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02/02/2009

Europe - Les TPM, renfort commercial pour les sociétés de gestion

Selon La Tribune, les #tierces parties marketing# (TPM) ont investi le marché français de la vente de fonds aux investisseurs qualifiés. Les TPM permettent à une société de gestion privée de force de vente de sous-traiter cette activité. L’offre des TPM français couvre essentiellement des fonds investis en actions et des produits alternatifs et leur rémunération est basée sur la collecte enregistrée et sur le service apporté aux souscripteurs pendant toute la durée de l’investissement, précise notamment La Tribune.
02/02/2009

Europe - Invesco confie un mandat à BNY Mellon AS

BNY Mellon Asset Servicing a annoncé avoir obtenu un mandat de global custody, de comptabilité et d’administration de fonds de la part d’Invesco pour des actifs d’un montant supérieur à 50 milliards de dollars figurant dans 135 fonds domiciliés à Dubli, à Luxembourg et au Royaume-Uni. Les salariés d’Invesco actuellement affectés à ces tâches se verront proposer la possibilité de poursuivre leur carrière au sein du groupe BNY Mellon.
02/02/2009

France - BNP en tête du classement des SVT

Selon l"Agefi, citant le classement 2008 publié par l’Agence France Trésor, BNP Paribas, détrôné en 2007, a repris la première place sur le marché des ST français en 2008, suivie par Barclays Capital qui perd une place, puis par la Société Générale, au troisième rang. «Le classement confirme par ailleurs les progressions déjà enregistrées en 2007 par RBS et Calyon», indique également le quotidien numérique.
02/02/2009

Etats-Unis - Fidelity surperforme avec un fonds de valeurs bon marché

Joel Tillinghast gère les 18 milliards de dollars du fidelity Low Priced Stock Fund en utilisant une approche dont il reconnaît qu’elle peut paraître stupide : se concentrer (à au moins 80 %) sur des actions qui coûtent moins de 35 dollars l’unité, rapporte Forbes.com. Aussi simpliste que cela puisse sembler, cela fonctionne et le fonds affiche une performance moyenne annuelle de 11,12 % sur les quinze dernières années, contre 6 % pour le S&P 500. De plus, il s’est révélé particulièrement résilient durant les périodes de marché baissier. Le portefeuille comporte 827 lignes.
02/02/2009

Etats-Unis - NewRiver accuse Morningstar d'espionnage

NewRiver Inc a intenté un procès dans le Massachusetts à Morningstar, accusant l’agence de notation d’avoir copié indûment sur Internet de l’information sur un système protégé par un brevet pour le traitement des mises à jour des prospectus de mutual funds, rapporte The Wall Street Journal. Morningstar a été en négociations pour acheter NewRiver l'été dernier et aurait à cette occasion obtenu un mot de passe spécial pour accéder à la base. Morningstar réfute ces accusations.
02/02/2009

Etats-Unis - Nuveen conclut une alliance avec Harcourt

Le gestionnaire américain Nuveen Investments, spécialiste de la clientèle institutionnelle et des particuliers haut de gamme (134 milliards de dollars d’encours fin septembre), a signé un accord de partenariat stratégique avec le suisse Harcourt Investment Consulting (5,5 milliards de dollars fin juin), qui s’est spécialisé dans la multigestion alternative.Nuveen accède ainsi à un fournisseur de fonds de hedge funds, tandis qu’Harcourt (groupe Vontobel) se procure une ouverture plus large sur le marché américain.
02/02/2009

Etats-Unis - Russell va supprimer un cinquième de ses emplois

Face à la détérioration de l’environnement financier mondial, Russell Investments a annoncé qu’il se trouve obligé de réduire ses coûts, ce qui passera entre autres par une réduction d’environ 20 % de l’effectif mondial d’ici à la fin de l’année. Russell, filiale de Northwestern Mutual Life Insurance Company, affichait 150 milliards de dollars d’encours fin décembre contre 213 milliards au 31 mars.
02/02/2009

Allemagne - Troisième membre du directoire pour IFM AM

Tobias Sauerbier, qui était assistant de CEO d’IFM Immobilien AG, a été nommé vendredi managing director d’IFM Asset Management GmbH aux côté de Georg Glatzel et Marcus Schmitz, respectivement CEO et CFO d’IFM Immobilien. L’intéressé a rejoint le groupe IFM en 2005 en provenance du groupe de construction Ed. Züblin.
02/02/2009

United States - Russell to lay off one fifth of staff

Against the background of a deteriorating global financial environment, Russell Investments has announced that it finds itself obliged to reduce costs, which will involve, among other things, a reduction of about 20% in staff numbers worldwide by the end of the year. Russell, an affiliate of Northwestern Mutual Life Insurance Company, had USD150bn in assets as of the end of December, compared with USD213bn as of 31 March.
02/02/2009

Germany - DJE Real Estate remains closed to redemptions

On Friday, DJE Kapital announced that its open-ended real estate fund of funds, DJ Real Estate, will remain closed to redemptions, in order to protect the interests of subscribers who wish to remain invested in the fund.
02/02/2009

United States - NewRiver accuses Morningstar of espionage

NewRiver Inc has filed a lawsuit in the US state of Massachusetts against Morningstar, accusing the ratings agency of illegally copying information from a patent-protected online system used to update mutual fund prospectuses, The Wall Street Journal reports. Morningstar was in negotiations to buy Morningstar last summer, and is said to have been given a guest password at that time which allowed it access to the database. Morningstar denies the allegations.
02/02/2009

United Kingdom - Prudential Financial recruits a team from N.M. Rothschild

The former Prudential Real Estate Funds (PREI), an affiliate of Prudential Financial, has announced that it has recruited the management team in real estate financing from Paramount Private Equity N.M. Rothschild & Sons, to create a mezzanine platform for real estate in Europe, which will come as an addition to the existing platform in the United States. This will include the recruitment of the two founders of Paramount, Andrew Radkiewicz and Andrew Macland, who will be managing directors, and of Mathew Crowther and Brian Scally.
02/02/2009

United States - Two Senators propose legislation to require transparency of hedge funds

US Senators Carl Levin and Charles Grassley have unveiled a bill known as the Hedge Fund Transparency Act, which would require hedge funds with more than USD50m in assets to register with the SEC, and to disclose their total assets under management as well as the names of their investors and prime brokers, the Wall Street Journal reports. The bill also would make registered hedge funds subject to random audits by the regulator.
02/02/2009

Spain - Net redemptions continue

According to provisional estimates from the Spanish Inverco association of management firms, assets in securities funds declined by 1.2%, or more than USD1.93bn, in January, to a total of ERU165.72bn. Net redemptions represent EUR1.62bn of this total, Expansión reports.
02/02/2009

Spain - Net redemptions for top ten managers in January

In January, as the number of shareholders declined by a further 97,000 to a total of barely 6 million, securities funds underwent net redemptions of EUR1.62bn in total, compared with EUR2.56bn in December, Cinco Días reports. BBVA Gestión suffered net redemptions of EUR134.6m, but the worst affected was Santander Asset Management, with net redemptions of EUR339.8m. None of the top management firms has posted net subscriptions. The first firm in the rankings to show net subscriptions is BBK Gestión, which is in twelfth place.
02/02/2009

United States - Nuveen forms alliance with Harcourt

The United States-based management firm Nuveen Investments, a specialist in institutional and high net worth private clients (USD134bn in assets as of the end of September), has signed a strategic partnership agreement with the Swiss firm Harcourt Investment Consulting (USD5.5bn as of the end of June), which is specialised in alternative multi-management.Nuveen gains access to a provider of hedge funds, while Harcourt (Vontobel group) gains larger exposure to the US market.
02/02/2009

United Kingdom - AIMA would accept a slight toughening of regulations

Andrew Barker, number two in the hierarchy at the AIMA alternative management association, has remarked in a Parliamentary hearing that shares in RBS, Barclays and HBOS plunged in value between October and the first half of January, at a time when short-selling of these shares was not allowed, Expansión reports. The AIMA would nonetheless agree to some additional regulation, in the form of a permanent prohibition on naked shorts, and a requirement that short positions concentrated on a single company be declared, or single short positions if they account for more than 3% of the firm’s capital.
02/02/2009

France - Invesco launches a PowerShares ETF focused on Middle East and North Africa

Invesco on Friday announced the introduction to the Nextrack market segment of the PowerShares Middle East North Africa ETF, which it says is the first tracker providing direct exposure to the Middle East and North Africa (MENA) region. It replaces the NASDAQ OMX Middle East North Africa fund, and invests directly in the shares which compose the portfolio, without the use of derivatives.The index, weighted by market capitalisation adjusted for float, includes the largest and most liquid companies in nine countries of the Middle East and North Africa: Bahrain, Jordan, Kuwait, Lebanon, Oman, Qatar, the United Arab Emirates, Egypt and Morocco. Saudi Arabia and Tunisia are not part of the eligible universe, but may be included in the future.The shares selected for the index have a market capitalisation adjusted for float of at least USD200m, and have a daily trading volume over the past three months, measured on an ongoing basis, of at least USD1m. Each share is limited to 10% of the overall total, and exposure per country is limited to 20%. The index is re-weighted and revised each quarter.
02/02/2009

United States - Fidelity turns in performance with a low-priced stock fund

Joel Tillinghast manages the USD18bn in assets in the Fidelity Low Priced Stock Fund, using an approach which he admits may seem stupid: he concentrates (at least 80%) on shares which cost less than USD35 each, Forbes.com reports. As simplistic as the idea may seem, it works, and the fund has posted average annual performance of 11.12% in the past twelve years, compared with 6% for the S&P 500. In addition, the fund has proven particularly resilient in periods of falling markets. The portfolio presently includes 827 positions.
02/02/2009

Europe - Invesco awards a mandate to BNY Mellon AS

BNY Mellon Asset Servicing has announced that it has been awarded a global custody, accounting and fund administration mandate from Invesco, on assets of over USD50bn in 135 funds domiciled in Dublin, Luxembourg, and the United Kingdom. Invesco employees currently dedicated to these tasks will be offered the opportunity to continue their careers at the BNY Mellon group.
02/02/2009

Norway - Government pension fund divests from Barrick Gold and Textron

The Norwegian state pension fund (formerly known as the Oil Fund, EUR250bn in assets) has announced that it has sold its shares in the Canadian firm Barrick Gold Corporation for EUR140m, due to the mining company’s continuing unclean disposal of pollutants at the Porgera mine in Papua New Guinea, Reponsible Investor reports. The fund has also sold its shares in the American firm Textron Inc. for EUR28m, due to the firm’s involvement in the production of cluster bombs.
02/02/2009

World - Consolidation on the cards in private equity

Four fifths of managers in private equity feel that a wave of consolidation is likely in their industry this year, according to a study published on Monday by Private Equity News and Simmons & Simmons, cited by the Financial Times. The financial crisis will force private equity firms in difficulty to merge with rivals, while the larger firms will have to diversify by acquiring niche players.
02/02/2009

United Kingdom - Vanguard sets up shop in the UK

Vanguard Group, which made a name for itself in the United States for selling low-cost funds, is setting up shop in the United Kingdom, the Financial Times reports. The newspaper predicts that this may trigger a price war in the asset management sector. Vanguard will offer equities and fixed income products to institutionals and to independent financial advisers (IFAs) who agree not to receive commissions.
02/02/2009

United Kingdom - Mark Shuttleworth invests in a hedge fund

The Financial Times reports that Mark Shuttleworth, the man known as the ?first African in space,? after paying USD20m to become the world’s second space tourist, has invested USD10m in Insparo, a hedge fund supported by Michael Spencer, the billionaire who founded Icap. The fund is specialised in Africa.
02/02/2009

United Kingdom - Mogull launches a real estate fund

Marc Mogull, former head of real estate at Berd, will return to the British real estate markets with an opportunity-driven fund with GBP450m in capital, the Financial Times reports. In total, the investor has lined up GBP1.8bn in pledges for the structure, to be known as Benson Elliot Capital Management.

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