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02/08/2011

KKR also a suitor for KBL private bank

Agefi relays reports by Reuters, citing sources familiar with the matter, that the US private equity firm KKR is one of the four candidates admitted to the second round of bidding for the private banking activity of the Belgian firm KBC. Société Générale and Royal Bank of Canada had previously been named as candidates.
02/08/2011

Hedge fund managers get reprieve out of debt ceiling deal

Hedge fund managers seem to be spared immediate pain by the debt-ceiling legislation, but Barack Obama has called for changes to the tax treatment of income earned by hedge fund and private equity manager, the Financial Times reports.
02/08/2011

Skagen recruits two for Netherlands

Skagen has appointed Nienke Abma and Mark Houben to its newly established Dutch office in Amsterdam.Since 2006 the Norwegian asset manager has gradually built up activities in the Netherlands in terms of number of clients and assets under management. To further strengthen its presence and commitment to its Dutch clients, it is now in the process of opening an Amsterdam branch. Michiel Krauss was appointed managing director Skagen Netherlands and assumed the position on 1 February 2011. To further strengthen the team, Nienke Abma and Mark Houben will start on 1 August, working respectively with client servicing and communication. Nienke Abma has over 15 years experience from the finance industry, both in Europe and the US. She comes from Detac B.V, where she was employed as Senior Executive Search Consultant. Mark Houben has an extensive media background from the financial sector and has worked as a journalist and editor for two of the major dailies in the Netherlands.Skagen currently has approximately 1 billion euro under management, predominantly from retail and HNW clients. Its office in Amsterdam will be opened after the summer in Museumplein 5D and will be its eleventh office – in addition to the six in Norway, and its offices in Stockholm, Copenhagen, Gothenburg and London.
02/08/2011

Threadneedle recruits for US equities team

Threadneedle Investments has appointed Diane Sobin, fund manager, and Nafis Chowdhury, analyst, to the firm’s US equities team. Both will report to Cormac Weldon, head of US equities, and will be based in London.Diane Sobin joins Threadneedle on 12 September from Columbia Management, a fellow asset management subsidiary of Ameriprise Financial, where she is a New-York based portfolio manager for US equities. Nafis Chowdhury joined Threadneedle on 25 July from Morgan Stanley’s Investment Banking Division, where he was an analyst in the UK Mergers & Acquisitions team gaining a broad range of M&A, restructuring, credit and equity experience.The appointments bring Threadneedle’s US Equities team to a total of eight, with three fund managers and five analysts. The firm manages over GBP7bn in US equities.
02/08/2011

F&C REIT Asset Management recruits for London team

F&C REIT Asset Management has recruited Chris O’Connell as a real estate asset manager, Citywire reports. He will join the London office, and was previously associate director at Invista Real Estate Investment Management.
02/08/2011

Schroders hires for European equities management team

The British management firm Schroders has announced the arrival of Nicholette MacDonald-Brown as a manager in the team dedicated to European equities. Before joining Schroders, MacDonald-Brown spent 11 years as a senior investor in charge of European portfolios at Goldman Sachs Investment Partners (GSIP). The European equities team at Schroders manages EUR8.026bn (GBP7.105bn), and has 17 managers and analysts.
02/08/2011

GAM may be considering acquisition of F&C

A source close to the Swiss management firm GAM Holdings has told Financial News that the firm had considered F&C for an acquisition last year. Analysts approached by the newspaper estimate that the firm may still be a potential target for GAM.
02/08/2011

Debt from sustainable countries brings higher returns

Countries of southern Europe which have seen the value of their sovereign debt fall are often economies which pay little regard to sustainable development, a new sustainability study by Banque Sarasin & Cie SA reveals. This attitude has a negative impact on the performance of their government bonds, the bank finds. “The countries concerned have long lived beyond their financial and environmental means. The problem is exacerbated by an aging population, a trend which is set to increase. Shortage of resources also results in reduced compatibility. There are even political and social shortcomings, for example, because corruption is highly widespread due to large disparities in income amongst the population,” Banque Sarasin & Cie SA observes. At the other extreme, countries which are rich in resources and use them efficiently, such as some Latin American countries, show positive evolution.
02/08/2011

US House of Representatives passes debt compromise deal

An agreement to raise the US debt ceiling was passed on Monday by the House of Representatived by 269 in favour to 161 against. The bill will now be referred to the Senate, Reuters reports. The compromise, negotiated at the 11th hour by Republicans and Democrats, would reduce the US deficit by USD2.4trn over 10 years.
02/08/2011

Total deficit of British pension funds declining

The combined pension deficits of Britain’s biggest companies plummeted by almost two thirds in the past year according to the 18th annual Accounting for Pensions report by LCP, a firm of consulting actuaries. The report reveals that the aggregate FTSE 100 pension deficit now stands at GBP19bn, down from GBP51bn the previous year.Key factors behind the lower deficit included the change in the inflation measure from RPI to CPI, continued high contributions from employers and stable economic conditions.
02/08/2011

Concentrated funds perform better

A study of large caps equities funds domiciled in the United Kingdom and France by FTfm on the basis of data from Morningstar has found that concentrated funds earn better returns than more diversified funds over thee and five-year timespans. The FTfm study found that for the universe of French large caps, a fund with twice as many shares in the portfolio than its rival generally produces 4% lower returns than a more concentrated fund over the past three years.
02/08/2011

Carmignac Gestion hires a head of European investment

Carmignac Gestion has revealed the name of its new head of the European management team, whose arrival was reported by Newsmansgers on 22 July this year. It is Laurent Ducoin, who had previously been a pan-European equities manager in the European specialist team at BlackRock in London. He will begin in his new role on 1 October. The recruitment comes as a result of the departure of Jordan Cvetanovski, one of the star managers at Carmignac Gestion, on 30 September this year, and a parallel reorganisation of the European equities management team. Ducoin will be co-manager of the Carmignac Grande Europe fund with Samir Essafri, who is already co-manager of the fund, and will also be co-manager of the Carmignac Euro-Entrepreneurs fund. However, until his departure, Cvetanovski will retain his responsibilities as manager of the two funds.
02/08/2011

BNP Paribas posts net outflows for first half

In first half, asset management activities at BNP Paribas, which are housed within the Investment Solutions unit, saw net redemptions of EUR7.9bn. These outflows were accentuated by a decision on the part of a client to bring asset management back in-house, for assets totalling EUR3.2bn, the bank said in a presentation of its results as of 30 June. Inflows form other professions nonetheless allowed the Investment Solutions unit to post total subscriptions of EUR5.2bn. Wealth Management took on EUR7.7bn. However, due to unfavourable currency effects, total assets were down 0.5% for the half, to EUR896bn as of 30 June. The division’s revenues totalled 3,228 million euros, up 9.4% compared to the first half 2010. Thanks to lesser operating expense growth (+6.9%), gross operating income was up (15.3%) and the cost/income ratio improved 1.6pt. Pre-tax income amounted to 1,095 million euros, up 16.6% compared to the first half 2010.
02/08/2011

Opera Sgr takes over management of Cape Natixis Sgr funds

The management of the Cape Natixis Private Equity Fund (EUR120m raised in 2004) and Cape Natixis Due (EUR205m raised in 2007) will now be entrusted to Opera Sgr, Bluerating reports. The firm replaces Cape Natixis Sgr, an Italian firm which went into administration on 6 April this year.
02/08/2011
Gestion d'actifs

La Caisse de Pensions de Nexans Suisse pourrait s'ouvrir aux obligations corporate et à la dette émergente

La Caisse de Pensions de Nexans Suisse, Previcab (295 millions de francs suisses) pourrait abandonner un investissement passif sur l’indice Citigroup World Government Bond pour augmenter son exposition aux obligations corporate et à la dette de marchés émergents. Cela nécessiterait de revoir la stratégie du Fonds. Marcel Raymond, directeur des investissements, estime qu’avant de se lancer dans ces changements, il est important d’améliorer la gestion de risque du Fonds. D’autres parts, la Caisse de Pensions pourrait réduire sa part d’actions de marchés émergents à moyen terme sans qu’aucune décision ne soit prise dès cette année. L’allocation d’actifs est actuellement ainsi constituée : 2% en cash, 38% en obligations en Francs Suisses, 13% en obligations dans des devises étrangères, 10% en actions locales, 12% en actions internationales, 2% en actions de pays émergents et 23% en immobilier domestique.
Gestion d'actifs
02/08/2011

Nyse Euronext grandit en Asie

L’opérateur boursier a fait part de l’acquisition, sans en dévoiler les détails financiers, de la société japonaise Metabit spécialisée dans la gestion des transactions électroniques en Asie et en Australie. «Le Japon et l’Asie sont des priorités pour Nyse Euronext», a souligné le responsable de la technologie de l’opérateur, Stanley Young.
02/08/2011

Un logiciel à l’origine de l’incident chez Euronext

L’interruption du calcul des indices Euronext pendant plus d’une heure et demie vendredi dernier est en premier lieu due au dysfonctionnement d’un logiciel utilisé dans la gestion des transactions, a annoncé l’opérateur. Nyse Euronext a alors subi son cinquième problème technique au cours des deux derniers mois.
01/08/2011
Fonds

Nestor IM confie le fonds Nestor Euro Tec à TBF Global AM

Nestor Investment Management a choisi le gérant Peter Dreide de TBF Global Asset Management pour assurer la gestion de son fonds Nestor Euro Tec. Peter Dreide remplace à partir du mois d’août Guido Marveggio de Julius Baer, qui assurait jusqu’ici le pilotage du fonds, précise das investment.
Fonds
01/08/2011

TA Associates devient l'actionnaire majoritaire de DNCA Finance

Annoncées par NewsManagers le 17 mai, les négociations entre la banque d’affaires Gruppo Banca Leonardo et le fonds de private equity TA Associates pour la cession de la participation majoritaire dans la société de gestion française DNCA Finance ont abouti. TA Associates a ainsi racheté à la banque italienne, pour un montant non divulgué, la majorité de cette participation. Banca Leonardo conserve 10 % du capital de DNCA Finance. Parallèlement, le management de la société de gestion, qui sera toujours dirigée par le président exécutif Joseph Chatel et le directeur général et CIO Jean-Charles Mériaux, augmente sa position dans le capital de sa société, qui passe à 40 %. Christopher Parkin, directeur de TA Associates, rejoint le conseil d’administration de DNCA Finance. Ce conseil accueillera également Ajit Nedungadi, directeur général de TA Associates à Londres.La société TA Associates a une longue expérience dans la prise de positions au capital de sociétés de gestion d’actifs. Depuis une quinzaine d’années, le fonds a notamment investi dans Affiliated Managers Group, AIM Management Group (Invesco), Evanston Capital Management, First Eagle Investment Management, Jupiter Fund Management, Conseillers K2, les investisseurs Numérique, Money Management Stadion et Thomson Advisory Group (Pimco).
01/08/2011

Ronald Nagel nommé responsable des institutionnels néerlandais de JPMAM

J.P. Morgan Asset Management a nommé le 1er juillet Ronald Nagel en tant que responsable de l’activité institutionnelle aux Pays-Bas. Basé à Amsterdam, il est placé sous la responsabilité de Peter Schwicht, responsable de l’activité institutionnelle en Europe centrale et de Nicolas Deblauwe, le responsable du Benelux. Ronald Nagel vient d’AllianceBernstein où il était managing director, en charge des institutions au Benelux. Dans le cadre de ses fonctions, il reprendra les responsabilités de relations clients de Brian Strange qui prendra sa retraite en 2012.
01/08/2011

Schroders renforce son équipe commerciale à Francfort

La société de gestion britannique Schroders annonce le recrutement de Daniela Euchner au poste d’assistante commerciale pour la vente des fonds offerts au public en Allemagne. Elle soutiendra l'équipe de vente d’Allemagne du Sud, basée à Francfort, et sera sous la direction de Melanie Stahl, directrice commerciale de Schroder Investment GmbH en Allemagne. La nouvelle recrue était auparavant Key Account Manager chez Hartford Life Limited.
01/08/2011

Dirk Tödte quitte Amundi pour Allianz Global Investors

Selon das investment, Dirk Tödte quitte son poste de directeur des ventes chez Amundi Allemagne, poste qu’il occupait depuis neuf mois seulement, pour rejoindre Allianz Global Investors. Il y sera responsable des canaux et des initiatives de distribution au niveau européen.
01/08/2011

French regulators issue warning over iForex

Agefi reports that the ACP and the AMF have “invite[d] investors not to respond to solicitations that they may receive from the iForex company.” The Hungarian-registered company has had its license suspended by its local authority for six months from 7 July, for reception, transmission or execution of orders and management of portfolios for third parties.

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