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02/04/2010

Mercer se renforce en Asie

La firme de conseil Mercer a recruté Stephen Roberts au poste nouvellement créé de responsable de la gestion des investissements dans la zone Asie-Pacifique et annonce son intention de se développer sur le marché de la multigestion dans la région.Stephen Roberts, qui était précédemment chez Russell Investments, managing director des services d’investissement dédiés à la clientèle institutionnelle dans la zone Australasie, prendra ses fonctions le 19 avril prochain à Sydney.
02/04/2010
Fonds

J.P. Morgan lance un fonds convertibles rendement absolu

J.P. Morgan Mansart Investments, filiale française agréée par l’Autorité des marchés financiers de JPMorgan Chase & Co, et CQS, société de gestion d’actifs spécialisée dans les convertibles, les ABS et le crédit, ont annoncé que le J.P. Morgan Mansart Investments CQS Convertible Alpha Fund avait reçu l’agrément du régulateur irlandais, l’IFSRA. Il s’agit d’un fonds coordonné, conforme à la directive Ucits, visant à répondre à la demande des investisseurs institutionnels pour un véhicule régulé capable de fournir une exposition à des stratégies de rendement absolu sur les marchés mondiaux des obligations convertibles. Il offrira un portefeuille d’obligations convertibles gérées activement basé sur une recherche crédit fondamentale et une analyse quantitative, et limitera les risques par l’utilisation de couvertures actions, crédit et taux. La liquidité sera hebdomadaire. J.P. Morgan Mansart Investments délègue la responsabilité de la gestion d’actifs à CQS, tout en conservant le contrôle de la gestion, les processus de gestion du risque et la compliance et les directives d’investissement. Le fonds sera distribué par J.P. Morgan Securities.
Fonds
02/04/2010

Treize nouveaux ETF d'Amundi cotés en Italie

Amundi ETF a annoncé, jeudi 1er avril, la cotation de 13 nouveaux ETF sur Borsa Italiana, ce qui porte à 28 le nombre total des produits de la société disponibles sur Borsa Italiana. Les fonds en question, tous inédits précise Amundi ETF, sont sectoriels. Il s’agit de deux ETF Monde investis pour l’un sur des valeurs de l'énergie et pour l’autre, sur des valeurs financières – respectivement Amundi ETF MSCI World Energy et Amundi ETF MSCI World Financials.A ces fonds s’ajoutent dix ETF sectoriels Europe ayant pour undice de référence les principaux secteurs MSCI sur le vieux Continent. Enfin, le dernier ETF est investi sur l’immobilier, via un indice comprenant près de 25 valeurs foncières européennes cotées. Hormis les deux premiers ETF et celui investi sur l’immobilier dont les frais de gestion annuels sont de 0,35 %, ceux des autres produits sont de 0,25 %.
02/04/2010

Le LSE remercie le DG de la Bourse de Milan

Selon Les Echos, le directeur général de la Bourse de Milan, Massimo Capuano, a quitté ses fonctions le 31 mars, gardant un siège de membre du conseil d’administration du LSE pour quatre mois encore. Son départ, diligenté par le patron du London Stock Exchange (LSE), Xavier Rolet, et qui fait suite à celui de quatre autres directeurs, n’est pas du goût de tous les acteurs de la place de Milan.
02/04/2010

Axa Private Equity s'intéresse de près à KBC Private Equity

Selon la Tribune qui cite le quotidien belge « De Standaard » jeudi 1er avril, Axa Private Equity devrait racheter la filiale de capital-investissement de la banque belge KBC. Pour cette opération, Axa se serait associé avec le groupe d’investissement Sofina pour présenter une offre commune sur KBC Private Equity, qui emploie une trentaine de personnes et gère un portefeuille d’environ 350 millions d’euros.
02/04/2010
Fonds

Robeco fait enregistrer son Small Cap Euro en Espagne

La CNMV accorde son agrément de commercialisation en Espagne au fonds de droit français Robeco Small Cap Euro (19,45 millions d’euros) géré par Dominique Dequidt et Anne-Sélime de Murard. L’objectif de ce fonds de petites capitalisations de la zone euro lancé le 8 janvier 2008 consiste à surperformer l’indice MSCI EMU Small Cap Total Return, mais avec une volatilité inférieure à celle du benchmark.
Fonds
02/04/2010

"Il faudrait que l'international représente 50 % de nos encours"

Acropole Asset Management, société de gestion dédiée aux obligations convertibles créée il y a un peu plus de trois ans, cherche à se développer auprès de la clientèle étrangère et auprès des investisseurs institutionnels basés en province, indique son président et fondateur, Jacques Joakimides, dans un entretien à NewsManagers.
02/04/2010

Nomination officielle d'Antoine Gosset-Grainville à la CDC

Il en était question depuis la mi-mars. Antoine Gosset-Grainville, directeur adjoint du cabinet de François Fillon, rejoindra le 1er mai la Caisse des dépôts et consignations (CDC) comme numéro deux, rapporte l’Agefi. Il pilotera notamment les filiales et participations du groupe, comme Dexia, Transdev, et bientôt La Poste, note le quotidien.
02/04/2010

Coup de frein à l'acquisition d'AGF PE par l'IDI

Après la contestation de l’acquisition par l’IDI d’AGF Private Equity (PE), filiale d’Allianz par son comité d’entreprise jeudi devant le tribunal de grande instance (TGI) de Paris, suite à un référé déposé le 12 mars, le TGI doit se prononcer d’ici le 15 avril, rapporte l’Agefi. L’objectif est d’aboutir à la suspension de cette vente et à la reprise de l’information-consultation entre Allianz et le comité d’entreprise d’AGF PE. Chargé de la défense du comité d’entreprise, Jean-Pierre Fourrier, l’avocat associé au sein du cabinet LMBE, a également confirmé qu’il comptait « lancer une plainte pénale, pour délit d’entrave, à l’encontre de dirigeants d’Allianz. Cinq à six dirigeants seraient visés.
02/04/2010

Natixis va recruter 150 personnes pour développer la gestion d'actifs

Selon Les Echos, Pierre Servant, directeur général de Natixis Global Asset Management, a annoncé hier son intention d'étoffer de 5% à 6% ses équipes de gestion d’actifs. L’arrivée de quelque 150 personnes vise à développer l’asset management en Europe, en Asie et aux Etats-Unis. Natixis Global Asset Management, qui affichait 505 milliards d’euros sous gestion à la fin 2009, en hausse de 13% sur un an, n’a pas l’intention de rejoindre la coentreprise Amundi, créée l’an passée par le Crédit Agricole et la Société Générale. La filiale de gestion d’actifs va démarrer une activité en Hollande cette année, tout en renforçant sa présence en Belgique.
02/04/2010

Recul des résultats de Viel & Cie

Selon Les Echos, le résultat net consolidé de Viel & Cie, qui outre CFT, Bourse Direct et une participation de 40% dans SwissLife Banque Privée, a reculé l’an dernier à 58,9 millions d’euros contre 63,2 millions en 2008. L’intermédiaire, dont la principale activité, CFT, devrait continuer de baisser cette année (entre 7% et 10% contre 8% en 2009) met en place un plan d'économies et reste ouvert aux opportunités de croissance externe.
02/04/2010
Fonds

Blue Sky AM lance une stratégie de croissance

Blue Sky Asset Management vient d’annoncer le lancement d’une stratégie de croissance baptisée Enhanced Growth Plan FTSE 100 series. Le véhicule à six ans se propose de doubler toute hausse du FTSE 100 avec une rentabilité maximale de 90% (45% sur six ans) et une rentabilité minimale de 25%, si, à l'échéance, l’indice se trouve au-dessus ou à son niveau de départ.
Fonds
02/04/2010

Man Group obtient un mandat de 1 milliard de dollars

Man Group s’est vu accorder un mandat de 1 milliard de dollars sans précédent par le deuxième plus gros fonds de pension britannique, le USS, rapporte le Financial Times. L’argent sera investi dans l’activité de fonds de fonds de Man. USS veut à terme investir jusqu’à 20 % de ses actifs dans des placements alternatifs.
01/04/2010

Universal launches a currency fund with Prem1um Currency Advisors

On Wednesday, Universal Investment announced that it will be releasing a specialist currencies fund, with the objective of generating annual returns of 10%, with volatility of about 8%. The German-registered product (DE000A0YJF34), Premium Currencies UI, was launched on 15 February, and replicates the strategy which has been used since 2004 by the Zurich-based Prem1um Currency Advisors (CHF1bn in assets) and its CIO, Guiseppe Manieri. The strategy’s track record since 2004 shows a correlation of -0.16 with the S&P 500, - 0.12 with the HFRX Global HF Index, and -0.38 with the Barclay Currency index. The fund bets on the evolution of bilateral parity between the most liquid currencies of the G10, and may use long and short positions. The process uses chart-based technical analysis, trend monitoring and statistical resources, and a quantitative and discretionary trading method. Front-end fee and management commission are set at 5% and 0.35%, respectively, while advising commission is set at 2%, and performance commission is 20%, with high watermark.
01/04/2010

RWC to release its Absolute Alpha fund in Germany

Hedge Week reports that the British management firm RWC Partners has been granted permission to distribute its RWC US Absolute Alpha fund, which complies with the UCITS III directive, in Germany. The fund is a long/short US equity strategy, led by Mike Corcell, which was launched in October 2009, and has about USD350m in assets.
01/04/2010

250 layoffs rumoured at DWS

Handelsblatt reports that, according to rumours in financial circles, the management firm DWS (Deutsche Bank) is in talks with State Street to outsource its fund accounting, which would affect about 250 jobs. Currently, the activities concerned are provided by the Global Technology Operations (GTO) division of Deutsche Bank. DWS, Deutsche Bank and State Street all declined to comment.
01/04/2010

New record for UK fund sales in February

Inflows to funds in February totalled GBP1.9bn, the highest level ever recorded in the month of February, following a January which was also exceptional, according to statistics published on 31 March by the British investment management association (IMA) Assets under management in funds domiciled in the United Kingdom as of the end of February totalled a record GBP484.7bn, up 3% from January, and 42% up on february 2009. This development is related to growth in inflows as well as to positive market effects. Equities were the most popular asset class, with total sales of GBP703m, a 23% increase over January. February 2009 saw a net outflow from equities of GBP28m.
01/04/2010

Dutch firm Finles launches a hedge fund tracker

The Netherlands-based investment boutique Finles Capital Management has launched the first tracker fund dedicated exclusively to hedge funds in the Netherlands. Hedge Week reports that the initiative aims to attract more institutional investors to Dutch hedge funds, and to put the Netherlands on the map as an international centre in the hedge fund sector. The Dutch Hedge Fund Tracker is a fund of funds which will initially replicate the performance of at most 25 hedge fund managers in the Netherlands, on the basis of the new Dutch Hedge Fund Index. The index is derived from the Finles/IEX Dutch Hedge Fund Index, which started out with 17 hedge funds on 1 January 2009, and which included 27 funds as of January this year. In 2009, the performance of the index measured 11%.
01/04/2010

Nuveen to manage SSgA ETFs

State Street Global Advisors (SSgA) on Tuesday announced that it has signed an agreement with Nuveen Investments, by the terms of which Nuveen will become sub-adviser to five municipal bond ETFs. Nuveen Asset Management will be responsible for management of assets under the supervision of SSgA Funds Management and the board of trustees for each fund, with total assets of nearly USD2bn. The agreement comes into effect on 1 April 2010. It covers the SPDR Barclays Capital Municipal Bond ETF (acronym TFI), Capital California Municipal Bond ETF (CXA); Capital New York Municipal Bond ETF (INY), Capital Short Term Municipal Bond ETF (SHM), and SPDR S&P VRDO Municipal Bond ETF (VRD). To ensure a smooth transition, Tim Ryan, lead portfolio manager for ETFs at SPDR, specialised in municipal bonds, will join Nuveen Asset Management as senior vice president.
01/04/2010

Strong performance for NAI sustainable development index since its launch

The sustainable equities index Natur-Aktien-Index (NAI), which includes 30 “sustainable” international equities, has seen performance of 477% since its launch on 1 April 1997. In this period, it has outperformed classic indices such as the Dax or Dow Jones, as well as the Dow Jones Sustainability Index (DJSI), the Financial-Times-Index (FTSE4Good) and the Öko-Dax. Currently, the Nai index includes the following businesses: Aixtron, Bio-Treat Technology, Boiron, BWT, Natura Cosmeticos, East Japan Railway Company, Ecolab Energy Conversion Devices (ECD), Gaiam, Höganäs, Insituform, Interface, Kadant, Kurita Water Industries, Mayr-Melnhof, Molina Healthcare, Ormat Technologies, Ricoh, Shimano, Solar Millennium, Solarworld, Starbucks, Steelcase, Steico, Svenska Cellulosa, Tomra Systems, Triodos Groenfonds, United Natural Foods, Vestas Wind and Westpac.
01/04/2010

S&P lowers ratings for AXA

Standard & Poor’s on 31 March announced that it has revised its credit rating for AXA down from AA to AA-, with a stable outlook. The ratings agency says it is unlikely that the French group will succeed in the next 12 to 24 months in restoring its profitability and operational performance to the levels required to retain a AA rating. S&P also lowered its counterparty rating for the Axa holding company from A+ to A.
01/04/2010

Jeffries adds to presence in Paris

Jeffries on 31 March announced the appointment of Cyril Paillard as managing director of distribution for MBS/ABS products in Paris, where he will be in charge of institutional clients in France and Northern Europe. Paillard’s arrival marks a new stage in the development of the MBS/ABS international platform, which now includes 90 professionals in the United States, London, Paris, Tokyo, and Hong Kong. Paillard was previously at RBS, where he was in charge of distribution for structured products in the EMEA region.
01/04/2010

AM Investment Partners and BAM Capital merge

The alternative management firm AM Investment Partners and BAM Capital on 30 March announced an agreement in principle for a merger “between equals” bringing the two firms together. The new firm, which will be known as AM Investment Partners, will be led by the co-founders of BAM Capital, Ross Berman and Hal Mintz, as well as the co-founders of AM Investment Partners, Mark Friedman and Adam Stern. Assets under management at the new firm will total about USD600m.
01/04/2010

Crédit Agricole Assurances signs PRI

Crédit Agricole Assurances on 31 March announced that it has decided to sign the United Nations Principles for Responsible Investment (UN-PRI). The firm becomes the first banking-insurance business to sign the PRI, Crédit Agricole says in a statement, making the step a sign of genuine progress in the consideration of extra-financial criteria in analysis and investment decisions. By joining the PRI, Crédit Agricole Assurances joins other entities of the Crédit Agricole which have already signed the PRI (Amundi, Chevreux, Crédit Agricole Private Equity), and confirms the desire of Crédit Agricole to bring its investment decisions into harmony with the needs of society.
01/04/2010

BNY AM closes Ivy AM, implicated in Madoff scandal

Ivy Asset Management, which BNY Mellon Asset Management is closing, is under investigation for advice it allegedly gave related to investing with Bernard Madoff, according to a person familiar with the matter cited by the Wall Street Journal.
01/04/2010

Jean-François Canton delegates responsibilities at Comgest

Vincent Strauss is stepping in as co-manager of Comgest’s Monde and Growth World funds, replacing Jean-François Canton who has begun delegating his responsibilities in anticipation of his forthcoming retirement, says Citywire. The latter will also be relinquishing his responsibility as the firm’s head of global equities but will remain on the company’s board of members.
01/04/2010

Fund.com acquires Weston Capital Management

Hedge Week reports that the financial services firm Fund.com has acquired Weston Capital Management, a firm specialised in developing and distributing hedge funds. Weston Capital, which is based in Florida, and also has offices in New York and London, has three activities: the origination and distribution of funds of funds, the origination and distribution of single-manager hedge funds, and raising capital to launch new hedge funds. Weston has recently entered into an alliance with Harcourt for manager research and fund financing. Harcourt, which is controlled by the Swiss firm Vontobel, is a hedge fund management firm (USD4.5bn in assets under management) which advises institutional investors on hedge fund investment opportunities.
01/04/2010

Carmignac Gestion seeking a new head for Northern Europe

Following the departure a few days ago of Patrick Giry from Carmignac Gestion, where he began in 2001 as head of distribution for France, and subsequently served from 2007 as CEO for the Luxembourg unit of the asset management firm and country head for Luxembourg, Carmignac is now in an active recruitment phase. Giry’s responsibilities have been divided into two positions, one for a director for southern Europe, including France, Spain, and Italy, and one for a co-manager in charge of northern Europe, which includes Benelux, Germany, and Switzerland. For the moment, the first of these positions has been entrusted to the asset management firm’s head for Italy, Davide Fregonese, but the second position has not yet been assigned. Eric Helderlé, CEO of Carmignac Gestion, confirms that the firm is seeking an applicant who is “perfectly bilingual, with serious pan-European experience.” In terms of inflows, the volume represented by each of the two zones has not been disclosed. The only sign is that the overall total for 2009 at the asset manager was EUR15bn.
01/04/2010

TIAA-CREF raises commissions

According to a filing with the Securities and Exchange Commission, the US teachers’ pension fund TIAA-CREF has decided to increase commissions for its ten Life Funds, which invest in variable annuities, which aim to guarantee subscribers a supplement to their pension benefits, from 1 May. The price hikes range from 3 basis points (for the Stock Index Fund) to 44 basis points (for the Small-Cap Equity Fund). The increase in charges, which is the third such increase in five years is reported to have been motivated by an increase in regulatory burden as well as increased competition on the market for new management talent.

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