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01/08/2011

Amundi London diversifies its product range, following departure of Bruno Crastes

Slightly one year after the departure of Bruno Crastes, CEO of Amundi London, the leitmotif for his successor, Laurent Crosnier, is to enrich the product range, Agefi reports. Firstly, the value at risk (VaR) fund investment strategy, which the firm had been best known for, has been altered: stricter limits for concentrations of risk have been established, and the investment horizon has been shortened. But above all, «Amundi London’s vocation is to manage global portfolios over all asset classes. Some expertise which had driven the performance of absolute return products has been gradually extended to the whole product range,» says Crosnier, including currencies, international equities, emerging markets bonds, CTA, and international corporate bonds. The construction of a global high yield product range is under consideration: to date, management of high yield bonds at Amundi has been based in Paris, and limited to the euro zone.
01/08/2011

Schroders adds to sales team in Frankfurt

The British management firm Schroders has announced the recruitment of Daniela Euchner as a sales assistant for sales of open-ended funds in Germany. She will support the sales team in southern Germany, based in Frankfurt, and will report to Melanie Stahl, director of sales at Schroder Investment GmbH in Germany. Euchner was previously a Key Account Manager at Hartford Life Limited.
01/08/2011

Dirk Tödte leaves Amundi for Allianz Global Investors

Das Investment reports that Dirk Tödte is leaving his job as director of sales at Amundi Germany, a position that he had held for only nine months, to join Allianz Global Investors. He will be in charge of distribution channels and initiatives throughout Europe.
01/08/2011

French regulators issue warning over iForex

Agefi reports that the ACP and the AMF have “invite[d] investors not to respond to solicitations that they may receive from the iForex company.” The Hungarian-registered company has had its license suspended by its local authority for six months from 7 July, for reception, transmission or execution of orders and management of portfolios for third parties.
01/08/2011

Former SAC manager gets prison sentence

Donald Longueuil, a former hedge fund manager at SAC Capital Advisors, was Friday sentenced to 2 1/2 years in prison following an investigation into expert networks, which brought individuals with privileged information about businesses into contact with investors who paid them commissions. Longueuil pleaded guilty to insider trading charges he faced, the Wall Street Journal reports. He was secretly recorded while telling about how he had destroyed documents containing information obtained from well-informed sources.
01/08/2011

Madoff: USD1bn more for victims

Irving Picard, the court-appointed trustee for the management firm operated by the convicted fraudster Bernard Madoff (Bernard L. Madoff Investment Securities), has announced that he has reached an out-of-court settlement with Tremont Group, the second-largest feeder fund for the pyramid fraud scheme, an article in Les Echos reports. The 20 entities named in the suit, filed in December 2010, will pay over USD1bn.
01/08/2011

US government reaches deal on debt limit

Barack Obama announced on Sunday night that Democrats and Republicans leaders had reached an agreement on a plan to raise the US government’s borrowing limit, avoiding the danger of a US default, Reuters reports. The agreement, which still has to be passed by both houses of the US Congress, involves a cut of about USD1trn in public spending over ten years. A special joint Congressional committee will determine means to reduce the Federal deficit by at least USD1.5trn more.
01/08/2011

TA Associates becomes majority shareholder in French boutique

Negotiations between the business bank Gruppo Banca Leonardo and the private equity fund TA Associates to sell a majority stake in the French asset management firm DNCA Finance, reported by Newsmanagers on 17 May, have now been finalised. TA Associates has acquired the majority stake in the Italian bank, for an undisclosed amount. Banca Leonardo retains a 10% stake in the capital of DNCA Finance. Meanwhile, the direction of the asset management boutique, which will continue to be led by executive chairman Joseph Chatel and CEO Jean-Charles Mériaux, will increase its own stake in the firm to 40%. Christopher Parkin, director of TA Associates, is joining the board of directors at DNCA Finance. The board will also gain Ajit Nedungadi, CEO of TA Associates in London. TA Associates has longstanding experience in investments in the capital of management firms. Over the past 15 years, the fund has invested in Affiliated Managers Group, AIM Management Group (Invesco), Evanston Capital Management, First Eagle Investment Management, Jupiter Fund Management, Conseillers K2, investisseurs Numérique, Money Management Stadion, and Thomson Advisory Group (Pimco).
01/08/2011

Pension funds are not making money on hedge fund performance

According to an analysis for the Financial Times, North American pension funds have not managed to capture the good returns of hedge funds, though they have poured increasing amounts of money into them. Between 2000 and 2008, US pension funds earned only 1.9% per year on average, after fees, from their investments in hedge funds, a research by Yale and Maastricht universities finds. Canadian pension funds made only 0.6% from hedge funds, in a period when the Canadian stock market gained an average of 2.9% each year. In the same period, hedge funds have earned annualised returns of 5%.
01/08/2011

Ronald Nagel appointed as head of Netherlands institutionals at JPMAM

Ronald Nagel is joining J.P. Morgan Asset Management as head of Netherlands institutional business on 1st July.Located in Amsterdam, Ronald Nagel will report functionally to Peter Schwicht, head of Central European institutional business, and locally to Benelux country head, Nicolas Deblauwe. Ronald Nagel joins J.P. Morgan Asset Management from AllianceBernstein where he was managing director – Benelux Institutions. As part of his responsibilities he will take over client relationships from Brian Strange, who will be retiring in 2012 after 7 years serving institutional clients in the Netherlands.
01/08/2011

Schroders renforce son équipe commerciale à Francfort

La société de gestion britannique Schroders annonce le recrutement de Daniela Euchner au poste d’assistante commerciale pour la vente des fonds offerts au public en Allemagne. Elle soutiendra l'équipe de vente d’Allemagne du Sud, basée à Francfort, et sera sous la direction de Melanie Stahl, directrice commerciale de Schroder Investment GmbH en Allemagne. La nouvelle recrue était auparavant Key Account Manager chez Hartford Life Limited.
01/08/2011

Dirk Tödte quitte Amundi pour Allianz Global Investors

Selon das investment, Dirk Tödte quitte son poste de directeur des ventes chez Amundi Allemagne, poste qu’il occupait depuis neuf mois seulement, pour rejoindre Allianz Global Investors. Il y sera responsable des canaux et des initiatives de distribution au niveau européen.
01/08/2011
Fonds

Nestor IM confie le fonds Nestor Euro Tec à TBF Global AM

Nestor Investment Management a choisi le gérant Peter Dreide de TBF Global Asset Management pour assurer la gestion de son fonds Nestor Euro Tec. Peter Dreide remplace à partir du mois d’août Guido Marveggio de Julius Baer, qui assurait jusqu’ici le pilotage du fonds, précise das investment.
Fonds
01/08/2011

Ronald Nagel nommé responsable des institutionnels néerlandais de JPMAM

J.P. Morgan Asset Management a nommé le 1er juillet Ronald Nagel en tant que responsable de l’activité institutionnelle aux Pays-Bas. Basé à Amsterdam, il est placé sous la responsabilité de Peter Schwicht, responsable de l’activité institutionnelle en Europe centrale et de Nicolas Deblauwe, le responsable du Benelux. Ronald Nagel vient d’AllianceBernstein où il était managing director, en charge des institutions au Benelux. Dans le cadre de ses fonctions, il reprendra les responsabilités de relations clients de Brian Strange qui prendra sa retraite en 2012.
01/08/2011

TA Associates devient l'actionnaire majoritaire de DNCA Finance

Annoncées par NewsManagers le 17 mai, les négociations entre la banque d’affaires Gruppo Banca Leonardo et le fonds de private equity TA Associates pour la cession de la participation majoritaire dans la société de gestion française DNCA Finance ont abouti. TA Associates a ainsi racheté à la banque italienne, pour un montant non divulgué, la majorité de cette participation. Banca Leonardo conserve 10 % du capital de DNCA Finance. Parallèlement, le management de la société de gestion, qui sera toujours dirigée par le président exécutif Joseph Chatel et le directeur général et CIO Jean-Charles Mériaux, augmente sa position dans le capital de sa société, qui passe à 40 %. Christopher Parkin, directeur de TA Associates, rejoint le conseil d’administration de DNCA Finance. Ce conseil accueillera également Ajit Nedungadi, directeur général de TA Associates à Londres.La société TA Associates a une longue expérience dans la prise de positions au capital de sociétés de gestion d’actifs. Depuis une quinzaine d’années, le fonds a notamment investi dans Affiliated Managers Group, AIM Management Group (Invesco), Evanston Capital Management, First Eagle Investment Management, Jupiter Fund Management, Conseillers K2, les investisseurs Numérique, Money Management Stadion et Thomson Advisory Group (Pimco).
01/08/2011

Nouveau problème technique chez Euronext

L’opérateur boursier a connu vendredi un nouveau «problème technique» qui a entraîné l’interruption du calcul des indices Euronext pendant plus d’une heure et demie. Le calcul des indices Euronext a été interrompu entre 15h24 et 17h08, l’opérateur précisant que leur calcul durant cette période ne serait pas rattrapé.
01/08/2011

iForex dans le collimateur des régulateurs

L’ACP et l’AMF ont indiqué «invite(r) les investisseurs à ne pas donner suite aux sollicitations éventuelles émanant de la société iForex», après que cette société de droit hongrois a vu son agrément suspendu pour six mois à compter du 7 juillet par son autorité locale pour ses services de réception, de transmission ou d’exécution d’ordres et de gestion de portefeuille pour compte de tiers. Des services proposés en France notamment aux particuliers pour intervenir sur le marché des changes.
01/08/2011

L'Espagne répond aux doutes du marché

L’exécutif espagnol promet de nouvelles mesures d'économies le 4 août et a avancé les élections législatives de mars 2012 à novembre 2011. Une forme de réponse aux doutes du marché sur la capacité de l’Espagne à tenir ses objectifs de croissance et de réduction du déficit, alors que Moody’s envisage de dégrader d’un cran la note du pays.
01/08/2011

L'économie américaine est en panne

En hausse de seulement 1,3% au deuxième trimestre, contre 1,8% attendu, la croissance du PIB américain a été révisée nettement à la baisse au premier trimestre de 1,9 à 0,4%. De quoi interpeller les autorités politiques et monétaires.
29/07/2011

Threadneedle preparing to launch a bond fund

Threadneedle is planning to launch the Threadneedle Global Opportunities Bond fund by the end of the quarter, Investment Week reports. Presently the product, which will be registered in Luxembourg, is in the licensing process. It will be managed by Jim Cielinski, head of fixed income. The fund will aim for absolute returns, and will invest in emerging or developed markets government bonds, investment grade corporate bonds, and high yield, asset backed securities currencies, and derivatives.
29/07/2011

Ghost of subprime haunts UBS

Le Temps reports that the US authorities have announced that they are filing charges against UBS in connection with its role in the subprime crisis. The Federal Housing Finance Agency (FHFA) accuses the US affiliates of the bank with supplying USD4.5bn in securities backed by poor quality real estate mortgages (subprime) to the para-public organisations Fannie Mae and Freddie Mac between 2005 and 2007.
29/07/2011

Future performance of a fund depends on the first six months of its life

Before investing in a new fund, investors would do well to observe the performance of the fund in the first six months of its life. According to a study by Dennehy Weller & Co, cited by Investment Week, a fund which has posted good performance in this period has an 84% chance of maintaining solid performance for the first three years. The opposite is also true: funds whose performance is mediocre in the first six months generally do not manage to reverse the trend in the following months.
29/07/2011

Legg Mason posts decline in assets

For the first quarter of its 2011-2012 fiscal year, ending on 30 June, the US asset management firm Legg Mason has announced net profits of USD60m, compared with USD69m in the previous quarter, and Usd47.9m in the first quarter of its 2010 fiscal year Compared with the previous quarter, assets under management are down 2%, to USD662.5bn, compared with USD677.6bn as of the end of March. Net redemptions of investments account for USD3.7bn of this decline, and largely affected equities products (-Usd5.8bn). Year on year, assets are up 3% (USD645.4bn as of the end of June 2010).
29/07/2011

MF Global recruits for Asian team

MF Global, the broker which one year ago launched asset management activities, has recruited a legal adviser for Asia Pacific. Christopher Moore will occupy the newly-created position. He previously served as managing director and special adviser to the CEO of Nomura Asia.

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