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23/11/2010

La Commerzbank cède son activité d'administration de fonds à Singapour

La Commerzbank a annoncé le 22 septembre le bouclage de la vente de Commerzbank International Trust Singapore (CITS) au groupe Trident Trust. Les actifs sous administration de CITS s'élevaient fin 2009 à 930 millions d’euros. Les autres activités de la Commerzbank à Singapour ne sont pas concernées par cette transaction.
23/11/2010
Fonds

GAM commercialise son fonds crédit market neutral coordonné

Le gestionnaire GAM a obtenu de la BaFin l’agrément de commercialisation en Allemagne d’un neuvième hedge fund coordonné, le GAM Star Diversified Market Neutral Credit (lire notre article du 9 septembre). Il s’agit d’un newcits de droit irlandais géré par l’américain DCI dont le gestionnaire impose un préavis de 5 jours pour les retraits. Le fonds GAM Star Diversified Market Neutral Credit vise une surperformance annuelle de 500-800 points de base par rapport au Libor avec une volatilité comprise entre 5 et 7 % et une corrélation minime aux grands marchés obligataires. Caractéristiques : Code isin : IE00B56GWF50 Droits d’entrée : 5 %Frais de gestion annuel : 1,9 %Souscription minimale : 10.000 euros.
Fonds
23/11/2010
Fonds

Le nombre de promoteurs de fonds immobiliers pourrait diminuer de moitié en cinq ans

Dans un entretien avec la Frankfurter Allgemeine Zeitung, Hans Joachim Reinke, président du directoire d’Union Investment, estime que les problèmes rencontrés par les fonds immobiliers offerts au public (22 milliards d’euros sont fermés aux remboursements sur 87 milliards d’encours totaux) sont imputables à des fautes de management, les gestionnaires concernés n’ayant pas opéré de distinction entre clients particuliers et investisseurs institutionnels, ce qui a en revanche été fait par Deka (20 milliards d’euros) et Union (18 milliards).Hans Joachim Reinke pense que dans cinq ans, seuls 7 à 8 promoteurs vendront encore des fonds immobiliers aux particuliers en Allemagne, contre 14 actuellement.Il estime par ailleurs que le projet de loi sur les fonds immobiliers va globalement dans le bon sens, mais souhaite quelques aménagements. Il souhaite que la durée minimale de détention soit de 12 mois et non de 24 mois ; d’autre part, il préconise de substituer aux retraits plafonnés pour les particuliers à 5.000 euros par mois par un montant de 20.000 euros par mois.
Fonds
23/11/2010

Philippe Taffin joins Aviva Investors

p { margin-bottom: 0.08in; } Aviva Investors France has announced the arrival of Philippe Taffin as a part of the management team, in the role of fixed income product specialist.Taffin will report to Pascal Heurtault, chief investment officer, and will also be responsible for calls for tenders, and will coordinate the group’s global liability driven investment (LDI) product range. The objective is to consolidate the asset management firm’s expertise in this asset class and confirm its ambition to develop close relations with institutional investors, a statement says.Since September 2005, Taffin was head of the development and specialist products for euro fixed income and credit at Amundi/CAAM.
23/11/2010

Lyxor registers its Newcits fund range in Spain

p { margin-bottom: 0.08in; } Recently, Funds People reports, Lyxor Asset Management (Société Générale) registered nine UCITS III-compliant hedge funds from its dimension range with the CNMV; they join the Lyxor Hedge Fund Index and Lyxor Active Edge, which have already had licenses for several months.Among the newly-registered funds are seven strategy funds (Lyxor Special Situations, Lyxor Merger Arbitrage, Lyxor L/S Equity Long Bias, Lyxor L/S Equity Variable Bias, Lyxor L/S Equity Statistical Arbitrage, Lyxor Convertible Bonds and Volatility Arbitrage, and Lyxor CTA Long Term), and two theme funds (Lyxor Top 10 and Lyxor Credit Strategies).
23/11/2010

Brandes registers three funds in Spain

p { margin-bottom: 0.08in; } Brandes Investment Funds (USD47bn) on 19 November registered the UCITS-compliant funds Brandes European Equities Fund, Brandes Global Equities Fund and Brandes Equities Fund with the CNMV. Sales in Spain will be provided by Allfunds Bank. They are value equities products.
23/11/2010

GAM releases UCITS-compliant market neutral credit fund

p { margin-bottom: 0.08in; } The management firm GAM has been granted a license by BaFin to sell a ninth UCITS-compliant hedge fund in Germany, the GAM Star Diversified Market Neutral Credit (see Newsmanagers of 9 September). It is an Irish0-registered Newcits fund (ISIN IE00B56GWF50), managed by the US management firm DCI, which charges a commission of 1.9%, and a front-end fee of 5%. The manager requires a 5-day advance notice for redemptions. Minimal subscription is set at EUR10,000. The Gam Star Diversified Market Neutral Credit fund aims at annual outperformance 500-800 basis points above the Libor with total volatility of 5% to 7%, and minimal correlation to major bond markets.
23/11/2010

Singapore offers a publicly-traded, Sharia-compliant REIT

p { margin-bottom: 0.08in; } Sabana Shari’ah Compliant Industrial Real Estate Investment Trust, or Sabana Reit, will be the first sizeable Sharia-compliant REIT-format real estate fund to be offered on the Singapore market. The fist listing will take place on 28 November. The market offering will raise up to SGD640m, or slightly under UDS500m. Among the major investors are FIL Investment Managers (Fidelity Investment Managers), Al Salam Bank-Baharin, Meren Pie Lid (Metro Holdings) and Capital Investment Brokerage (an affiliate of the Jordanian Capital Bank). The REIT is primarily aimed at industrial real estate, including properties suited to the high tech and chemistry sectors.
23/11/2010

Jennifer B. McHugh assumes interim direction of investment management division of SEC

p { margin-bottom: 0.08in; } Following the departure of Andrew J. “Buddy” Donohue on Friday, Mary L. Shaprio, chairman of the SEC, has appointed Jennifer B. McHugh to act as interim director of the investment management division. She was previously senior advisor in the chairman’s office for questions related to mutual funds and investment advising.McHugh will hold the responsibilities until a new director is appointed. At that time, she will return to the chairman’s office. The investment management division is responsible for protecting investors and overseeing the asset management sector.
23/11/2010

FBI raids three hedge funds

The FBI on Monday raided the offices of three hedge funds, according to people familiar with the matter cited by the Financial Times.The funds are Level Global Investors and Diamondback Capital Management, both based in Connecticut, and Loch Capital Management in Boston. The raids come amidst reports of a probe into potential insider trading on Wall Street, the FT adds.
23/11/2010

Lehman bankruptcy has already cost USD1bn in legal fees

p { margin-bottom: 0.08in; } In October, the legal and consulting fees to a total of nearly 40 firms involved in the Lehman bankruptcy proceedings totalled another USD40.6m, bringing the overall bill over the psychologically significant USD1bn barrier, more precisely at USD1.02bn, the Wall Street Journal reports. The largest share of these fees has gone to the restructuring firm Alvarez & Marsal, which has billed a total USD369.8m.
23/11/2010

Hank Morris pleads guilty in pay-to-play scandal

p { margin-bottom: 0.08in; } Henry “Hank” Morris on 22 November became the eighth person to plead guilty in the pay-to-play scandal surrounding the Common Retirement Fund, the New York state pension fund (USD125bn in assets), the Wall Street Journal reports. He was at the time a political consultant to Alan Hevesi, the former New York state controller (who has also pleaded guilty). Morris admitted to receiving placement commissions as a broker, although he was passing on the investments to managers who paid him kickbacks. He was sentenced to pay a fine of USD19m, and faces up to four years in prison when the verdict is handed down next year.
23/11/2010

Moody's offers a managed account ratings tool

p { margin-bottom: 0.08in; } The ratings agency Moody’s on 22 November announced that it has extended its operational hedge fund ratings activities to include managed accounts. The agency will apply the same analysis to managed accounts and managed account platforms that it uses for traditional hedge funds. According to estimates, assets under management on managed account platforms as of the end of March will total over USD40bn, or about 2% of all assets in hedge funds.
23/11/2010

Scotiabank to take control of DundeeWealth

p { margin-bottom: 0.08in; } Scotiabank on 22 November announced that it has reached an agreement with Dundee Corporation and DundeeWealth to acquire Dundee Corporation’s 48% stake in the asset management firm, in which it already owns 18%, at a purchase price of CAD21 per ordinary share. The transaction will total CAD2.3bn. When it is completed, Scotiabank will also launch a bid to acquire the remainder of shares in DundeeWealth.
23/11/2010

Commerzbank concludes sale of fund administration activities in Singapore

p { margin-bottom: 0.08in; } Commerzbank announced on 22 September that it has completed its sale of Commerzbank International Trust Singapore (CITS) to the Trident Trust group. Assets under administration at CITS as of the end of 2009 totalled EUR930m, The other activities of Commerzbank in Singapore are not affected by this transaction.
23/11/2010

RBS reported to have sold its stake in Magnum Capital Industrial Partners

p { margin-bottom: 0.08in; } According to sources familiar with the matter, Royal Bank of Scotland (RBS) is said to have resold its stake in the Spanish private equity investor Magnum Capital Industrial Partners, led by Ángel Corcóstegui, former vice president of Santander, and Enrique de Layva, “to an international investor,” Cotizalia reports.The decision comes as part of a program of asset sales to pay back GBP20bn which the firm received from the British government in autumn 2008.The next deal in Spain may be the sale of a commercial real estate portfolio whose value is estimated at at least EUR300m.
23/11/2010

SWIP recruits a big name from BlackRock

p { margin-bottom: 0.08in; } Daniel McKernan, director of fixed income and senior credit portfolio manager at BlackRock, will join Scottish Widows Investment Partnership (SWIP) on 1 February 2011, as head of European and UK credit in a bond team which manages GBP68bn. He will be in charge of investment grade credit research teams and institutional management.
23/11/2010

Neuberger Berman plans to launch actively-managed ETFs

p { margin-bottom: 0.08in; } Neuberger Berman has become the next firm to submit a request to the SEC for an exemption and license to allow it to launch actively-managed ETFs. The license applied for from the regulator is for management of equities and bond ETFs, based on currencies and funds of funds, which will use ETFs managed by Neuberger Berman.
23/11/2010

Multi-boutique model wins imitators

p { margin-bottom: 0.08in; } In the European post-crisis environment, the model of the multi-boutique is beginning to establish itself as the dominant model. About 30% of asset management firms in Europe have adopted the multi-boutique model at their companies, and the trend is set to continue to accelerate in the near future, the consulting and research firm Celent reports in a study on structural changes in the asset management sector (“Structural Changes in the Asset Management Industry: The Rise of the Multiboutique Model.”) Assets under management at European multi-boutiques average EUR150m, while the amounts under management by integrated producers or asset managers average EUR300m, and independent boutiques have an average of EUR60m under management. According to Celent, assets under management at multi-boutiques in the next few years may be expected to increase more rapidly than other models, for a total of EUR300m by 2014. Celent also observes that the outsourcing of peripheral activities is gaining popularity. Unlike the first wave of outsourcing in 2000-2002, which was more specifically about cost reduction, efforts are now focused on operational excellence (technology, compliance, distribution).
23/11/2010

Heavy outflows from ETFs

p { margin-bottom: 0.08in; } Deutsche Bank reports that ETFs in Europe saw net redemptions of EUR327m in the second week of November, compared with net inflows of EUR858m the previous week, the Frankfurter Allgemeine Zeitung reports. The setback is particularly related to concerns over the credit rating of Ireland, which provoked significant outflows from ETFs specialised in government bonds and money markets.
23/11/2010

CA Cheuvreux adds new order processing locations to its range

CA Cheuvreux on 22 November announced that it has extended its order processing capacities to three new markets: Brazil (M&F Bovespa), Israel (Tel Aviv stock exchange) and Mexico (Bolsa Mexicana de Valores). In 2010, CA Cheuvreux added a total of 15 new order-processing locations: 5 primary markets (Egypt, Russia, Israel, Brazil and Mexico), 5 MTFs (ITG Posit, LiquidnetH2O, KnightLink, SmartPool, TQ Lens), and 5 dark pools in the United States. The European broker of the Crédit Agricole group now provides its clients with access to 100 order processing locations.“The desire of clients to have access to developed and emerging markets is increasingly high,” explains Ian Peacock, global head of execution services at CA Cheuvreux. “By adding these new order-processing locations, CA Cheuvreux clearly proves its commitment to provide optimal access to the liquidity of key global markets, via a high-quality range of products and high-tech trading tools.”
23/11/2010

Andrew Dyson leaves BlackRock

According to Financial News, Andrew Dyson has stepped down as global head of BlackRock’s institutional asset management business after an operational review.
23/11/2010

Aberdeen AM hires a US real estate fund specialist

Aberdeen Asset Management has announced the appointment of Katherine Giordano as indirect property portfolio manager, based in Philadelphia. She will work closely with Aberdeen’s existing indirect teams in Stockholm, Amsterdam, London, Singapore, and Zurich. Her primary role will be to cover the US property fund market, undertaking due diligence and selecting funds suitable for global indirect portfolios as well as for dedicated US portfolios.Katherine Giordano joins from ING Select (ING’s property fund of funds business) where she was their US funds investment expert, investing ING client’s capital in US property funds.
23/11/2010

Van Kampen becomes Invesco on the Internet as well

p { margin-bottom: 0.08in; }a:link { } Since 1 June 2010, Van Kampen Investments has been an integral part of Invesco, to which it was sold by Morgan Stanley. Morgan Stanley has now placed the Invesco shares which were involved in this transaction (see Newsmanagers of 12 and 16 November) back on the market. From 22 November, the website vankampen.com has been integrated into the new site www.invesco.com/us.
23/11/2010

Legg Mason recruits at Western Asset Management

p { margin-bottom: 0.08in; } On 19 November, Western Asset Management, the affiliate of Legg Mason specialised in bonds, announced the recruitment of three high-level professionals. They are Louis Di Franco, who becomes head of insurance services and will be in charge of development management for insurers, which already represent assets of USD52bn (as of 30 September). He comes form BNY Mellon, where he was most recently executive vice president in charge of insurance clients, investment management and hedge funds. Meanwhile, Western AM has also recruited Powell Thurston, who was at Pimco for more than ten years. He will be head of advisory services and will be in charge of co-ordinating development of custom solutions for institutional clients, especially those designed to resolve complex questions related to bond and derivative instruments. Christopher Orndorff, managing principal and member of the executive board at Payden & Rygel, joins the generalist team at Western AM as senior portfolio manager for multi-sector management and discretionary portfolios.
23/11/2010

UN PRI network recruits

p { margin-bottom: 0.08in; } As the number of signatories of the United Nations Principles for Responsible Investment (UN PRI) is now nearing 250, the international network has launched a recruitment campaign for four new positions, including a director of strategic initiatives who will be responsible for recruiting new signatories. The network is also hiring two assessment officers and an implementation support officer, which will bring the total permanent staff at the organisation to nearly 30.
23/11/2010

Assets in the Italian asset management industry total over EUR1trn

p { margin-bottom: 0.08in; } Assets in the Italian asset management industry totalled EUR1.01trn as of the end of September 2010, according to the most recent statistics from Assogestioni, the Italian association of management professionals. Since the beginning of the year, the sector has taken on EUR27bn. In third quarter, inflows were boosted by collective management, which took on EUR1.5trn and as of the end of September, represented nearly EUR500bn.
23/11/2010

Brevan Howard to double staff

p { margin-bottom: 0.08in; } Brevan Howard, one of the largest British hedge fund managers based in Switzerland, will be scaling up its presence in Geneva, from 30 to 65 people by the middle of 2011, according to the news agency Bloomberg (relayed in Le Temps), citing a source close to the firm.
23/11/2010

Brevan Howard va doubler son effectif

Brevan Howard, l’un des plus importants gérants de fonds alternatifs britanniques installés en Suisse, va renforcer sa présence à Genève. Il va porter d’ici à mi-2011 son effectif de 30 à 65 personnes, selon l’agence Bloomberg (citée dans Le Temps), qui se base sur une personne proche de la société.

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