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22/11/2010

Assya Capital et Global Equities fusionnent

Assya Capital et Global Equities ont parachevé leur rapprochement et créé une nouvelle entité, Assya Compagnie financière. Thierry Leyne, fondateur d’Assya Capital, a été nommé président du conseil de surveillance de la nouvelle entité et Gilles Boyer, fondateur de Global Equities, président du directoire.
22/11/2010

S&P abaisse sa perspective pour la Nouvelle-Zélande à négative

L’agence de notation Standard & Poor a abaissé sa perspective sur la note souveraine néo-zélandaise de «stable» à «négative». Standard & Poor invoque pour justifier sa décision le creusement du déficit des paiements courants de la Nouvelle-Zélande et le risque crédit de son secteur bancaire.
22/11/2010

Moody’s envisage de dégrader la note de l’Irlande

Alors que les experts de l’UE et du FMI ont commencé lundi à Dublin à mettre au point les détails d’un vaste plan de sauvetage à l’Irlande, l’agence de notation Moody’s a jugé lundi que le plan de sauvetage UE/FMI destiné au pays aurait un impact négatif sur la note de Dublin, puisqu’il transférerait sur le secteur public le fardeau de la crise bancaire et creuserait la dette souveraine. «Une dégradation de plusieurs crans, qui laisserait la notation de la République (d’Irlande) en catégorie d’investissement, est désormais l’issue la plus probable de notre réexamen de la dette souveraine», note l’analyste Dietmar Hornung, dans un document de travail. A Londres, le ministre britannique des Finances, George Osborne, a indiqué que le Royaume-Uni allait fournir à l’Irlande un prêt bilatéral d’environ 7 milliards de livres, soit 8 milliards d’euros. La Suède, également non membre de la zone euro, envisage un prêt bilatéral de 530 millions à 1,06 milliard d’euros à l’Irlande. L’aide internationale à l’Irlande pourrait faire l’objet d’un premier versement en janvier, a déclaré lundi le président de l’Eurogroupe Jean-Claude Juncker, qui estime qu’elle ne devrait pas dépasser les 100 milliards d’euros. L’euro a réagi à la hausse, touchant un plus haut d’une semaine à 1,3786 dollar avant de retomber légèrement à 1,3742 dollar.
Photo: Bloomberg
22/11/2010

New York attorney general files suit against Steven Rattner

p { margin-bottom: 0.08in; } The Frankfurter Allgemeine Zeitung reports that Andrew Cuomo, the attorney general and future governor of New York, has filed a suit against Steven Rattner in the “pay-to-play” scandal involving the New York state pension fund. The suit accuses the “car czar” of receiving favours in exchange for ensuring mandates for his former management firm. Cuomo is seeking to get Rattner barred from the financial profession for life, and a fine of USD26m. Rattner has already reached an out-of-court settlement with the SEC, by the terms of which he agreed to a professional bar of 2 years and a fine of USD6.2m.
22/11/2010

Morgan Keenan sentenced by Finra

p { margin-bottom: 0.08in; } On 19 November, the Boca Raton panel of the Financial Industry Regulatory Authority (Finra) sentenced Morgan Keenan, an affiliate of Regions Financial Corp, to pay USD1.82m to Frank and Brenda Flautt, their foundation, and their businesses, the Wall Street Journal reports. The plaintiffs had invested in a bond fund sold by Morgan Keegan, which suffered very heavy losses in 2007 and 2008. They sued Morgan Keenan for breach of fiduciary duty, misrepresentation and selling unsuitable investments.
22/11/2010

SEC plans to more closely monitor investment advisers

SEC commissioners on 19 November adopted a proposal by four votes which tighten sthe regulatory framework for hedge funds and venture capital funds, a proposal (http://www.sec.gov/news/press/2010/2010-228.htm) which is now open for a market consultation for a period of 45 days. It is the regulator’s interpretation of the Dodd-Frank Wall Street Reform and Consumer Protection Act.Requirements to register with the SEC will be imposed on all funds, including private equity funds which were exonerated by the Dodd-Frank law, with assets of over USD100m (up from USD25m previously); in addition, the proposal eliminates the exemption which had applied to hedge funds. All investment advisors will be required to provide information to the regulatory about assets, investors, their auditor, their brokers, and other service providers.Funds which become subject to the registration requirement will be required to appoint a head of compliance, establish a code of compliance, and to undergo inspections by SEC personnel.This will also for the first time permit a clear survey of the sector, the regulator says.
22/11/2010

Former SocGen trader convicted of theft

p { margin-bottom: 0.08in; } A US District Court in Manhattan on 19 September found Samarth Agrawal guilty of theft of professional secrets and transportation of stolen property. Agrawal admitted to having stolen a code and a program for high frequency trading from Société Générale. He copied them in the hopes of selling them to a rival of the French bank before resigning in November 2009; he is now facing 46 to 57 months in prison. He has been incarcerated since his arrest. The verdict will be handed down in February 2011.
22/11/2010

Major enquiry into potential insider trading

p { margin-bottom: 0.08in; } The Wall Street Journal reports that the New York attorney general’s office, the FBI and the SEC are preparing a major investigation of a potential insider trading ring which may involve consultants, investment bankers, hedge fund and mutual fund managers, as well as analysts throughout the United States. In the vast majority of cases cited, businesses have declined to comment. Officials are also looking into the relationships between some professional firms which may have provided expert assistance to the financial industry. The newspaper names Primary Global Research, Goldman Sachs Broadband Research (whose head announced in a message to SAC Capital Advisors, Citadel AM, Janus Capital Group, Wellington Management and MFS Investment Management that his offices had been visited by two FBI officers seeking to use him as bait in a sting operation), and First New York Securities. The SEC has also issued requests for information about several transactions by Ziff Brothers, Jana Partners, TPG-Axon Capital Management, Jennison Associates (Prudential Financial), UBS Financial Services and Deutsche Bank, which also all refused to comment.
22/11/2010

FrontPoint Partners to close hedge fund investing in the health sector

p { margin-bottom: 0.08in; } La Tribune reports that the US asset management firm FrontPoint Partners will be closing its hedge fund investing in the health sector, with assets of USD1.5bn. The decision comes after Dr. Yves Benhamou, one of its portfolio managers, was accused of insider trading for disclosing information about results.
22/11/2010

Institutional share classes attracts a growing number of investors

p { margin-bottom: 0.08in; } In total, investors have withdrawn USD90bn from US equities funds since the beginning of 2009, according to Morningstar. However, the Wall Street Journal points out, this total is the result of two opposing trends. Investors withdrew over USD162bn from retail share classes, but net subscriptions for institutional shares, which are often held by 401(k) savings plans or fee-based brokerage accounts, represented USD72bn.
22/11/2010

Hedge fund created in Paris

p { margin-bottom: 0.08in; } The former economic adviser to Matignon, Alain Demarolle, who has spent three years in London at Eton Park, has chosen Paris as the site for the launch of his hedge fund specialised in European large caps, Agefi reports. The Luxembourg-registered Sicav, Alura Capital Partners, began operations in early October, with clients such as CNP Assurances, OFI AM and the Swiss private bank JP Hottinguer. It will aim for assets of EUR500m. Alura Capital is active in long/short and event-driven strategies, which the firm is hoping to sell to US investors, though its clients are evenly divided between France and the rest of Europe. The fund has monthly liquidity, the newspaper reports. Its investment horizon is about 6 months, with leverage limited to a maximum of 200%.
22/11/2010

Man launches an Italian asset management firm

The UK alternative management group Man has created an asset management firm in Italy, Man Investments SGR, to forge connections with local investors. The entity received a license from the Bank of Italy at the end of August 2010. It is located in Milan, on via Durini, is 100% owned by Man Group, and consists of a team of 5 people led by Michele Pacciana, deputy director and head of Man for Italy since the group began to serve the local market. The board of directors consists of Richard Gray and Serge Cadelli (of the Man group), and Francesco Di Carlo and Mario Notari, as independent administrators.Man has previously concentrated on institutional clients, which it had served primarily from London, providing custom offshore services and alternative solutions, including UCITS III-compliant funds, guaranteed capital funds, and Sicavs. Now, due to its physical presence, Man is hoping to cooperate with local financial institutions to offer its product range to private investors.Meanwhile, the fund management firm has extended its range in Italy, and now offers its UCITS III hedge funds and Italian-registered funds of funds, which remain the preferred vehicle of most investors. The range will be based largely on the Man managed accounts platform. The firm will also offer guaranteed capital products.
22/11/2010

Michael Mandel leaves comdirect for Commerzbank

p { margin-bottom: 0.08in; } Thorsten Reitmeyer on 1 December will take over as chairman of the board at comdirect bank. For the past four years, he was a member of the board at Commerzbank, in charge of wealth management. He replaces Michael Mandel, who has been appointed a board member at Commerzbank, in charge of retail clients, professionals, and wealth management. The new chairman of the supervisory board, effective immediately, is Martin Zielke, head of retail clients on the board at Commerzbank.
22/11/2010

Amundi Deutschland will focus on institutionals and distributors

At a presentation in Frankfurt to officially announce the merger of the activities of CAAM Deutschland and SGAM Deutschland, Hubert Dänner, CEO of Amundi Deutschland, announced that the new firm is planning to concentrate on institutional clients (pension funds, banks trading owners’ equity, businesses, and insurers) and distributors (funds of funds, wealth managers, platforms and private banks).The objective is to double assets in Germany and Austria in the next five years to EUR7bn, Amundi Deutschland will focus on absolute return products, emerging markets equities and bond funds, volatility, and European and global bonds.In 2011 and subsequent years, the German affiliate will concentrate on “absolute return 2.0” products, strategies with an asymmetrical risk profile and inflation strategies, both for developed and emerging markets.
22/11/2010

IndexIQ forms partnership with Rocaton

p { margin-bottom: 0.08in; } IndexIQ, a specialist in index-based hedge fund management, on 18 November announced that it has formed a strategic partnership with Rocaton Investment Advisors (USD270bn in assets advised), an independent consultant specialised in institutional clients. The two businesses are planning to develop and launch institutional investment solutions together and to distribute them widely, particularly to high net worth private clients. To support the cooperation, Rocaton has bought a minority stake in IndexIQ, of a size and amount which have not been disclosed.
22/11/2010

Westwood completes acquisition of McCarthy

p { margin-bottom: 0.08in; } On 19 November, Westwood Holdings Group (USD10.6bn) announced that it has completed its acqusition of McCarthy Group Advisors, or MGA (see Newsmangers of 23 September), which managed over USD1.1bn as of 30 September for high net worth clients and institutional investors. As planned, MGA becomes the Omaha branch of Westwood Trust (USD1.9bn). The McCarthy Multi-Cap Stock Fund (Usd64.5m) will be integrated with the range of five mutual funds sold by Westwood under the WHG brand, including the WHG LargeCap Value Fund, which came into the range throught eh acquisition of the Philadelphia Fund one year ago.
22/11/2010

Invesco loses a team from MSIM

p { margin-bottom: 0.08in; } Gregory Lai and five other members of his US large caps team, who were recruited by Morgan Stanley Investment Management (MSIM) on 1 May 2007, have left Invesco, which acquired MSIM, Mutual Fund Wire reports. The six people concerned are planning to bring back Affinity Investment Advisors, their original management firm before its acquisition by MSIM.
22/11/2010

Warren Buffett and John Paulson make opposite moves on financial sector

p { margin-bottom: 0.08in; } In the past quarter, Berkshire Hathaway, the firm controlled by Warren Buffett, once again increased its stake in Wells Fargo and for the first time declared a stake in BNY Mellon. It also increased its stake in Munich Re to over 10%, the Frankfurter Allgemeine Zeitung reports. However, the hedge fund management firm Paulson has liquidated its shares in Goldman Sachs, and reduced its stakes in Citigroup, Bank of America and J.P Morgan Chase.
22/11/2010

Lyxor recruits Robert Picard

On Friday, Lyxor Asset Management (Société Générale) announced the recruitment of Robert Picard as US head of managed account development. He will be based in New York, and will report to Lionel Erdely, CEO of Lyxor United States.Erdely, former CIO and head of hedge fund research at Optima Fund Management, was most recently senior adviser for the financial establishment solutions and restructuring team at Navigant Consulting.
22/11/2010

ETF price war spreads to Europe

p { margin-bottom: 0.08in; } DAB Bank has announced that its sales of savings plans in the form of shares in 59 db x-trackers ETFs have quadrupled since it began offering them with no commission, Financial Times FM reports. Deutsche Bank is financing the commission-free offerings from its brokerage affiliate MaxBlue and DAB-Bank by paying a share of the commission earned during the duration of the contract (5 years). The price war which is currently raging in the US ETF market is now spreading to Europe. In Germany, SBroker is offering ETF savings plans without commissions for 13 ETFlab ETF funds, and Commerzbank is preparing to do the same in early 2011 (with its ComStage ETFs). In the United Kingdom, Stocktrade (an affiliate of Brewin Dolphin) is in talks with three ETF promoters to launch commission-free savings plans in the near future.
22/11/2010

Turner changes head of sales

p { margin-bottom: 0.08in; } Jim Wiley, who was recruited in September as chief marketing officer, will now take over distribution for Turner Investment Partners, Mutual Fund Wire reports. The promotion comes as a result of the fact that Ed Kerpius, who was recruited two years ago from BostonCoach (Fidelity), has resigned, and will be leaving the business at the end of the year.
22/11/2010

Norges Bank owns 7.5% of BlackRock

p { margin-bottom: 0.08in; } The Norwegian central bank, Norges Bank, owns 7.5% of BlackRock, or 9.85 million shares, according to a document submitted to the Securities and Exchange Commission on Thursday. The announcement of the increased stake comes on the heels of a sale by Bank of America and PNC Financial Services Group of BlackRock shares.
22/11/2010

Trois nominations en Suisse et au Luxembourg chez Petercam

Selon L’Agefi suisse, Petercam a annoncé trois nominations au sein de Petercam Banque Privée Suisse et de Petercam Luxembourg dans le but de dynamiser la croissance de ses activités en Suisse et au Luxembourg. Cédric Roland-Gosselin rejoint Petercam Banque Privée Suisse en qualité de directeur général adjoint. Ghislain Nys est nommé membre de la direction de Petercam Luxembourg et Directeur responsable de la banque privée, plus spécifiquement en charge du développement commercial au Luxembourg. Bernard de Jonghe d’Ardoye rejoint le groupe en tant que Directeur de Petercam Luxembourg, responsable du développement des activités Estate Planning au Luxembourg.
22/11/2010

KTOs recrute chez Hathersage CM

Le gestionnaire alternatif nippon KTOs Capital Partners a recruté Bill Lipschutz chez Hathersage Capital Management pour gérer de New York un fonds devises qui sera lancé en décembre à destination des fonds de pension japonais, rapporte Hedge Week. L’objectif est de collecter 300 millions de dollars sur la première année.Le fonds se focalisera sur les monnaies du G-10.
22/11/2010

Turner change de directeur commercial

Jim Wiley, qui a été recruté en septembre comme chief marketing officer, va désormais prendre en charge la distribution de Turner Investment Partners, rapporte Mutual Fund Wire. Cette promotion tient au fait qu’Ed Kerpius, qui avait été recruté il y a deux ans chez BostonCoach (Fidelity), a démissionné et quittera l’entreprise à la fin de l’année.
22/11/2010

Norges Bank détient 7,5 % de BlackRock

La Banque centrale de Norvège, Norges Bank, détient 7,5 % de BlackRock, soit 9,85 millions d’actions, selon un document déposé auprès de la Securities and Exchange Commission jeudi. Cette montée au capital fait suite à la vente par Bank of America et PNC Financial Services Group d’actions BlackRock. Selon le Financial Times de lundi, le milliardaire mexicain Carlos Slim est aussi entré au capital de BlackRock, et détient 2 % des actions ordinaires.
22/11/2010

IndexIQ conclut un partenariat avec Rocaton

Spécialiste de l’investissement alternatif indiciel, IndexIQ a annoncé le 18 novembre avoir conclu un partenariat stratégique avec Rocaton Investment Advisors (270 milliards de dollars conseillés), un consultant indépendant spécialiste de la clientèle institutionnelle. Les deux entreprises ont l’intention de développer et de lancer ensemble des solutions d’investissement de qualité institutionnel et de les commercialiser largement, notamment auprès des particuliers haut de gamme.Afin d'étayer cette coopération, Rocaton a pris une participation minoritaire dont l’importance et le montant n’ont pas été divulgués.
22/11/2010

Invesco perd une équipe de MSIM

Gregory Lai et les cinq autres membres de son équipe grandes capitalisations américaines, qui avaient été recrutés par Morgan Stanley Investment Management (MSIM) le 1er mai 2007, ont quitté Invesco, qui a acheté MSIM, rapporte Mutual Fund Wire.Les six personnes concernées ont l’intention de ressusciter Affinity Investment Advisors, leur maison d’origine avant l’acquisition par MSIM.
22/11/2010

Westwood boucle l'acquisition de McCarthy

Le 19 novembre, Westwood Holdings Group (10,6 milliards de dollars) a annoncé avoir bouclé l’acquisition de McCarthy Group Advisors ou MGA (lire notre dépêche du 23 septembre) qui gérait plus de 1,1 milliard de dollars au 30 septembre pour des particuliers fortunés et des investisseurs institutionnels. Comme prévu, MGA devient la succursale d’Omaha de Westwood Trust (1,9 milliard de dollars).Le fonds McCarthy Multi-Cap Stock Fund (64,5 millions de dollars) sera intégré dans la gamme de cinq mutual funds commercialisés par Westwoood sous la marque WHG, dont le WHG largeCap Value Fund provenant de l’acquisition il y a un an de Philadelphia Fund.
22/11/2010

Gartmore fidélise John Bennett

Le gestionnaire britannique Gartmore, qui a annoncé son intention de distribuer 15 % de son capital aux gérants-clés suite au départ de Roger Guy, a offert plus de 9 millions d’actions à John Bennett en échange de la promesse qu’il restera trois ans ; il assumera la responsabilité de tous les fonds Europe (lire notre article du 9 novembre), rapporte Investment Week. Sa participation passe de 0,68 % à 3,18 %.Le CEO Jeffrey Meyer et le directeur mondial de la distribution, Phil Wagstaff, se sont vu attribuer respectivement 3 millions et 2 millions d’actions, leur participation augmentant ainsi à 1,9 % et 0,83 %.

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