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02/03/2011

New CEO for UBI Pramerica

p { margin-bottom: 0.08in; } Andrea Pennacchia has been appointed CEO of UBI Pramerica SGR, the Italian management firm co-owned by UBI Banca and Prudential, from 1 March. He replaces Diego Cavrioli, who has left UBI Pramerica to take over as head of finance at UBI Banca. Since 2009, Pennacchia has been head of the Gruppo UBI Banca organisation.
02/03/2011

Aviva Investors is a shareholder in Azimut

p { margin-bottom: 0.08in; } Since 24 February, Aviva Investors Global Services Limited has been controlling 2.01% of publicly-traded capital in the Italian management firm Azimut Holding spa, Bluerating reports, citing Consob.
02/03/2011

Ignis AM launches an absolute return government bond fund

Ignis Asset Management is to launch the Ignis Absolute Return Government Bond Fund at the end of March. The fund will target net returns of 2% to 3% per annum in excess of cash2 by actively trading a portfolio of global government bonds and currencies.The fund will be managed by head of rates, Russ Oxley, and chief economist, Stuart Thomson, and will be the first retail proposition from Ignis’s rates team, which manages in excess of GBP28 billion on behalf of institutional investors.The fund, a Luxembourg-domiciled UCITS III SICAV, will invest primarily in government bonds, but will also take long and short positions in money market instruments and derivatives. Foreign currency exposure will be limited to 25%.
02/03/2011

Neuberger Berman appoints a managing director

p { margin-bottom: 0.08in; } The US management firm Neuberger Berman has announced the arrival of David Kupperman as managing director of NB Alternatives Investment Management, the fund of hedge fund activity of the group. He was previously a partner and member of the investment committee at Alternative Investment Management, a fund of hedge funds.
02/03/2011

NewAlpha Asset Management makes a recruitment

p { margin-bottom: 0.08in; } NewAlpha, an affiliate of the OFI group which provides institutional investors with access to new managers via incubation funds, announced on Tuesday, 1 March that Fabien Dersy has joined the firm as head of sourcing, selection and relationship management for incubated managers. Dersy will be a senior analyst in charge of incubation projects. Dersy was previously head of the range of volatility arbitrage funds at Dexia Asset Management.
02/03/2011

Acropole AM to add to alternative management unit

p { margin-bottom: 0.08in; } Acropole Asset Management, a French asset management boutique dedicated to convertible bonds, is planning to develop its alternative management activities, one of its three units, alongside traditional convertibles and credit management. So far, these activities are focused on long/short (with the Acropole LS Convexité fund) and convertibles arbitrage (with the Acropole Convertibles Arbitrage). “We are going to add a third area: volatility,” Jacques Joakimides, the CEO of the firm said. To do this, the asset manager will be recruiting for its teams. Acropole AM, with slightly over EUR700m in assets under management and 17 employees, is also in the process of recruiting a head for external distribution, to replace Marc Auchabie.
02/03/2011

CalPERS appoints a chief risk officer

p { margin-bottom: 0.08in; } The California pension fund CalPERS on 1 March announced that it has appointed Larry Jensen to the newly-created position of chief risk officer. The position is intended to improve the risk management programme at the pension fund, CalPERS says in a statement. Jensen was previously director of the new Office of Enterprise Risk Management at the pension fund from 1 October, and was in charge of a risk evaluation mission.
02/03/2011

Strong increase in profits at Fortress

p { margin-bottom: 0.08in; } As of 31 December, assets at Fortress Investment Group totalled USD44.6bn, 42% higher than one year previously, and its pre-tax distributable earnings for the year 2010 totalled USD372m, compared with USD172m. GAAP net income, excluding principals agreement compensation came to USD170m, compared with USD43m in 2009, while GAAP net loss attributable to Class A shareholders increased to USD285m from USD255m.Fortress states that it has raised new third-party capital totalling USD5.3bn, of which USD2.6bn were included in the books as of the end of December. The remaining USD2.7bn are commitments which have not yet been called in.Lastly, the asset management firm states that of this freshly-raised USD5.3bn, USD3.1bn will go to credit private equity funds, USD447m to credit hedge funds, and USD1.7bn to liquid hedge funds.
02/03/2011

State Street extends its cooperation with Britain's PPF

p { margin-bottom: 0.08in; } State Street on 28 February announced that it has been reappointed for a five-year mandate by the Pension Protection Fund (PPF), from 1 January 2011. The mandate, on assets of GBP5bn, has covered the provision of custody and administration services since 2005. In 2008, the mandate was extended to include risk analysis and independent valuation of OTC derivatives. The PPF has added securities lending services within the renewed mandate.
02/03/2011

Ed Rosengarten joins Eden Group

p { margin-bottom: 0.08in; } The former head of equities at M&G. Ed Rosengarden, has joined Eden Group as head of asset management, Investment Week reports. In his new role, Rosengarten will be in charge of developing the client base and creating new products.
02/03/2011

Sparinvest takes over asset management activities of Atrium Partners

p { margin-bottom: 0.08in; } The Danish asset management firm Sparinvest announced on 1 March that it has acquired Atrium Asset Management, the portfolio management affiliate of Atrium Partners, for an undisclosed amount. The firm manages two European small caps funds with total assets of EUR55m, entitled Atrium Value Partners SICAV - European Small Cap (domiciled in Luxembourg) and Atrium Value Partners – Europa Small Cap (domiciled in Denmark).The two managers of Atrium Asset Management, Karsten Løngaard and Lisbeth Søgaard Nielsen, will join the value equities team at Sparinvest, led by Jens Moestrup Rasmussen, which currently manages EUR3.4bn.
02/03/2011

IFAs see potential for fund sales

p { margin-bottom: 0.08in; } A survey conducted in January by YouGov Psychonomics AG on behalf of Frankfurter Fondsbank (FFB, EUR16.6bn in assets under administration), an affiliate of Fidelity, covering 1,199 independent financial advisers (IFAs), finds that 66% of professionals see the most potential for sales of traditional investment funds to their clients until the end of this year. Other products are considerably less popular with IFAs: 47% favour Riester retirement savings products, 42% vote for current accounts, 30% for unit-linked life insurance, 28% for ETFs, and 22% for savings accounts. In terms of asset classes, IFAs clearly prefer equities, and recommend Asian equities (70%), followed by European equities (65%), while African equities are more popular even than American shares, at 27% and 18%.
02/03/2011

quirin bank turns a profit in 2010

p { margin-bottom: 0.08in; } In its fourth fiscal year in 2010, quirin bank, founded by Karl Matthäus Schmidt, has posted its first profits, of EUR0.5m, compared with losses of EUR7.4m in 2009, and EUR12.9m in 2008. The first bank to operate exclusively on a fee basis now has 7,500 clients, and in 2010 posted net inflows of EUR553m. Assets as of the end of December totalled over EUR2bn, compared with about EUR1.6bn twelve months earlier.The number of employees at the bank was down to 227 at the end of 2010, from 236 at the end of 2009.The owners’ equity ratio stands at 10.3%, compared with 10.9%.
02/03/2011

comdirect offers a bounty on incoming transfers from rival banks

p { margin-bottom: 0.08in; } Investors who transfer shares in investment funds from another bank or management firm to comdirect bank by 31 March will receive a 1% bonus on the amount transferred, up to a limit of EUR250. The bonus will not be applied to transfers from Commerzbank or ebase.The Commerzbank affiliate also announced on 1 March that clients opening a new share account will receive free account maintenance for three years. The offer will be extended if the shareholder makes at least two orders per quarter, uses the free comdirect current account, or makes payments to a securities savings plan.comdirect will also charge only 50% of the commission on orders for all German stock markets, excluding Eurex, and for all off-market transactions.Lastly, clients who buy or transfer fund shares totalling at least EUR5,000 in the three months after opening an account will receive a EUR50 bonus.
02/03/2011

VZ Holdings expands in Germany

p { margin-bottom: 0.08in; } The financial services provider VZ Holding has opened a branch office in Düsseldorf, the firm announced on 1 March in a statement. The success of the VZ branches in Munich, Frankfurt and Nuremberg show that geographical proximity to the client is a major advantage in exploiting the potential of the market, the firm says. The new branch will be led by Michael Huber, director of VZ Frankfurt, and Oz Güven, a partner at VZ Munich.
02/03/2011

Europa Feldberg adds to its management team

p { margin-bottom: 0.08in; } The Frankfurt-based real estate fund management firm EuropaFeldberg, a 50/50 joint venture of Europa Capital and Feldberg Capital (EUR7bn in assets), on 1 March announced the recruitment of Stephan Schaal as investment director. He will be in charge firstly of the launch of the Core-Büroimmobilienfonds, which will be specialised in western Europe, soon to be launched by EuropaFeldberg. The management team now has five members.Schaal joins from Curzon/AEW, where he was director in London, after working at Henderson Global from 2005 to 2007.
02/03/2011

Deka invests in Bergheim

p { margin-bottom: 0.08in; } The real estate fund management firm Deka Immobilien (German savings banks) on 1 March announced that it has acquired the TK Maxx logistical centre in Bergheim from an institutional investor for about EUR20m. The property, with 30,000 square metres of area near Cologne and the Dutch border, is primarily used by the discount retailer TK Maxx as a distribution and transloading centre. It will be added to the portfolio of an institutional real estate fund.
02/03/2011

Ole Søeberg joins Skagen Funds

Ole Søeberg is joining Skagen Funds as a portfolio manager to further strengthen the global and Norwegian equity fund SkagenVekst. He will be responsible for analysing existing and potential investments alongside a team comprising 9 fund managers. Søeberg has extensive experience in both global and Danish capital markets. He joins Skagen from his position as managing director of the insurance company Tryg where he was responsible for investor relations since 2006. For the past four years Søeberg has been a member of the board of directors of Skagen AS. He has stepped down from the Board to assume his new position. Ole Søeberg will take up his new role at Skagen in the first half of 2011.
02/03/2011

Management firms in better health than in 2007

p { margin-bottom: 0.08in; } Asset management firms are completing their recovery. In fourth quarter 2010, operating margins in the asset management industry improved in the United States, according to a study by the New York consulting firm kasina, cited by Mutual Fund Wire. They now stand at 31.4%, compared with 27.5% in fourth quarter 2009. Net margins for 17 management firms analysed are also up, at 23.4%, compared with 21.2% one year previously. These figures signify that asset managers are now in better shape than they were in 2007 and 2008, kasina states. Among the best performers in terms of margins, Franklin Templeton and BlackRock had the best satisfactory figures among the major players. Among the smaller firms, Pzena Investment Management and Calamos Investments came out on top.
02/03/2011

German real estate funds likely to pull out of Spain

p { margin-bottom: 0.08in; } Expansión reports that it is likely that German real estate funds will seek to liquidate most of their assets in Spain before the entry into force of a new double taxation agreement, which was concluded on 3 February between Spain and Germany, and would probably come into force on 1 January 2012. One of the terms of the agreement would make sales of properties subject to taxes in the country where the property is located, which in these cases would mean Spain. These sales would be subject to a 19% tax, without the exemption from article 14 of the Spanish last on taxation of non-residents, which applies only to dividends and not to capital gains on assets.
02/03/2011

Les actionnaires de J. Crew donnent leur feu vert à TPG

Les actionnaires du distributeur ont approuvé en assemblée l’offre de rachat de 2,86 milliards de dollars lancée par TPG Capital et Leonard Green & Partners. La transaction, annoncée en novembre, devrait être close le ou autour du 7 mars. La société de conseil aux actionnaires ISS avait recommandé de rejeter la proposition en raison de «problèmes sérieux» dans le processus de vente.
02/03/2011

Le Canada gèle 2,4 milliards de dollars d'actifs libyens

Les autorités canadiennes ont gelé l'équivalent de 2,4 milliards de dollars d’actifs appartenant au dirigeant libyen Mouammar Kadhafi, a indiqué à l’agence Reuters un responsable officiel sans plus de précisions. Ces derniers jours, un certain nombre d’autres pays, comme les Etats-Unis, la Grande-Bretagne et l’Autriche, ont pris des mesures similaires à l’encontre de Kadhafi et de son entourage proche.
02/03/2011

Ralentissement de l’activité australienne

La croissance du PIB australien a atteint 0,7% au dernier trimestre 2010, soit 2,7% en rythme annuel, pénalisée par les inondations qui ont dévasté le pays. Ce chiffre est légèrement inférieur aux attentes, entrainant une légère baisse du dollar australien à 1,0132 dollar. La Banque centrale du pays a laissé mardi ses taux directeurs inchangés à 4,75%.
02/03/2011

La dette américaine sous tension

Le Trésor a repoussé la première date à laquelle il estime qu’il pourrait atteindre le plafond légal d’endettement, de 14.294 milliards de dollars, qui risque d'être atteint entre le 15 avril et le 31 mai et non plus entre le 5 avril et le 31 mai. Le Secrétaire au Trésor presse le Congrès de relever ce plafond faute de quoi, dit-il, le pays risquerait d'être en situation de défaut sur leur dette, ce qui aurait des conséquences économiques «catastrophiques».
02/03/2011

Sparinvest acquiert Atrium Asset Management

La société de gestion danoise a fait part du rachat de l’activité de gestion de portefeuille de la société de conseil financier Atrium Partners. Deux fonds (Atrium Value Partners SICAV - European Small Cap et Atrium Value Partners – Europa Small Cap), dont les encours sous gestion s’élèvent au total à 55 millions d’euros, intègrent ainsi le périmètre de Sparinvest.
02/03/2011

Les tarifs de négociation peinent à baisser

Le quotidien publie les résultats du Baromètre Equinox Consulting, concernant les coûts de transactions en Europe. «Malgré la concurrence», avance le quotidien, «la baisse des tarifs des négociations est peu visible». La facture n’aurait commencé à baisser qu’à la mi-2009. la baisse pour les ordres des investisseurs institutionnels serait de l’ordre de 5% depuis novembre 2007.
02/03/2011

Les fonds d’investissement alternatifs rapportent

Selon des données publiées par LCH Investments et relayées par le journal, les dix plus importants fonds d’investissement alternatifs ont réalisé quelque 28 milliards de dollars de gains au second semestre 2010, soit 2 milliards de plus que les résultats combinés de Goldman Sachs, JPMorgan, Citigroup, Morgan Stanley, Barclays et HSBC. Le fonds de John Paulson a été le plus rentable avec 5,8 milliards de gains sur la période. Depuis leur création, ces dix hedge funds auraient même réussi à gagner un montant total de 182 milliards pour le compte de leurs clients, dont 35 milliards pour le seul George Soros depuis le lancement de son «Quantum Fund» en 1973.

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