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31/03/2011

La Fed à l'école de la BCE en communication

La BCE ne se dédira plus. Elle augmentera les taux la semaine prochaine, malgré le Japon, malgré le Portugal, principalement à cause du pétrole. Et c’est pour cette raison qu’il nous faut parler de la Fed. Expliquons.
31/03/2011

Les agences de nouveau décriées

Selon une étude du FMI, les baisses des notations souveraines en Europe affectent les marchés dans le pays visé mais aussi ceux d’autres pays de la zone euro.
31/03/2011

LBO France favori pour racheter Promovacances

«Sauf rebondissement» assure le quotidien, le fonds d’investissement devrait mettre la main sur le voyagiste en ligne. Lancée en décembre, «l’opération a été menée tambour battant». La proposition de LBO France valorise Promovacances à plus de 200 millions d’euros, l’équivalent de 10 fois sa marge brute opérationnelle. LBO France a distancé quatre autres offres.
31/03/2011

Jürgen Stark défend une hausse de taux de la BCE

Dans un entretien accordé au quotidien, le membre du conseil des gouverneurs de la BCE a estimé que la BCE se devait de revenir sur les mesures exceptionnelles prises durant la crise financière. «Dans la mesure où les risques tendent à diminuer, la BCE doit renverser sa politique de taux» indique-t-il. Et d’ajouter que si elle ne le fait pas «les investisseurs demanderont bientôt des primes de risque élevés pour se couvrir contre les risques inflationnistes».
31/03/2011

La suppression de l'ISF reste d'actualité

Selon le quotidien, le gouvernement aurait présenté aux parlementaires UMP un nouveau scénario qui permettrait de supprimer l’ISF tout en évitant de taxer l’enrichissement, une option très critiquée. Ce scénario supposerait d’accroître la taxation des plus-values, au-delà d’un seuil élevé, ainsi que les très gros héritages. La taxation des plus-values latentes ne concernerait plus que l’assurance-vie car les plus-values sont rarement exercées.
31/03/2011

Forte baisse des profits des fonds chinois en 2010

Les quelque 656 fonds communs de placements chinois, gérés par 60 sociétés d’investissement dans le pays, ont généré des gains d’un montant total de 5,08 milliards de yuans (550 millions d’euros) l’année dernière, indique le Shanghai Securities News. Et de préciser que ce niveau est très inférieur à celui de 900 milliards de yuans enregistré en 2009.
31/03/2011

Exqim vise le milliard d’euros pour son fonds « quant »

Dix-huit mois après avoir fondé la société de gestion Exqim, ses quatre fondateurs, dont les deux anciens responsables de la gestion structurée de SGAM AI (Société Générale Asset Management - Alternative Investment), lancent aujourd’hui leur premier véhicule d’investissement. Baptisé Exqim Blue Fund, il s’agit d’un fonds recourant à des stratégies et une allocation quantitatives et systématiques, qui utilisent la technique du trading algorithmique. Il offre en outre une triple diversification: sur le plan des stratégies, des sous-jacents et des fréquences d’ajustement. Lancé avec un peu moins de dix millions d’euros, provenant essentiellement des fondateurs, Exqim Blue Fund entend collecter 100 millions d’euros d’ici à la fin de l’année et atteindre le milliard d’euros dans quatre ou cinq ans. «Les quelques sociétés de gestion systématique anglo-saxonnes ne le sont en fait qu’en partie; en outre, elles sont mono-stratégie», affirme Thomas Dubreuil, l’un des fondateurs.
31/03/2011

Le successeur de Warren Buffett trébuche

David Sokol s’est brûlé les ailes. Le successeur pressenti de Warren Buffett à la tête de Berkshire Hathaway a démissionné. En cause, des achats à titre personnel d’actions du groupe chimique Lubrizol avant que Berkshire ne convienne d’en prendre le contrôle, une opération vivement encouragée en interne par David Sokol.
31/03/2011

BC Partners place 14,6% du capital de Medica

Le fonds d’investissement a placé sept millions d’actions Medica, soit 14,6% du capital du spécialiste français de la prise en charge de la dépendance, au prix de 13,75 euros par action. Cette opération rapporte quelque 96,25 millions d’euros à BC Partners, qui détient désormais 30,5% du capital et des droits de vote, le capital flottant étant porté à 53,6% du total.
31/03/2011

Carlyle s’empare de Metrologic Group

Le gestionnaire d’actifs alternatif, via sa société Tridimension Holding, a conclu un accord avec les fondateurs-actionnaires de Metrologic Group (Philippe Cimadomo, Gilles Bartoli et leurs familles) en vue d’acquérir 61,77% du capital et 71,15% des droits de vote pour une valeur par action de 38 euros. Metrologic Group est spécialisé dans l’édition de solutions logicielles de mesure 3D, destinées à l'équipement de systèmes de contrôle.
30/03/2011

Le sentiment économique recule en mars dans la zone euro

Le sentiment économique s’est dégradé plus que prévu en mars dans la zone euro, selon les données publiées mercredi par la Commission européenne. L’indice est ressorti à 107,3 pour mars, après 107,9 en février, alors que les analystes prévoyaient un recul moindre à 107,5. A l’exception de celle de l’industrie, inchangée d’un mois sur l’autre, toutes les composantes de l’indice sont en recul.
30/03/2011

Le Brésil pourrait acheter de la dette portugaise

Le Brésil étudie les moyens d’aider le Portugal à sortir de sa crise de la dette, y compris en achetant des montants limités de dette souveraine, annonce la présidente Dilma Rousseff à l’occasion d’une visite officielle au Portugal. «Nous examinons aussi d’autres solutions comme le rachat anticipé d’obligations brésiliennes détenues par l’Etat portugais», a ajouté la présidente.
30/03/2011

European banks threaten to replace Libor

As the Libor index is being called into question, banks which promote the Euribor index will launch a US dollar version of the index by summer, Les Echos reports. The index, which would be controlled by European banks, would allow them to guarantee their liquidity risks in the currency. Though the major contributors to the Libor are Anglo-American banks, the new benchmark rate would be based on at least 26 banks, of which 70% are European, as well as two or three US banks and a few Asian banks, which hold large reserves in US dollars.
30/03/2011

Pioneer: Still some time to wait

“We will talk about everything,” responded the chairman of Unicredit, Dieter Rampl, before participating to the appointments committee at Mediobanca, when asked whether a merger between Pioneer and Eurizon was on the cards, Bluerating reports. For a decision as to the fate of the asset management firm of the banking group, there is “still some time to wait,” he added.
30/03/2011

Skandia Property Fund buys two buildings

The Skandia Property Fund, a real estate fund managed by Nigel Pickup at ING Real Estate Investment Management on behalf of Skandia Investment Group, has finalised the acqusition of two properties in St. Albans in the United Kingdom. The fund paid a total of GBP13.37m for the Centrium CT2 and Centrium CT3 office buildings.
30/03/2011

Aberdeen preparing a new Asian real estate fund of funds

Since 2006, Puay Ju Kang has been head of the Asia-Pacific real estate team at Aberdeen (USD1bn in assets), after working for a Dutch pension fund and one of the Singapore sovereign funds. On a visit to Paris, she explained to Newsmanagers that the group has previously offered its variuos products exclusively in Europe. Now, the British management firm has begun soft marketing for a third fund of funds, which will be a Luxembourg-registered fund intended for sale in Europe as well as in Asia-Pacific and North America. The launch is slated for April. A first closing may take place at USD100m in second or third quarter, and the fund may easily reach USD300-400m in assets. It would be hard closed at USD600m. Puay explains that Aberdeen will avoid products from major management firms, and will concentrate on funds with USD500-600m in assets, whicha re easier to control, “because we don’t want to be passive allocators,” she says. It must be ensured that the management firms have the necessary execution capacities.
30/03/2011

FSA drops probe into Gartmore’s Rambourg

Former Gartmore star manager Guillaume Rambourg is looking for another role in fund management following the FSA’s decision not to take any formal disciplinary action against him, writes Investment Week.
30/03/2011

Dreyfus launches an emerging markets fund

Dreyfus Corporation, an affiliate of BNY Mellon Asset Management, has announced the launch of the Dreyfus Total Emerging Markets fund, which will be invested in equities, bonds, and currencies from emerging markets which present the best opportunities. To construct the portfolio, the management firm will call in the expertise of other management boutiques, such as Standish Mellon Asset Management Company and The Boston Company Asset Management, which are also affiliates of BNY Mellon Asset Management.
30/03/2011

Record profits at C-Quadrat

For the 2010 fiscal year, the Austrian-German management firm C-Quadrat on 29 March announced record net profits of EUR15.3m, compared with EUR5.7m, particularly due to a strong increase in performance commissions to EUR22.9m, from EUR7.6m, an increase in management commission revenues to EUR35.8m from EUR22.8m, and a steep rise in profits from partner companies ato EUR6.4m from EUR2.2m. In order to finance potential acquisitions, C-Quadrat is proposing to buy back a maximum of 100,000 shares from shareholders between 1 April and 10 June 2011, equivalent to 2.3% of capital, on the Vienna and/or Frankfurt stock exchanges.
30/03/2011

Man Group acquires all of Ore Hill

Man Group, through its US subsidiaries, has entered into a definitive agreement to take full ownership of Ore Hill, a credit-focused, event-driven hedge fund and structured product manager based in New York. Man’s strategic relationship with Ore Hill dates from 2008, when it acquired a stake of approximately 50% in the firm. The remaining interest has been owned by Ore Hill’s principals and employees. Man’s acquisition of the remaining 50% of Ore Hill is in line with its strategic focus on internal investment management capabilities, and continues the build out of single strategies on the GLG platform.Upon completion of the transaction, while Ore Hill will remain as an investment adviser, the operations will be integrated into and managed as part of GLG, Man’s discretionary investment management platform. Ben Nickoll and Fritz Wahl, Ore Hill’s Co-Founders, as well as Alok Makhija, will continue to manage the Ore Hill portfolios. Ore Hill manages a series of hedge funds with funds under management of approximately USD800 million, of which previously Man has consolidated 50%. Upon completion, these funds will be fully consolidated into Man’s funds under management. In addition, Ore Hill manages a USD1.1 billion structured product. Man Group also published a trading update for the financial year ending 31 March 2011. Funds under Management at 31 March 2011 are currently estimated at USD69.0 billion (31 December 2010: USD68.6 billion). Q4 expected to see net inflows of approximately USD0.7 billion, reflecting USD5.3 billion sales (predominantly in open ended alternatives and long only) and USD4.6 billion redemptions.
30/03/2011

Syz & Co registers 10 funds in the UK

Ten of Oyster’s sub-funds have been registered in the UK and are now approved for public distribution. Oyster is the investment fund family of the Swiss banking group Syz & Co. This move underlines the expansion of the Group’s activities in the UK. Established in London since 2001 through its asset management company Syz Asset Management LLP, SYZ & CO is also known in the UK thanks to its institutional asset management activity.The sub-funds registered include long-only funds, such as Oyster European Opportunities, Oyster European Small Cap, Oyster LatAm Opportunities, Oyster Japan Opportunities, Oyster US Value and Oyster European Corporate Bonds; and so-called “Newcits” funds, such as Oyster Credit Opportunities, 3A Dynamic UCITS Fund (GBP), Oyster ForExtra Yield (EUR) and OCEANO Absolute Return Institutional A GBP.
30/03/2011

Elliott Advisors in favour of splitting up National Express

The American hedge fund management firm Elliott Advisors has reached an agreement with the Spanish Cosmen family to split up the transportation group National Express into two parts, separating its British and Spanish activities, Expansión reports. The move could facilitate an acquisition of the Spanish bus operator affiliate Alsa by Cosmen. Elliott owns 17.07% of National Express, while the Spanish family controls 17.08%.
30/03/2011

Bankia woos Fidelity and BlackRock

Currently, Bankia is preparing a prospectus for its IPO, and is seeking institutional investors to acquire a stake in its capital, Expansión reports. The banking establishment, born of the merger of the Caja Madrid and Bancaja savings banks, has already contacted several mostly American fund managers. Among them, Fidelity and BlackRock have expressed willingness to subscribe to the IPO.
30/03/2011

BNY Mellon AIS appoints two heads

BNY Mellon Alternative Investment Services has appointed two directors for the relationship management team. Jim Whitaker will lead the Americas team, while Mark Mannion will be head of relationship management for the Europe, Middle East and Africa region.
30/03/2011

A degradation of the nuclear situation would alter the economic situation for Japan

Following the Kobe earthquake in 1995, Japan returned to its former level of industrial production in a few months, demonstrating that the impact on the macroeconomy of such a disaster is not very persistent in developed countries, Philippe Waechter, director of economic research at Natixis Asset Management, explained on Tuesday. Beyond the human drama, the shock to the system could even have a positive impact on the economy, he says. The consequences for the rest of the world may not be major either, as the macroeconomic situation had previously been relatively positive until then. Countries which export to Japan are not expected to suffer, as none of them was excessively dependent on this market. The percentage of US exports which go to Japan is only 6%, while for Europe it is 2%, and for China, 8%. But this is not counting Fukushima. If the nuclear situation degrades for the longer term in Japan the situation may be different, Waechter estimates, adding that the consequences are more difficult to predict. In addition to an increase in aversion to risk in Japan and the rest of the world, such a situation could raise questions about the choice of nuclear as a source of power, which could have repercussions on demand for natural gas and coal, until an eventual transition to cleaner energies is complete. A nuclear drama would also have consequences for the price of foodstuffs, due to the risks that Japanese products would carry.
30/03/2011

Sarasin soon to open a branch office in Cologne

In June 2011, Bank Sarasin AG (Rabobank gorup) will open its fourth branch office in Geramny, in Cologne, the Swiss parent company announced on 29 March. Sarasin was the first foreign financial establishment to receive a complete banking license, in 2008, and has been profitable since its third fiscal year. After Switzerland, Germany is the largest private banking market for the Sarasin group, says Eric G. Sarasin, president of the board of directors of Bank Sarasin AG and head of the private banking division of Bank Sarasin & Cie SA.
30/03/2011

First State recruits for private infrastructure

Following German Gonzales, who joined the firm as a senior advisor in late 2010, First State Investment International Ltd has recruited two other European private infrastructure specialists: a director of management, Tommas Pedraza, and another senior advisor, Trygve Refvem, who will begin in their new roles in a few days. Pedraza comes from Gas Natural/Unión Fenosa, where he was recently a member of the development strategy team. At First State, he will be in charge of identifying potential investments and managing acquisitions. He is a specialist in infrastructure investment for the Iberian peninsula. Revfem will apply his experience in the area of oil and gas and distribution of these energy sources. He has been a board member at Norsk Hydro and Siemens Norway. Gonzales, a specialist in infrastructure in the Spanish industry, was previously head of the Spanish activities of Dresdner Kleinwort and managing director of Hidrocantábrico.

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