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22/11/2010
Fonds

KKR s'intéresse à l'agroalimentaire

Le fonds de capital investissement KKR chercherait à racheter Del Monte Foods, rapporte l’Agefi. Selon plusieurs médias anglo-saxons, qui citent des sources concordantes, KKR aurait proposé de payer un prix de 18,5 dollars par action, ce qui valorise le capital du groupe agro-alimentaire américain (conseillé par Barclays) à environ 3,6 milliards de dollars (2,7 milliards d’euros), sans compter 1,3 milliard de dette nette. Un accord pourrait être obtenu d’ici au 2 décembre.
Fonds
22/11/2010

Man crée une société de gestion italienne

Le groupe de gestion alternative britannique Man vient de créer une société de gestion en Italie, Man Investments SGR, afin de se rapprocher des investisseurs locaux. L’entité a été autorisée par la Banque d’Italie fin août 2010. Détenue à 100 % par Man Group, elle est sise à Milan, via Durini, et se compose d’une équipe de 5 personnes dirigée par Michele Pacciana, administrateur délégué et responsable de l’Italie pour Man depuis que le groupe a commencé à approcher le marché local. Le conseil d’administration est par ailleurs constitué de Richard Gray et Serge Cadelli (appartenant au groupe Man), ainsi que de Francesco Di Carlo et de Mario Notari, en tant qu’administrateurs indépendants.Jusqu’ici, Man s’était concentré sur la clientèle institutionnelle qu’il suivait principalement depuis Londres, en lui fournissant des services off-shore sur-mesure et des solutions alternatives dont des Ucits III, des fonds à capital garanti et des sicav. Désormais, grâce à sa présence physique, Man espère coopérer avec des institutions financières locales afin de proposer son offre à des investisseurs privés.Parallèlement, le groupe de gestion élargit son offre en Italie en proposant désormais ses fonds Ucits III alternatifs et long only et des fonds de fonds de droit italien, qui restent le véhicule préféré de la plupart des investisseurs. Cette gamme s’appuiera notamment sur la plate-forme de managed accounts de Man. Enfin, la société offre aussi des produits à capital garanti.
22/11/2010
Fonds

L'écart de suivi des newcits s'avère relativement modeste

Une étude de HedgeFund Intelligence sur 62 fonds alternatifs coordonnés montre que l'écart de suivi moyen par rapport à leur «modèle» offshore se limite à 3,38 points de pourcentage, celui des produits actions ressortant à seulement 2,94 %, rapporte Hedge Week. Le «tracking error» se situe à 3,45 % pour les fonds d’arbitrage, événementiels, crédit et multistratégies ; il atteint 4,12 % pour les stratégies global macro, fixed income et futures.Seuls 4 des 62 fonds affichent un écart de suivi supérieur à 10 %, tandis que 32 marquent une déviation de moins de 3 %, dont 14 % pour lesquels la différence est inférieure à 1 %.
Fonds
22/11/2010

Cordea Savills bets on IFAs

p { margin-bottom: 0.08in; } Thomas Gütle, director of the British real estate fund management firm Cordea Savills for Germany, has told the Börsen-Zeitung of the forthcoming launch of the European Retail Fund, which is expected to have an investment capacity of EUR060m (half of which will be owners’ equity), in European retail commercial properties. The original aspect of the product, a Luzxembourg FCP which will be launched in first quarter 2011, is that Cordea Savills will rely on the services of two independent experts, Bernhard Schoofs and Gerhard Kemper, who will advise investors rather than the management team. The adoption of this formula will allow Cordea Savills to be the first management firm in Germany to comply with the recommendations of the European Inrev association of investors in private real estate instruments.
22/11/2010

Tracking error for newcits funds is comparatively small

p { margin-bottom: 0.08in; } A study by HedgeFund Intelligence of 62 UCITS-compliant hedge funds reveals that the average tracking error compared with their offshore model is limited to 3.38 percentage points, which equities products have a tracking error of only 2.94%, Hedge Week reports. Tracking error is 3.45% for arbitrage, event-driven, credit and multi-strategy funds; it is 4.12% for global macro, fixed income and futures strategies. Only 4 of 62 funds have a tracking error of over 10%, while 32 have a deviation of less than 3%. For 14% of funds, tracking error is under 1%.
22/11/2010

Axa Rosenberg plans to remain in Axa family

p { margin-bottom: 0.08in; } Agefi reports that Dominique Carrel-Billiard, CEO of Axa IM, says that Axa Rosenberg is planning to remain a part of Axa IM. “It is pertinent, as we want to offer a wide range of management styles to our investors,” he explains. According to the head, the difficulties at the US affiliate, which will post outflows of EUR40bn this year, will begin to be stemmed next year. “The challenges for next year will be to reform support functions in the image of the network infrastructure,” says Carrel-Billiard. Axa IM is planning to make enriching its range of core products (portfolio products) a priority.
22/11/2010

Turner changes head of sales

p { margin-bottom: 0.08in; } Jim Wiley, who was recruited in September as chief marketing officer, will now take over distribution for Turner Investment Partners, Mutual Fund Wire reports. The promotion comes as a result of the fact that Ed Kerpius, who was recruited two years ago from BostonCoach (Fidelity), has resigned, and will be leaving the business at the end of the year.
22/11/2010

IndexIQ forms partnership with Rocaton

p { margin-bottom: 0.08in; } IndexIQ, a specialist in index-based hedge fund management, on 18 November announced that it has formed a strategic partnership with Rocaton Investment Advisors (USD270bn in assets advised), an independent consultant specialised in institutional clients. The two businesses are planning to develop and launch institutional investment solutions together and to distribute them widely, particularly to high net worth private clients. To support the cooperation, Rocaton has bought a minority stake in IndexIQ, of a size and amount which have not been disclosed.
22/11/2010

Norges Bank owns 7.5% of BlackRock

p { margin-bottom: 0.08in; } The Norwegian central bank, Norges Bank, owns 7.5% of BlackRock, or 9.85 million shares, according to a document submitted to the Securities and Exchange Commission on Thursday. The announcement of the increased stake comes on the heels of a sale by Bank of America and PNC Financial Services Group of BlackRock shares.
22/11/2010

Westwood completes acquisition of McCarthy

p { margin-bottom: 0.08in; } On 19 November, Westwood Holdings Group (USD10.6bn) announced that it has completed its acqusition of McCarthy Group Advisors, or MGA (see Newsmangers of 23 September), which managed over USD1.1bn as of 30 September for high net worth clients and institutional investors. As planned, MGA becomes the Omaha branch of Westwood Trust (USD1.9bn). The McCarthy Multi-Cap Stock Fund (Usd64.5m) will be integrated with the range of five mutual funds sold by Westwood under the WHG brand, including the WHG LargeCap Value Fund, which came into the range throught eh acquisition of the Philadelphia Fund one year ago.
22/11/2010

Invesco loses a team from MSIM

p { margin-bottom: 0.08in; } Gregory Lai and five other members of his US large caps team, who were recruited by Morgan Stanley Investment Management (MSIM) on 1 May 2007, have left Invesco, which acquired MSIM, Mutual Fund Wire reports. The six people concerned are planning to bring back Affinity Investment Advisors, their original management firm before its acquisition by MSIM.
22/11/2010

Warren Buffett and John Paulson make opposite moves on financial sector

p { margin-bottom: 0.08in; } In the past quarter, Berkshire Hathaway, the firm controlled by Warren Buffett, once again increased its stake in Wells Fargo and for the first time declared a stake in BNY Mellon. It also increased its stake in Munich Re to over 10%, the Frankfurter Allgemeine Zeitung reports. However, the hedge fund management firm Paulson has liquidated its shares in Goldman Sachs, and reduced its stakes in Citigroup, Bank of America and J.P Morgan Chase.
22/11/2010

Lyxor recruits Robert Picard

On Friday, Lyxor Asset Management (Société Générale) announced the recruitment of Robert Picard as US head of managed account development. He will be based in New York, and will report to Lionel Erdely, CEO of Lyxor United States.Erdely, former CIO and head of hedge fund research at Optima Fund Management, was most recently senior adviser for the financial establishment solutions and restructuring team at Navigant Consulting.
22/11/2010

ETF price war spreads to Europe

p { margin-bottom: 0.08in; } DAB Bank has announced that its sales of savings plans in the form of shares in 59 db x-trackers ETFs have quadrupled since it began offering them with no commission, Financial Times FM reports. Deutsche Bank is financing the commission-free offerings from its brokerage affiliate MaxBlue and DAB-Bank by paying a share of the commission earned during the duration of the contract (5 years). The price war which is currently raging in the US ETF market is now spreading to Europe. In Germany, SBroker is offering ETF savings plans without commissions for 13 ETFlab ETF funds, and Commerzbank is preparing to do the same in early 2011 (with its ComStage ETFs). In the United Kingdom, Stocktrade (an affiliate of Brewin Dolphin) is in talks with three ETF promoters to launch commission-free savings plans in the near future.
22/11/2010

KTOs recruits a manager from HatherSage CM

p { margin-bottom: 0.08in; } The Japanese hedge fund management firm KTOs Capital Partners has recruited Bill Lipschutz from Hathersage Capital Management to manage a currencies fund in New York, which will be launched in December and will be aimed at Japanese pension funds, Hedge Week reports. The objective is to collect USD300m in the first year. The fund will focus on currencies of the G10 countries.
22/11/2010

Institutional share classes attracts a growing number of investors

p { margin-bottom: 0.08in; } In total, investors have withdrawn USD90bn from US equities funds since the beginning of 2009, according to Morningstar. However, the Wall Street Journal points out, this total is the result of two opposing trends. Investors withdrew over USD162bn from retail share classes, but net subscriptions for institutional shares, which are often held by 401(k) savings plans or fee-based brokerage accounts, represented USD72bn.
22/11/2010

Hedge fund created in Paris

p { margin-bottom: 0.08in; } The former economic adviser to Matignon, Alain Demarolle, who has spent three years in London at Eton Park, has chosen Paris as the site for the launch of his hedge fund specialised in European large caps, Agefi reports. The Luxembourg-registered Sicav, Alura Capital Partners, began operations in early October, with clients such as CNP Assurances, OFI AM and the Swiss private bank JP Hottinguer. It will aim for assets of EUR500m. Alura Capital is active in long/short and event-driven strategies, which the firm is hoping to sell to US investors, though its clients are evenly divided between France and the rest of Europe. The fund has monthly liquidity, the newspaper reports. Its investment horizon is about 6 months, with leverage limited to a maximum of 200%.
22/11/2010

FrontPoint Partners to close hedge fund investing in the health sector

p { margin-bottom: 0.08in; } La Tribune reports that the US asset management firm FrontPoint Partners will be closing its hedge fund investing in the health sector, with assets of USD1.5bn. The decision comes after Dr. Yves Benhamou, one of its portfolio managers, was accused of insider trading for disclosing information about results.
22/11/2010

Oppenheim Funds Trust offers Bache commodities fund

p { margin-bottom: 0.08in; } The Cologne-based management firm Oppenheim Funds Trust (OPFT) on 19 November announced that it is now offering the funds of the Luxembourg Sicav Bache Global Series, which replicate the evolution of 19 commodities indices covered by the Bache Commodity IndexSM (BCISM), in Germany. The three groups of the index are energy (up to 49%, with six components), metals (up to 21.5%, 5 components), and soft commodities (up to 29.5%, eight components). As of 31 August, Bache managed over USD700m, applying the methodology of BCI. Strategic allocations are tactically adapted to the evolution of prices on the various markets, in order to reduce risks and fluctuations.
22/11/2010

Shedlin launches a real estate fund focused on Brazil

p { margin-bottom: 0.08in; } The Nuremberg-based asset management firm Shedlin Capital has announced the launch of the closed real estate fund Shedlin Latin American Property 1, with a duration of 7 years, and a volume which will range from EUR35m to EUR40m, spread over a maximum of seven residential projects in northeastern Brazil.Minimal subscription is set at EUR10,000 for retail investors, while the front-end fee is 5%. The internal return rate, after costs, is about 12% per year. Shedlin explains that the choice of the northeastern part of Brazil (Natal, Recife, Maceió) was made because of strong growth, stability of the political environment, and the upcoming World Cup in 2014, and Olympics in 2016. Northeastern Brazil is also a region which attracts a lot of high net worth individuals. In addition, Natal and Recife will be locations for World Cup football matches.Distribution of the fund will be made through selected partners.
22/11/2010

Three appointments in Switzerland and Luxembourg for Petercam

p { margin-bottom: 0.08in; } Agefi Switzerland reports that Petercam has announced three appointments to Petercam Banque Privée Suisse and Petercam Luxembourg in order to make the growth of their activities in Switzerland and Luxembourg more dynamic. Cédric Roland-Gosselin joins Petercam Banque Privée Suisse as deputy CEO. Ghislain Nys is appointed as a mamber of the board at Petercam Luxembourg, and director and head of private banking, more specifically in charge of commercial development in Luxembourg. Bernhard de Jonghe d’Ardoys rejoins the group as director of Petercam Luxembourg and head of Estate Planning activities in Luxembourg.
22/11/2010

Michael Mandel leaves comdirect for Commerzbank

p { margin-bottom: 0.08in; } Thorsten Reitmeyer on 1 December will take over as chairman of the board at comdirect bank. For the past four years, he was a member of the board at Commerzbank, in charge of wealth management. He replaces Michael Mandel, who has been appointed a board member at Commerzbank, in charge of retail clients, professionals, and wealth management. The new chairman of the supervisory board, effective immediately, is Martin Zielke, head of retail clients on the board at Commerzbank.
22/11/2010

Amundi Deutschland will focus on institutionals and distributors

At a presentation in Frankfurt to officially announce the merger of the activities of CAAM Deutschland and SGAM Deutschland, Hubert Dänner, CEO of Amundi Deutschland, announced that the new firm is planning to concentrate on institutional clients (pension funds, banks trading owners’ equity, businesses, and insurers) and distributors (funds of funds, wealth managers, platforms and private banks).The objective is to double assets in Germany and Austria in the next five years to EUR7bn, Amundi Deutschland will focus on absolute return products, emerging markets equities and bond funds, volatility, and European and global bonds.In 2011 and subsequent years, the German affiliate will concentrate on “absolute return 2.0” products, strategies with an asymmetrical risk profile and inflation strategies, both for developed and emerging markets.
22/11/2010

Man launches an Italian asset management firm

The UK alternative management group Man has created an asset management firm in Italy, Man Investments SGR, to forge connections with local investors. The entity received a license from the Bank of Italy at the end of August 2010. It is located in Milan, on via Durini, is 100% owned by Man Group, and consists of a team of 5 people led by Michele Pacciana, deputy director and head of Man for Italy since the group began to serve the local market. The board of directors consists of Richard Gray and Serge Cadelli (of the Man group), and Francesco Di Carlo and Mario Notari, as independent administrators.Man has previously concentrated on institutional clients, which it had served primarily from London, providing custom offshore services and alternative solutions, including UCITS III-compliant funds, guaranteed capital funds, and Sicavs. Now, due to its physical presence, Man is hoping to cooperate with local financial institutions to offer its product range to private investors.Meanwhile, the fund management firm has extended its range in Italy, and now offers its UCITS III hedge funds and Italian-registered funds of funds, which remain the preferred vehicle of most investors. The range will be based largely on the Man managed accounts platform. The firm will also offer guaranteed capital products.
22/11/2010

Morgan Keenan sentenced by Finra

p { margin-bottom: 0.08in; } On 19 November, the Boca Raton panel of the Financial Industry Regulatory Authority (Finra) sentenced Morgan Keenan, an affiliate of Regions Financial Corp, to pay USD1.82m to Frank and Brenda Flautt, their foundation, and their businesses, the Wall Street Journal reports. The plaintiffs had invested in a bond fund sold by Morgan Keegan, which suffered very heavy losses in 2007 and 2008. They sued Morgan Keenan for breach of fiduciary duty, misrepresentation and selling unsuitable investments.
22/11/2010

New York attorney general files suit against Steven Rattner

p { margin-bottom: 0.08in; } The Frankfurter Allgemeine Zeitung reports that Andrew Cuomo, the attorney general and future governor of New York, has filed a suit against Steven Rattner in the “pay-to-play” scandal involving the New York state pension fund. The suit accuses the “car czar” of receiving favours in exchange for ensuring mandates for his former management firm. Cuomo is seeking to get Rattner barred from the financial profession for life, and a fine of USD26m. Rattner has already reached an out-of-court settlement with the SEC, by the terms of which he agreed to a professional bar of 2 years and a fine of USD6.2m.
22/11/2010

SEC plans to more closely monitor investment advisers

SEC commissioners on 19 November adopted a proposal by four votes which tighten sthe regulatory framework for hedge funds and venture capital funds, a proposal (http://www.sec.gov/news/press/2010/2010-228.htm) which is now open for a market consultation for a period of 45 days. It is the regulator’s interpretation of the Dodd-Frank Wall Street Reform and Consumer Protection Act.Requirements to register with the SEC will be imposed on all funds, including private equity funds which were exonerated by the Dodd-Frank law, with assets of over USD100m (up from USD25m previously); in addition, the proposal eliminates the exemption which had applied to hedge funds. All investment advisors will be required to provide information to the regulatory about assets, investors, their auditor, their brokers, and other service providers.Funds which become subject to the registration requirement will be required to appoint a head of compliance, establish a code of compliance, and to undergo inspections by SEC personnel.This will also for the first time permit a clear survey of the sector, the regulator says.
22/11/2010

Former SocGen trader convicted of theft

p { margin-bottom: 0.08in; } A US District Court in Manhattan on 19 September found Samarth Agrawal guilty of theft of professional secrets and transportation of stolen property. Agrawal admitted to having stolen a code and a program for high frequency trading from Société Générale. He copied them in the hopes of selling them to a rival of the French bank before resigning in November 2009; he is now facing 46 to 57 months in prison. He has been incarcerated since his arrest. The verdict will be handed down in February 2011.
22/11/2010

Major enquiry into potential insider trading

p { margin-bottom: 0.08in; } The Wall Street Journal reports that the New York attorney general’s office, the FBI and the SEC are preparing a major investigation of a potential insider trading ring which may involve consultants, investment bankers, hedge fund and mutual fund managers, as well as analysts throughout the United States. In the vast majority of cases cited, businesses have declined to comment. Officials are also looking into the relationships between some professional firms which may have provided expert assistance to the financial industry. The newspaper names Primary Global Research, Goldman Sachs Broadband Research (whose head announced in a message to SAC Capital Advisors, Citadel AM, Janus Capital Group, Wellington Management and MFS Investment Management that his offices had been visited by two FBI officers seeking to use him as bait in a sting operation), and First New York Securities. The SEC has also issued requests for information about several transactions by Ziff Brothers, Jana Partners, TPG-Axon Capital Management, Jennison Associates (Prudential Financial), UBS Financial Services and Deutsche Bank, which also all refused to comment.
22/11/2010

Gartmore grants a stake in the firm to John Bennett

p { margin-bottom: 0.08in; } The British management firm Gartmore, which has announced plans to distribute 15% of its capital to key managers, following the departure of Roger Guy, has offered more than 9 million shares to John Bennett in exchange for a promise that he will remain for three years; he will be in charge of all European funds (see Newsmanagers of 9 November), Investment Week reports. His stake increases from 0.68% to 3.18%. The firm’s CEO, Jeffrey Meyer, and the global head of sales, Phil Wagstaff, received 3 million and 2 million shares, respectively, bringing their respective stakes to 1.9% and 0.83%.

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