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22/10/2012

Satisfactory quarter for Gottex

Assets that generate commissions at the Swiss wealth management firm Gottex at the end of September totalled USD7.56bn, up 2% compared with the end of second quarter 2012, according to a statement released on 19 October. Net inflows totalled USD635m, including those of the Chinese firm Penjing Asset Management, the acquisition of which was finalised on 9 August this year. The contribution of Penjing AM to the portfolio of Gottex in third quarter totalled USD390m. Assets under management at Gottex Fund Management in third quarter totalled USD6.16bn, up 8.5% compared with 30 June. Assets at Luma Gottex Solutions Services, for their part, were down 20% in third quarter, to USD1.40bn. According to Joachim Gottschalk, chairman and CEO of Gottex, cited in a statement, it was mostly intervention by central banks which favoured the markets in third quarter. This situation resulted in an increase in revenues to hedge funds, but uncertainties in Europe persist and continue to orient liquidity flows.
22/10/2012

Falcon Private Bank forms a partnership with Tocqueville Finance

The Swiss firm Falcon Private Bank has outsourced the management of its gold-mining equity funds to the New York specialist Tocqueville Finance, Agefi Switzerland reports. During a recent examination of the possibilities to set up a UCITS structure, Falcon Private Bank opted for an external solutions with the asset management firm John Hathaway of Tocqueville and his team.
22/10/2012

EFG International completes reshuffle

EFG International has announced in a statement that its stake in EFG Financial Products has decreased from 58% to about 25% as part of the latter’s IPO. As a result, the solvency ratio or pro forma total capital BRI ratio for EFG International will incease to about 17% the firm says. If the greenshoe option is fully exercised, EFG International’s stake will fall further, to about 20%. The reorganisation process at EFG International is now complete, and the performance realised in third quarter 2012 has been “overall in line with those in the first half of the year,” a statement says.
22/10/2012

Credit Suisse reshuffles external manager department

Markus Angst, previously managing director of “external managers” at Credit Suisse, has left the firm, finews.ch reports. His departure comes at a time of reorganization for the operation. From January, the global external asset managers (EAM) department of Credit Suisse, led by Daniel Renner, will be divided into two units. “EAM Switzerland German Speaking” will be led by Peter Vogt, currently head of the North-East region of Switzerland. The EAM Switzerland Basel, French-speaking and Ticino team will be led by Mark Hollenstein.
22/10/2012

Banque Syz plans to grow in Asia

The Swiss Banque Syz has scaled up its teams in Asia to develop its base among institutional investors in Hong Kong, Singapore, South Korea, Australia and Japan, Asian Investor reports. The Swiss bank is also in the process of recruiting senior investment professionals for both equities and bonds, for its Hong Kong office. Assets under management at Banque Syz total about USD26bn, of which only USD800m to USD1bn originate from Asia.
22/10/2012

Europe may ban bailouts of money market funds

The European Systemic Risk Board is reported to be in the process of studying a controversial plan to forbid money market fund managers from bailing out investors if their funds suffer losses, Financial Times Fund Management reveals. Only two money market funds have lost investors’ money. But, according to Moody’s, 62 money market funds were bailed out by their sponsors or parent companies during the financial crisis, at a cost of at least USD12.1bn.
22/10/2012

Northill acquires a majority stake in Riverbridge

For an undisclosed amount, the London-based Northill Capital will be acquiring 58% of capital in the US asset management firm Riverbridge Partners, via its US affiliate Northill US Holdings Inc., representing all shares held by the former partners in the firm, and slightly under 50% of the shares held by the management team led by the founder and president Mark Thompson.Riverbridge, founded in 1987 in Minneapolis, has assets of about USD4bn in US equity portfolios of all cap sizes (growth style), for institutional and high net worth retail investors. The management team will remain in place following the acquisition, and the members of the management team at Northill will join the board of Riverbridge without any current directors leaving the board.
22/10/2012

Uniqa recruits a German as head of asset management

Arnd Münker, head of strategic asset allocation/asset liability management international operations at the primary insurer Ergo (Munich Re group) in Düsseldorf since 2003, was appointed at the beginning of October as member of the executive board at Uniqa Finanz-Service GmbH. The position makes him the new head of asset management for the Austrian insurance group.The other two members of the executive board remain Andreas Bertl and Franz Hagmann. The new arrival will report to Hannes Bogner, chief financial officer (CFO) on the board of the Uniqa group.
22/10/2012

Wisdom Tree to liquidate three ETFs

The New York firm Wisdom Tree, which has about USD16.9bn in assets under management in 49 ETFs, has announced that its board of directors on 17 October decided to liquidate the ETF WisdomTree LargeCap Growth Fund (USD14.3bn, acronym ROI), the WisdomTree Dreyfus South African Rand Fund (USD4.5bn, SZR), and the WisdomTree Dreyfus Japanese Yen Fund (USD6.6m, JYF). The funds represent only 0.15% of total assets in Wisdom Tree ETFs.The three ETFs will cease to be listed on NYSE Arca on 3 December, and liquidation will occur on 10 December.
22/10/2012

Finance professors prefer equities

The behaviour of 1,368 professors of finance at universities in the United States has been studied by three US university professors, and compared with that of the general population (Survey of Consumer Finance from the Fed), in a study published in the Financial Analysts Journal entitled “Do Finance Professors Invest Like Everyone Else?” The study finds that the individuals in the sample on average have a greater tendency to invest in equities, and that they are less subject to behavioural bias, since their decision not to buy equities is based neither on the outcome of their past investments nor on short-term market expectations.
22/10/2012

Appaloosa and Marathon critical of American Airlines chief

The two hedge fund managers Appaloosa Management and Marathon Asset Management, which own about USD800m in bonds from American Airlines, have criticised the attitude of CEO Tom Horton. In a letter to him, they accuse him of lacking transparency in negotiations to pull the parent company, AMR, out of chapter 11 bankruptcy protection, and of negotiating exclusively with a group of bond holders chosen by himself (including Pentwater Capital Management, Litespeed Management and J.P. Morgan Securities).Appaloosa and Marathon are also critical of the choice by AMR directors to continue to operate American without merging with US Airways.
22/10/2012

Golden Tree to acquire one third of Bawag

Pending approval from the Austrian regulator FMA, the US hedge fund manager Golden Tree is planning to acquire 33% of the Bawag bank, a majority of which is controlled by the private equity investor Cerberus, Handelsblatt reports. After the transaction, which will result in an increase of EUR200m in owners’ equity for the firm, Cerberus will control 55% of Bawag, and Golden Gree will hold 33%, while the remainder will be distributed between a few minority shareholders.
22/10/2012

First State loses its head of fixed income

Murray Collins has left First State Investments in Hong Kong, where he was head of the Asian bond unit, Asian Investor reports. The identity of his potential successor has not been announced. After 15 years at First State, Collins is reported to have decided to join a rival firm.
22/10/2012

Departure from Assogestioni

Vincenzo Galimi is leaving his position as director of sales and institutional affairs at the Italian asset management association, Assogestioni, to take on new responsibilities in the financial sector. Jean-Luc Gatti, head of the press, will take over the organisation of the Savings Fair.
22/10/2012

UIRE invests in Finland

The German asset management firm Union Investment Real Estate (UIRE) has acquired the office building Alberga B (5,590 square metres), located in Espoo, near Helsinki, for EUR23.1m. The vendor is the developer NCC Property Development.The property, completed in September 2012, is already 70% leased, and will be added to the portfolio of the open-ended real estate portfolio UniImmo: Europa.This is the third acquisition for UIRE in Espoo: the Hamburg-based asset management firm in 2010 acquired the Alberga A property, which will be added to the institutional real estate fund UniInstitutional European Real Estate fund, and the office property under construction Eventes Business Garden, which when completed will be added to the portfolio of the open-ended real estate fund UniImmo: Deutschland.Open-ended real estate funds from UIRE have invested about EUR270m in Finland.
22/10/2012
Gestion d'actifs

La CNBF a repoussé la date de délibération sur l'appel d'offres des 8 gestionnaires d'actifs

Selon nos informations, la CNBF tiendra une dernière réunion le 26 octobre en vue de choisir le nom des 8 lauréats sur l’appel d’offres portant sur des mandats de 50 à 400 millions d’euros : 3 gérants d’obligations diversifiées Zone OCDE afin d’améliorer le rendement de la gestion adossée au passif de la CNBF. Le montant global du mandat est estimé à 350 millions d’euros environ. 1 gérant d’actions de la zone EUR afin d’améliorer le rendement de la gestion adossée au passif de la CNBF. Le montant global du mandat est estimé à 50 millions d’euros environ. 3 gérants d’OPCVM toutes classes d’actifs (actions, obligations, diversifié, performance absolue, alternatif), afin d’améliorer le rendement de la gestion adossée au passif de la CNBF. Le montant global du mandat est estimé à 400 millions d’euros environ. 1 gérant d’adossement dont l’objectif sera de constituer et gérer un portefeuille composé d’OAT zéro coupon détenus dans une optique de portage. Le montant global du mandat est estimé à 250 millions d’euros environ.
Gestion d'actifs
19/10/2012

L'AFT adjugera entre 5,8 et 7 milliards d’euros de BTF lundi

L’Agence France Trésor a annoncé l’adjudication, le lundi 22 octobre, d’un montant global compris entre 5,8 et 7,0 milliards d’euros de bons du Trésor (BTF). Cette opération portera sur des montants compris entre 3,4 et 3,8 milliards d’euros de bons à 12 semaines qui arriveront à échéance le 17 janvier 2013, entre 1,4 et 1,8 milliard d’euros de bons à 25 semaines à échéance du 18 avril 2013, et entre 1 et 1,4 milliard d’euros de bons à 51 semaines à échéance du 17 octobre 2013.
19/10/2012

Baisse des rendements à 10 ans italien et espagnol

Les rendements italien et espagnol à 10 ans sont en nette baisse vendredi, en raison de la forte demande suscitée par des émissions d’obligations indexées italiennes. Le rendement du 10 ans italien a touché un plus bas de sept mois et demi de 4,72% et le rendement du 10 ans espagnol a inscrit un plus bas de six mois et demi de 5,31%. L’Italie a émis pour 18 milliards d’euros de BTP jeudi, un montant sans précédent.
19/10/2012

Les gérants de fonds ISF s'affaiblissent

Les montants collectés des FIP et des FCPI auprès des particuliers soumis à l’impôt de solidarité sur la fortune ont reculé de 20% en 2012. Les associations professionnelles s’inquiètent également de la baisse du montant moyen levé, qui menace la viabilité des équipes de gestion.
19/10/2012

China Investment Corp se tourne vers le Canada

Le fonds souverain chinois CIC serait intéressé par les ressources canadiennes ainsi que par des investissements en infrastructures dans le pays, indique le China Securities Journal qui cite le dirigeant canadien du fonds, Felix Chee. « Les investissements doivent être réalisés au bon moment, au bon prix pour les meilleurs actifs » précise-t-il ainsi. CIC détient déjà 17% de Teck Resources.
19/10/2012

Tensions croissantes entre les Etats-Unis et la Chine

Une série de blocages de fusions et acquisitions entre des sociétés chinoises et américaines, dont la dernière étant la cession avortée de Hawker Beechcraft à une société chinoise pour des raisons de « sécurité nationale », jetterait de l’huile sur le feu des relations commerciales déjà extrêmement tendues entre la première et la deuxième puissance mondiale, selon le journal.
19/10/2012

La BoE toujours incertaine

Dans un entretien accordéau journal, David Miles, membre du comité de politique monétaire (MPC) de la Banque d’Angleterre (BoE), indique que l’économie britannique «n’est pas dans un état aussi bon que ce que j’avais espéré il y a environ un an». Et d’ajouter que si le MPC estime à sa prochaine réunion que l’inflation sera sous les 2%, «alors ce sera une raison de pratiquer une politique monétaire plus accommodante».
19/10/2012

La supervision intégrée achoppe toujours

Le sommet a prévu une année pour fixer les capacités de supervision de la BCE et laissé en suspens la rétroactivité de l’intervention du MES dans la recapitalisation des banques espagnoles.

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