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26/05/2010

Ron Duva sues GLG over takeover by Man Group

Ron Duva, a shareholder in GLG Partners, has filed a lawsuit in Delaware Chancery Court against GLG Partners, claiming that the business allowed itself to be acquired by Man Group at an insufficient price of USD4.50 per share (which values the British asset management firm at USD1.6bn). Investment Week reports that the plaintiff is arguing that the timing of the operation was chosen to disadvantage GLG shareholders, as shares were 73% own from their peak value in November 2007. In addition, Duva contests the USD48m cancellation fee which GLG would be required to pay Man Group if it chose not to be acquired by them, and the fact that the founders of GLG were paid in Man shares rather than in cash. Man Group rejects the claims on the grounds that the transaction was carried out at a price per share 55% above the trading price of GLG shares on 17 May, when the deal was announced.
26/05/2010

Madoff liquidator looking into London activities

Irving Picard, the trustee liquidating Bernard Madoff’s former business, has applied to the UK’s High Court to order FIM Advisers, the London asset management company, to produce thousands of e-mails and documents to help investigate the fraudster’s activities, says the Financial Times. He wants to examine documents relating to Kingate Europe and Kingate Global funds which poured at least USD1.7bn into Bernard L Madoff Investment Securities.
26/05/2010

Investors balk at concentration of responsibilities at SocGen

At Société Générale’s general meeting on Tuesday, Hermes, the UK fund manager, and French shareholder groups, including Phitrust Active Investors, demanded that Frédéric Oudéa separate the roles of chairman and chief executive, says the Financial Times. “We are very concerned by the current trend in the French market to recombine the roles of chair and CEO,” said Natacha Dimitrijevic, in charge of engagement with French companies at Hermes.
26/05/2010

EUR130m increase in quarterly inflows to Euro zone mutual funds

In first quarter 2010, net inflows to Euro zone OPCVM funds (excluding money market funds) totalled EUR130bn, while transactions on money market funds resulted in a net outflow of EUR44bn, according to statistics published by the European Central Bank (ECB). Assets in OPCVM funds other than money market funds as of the end of March totalled EUR5.291trn, compared with EUR4.965trn as of December 2009.
26/05/2010

Helaba Invest aims for EUR150bn by 2015

Uwe Trautmann, CEO of Helaba Invest, says that assets under management and administration at the affiliate of the Landesbank of Hesse and Thuringia have increased from EUR31.8bn as of the end of 2006 to EUR62.4bn as of the end of April 2010. In addition, the proportion of total net inflows in Germany totalled 51% last year, the Börsen-Zeitung reports. These results are due to the fact that Helaba Inest combines find administation and Master-KAG activities with quantitative management of institutional funds (Spezialfonds). The objective is to achieve EUR80bn in assets for institutional funds, with the launch of one or two products per year, and to increase assets under administration by EUR30bn, from a total of EUR40bn as of the end of April.
26/05/2010

PEH launches a “double strategy” anti-inflation fund

The German asset management firm PEH Wertpapier on 14 April launched the Luxembourg-registered fund PEH Inflation Linked Bonds Flexibel (LU0498681468, for P-class shares, and LU0498681898, for I-class shares), which may invest both in inflation-linked bonds and in conventional government bonds. The manager may actively manage allocation to the former class of assets in order to take advantage of the evolution of the market in all phases, without depending on the direction in which returns are evolving, while active management of duration allows the fund to profit from increases and decreases in interest rates. Characteristics Name: PEH Inflation Linked Bonds Flexibel ISIN: P shares, LU0498681468; I shares, LU0498681898 Minimal initial subscription: EUR2,500 (P); EUR1m (I) Minimal subsequent subscription: EUR250 (P); EUR1m (I) Front-end fee: 4% Management commission: 1% (P); 0.5% (I) Performance commission: 20% on performance exceeding the REXX-Government-Bonds-Performance-Index
26/05/2010

Kommalpha finds mixed results in first quarter for German funds

From the point of view of assetsunder management, German funds have overcome initial difficulties in first quarter, and their assets have increased continually from January onwards, rising to a total of EUR57.8bn. However, the Kommalpha agency notes, bond funds lost EUR1bn in assets in January-March, though they were down EUR5bn as of the end of January. The major beneficiaries were equities funds, with an increase in assets of EUR13.5bn; mixeded funds, with an increase of EUR8.8bn,and particularly institutional funds, with a leap of EUR28.3bn. For net subscriptions, mixed funds were the big winners in first quarter, with inflows of EUR5.4bn, followed by real estate funds (EUR3.2bn), while equities and bond funds posted net subscriptions of EUR2.3bn and EUR2bn. This means that most of the increase in assets in equities funds is due to positive market effects, which was also true to a lesser extent for diversified funds. However, bond funds arithmetically lost EUR3bn due to depreciation of their portfolios.
26/05/2010

Lazard AM Germany launches the LSDynamic fund

On 10 May, Lazard Asset Management (Germany) launched a German-registered long/short bond fund, the LSDynamic, which deploys an absolute returns strategy, using quantitative and discretionary strategies for the management of rates on the bond markets of Europe, the United Kingdom, Japan, Switzerland and the United States, investing at least 51% of its assets in investment grade bonds denominated in OECD currencies. The fund invests exclusively in bonds and derivatives denominated in Euros, US dollars, Japanese yen, pounds Sterling, or Swiss francs. Characteristics Name: LSDynamic ISIN: DE000A0RHKX8 Front-end fee: 3% Management commission: 0.8% Depository banking commission: 0.1%
26/05/2010

CESR backs accelerated reform of CDS markets

The Committee of European Securities Regulators (CESR) on 25 May announced in a statement that in the past few days it has intensified its coordination of market monitoring efforts, particularly in the wake of Germany’s decision to forbid naked short selling. The CESR also claims that “it is urgent to introduce structural reforms to improve the transparency, organization and functioning of bond and CDS markets, which are currently largely an over-the-counter market.” The CESR points out in this regard that it has a project underway to propose reforms, and invited the European Commission to move forward its calendar for reforms in this area.
26/05/2010

Market decline may result in restructuring of asset management industry

Les Echos reports that a decline in the share prices of publicly traded asset management firms since the aggravation of the crisis may lead to some acquisitions. Fund managers traded on the stock exchanges are now being penalised more than other sectors when markets fall, since their source of revenues, commissions on assets, decline mathematically when the markets fall. Hence the interest of potential acquirers seeking a bargain, such as Schroders and Henderson Group.
26/05/2010

Slight increase in State Street private equity index

The State Street private equity index as of 31 December 2009 showed returns of 5.94%, a slight increase compared with third quarter 2009, and an increase of 2.226 basis points compared with the results observed in fourth quarter 2008. “Over the year 2009, we observed a number of smaller transactions and a decrease in activity in fund inflows for the private equity industry,” says William Pryor, senior vice president at State Street Investment Analytics. “However, in the second half of 2009, the sector showed a strong recovery, to finish the year with positive results in all fund categories on horizons of one, three and five years.” From 2008 to 2009, all sectors of Private Equity posted one-year returns of 15% year-on-year, after five consecutive quarters of negative results. It is also notable that the Mezzanine and Distressed Debt fund categories posted returns of 35.3% over a one-year investment period. From its creation until fourth quarter 2009, internal total return on investment for the long-term index (TRI) totalled 11.42%, an increase of 139 basis points compared with the previous quarter. The categories of products for Europe and the rest of the world were up 14.91% and 5.09%, respectively, with the latter category showing an increase of more than 250 basis points compared with third quarter.
26/05/2010

SSgA offers strategic hedge on Asian currencies

Asian Investor reports that State Street Global Advisors (SSgA) has launched its strategic dynamic hedge (SDH) program for Asian markets, aimed at institutional investors who are seeking to manage their currency risks. The initiative will be particularly welcome, says SSgA, at a time when currencies in the region are expected to gain value against the US dollar. SSgA will also offer its investment strategies in the most liquid emerging market currencies (China, Hong Kong, Indonesia, India, Philippines, Singapore, South Korea, Thailand and Taiwan).
26/05/2010

GAM recruits a manager from Climate Change Capital

Paul Udall joined GAM’s London office on 24 May to manage an equity mandate which will invest in environmental and sustainable investment themes. He was previously at Climate Change Capital where he was managing director and portfolio manager of the global environmental opportunities long/short fund. The UCITS III product managed by Paul Udall, which is expected to launch later this year, will focus on investment opportunities that are being generated by the transformative change in how energy, resources and materials are developed, delivered and consumed.
26/05/2010

Aberdeen AM appoints a new head of real estate

Aberdeen Asset Management has announced the appointment of Andrew Smith as Group Head of Property. He succeeds Rickard Backlund who has decided to step down from full time executive responsibility by his 60th birthday in September. Rickard has been responsible for the division for over 10 years. Today Aberdeen is one of the largest European property asset managers with GBP22.6bn of assets under management. Andrew joined Aberdeen in 2002 as head of investment strategy, since which time he has held a number of management positions covering both direct and indirect property, most recently as chief investment officer and head of fund management in the property team. Aberdeen has also announced that it is currently planning to launch a third Asia fund of funds pooled vehicle.
26/05/2010

SWIP recruits a head from Axa IM

Scottish Widows Investment Partnership (SWIP) has recruited a veteran of Axa IM, Tracy Fennell, as head of marketing, Fund Strategy reports. Fennell, who will be based in Edinburgh, will be responsible for marketing strategy for product development, client communication, advertising, and brand management. At Axa IM, Fennell was in charge of marketing for the United Kingdom, Scandinavia, the Middle East and Australia.
26/05/2010

Rising tension on money markets

Although the ECB has been all but constantly injecting liquidity since the Lehman Brothers bankruptcy, the inter-bank lending market continues to be under pressure, Agefi reports, as banks continue to mistrust one another, concerned about their exposure to other peripheral debts. The nationalisation of a Spanish savings bank this weekend, concerns about the solvency of the more fragile European states, and doubts about the credibility of debt reduction programs are expected to result in a continued rise in spreads on the Libor-ODS. These spreads stood at 28 basis points on Monday, and 23 basis points only one week ago. In general, they are currently gaining 3 to 4 points a day, a strategist cited by the newspaper notes.
26/05/2010

LSE still losing market share

Two major trends continued in the month of April, according to market indicators established jointly by Crédit Agricole Cheuvreux and TAG. On the one hand, the market share of the London Stock Exchange has continued to fall, by about 3.5%, counting both Chi-X and BATS, while the market share of SIX as a proportion of the SLI 30 has also continued to slide (by 2.2%, counting Chi-X, BATS and Turquoise). Meanwhile, an increase in market share for Xetra on the DAX exchange has continued, following the rollout of a new fee structure in March, giving the market segment a 2% gain against Chi-X.
26/05/2010

La chute des marchés pourrait favoriser les restructurations dans la gestion d’actifs

Selon Les Echos, la baisse des cours des «asset managers» cotés depuis l’aggravation de la crise pourrait précipiter certains rachats. En effet, les gérants cotés en Bourse sont davantage pénalisés que les autres secteurs en cas de baisse des marchés, car leurs sources de revenus, les commissions assises sur les encours, baissent mécaniquement quand les places reculent. De quoi susciter l’intérêt d’acquéreurs potentiels «en embuscade». A l’instar de Schroders ou de Henderson Group.
26/05/2010

RBS doit céder son activité de capital investissement européen

Royal Bank of Scotland (RBS) poursuit son programme de cession d’actifs, note l’Agefi qui précise que, de sources concordantes, l'établissement financier britannique aurait engagé des discussions exclusives avec le fonds de pension néerlandais Alpinvest Partners pour lui vendre un portefeuille européen de parts de fonds de capital investissement. Le montant de cette cession serait de l’ordre de 400 millions d’euros, ajoute le quotidien.
26/05/2010
Fonds

Artemis lance un fonds de rendement actions

Artemis envisage de lancer courant juillet un fonds de rendement dédié aux actions internationales, selon Investment Week. Le global Equity Income unit trust, qui attend le feu vert de l’autorité des marchés britannique (FSA), sera géré par Jacob de Tusch-Lec, également à la tête du Capital fund (423 millions de livres).Le fonds devrait détenir des actions ordinaires, des actions de préférence, des convertibles et du fixed income. L’investissement minimal sera de 1.000 livres ou 50 livres par mois, avec des frais d’entrée de 5,25% et une commission de gestion de 1,5% par an.
Fonds
26/05/2010
Fonds

Le Skandia Property Fund investit pour 43 millions de livres

Le fonds immobilier de Skandia, a annoncé l’acquisition de deux objets immobiliers, (The Interchange à Swanley dans le Kent pour un montant de 24,77 millions de livres et le 180 West George Street à Glasgow pour un montant de 17,43 millions de livres) pour un montant cumulé de quelque 43 millions de livres.Sur les douze derniers mois, le fonds, qui investit en direct dans l’immobilier britannique, a acquis pour plus de 85 millions de livres. Le fonds a dégagé un rendement de 9,2% sur les six derniers mois à fin avril et de 14,9% sur les douze mois à fin avril.
Fonds
26/05/2010

GAM recrute un ancien de Climate Change Capital

Paul Udall a rejoint le bureau londonien de GAM le 24 mai pour gérer un mandat actions qui sera investi sur des thèmes environnementaux et durables. L’intéressé travaillait précédemment chez Climate Change Capital où il était managing director et gérant de du fonds long/short spécialisé sur les opportunités environnementales. Le produit dont va s’occuper Paul Udall chez GAM adoptera un format Ucits III et devrait être lancé dans le courant de l’année. Il se concentrera sur des opportunités d’investissement résultant des transformations de la façon dont l'énergie, les ressources et les matériaux sont conçus, livrés et consommés.
26/05/2010

Aberdeen AM nomme un nouveau responsable de l'immobilier

Aberdeen Asset Management vient d’annoncer la nomination d’Andrew Smith en tant que responsable de l’immobilier (group head of property), une activité qui représente en Europe 22,6 milliards de livres. Il succède à Rickard Backlund, qui a décidé de quitter ses fonctions à plein temps en septembre à l’occasion de ses 60 ans, après avoir été responsable de ce pôle pendant dix ans. Andrew Smith avait rejoint Aberdeen AM en 2002 en tant que responsable de la stratégie d’investissement. Depuis, il a occupé diverses fonctions, dont dernièrement CIO et responsable de la gestion dans l'équipe immobilière. Dans le même temps, la société de gestion annonce qu’elle prévoit de lancer un troisième fonds de fonds asiatique.
26/05/2010

SWIP recrute chez Axa IM

Scottish Widows Investment Partnership (Swip) vient de recruter une ancienne d’Axa IM, Tracy Fennell, en qualité de responsable du marketing, rapporte Fund Strategy. Tracy Fennell, qui sera basée à Edimbourg, sera responsable de la stratégie marketing en matière de développement des produits, communication clients, publicité et gestion des marques. Chez Axa IM, Tracy Fennell dirigeait le marketing pour le Royaume-Uni, les pays nordiques, le Moyen Orient et l’Australie.
26/05/2010

Pression continue sur les banques

Selon L’Agefi suisse, la solvabilité des banques sera à nouveau sous pression et un besoin en capital considérable surgira d’ici la fin 2010, corollaire d’une accentuation des prescriptions en matière de liquidités et capital aux plans national et international. Le marché des capitaux n’a pas encore escompté ces incertitudes, selon Independant Credit View (I-CV), une boutique d’analyse indépendante des crédits et de la solvabilité des entreprises, qui se pose en alternative aux grande agences de ratings et qui n’est pas payée par les émetteurs mais par ses clients. I-CV prévoit une deuxième vague de dégradations des ratings par Moody’s, S&P et Fitch.
26/05/2010
Fonds

Silk Invest lance un fonds sur les marchés frontières

La boutique de gestion Silk Invest envisage de lancer, d’ici à la fin de l’année, un fonds au format OPCVM III dédié aux marchés africain, arabes et d’Asie du sud-ouest, selon Fund Strategy.Le Silk Road Equity fund domicilié au Luxembourg, sera le quatrième fonds de Silk Invest dans la gamme des fonds consacrés aux marchés frontières. L’Arabie saoudite constitue la plus grosse allocation pays dans le portefeuille modèle du fonds, avec une part de 14%, devant le Nigeria (13%) et le Qatar (11%).Au niveau sectoriel, les financières constituent le plus gros contingent (28%), devant les matériaux de base (20%), les biens de consommation (19%) et le secteur manufacturier (16%).
Fonds
26/05/2010

Une dette immobilière de 4,9 milliards à renégocier pour Blackstone

Selon l’Agefi qui reprend une annonce de Fitch mardi, le fonds d’investissement américain Blackstone s’en est remis à Bank of America pour gérer 4,9 milliards de dette en quasi-défaut de paiement. La dette en question qui sert de sous-jacent à des obligations hypothécaires (commercial mortgage-backed securites, CMBS) émises en juin 2007, a été contractée pour l’achat de la société Equity Office Properties Trust. Elle arrive à échéance en 2012.
26/05/2010

Nomination chez CalPERS

Le California Public Employees’ Retirement System (CalPERS) a annoncé le 25 mai la nomination de Dale Jablonsky en qualité de assistant executive officer du pôle services des technologies de l’information. Il sera responsable du projet de modernisation du pôle avec une attention particulière à la réduction des risques opérationnels.
26/05/2010

HSBC Trinkaus va augmenter son capital

Le directoire de HSBC Trinkaus & Burkhardt (T+B) a décidé mardi une augmentation du capital par l'émission en numéraire de plus de 2 millions d’actions à 75 euros l’unité sur la base d’une nouvelle pour treize anciennes, ce qui représente environ 150 millions d’euros. Cela permettra d’augmenter de 1,8 point le ratio de fonds propres qui se situait fin mars à 14,5 %, dont 10 % de fonds propres de premier rang hors titres hybrides (11,8 % avec ces titres).HSBC Germany Holdings, qui détient 78,6 % des parts, a l’intention de suivre l’augmentation de capital et d’acquérir les actions qui n’auraient pas été souscrites (la LBBW détient actuellement environ 20 % T+B).

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