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01/06/2010
Fonds

Premier fonds de private equity espagnol pour l'Inde

Cinco Días rapporte qu’Axon Capital lance le premier fonds espagnol de private equity destiné à investir en Inde. Elle prévoit de lever 100 millions d’euros, dont une partie apportée par le milliardaire espagnol d’origine indienne Ram Bhavnani. Le premier bouclage est prévu pour juillet, avec 20-25 millions d’euros.
Fonds
01/06/2010

Citibank commence à distribuer les fonds de Carmignac en Espagne

A compter de ce 1er juin, Citibank España entame la distribution des fonds de Carmignac Gestion au travers de ses 56 agences en Espagne. Les équipes locales de Carmignac Gestion travailleront étroitement avec les banquiers du réseau Citibank pour faire connaître les produits et optimiser leur utlisation au profit des clients de Citibank en Espagne.L’accord de coopération s’inscrit dans la stratégie de Citibank Espagne en vue d’offrir un conseil indépendant personnalisé.Carmignac Gestion dispose d’un bureau de représentation à Madrid et l'équipe chargée du marché espagnol compte six personnes ; elle est dirigée par Yon Elosegui.
01/06/2010
Fonds

Les fonds commencent à acheter de l'immobilier espagnol

Vendredi, Metrovacesa a vendu pour 122 millions d’euros le Triángulo Princesa à Madrid au fonds français Continental Property Investment, rapporte Cotizalia. Deux jours avant, Doughty Hanson payait 120 millions d’euros pour les 180.000 mètres carrés destinés à un grand centre commercial. Et, à fin avril, le Banco Sabadell a réussi à vendre à Moorpark Capital Partners 378 actifs, principalement des bureaux, pour 403 millions d’euros. Cette dernière transaction s’est soldée pour la banque catalane par une plus-value de 265 millions d’euros.
Fonds
01/06/2010

RBC Dexia conforte ses positions en Italie

RBC Dexia Investor Services (RBC Dexia) a annoncé lundi la réalisation de l’acquisition et le transfert de l’activité de dépositaire du Groupe UBI (Unione di Banche Italiane). Après avoir reçu les autorisations nécessaires, la transaction s’achève selon les termes notifiés lors de l’annonce faite le 28 septembre 2009 (cf Newsmanagers du 01/10/09). «Dans un environnement en évolution rapide cet accord avec UBI Banca représente une étape importante en matière de croissance et de diversification géographique des activités de RBC Dexia dans des pays comme l’Italie, où l'établissement est déjà présent et dispose d’un potentiel considérable », a déclaré José Placido, CEO de RBC Dexia. Cette transaction permet en effet à RBC Dexia de consolider sa position de troisième plus grand établissement «third-party fund administration» en Italie, avec un actif sous administration de 28 milliards d’euros. RBC Dexia est également la quatrième plus grande banque dépositaire, avec un actif sous conservation de 20 milliards d’euros. Selon les termes de l’accord, RBC Dexia fournira également à UBI Banca des services de dépositaire et de conservation pour ses activités de valeurs mobilières internationales, tant pour ses clients en compte propre que pour compte de tiers.
01/06/2010

Aviva Investors met les bouchés doubles en Asie

Selon Asian Investor, Aviva Investors vient de créer le poste à Singapour de CEO actions et fixed income pour la région Asie hors Japon. Le poste sera occupé à partir du 21 juillet par Tahnoon Pasha, qui rejoint le gestionnaire en provenance de MFC Global Investment Management.Tahnoon Pasha aura un important budget de recrutement. 12 à 18 analystes et gérants actions et obligations devraient rejoindre les bureaux à Singapour mais aussi à Hong Kong. Actuellement, le bureau de Singapour compte 11 personnes, celui de Melbourne 16, précise Asia Investor. L’objectif d’Aviva Investors est d’atteindre dans la région Asie les 35 milliards de dollars australiens sous gestion dans les quatre prochaines années.
01/06/2010

NAB obtient un délai pour peaufiner l'opération sur Axa Asia Pacific

National Australia Bank dispose de plus de temps pour mettre la main sur Axa Asia Pacific. Dans un communiqué, l’assureur a annoncé qu’AXA Asia Pacific Holdings Limited (AXA APH) et National Australia Bank Limited (NAB) ont convenu ce mardi 1er juin de prolonger jusqu’au 15 juillet 2010 inclus l’accord concernant la transaction par laquelle NAB acquerrait 100% d’AXA APH (dont il conserverait les activités australiennes et néo-zélandaises et cèderait à AXA 100% des activités asiatiques).
01/06/2010

Three Bellevue funds become available on Frankfurt stock exchange

The Swiss management firm Bellevue Asset Management has announced that three of its funds, BB Biotech (Lux) B-USD (ISIN LU0415392322), BB Medtech (Lux) B-EUR (ISIN LU0415391431), BB African Opportunities (Lux) B-EUR (ISIN LU0433847240), are now available for trading on the Xetra platform of from the Frankfurt stock exchange during its opening hours (9 AM – 8 PM). Bid & ask quotes for the funds are available 24 hours a day. The funds will also remain available directly from the management firm.
01/06/2010

Pension funds heavily invested in Spanish government debt

At EUR10.09bn, the volume of bonds from the Kingdom of Spain held by Spanish pension funds now represent 52.8% of their overall bond portfolios (EUR19.11bn), and 11.7% of their total assets (EUR86.02bn as of the end of 2009), Cinco Días reports. Ángel Martínez-Aldama, CEO of the Inverco association of asset management firms, points out that this takes only direct investment into account. In fact, these pension funds allocate 11% of their assets to cash, or EUR9.5bn, of which a good part is invested in government debt via repos.
01/06/2010

Funds begin buying Spanish real estate

On Friday, Metrovacesa sold the Triángulo Princesa in Madrid for EUR122m to the French fund Continental Property Investment, Cotizalia reports. Two days earlier, Doughty Hanson is reported to have paid EUR120m for a 180,000 square meter shopping centre under construction. And in late April, Banco Sabadell sold 378 properties, mostly offices, to Moorpark Capital Partners, for EUR403m. The latter transaction resulted in capital gains for the Catalan bank of EUR265m.
01/06/2010

FMG launches a fund dedicated to Iraq

The manager of the Stockholm-based fund of funds FMG, specialised in emerging and frontier markets, is planning to launch an opportunity-driven fund dedicated to Iraq, Asian Investor reports. FMG will liquidate its existing Iraq fund (Iraq Special Opportunities Fund), and invest the capital that becomes available in the new vehicle, Iraq Special Opportunity Fund. The fund, which will have two managers, will start out with USD5m in assets, and will close at about USD20m. FMG recommends to its clients to put 1% to 3% of assets in the fund, and to come back in three to five years. Minimal investment has been set at USD10,000, and FMG is hoping for returns of 1,000% or more over ten years. But the client must be prepared to accept a high level of volatility. The fund is hoping to take part in the economic recovery of the energy sector in Iraq. “The country will need to accept enormous infrastructure reconstruction efforts, and all the companies are knocking on the door to participate,” says Johan Kahm, a major partner at FMG.
01/06/2010

CalSTRS to invest in commodity markets

Calstrs, US’s second-biggest public pension fund, is poised to make its first investment in commodities as a hedge against the risk of rising inflation, says the Financial Times.
01/06/2010

A growing number of women on French boards of directors

At a time when three quarters of the annual general shareholders’ meetings of CAC 40 companies have already taken place, InvestorSight has undertaken an initial estimate of the new boards of directors in power at CAC 40 businesses, which have seen particularly marked changes this year, Agefi reports. In total, 53 new directors have joined these boards, twice as many as usual, and half of them are women, while three quarters of them are independent. These 53 new directors are still a drop in the ocean of a total of 604 seats on the boards of directors of CAC 40 companies. From this perspective, the high concentration of responsibilities remains an important issue, as to the low level of representation of foreigners, and the still limited presence of women on the boards. The boards are also seeking to reassure minority shareholders, with an increase in the number of employee-elected directors and non-voting directors. Half of all CAC businesses have either one or the other, and sometimes both, as at Société Générale, the newspaper notes.
01/06/2010

Florence Dard joins Edram

Florence Dard, who has been head of sales to institutional investors at Axa Investment Managers since 2003, has joined Edmond de Rothschild Asset Management (Edram, EUR13bn in assets as of the end of April), as director of institutional sales for France. She will lead a team which includes three other people, and will report to Patrick Peris, deputy CEO in charge of development.
01/06/2010

New arrival at Henderson Global Investors

Henderson Global Investors announced on Monday, 31 May, that it has recruited Charles-Henri Herrmann as Senior Sales Manager in France. He will be in charge of sales for more complex UCITS III-compliant funds, and will aim to strengthen the presence of the asset management firm on the institutional market, a statement from the firm says. Herrmann, 30, began his career at the Société Générale group (2001-2006), in the structuring sales team at SGAM AI. After joining ADI Alternative Investments in 2006 as a senior salesperson, where he developed alternative and absolute management for institutional clients and funds of funds in France, Herrmann joined the sales teams at OFI from 2009 to 2010.
01/06/2010

Pimco Secular Forum confirms 2009 forecasts

The 2010 session of the Secular Forum, which brought together Pimco investment experts in Newport Beach, California, has confirmed the predictions of the 2009 meeting of a “new normality” in the global economy, characterised by deficit reduction, less rapid economic growth in industrialised countries, and an environment of toughening regulations and contrasting effects of globalisation. Matthieu Louanges, a member of the European portfolio committee at Pimco and of the board of directors at the German asset management firm Allianz Global Investors KAG, says that caution in the selection of government bonds will now need to apply to industrialised as well as developing countries, and that it will play an increasingly important role. Now is also a good time to reconsider the use of traditional benchmark indices for bonds, as they lead to particularly high weightings for countries with high levels of debt. In efforts to improve solvency and potential revaluations, Pimco is planning to maintain its focus on emerging market currencies.
01/06/2010

Blackstone launches a fund managed by GSO

The Blackstone Group has launched its first closed-end fund, the Blackstone/GSO Senior Floating Rate Term Fund (acronym BSL on NYSE), whose first objective will be to provide high returns, and which will secondly aim to preserve capital. The initial round of investment has raised USD322m. The advisor to the fund is GSO/Blackstone Debt Funds Management LLC, an affiliate of Blackstone. The portfolio will be invested in floating rate senior secured loans, a market with volumes of nearly USD1.6trn.
01/06/2010

Five-star funds lose their shine over 10-year periods

Tim Courtney, CIO of Burns Advisory, has studied the 10-year performance of five-star-rated funds. Of the 248 stock funds with five-star ratings on Dec. 31, 1999, just four still kept that rank after 10 years. And the 218 domestic stock funds with the rating typically lagged behind their category averages over the period. In other words, it isn’t just that five-star funds don’t, on average, continue to lead their peers, they actually do worse in subsequent years, says the Wall Street Journal.
01/06/2010

Citibank selling Carmignac funds in Spain

From 1 June, Citibank España has begun offering funds from Carmignac Gestion at its 56 locations in Spain. Local teams at Carmignac Gestion will work closely with bankers of the Citibank network to make clients familiar with products and optimise their use by Citibank clients in Spain. The cooperation agreement comes as part of a strategy by Citibank Spain to offer personalised independent advising. Carmignac Gestion has a representative office in Madrid, and its team serving the Spanish market includes six people; it is led by Yon Elosegui.
01/06/2010

Aviva Investors lays on recruitments in Asia

Aviva Investors has created a new position in Singapore for a CEO of equities and fixed income for the Asia ex Japan region. The position will be occupied from 21 July by Tahnoon Pasha, who joins the firm from MFC Global Investment Management. Pasha will have a sizeable budget for recruitment, to include 12 to 18 equities and bond managers for the offices in Singapore and also Hong Kong. Currently, the Singapore office has 11 members, while Melbourne has 16, Asia Investor reports. Aviva Investors is aiming to have AUD35bn in assets under management in Asia in four years’ time.
01/06/2010

RBC Dexia solidifies its positions in Italy

RBC Dexia Investor Services (RBC Dexia) today announced that it has completed its acquisition and transfer of the depository activities of the UBI Group (Unione di Banche Italiane). After receiving the necessary authorisations, the transaction will be carried out on the terms announced on 28 September 2009 (see Newsmanagers of 01/10/09). “In an environment of rapid evolution, this agreement with UBI Banca represents an important step in the growth and geographical diversification of the activities of RBC Dexia in countries such as Italy, where the firm is already present and has considerable potential,” says José Placido, Chief Executive Officer at RBC Dexia. The transaction will allow RBC Dexia to strenghten its position as the third-largest third-party fund administrator in Italy, with assets under administration of EUR28bn. RBC Dexia is also the fourth largest depository bank, with assets under custody of EUR20bn.
01/06/2010

Madrid authorises Luxembourg FIS funds

The Spanish Econmics ministry on Monday granted permission for Spanish high net worth investors to place their money in Luxembourg-registered special investment funds (SIFs), in an amendment to the country’s convention with the Grand Duchy, Expansión reports. Luxembourg will no longer be considered a tax haven, according to the Spanish official Journal Boletín Oficial del Estado (BOE). The agreement will come into effect on 16 July.
01/06/2010

Clearstream joins BME project for centralised register of over-the-counter transactions

Clearstream Banking (Deutsche Börse group) announced on Monday that it is teaming up with Bolsas y Mercados Españoles (BME) to create a register of transactions, which will offer reporting services for over-the-counter (OTC) transactions on a wide range of financial instruments. The initiative comes ahead of expected legislative measures by the European Commission, which will aim to improve operational control and transparency in trading of derivatives over the counter. The new transaction register will be available to all financial and non-financial establishments. It will aim for “flexible” participation, depending on the profiles and needs of various groups of actors and interests in the OTC market. The first tests will take place in July, and an operational phase will begin later, in fourth quarter. Initially, collection of data on transactions will be limited to fixed income derivatives (IRA, FRA, Cap and Floor). In a second phase, the spectrum will widen to include over-the-counter derivatives of bonds, equities, currencies, commodities, and other underlyings.
01/06/2010

China Southern launches an ETF based on FTSE BRIC 50

Asian Investor reports that Shenzhen’s China Southern Fund Management has announced that it expects a licensed to be issued in short order for an ETF which will replicate the FTSE BRIC 50. The QDII product will be managed by Huang Liang. The product will likely become available before the QDII ETF from China Southern based on the S&P 500, which would also be listed on the Shenzhen exchange.
01/06/2010

Hermes aims for GBP25bn in new contracts in five years

FinancialNews reports that Hermes Fund Managers, the main manager for the British Telecom pension programme, is aiming to win third-party contracts totalling GBP25bn, or more than EUR29bn, in the next five years. Assets under management at Hermes totalled GBP24.6bn as of 31 December last year. To achieve its goals, Hermes is offering its managers a 50% stake in profits on new contracts.
01/06/2010

BVI hostile to Germany's go-it-alone attitude to naked short embargo

The German asset management association (BVI) on 31 May announced in a statement that it is hostile to the German finance ministry’s plan to extend the country’s prohibition on naked short-selling to all equities. If the German government carries on down this path, the professional association claims, the German financial industry will bear the consequences, as it will lose competitiveness, leading asset management firms to turn their backs on Germany. The association, however, welcomes another proposal by the ministry to protect investors and improve the functioning of capital markets, through the introduction of Key Investor Documents (KID), which would replace prospectuses, and could open the way to the introduction of a similar document for all financial products. The association also welcomes the finance ministry’s efforts to combat rampant takeover strategies by introducing more transparency. It adds that there is still further room for improvement, “to avoid useless administrative costs.”
01/06/2010

Hermes vise 25 milliards de livres de nouveaux contrats sur cinq ans

Selon FinancialNews, Hermes Fund Managers, le principal gérant du programme de pension de British Telecom, veut gagner des contrats pour compte de tiers pour un montant de 25 milliards de livres, soit plus de 29 milliards d’euros, au cours des cinq prochaines années. Les actifs sous gestion de Hermes s'élevaient à 24,6 milliards de livres au 31 décembre dernier.Pour atteindre ses objectifs, Hermes propose à ses gérants une participation aux bénéfices de 50% sur les nouveaux contrats.
01/06/2010

Les nouveaux conseils d'administration du CAC 40 se féminisent

Alors que les trois quarts des AG se sont déjà déroulées, InvestorSight a dressé un premier bilan des nouveaux conseils d’administration du CAC 40, particulièrement transformés cette année, relève l’Agefi. Au total 53 nouveaux administrateurs sont entrés aux conseils, deux fois plus qu'à l’accoutumée, dont la moitié sont des femmes, et les trois quarts des indépendants. Ces 53 nouveaux administrateurs ne pèsent pas encore très lourd sur le total des 604 fauteuils du CAC 40. A ce titre, le cumul excessif des mandats reste un sujet important, comme la faible représentation des étrangers, et le rôle encore trop discret des femmes au sein des conseils. Parallèlement, les conseils cherchent à rassurer les actionnaires minoritaires en multipliant notamment les administrateurs référents et les censeurs. La moitié des sociétés du CAC ont l’un ou l’autre, parfois les deux à l’instar de la Société Générale, note le quotidien.
01/06/2010

Henri de Castries : "Les marchés ont été excessifs, je ne doute pas de la survie de l’euro"

Dans un entretien au Temps, Henri de Castries, président de la direction et du conseil d’administration d’AXA, analyse les turbulences liées à la crise grecque. Selon lui, «la réaction des marchés a été exagérée» et il ne doute pas de la survie de l’euro. La question porte plutôt sur la coordination des politiques financières en Europe. Henri de Castries estime que même si la Grèce ne remboursait rien sur sa dette, le risque pour son groupe ne correspondrait qu’à un mois de bénéfice (500 millions d’euros).
01/06/2010

Du mieux pour Oddo & Cie en 2009

L’Agefi rapporte que Oddo & Cie a dégagé en 2009 un bénéfice net de 36 millions d’euros, soit une multiplication par 3,5 en un an. Ce résultat fait ressortir une rentabilité de 11,6% sur les fonds propres moyens du groupe durant l’exercice, dont le total au 31 décembre atteignait 329 millions d’euros. La gestion d’actifs avait été très éprouvée en 2007 et 2008 par la crise du crédit. Le retournement des marchés et des reprises de provisions ont permis à l’activité de retrouver le chemin des bénéfices, passant d’une perte de 20 millions avant impôt en 2008 à un résultat de 21 millions d’euros. Oddo & Cie a également réduit de 24 millions d’euros l’exposition du groupe aux portefeuilles de titrisations qui lui avaient tant causé de soucis en 2007-2008, ajoute le quotidien.
01/06/2010

Deux femmes entrent au conseil d'administration de l'IFA

A l’occasion de la sixième assemblée générale de l’IFA (Institut français des administrateurs) qui s’est déroulée le 27 mai dernier, les adhérents de l’IFA ont approuvé les nominations de Maryse Aulagnon et Orianne Garcia. Par ailleurs, Agnès Touraine et Jean-Claude Rérolle ont vu leurs mandats renouvellés pour une durée de trois années.Maryse Aulagnon a créé en 1990 le groupe Affine qu’elle dirige depuis lors. Elle est également administrateur de plusieurs organismes professionnels (EPRA, Club de l’Immobilier, Conseil Scientifique de l’IEIF,...) et de l’European Asset Value Fund. Elle est par ailleurs administrateur d’organisations culturelles et universitaires (French American Foundation, fondation Sasakawa, DESS de l’Immobilier de l’université Marne la Vallée…).Orianne Garcia a crée 6 “start-up” internet (dont Lokace, caramail, lentilles moins chères.com ) et fut une “pionnière de l’économie numérique” dès 1995 récompensée par plusieurs distinctions, notamment comme meilleur entrepreneur de l’année 2000.

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