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10/02/2014

Very good annual results at Och-Ziff

P { margin-bottom: 0.08in; } The US alternative asset management firm Och-Ziff Capital Management has announced distributable profits of USD559m for fourth quarter 2013, compared with USD351.3m one year previously. For the year as a whole, profits total USD903.6m. The very good performance of funds, indouble digits, boosted performance commissions to USD1.1bn for the year as a whole, up 80% compared with the previous year. Assets under management as of the end of December totalled USD40.2bn, up 23% compared with the end of 2012. As of 1 February 2014, assets under management totalled USD41.3bn, due to net inflows of USD1.1bn, slightly offet by a negative market effect of slightly over USD90m, Och-Ziff says in a statement.
10/02/2014

Cerberus completes sale of its stake in Kokusai Kogyo

P { margin-bottom: 0.08in; } The US private equity group Cerberus Capital Management before the weekend completed its sale of its stake in the Japanese real estate specialist Kokusai Kogyo for a total of about JPY140bn, or USD1.37bn, the news agency Reuters reports, citing sources familiar with the operation. Cerberus sold its majority stake of 55% to the family that founded the firm, which already controlled the remaining 45%.
10/02/2014

Morningstar appoints a CIO for Americas

P { margin-bottom: 0.08in; } The research and data provider Morningstar on 7 February announced the appointment of Scott Wentsel as chief investment officer, Americas at Morningstar Investment Management. Wentsel, who will be based in Chicago, will be reopnsible for asset management teams based in the Americas, and joins the global investment team at Morningstar. He will report to Daniel Needham, globla CIO. Wentsel had worke at Morningstar since 2006. Assets under management at Morningstar Investment Management as of the end of September 2013 totalled USD176bn.
10/02/2014

Activist investors drive up takevoer prices

P { margin-bottom: 0.08in; } In the first 10 months of 2013, hedge funds drove up prices of 14 attempted takeovers in the United States, winning gains in 10 cases, a study by the law firm Simpson, Thatcher & Bartlett, cited by the Financial Times, notes. In 2012, only one campaign out of four led to a rise in the price of the target company.
10/02/2014

US millionaires identify real estate as the most popular asset class

P { margin-bottom: 0.08in; } The majority of millionaire investors in the United States (77%) say that they own real estate, while 35% have real estate investment trusts (REITs), Hedge Week reports, citing a Morgan Stanley Wealth Management Investor Pulse Poll. After real estate, millionaire investors cite their preferred alternative asset classes as collections (34%), precious metals (28%), private equity (27%), real assets (17%), private real estate funds (16%), hedge funds (16%) and venture capital (13%).
10/02/2014

M&G Investments teams up with Debory Eres in employee savints

P { margin-bottom: 0.08in; } M&G Investments, an affiliate of the insurer Prudential, has signed a distribution agreement in France with Debory ERES, an independent platform specialised in employee sagings and retirement savings. After 18 months of talks, the two partners are now baptising a new enterprise common investment fund (FCPE), ERES M^G Equilibre, which is available to the 8,000 employee clients of Debory ERES and to independent financial adviser clients.
10/02/2014

Good overall results for Apollo

P { margin-bottom: 0.08in; } Assets under management at Apollo Global Management and its affiliates as of the end of December totalled USD161.2bn, compared with USD113.4bn as of the end of December 2012, according to a statement from the firm. This spectacular growth in assets of CHF47.8bn is related to the acquisition of Aviva Usa in early October, which brought a further USD44bn in assets under management. Economic net income (ENI) totalled USD1.89bn for the year as a whole, compared with USD1.47bn for the 2012 fiscal year. Apollo points out that on 31 December it performed a final closing of its flagship private equity fund, Apollo Investment Fund VIII, which rised USD17.5bn in external capital and USD880m in additional funds from Apollo and its affiliated investors.
10/02/2014

Schroder liquidates UK Core fund

P { margin-bottom: 0.08in; } Schroder is closing its UK Core fund, Investment Week reveals, due to a shortage of assets. The fund, managed by Sue Noffke, Jessica Ground and Andy Simpson, was launched in 2011, and represented the first effort by Schroders to offer an actively-managed product at a low price.
10/02/2014

Cantonal bank of Zurich posts outflows for 2013

P { margin-bottom: 0.08in; } The cantonal bank of Zurich (ZKB) has reported a net outflow for 2013 of CHF237m, at a time when one year earlier, it had posted inflows of over CHF8bn. Client assets remained stable at CHF191.86bn, compared with CHF191.79bn. Profits at the group rose 7.2%, to CHF797m. Operating profits imprived to 62.7%, compared with 64.4% previously.
10/02/2014

Annual results down at LLB

P { margin-bottom: 0.08in; } The Liechtensteinische Landesbank (LLB) in 2013 earned a net profit of CHF54m, down 44.8% year on year, it announced on Friday. The Vaduz-based bank has suffered write-downs due to court proceedings related to tax in the United States and restructuring costs. Aside from these one-time items, net profits at the group would have totalled CHF112m. Assets under management last year fell by CHF0.8bn, to a total of CHF49.1bn. The year finished with outflows of CHF2.2bn, taking into account restructuring during the year. As part of its restructuring programme, LLB closed its Swiss affiliate LLB (Switzerland), while the Lugano branch and Jura Trust were sold. These adjustments reduced the numebrof employees to 925 full-time equivalent, compared with 1090 previously.
10/02/2014

Anima applies for IPO

P { margin-bottom: 0.08in; } Anima Holding, the structure which controls the Italian asset management firm Anima Sgr, has presented an application to be listed to the Milan stock exchange and an application to the Italian regulator, Consob, for its information prospectus to be approved, Il Sole – 24 Ore reports. Banca MPS and BPM will sell shares in the firm, but will remain as shareholders. Lauro Quarantadue, Prima Holding 2 and certain directors of the group will also sell their shares. It is likely that Anima will launch on the stock market in April, if conditions permit it, with a valuation of over EUR1bn, the Italian newspaper reports. The asset management firm created in 2010 has EUR46bn in assets under management.
10/02/2014

FCA appoints an adviser for investment management

P { margin-bottom: 0.08in; } The British FCA on 7 February announced that it has appointed James Kelly as adviser in the division dedicated to the surveillance of wholesale banking and investment management. Kelly, who will begin immediately, previously worked at Goldman Sachs and UBS.
10/02/2014

Invesco adds to team in Spain

P { margin-bottom: 0.08in; } Invesco Asset Management is adding to its staff in Spain. The asset management firm has recruited Isabel Valenzuela Parra for its Madrid sales team, Funds People reports. She will report directly to Iñigo Escudero, head of sales for Iberia and Latin America. Valenzuela Parra had previously worked at Ahorro Corporación as fund of fund manager. Previously, she served at Santander Asset Management and the central bank of Chile.
10/02/2014

ING IM hands three funds to a new recruit

P { margin-bottom: 0.08in; } ING Investment Management has placed three funds covering the developing world and Asian debt under the management of Alia Yousuf, Citywire reports. Yousuf, who joined the Netherlands-based group in November last year, will co-manage the funds.
10/02/2014

Lyxor hedge fund index down in January

P { margin-bottom: 0.08in; } The Lyxor hedge fund index lost 0.42% in January, compared with gains of 1.15% in December 2013, acording to the Lyxor index of the alternative asset management industry, released on 7 February. The Lyxor CTS Long Term index has seen the heaviest losses, at -6.42%. The Lyxor L/S Equity Long Bias Index startegy lost 1.53% for the month. The strategies which posted the strongest gains in January are the Lyxor Fixed Income Arbitrage Index (+1.74%), Lyxor Merger Arbitrage Index (+0,92%) and Lyxor L/S Equity Market Neutral Index (+0,83%).
10/02/2014

PRI organisation holds consultation on governance

P { margin-bottom: 0.08in; } The organisation responsible for the United Nations Principles for Responsible Investment has published a document as part of its governance review, and has invited signatories to the Principles to share their comments. The aim of the review is to evaluate what organisation the PRI organisation should adopt to serve its mission.
10/02/2014

Le Qatar lorgnerait 20 % de Monte dei Paschi di Siena

Le fonds souverain du Qatar, QIA, déjà présent dans le capital de Barclays et Credit Suisse en Europe, serait en négociations avec la fondation en vue de la reprise de 15 à 20 % de MPS pour un prix compris entre 280 et 370 millions d’euros, rapporte Les Echos qui cite le quotidien italien « Il Messaggero ». Mais le vendeur viserait plutôt un prix de 490 millions, ce qui pourrait inciter le fonds souverain à reporter ses visées vers Banca Popolare ou Carige, 2 banques régionales également en mal de capitaux frais. La fondation présidée par Antonella Mansi a confirmé l’existence de « contacts avec des investisseurs étrangers ».
10/02/2014

"NExT AM souhaite devenir le premier incubateur européen en gestion pour compte de tiers"

Troisième grand métier du groupe La Française, l'activité de prises de participations et d'incubation, regroupée dans NExT AM, s'est fortement développé ces toutes dernières années. Dans un entretien à Newsmanagers, le président de NExT AM, Nicolas Duban, présente les différentes facettes de la société et revient sur les raisons à l'origine de l'architecture actuelle, notamment le rapprochement avec NewAlpha. Il évoque également ses ambitions pour les prochaines années
10/02/2014
Fonds

Banque de Luxembourg transforme une stratégie sur l'Asie

La banque privée Banque de Luxembourg a converti sa stratégie de fonds de fonds dédiée à l’Asie en un fonds dédié aux actions asiatiques investi en direct, rapporte Citywire.Le fonds BL Fund Selection-Asia, dont les actifs sous gestion s'élèvent à 108 millions de dollars, a été formellement converti en BL-Equities Asia le 30 janvier dernier. Cette modification vise à tirer parti des capacités croissantes du groupe à investir directement dans les actions émergentes, a indiqué la banque privée. Tanguy de Kamp, qui pilotait la stratégie de fonds de fonds depuis son lancement en 2005, restera le gérant principal sur le fonds transformé.
Fonds
10/02/2014

Résultats annuels en baisse pour LLB

La Liechtensteinische Landesbank (LLB) a dégagé en 2013 un bénéfice net de 54 millions de francs, en baisse de 44,8% sur un an, a-t-elle annoncé vendredi. La banque de Vaduz a souffert des provisions passées pour le litige fiscal aux Etats-Unis et des frais de restructuration. Hors ces éléments exceptionnels, le bénéfice net du groupe se serait élevé à112 millions de francs suisses.Les actifs sous gestion ont reculé l’an der de 0,8 milliard de francs pour s'établir à 49,1 milliards de francs. L’année s’est terminée sur une décollecte de 2,2 milliards de francs, en tenant des restructurations intervenues pendant l’annéePour mémoire, dans le cadre de son programme de restructuration, la LLB a fermé sa filiale en Suisse LLB (Switzerland), alors que la succursale de Lugano ainsi que Jura Trust ont été vendus. Ces réajustements ont fait reculer le nombre d’employés à 925 équivalents temps plein, contre 1090 précédemment.
10/02/2014

Invesco étoffe son équipe en Espagne

Invesco Asset Management renforce ses troupes en terre espagnole. La société de gestion vient de recruter Isabel Valenzuela Parra au sein de son équipe de ventes de son bureau à Madrid, révèle Funds People. Elle travaillera sous la direction de Iñigo Escudero, directeur des ventes pour la péninsule ibérique et l’Amérique Latine. Précédemment, Isabel Valenzuela Parra travaillait chez Ahorro Corporación en tant que gérante de fonds de fonds. Auparavant, elle officiait chez Santander Asset Management et à la Banque centrale du Chili.
10/02/2014
Fonds

ING IM confie trois fonds à sa nouvelle recrue

ING Investment Management a confié à Alia Yousuf trois fonds couvrant le monde en voie de développement et la dette asiatique, rapporte Citywire. L’intéressé, qui a rejoint le groupe néerlandais en novembre de l’année dernière, sera co-gérant des fonds.
Fonds
10/02/2014

Spain toughens hedge fund regulations

P { margin-bottom: 0.08in; } Times are getting tougher for hedge funds in Iberia. According to Cotizalia, the Spanish national regulator, the national commission for securities markets (CNMV), has adopted more restrictive guidelines for its alternative fund registration policies in Spain, closing the door to many third countries. Concretely, hedge funds registered in a country with which the CNMV has not signed a Memorandum of Understanding (MoU) will not be eligible for sale in Spain. The CNMV has limited the number of third countries from which hedge funds will be permitted to access the savings of Spanish investors to 28. This figure assumes that 14 countries are also subject to a veto. According to the website, the Spanish market becomes the fourth most restrictive market for these vehicles in Europe, joining France, but behind Germany (21 vetos), Italy (21) and Austria (21).
10/02/2014

OMT bill: German courts turn to European judges

P { margin-bottom: 0.08in; } The German constitutional court before the weekend decided to refer to European courts on the question fo a proposed programme for debt to eb repurchased yb the European central bank (ECB), known as the OMT programme, hitherto never used, as it claims that it exceeds its mandate in its current form. A majority of judges on the German court (6 out of 8) find that the programme infringes the national sovereignty of the 18 countries of the euro zone, insofar as these countries have to bear the ultimate risk taken on by the ECB by repurchasing bonds from the troubled states. However, the court points out that the ECB is an organ of the European Union, and has therefore decided to consult the European Court of Justice in the matter. This may increase the burden on its own shoulders: in the event of an unfavourable verdict, analysts predict that the fragile balance in the region may be compromised. The ECB reacted rapidly, claiming that it was taking note of the position of the German court, but persisting in the position that the OMT programme falls within its mandate. However, concerning the European stability mechanism, which was abandoned in the form it had in spring last year, the German court said that it would deliver its decision by 18 March.
10/02/2014

Bank of Luxembourg transforms a strategy

P { margin-bottom: 0.08in; } The private Bank of Luxembourg has converted the strategy of its fund of funds dedicated to Asia into a fund dedicated to Asian equities, investing directly, Citywire reports. The BL Fund Selection-Asia fund, whose assets under management total USD108m, was formally converted into BL-Equities Asia on 30 January this year. The modification aims to take advantage of the growing capacity of the group to invest directly in emerging market equities, the private bank states. Tanguy de Kamp, who had managed the strategy of the fund of fund since its launch in 2005, will remain the principal manager of the transformed fund.
10/02/2014

La culture financière des Français reste faible

L'école de management Audencia Nantes vient de publier un baromètre sur la vulnérabilité financière des Français dans le cadre de sa Chaire Banques Populaires. Bilan: seulement 58% des interviewés savent que 100 euros placés à 2% par an conduisent à un capital de 102 euros au bout d’un an. Neuf sur dix ne comprennent pas le fonctionnement d’une obligation et plus des deux tiers comprennent mal les mesures d’atténuation des risques grâce à la diversification. Autre sujet de réflexion pour les prestataires de services d’investissement: 84,6% des Français trouvent les services financiers compliqués et confus, selon ce baromètre.
10/02/2014

Deutsche Bank casse les prix sur ses ETF physiques

Deutsche Asset & Wealth Management (DeAWM) annonce lundi la réduction des frais annuels d’ETF physiques de sa gamme en introduisant les «ETF Core» qui afficheront des frais sur encours de 0,09% annuels – 9 points de base, contre 15 à 30 pb aujourd’hui. Les premiers indices concernés sont le Dax, le FTSE 100, l’EuroStoxx 50 et le MSCI USA. La filiale de gestion de Deutsche Bank a pris fin 2013 un virage vers les produits indiciels cotés à réplication phyisque.
10/02/2014

L'Esma encadre la vente de produits financiers complexes

L’Autorité européenne des marchés financiers a publié vendredi une opinion sur les pratiques que doivent mettre en oeuvre les sociétés d’investissement lors de la vente de produits complexes. L’Esma «s’inquiète du fait que le respect, par ces sociétés, des pratiques de vente de la directive MIF soit en-deça des standards attendus». Le gendarme européen des marchés a publié en parallèle une mise en garde aux investisseurs.
10/02/2014

KKR prend le contrôle de National Vision

La société américaine de private equity a fait part du rachat de la chaîne d’optique à bas coûts auprès de Berkshire Partners. Reuters croit savoir que la transaction valorise la cible à un peu plus d’un milliard de dollars. La direction de National Vision reste au capital.

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