Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
09/01/2009

Royaume-Uni - Bons résultats pour BC Partners

Stefan Zuschke, patron pour l’Allemagne de BC Partners, a indiqué selon la Frankfurter Allgemeine Zeitung que les entreprises dans le portefeuille du capital-investisseur britannique ont réalisé en 2008 une marge d’ebitda de 8,5 % et que le seul dossier à problème est celui du courtier londonien en immobilier Foxton, qui ne représente qu’un peu plus de 1 % des investissements. Par ailleurs, BC Partners n’a pas de problème de financement et ses 120 bailleurs de fonds ont honoré le rendez-vous lors des deux dernières acquisitions. BC Partners ne prévoit pas de lancer de nouveau fonds avant l’an prochain.
09/01/2009

France - Patrick Savadoux rejoint Mandarine Gestion

Patrick Savadoux vient de rejoindre Mandarine Gestion, la société de gestion créée il y a près d"un an par Marc Renaud, en tant qu"associé et gérant actions. Il y développera une offre ISR (investissement socialement responsable), son domaine de prédilection. L"intéressé avait ainsi passé 15 ans chez Natixis Asset Management comme gérant de portefeuilles senior actions européennes et responsable du pôle ISR. En novembre 2007, il était parti avec Stéphane Prévost pour fonder La Financière Responsable, une société de gestion spécialisée dans l"ISR et détenue en partie par La Française des Placements. Il a quitté cette entité un an après pour poursuivre un projet en dehors de la finance qui n"a finalement pas abouti.Le premier fonds de Patrick Savadoux dans le cadre de Mandarine Gestion sera lancé dans le courant du mois de janvier. Il sera investi en actions de la zone euro selon l"approche ISR développée par le gérant pendant sa carrière. Ce dernier s"appuiera sur Vigeo, et espère pouvoir monter par la suite une recherche ISR en interne. D"autres produits pourraient suivre, notamment des fonds thématiques ISR ou solidaires.Avec cette arrivée, Mandarine étoffe son équipe de gérants spécialisés et du même coup son offre, qui se compose déjà d"une gestion value, d"une gestion obligations convertibles et d"une gestion actions françaises. La société gère un encours de 300 millions d"euros.
09/01/2009

Koweit - Banqueroute de la banque Global Investment

Selon l"Agefi, la première banqueroute d’un établissement financier lié aux monarchies pétrolières s"est produit jeudi 8 janvier avec la mise en cessation de paiement de la banque koweitienne Global Investment House KSCC., première banque d"investissement du pays.HSBC et CBK Capital ont été chargés de négociés avec les créanciers de l"enseigne dont la banqueroute a été annoncée au LSE, place ou ses comptes dépositaires sont établis, précise encore l"Agefi.
09/01/2009

France - Madoff : Allianz pourrait indemniser ses clients victimes

Selon La Tribune, «Allianz lancera très prochainement une procédure de conciliation à l’amiable, à travers sa filiale de gestion d’actifs Allianz Alternative Asset Management (AAAm), avec les porteurs de parts des fonds exposés à la fraude Madoff», ce qui profitera aux clients des fonds AGF Tresodyn et WFinance Capital +. Toutefois, AAAm souhaiterait que soit établi un plafond au-delà duquel il ne remboursera pas le porteur de parts, ce qui fait l"objet d"un débat entre la compagnie et les conseillers en gestion de patrimoine qui ont commercialisé ces produits.
09/01/2009

Europe - Madoff : HSBC et UBS en ligne de mire

La fraude Madoff pourrait coûter au moins 1,6 milliard à HSBC et 1,4 milliard à UBS, les banques dépositaires de certains fonds investis chez le gérant américain, rapporte Il Sole ? 24 Ore du 9 janvier. Ces montants représentent l"exposition de chaque banque. HSBC et UBS constituent des cibles très appétissantes pour les avocats des gérants et investisseurs victimes de Madoff, conscients du fait que ni les liquidateurs de Madoff ni les fonds qui l"alimentaient n"ont aujourd"hui la solidité financière pour rembourser toutes les pertes, commente le quotidien italien.
09/01/2009

United Kingdom - Good results for BC Partners

The Frankfurter Allgemeine Zeitung reports that Stefan Zuschke, head of BC Partners for Germany, has announced that business in the portfolio of the British private equity investment firm earned an EBITDA margin in 2008 of 8.5%, and that the only problem case is the London-based broker and realtor Foxton, which represents only 1% of the firm’s total investments. BC Partners has no financing problems either, and its 120 fund lessors have honoured their deadlines in the past two acquisitions. BC Partners is not planning to launch any new funds until next year.
09/01/2009

United States - Lehman's private equity division to spin off

According to sources close to the firm, the private equity division of Lehman Brothers, Lehman Brothers Merchant Banking, will become an independent firm with a portfolio of USD4.5bn invested in a dozen companies, the Wall Street Journal reports. Lehman will retain a large interest in the new affiliate, in which the South African billionaire Johann Rupert (president of Richemont) will invest USD250m via his Luxembourg investment vehicle Reinet Investments SCA.
09/01/2009

World - Activist investors take on publicly traded management firms

Rab Captial, New Star Asset Management, Man Group, Marwyn Value Investors, Fortress, Citadel and Boussard & Gavaudan may be the next targets of activist hedge funds, since their share prices have fallen in the past few weeks, Il Sole- 24 Ore predicts on 9 January. These publicly traded management firms make ideal targets, since the difference between their capitalisation and their assets can easily be calculated, the Italian newspaper adds.
09/01/2009

Europe - Madoff: HSBC and UBS in the firing line

The Madoff fraud scandal may cost HSBC at least EUR1.6bn, and UBS as much as EUR1.4bn, as they were the depositary banks for some funds invested in the US giant, Il Sole - 24 Ore reports on 9 January. These amounts represent each bank’s exposure. HSBC and UBS make attractive targets for lawyers representing managers and investors who lost money in the Madoff fraud, who are aware that neither Madoff’s liquidators, nor the funds which fed into Madoff, now have sufficient financial solidity to pay off all the losses, the Italian newspaper remarks.
09/01/2009

United Kingdom - Tudor reimburses investors sooner than expected

Tudor BVI, the flagship hedge fund from Tudor Investment, which suspended redemptions at the end of November, will redeem a part of investors’ money to those who request it at the end of January, two months earlier than expected, the fund has announced in a letter to clients, obtained by the Financial Times. The redemptions represent a sum of USD1.4bn, out of total assets of USD10bn.
09/01/2009

United Kingdom - SFO launches Madoff investigation

The British Serious Fraud Office announced on Thursday that it has opened a major investigation into fraud by Bernard Madoff, after receiving a preliminary report from Grant Thornton, the Financial Times reports. The SFO will focus particularly on the activities of Madoff’s British firm.
09/01/2009

United States - Madoff had signed cheques for USD173m

The United States federal prosecutor’s office has announced that investigators who searched the office of Bernard Madoff after his arrest on 11 December found about 100 signed cheques representing a total of more than USD173m, the Wall Street Journal reports. The revelation comes as the court hears a motion to remove the suspect from house arrest and return him to full incarceration. The cheques were ready to be sent out.
09/01/2009

United Kingdom - Madoff ordered USD150m transfer

Bernard Madoff ordered his UK company to transfer about USD150m to his US firm just weeks before he confessed to running a fraud scheme, two former employees of Madoff Securities International said, according to the Financial Times. Mr Madoff explained that he was nervous about sterling.
09/01/2009

Italy - Outflows from management firms

In its 9 January issue, Il Sole - 24 Ore reports on EUR140bn in outflows from mutual funds on sale in Italy in 2008. The daily newspaper states that the leading management firm in the sector, Intesa Sanpaolo, saw net redemptions of EUR33bn in the 12-month period, while Pioneer Investments (UniCredit) saw outflows of EUR32.8bn. Other management firms which have lost assets are Banco Popolare (-EUR9.2bn), Crédit Agricole A.M. (-EUR8bn), Arca (-EUR5.8bn), Mps (-EUR5.5bn) and Ubi (-EUR5.1bn). Firms which posted positive net inflows are rare: Mediolanum (EUR891m), Generali (EUR242m), State Street Global investors (EUR280m), Banca Finnat Euroamerica (EUR273m), Agora, Pfm, and Rothschild.
09/01/2009

Italy - Outflows of EUR140bn from funds in 2008

In 2008, mutual funds on sale in Italy underwent net redemptions of EUR140bn, according to statistics from Assogestioni (the Italian association of management professionals). In 2007, these funds saw outflows of EUR50bn, in an atmosphere of skepticism about these products on the part of investors. The financial crisis has only aggravated the situation. Assets fell to a total of EUR409bn at the end of December.The category of funds which suffered most in 2008 was bond mutual funds, which saw outflows of EUR66bn, bringing total assets in these funds to EUR160bn. Equities mutual funds were not spared, with EUR29bn in net redemptions, bringing total assets to EUR70bn. Hedge funds saw net outflows of EUR8bn in the 12-month period, bringing assets to EUR21.5bn. In the month of December alone, this category lost slightly over EUR2bn, following a similar level of outflows in November.In December, net outflows represented slightly less than EUR9bn (nearly the same amount as in November), and aside from hedge funds, primarily affected bond funds (EUR2.8bn) and money market funds (EUR2.1bn).
09/01/2009

France - Patrick Savadoux joins Mandarine Gestion

Patrick Savadoux has joined Mandarine Gestion, the asset management company launched nearly a year ago by Marc Renaud, as a shareholder and equities manager. He will develop the firm’s product range in SRI (socially responsible investment), his area of expertise. Savadoux spent 15 years at Natixis Asset Management as a senior European equities portfolio manager and head of the SRI unit. In November 2007, he left the firm along with Stéphane Prévost to create La Financière Responsable, an asset management company specialised in SRI and partly owned by La Française des Placements. He left that firm one year later to pursue a project outside of finance, which was not ultimately successful.Savadoux’s first fund at Mandarine Gestion will be launched in January. It will invest in Euro zone equities following an SRI approach developed by the manager over the course of his career. The manager will rely on Vigeo, and is hoping to subsequently establish internal SRI research resources. Other products may follow, including thematic or solidaristic SRI funds.With the new addition, Mandarine increases its team of specialised managers and its product offerings, which already include value management, convertible bond management, and French equities management. The firm manages assets of EUR300m.
09/01/2009

Switzerland - Valiant BP changes its CEO and becomes sole shareholder in Investas

Martin Gafner, a representative on the board of directors and chief executive officer at Investas AG, will on 15 March become CEO of Valiant Banque Privée. He will replace Marco Durrer, who is leaving Valiant ?by mutual agreement,? as is board member Thomas Lötscher. As a part of the reshuffle, the independent consulting and wealth management firm Investas (350 clients, CHF400m in assets under management) will become a wholly-owned subsidiary of Valiant Banque Privée, though it will retain its name.
09/01/2009

Switzerland - Syz bank affected by Madoff fraud

Le Temps reports that the private bank Syz & Co had acquired shares in the Irish-registered Sicav Thema International Fund, one of the vehicles linked to the New York fraudster Bernard Madoff, on behalf of its clients. ?Syz & Co had invested several tens of millions of francs in the fund for clients of its centralised management unit,? the newspaper reports. The private bank had informed its clients, whom it is planning to reimburse, Le Temps states.
09/01/2009

Middle East - Dubai and Sharia Capital launch Shariah Hedge Fund Index

The Dubai Multi Commodities Centre Authority and Shariah Capital have launched the Dubai Shariah Hedge Fund Index, which they call the first globally recognised index to include exclusively hedge funds which comply with Shariah law, Hedge Week reports. The product replicates the performance of the evenly-weighted fund of funds DSAM Kauthar Commodity Fund, and will be calculated and published by Thomson Reuters.
09/01/2009

United States - Stuart Davies appointed CIO of Ramius Fund of Funds

The Ramius Fund of Funds group has appointed Stuart Davies as managing director and chief investment officer, effective 20 January 2009, Hedge Week reports. He will also be a member of the investment management committee at the group. He replaces Thomas W. Strauss, who will remain as CEO of the Ramius Fund of Funds Group and also a member of the board. Davies previously held a similar position at Ivy Asset Management in New York.
09/01/2009

Europe - Managers will lock funds

Managers will toughen the liquidity terms of their new products, but promoters are likely to remain flexible to keep up with competition, Ignites Europe estimates on 8 January. ?This phenomenon has already begun for funds of hedge funds, but it will increasingly affect real estate funds, credit funds, and others,? says Aymeric Poizot, an analyst at Fitch Ratings.
09/01/2009

United States - Nasdaq launches indices of companies receiving government assistance

Nasdaq OMX Group Inc. is launching a range of trading and investment products which focus on companies receiving government support during the financial crisis, the Wall Street Journal reports. The first product in the range is the Government Relief Index (GRI), which will track shares in 24 companies which have received more than USD1bn each in aid from the Troubled Asset Relief Program (TARP) or other assistance mechanisms. The index will measure the perormance of these companies and the effectiveness of the aid plan.
09/01/2009

United Kingdom - Henderson closes a fund

FinancialNews Online reports on 8 January that Henderson Global Investors has closed the activist fund which it launched two years ago, following the departure of its manager, John Havranek, for Hermes.
09/01/2009

Germany - MPC Capital to lay off 15% of its staff

Axel Schroeder, chairman of the board at MPC Capital, has announced that the wealth management and closed fund management firm will lay off 55 employees out of a total of 300, in order to achieve a configuration that will allow the firm to become profitable on net subscriptions which are limited to only EUR300m. Currently, the business is set up to handle more than EUR1bn in net inflows. MPC Capital revised its projections for net inflows in 2008 less than two months ago, down to EUR600m from EUR1.1bn (see Newsmanagers of 19 November).The cost reduction plan will also include other measures which will be announced in mid-February. The objective is to save EUR10m this year.
09/01/2009

Austria - UIRE acquires an office building in Vienna

Germany’s Union Investment Real Estate (UIRE) has announced that it has acquired the ?green? office building Solaris in Vienna (about 9,000 square metres) from S+B Gruppe, though it has not disclosed the purchase price. The property, completed in September 2008, will be added to the portfolio of the open-ended real estate fund UniImmo: Deutschland. The property is already 90% leased, and the vendor will provide a three-year guarantee on rental of the remaining space.UIRE has recently announced the acquisition of another property for UniImmo: Deutschland (see Newsmanagers of 6 January), in Madrid.
09/01/2009

World - United Nations pension fund enters alternative investment

The United Nations Joint Staff Pension Fund (UNJSPF) has launched a call for tenders to select a consultant for investments in funds of hedge funds and private equity. IPE reports that it is also seeking experienced managers in the area of alternative and bond investments. Meanwhile, the fund is also planning to enlarge its real estate portfolio to include infrastructure, agricultural land and forests.The UN pension fund, whose assets total about USD30bn, is also seeking a single master record keeper to replace the current global custodian, and who would also assume centralised control of reporting and administration, while cooperating with several regional custodians recruited within a number of separate mandates.
09/01/2009

United States - Dan Sontag takes over as head of wealth management at Merrill

An internal email addressed to employees by John Thain, former CEO of Merrill Lynch, which has been obtained by Dow Jones, confirms that Dan Sontag, head of American Wealth Management, has been appointed as expected as head of the global wealth management group, replacing Robert McCann, who has resigned. Sontag thus becomes head of a brokerage division that employs 16,850.
09/01/2009

Germany - ETF-Dachfonds from Veritas tops EUR100m

Veritas Investment announced on Thursday that its ETF fund ETF-Dachsfonds, launched in April 2007 (see Newsmanagers of 20 March 2007) has over EUR100m in assets as of the beginning of this year, thanks to net subscriptions of EUR45m in the month of December alone. The product, which was launched at a time when Veritas was owned by Boursorama (Société Générale group), and which is still managed by Markus Kaiser, posts performance since its launch of 5.4%; in 2008, the fund earned 0.7%.

Sujets d'actualité

Tous les sujets