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13/09/2011
Fonds

Allianz acquiert 80 % du projet Skyline Plaza de Francfort

Le 12 septembre, Allianz Real Estate Germany a annoncé avoir acquis une participation de 80 % dans le projet de centre commercial Skyline Plaza (38.000 mètres carrés) de Francfort qui doit être livré à l’automne 2013 et qui représente un investissement total d’environ 360 millions d’euros.Les vendeurs sont la filiale allemande de l’autrichien CA Immo et le promoteur/développeur/exploitant ECE, qui conservent chacun 10 % des parts.
Fonds
13/09/2011

Schroders continue de renforcer ses équipes en Allemagne

L’allemand Schroders Investment Management GmbH a annoncé lundi un cinquième recrutement depuis début juillet (lire notre article du 8 septembre). Le nouvel entrant est Charles Neus, qui vient de chez JPMorgan Asset Management, où il était directeur pour la clientèle retail insurance. Il sera directeur de la distribution pour le secteur assurances, sous la responsabilité du directeur général Achim Küssner.
13/09/2011
Fonds

AllianceBernstein propose son fonds EMMA en Allemagne

Filiale d’Axa, le gestionnaire AllianceBernstein a obtenu de la BaFin l’agrément de commercialisation du fonds luxembourgeois Emerging Markets Multi-Asset Portfolio (EMMA), qui vise une performance similaire à celle des actions avec une volatilité moindre (lire notre article du 29 août). Le fonds est chargé à 1,60 % (part A, LU0633140644)
Fonds
13/09/2011

Fidelity FundsNetwork embauche un directeur des grands comptes

Fundweb rapporte que Fidelity FundsNetwork a créé le poste de head of key accounts qui est confié à Stephen Boucher, partnerships director chez Standard Life. L’intéressé sera subordonné à David White, le directeur général de FundsNetwork.
13/09/2011
Fonds

Slater Investments prépare un fonds à forte teneur en moyennes capitalisations britanniques

Le 19 septembre, Slater Investments lancera le MFM Slater Income Fund géré par son co-fondateur et CIO Mark Slater et visant un rendement du dividende de 5,49 %.Le portefeuille comportera 50 à 70 lignes, dont initialement 34 % d’actions du FTSE 100, 27 % du FTSE 250, 22 % du FTSE 350 et 14 % de l’AIM.Le droit d’entrée sera de 5,25 % et la commission de gestion de 1,5 %. La souscription minimale est fixée à 1.000 livres.
Fonds
13/09/2011
Fonds

Fidelity lance la version "onshore" de deux fonds

Selon la presse britannique, Fidelity Worldwide Investment va lancer des versions «onshore» de deux de ses fonds. Le 14 septembre, ce sera d’abord le Global Real Assets Securities dont la version offshore a été lancée en septembre 2009 et qui atteint 250 millions de dollars d’encours. Ce sera ensuite le tour du China Consumer Fund (lire notre article du 18 mai), dont l’encours atteint 115 millions de dollars.Pour ces deux produits, la souscription minimale est fixée à 1.500 livres, le droit d’entrée est à 3,5 % et la commission de gestion à 1,5 %.
Fonds
13/09/2011

Andrew Paisley rejoint SWIP

Senior investment manager depuis cinq ans chez Kempen, Andrew Paisley rejoint Scottish Widows Investment Partnership (SWIP) à Edimbourg en tant qu’investment director subordonné à Peter Cockburn, head of UK equities. Il sera plus particulièrement chargé de la gestion des mandats sur les petites capitalisations britanniques.
13/09/2011

Schroders recrute chez RCM Global Investors

Schroders a annoncé le 12 septembre le recrutement de Sue Chan en qualité de gérante de portefeuille mondiale au sein de l'équipe actions internationales et mondiales. Sue Chan, qui devrait prendre ses fonctions en novembre, sera directement rattachée à Virginie Maisonneuve, responsable de la division «Global and International Equities», et basée à Londres. Elle travaillait précédemment chez RCM Global Investors. Au 30 juin 2011, l'équipe Global and International Equities de Schroders gérait plus de 12 milliards d’euros d’actifs pour le compte d’investisseurs institutionnels et retail.
13/09/2011
Fonds

RWC Partners lance un fonds macro

La boutique londonienne RWC Partners a dévoilé les détails de son premier fonds macro domicilié à Dublin qui sera géré par l’ancien duo de Threadneedle, Peter Allwright et Stuart Frost. Le fonds sera une réplique du Global Macro Crescendo que les deux gérants pilotaient chez leur précédent employeur.
Fonds
13/09/2011

Neuberger Berman recrute un responsable de l'intermédiation

Neuberger Berman vient de recruter Tom Douie en qualité de senior vice president, responsable de l’intermédiation pour l’Europe, rapporte FundWeb.Tom Douie aura la responsabilité du développement de l’offre d’investissement dans tous les pays européens. Il sera rattaché à Dik van Lomwel, responsable pour l’Europe et le Moyen Orient. Tom Douie travaillait précédemment chez American Century Investments.
13/09/2011

BlackRock veut développer son activité sur les fonds fermés

Le responsable des «investment trusts») (fonds fermés) chez RCM, Simon White, vient de rejoindre BlackRock pour assumer les mêmes fonctions, rapporte FundWeb.Simon White sera responsable de la gestion et du développement des investment trusts chez BlackRock. Il sera rattaché à Jonathan Ruck Keene, nommé responsable des fonds fermés pour la zone EMEA (Europe, Moyen Orient, Afrique).
13/09/2011

Warren Buffett continue de préparer sa succession

Ted Wechsler, qui dirige la société de gestion alternative Peninsula Capital Advisors LLC de Charlotteville en Virginie (environ 2 milliards de dollars d’encours), a été nommé investment manager chez Berkshire Hathaway (110 milliards de dollars), dont Warren Buffett (81 ans) reste chairman & CEO, rapporte The Wall Street Journal.Ted Wechsler, qui devra liquider auparavant son fonds, rejoindra Berkshire Hathaway début 2012 et sera chargé de gérer une petite partie du portefeuille actions du groupe.Comme l’autre gérant recruté fin 2010, Todd Combs, Ted Wechsler se verra confier une enveloppe d’environ 3 milliards de dollars, Warren Buffett conservant la gestion de 95 % du portefeuille actions.Ted Wechsler a remporté deux années consécutives les enchères sur eBay pour un repas avec «l’oracle d’Omaha», la dernière fois moyennant 2,6 millions de dollars.Il se pourrait que Warren Buffett embauche un troisième gérant. Le trio pourrait lui succéder le moment venu pour gérer les portefeuilles actions et obligations selon les instructions du futur CEO et du conseil d’administration de Berkshire Hathaway.
13/09/2011
Fonds

Les fonds monétaires très recherchés début septembre

Dans les premiers jours de septembre, la crainte d’un double creux, l’espoir que cette éventualité poussera les responsables politiques à prendre de nouvelles mesures de stimulation et des réunions de banques centrales ont poussé les investisseurs à adopter une attitude attentiste. Les fonds monétaires ont ainsi enregistré une collecte nette de 11,44 milliards de dollars durant la semaine au 7 septembre, selon les statistiques communiquées par EPFR Global.Les fonds obligataires ont pour leur part drainé 2,78 milliards de dollars, soir le montant le plus élevé depuis huit semaines. Les fonds obligataires américains ont enregistré sur la semaine une collecte modeste qui a porté le total des souscriptions nettes depuis le début de l’année à un peu plus de 32 milliards de dollars, à comparer à un montant de 180 milliards de dollars pour la période correspondante de 2010. Les fonds d’actions ont subi une décollecte nette de 15,2 milliards de dollars. EPFR Global relève toutefois que ce chiffre est gonflé par les rachats d’un ETF dédié aux grosses capitalisations américaines. Si l’on ne tient pas compte de cet élément, la décollecte s'élève à seulement 5 milliards de dollars.
Fonds
13/09/2011
Fonds

Les hedge funds ont connu un mois d'août calamiteux

«Les hedge funds ont enregistré le mois dernier leur plus forte baisse depuis octobre 2008. Les stratégiers directionnelles, long/short ou évenementielles, ont été» les plus durement touchées, tandis que les stratégies short biased et macro ont été les plus performantes», précise Lee Hennessee, managing principal au sein du groupe Hennessee.L’indice Hennessee long/short equity a subi un recul de 3,68% en août et de 1,65% depuis le début de l’année, alors que l’indice macro a dégagé un gain de 0,60% en août et de 0,11% depuis le début de l’année. Pour sa part, l’indice Hennessee des hedge funds s’est inscrit en baisse de 3,36% au mois d’août alors que que le S&P 500 reculait dans le même temps de 5,68%. Depuis le début de l’année, l’indice affiche un repli de 1,80% contre 3,08% pour le S&P 500.
Fonds
13/09/2011

Twitter becomes new investment tool for hedge funds

Social networks are proving useful for investment strategies. According to experts, the instantaneous character of Twitter means that collective mood can be measures with much more precision than previously. The result is that millions of tweets are now analysed by hedge fund managers to predict future movement of the markets.A London-based asset management firm, Derwent Capital Markets, has launched a GBP25m fund, which takes investment decisions on the basis of the mood of the general public, the Telegraph reports in its 11 September issue. The manager and founder of the firm, Paul Hawtin, has signed an exclusive contract with Johan Bollen, an IT specialist at the University of Indiana, who has designed a software program to use tweets for this purpose.A commonplace notion would have it that the direction of the markets determines people’s moods. In other words, depression on the markets leads to a depressed population. That was Bollen’s initial assumption as well. But a study of the correlations between the movements of the Dow Jones and the ambient mood of the people has demonstrated that the reverse is true: it is the ambient sentiment of the moment that determines the direction of the markets. In October 2010, the observation of moods on social networks allowed Bollen to predict the direction of the Dow Jones with 87.6% accuracy.
13/09/2011

Asset managers worried about high-frequency trading

More than two thirds of traders at the world’s largest asset management firms say they are worried about the impact of high-frequency trading (HFT) on the equity markets, according to a survey by Liquidnet.Most long-only traders estimate that high-frequency trading is a negative factor for institutional investors making large trades. According to the founder and chief executive of Liquidnet, Seth Merrin, many investors estimate that a long-term investment strategy contradicts the speculative approach associated with high-frequency trading.“Institutional investors who manage billions of dollars for traditional investors needs to be in a position to take up or liquidate positions in a secure and efficient manner, safe from the retail markets and drivers of internalisation where high-frequency trading prospers, especially in the volatile markets we have observed recently,” Merrin says in a statement.At the five largest institutions in the world, 73% of traders estimate that high-frequency trading represents a structural problem for the markets that urgently needs to be addressed. Two thirds of North American traders say they are concerned about high-frequency trading, compared with 60% of European traders, and slightly over half of traders in the Asia-Pacific region. According to studies by Aite group and Tabb Group, nearly 75% of daily equity trading may be attributed to high-frequency trading.
13/09/2011

Money market funds in high demand in September

In the first few days of September, fears of a double-dip recession, and hopes that the threat of such a development will drive political leaders to announce further stimulus measures and meetings of central banks, led investors to adopt a wait-and-see attitude to the markets. Money market funds saw a net inflow of USD11.44bn in the week to 7 September, according to statistics from EPFR Global. Bond funds, for their part, attracted USD2.78bn in assets, the highest level in eight weeks. US bond funds saw modest inflows for the week, which brought total net subscriptions since the beginning of the year to slightly over USD32bn, compared with a total of USD180bn in the corresponding period of 2010. Equities funds saw a net outflow of Usd15.2bn, EPFR Global reports, however, that this total has been inflated by redemptions from an ETF dedicated to US large caps. Excluding this element, outflows totalled only USD5bn.
13/09/2011

Allianz acquires 80% of Skyline Plaza project in Frankfurt

On 12 September, Allianz Real Estate Germany announced that it had acquired an 80% stake in the Skyline Plaza shopping centre under construction in Frankfurt (38,000 square metres), which will be completed in autumn 2013, and which represents a total investment of about EUR360m.The vendors are the German affiliate of the Austrian firm CA Immo and the promoter/developer/operator ECE; the vendors will retain a 10% stake each in the property.
13/09/2011

MFS appoints a new head for German wholesale

Andrea Baron, who had been head of intermediary sales for Germany, Austria and Luxembourg at Morgan Stanley Investment Management (MSIM), has joined MFS Investment Management as managing director for wholesale distribution activities, in Frankfurt. He joins the office led by Lars Detlefs, head of relationships with institutional investors and consultants since early 2010; he will also report to Steve Haswell, head of global sales.
13/09/2011

BNPP IP promotes Tobias Bockholt

Tobias Bockholt, who joined BNP Paribas Investment Partners (BNPP IP) in 2010 from ABN Amro AM, has been promoted to head of the institutional sales team for Germany. He succeeds Charles Janssen, head of institutional sales Northern Europe, who had held the position in the interim since the departure of Evi Vogl, who moved to Pioneer Investments (see Newsmanagers of 1 December 2010). Martin Thesinger remains head of distribution partners.In his new position, Bockholt will be in charge of asset management for pension funds, corporate treasuries, insurers, charities and independent financial advisers.
13/09/2011

Schroders continues recruitment in Germany

The German asset management firm Schroders Investment Management GmbH on Monday announced a fifth recruitment since the beginning of July (see Newsmanagers of 8 September). The new arrival is Charles Neus, who joins the firm from JPMorgan Asset Management, where he had been director for retail insurance clients. He will be head of distribution for the insurance sector, and will report to CEO Achim Küssner.
13/09/2011

Pimco director gets a big pay raise

The highest-paid director at Pimco Europe, the European arm of the bond management firm, saw a 173.8% increase in his income last year, to GBP25.6m, Financial News reports. The name of the individual has not been disclosed.
13/09/2011

IMA opens to foreign asset management firms

After its AGM, the Investment Management Association (IMA), which represents British asset management firms (GBP4trn in assets), on 12 September announced the creation of two new categories of members, from 1 January 2012. It explains that the decision is due to the rapid development of offshore funds, an expansion which is expected to intensify further with the entry into force of the UCITS IV directive.In the future, non-British businesses which manage funds with a license or authorised for sale in the United Kingdom will be permitted to become full members. Previously, only asset management firms with offices in the United Kingdom had been allowed to do to.The IMA is also creating a “sectoral” category of members, for managers who do not need to be full members, but who would like their funds to be included in the IMA’s classification sectors. This will be allowed for both British and foreign asset managers.
13/09/2011

Andbanc acquires Monaco affiliate of MPS

The Andorran financial group Ancbanc (Andorra Banc Agricol Reig SA, EUR8.45bn in assets as of 31 July) has acquired Monte dei Paschi Monaco SAM, an affiliate of the Italian firm Monte dei Paschi di Siena (MPS), for EUR27.1m, of which EUR19.5m have already been paid.The MPS affiliate, which has 40 employees and manages about EUR600m, will become known as Andbanc Monaco SAM, and will be led by Gérard Griseti, CEO.The remainder of the acqusition price will be paid on 30 September, and MPS has announced a capital gain of EUR7.7m on the EUR19.5m initial payment.
13/09/2011

CalPERS to invest up to USD800m in infrastructure

The California pension fund CalPERS on 12 September announced that it is planning to invest up to USD800m in private or public infrastructure projects in the state of California in the next three years. The fund’s investments in infrastructure projects or infrastructure-dedicated private equity funds currently total USD203m.
13/09/2011

Warren Buffett continues to prepare his succession

Ted Wechsler, head of the alternative management firm Peninsula Capital Advisors LLC in Charlotteville, Va (about Usd1bn in assets), has been appointed as investment manager at Berkshire Hathaway (USD110bn), where Warren Buffett, 81, remains chairman and CEO, the Wall Street Journal reports.Wechsler, who will have to liquidate his own fund before joining Berkshire Hathaway, will join the firm in early 2012, and will be in charge of managing a small part of the group’s equity portfolio.Like another investment manager recruited in late 2010, Todd Combs, Wechsler will be in charge of a USD3bn chunk of the fund’s assets, while Buffett will remain responsible for 95% of the equity portfolio.Wechsler was the top bidder in an eBay auction to have lunch with the “oracle of Omaha” two years running, at a price of USD2.6m on the second occasion.Buffett may recruit a third manager. The three may succeed Buffett when the time comes, to manage equity and bond portfolios according to the instructions of the future CEO and board of directors at Berkshire Hathaway.
13/09/2011

Ignis AM may open an office in France

The Scottish asset management firm Ignis Asset Management (EUR87bn in assets) is considering opening an office in Paris, and may hire someone for the new office. For the moment, Philip Goldsmith, managing director for Europe, covers the French market from Switzerland, since joining the firm in September 2009.Meanwhile, an office will be opened in Milan, Italy, in a few days’ time. The office will have a staff of two, who are already responsible for this fast-growing market. At the beginning of this year, due to the dynamic development in that country, the asset management firm decided to release its funds to italian retail investors, and recruited a second person for the Italian market.Further north, Ignis AM is seeking a sales representative to cover the Scandianvian countries, who would be based in Sweden or Finland, the two largest markets in the region, whereas the previous sales representative had been based in London.In order to continue its development in Europe, Ignis AM is planning to scale up its Luxembourg structure, which already includes one sub-fund, launched in March 2011.
13/09/2011

Pierre Persico becomes head of private clients at Barclays France

Barclays has appointed Pierre Persico as head of private clients, and has recruited Gil Leveau as head of complementary channels and multi-channel business. Persico joined Barclays in January 2011 as co-manager of Barclays Patrimoine, a network of 300 financial advisers throughout France. He retains this position, and has joined the executive board of the bank. Previously, Persico was at Allianz. He has also been chairman of the board at Crédit Lyonnais Asset Management. Leveau, who will report to Persico, joins from the Axa group, where since 2009 he had been head of tools, processes, modelling and geomarketing for the general agents network of Axa France.
13/09/2011

AR funds underperform the Eonia over 5y

In a recent survey, Lipper has considered the evolution of absolute return funds over the past five years. Over the period to the end of August 2011, these funds did not really manage to fulfil their promises, and in fact underperformed the money market.The moderate risk absolute return fund category has earned returns of 2.3% over 5 years, compared with 11.6% for the Eonia. However, it outperforms the Lipper euro flexible fund category, which lost 6.73% in the five-year period under review. Since the beginning of this year, the results are no more flattering for absolute return funds. They have lost 2.89% year to date, compared with +0.59% for the Eonia, and -7.38% for euro flexible funds.Lipper changed its classifications in 2009, in order to take into account the emergence of absolute return funds in French and European collective asset management. Absolute return funds are now categorized according to the degree of risk they involve (high risk, moderate risk, and low risk).
13/09/2011

Andrew Paisley joins SWIP

Andrew Paisley, senior investment manager at Kempen for the past five years, is joining Scottish Widows Investment Partnership (SWIP) in Edinburgh, as investment director. He will report to Peter Cockburn, head of UK equities, and will be in charge of managing British small caps mandates.

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