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02/09/2010

Mitsubishi UFJ buys 33% of SYWG BNP Paribas

Pending the approval of the Chinese regulatory authorities (CSRC), the Japanese firm Mitsubishi UFJ will acquire 33% of the joint venture SYWG BNP Paribas, for a total of USD50m, from the Caijing agency.Consulting firm Z-Ben says that the deal has the primary advantage that it will bring BNP Paribas into full compliance with Chinese regulations that forbid foreign firms from having more than one local joint venture, after the sale of its 49% stake in ABN Amro Teda to Manulife last November. The French group may now concentrate on the development of the former Fortis Haitong, which has recently been renamed HFT Fund Management.The valuation of SYWG BNP Paribas was complicated by erratic fluctuations in asset levels, which increased from CNY13bn at the end of June 2009 to CNY24bn at the end of December (due to money market funds), and then fell back to CNY10.4bn as of the end of June 2010.
02/09/2010

Aberdeen not interested in direct alternative management

With the acquisition of the multi-management activities of the Royal Bank of Scotland earlier this year, Aberdeen Asset Management has set foot in the field of alternative management, via funds of hedge funds. Martin Gilbert, CEO of the Scottish asset management firm, says this is good, as investors want this type of management. But, he says, Aberdeen has no plans to move into direct alternative management, “as that would not align with out culture and our remuneration system based on team spirit.” In terms of acquisitions, Gilbert, who was in Paris on Wednesday, says the company is taking a break at the moment, after a relatively intense period. “We have a sufficiently large size – EUR200.9bn – and we are present in all the asset classes we want to be in,” he explains. This less aggressive attitude is also partly dictated by a regulatory environment which has changed very much recently, he adds. The Aberdeen CEO has called off plans for an acquisition in the United States, which had been a project for several years. But he now says that Aberdeen mostly needs to strengthen its capacities in distribution in North America, and not in management. The firm now estimates that it has everything which American investors need. Including international equities and emerging markets.
02/09/2010

A departure from Gartmore

Gervais Williams, head of British small businesses at Gartmore, for the Gartmore Fledgling, Growth Opportunities, Irish Growth investment and Gartmore UK & Irish Smaller Companies Oeic trusts, has left the company, the website fundstrategy reported on Wednesday, 1 September. Williams is reaplced by Adam McConkey.
02/09/2010

F&C completes acquisition of Thames River

F&C Asset Management plc, the London Stock Exchange listed asset management group, has completed its acquisition of Thames River Capital. Following completion of the transaction, F&C has further strengthened its executive committee with two appointments. Charlie Porter, founder and chief executive of Thames River, joins the F&C executive committee with overall responsibility for the F&C group’s retail and wholesale fund business. In the enlarged group Thames River will focus on distribution to IFAs and wealth managers and F&C will concentrate on institutional distribution. Jeremy Charles, chief operating officer of Thames River, has also been appointed to the F&C executive committee with immediate effect. While remaining COO of Thames River Capital he has been given a group-wide brief, reporting to Alain Grisay, F&C’s Chief Executive, to implement changes to the enlarged group’s business model, with the objective of creating greater flexibility in its cost structure and to improve overall efficiency.
02/09/2010

Manny Roman becomes COO of Man Group

At an extraordinary shareholders’ meeting on Wednesday morning, which voted 91.3% in favour of the acquisition of GLG Partners, Man Group Plc announced the appointment of Emmanuel (Manny) Roman to the newly-created position of chief operating officer, once the acquisition has been completed. He will also continue to serve as co-CEO of GLG Partners, with Noam Gottesman. Pierre Lagrange will remain senior managing director of GLG, in charge of investment and European long/short equity strategy. Gottesman will be head of global opportunity strategy for GLG. All three will report to Peter Clarke, CEO of Man.
02/09/2010

Singapore sovereign fund gets involved in Indian real estate

Asian Investor reports that the Singapore sovereign fund GIC (Government of Singapore Investment Corporation) has recruited Kishore Gotety, previously of RREEF (Deutsche Bank) as country head for Indian real estate. The sovereign fund declined to comment on the appointment. Last year, the fund did announce its intention to increase its allocation to real estate. Assets under management at GIC total over USD100bn.
02/09/2010

Bloxham launches an absolute return fund

fundstrategy reports that the Irish firm Bloxham, a specialist in brokerage and wealth management, will launch an absolute return fund in UCITS III format, with the objective of earning returns of 8% to 10% per year. The Bloxham Midas global absolute fund will include 25 to 40 long and short positions. It will use the firm’s proprietary Midas analysis technique, which covers more than 2,000 shares and sectors worldwide. The fund, which will be launched in October, will be managed by a team of four people, led by Kevin McConnell, who is also director of strategy at Bloxham. Management fees are 1.5% per year for retail shares, with a performance commission of 10%.
02/09/2010

Schroders recruits for institutional sales in Spain and Portugal

The UK asset management firm Schroders on Wednesday announced the recruitment of Mario Pires, ex-head of sales for Portugal at Deutsche Asset Management Spain, as a member of its Iberian team (Spain and Portugal), led by Carla Bergareche. He will be based in Madrid, and will cooperate closely with Pedro Assis, deputy managing director of Schroders for Spain and Portugal, to develop the institutional client base in the two countries. It is a newly-created position, by which Schroders hopes to strengthen this distribution channel.
02/09/2010

Over 800 PRI signatories

According to the most recent available figures, the number of signatories to the United Nations Principles for Responsible Investment (UNPRI) now come to over 800, more precisely 808, nearly 60 of whom are in France.The PRI program was launched in April 2006. In the space of four years, the Principles have become an increasingly widely regarded standard of reference for investors.
02/09/2010

New head of corporate bonds at RBS Germany

The Royal Bank of Scotland (RBS) has announced the appointment of Matthias Minor as its new head of corporate debt capital markets (DCM) Germany. He succeeds Roland Plan, who was head of DCM activities for Europe, including Germany, and who has been appointed country head of RBS for Switzerland. Minor, who joined RBS in 2002, will now report to Matt Carter, head of the origination team for investment grade European bonds.
02/09/2010

OMAM recruits a manager and an analyst

Old Mutual Asset Managers (OMAM) has announced the recruitment of Christine Johnson, a senior bond manager at Halbis Capital Management (HSBC group). She will collaborate with Stewart Cowley, head of fixed income, on several portfolios, and will take over from him as manager of the Dynamic Bond Fund (GBP30m in assets). OMAM also states that in May it recruited Bastian Wagner as a high-yield credit analyst. He previously held a similar position at Eaton Vance Management International.
02/09/2010

La supertaxe sur les bonus est un échec

Alistair Darling, l’ancien ministre des Finances travailliste du Royaume-Uni, a reconnu mercredi que la supertaxe sur les bonus des banquiers n’avait pas permis de modifier les comportements du secteur en matière de rémunérations, rapporte le Financial Times. Il estime peu probable que la taxe soit reconduite par le nouveau gouvernement de coalition.
02/09/2010

Altum releases Plenum Maritime Fund

Financial intermediary Altum Capital, based in Wiesbaden, on Wednesday announced the launch of the first sectoral fund on the German market to invest in shares in maritime transport companies. The product is entitled Plenum Maritime Fund, and will be managed by Plenum Investments (CHF1.2bn in assets). The manager, Håkon Håland, will select 30 to 40 positions from a universe of 500 commercial maritime transport firms, in all segments of the maritime transport and offshore industries. The accumulation fund is denominated in Euros, with daily liquidity, and will pay a quarterly coupon. Sales in Germany will be undertaken exclusively by Altum Capital. Characteristics Name: Plenum Maritime FundIsin : LI113842289Benchmark : Mar iXFront-end fee: Maximum 4.25% + 0.75% placement feeManagement commission: 1.75%Performance commission: 15% with high watermarkMinimal subscription: EUR1,000
02/09/2010

Former manager charged with insider trading

A former hedge fund manager, Stephen Goldfield, was charged by the Securities and Exchange Commission with making a USD14m profit based on inside information allegedly passed to him by a friend James Self ahead of the takeover of MedImmune by AstraZeneca, says the Financial Times. Mr Self agreed to pay a fine of USD50,000. Mr Goldfield consented to an order to repay the USD14m profits plus USD2.7m interest, all but USD600,000 of which was waived in view of his sworn statements about his financial status.
02/09/2010

European Community considers financial sector tax

Taxation of the financial sector, including a potential tax on financial transactions, could raise tens of billions of Euros in added revenues, Agefi reports. The European Commission (EC) is successively examining taxation of banking activities, including new taxes already imposed in France, Italy, the Netherlands, and the United Kingdom, and taxes on financial transactions which European countries are not willing to commit to unilaterally. The EC says revenues from a banking tax would total EUR26bn per year for the 27 EU countries, with the widest application (taxation of all profits and remunerations). A tax on transactions would raise much larger sums than a banking tax, but Brussels admits that it is also more difficult to put in place, the newspaper notes. Revenues would vary from EUR145bn to EUR172bn per year, depending on the range of application (equities, bonds, derivatives). London would account for most of the revenues (over 70%).
02/09/2010

Taxable profits at Hargreaves Lansdown up 18%

In the 12 months to the end of June, taxable profits at the British firm Hargreaves Lansdown rose 18%, to GBP86.3m, from GBP73.1m in the previous period. Net inflows increased 65% in the period, to GBP3.3bn. Assets under administration increased 47% to GBP17.5bn.
02/09/2010

Allianz RCM preparing a Brazil fund

With the recruitment of Carlos de Leon as portfolio manager, Allianz RCM is preparing to launch an OEIC Brazil fund in October, which will be co-managed by the Latin America specialist at Harbert Management Corporation, with Michael Konstantinov, CIO of Allianz RCM for global emerging markets, Investment Week reports. The fund may invest up to 30% of its assets in Latin American firms which earn a significant proportion of their earnings and profits in Brazil. Allianz RCM has also repositioned its Philippines fund, transforming it into an emerging Asia fund which will also absorb the Malaysia and Singapore funds.
02/09/2010

Dexia AM launches a Euro zone govies fund

The management firm Dexia Asset Management is extending its range of bond products, with the Dexia Bonds Euro Government Top Rated fund, which will invest in Euro zone government bonds rated at least AAA by the three major ratings agencies (S&P, Moody’s, and Fitch), with the objective of outperforming the iBoxx Euro Sovereign AAA index by 50 basis points, with a tracking error of 1%. The management will combine fundamental qualitative and quantitative approaches. The Luxembourg-registered fund is available in five share classes, with total management commissions raning from 0.15% for V-class shares to 1% for N-class shares.
02/09/2010

MGPA achète 140 magasins auprès d'Aldi Süd

Le discompteur allemand Aldi Süd a vendu pour un montant non divulgué les murs de 140 magasins au fonds MGPA Europe Fund III. Une partie de ces magasins, qui seront tous gérés par le fonds, sera relouée à Aldi Süd.MGPA, un capital-investisseur spécialiste de l’immobilier détenu par son management et le groupe Macquarie, a l’intention d’investir en Allemagne jusqu'à 200 millions d’euros. Selon les proches du dossier, ce serait en fait à peu près le montant de la transaction avec Aldi Süd.L’encours de MGPA est supérieur à 10 milliards de dollars, dont 1,3 milliard pour le MGPA Europe Fund III.
02/09/2010

Andrea Bauer prendra la tête de LBB-Invest

Landesbank Berlin Investment GmbH (LBB-Invest) a annoncé mercredi la nomination avec effet immédiat d’Andrea Daniela Bauer comme membre du comité exécutif.Depuis 2006, l’intéressée était à la tête de la division activités de marché de la Landesbank Berlin.Elle remplacera en décembre Joachim F. Mädler à la tête du comité exécutif. Le sortant demeure conseiller de LBB-Invest, mais il prend sa retraite.Les deux autres membres du comité exécutif sont Andreas Heß et Dyrk Vieten.
02/09/2010
Fonds

Altum distribue le Plenum Maritime Fund

L’intermédiaire financier Altum Capital de Wiesbaden a annoncé mercredi le lancement du premier fonds sectoriel sur le marché allemand à investir dans les actions des sociétés de transport maritime, le Plenum Maritime Fund, géré par le suisse Plenum Investments (1,2 milliard de francs suisses d’encours).Le gérant Håkon Håland sélectionne entre 30 et 40 lignes sur un univers de 500 sociétés du transport maritime commercial, de tous les segments du transport maritime et de l’industrie de l’offshore. Il s’agit d’un fonds en euros par capitalisation avec une liquidité quotidienne et des versements de coupon trimestriels. L’exclusivité de la commercialisation en Allemagne a été accordée à Altum Capital.CaractéristiquesDénomination : Plenum Maritime FundCode isin : LI113842289Indice de référence Mar iX Droit d’entrée : maximum 4,25 % + 0,75 % de placement feeCommission de gestion : 1,75 %Commission de performance : 15 %, avec high watermarkSouscription minimale : 1.000 euros
Fonds
02/09/2010

Un nouveau patron pour les obligations d'entreprise chez RBS Allemagne

La Royal Bank of Scotland (RBS) a annoncé la nomination de Matthias Minor comme nouveau responsable de son activité obligations d’entreprises en Allemagne (head of corporate debt capital markets (DCM) Germany). Il succède à Roland Plan, qui était responsable de l’activité DCM pour l’Europe et donc l’Allemagne, mais qui vient d'être nommé country head de RBS pour la Suisse.Matthias Minor, qui a rejoint RBS en 2002, est désormais subordonné à Matt Carter, qui dirige l'équipe origination pour les obligations investment grade européennes.
02/09/2010

Nouveau départ de chez Arques

Deux jours après l’annonce du départ de l’ancien président du directoire Hans Gisbert Ulmke (lire notre article du 30 août), le capital-investisseur Arques Industries a notifié mercredi dans un communiqué boursier que Michael Hütten, membre du directoire, a décidé en accord avec le conseil de surveillance de démissionner avec effet immédiat.Le conseil de surveillance a pour sa part nommé Maik Brockmann membre du directoire. L’intéressé est entré chez Arques en 2006. C’est un expert du financement et de la restructuration des entreprises.
02/09/2010

Southeastern AM franchit le seuil des 5 % chez Hochtief

Le groupe de construction allemand Hochtief a annoncé mercredi dans un communiqué boursier que Southeastern Asset Management de Memphis (environ 5 milliards de dollars d’encours) lui a notifié le 30 août avoir franchi la barre des 5 % de son capital et d’en détenir 5,19 % depuis le 26 août. Auparavant, le gestionnaire américain détenait un peu plus de 3 % de Hochtief.
01/09/2010

Les profits semestriels du CAC 40 ont presque doublé

Selon Les Echos, les données compilées par Ricol Lasteyrie montrent que les entreprises du CAC 40 ont quasiment doublé leurs bénéfices sur les six premiers mois de l’année à 41,6 milliards d’euros. Une belle croissance, qui est toutefois à tempérer par la faiblesse de la base de comparaison du premier semestre 2009, au plus fort de la crise. Les sociétés ont cherché à se désendetter et à se constituer un trésor de guerre, qu’elles commencent à utiliser pour des opérations de croissance externe.
01/09/2010

Olympia CM reprend les fonds alternatifs de Sal. Oppenheim (France)

Le gestionnaire alternatif indépendant Olympia Capital Management a annoncé le 31 août qu’il reprenait la gestion des fonds alternatifs de Sal. Oppenheim (France), et notamment la gamme Altipro, des FCP de droit français. L’opération, qui a été approuvée par l’AMF le 23 août 2010, permet à Olympia CM d’enrichir son offre de fonds de droit français et peut-être aussi de se ménager une porte d’entrée de premier choix sur le marché allemand.Selon le président du groupe Olympia, Laurent Dupeyron, « cette opération contribue à la stratégie de développement du groupe et vient enrichir notre offre en gestion alternative. Nous sommes ravis de pouvoir intégrer, entre autres actifs, ces quatre fonds de droit français dans notre gamme à un moment où nos clients nous demandent plus de transparence et de règlementation. Nous sommes également fiers d’avoir été choisis comme les plus aptes à gérer ces fonds dans le meilleur intérêt des clients. Nous continuerons à explorer ce type d’opportunités de consolidation lorsqu’elles se présenteront. »Au 30 juin dernier, les actifs sous gestion d’Olympia Capital Management s'élevaient à 2,2 milliards de dollars.
01/09/2010

Un nouveau directeur arrive chez Rothschild Patrimoine

Xavier de Laforcade est nommé à compter de ce jour, 1er septembre, directeur, responsable de la gestion financière de Rothschild Patrimoine, département de gestion privée de Rothschild & Cie Gestion. Agé de 36 ans, l’impétrant était depuis 2005 responsable du pôle de gestion sous mandat « Grands Clients » et gérant de portefeuilles « Clientèle Privée Grands Clients » chez Neuflize OBC Investissement (ABN Amro).
01/09/2010
Fonds

Fondations Capital s'intéresse à la presse

Le fonds de capital investissement Fondations Capital, créé en 2008 par trois anciens associés d’Eurazeo (Xavier Marin, Philippe Renaud et Jean-Marc Prunet), regarde actuellement le dossier du quotidien Le Parisien-Aujourd’hui en France, rapporte L’Agefi qui cite l’Express.Le Groupe Orange ferait également son entrée au capital. La famille Amaury qui détient le quotidien espèrerait retirer 200 millions d’euros de cette cession, précise le quotidien électronique.
Fonds

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