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16/09/2013
Fonds

Baupost va reverser une partie des encours aux investisseurs

Le hedge fund américain Baupost Group a annoncé qu’il reverserait une partie de ses encours aux investisseurs à la fin de l’année, selon Institutional Investor Alpha. Le montant distribué n’a pas été dévoilé. A fin 2012, le hedge funds, 7e plus grand de ce type, totalisait des encours sous gestion de 26,7 milliards de dollars. Ces encours seraient devenus trop importants pour assurer une gestion idéale du fonds. Baupost s’est fixé comme objectif de ne pas dépasser les 25 milliards de dollars d’actifs sous gestion.
Fonds
16/09/2013
Fonds

Les actifs de Trian Partners dépassent 7 milliards de dollars

Le hedge fund activiste Trian Partners a dépassé la barre des 7 milliards de dollars d’actifs sous gestion, indique Institutional Investor Alpha. Ces encours s’affichent en hausse de 11 % depuis le niveau enregistré au premier juillet (6,3 milliards de dollars). Une grande partie de la croissance des encours serait le résultat de bonnes performances. Les fonds ont gagné 24 % sur les huit premiers mois de l’année.
Fonds
16/09/2013

Amundi prêt à des acquisitions dans les ETF

Amundi est disposé à envisager des opportunités d’acquisition en vue de devenir l’un des trois fournisseurs d’ETF en Europe, rapporte le Financial Times fund management. Des rumeurs indiquaient d’ailleurs récemment que le groupe était intéressé par Lyxor."Nous envisagerions avec force de participer à tout processus de concentration dans le secteur européen des ETF», indique Valérie Baudson, managing director de l’activité ETF et fonds indiciels d’Amundi (50 milliards de dollars). «La taille est importante dans le secteur des ETF (…). Nous avons pour ambition de devenir plus gros», ajoute-t-elle.
16/09/2013

Atos annonce le remboursement anticipé des OCEANEs 2009 et des rachats d'actions

Atos SE a décidé de procéder au remboursement anticipé de la totalité des OCEANEs émises en 2009 et à échéance au 1er janvier 2016, selon un communiqué publié le 16 septembre. Un avis en ce sens, figurant en annexe, sera publié au Journal Officiel et au Bulletin des Annonces Légales Obligatoires le 18 septembre prochain.Les porteurs d’OCEANEs 2009 auront l’option de convertir leurs instruments en actions Atos SE à raison de 1,03 action Atos SE pour une OCEANE 2009 présentée, ou de bénéficier d’un remboursement en numéraire sur la base d’un montant de 47,08708 euros par OCEANE 2009 au plus tard le 9 octobre 2013.Dans l’hypothèse où la totalité des porteurs choisiraient l’option de conversion, le nombre d’actions nouvellement créées serait de 5,6 millions. La situation de trésorerie nette au bilan du Groupe serait alors augmentée d’un montant de 230 millions d’euros. Dans ce contexte, le Conseil d’Administration a décidé, en vertu de l’autorisation donnée par l’Assemblée Générale Mixte d’Atos SE du 29 mai 2013, d’initier dans le même temps un programme de rachat d’actions Atos SE correspondant à la moitié de ce montant, soit 115 millions d’euros, qui sera lancé dans les prochains jours et réalisé au cours des six prochains mois. Le prix maximum et les autres modalités de ce programme seront conformes à la résolution approuvée par l’Assemblée Générale Mixte d’Atos SE du 29 mai 2013 et les opérations effectuées dans le cadre de ce programme feront l’objet d’une communication régulière au marché, conformément à la réglementation en vigueur.Les actions ainsi rachetées ont vocation à être soit annulées, soit remises dans le cadre de la gestion d’autres instruments dilutifs.
16/09/2013
Fonds

Lyxor fait coter un nouvel ETF à Paris

NYSE Euronext annonce avoir admis à la négociation le 13 septembre un nouvel ETF d’obligations souveraines italiennes lancé par Lyxor sur la place de Paris. Cela porte à 560 le nombre d’ETF négociés sur les places européennes de NYSE Euronext, le total en comptant les notations secondaires atteignent les 650 unités.CaractéristiquesDénomination : LYXOR ETF MTSIT10Indice de référence : MTS 10Y Italy Government BondTaux de frais sur encours : 0,165 %
Fonds
16/09/2013

Mirabaud France recrute deux gérants privés à Paris

Mirabaud France a annoncé le 13 septembre l’arrivée de Cyril Lejeune et de William Chatin aux postes de gérants privés. Cyril Lejeune exerçait jusqu’alors la fonction de conseiller financier chez Merrill Lynch. William Chatin était banquier privé senior à la Banque de Gestion Privée Indosuez à Paris. Avant de rejoindre Mirabaud France en septembre 2013, Cyril Lejeune, 41 ans, était conseiller financier de grandes familles et entrepreneurs français chez Merrill Lynch depuis avril 2007. Auparavant, Cyril était à Londres chez Morgan Stanley pour travailler au renforcement de la présence de la société en France. Avant d’exercer le métier de banquier privé, il était entrepreneur dans l’internet. Cyril Lejeune est titulaire d’un Bachelor Degree of Arts in Business Administration de l’IFAM et d’un agrément de niveau 3 (derivative trading) délivré par le « the Securities & Investment Institute of London ». Avant d’intégrer l’équipe de Mirabaud France en août 2013, William Chatin, 40 ans, était banquier privé senior chez Banque de Gestion Privée Indosuez, de 2008 à 2013. Il a débuté sa carrière chez L’Oréal en Allemagne en qualité de contrôleur de gestion et a fait ses premières armes dans la gestion privée en 2002, en intégrant AGF Assurfinance en qualité de conseiller en gestion de Patrimoine. Il a poursuivi sa carrière de 2004 à 2008 chez Cyrus Conseil en tant que consultant patrimonial senior.
16/09/2013

Citi administre plus de 500 milliards de dollars en alternatif

Mike Sleightholme, global head of hedge fund services, et Joe Patellaro, global head of private equity services, ont indiqué dans un communiqué commun que Citi a désormais franchi la barre de 500 milliards de dollars d’encours alternatifs, dont 300 milliards pour les hedge funds et 200 milliards pour le private equity, rapporte HedgeWeek.
16/09/2013

"L'Europe constitue un axe majeur de développement"

Le patron d'Ignis Asset Management, Chris Samuel, dresse pour Newsmanagers, le bilan d'un peu plus de quatre années à la tête de la société de gestion. Après une réorganisation en profondeur, il estime disposer de tous les atouts pour faire d'Ignis un acteur majeur de la gestion d'actifs assurantielle, et tout particulièrement pour compte de tiers. Dans cette perspective, l'Europe, dont la France, constitue une terre de développement privilégiée.
16/09/2013

Un ancien de SEB rejoint Deutsche Bank

Après plus de dix ans passés chez SEB, Tomas Rosengren part chez Deutsche Bank où il rejoindra l’équipe de hedge funds basée à Londres, selon les informations de Realtid.se. Chez SEB, l’intéressé s’occupait des ventes de hedge funds depuis 2006.
16/09/2013
Fonds

Recul de 0,32% en août de l'indice Eurekahedge des hedge funds

L’indice Eurekahedge des hedge funds a terminé le mois d’août sur un recul de 0,32% alors que l’indice MSCI World subissait dans le même temps un reflux de 2,26%, selon Hedgeweek.Les différentes stratégies ont enregistré des trajectoires mitigées. Les stratégies event driven ont dégagé une performance de 0,95%, ce qui leur permet d’afficher une avance de 5,70% depuis le début de l’année. En revanche, les stratégies macro et CTA ont subi des pertes de respectivement 0,85% et 0,79%.
Fonds
16/09/2013

Credit Suisse vendrait sa banque privée en Allemagne

Selon Wirtschaftswoche, BNP Paribas et le Santander seraient sur les rangs pour acheter l’activité de banque privée du Credit Suisse en Allemagne que le groupe helvétique aurait mise en vente. Cela représente un réseau de neuf agences et un encours de 4-5 milliards d’euros.Les porte-parole de trois entités citées ont refusé de commenter.
16/09/2013

Credit Suisse perd un co-directeur de la gestion d'actifs

Selon Finews reprenant une information de Bloomberg, Gerhard Fusenig, un des co-directeurs de la gestion d’actifs de Credit Suisse, va quitter l’entreprise. L’homme de 49 ans souhaiterait passer plus de temps avec sa famille, précise le quotidien. L’intéressé compte rester encore quelques semaines à son poste afin de faire la transition. Ses responsabilités seront partagées entre Michael Strobaek, l’autre co-directeur de l’asset management, et Bob Jain, responsable de la gestion alternative.
16/09/2013

Lyxor lists new ETF in Paris

NYSE Euronext has announced that on 13 September it admitted a new ETF of Italian governmentbonds launched by Lyxor for trading on the Paris stock market. This brings the number of ETFs traded on the European markets of NYSE Euronext to 560, while the total including secondary listings comes to 650. Characteristics Name: LYXOR ETF MTSIT10 Benchmark index: MTS 10Y Italy Government Bond Total expense ratio: 0.165%
16/09/2013

Baupost to pay back some of its assets to investors

The US hedge fund Baupost group has announced that it will be paying back some of its assets to investors at the end of the year, according to Institutional Investor Alpha. The amount to be paid out has not been disclosed. As of the end of 2012, the hedge fund, the 7th-largest of its type, had total assets under management of USD26.7bn. These assets are said to have become too large to ensure ideal management of the fund. Baupost has set itself the objective of not exceeding USD25bn in assets under management.
16/09/2013

Credit Suisse to sell its private banking operation in Germany

According to Wirtschaftswoche, BNP Paribas and Santander are in the running to acquire the private banking activity of Credit Suisse in Germany, which the Swiss group is reported to have put up for sale. That would represent a network of nine branches, with assets of EUR4-5bn.Spokespersons for the three entities cited refused to comment.
16/09/2013

Eurekahedge HF index down 0.32% in August

The Eurekahedge hedge fund index has finished the month of August with a decline of 0.32%, at a time when the MSCI world index has seen a fall of 2.26%, according to Hedgeweek. The various strategies have shown mixed trajectories. Event-driven strategies have earned returns of 0.95%, which have allowed them to post gains of 5.70% since the beginning of the year. However, macro and CTA strategies have seen losses of 0.85% and 0.79%, respectively.
16/09/2013

Hedge funds turn to psychological software to boost returns

Were you alone in a small office after breakfast, or in an open space with a hangover when you made this brilliant trade? These questions are being asked by some major hedge funds, which are turning to psychology to plumb the souls of the best managers and boost performance and profits, the Financial Times reports. Man Group is one companies which adopted a software program very early on which seeks to create the perfect environment to help fund managers work at their best. The software package, designed by Clare Flynn Levy, a star fund manager at Morgan Grenfell, allows manages to save various information, ranging from the time at which a transaction was made to the mood of the person. The technology, which will be launched this week, was designed by Essentia Analytics.
16/09/2013

Institutional demand boosts German asset management firms

In the first seven months of the year, net subscriptions to asset management firms affiliated with the German BVI association of asset management firms totalled EUR58.99bn, compared with EUR14.66bn in January-July 2012. This time once again, institutional demand dominated, with a net inflow of EUR42.1bn, comapred with EUR36.72bn for the corresponding period of last year, while net inflows from open-ended funds had doubled to EUR16.02bn from EUR8bn. Mandates excluding funds produced EUR872.1m, compared with EUR70.5m in net redemptions in January-July last year.The BVI also reports that between the end of 2005 and the end of June 2013, the market share for the top four managers of open-ended securities funds (DeAWM, Deka, Union and Allianz Global Investors) had fallen, from 74% to 68%, while the market share for the top four actors in institutional management (Allianz AM, Deka, Union and DeAWM) had increased, from 38% to 53%.For open-ended securities funds in July, Allianz, shows net inflows of EUR4.75bn, and DWS has posted inflows of EUR3.02bn, while Union shows net outflows of EUR2.12bn, and Deka has seen net redemptions of EuR1.39bn.
16/09/2013

MSCI offers EM index of non-BRIC countries

With the MSCI EM Beyond BRIC, MSCI has launched a new emerging market index which covers 17 countries, but excludes the BRIC countries (Brazil, Russia, India and China), which currently represent over 40% of the MSCI Emerging Markets index. The new product was developed at the request of clients, and may be used for fnancial supports such as ETFs or structured products.In order to diversify the index, MSCI has decided to limit the allocation to Taiwan and South Korea to 15%, which gives more weight to smaller emerging markets such as Thailand, Malaysia and Indonesia.Backtesting reveals that the new index would have outperformed the MSCI Emerging Markets index since 1999, with annualised gross performance in US dollars of 12%, compared with 11.1%. Between 1999 and 2007, it would have lagged 2.1 percentage points behind, with 18%, compared with 20.1%, but since 2007, the new index would have earned annualised returns of 2.85%, at a time when the Emerging Markets index lost 2.1%.Weightings as of 31 July 2013:South Africa: 15.78%Chile: 3.90%Colombia: 2.76%South Korea: 15.03%Egypt: 0.58%Hungary: 0.50%Indonesia: 6.59%Malaysia: 8.92%Morocco: 0.18%Mexico: 12.45%Peru: 0.98%Philippines: 2.42%Poland: 3.72%Czech Republic: 0.54%Taiwan: 15.33%Thailand: 6.11%Turkey: 4.22%
16/09/2013

Former SEB trader joins Deutsche Bank

After more than 10 years at SEB, Tomas Rosengren is leaving for Deutsche Bank, where he will join the hedge fund team based in London, according to reports from Realtid.se. At SEB, Rosengren had worked in hedge fund sales since 2006.
16/09/2013

Lyxor releases its European Senior Debt fund in Spain

Funds People has announced that Lyxor Asset Management has launched its European senior debt fud aimed at insurers (see Newsmanagers of 23 May). Assets in the fund already total EUR325m. The average duration totals between 6 and 8 years.
16/09/2013

Fonditel simplifies absolute return range

The pension fund management firm for Telefónica, Fonditel, has applied for permission from the CNMV to absorb two of its absolute return funds, Octopus and Velociraptor, into a third, Smart Beta, Funds People reports.If the planned operation receives approval from the Spanish regulator, the absolute return range from Fonditel will include only two products thereafter, the Smart Beta and Albatross, with the former pursuing an absolute return objective and a volatility objective, and the latter being a “pure” absolute return fund.
16/09/2013

Six foreign hedge fund companies authorised to raise money in China

Six hedge fud companies will be granted the first licenses ever to raise mone from institutions in China for investment abroad, the Financial Times report. The Chinese government has awarded a global quota of USD300m, which will be divided evenly between Canyon Partners, Citadel, Man Group, Oaktree, Och-Ziff and Winton Capital. Each one will be allowed to raise up to USD50m, according to sources close to the programme.
16/09/2013

FCA fines Axa over EUR2m

The British Financial Conduct Authority, responsible for overseeing financial institutions in the United Kingdom, has fined Ax GBP1.8bn (EUR2.14bn) for providing misleading advice to thousands of individual investors.The British affiliate of the wealth management and insurance group sold about 37,000 investment products, with a total value of GBP440m, to 26,000 clients, many of whom were elderly and retired persons without financial experience. The total losses which resulted or which could have resulted have not yet been determined.Some advice provided by heads at AXA between 15 September 2010 and 30 April 2012 had “serious shortcomings,” the FCA says in a statement.Advisers did not fully explain he risks associated with these stock market investments, or the potential impact of management fees on the expected returns, it explains. They also did not verify whether the clients concerned were in a postion to support the potential losses financially.
16/09/2013

UCITS funds post inflows of EUR36bn in July

UCITS registered a turnaround in net flows in July to record net inflows of EUR 36 billion compared to net outflows of EUR 65 billion in June, according to the European Fund and Asset Management Association (EFAMA). This positive result can be attributed to all fund categories recording net inflows in July.Long-term UCITS (UCITS excluding money market funds) registered net inflows of EUR 35 billion, up from net outflows of EUR 25 billion in June. Net sales of bond funds returned to positive territory registering net inflows of EUR 6 billion, compared to net outflows of EUR 18 billion in June. Net sales of equity funds totalled EUR 14 billion, compared to net outflows of EUR 9 billion in June. Net sales of balanced funds increased to EUR 9 billion in July from break-even point a month earlier. Money market funds registered net inflows in July of EUR 1 billion, representing a significant reversal in flows after recording net outflows of EUR 40 billion in June. Total net assets of UCITS stood at EUR 6,666 billion at end July 2013, representing a 1.6 percent increase during the month. Total net assets of non-UCITS also increased in July by 1.3 percent to stand at EUR 2,675 billion at month end.
16/09/2013

Lyxor collects EUR225m from institutionals for senior guaranteed loans fund

Lyxor Asset Management has announced that it has posted subscriptions of EUR225m from major European insurance groups for its new fund to invet in senior guranteed loans. The Lyxor European Senior Debt Fund will invest primarily in senior guaranteed loans at variable rates denominated in euros, issued by businesses to finance their acquisitions or growth. The product is the result of the absorption of Egret by Lyxor earlier in 2013. Lyxor has assets under management of over EUR800m in CLOs, funds and mandates invested in debt.
16/09/2013

Inflows to equity funds on the rise

With fears of an imminent US strike on Syria receding and positive GDP numbers coming in from all corners of the globe, flows into equity funds rebounded during the second week of September to their highest level since mid-July.Equity funds collectively absorbed USD14.38 billion during the week ending September 11, according to statistics released by EPFR Global. Europe equity funds posted their second biggest inflow year-to-date.Bond Funds recorded net redemptions of USD3.54 billion, while money market funds took in USD7.5 billion.
16/09/2013

China opens up to hedge funds

Chinese regulators have awarded a quota of USD300m to a total of six alternative asset management firms as part of its Qualified Domestic Limited Partner (QDLP) programme, which is expected to have a total volume of USD5bn, the news agency Reuters reports, citing information in the 21st Century Business Herald. The six companies concerned are Man Group, Winton Capital Management, Oak Tree, Citadel, Och-Ziff Capital Management and Canyon Partners. Each firm has received a quota of USD50m.
16/09/2013

Credit Suisse loses co-head of asset management

According to Finews, relaying reports in Bloomberg, Gerhard Fusenig, one of the co-heads of asset management at Credit Suisse, will be leaving the business. The 49-year-old businessman would like to spend more time with his family, the newspaper says. Fusenig plans to remain in his position for a few more weeks in order to ensure a smooth transition. His responsibilities will be distributed between Michael Strobaek, the other co-head of asset management, and Bob Jain, head of alternative management.
16/09/2013

JP Morgan sets aside a further USD4bn for risk management

JPMorgan Chase, which was severely affected last year by the “whale of London” scandal, is planning to set aside USD4bn more, and mobilise a further 5,000 employees to settle questions concerning risk management and regulations, as the bank is subject to multiple investigations, the Wall Street Journal writes, citing sources familiar with the matter. This sum includes USD2.5bn placed in provisions for legal costs in second half, according to the financial newspaper, which also observes that the teams responsible for risk controlling will be increased by 30%. The banking group had announced on Monday that it had mobilized an additional 3,000 employees for controlling functions, and a source close to the situation has told Reuters that 2,000 more employees, who are present in the group’s various activities, will also work on regulatory questions.

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