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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

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

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

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

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

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
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

Décollecte pour la gestion d’actifs de BNP Paribas au 1er semestre

Au premier semestre, l’activité gestion d’actifs de BNP Paribas, qui fait partie du pôle Investment Solutions, a accusé des rachats nets de 7,9 milliards d’euros. Cette décollecte a été accentuée par la décision d’un client de réinternaliser sa gestion, pour un montant de 3,2 milliards d’euros, précise la banque dans la présentation de ses résultats au 30 juin. La collecte des autres métiers a tout de même permis au pôle Investment Solutions d’afficher un solde positif de 5,2 milliards d’euros. Le Wealth Management a notamment engrangé 7,7 milliards d’euros. Néanmoins, en raison d’un effet de change défavorable, les encours totaux sont en repli de 0,5 % sur le semestre à 896 milliards d’euros au 30 juin. Les revenus du pôle s’élèvent à 3.228 millions d’euros, en progression de 9,4% par rapport au premier semestre 2010. Grâce à la croissance moindre des frais de gestion (+6,9%), le résultat brut d’exploitation est en hausse (+15,3%) et le coefficient d’exploitation en amélioration de 1,6 pt. Le résultat avant impôt s’inscrit à 1 095 millions d’euros, soit + 16,6% par rapport au premier semestre 2010.
02/08/2011

Carmignac Gestion se dote d’un responsable de la gestion européenne

Carmignac Gestion vient de dévoiler le nom de son nouveau responsable de l’équipe de gestion européenne, dont Newsmanagers avait annoncé l’arrivée le 22 juillet dernier. Il s’agit de Laurent Ducoin, qui était précédemment gérant actions pan-européennes au sein de l’équipe European specialist de BlackRock à Londres. Il prendra ses fonctions le 1er octobre. Ce recrutement s’inscrit dans le cadre du départ de Jordan Cvetanovski, l’un des gérants phare de Carmignac Gestion, le 30 septembre prochain, et d’une réorganisation parallèle du pôle de gestion actions européennes. Concrètement, Laurent Ducoin co-gérera le fonds Carmignac Grande Europe avec Samir Essafri, qui en partageait déjà les rênes, et sera également co-gérant du fonds Carmignac Euro-Entrepreneurs. Mais d’ici à son départ, Jordan Cvetanovski conserve ses responsabilités en tant que gérant de ces deux fonds.
02/08/2011

Skagen recrute deux personnes aux Pays-Bas

Skagen vient de recruter Nienke Abma et Mark Houben pour son bureau d’Amsterdam qui sera ouvert après l’été. La société de gestion norvégienne gère près d’un milliard d’euros pour le compte de clients néerlandais qu’elle couvre depuis 2006, date à laquelle elle a obtenu un agrément pour la commercialisation de ses fonds. Pour poursuivre son développement, elle a décidé d’ouvrir un bureau aux Pays-Bas. En février, elle avait d’ailleurs annoncé la nomination de Michiel Krauss pour diriger l’activité dans le pays. Nienke Abma et Mark Houben viendront renforcer l’équipe le 1er août. La première, qui vient de Detac où elle était consultante, s’occupera du service à la clientèle, tandis que le second, un ancien journaliste, sera chargé de la communication. Le bureau néerlandais sera le onzième de Skagen, qui s’ajoutera aux six qui existent en Norvège et à ceux de Stockholm, Copenhague, Gothenburg et Londres.
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

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

TA Associates becomes majority shareholder in French boutique

Negotiations between the business bank Gruppo Banca Leonardo and the private equity fund TA Associates to sell a majority stake in the French asset management firm DNCA Finance, reported by Newsmanagers on 17 May, have now been finalised. TA Associates has acquired the majority stake in the Italian bank, for an undisclosed amount. Banca Leonardo retains a 10% stake in the capital of DNCA Finance. Meanwhile, the direction of the asset management boutique, which will continue to be led by executive chairman Joseph Chatel and CEO Jean-Charles Mériaux, will increase its own stake in the firm to 40%. Christopher Parkin, director of TA Associates, is joining the board of directors at DNCA Finance. The board will also gain Ajit Nedungadi, CEO of TA Associates in London. TA Associates has longstanding experience in investments in the capital of management firms. Over the past 15 years, the fund has invested in Affiliated Managers Group, AIM Management Group (Invesco), Evanston Capital Management, First Eagle Investment Management, Jupiter Fund Management, Conseillers K2, investisseurs Numérique, Money Management Stadion, and Thomson Advisory Group (Pimco).
01/08/2011

Pension funds are not making money on hedge fund performance

According to an analysis for the Financial Times, North American pension funds have not managed to capture the good returns of hedge funds, though they have poured increasing amounts of money into them. Between 2000 and 2008, US pension funds earned only 1.9% per year on average, after fees, from their investments in hedge funds, a research by Yale and Maastricht universities finds. Canadian pension funds made only 0.6% from hedge funds, in a period when the Canadian stock market gained an average of 2.9% each year. In the same period, hedge funds have earned annualised returns of 5%.
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.
01/08/2011

Former SAC manager gets prison sentence

Donald Longueuil, a former hedge fund manager at SAC Capital Advisors, was Friday sentenced to 2 1/2 years in prison following an investigation into expert networks, which brought individuals with privileged information about businesses into contact with investors who paid them commissions. Longueuil pleaded guilty to insider trading charges he faced, the Wall Street Journal reports. He was secretly recorded while telling about how he had destroyed documents containing information obtained from well-informed sources.
01/08/2011

Madoff: USD1bn more for victims

Irving Picard, the court-appointed trustee for the management firm operated by the convicted fraudster Bernard Madoff (Bernard L. Madoff Investment Securities), has announced that he has reached an out-of-court settlement with Tremont Group, the second-largest feeder fund for the pyramid fraud scheme, an article in Les Echos reports. The 20 entities named in the suit, filed in December 2010, will pay over USD1bn.

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