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20/04/2011
Fonds

Deka Immobilien achète un immeuble de Bristol à SEB AM

Pour 31 millions de livres, l’allemand Deka Immobilien a acheté l’immeuble de bureaux 2 Temple Back East de Bristol à un fonds institutionnel du gestionnaire allemand SEB Asset Management. Cet actif de 8.100 mètres carrés occupé entièrement par le cabinet d’avocats Osborne Clarke, est affecté au fonds dédié (Individualfonds) Deka-S-PropertyFund No. 2.
Fonds
20/04/2011

Les actifs de Hargreaves ont bondi de 34 % en un an

Les actifs sous administration ou sous gestion de Hargreaves Lansdown totalisaient 23,6 milliards de livres au 31 mars 2010, soit une progression de 6 % par rapport au 31 décembre 2010. Sur un an, la hausse représente 34 %.La valeur des actifs détenus par le biais de la plate-forme Vantage s’est accrue de 6 %, de 20,9 milliards de livres au 31 décembrre 2010 à 22,1 milliards de livres, sous le double effet d’une collecte nette de 1,1 milliard de livres et d’un effet marché positif de 100 millions de livres.
20/04/2011

Pictet AM hires a fund manager from Putnam

Pictet Asset Management, the institutional asset management business of the Swiss private bank Pictet & Cie, has announced the appointment of Avo Ora as senior investment manager in the Emerging Markets Equity team, responsible for the management of Asia ex-Japan regional portfolios. Avo Ora was previously at Putnam Investments, Boston, USA where he was a senior vice president with responsibility for Asia Pacific ex Japan strategies. He began his investment career in 1998 as an analyst.
20/04/2011

Fuanda granted an asset manager license

After BNY Mellon Western, Zheshang FMC, and UOB (Ping’an), Fuanda FMC, based in Shanghai, has become the fourth entity to obtain an asset management license in the past 12 months from the Chinese regulator, the CSRC. Z-Ben Advisors reports that Fuanda becomes the 67th management firm to obtain a license in China, and the 27th local company. Its shareholders are Nanjing Securities (49%), Jiangsu Communications Holdings (26%), and Nanjing New Town State-Owned Holdings (25%), and its capital totals CHY160m.Fuanda will launch its first fund by the end of this year.
20/04/2011

Syz & Co posts net inflows of EUR5.7bn in 2010

For 2010, the Swiss banking group Syz & Co has posted net inflows of CHF7.3bn, or EUR5.7bn. That represents 38% of assets under management as of the end of 2009.Assets increased by 30.3%, to CHF24.8bn, or EUR20bn, despite the strong Swiss franc.This increase in assets allowed for an increase in recurrent revenues, which offset a decline in performance fees, which were lower than in 2009 due to the more modest increases on the markets.Revenues thus held stable, and the gross margin for the group, i.e. the sum of operating revenues, came out to CHF284.9m as of the end of 2010, compared with CHF284.8m in 2009.In terms of costs, the Syz & Co group made major investments in 2010, firstly in personnel, but also in the acquisition of the Swiss institutional bond management activities of State Street Global Advisors in Zurich, and the development of activities in Spain. Total personnel increased from 376 to 432 employees as of the end of 2010, an increase of 15%, and total costs rose by 9.3%.As a result, the group finished its 2010 fiscal year with net profits of CHF75.3m, down from a total of CHF81.7m in 2009. The difference is largely due to the stronger Swiss franc, Syz & Co says.
20/04/2011

Schroders gets a banking license in Singapore

The monetary authority of Singapore has issued a banking license to Schroder & Co. (Asia) Limited, the local affiliate of the British firm Schroders, specialised in private banking. The firm, led by Khing Go, officially began its operations on 18 April.
20/04/2011

Madoff trustee submits a bill for USD44m

Irving Picard, the court-appointed trustee for the activities of Bernard Madoff, on Monday submitted a bill for USD43.8m to a US judge for the Baker Hostetler company and himself, for work completed in the past six months, the Financial Times reports. That brings total legal costs since the discovery of the fraud to USD179.7m. The costs are paid by the Securities Investor Protection Corp.
20/04/2011

Raiffeisen registers two funds in France

The Raiffeisen-Global-Fundamental-Rent fund, managed by the Austrian firm Raiffeisen Capital Management, is now available to French investors. The fund invests in bonds from all countries of the world whose fundamentals are very solid according to a valuation model developed internally at the asset management firm. The investment universe for the fund includes 36 countries, of which 34 are members of the OECD. For each bond issuer in the investment universe, a rating is calculated once per year on the basis of data from the previous calendar year. Admission to the portfolio is allowed for 18 countries with the best ratings, and eight issuers with the best improvement compared with the previous year. Raiffeisen Capital Management also registered the Raiffeisen 334- Total Return I fund in France at the end of March. The Raiffeisen 334- Total Return I is primarily invested in European equities, with a flexible approach to equity risk. Depending on risks perceived by the investment team, between 0% and 100% of the portfolio may be invested in equities, with the remainder invested in short-term securities.
20/04/2011

Assets at Goldman Sachs hold stable

In first quarter 2011, net profits at Goldman Sachs totalled Usd2.74bn, corresponding to USD1.56 per share, compared with USD3.79 per share in October-December, and USD5.59 per share in the corresponding period of last year.Earnings from investment management, at USD1.27bn, are down 16% compared with the previous quarter, but up 16% compared with January-March 2010. The increase in revenues in annual terms is due to an increase in commission revenues, which is due to an improvement in the mix of assets under management and higher revenues from performance commissions.Total assets, at USD840bn as of 31 March, remained unchanged compared with the end of December and compared with 31 March 2010. Net redemptions of USD12bn from money markets and bonds were offset by a net market appreciation of USD12bn. In fourth quarter 2010, Goldman Sachs posted net subscriptions of USD5bn, and net market appreciation of USD12bn.
20/04/2011

Reyl & Cie founds a joint venture with Samena Capital

The Swiss management firm Reyl & Cie (CHF4bn) on 19 April announced the creation of a joint venture with the Samena Capital group (USD400m), an investment group specialised in proprietary investments in India, Asia, the Middle East and North Africa (SAMENA). Reyl will control 50% of Samena Asia Managers (SAM), the Hong Kong affiliate of Samena Capital specialised in seed funding for hedge funds in Asia. The joint venture will add its expertise in Reyl regulatory activities in the areas of fund and portfolio management, in order to offer high added value solutions for respective clients and investors from the two companies.The two partners are planning to raise USD200-250m for a hedge fund seed capital fund focused on the SAMENA region. They have already pledged to provide USD25m each to launch the Samena Angel Fund II in October.
20/04/2011

BNY Mellon appoints a chairman for Asia Pacific

The BNY Mellon bank has appointed Stephen Lackey as chairman for the Asia-Pacific region. He succeeds Christopher Sturdy, who had held the position since early 2008. Sturdy will be moving to New York, where he will hold a position in management of the Global Client Management division of the bank.
20/04/2011

Strong inflows for EDRAM and EDRIM in first quarter

As of the end of March, Edmond de Rothschild Asset Management (EDRAM) had assets of EUR14.6bn. Net subscriptions since the end of last year totalled about EUR750m, largely due to the US securities fund Saint-Honoré US Value & Yield, the mergers & acquisitions fund Saint-Honoré Europe Synergie, and to Saint-Honoré Global Convertibles, Dominique Netter, chairwoman of the strategic asset allocation committee at La Compagnie Financière Edmond de Rothschild says.At Edmond de Rothschild Investment Managers (EDRIM), assets under management as of the end of first quarter totalled EUR9.7bn, and inflows in the first three months of the year totalled EUR486m, largely in the Quadrim 8 and Saint-Honoré Signatures+ funds.
20/04/2011

Yves Bruttin leaves Ofi AM

An article on the website H24 Finance published at the beginning of this week announcing the departure of Yves Bruttin from the position of head of sales at OFI AM on Friday last week has been confirmed by the French asset management firm. According to information received by Newsmanagers, Bruttin will not be immediately replaced. The organisation set up before his arrival four years ago and continued during his time there, which divides France into four regions, will also not be modified. H24 Finance reports that Bruttin will give “new impetus to his career by getting involved in an entrepreneurial project.”
20/04/2011

EDRIM launches a fund dedicated to financial sector subordinate debt

Etienne Gorgeon, director of fixed income and credit management, stated at a presentation on 19 April that due to Basel III, Edmond de Rothschild Investment Managers (EDRIM) sees “a vein of value with interesting returns in hybrid financial sector debt, which promises attractive returns, much better than high yield bonds, with a far higher credit rating in addition.”For this reason, on 5 April EDRIM launched a fund (Saint-Honoré Signatures Financières FR0011034495) with 40 positions focused on tier 1 equity in banking sector firms, combined with a small amount of subordinate debt issued by insurers. The fund carries a maximum front-end fee of 3%, and a management commission of 1.20%. In addition, a commission of 20% will be charged on annual outperformance exceeding the benchmark indicator (BofA Merrill Lynch EMU Financial Corporate Index).
20/04/2011

Average returns for hedge funds were 0.12% in March, according to DJ-Credit Suisse

Oliver Schupp, chairman of Credit Suisse Index Co, has announced that the Dow Jones Credit Suisse hedge fund index posted returns of 0.12% in March, following gains of 1.38% in February, bringing total gains for first quarter to 2.21%. Five of the ten major strategies saw losses in March, with the heaviest losses for managed futures (-2.76%) and dedicated short bias (-1.78%). However, emerging markets funds gained 2.12%. For the first three months of the year, only the dedicated short bias strategy is in the red, with losses of 5.88%. The best results are for convertibles arbitrage, with returns of 4.48%.
20/04/2011

Hedge funds have over USD2trn in assets

Total capital invested in the global hedge fund industry exceeded USD2 trillion for the first time in its history, according to data released by Hedge Fund Research. Total industry assets rose to USD2.02 trillion, an increase of USD102 billion in 1Q11, surpassing the previous record of USD1.93 trillion, set in 2Q08. The current asset level reflects an increase of over 50 percent from the financial crisis low of USD1.33 trillion in 1Q09. Investors allocated USD32 billion in net new capital in 1Q, the largest quarterly net inflow since 3Q07. All strategy areas experienced inflows for the quarter. Relative Value Arbitrage and Macro strategies posted the largest investor inflows, with each capturing approximately USD12 billion. Investors allocated new capital to funds of all asset tiers. Though firms with less than USD250 million manage less than 4 percent of total industry capital, these received nearly 7 percent of 1Q inflows. Firms with capital in excess of USD5 billion received just over half of the 1Q inflow, slightly moderating the 63 percent of total industry capital managed by these firms. Fund of funds experienced an inflow of nearly USD4.8 billion, the largest quarterly inflow since 2Q08. Across the industry, nearly 72 percent of all hedge funds experienced capital inflows for the quarter.
20/04/2011

Banca Civica will have its own fund management firm

Banca Civica, born of the merger of four savings banks (Caja Navarra, Cajason, Caja de Burgos and Caja Canarias), will have its own fund management affiliate, Banca Cívica Gestión de Activos, with initial assets of about EUR3bn, which makes it the 11th largest Spanish management firm. A license for the firm has been obtained from the CNMV. Of the four savings banks, only Caja Navarra had a dedicated management firm, Gesnavarra, while the other three outsourced those activities to Ahorro Corporación, a statement from Banca Civica says.
20/04/2011

Deka Immobilien buys a building in Bristol from SEB AM

The German management firm Deka Immobilien has acquired the office building at 2 Temple Back East in Bristol from an institutional fund of the German management firm SEB Asset Management. The 8,100 square metre property is wholly occupied by the law firm Osborne Clarke, and will be added to the portfolio of the dedicated fund (Individualfonds) Deka-S-PropertyFund No. 2.
20/04/2011

Two fund managers from ING IM join Lazard AM

Lazard Asset Management (LAM) has announced that Tycho van Wijk and Tjeert Keijzer will join the firm as portfolio managers/analysts based in LAM’s Frankfurt office, effective May 1. They join LAM from ING Investment Management where they were the lead investment manager and investment manager, respectively, of the ING Global Opportunities Fund. At LAM, the two fund managers will launch and manage an unconstrained global equity strategy, which will be available in separately managed accounts as well as commingled funds. As of December 31, 2010, LAM managed more than USD33 billion in global equity portfolios. Tycho van Wijk and Tjeert Keijzer will also assume portfolio management responsibilities for LAM’s Global Trend portfolios and will work with existing LAM team members, Ulrich Schweiger and Beatrix Eisenblaetter.
20/04/2011

MLP acquires the remainder of Feri

In an interview with the Frankfurter Allgemeine Zeitung, Uwe Schroeder-Wildberg, chairman of the managing board at MLP, announced that as of Friday, the German financial services provider has taken all capital of the wealth management firm Feri, in which it had initially acquired a 63% stake, “on its books.” Assets at MLP now total over EUR20bn. For the ratings arm of Feri, Feri EuroRatings Services, the head of MLP says he is open to cooperation.Schroeder-Wildberg says the EUR110m in total spent to acquire Feri were justified by the prospects and stability of the wealth management activity, even though Feri earned operating profits in 2010 of only EUR4m. Feri will continue to operate independently, and may be reinforced with other acquisitions if necessary. MLP still has EUR150m in cash to spend on such an acquisition, even after its acquisition of Feri.
20/04/2011

Principal Global Investors acquires a small management firm

Principal Global Investors, a US asset manager with USD232.4bn assets under management, has announced a definitive agreement to acquire a majority stake in Finisterre Capital, an emerging markets investor based in London.Founded in 2002, Finisterre Capital has approximately USD1.63 billion in assets under managementprimarily across three funds: Global Opportunity Fund, Sovereign Debt Fund and Credit Fund. The five partners (Frode Foss-Skiftesvik, Paul Crean, Rafaël Biosse Duplan, Xavier Corin-Mick and Yan Swiderski) will retain a significant minority stake in the business and have agreed to put a significant share of their consideration into funds managed by the firm.
20/04/2011

Hargreaves assets up 34% in one year

Assets under administration or management by Hargreaves Lansdown totalled GBP23.6bn as of 31 March 2010, an increase of 6% compared with 31 December 2010. The increase is 34% year on year. The value of properties held via the Vantage platform increased by 6%, from GBP20.9bn as of 31 December 2010 to GBP22.1bn, due to the double effect of net inflows of GBP1.1bn, and positive market effects of GBP100m.
20/04/2011

Arnaud Massenet appointed CEO of Luma

Arnaud Massenet has been appointed as CEO of Luma Solutions Services Limited, the managed accounts platform from OFI Asset management and Gottex Solutions Services (see Newsmanagers of 18 November 2010). He will coordinate development of the joint venture, “whose objective is to become the main onshore independent platform for managed accounts in Europe,” a statement says. Massenet previously worked at Gottex Fund Management in London, as head of marketing for Europe and the Middle East for the fund of funds segment. Previously, he was director of the equities derivatives department at Lehman Brothers for the European region, and then joined the investment bank, where he created the corporate derivative products department. He began his career at Morgan Stanley.
20/04/2011

La Fed propose de nouvelles règles pour les prêts hypothécaires

Les établissements de crédit vont devoir s’assurer que des emprunteurs potentiels ont la capacité de rembourser leurs prêts hypothécaires avant de leur attribuer un crédit, selon une proposition formulée mardi par la Fed. Celle-ci établirait ainsi des standards minimums de souscription pour la plupart des prêts immobiliers. En respectant un certain nombre de règles pour l’attribution d’un «prêt qualifié», les prêteurs pourraient alors dégager leur responsabilité.
20/04/2011

La réforme du pacte de stabilité franchit une étape clé

La réforme du pacte de stabilité et de croissance a franchi une étape clé avec l’adoption au Parlement européen d’un texte relativement proche de celui validé en mars par les Etats membres de l’UE. L’objectif reste de ficeler courant juin la plus importante réforme de ce pacte depuis son adoption en 1997, sur laquelle les eurodéputés et les Vingt-Sept «co-décident». La version du futur pacte votée mardi par la commission des Affaires économiques et monétaires du Parlement, après plusieurs mois de négociations, appelle à une transparence et une publicité accrue dans le dialogue économique et budgétaire entre les Etats et la CE. Parmi les principales caractéristiques du texte figurent une surveillance accrue des dépenses, l’introduction d’un critère chiffré de réduction de la dette publique, des sanctions financières plus lourdes, ainsi qu’une coordination budgétaire et une surveillance économique par les pairs renforcées.
20/04/2011

Scission d’un fonds de BoA

Bank of America (BofA) envisage de se séparer d’un de ses fonds de private equity phare de 5 milliards de dollars, selon Bloomberg qui évoque un document de la banque. Les gérants du fonds monteront une structure indépendante. «Etant donné une activité d’investissement limitée, il paraissait censé pour BAML Capital Partners de se séparer de la banque» a reconnu Jerry Dubrowski, un porte-parole de BofA.
20/04/2011

LBO France achète Karavel Promovacances à Barclays PE

La société d’investissement a payé environ 200 millions d’euros pour le tour opérateur, soit environ 10 fois son Editba. La moitié de ce montant sera financé par une dette bancaire arrangée par le CIC et la Société Générale, ainsi qu’une dette mezzanine apportée par Euromezzanine et Capzanine. LBO France a su convaincre les dirigeants de Karavel, alors que les prétendants Sagard, Palamon Capital Partners et 21 Centrale Partners (avec L Capital) avaient présenté des offres proches.
20/04/2011

Berkshire écope d’une plainte

Warren Buffett et l’ensemble du conseil d’administration de Berkshire Hathaway sont assignés en justice par un actionnaire scandalisé par les investissements réalisés par David Sokol, le dauphin autrefois pressenti du sage d’Omaha, dans Lubrizol, une société rachetée ultérieurement par Berkshire. David Sokol a démissionné le mois dernier sous la pression.
20/04/2011

L'Ukraine obtient 550 millions d'euros pour Tchernobyl

La communauté internationale a promis 550 millions d’euros pour la construction d’un nouveau «sarcophage» sur le site de la centrale nucléaire de Tchernobyl, a annoncé mardi le président ukrainien, Viktor Ianoukovitch. La France s’est engagée à hauteur de 47 millions d’euros, la Banque européenne de reconstruction et de développement (Berd) a promis 120 millions et la Commission européenne, 110 millions.

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