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17/06/2009

Western AM recrute Andrew Belshaw

Paul Shuttleworth, co-lead manager des activités sterling de BlackRock à Londres, devient seul head et lead portfolio manager de son activité après le depart d’Andrew Belshaw, qui était investment head of sterling fixed income et gérant du BlackRock Government Securities fund, rapporte Investment Week. En effet, ce dernier a rejoint Western Asset Management pour devenir l’un des dirigeants de l'équipe de gestion.
17/06/2009
Fonds

Commerz Real investit à Liverpool

L’allemand Commerz Real (groupe Commerzbank) annonce avoir investi environ 52,5 millions d’euros pour un projet d’immeuble de bureaux (13 étages, 13.000 mètres carrés) à Liverpool. Cet actif, livrable au premier trimestre 2011, entrera dans le portefeuille du fonds offert au public hausInvest europa (9 milliards d’euros). Il est loué pour trente ans à la Merseyside Integrated Transport Authority (MITA), qui exploite les transports urbains de Liverpool et du comté de Merseyside.Hans-Joachim Kühl, membre du directoire, a indiqué que Commerz Real envisage de consacrer entre 1 milliard et 1,5 milliard d’euros d’investissement à ses fonds immobiliers offerts au public cette année.
Fonds
17/06/2009

Patrick et Ana Amrstrong créent Armstrong IM

Les deux anciens responsables multi-classes d’actifs d’Insight, Patrick et Ana Cukic Armstrong, qui ont quitté Insight l’an dernier, ont créé Armstrong Investment Management, rapporte Investment Week. Ils proposeront des produits de retraite et de gestion de fortune multi-classes d’actifs. Armstrong IM a recruté Toby Haye, également un ancien d’Insight.
17/06/2009
Fonds

GLG lève le voile sur sa gamme de fonds d'actions

Après l’acquisition en avril des activités de SGAM au Royaume-Uni, GLG Partners a présenté lundi sa gamme de fonds d’actions britanniques, rapporte MoneyMarketing. John White et Jason McKay, les co-gérants des fonds GLG Alpha Select et UK Select Equity, vont prendre en charge cinq fonds d’actions britanniques précédemment gérés par SGAM : UK Growth, UK Active 350, UK Income, UK Small Companies et UK Special Opportunities.
Fonds
17/06/2009

Newton recrute chez Fidelity

Newton Investment Management, filiale de BNY Mellon Asset Management, indique avoir recruté Tracey Dominick pour son équipe global research où elle sera responsable de trouver idées pour le secteur de la consummation. Elle était analyste internationale spécialiste des sociétés de biens de consommation durables et discrétionnaires chez Fidelity Investments.Newton IM affiche des encours de 34 milliards de livres
17/06/2009

Barclays accepte l'offre de BlackRock pour BGI

BlackRock a annoncé mardi soir avoir reçu notification écrite de Barclays Plc lui signifiant que le conseil d’administration de la banque britannique avait accepté son offre d’acquisition de Barclays Global Investors (BGI) et qu’il recommandera aux actionnaires lors de l’assemblée générale extraordinaire de début août d’apporter leurs titres à l’offre de BlackRock.Cela signifie que Barclays devra payer le dédit convenu à CVC, qui avait fait une première offre concernant les ETF de la marque iShares.
17/06/2009

Managers reduce cash allocation

According to the edition of the monthly Lipper survey undertaken on 1 June, Spanish asset managers increased their allocations to equities in May to 36.56% from 34.21% in April, Cinco Días reports. Meanwhile, they reduced their allocation to cash to 26% from 32.01%. Exposure to bonds rose to 34.56% from 30.88%, while exposure to alternative assets (hedge funds, real estate, and private equity) was increased to 2.98% from 2.90%. However, 46.15% of major asset management firms say they are still underweight in equities, and 69.34% of them say they continue to be overweight in cash.
17/06/2009

Nikko AM wooed by four companies

Four finalists are in the running to acquire the Japanese asset management business of Citigroup, Nikko Asset Management, the Financial Times reports. The candidates are Nomura, Mizuho, Sumitomo Mitsui Financial Group, and T&D Holdings. The US bank is asking JPY100bn for the firm.
17/06/2009

Newton recruits Fidelity analyst

Newton Investment Management, an affiliate of BNY Mellon Asset Management, has hired Tracey Dominick for its global research team. In her new position, Dominick will be responsible for finding ideas for the consumer sector. She was previously an international analyst specialised in durable and discretionary consumer goods at Fidelity Investments. Newton IM manages assets of GBP34bn.
17/06/2009

Barclays accepts BlackRock's offer for BGI

BlackRock announced that it has received written notice from Barclays PLC that Barclays’ board of directors has accepted BlackRock’s offer to acquire Barclays Global Investors (BGI). Barclays also notified BlackRock that its board will recommend the transaction to Barclays’ shareholders for approval at a special meeting to be held in early August 2009. Barclays’ acceptance of BlackRock’s offer followed satisfaction of the provisions required under a “go-shop” arrangement with respect to an offer previously received by Barclays for iShares, BGI’s ETF platform, says the press release. The transaction is expected to close in the fourth quarter 2009 following approval by Barclays’ shareholders, the receipt of client consents and regulatory approvals, and satisfaction of customary closing conditions.
17/06/2009

Patrick and Ana Armstrong found Armstrong IM

The two former heads of multi-asset class management at Insight, Patrick and Ana Cukic Armstrong, who left Insight last year, have founded Armstrong Investment Management, Investment Week reports. They will offer multi-asset class retirement and wealth management products. Armstrong IM has recruited Toby Haye, also a former Insight employee.
17/06/2009

GLG unveils equities fund range

Following its acquisition of SGAM’s UK activities in April, GLG Partners on Monday unveiled its range of UK equities products, MoneyMarketing reports. John White and Jason McKay, co-managers of the GLG Alpha Select and UK Select Equity funds, will take over five UK equities funds previously managed by SGAM: UK Growth, UK Active 350, UK Income, UK Small Companies and UK Special Opportunities.
17/06/2009

Western AM recruits Andrew Belshaw

Paul Shuttleworth, co-lead manager of sterling activities at BlackRock in London, will become the sole head and lead portfolio manager for these activities after the departure of Andrew Belshaw, who was investment head of sterling fixed income and manager of the BlackRock Securities fund, Business Week reports. Belshaw has joined Western Asset Management, where he becomes one of the heads of the investment management team.
17/06/2009

ETFlab releases six new products

ETFlab Investment GmbH, an affiliate of DekaBank, announced on Tuesday that it listed six new ETFs on the XTF segment of the Xetra electronic platform from Deutsche Börse on 16 June. All six products replicate MSCI indexes for the United States, Europe and Japan, and their midcaps counterparts. The German-registered funds are denominated in US dollars, Euros and Japanese yen. Management commission is 0.30% each for the four United States and Europe products, while the two Japanese funds carry fees of 0.50%.The XTF segment now lists 459 products.
17/06/2009

CAAM releases two stock-picking funds

Crédit Agricole Asset Management (CAAM) announced on Tuesday that it is releasing in Germany the Luxembourg versions of two stock-picking funds which already existed as French products. The Select Europe and Select Euro sub-funds of the Luxembourg Sicav CAAM Funds already have respective assets of EUR23m and EUR18m as of 15 June. Their French counterparts, CAAM Select Europe and CAAM Select Euro, have assets under management of EUR209m and EUR71.9m, respectively.
17/06/2009

Deutsche Bank launches two green CROCI funds

The DB Platinum CROCI Carbon 100 Euro TR Fund (long-only) and DB Platinum CROCI Carbon Alpha TR Fund (long-short), two UCITS III-compliant funds, have been launched by Deutsche Bank. They provide investors with exposure to shares in companies whose valuation is attractive and which stand out for their low emissions of greenhouse gases. The data on emissions were developed in cooperation with Trucost Plc. The long-only fund adopts a best-of-breed approach, using the CROCI (Cash Return On Cash Invested) selection method to choose shares in 100 companies which have lower emissions rates than their respective sectors. The long/short fund uses a mixed approach that combines CROCI and emissions factors. Long and short positions are chosen to construct a portfolio which is neutral on markets, regions and sectors, while exposure is calculated to ensure that the portfolio remains within a volatility budget of 5%. Deutsche Bank says that the index for the long-only fund has posted returns of 17.3% since the beginning of the year (as of 2 June), while the alpha strategy gained 3%. The funds are licensed for sale in Germany and Luxembourg. Elsewhere in Europe, they are available according to the regulations governing private placements. Details Name : DB Platinum CROCI Carbon 100 Euro Total Return Fund ISIN code LU0427245567 (retail) LU0427246706 (institutional) Management fee 1.50% (retail) 0.75% (institutional) Trailer 0.75% (retail) TER 1.70% (retail) 0.91% (institutional) Details Name : DB Platinum CROCI Carbon Alpha Total Return Fund ISIN Code LU0427247266 (retail) LU0427248827 (institutional) Management fee 1.75% (retail) 1% (institutional) Trailer 0.75% TER 1.95% (retail) 1.16% (institutional)
17/06/2009

Lafitte CM reopens merger arbitrage fund

Laffitte Capital Management has reopened its merger arbitrage fund Laffitte Risk Arbitrage, which was suspended on 15 September, following the bankruptcy of its prime broker, Lehman Brothers. The reopening of the fund concludes a long and complicated legal process which raised questions about the responsibilities of custodians in France (see previous articles on this subject). In the end, RBC Dexia, Laffitte’s depository, was required to restore assets for which custody was outsourced to Lehman Brothers to the Aria EL fund. Now that this sentence has been carried out, Laffitte Capital is able to reopen its fund at last, ending nine months of uncertainty. David Lenfant, managing partner at Laffitte, is relieved and satisfied, he says. During the fund’s closure it gained 2.5%. The reopening comes at a good time for mergers, particularly in the United States, Laffitte’s preferred market. Laffitte is also planning to launch an event-driven equities arbitrage product in the form of an UCITS fund.
17/06/2009

SEC approves Madoff settlement

The Securities and Exchange Commission on Tuesday agreed agreed to allow Bernard Madoff to settle civil fraud charges without admitting to any wrong-doing, the Financial Times reports. The financier will be forbidden from having any future associations with investment or brokerage businesses.
17/06/2009

Hedge funds deliver strong performance in May

Credit Suisse/Tremont and Barclay both show significant gains for hedge funds in May. According to the former, average performance measured 4.06%, bringing the total since the beginning of the year to 6.72%. These monthly gains are the largest since February 2000. The Barclay index, for its part, is up 5.77%, putting gains since the beginning of the year at 10.75%. In both cases, emerging markets strategies showed the best results in May, with 6.96% according to Credit Suisse/Tremont and 10.72% according to Barclay.
17/06/2009

Hedge funds see light at the end of the tunnel

In May, hedge funds soaked up net cash inflows for the first time in 10 months, the Wall Street Journal reports, citing Eurekahedge. Inflows totalled USD19.3bn, offsetting USD8bn in outflows. In May, hedge funds also delivered their best performance in several years, and the pace of fund closures slowed.
17/06/2009

Eurex launches trading of natural cat derivatives

On 29 June, the German-Swiss Eurex market will launch “hurricane futures,” which will allow asset managers, hedge funds and reinsurers to cover themselves against hurricane risks. The new binary contracts come as an addition to the ISDA-type hurricane swaps which are already bilaterally traded. They will offer centralised settlement through Eurex Clearing.Initially, the futures will be available only for three regions: the United States as a whole, Florida, and the coastal states of the Gulf of Mexico. All contracts are denominated in US dollars. In addition, the control thresholds will vary from USD10bn to USD50bn.The minimal tick for the assets is set at USD10, and it will be possible to trade the contracts between 10 AM and 10 PM, central European time.Calculation of damages will be undertaken on the basis of data provided by ISO PCS.
17/06/2009

Commerz Real invests in Liverpool

The German management firm Commerz Real (Commerzbank group) has announced that it has invested about EUR52.5m in an office building under construction (13 stories, 13,000 square metres) in Liverpool. The property, slated for completion in first quarter 2011, will be added to the portfolio of the open-ended fund hausInvest europa (EUR9bn). The property is leased for 30 years to the Merseyside Integrated Transport Authority (MITA), which operates the urban transport for Liverpool and the county of Merseyside.Hans-Joachim Kühl, a board member, says Commerz Real is planning to dedicate EUR1bn to EUR1.5bn of investment to its open-ended real estate funds this year.
17/06/2009

Tax talks between Switzerland and US continue

Le Temps reports that a delegation from Switzerland, led by Jürg Giraudi, head of international tax agreements for the Swiss federal contributions administration, is in Washington to negotiate a new double taxation agreement between Switzerland and the United States. Switzerland needs the agreement in order to rapidly get it off the grey list of OECD countries with substandard transparency in these areas.
17/06/2009

German asset managers overtake their US couterparts

At the end of 2008, according to the annual report of the ALFI association, German asset management firms had assets fo EUR328bn in Luxembourg-registered funds, putting them ahead of their US (EUR306bn) and Swiss (EUR271bn) counterparts. Total assets under management represent EUR1.56trn, which is EUR500bn or 24% less than on 31 December 2007. Net redemptions since that time have totalled EUR77bn. The Börsen-Zeitung says this first place finish for German fund management firms is due to the fact that their assets contracted by only 16%, while assets for American firms contracted by 22%. French asset management firms renked seventh, after Belgium, the UK and Italy.
17/06/2009

UBS replaces country head for Germany

The Swiss Stephan Zimmermann, a member of the supervisory board at UBS Deutschland, will be resigning from this position at the end of June to become chairman of the managing board, replacing Jan-Christian Dreesen, the Börsen-Zeitung reports. The bank has offered no explanation for the departure of Dreesen, though it says he and the firm parted on good terms.
17/06/2009

Bordier Gestion Privée adds collective asset management business

Bordier Gestion Privée, a French affiliate of Bordier & Cie, a Geneva private bank founded in 1844, has been granted an extension to its collective management license by the French financial market regulator, the Autorité des marchés financiers (AMF), to allow it to manage OPCVM, FCP and Sicav type investment funds. Previously, Bordier Gestion Privée, founded in 2006, offered wealth management. “We provide mandates for our private clients,” explains Christophe Burtin, CEO of Bordier Gestion Privée. The additional license for collective management will allow the French affiliate of the Swiss establishment to respond to the needs of two families which have asked it to take over management of dedicated funds managed by other entities. At the same time, “we also wanted to create an open-ended FCP replicating our discretionary management. With no asset allocation constraints, the fund will be able to invest in equities and bonds, OPCVM funds managed by third parties, and up to 10% in funds of hedge funds,” says Burtin. The product, launched in September, will be managed by Burtin himself and Charles Brunswick, two former managers from Rothschild & Cie Gestion who joined Bordier in July 2008. This will allow Bordier Gestion Privée to serve a larger client base than its own, including private clients as well as independent financial advisors (IFAs). “The fund will be listed on several platforms,” says Burtin. The open-ended fund is expected to be the management firm’s only product, says Burtin. “Like our parent company, we do not want to construct a product range,” he says. Bordier Gestion Privée currently manages assets of EUR200m, two thirds of it on behalf of residents and one third for international clients. Bordier & Cie manages over CHF8.5bn.
17/06/2009

HSBC Assurances courts IFAs

HSBC Assurances has created IFA Services, an entity dedicated to networks of independent financial advisors (IFAs), and which aims to become their privileged interlocutor. Beginning in September, special life insurance and capitalisation products will be offered to them. HSBC Assurances IFA Services will also offer the entrepreneur package, created specially for IFAs. The package of services includes the 4 key components for transmission of an enterprise: legal and tax advising, coaching, business evaluation, and a mergers and acquisitions component.
17/06/2009

Court approves agreement between Santander and Madoff trustee

Expansión reports that the US courts have approved an agreement between Optimal, a management firm of the Santander group, and Irving Picard, the legal administrator in charge of liquidating the Madoff empire. The agreement, reached at the end of May, states that Santander will pay USD235m, which corresponds to the total amount received by the firm in redemptions in the three months before the Madoff fraud was discovered. Picard says that the USD235m corresponds to 85% of what he had initially asked Santander to pay back.
17/06/2009

Les assureurs génèrent 10% de leur activité grâce à leur site

L’apport des services de souscription, pré-souscription ou devis en ligne à l’activité commerciale des assureurs disposant d’un réseau de distribution se situe autour de 10 % en moyenne, indique la nouvelle étude " e-Assurance : état des lieux, bilan chiffré et projets " de Benchmark Group. A cela s’ajoute le volume des mises en relation issues des comparateurs d’assurance, qui représentent souvent une majorité des demandes de devis effectuées sur Internet. En revanche, la souscription sur Internet est encore marginale puisqu’elle représente autour de 1 % de l’ensemble des contrats mais elle se développe fortement, ne serait-ce que parce que ce service se généralise sur les sites.
17/06/2009

UBS GAM France intégrera définitivement CCR à la fin du mois

La fusion entre les entités du groupe CCR (dont CCR Actions et CCR Gestion) et UBS Global Asset Management (UBS GAM) sera effective à compter du 1er juillet, indique L’Agefi. La nouvelle entité portera le nom de CCR AM. Eric Bourguignon a quitté son poste de directeur général adjoint de CCR Actions pour rejoindre Swiss Life Asset Management, où il sera directeur de la gestion de taux et crédit pour la France et la Suisse, rappelle le quotidien.

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