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18/03/2014

Michael Wilson leaves board at Jupiter

P { margin-bottom: 0.08in; } Following the sale by TA Associates of its 10.6% stake in the capital of Jupiter Fund Management on 5 March, Michael Wilson will be leaving the board of directors at the British asset management firm on 21 March, Citywire reveals. As it no longer has any capital relationship with Jupiter, TA Associates is no longer in a position to appoint a director to the board, even in a non-excutive capacity. The news comes as Maarten Slendebroek officially takes over as CEO of Jupiter, replacing Edward Bonham-Carter, who will retain a role as vice-chairman of the board at the asset management firm.
18/03/2014

Absolute return market on road to recovery

P { margin-bottom: 0.08in; } The number of absolute return products in Europe fell last year, but funds with mediocre performance were mostly the ones to be closed, according to the most recent semiannual research by the German firm Lupus alpha. Last year, the number of funds fell from 619 to 505. The number of fund closures and mergers totalled 144, while the number of new vehicles is only 30. In 2012, closures (78) and creations of vehicles (77) were more or less balanced. Despite the decline observed last year, assets in absolute return funds rose 21% or EUR125.4bn, after a decline of 20% the previous year. The quality of returns over five years has also improved meanwhile, Nearly 99% of the 170 funds studied, which have a duration of five years or more, have posted a positive performance over 5 years of 3.67% per year. This is an improvement of about 25% over 2012, when the fund posted positive returns over five years of only 64.9%.
18/03/2014

BNY Mellon AM has EUR4bn in assets under management in Italy

P { margin-bottom: 0.08in; } Italian clients at BNY Mellon AM now represent assets of EUR4bn, according to Marco Pallacino, managing director of the firm in Italy, in a filmed interview with Bluerating. The firm is present in the fast-growing retail and the institutional segments.
18/03/2014

Pioneer VP may become chairman of Assogestioni

P { margin-bottom: 0.08in; } A few days before the general assembly of the Italian association of asset managers, Assogestioni, which will be electing a new president, it seems that an internal solution has been reached with the nomination of Giordano Lombardo, Bluerating reports. Lombardo, vice-chairman of Pioneer Investment Management (UniCredit group), is already serving as interim president of the Italian asset management association. The position of president of Asogestioni has been vacant since the departure of Domenico Siniscalco due to conflicts of interests.
18/03/2014

Franklin Templeton increases stake in capital of Lar España Real Estate

P { margin-bottom: 0.08in; } Franklin Templeton has increased its stake in the capital of Lar España Real Estate, the real estate affiliate of the Spanish Lar group, to 6.37%, via the acquisition of equities representing 1.62% of capital, and a value of EUR6.9m, Cotizalia reports. Franklin Templeton now has 2.55 million shares, bringing the value of its stake to EUR27m. Other international funds are invested in the capital of the Spanish real estate firm, such as Pimco, which controls a stake of 12.5%, Marshall Wace (4.4%), and Ameriprise Financial (3.74%). Bestinver, the Iberian asset management firm of the Acciona group, controls 4.18% of capital, and UBS holds 3.5% of capital.
18/03/2014

European bank debt issuance continues to decline

P { margin-bottom: 0.08in; } European banks are leading the decline in global bank debt issuance, according to a report published by Moody’s Investors Service («Global Bank Debt – 2013 Issuance Trends»). Global unsecured debt issuance by Moody’s-rated financial institutions declined by 11% in 2013, compared to 2012. European institutions’ unsecured debt issuance declined by 25% to USD528 billion in 2013, says Moody’s. This marks the sixth year of a decline in European banks unsecured issuance, now at 41% of its 2007 peak. «With many European countries still mired in slow economic growth and persistent pressure on banks to reduce leverage, balance sheets are shrinking, cutting funding needs and driving issuance volumes down,» said Robard Williams, a Moody’s Senior Credit Officer, and co-author of the report. «Sector consolidation coupled with restricted capital market access has also halved the number of banks issuing debt to only 122 in 2013, compared to 246 in 2007.» Within the overall decline, however, subordinated debt issuance is up 33% year-on-year to USD50 billion in Europe, as regulators and resolution authorities’ clarification efforts have helped market participants price these securities and boost issuance. In addition, issuance by North American firms has rebounded strongly since 2011, says Moody’s. Strong investor appetite driven by improving macroeconomic conditions and still-low interest rates have boosted unsecured debt issuance by 39% to $309 billion in 2013, says the rating agency. In addition, US subordinated debt issuance jumped to USD27 billion in 2013, from de minimis levels in 2011 and 2012.
18/03/2014

European pay rules relaxed for Americans

P { margin-bottom: 0.08in; } European rules to limit excessive pay scales for fund managers have been relaxed in order not to have a disproportionate impact on US and Assian assset management firms, Financial Times fund management reports. Lobbying efforts by the United Kingdmo resulted in a last-minute amendment which will now mean that the rules apply “proportionately” to those involved in managing a UCITS fund. Previously, they concerned “third parties to whom these roles are outsourced,” including non-European managers of UCITS funds.
18/03/2014

Candriam renames its fund range

P { margin-bottom: 0.08in; } After the launch of its new brand, the asset management firm Candriam (formerly Dexia AM) has announced that it will be renaming all of its funds. The process, which is expected to be completed by summer 2014, will initially involve the range of hedge funds. Dexia Index Arbitrage becomes Candriam Index Arbitrage, Dexia Long Short Credit becomes Candriam Long Short Credit and Dexia Diversified Futures is renamed as Candriam Diversified Futures. Funds based in France will now be entitled Candriam, as well as Belgian-registered funds based on traditional strategies. French-registered Sicavs will be renamed in late April 2014. Luxembourg-registered funds will see their names changed in a third phase during 2014, a statement says.
18/03/2014

JP Morgan AM launches a share class in renminbi for an Asian fund

P { margin-bottom: 0.08in; } JP Morgan Asset Management (JP Morgan AM ) has launched a hedged share class in renminbi for its fund JP Morgan Asia Equity Dividend, the first share class in renminbi introduced by the US asset management firm in its fund range, The Asset.com report. The minimal investment for the new share class is RMB16,000 or USD2,589, and subscriptions may be made from any renminbi bank account.
18/03/2014

More than USD4trn in debt to mature by 2018

P { margin-bottom: 0.08in; } Levels of European financial and non-financial corporate debt rated by Standard & Poor’s and maturing between 2014 and 2018 are expected to total USD4.1trn, representing about 46% of the USD8.9trn in debt maturing worldwide, acording to a study released on 17 March by the agency («European Refinancing Study : Over $4 Trillion of Rated Corporate Debt Is Expected To Mature By 2018"). Out of this total of slightly over USD4trn, USD866bn will mature in 2014. In the following years, the expected maturities are USD909bn for next year, USD863bn in 2016, and then USD754bn in 2017 and USD678bn in 2018. Financial sector firms represent 60% of debt maturing in Europe, and 86% of this debt is rated investment grade (BBB- and above), which is expected to contribute to moderating total refinancing risks in the region. However, debt levels with the lowest ratings remain non-negligible. More than USD10bn in debt rated B- and below are maturing in 2016, 2017 and 2018. Standard & Poor’s also notes that there is a considerable amount of leveraged debt which is not in the agency’s database.
18/03/2014

Hermes recruits a head of consultant relationships

P { margin-bottom: 0.08in; } Hermes Fund Managers is adding to its teams. The asset management firm has recruited Jennifer Stillman in London as director responsible for consultant relationships, Investment Europe reports. Stillman, who has 16 years of experience in the asset management industry, was previously head of development at Nightscape Capital. She previously worked successively at Caliburn Capital, Man Investments, PanAgora Asset Management and Clay Finlay.
18/03/2014

Gold price fixing suspected in London

P { margin-bottom: 0.08in; } According to Le Temps. UBS “confirms that it is reviewing” its precious metals activities, as “several authorities are investigating possible price manipulations.” These few lines are buried on page 424 of the bank’s annual report, published on Friday. This time, the Siwss bank does not appear to be on the frontlines of a scandal which was set off in December by an investigation by the German financial watchdog, BaFin. Along with its British counterpart, the agency is investigating the price of gold in London at five firms: Barclays, Deutsche Bank, HSBC, Société Générale and Bank of Nova Scotia.
18/03/2014

Nikko AM appoints a head of multi-asset

Al Clark has been appointed by Nikko Asset Management (Nikko AM) to the newly created role of global head of multi-asset, the Japanese asset manager announced on Monday. Based in Sydney, he will be responsible for driving the growth of the multi-asset business globally.Al Clark has more than 21 years of experience in trading and portfolio management, and has worked for major asset management groups such as Macquarie Funds Management, BT Financial Group and Schroder Investment Management, in both Sydney and Singapore. He joins the Nikko AM Group from Schroder Investment Management (Singapore) Ltd, where he was responsible for growing the multi-asset business in Asia-Pacific.Al Clark will report to Yu-Ming Wang, based in Tokyo.
18/03/2014

Hedge fund lawsuits against Porsche dismissed

P { margin-bottom: 0.08in; } The court of Stuttgart, the city where Porsche’s headquarters are located, on 17 March rejected a lawsuit filed by hedge funds against the luxury auto maker. More than 20 funds, including Viking Global Invetsors, Glenhill Capital and Greenlight Capital, had been suing Porsche following its failed takeover of Volkswagen (VW) in 2008-2009, and were seeking EUR1.36bn in damages and interest. The plantiffs claim that throughout 2008, the Porsche holding company never mentioned its plans to acquire VW, and then quietly entered the capital of its target in order to gradually increase its stake. The announcement of a takeover bid for Volkswagen by Porsche boosted VW share prices, and this rise was accentuated by hedging of short positions. The judge delivering the verdict on Monday found that there was no proof Porsche had acted deliberately to damage the interests of the hedge funds.
18/03/2014

L'ACPR précise sa doctrine anti-blanchiment en gestion de fortune

L’Autorité de contrôle prudentiel et de résolution (ACPR) a dévoilé sur son site internet des «lignes directrices relatives à la lutte contre le blanchiment des capitaux et le financement du terrorisme dans le domaine de la gestion de fortune». Elles constituent une révision des précédentes lignes directrices publiées en la matière en janvier 2010 par la Commission bancaire. Cette publication a été réalisée à la demande des établissements financiers. Elle fait suite aux missions de contrôle réalisées en 2010 et 2011 chez 21 établissements de crédit, qui avaient conduit l’Autorité à sanctionner certains d’entre eux, comme la Société Générale. Les nouvelles lignes précisent les attentes de l’ACPR relatives aux mesures de vigilance en matière de lutte contre le blanchiment des capitaux et le financement du terrorisme (LCB-FT) dans le domaine de la gestion de fortune pour les secteurs de la banque et de l’assurance.
18/03/2014

L'inflation en zone euro est révisée en baisse

Annoncée en première estimation à 0,8%, la croissance des prix en zone euro a été révisée en baisse à 0,7% pour le mois de février par Eurostat. L’inflation retombe ainsi au plus bas historique touché en octobre dernier et qui avait poussé la BCE à réduire ses taux par surprise lors de sa réunion de novembre.
18/03/2014

American Express trouve des soutiens dans le voyage d’affaires

Le spécialiste américain des cartes de crédit a dévoilé un accord pour la création d’une coentreprise reprenant son activité dans le voyage d’affaires, conformément à un projet annoncé en septembre dernier. American Express détiendra 50% de la nouvelle entité, le solde étant partagé entre quatre investisseurs, à savoir Certares, société d’investissement fondée par un ancien vétéran de JPMorgan, Greg O’Hara, Macquarie Capital, BlackRock et Qatar Investment Authority. Le fonds souverain du Qatar dispose de la part la plus importante, selon une source citée par Reuters, Amex n’ayant pas publié la répartition entre ses partenaires. Ces derniers ont convenu d’engager un montant total de 900 millions de dollars. L’activité du groupe américain dans le voyage d’affaires est la plus importante au monde, elle est présente dans 139 pays avec 14.000 salariés.
18/03/2014

SG Private Banking jette l'éponge en Asie

Attendu, le transfert des activités de gestion de fortune de la Société Générale à Hong Kong et Singapour illustre la difficulté pour les acteurs étrangers de taille moyenne de percer sur ce marché. L’acquéreur, DBS, paie un multiple jugé favorable de 1,75% des encours sous gestion.
18/03/2014

UBS au service des hedge funds

La banque suisse a modifié son organisation au service de ses clients fonds alternatifs, selon le quotidien qui cite une note interne signée du responsable mondial du prime brokerage, Reinhardt Olsen. Une nouvelle entité est créée, baptisée Capital and Consulting Services, fruit du rapprochement de deux équipes existantes afin de se trouver plus proche des besoins des clients.
18/03/2014

Macquarie s’allège dans le private equity

La banque australienne cède selon l’Australian Financial Review son entité de capital-investissement Macquarie Investment Management Private Markets, au bénéfice du management de cette dernière dont les actifs s’élèvent à environ 5 milliards de dollars locaux (3,3 milliards d’euros). La société prendra le nom de ROC Equity Partners.
18/03/2014

Highbridge Capital recrute chez SAC Capital

Le quotidien croit savoir que deux gérants actions du fonds alternatif SAC Capital Advisors ont rejoint le concurrent Highbridge Capital Management. SAC Capital Advisors subit de nombreuses défections depuis qu’un scandale de délit d’initiés l’a plongé dans la tourmente, jusqu’à devoir devenir un family office au service essentiellement de la gestion de son fondateur Steve Cohen.
18/03/2014

La Fed pourrait modifier sa ligne

Alors que le FOMC se réunit aujourd’hui et demain, les économistes s’attendent à ce qu’il rende la communication sur les taux de la Fed plus qualitative.
18/03/2014

Seibu Holdings de retour en Bourse de Tokyo

L’opérateur hôtelier et ferroviaire japonais devrait selon le quotidien faire son retour le 23 avril à la Bourse de Tokyo, dix ans après l’avoir quittée sur fond de communication financière frauduleuse. L’opération pourrait permettre à Cerberus Capital Management, actionnaire à hauteur de 35,5% du capital, d’alléger sa position, après que la société de capital-investissement a échoué l’an dernier à imposer sa volonté au sein du conseil.

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