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09/11/2010

Michael McManus joins Kima Capital

p { margin-bottom: 0.08in; } Asian Investor reports that Michael McManus is joining Kima Capital to serve as chief financial officer, after previously working for Kima Capital as an accountant. He will report to Michael Gallagher, CEO of the hedge fund management firm.
09/11/2010

Deutsche Bank lists 14 ETC funds on Swiss stock exchange

p { margin-bottom: 0.08in; } On the same day that Source listed funds on the SIX exchange, 8 November, db ETC AG (Deutsche Bank group) has listed 14 exchange-traded commodities (ETC) on the new ETP segment of the Swiss SIX exchange. Six of the products (Booster) use leverage, while eight do not. The market maker is Deutsche Bank, while the market maker for the Source ETPs will be Nyenburgh Holding BV. With the exception of the ETC based on physical gold, which charges 0.29%, the new products from db ETC all charge 0.45%. Ten of these ETCs replicate commodities indices, while four replicate indices of precious metals (gold, silver, platinum and palladium).
09/11/2010

SEC outlaws stub quotes

p { margin-bottom: 0.08in; } The Securities & Exschange Commission (SEC) on 8 November announced its decision to severely limit the use of stub quotes, a practice which involves issuing orders at irrational prices in relation to the market consensus. The decision is the result of investigations in the wake of the one-day crash of 6 May this year. Stub quotes contributed to a loss of more than 9% for the Doe Jones in the space of a few minutes. The US market regulator says in a statement that the limitation on stub quotes is essentially a pure and simple prohibition: “By prohibiting stub quotes, we are reducing the danger that market transactions may take place at irrational prices,” says Mary Schapiro, chairwoman of the SEC, cited in a statement. The new rules will come into force on 6 December.
09/11/2010

LGT reportedly offered over EUR300m for BHF

p { margin-bottom: 0.08in; } LGT Bank in Liechtenstein offered more than EUR300m to acquire the Deutsche Bank affiliate BHF bank, Agefi Switzerland reports, citing Dow Jones Newswires. The valuation of BHF is estimated at EUR600m.
09/11/2010

Franklin Templeton recruits three in Frankfurt

p { margin-bottom: 0.08in; } The equities team at Franklin in Frankfurt has recruited two sell-side analysts from Landesbank Baden-Württemberg (LBBW), Robert Mazzouli and Tim Burkhardt. In addition, the management firm has recruited Anne Friedrich, also as a research analyst, but she joins the firm from a venture capital firm, Creathor Venture Management. The team now includes eleven people, who will report to Uwe Zöllner. Meanwhile, Michael Clements, who was co-portfolio manager for the Franklin European Growth Fund, was appointed in October as lead portfolio manager for the fund, while Ed Lugo, who previously held these duties, remains as portfolio manager for the product.
09/11/2010

Foreign funds selling well in Italy

p { margin-bottom: 0.08in; } In October 2010, funds and Sicavs on sale in Italy saw net redemptions of EUR1.3bn, according to the most recent statistics from Assogestioni, the Italian association of asset managers. These outflows were driven by redemptions of EUR2.5bn from Italian-registered funds. However, foreign-registered funds, managed either by Italian or other groups, saw inflows of EUR1.2bn. This category now represents 55.55% of assets in the sector. In terms of asset class, money market funds alone saw outflows of slightly over EUR2bn. Hedge funds have also seen outflows of EUR225m, as have flexible funds, of EUR100m. Equities funds, balanced funds and bond funds, on the other hand, have seen net inflows of EUR704m, EUR250m and EUR146m, respectively. Since the beginning of the year, Italian mutual funds have posted net subscriptions of EUR3.3bn. As of the end of the month, assets in the industry represented EUR450bn, a slight increase compared with the previous month. 49.5% of the industry is in the hands of four Italian groups: Intesa Sanpaolo, Pioneer Investments, UBI Banca and Mediolanum. The top two players posted some of the heaviest net outflows of the month, at EUR310.5m and EUR196.7m. However, Mediolanum saw the largest inflows of the month, with EUR217m.
09/11/2010

Two former employees of BlackRock launch a third party marketer

p { margin-bottom: 0.08in; } The former head of the Paris office of BlackRock, until October 2009, Sandrine Toulouse, has created the third-party marketing (TPM) firm Aloha Finance with Gilbert Nguyen, sales manager for distributor clients of BlackRock from September 2007 to October 2010. The new company offers services to asset management firms seeking to establish themselves or strengthen their position on the French market, provided that they have a license from the French regulator AMF. Aloha Finance develops the sales strategy for fund management companies it represents, designs sales and communication tools, and distributes financial investment products to French professional investor clients. Pending three more partnerships which are expected to be signed in the next few weeks and months, the new TPM will start with agreements with Wegelin (Lux) Funds SICAV), the European fund platform for the Swiss bank Wegelin & Co. Banquiers Privés, and with the French hedge fund manager Orchidée Finance.
09/11/2010

Fidelity wants to reduce staff in London

According to Financial News, Fidelity Investment Managers has decided to cut its UK staff by 500 to 1,500 over the next five years, due to a less welcoming approach by UK regulatory authorities, higher income tax, and deteriorating prospects for new business. It will not be making anyone redundant, adds the website.
09/11/2010

Dominic Rossi joins Fidelity IM

p { margin-bottom: 0.08in; } Dominic Rossi, who has left his job as chief investment officer (CIO) at Gartmore, has joined Fidelity Investment Managers as global CIO for equities. He will report to Robert Higginbotham, Investment Week reports. In his new position, Rossi will be responsible for the equities unit, including portfolio management, research, derivatives, trading and corporate finance.
09/11/2010

Gartmore considers its future

Gartmore has entered a phase of strategic reflection with the assistance of Goldman Sachs, the asset management firm has announced, at a presentation of its interim results. Meanwhile, Gartmore will take measures to strengthen its firepower and improve its financial situation, with the deployment of a GBP10m per year cost reduction program.The Gartmore star manager Roger Guy is leaving the firm. As a result, Gertmore will be merging its teams dedicated to European equities (large cap and all-cap) into a single team, which will be led by John Bennett. Guy will continue to serve at the firm for the next few months in order to ensure a smooth transition. Guy’s large cap team managed GBP3.5bn as of 30 September, of which GBP1.3bn were in hedge funds, GBP0.5bn in mutual funds and GBP1.7bn in discretionary mandates.Gartmore has also announced the departure of Dominic Rossi, chief investment officer, who will take a new position at Fidelity. Until a successor can be appointed, Jeffrey Meyer, CEO, will serve in this role in the interim. Brian Mitchell, currently head of trading, has been appointed chief operating officer for the investment unit.Assets under management at Gartmore increased 4% in third quarter, from GBP19.9bn as of 30 June to GBP20.7bn as of 30 September. Positive market and performance effects were partially offset by net outflows of GBP700m. As of 31 October, assets under management totalled GBP20.9bn, despite net outflows of GBP300m in October. The group has also received GBP500m in redemption demands, of which GBP200m are for European large caps, and will be honoured by the end of the year.
09/11/2010

“German Madoff” faces day in court

p { margin-bottom: 0.08in; } Michael Keiner, who has been in preventive detention for more than a year (see Newsmanagers of 29 and 30 October 2009), will be indicted this week or next for serious fraud, the Frankfurter Allgemeine Zeitung reports, citing the Wurzburg public gazette. The founder of the hedge fund management firm K1 group causes losses of hundreds of millions of euros for Barclays, J.P. Morgan and BNP Paribas.
09/11/2010

Les 50% de PAI dans Yoplait attirent les industriels

«Notre part sera mise en vente d’ici à quelques jours et ce sera complété à la fin du premier trimestre» 2011, a déclaré Lionel Zinsou, le président de PAI, sur la radio BFM. Il a affirmé avoir reçu «beaucoup de marques d’intérêt venant d’industriels ».
09/11/2010

L’AMF va bientôt publier son instruction sur les ventes à découvert

La modification du règlement général de l’AMF insérant les obligations de déclaration des positions courtes a été publiée au JO du 6 novembre. Une instruction du régulateur sur les conditions d’application de ce nouvel article 223-37, qui entrera en vigueur le 1er février 2011, sera publiée dans les prochains jours.
09/11/2010

La SEC promet de s’attaquer aux algorithmes

La présidente de la Securities and Exchange Commission, Mary Schapiro, a indiqué hier lors d’une conférence que ses services traiteraient la question des algorithmes «fous» dans le cadre du trading à haute fréquence.
09/11/2010

TPG signe deux acquisitions

La société de private equity a dévoilé deux acquisitions dans les secteurs de la chimie et des cosmétiques. TPG va reprendre une filiale d’Ashland pour 930 millions de dollars en numéraire ainsi que la filiale japonaise d’Avon pour 7,3 milliards de yens (65 millions d’euros environ).
09/11/2010

Doughty Hanson rachète une chaîne de cinémas

La société de private equity a officialisé la reprise de Vue Entertainment, troisième chaîne britannique de cinémas. Doughty Hanson a conclu le rachat pour 450 millions de livres auprès de l’équipe dirigeante et d’un fonds affilié à Och-Ziff Capital Management Group. Le fondateur et PDG, Tim Richards, procèdera à un réinvestissement.
09/11/2010

LCM recrute pour la région Asie-Pacifique

La maison de courtage a annoncé lundi des nominations destinées à renforcer son activité «cash equity» à Hong Kong et à Londres. Louis Capital Markets a notamment engagé Nick McDonald, en provenance d’Instinet, pour diriger cette activité sur la zone Asie.
09/11/2010

Invesco vise les actifs immobiliers asiatiques d’AIG

Reuters rapporte que l’assureur américain pourrait bien céder son activité de gestion d’actifs immobiliers en Asie à Invesco. La valeur brute de ces actifs avoisinerait 5 milliards de dollars, et la transaction pourrait se chiffrer en dizaines de millions. Un accord pourrait être signé ce mois-ci, les deux parties d’étant pour l’heure refusées à tout commentaire.
09/11/2010

CBOE Holdings relève son offre de rachat de titres

Le premier opérateur boursier américain sur les futures a porté à 25 dollars par action, contre 22,5 dollars précédemment, son offre de rachat des titres détenus par ses anciens membres. CBOE a réduit de 13,3 millions à environ 12 millions le nombre de titres concernés par l’offre.
09/11/2010

La sentence d’arbitrage sur Bayou confirmée

Un juge fédéral a rejeté hier une demande de Goldman Sachs visant à lui épargner une sentence d’arbitrage de 20,6 millions de dollars concernant l’ancien hedge fund Bayou. Les créanciers ont reproché à une filiale de la banque américaine d’avoir compensé des ordres pour Bayou tout en ignorant des signaux de fraude.
09/11/2010

Foncière des Régions se refinance massivement

La foncière vient d’obtenir auprès de trois banques allemandes une ligne de 270 millions d’euros sur sept ans pour un coût annuel inférieur à 3,50 % pour sa tour CB 21 à la Défense. Il s’agit du troisième refinancement de ce bâtiment acquis juste avant la crise financière.
09/11/2010

Les ETP sur métaux de base critiqués

La FSA britannique a reçu une plainte de traders sur métaux qui s’inquiètent de l’effet déstabilisant des projets de lancement d’ETP sur métaux industriels.
08/11/2010

Les industriels demandent une solution pour les terres rares au G20

Plusieurs grands groupements industriels, des secteurs de l’automobile, de l'électronique et de l'énergie ont publié une lettre ouverte pour appeler les dirigeants du G20 à garantir un approvisionnement continu en terres rares, soulignant qu'à défaut, la croissance économique en souffrirait.
08/11/2010

Baisse inattendue de la production industrielle allemande

La production industrielle allemande a décrû en septembre à son rythme le plus soutenu en près d’un an mais la reprise du secteur industriel de la première économie européenne est intacte, a annoncé le ministère de l’Economie. La production a diminué de 0,8% CVS en septembre. C’est sa baisse la plus forte depuis octobre 2009.

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