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21/12/2009

Apollo s'intéresse lui aussi Gala Coral

Le capital-investisseur américain Apollo propose 250 millions de livres au board de Gala Coral pour 50 % de la société qui affiche une dette de 2,6 milliards de livres, rapporte The Sunday Times. Blackstone est déjà candidat à la reprise de Gala Coral (2.000 bureaux de paris, 148 bingo clubs et 227 casinos), de même qu’un groupe de créanciers «junior» du groupe.
21/12/2009

Credit Suisse négocie le rachat de Prime Fund Solutions

Credit Suisse est entré en négociations exclusives avec Fortis Bank Nederland pour le rachat de Prime Fund Solutions, filiale spécialisée dans le prime brokerage et l’administration de fonds pour les hedge funds et les fonds souverains, rapporte L’Agefi.
21/12/2009
Fonds

Jupiter AM lance un fonds européen rendement absolu

Jupiter Asset Management va lancer en janvier un compartiment Ucits III de sa Sicav luxembourgeoise Jupiter Global Fund investi sur les actions paneuropéennes, le Jupiter European Absolute Return. L’objectif est de dégager un rendement absolu indépendant des conditions de marchés, tout en limitant la volatilité. Le compartiment sera géré par Cédric de Fonclare et Stephen Pearson. Jupiter note que c’est la première fois que le savoir faire de Stephen Pearson en matière de «long/short» est accessible aux investisseurs dans un cadre régulé. Le processus d’investissement sera fondé sur un stock-picking fondamental. Le portefeuille sera composé de 50 à 80 positions acheteuses et vendeuses dans des sociétés européennes. Les expositions directionnelles au marché actions seront dépendantes des décisions prises sur les entreprises plutôt que sur les vues macro-économiques. Le fonds utilisera un levier limité, aura une liquidité quotidienne et pourra utiliser des futures et des options.
Fonds
21/12/2009
Fonds

ETF Securities lance un ETC sur l'or physique

Avec l’ETFS Physical Swiss Gold, ETF Securities lance un ETC répliquant l'évolution des cours de l’or, nanti sur le métal jaune physique déposé dans les coffres de Zurich par le conservateur JP Morgan Chase Bank. Chaque lingot est cantonné, identifié individuellement et alloué au Trust. Ce produit libellé en dollars et domicilié à Jersey est coté sur le London Stock Exchange sous l’acronyme SGBS depuis le 16 décembre, mais il n’est pas soumis au droit de timbre britannique et il est même mentionné comme étant conforme à la charia.La commission de gestion se situe à 0,39 %.
Fonds
21/12/2009

Retour en grâce précoce du billet vert

Les chiffres de l'emploi américain et les craintes sur la Grèce ont favorisé la hausse, depuis fin novembre, de 5,6 % du dollar vis-à-vis de l'euro
18/12/2009
Fonds

Dreyfus lance un fonds d'actions brésiliennes

Phil Maisano, vice president et CIO de Dreyfus Croporation ainsi que chief investment strategist de BNY Mellon Arx Investimentos, a annoncé le lancement du Dreyfus Brazil Equity Fund qui sera commercialisé aux Etats-Unis. Le portefeuille sera investi au moins à 80 % dans des sociétés dont le siège est au Brésil ou dont le principal marché est le Brésil, ou encore dont la majorité des actifs ou des bénéfices proviennent du Brésil. La composition de ce portefeuille sera déterminée à Arx en fonction de critères fondamentaux et quantitatifs, avec l’accent sur les grandes et moyennes capitalisations. Les deux principaux gérants seront Rogério Poppe et Bruno de Godoy Garcia.
Fonds
18/12/2009

Bank of America a élu son nouveau président

Le conseil d’administration de Bank of America a élu le 17 décembre Brian T. Moynihan au poste de CEO et président de la banque. Ce dernier assumera ses nouvelles fonctions à compter du 31 décembre prochain et rejoindra également le conseil d’administration après le départ à la retraite de Kenneth D. Lewis.Agé de 50 ans, Brian T. Moynihan a occupé jusqu'à maintenant des fonctions importantes au sein de Bank of America, précise un communiqué de l'établissement, ce qui en fait un professionnel expérimenté dans l’ensemble des secteurs d’activité. Actuellement, il occupe le poste de président de «Consumer and Small Business Banking», qui a noué des relations avec environ 53 millions de foyers et petites entreprises à travers les Etats-Unis.
18/12/2009

Delaware Investments confie un important mandat à BNY Mellon Asset Servicing

Grâce à ses technologies Eagle Star et Eagle Pace, BNY Mellon Asset Servicing (AS) assurera des services de comptabilité, d’administration et de back office pour tous les mutula funds de Delaware Investments aux Etats-Unis et en Irlande, pour les mandats institutionnels cantonnés et d’autres produits.Selon BNY Mellon AS, Delaware Investments, une filiale de Lincoln Financial Group, affichait 135 milliards de dollars au 30 septembre. Elle passe sous le contrôle de l’australien Macquarie Group, qui achète la société pour 428 millions de dollars. Cette dernière opération, annoncée en août, doit être bouclée pour le 31 décembre.
18/12/2009

Morgan Stanley Investment Management veut aider les gérants en herbe

Morgan Stanley Investment Management (MSIM) annonce le lancement d’un programme d’aide aux gérants en devenir, le Morgan Stanley Emerging Manager Program. Ce programme prévoit d’apporter des aides financières et logistiques aux gérants novices, particulièrement ceux issus des minorités et les gérants femmes, tous actifs dans la gestion long-only.
18/12/2009

TCW : Un patron et quatre milliards en moins

Après le limogeage le 4 décembre de Jeffrey Gundlach, ex-patron des investissements de TCW, et la création de sa propre société DoubleLine, TCW a enregistré des rachats de 4 milliards de dollars sur le fonds TCW Return Bond Fund, rapporte la Tribune.
18/12/2009

JennisonDryden Mutual Funds devient Prudential Investments

Prudential Financial va renommer JennisonDryden, sa gamme de mutual funds. A partir du 16 février, elle sera rebaptisée Prudential Investments. Les équipes de gestion, les objectifs de performance et les codes des fonds demeurent cependant inchangés, indique un communiqué. Prudential Financial gère au 30 septembre 641 milliards de dollars.
18/12/2009

Changhong Zhu quitte Pimco pour la Chine

Changhong Zhu, qui dirige le desk de dérivés de Pimco, quitte la société pour aller gérer les réserves en devises de la Chine, rapporte le Wall Street Journal. Il devient en effet directeur des investissements (CIO) du département de la gestion des réserves de l’administration chinoise des devises, qui gère plus de 2.000 milliards de réserves de change. Le 1er janvier, Bill Gross, fondateur et co-directeur des investissements de Pimco, reprendra temporairement les Absolute Return Strategies, la gamme de hedge funds actuellement gérée par Changhong Zhu.
18/12/2009

TCW loses one executive and USD4bn

Since the dismissal of Jeffrey Gundlach, former CIO of TCW, who left to found his own management firm, DoubleLine, on 4 December, TCW has posted redemptions of USD4bn from the TCW Return Bond fund, La Tribune reports.
18/12/2009

Sale of Banca Depositaria may be announced today

State Street’s offer for Banca Depositaria will be examined on Friday by the board of directors of Intesa Sanpaolo, its parent company, Il Sole - 24 Ore reports. The sale may be announced today. The sale price will be around EUR1.8bn. Meanwhile, the preferred solution for Banca Fideuram appears to be an IPO.
18/12/2009

SLI launches 10 funds in Spain

Standard Life Investments has registered 10 sub-funds of its Sicav in Spain for the first time, Citywire reports. The products include a China fund, unconstrained European equities, European small caps, global REIT, inflation-linked bonds, and corporate bonds.
18/12/2009

China Universal recruits two directors for its new office

Sheldon Gao, executive director of the Schroders office in Shanghai, and Doris Wong, director of investments for Standard Life Investments in Hong Kong, will direct the new Hong Kong office of China Universal Asset Management, according to reports in Asian Investor. Gao will be CEO, and will report to Andy Lin, CEO in Shanghai.
18/12/2009

GAM releases a UCITS III absolute return fund

GAM has launched GAM Star Composite Absolute Return fund, a Ucits-compliant version of the firm’s flagship absolute return strategy, which has approximately USD8.1 billion in assets under management, says Citywire.
18/12/2009

Deutsche Bank launches an asset segregation platform for hedge funds

The prime finance division of Deutsche Bank in London has announced the launch of a hybrid prime brokerage structure, DB Integrated Prime Custody, which will initially be aimed at hedge fund clients based in Europe. The platform will allow hedge funds to hold unencumbered assets which were previously in separate custody accounts with BNY Mellon and Deutsche Bank. In addition, Deutsche Bank will maintain an open architecture system for this asset segregation platform if clients rely on the services of a particular custodian. Deutsche Bank says the most important characteristic of this arrangement is that it requires minimal modifications to operational process, documentation and control. The bank, which states that it is advised by Clifford Chance and Hengeler Mueller, PwC and Lehman Brothers International (Europe), says it will take care of most of the operational work, under the daily supervision of fund managers.
18/12/2009

Investors seek details of succession policies at businesses

The Laborers’ International Union of North America, whose pension funds manage about USD30bn, said it had filed proposals with 14 companies – including Bank of America, America Express and Whole Foods - asking them to detail succession planning policies and put them to a vote in their annual meetings, says the Financial Times. The move takes advantage of a recent decision by the Securities and Exchange Commission to relax rules that prevented a shareholder vote on succession.
18/12/2009

Delaware Investment awards large mandate to BNY Mellon Asset Servicing

With its Eagle Star and Eagle Pace technologies, BNY Mellon Asset Servicing (AS) will provide accounting, administration and back-office services to all mutual funds from Delaware Investments in the United States and Ireland, for institutional separate accounts and other products. According to BNY Mellon AS, Delaware Investments, an affiliate of Lincoln Financial Group, had assets of USD135bn as of 30 September. It has recently been acquired by the Australian Macquarie Group for USD428m. The deal, announced in August, will be completed by 31 December.
18/12/2009

Changhong Zhu leaves Pimco for Chinese state job

Changhong Zhu, who heads Pimco’s derivatives desk, is leaving the firm to become chief investment officer of the reserve management department at China’s State Administration of Foreign Exchange, which manages over USD2 trillion worth of foreign exchange reserves, says the Wall Street Journal.Bill Gross, Pimco founder and its co-investment chief officer, on January 1 will temporarily assume oversight of the firm’s Absolute Return Strategies, the series of hedge funds currently managed by Mr. Zhu.
18/12/2009

KPMG predicts increase in use of UCITS products by hedge funds

In Hedge Week, Tom Brown, European head of investment management at KPMG, believes 2010 will be a “wait and see” year for managers with regards to the Alternative Investment Fund Managers Directive. In the meantime, the looming threat of this legislation will continue to drive the creation of Ucits products by hedge fund managers. Tom Brown also thinks that investors may take back their cash; move it into cash deposit products; or perhaps into investment products with guarantees or downside protection.
18/12/2009

Gains for Lyxor Hedge Fund index in November

In November, the Lyxor Hedge Fund Index has gained 1.05%. The best-performing alternative strategies for the month were Long Term CTA Index (+3.55%), Special Situations Index (+2.62%), and L/S Credit Arbitrage Index (+2.07%). Meanwhile, the worst-performing strategies were L/S Equity Short Bias Index (-7.43%), CTAs Short Term Index (-0.65%) and L/S Equity Statistical Arbitrage Index (-0.56%). In the first ten months of the year, the Lyxor global index has gained 5.49%. The best returns have been for L/S Credit Arbitrage Index (+51.12%), L/S Equity Long Bias Index (+25.23%) and Situations Index (+16.84%), while at the other end of the spectrum, L/S Equity Short Bias Index has lost 30.20%.
18/12/2009

Credit Suisse/Tremont index up 2.11% in November

The performance of the Credit Suisse/Tremont Hedge Fund Index has been confirmed at 2.11% for November, bringing performance since the beginning of the year to 17.53%. Managed futures and global macro were among the most successful sectors, with returns of 4.94% and 3.52%, respectively.
18/12/2009

F&C Stiftungsfonds to cut dividend in 2011

Chris Childs, manager of the F&C HVB Stiftungsfonds, a product aimed primarily at German charities, with assets as of the end of November of EUR840m, has announced that its 2011 dividends will be 2.27% (or 1.27%, equivalent to the 12-month Euribor, plus 100 basis points), which will represent EUR22.05 per A-class share (retail clients) and EUR23.60 per I-class (institutional) share. On 15 January 2010, the payout will be the same as at the end of 2008, at EUR40.80 per A-class share and EUR42.60 per I-class share. Currently, the portfolio includes about 30% equities, while the remainder is divided between bonds and money market instruments.
18/12/2009

Think Capital launches five ETFs on Euronext Amsterdam

On Thursday, NYSE Euronext announced that it had added five new ETF funds aimed specifically at the Netherlands market, issued by Think Capital, to trading. The funds include the Think AEX® Tracker (management commission of 0.30%), Think AMX® Tracker (0.45%), and three Total Market Trackers, which are diversified profiled funds: Think TMT Defensief (0.30%), Think TMT Neutraal (0.30%) and Think TMT Offensief (0.30%). The AMX tracker is the first product to replicate the Amsterdam midcaps index.
18/12/2009

Managers who lost money in Madoff fraud go to court

Expansión reports that management firms which lost money in the Bernard Madoff fraud are preparing lawsuits in Luxembourg and Ireland to recuperate their funds. They have retained big-name law firms such as Cuatrecass, Baker & McKenzie, and Uría Menéndez. Their first targets will be the depository banks, HSBC and UBS. The fraud affected 39 funds and 185 Sicavs, which lost a total of EUR106.9bn, 5% of all assets in Spanish funds. The suits which have advanced furthest are in Luxembourg. In Ireland, several Spanish management firms are planning to join a class-action suit by administrators of Madoff victim funds against HSBC. In Ireland, the British bank is seeking an agreement by which responsibility for the fraud would be shared, and is asking the plaintiffs to join it in a suit against M&B Capital Advisers, which managed the Landmark fund.

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