007, avant sa remontée l’an dernier, «était certainement nécessaire pour le rééquilibrage de notre économie».
15/03/2013

Le Sénat approuve le nouveau comité de la BoJ

Le Sénat nippon a approuvé cette nuit la nomination de Haruhiko Kuroda comme gouverneur de la Banque du Japon ainsi que celles de ses deux adjoints, Kikuo Iwata et Hiroshi Nakaso, au lendemain de leur confirmation par les députés. Les deux Chambres ayant désormais approuvé ces nominations, les trois succéderont à l’actuel gouverneur Masaaki Shirakawa et à ses deux adjoints après le 19 mars.
15/03/2013

Pour Schäuble, l'Italie va se doter d'un gouvernement efficace

Le ministre allemand des Finances a déclaré hier avoir «très bon espoir» de voir l’Italie se doter d’un gouvernement capable d’agir, après les élections législatives de février. La session parlementaire doit s’ouvrir vendredi à Rome, et le président Giorgio Napolitano ne devrait pas entamer ses consultations avant la semaine prochaine sur la formation d’un gouvernement.
15/03/2013

Prévisions de croissance en hausse en Allemagne

Les instituts allemands IfW et IWH ont relevé jeudi leurs estimations de croissance pour 2013. L’IfW a estimé que la croissance du PIB allemand atteindrait 0,6% cette année, alors que l’institut, basé à Kiel, ne l’attendait qu'à 0,3% dans sa précédente estimation en décembre. L’IWH, situé à Halle, a quasiment doublé sa prévision de croissance pour 2013, à 1,3%, contre 0,7% estimé en décembre.
15/03/2013

La CFE-CGC en désaccord sur les complémentaires

Le président de la CFE-CGC a confirmé jeudi que le syndicat de cadres ne signerait probablement pas le protocole d’accord conclu la veille par les partenaires sociaux pour renflouer le régime de retraites complémentaires. «J’ai le sentiment, au travers de ce que j’ai perçu hier soir, que nous risquons de voir (signer) les mêmes qu’on a connus en 2011 et 2012 : CFDT, CFTC, FO», a estimé Bertrand Van Craeynest.
15/03/2013

Madrid exclut d'élever les provisions demandées aux banques

L’Espagne ne compte pas demander à ses banques de constituer plus de provisions pour couvrir de nouvelles pertes liées à des prêts à risques, après une série de dépréciations déjà imposées en 2012, a déclaré jeudi un responsable du ministère de l’Economie. La question se posait en particulier pour les prêts aux petites et moyennes entreprises, alors que les faillites se multiplient.
15/03/2013

Nouveau recul des inscriptions au chômage aux Etats-Unis

Les inscriptions hebdomadaires au chômage ont diminué aux Etats-Unis lors de la semaine au 9 mars, à 332.000 contre 342.000 (révisé de 340.000) la semaine précédente, a fait savoir jeudi le département du Travail. La moyenne mobile sur quatre semaines s'établit à 346.750 contre 349.500 (révisé de 348.750) la semaine précédente, au plus bas depuis mars 2008.

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