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06/08/2013
Fonds

KKR lance son premier fonds fermé coté

Le groupe de capital investissement KKR vient de lancer son premier fonds fermé coté, le KKR Income Opportunities Fund. L’introduction en Bourse a permis de lever 305 millions de dollars. Le fonds, qui vise un niveau élevé de revenu ainsi qu’une appréciation du capital, indique vouloir atteindre ces objectifs par le biais d’investissements dans des prêts garantis et non garantis ainsi que dans des instruments de dette d’entreprise high yield.
Fonds
06/08/2013

Nominations à la Hedge Fund Association

La Hedge Fund Association, une organisation internationale regroupant des hedge funds, des fonds de fonds, des family offices, des conseillers financiers et des fournisseurs de services, a annoncé le 5 août la nomination de deux experts de la gestion alternative à la tête du chapitre latino-américain en raison du départ du premier responsable de ce chapitre, Victor Hugo Rodriguez, en fonction depuis le lancement de ce chapitre en mars 2011.Le chapitre latino-américain sera désormais piloté par deux co-directeurs, Juan Garrido et Les Baquiran. Juan Garrido est responsable mondial des solutions d’investissement chez BBVA Global Private Bank à New York tandis que Les Baquiran était principal chez Park Hill, un agent de placement en investissements alternatifs du groupe Blackstone.
06/08/2013

Le fonds souverain de Singapour affiche une performance réelle de 4%

Le GIC, le fonds souverain de Singapour, dégage un rendement réel annualisé sur 20 ans de 4% sur l’année à fin mars 2013, contre 3,9% pour l’année précédente, indique le fonds dans son rapport annuel 2012-2013.Le fonds souverain, dont les actifs sous gestion s'élèvent à plus de 200 milliards de dollars, donne pour la première fois des détails sur sa nouvelle politique d’investissement. Elle repose sur trois piliers : un portefeuille de référence comprenant 65% d’actions internationales et 35% d’obligations internationales, un portefeuille stratégique comprenant six classes d’actifs core, et un portefeuille actif, qui peut se différencier du portefeuille stratégique en ajoutant de la valeur avec des stratégies spécifiques.Le fonds souverain relève qu’un portefeuille prudent comprenant 30% d’actions, 40% d’obligations et 30% de cash aurait dégagé en moyenne une performance de 5,8% par an sur les vingt dernières années, contre 7,2% pour le portefeuille de référence 65/35.Le fonds souverain de Singapour indique par ailleurs entrevoir une amélioration de la situation du secteur bancaire occidental qui pourrait l’inciter à investir davantage dans la finance.
06/08/2013

Aquila Capital recrute pour lancer une nouvelle stratégie

Le spécialiste allemand de la gestion alternative Aquila Capital vient de recruter Dorothee Goerz avec l’ambition de proposer une nouvelle stratégie qui pourrait être lancée dans le courant de l’automne, rapporte Citywire.Dorothee Goerz travaillait précédemment à Londres chez Aremus Partners où elle gérait des stratégies event driven et long-short equity.
06/08/2013

Arca Sgr reprend Carige AM pour 101 millions d’euros

La société de gestion italienne Arca Sgr a signé l’acquisition de la totalité du capital de sa concurrente Carige Asset Management Sgr à Banca Carige pour un prix de 101 millions d’euros, annonce un communiqué vendredi.Ce rachat va permettre à Arca Sgr d’accroître ses encours sous gestion de 4,2 milliards d’euros à 23,5 milliards d’euros. La société de gestion italienne élargit aussi son réseau en ayant accès aux 677 filiales du groupe Banca Carige.La cession s’accompagne en effet d’un accord stratégique prévoyant une « relation commerciale préférentielle de long terme » dans la gestion d’actifs entre le groupe bancaire et Arca Sgr.
06/08/2013
Fonds

Mirova sort trois fonds en Italie

Mirova, la structure de Natixis Asset Management dédiée à l’investissement responsable, lance trois fonds en Italie, rapporte Bluerating. Il s’agit de Mirova Global Climate Change, un fonds actions sur la thématique du changement climatique, de Mirova Europe Sustainable Equity, un fonds actions européenne responsables, et de Mirova Euro Sustainable Corporate Bonds, un fonds d’obligations d’entreprises socialement responsables.
Fonds
06/08/2013

Deutsche A&WM se renforce en Italie

Deutsche Asset & Wealth Management vient de nommer en Italie Massimo Salvadori en tant que responsable de son équipe toscane, rapporte Bluerating. Il fait déjà partie de l’équipe florentine de la société allemande. Par ailleurs, cette dernière a recruté Alessandro Cecchinato pour s’occuper de la clientèle de Vérone.
06/08/2013
Fonds

BNP Paribas-BNL lance un fonds d’obligations de petites entreprises en Italie

La banque italienne BNL (groupe BNP Paribas) va lancer après l’été un fonds de 150 millions d’euros qui sera investi dans les obligations de petites et moyennes entreprises italiennes, rapporte Il Sole – 24 Ore. Réservé aux investisseurs institutionnels, répliquera un produit analogue en France. Il achètera des obligations senior émises par les petites et moyennes entreprises, avec une durée maximale de 5 ans. 30 à 40 émissions obligataires, créées ad hoc, seront ciblées. Il Sole – 24 Ore note que de nombreuses initiatives de ce genre voient le jour en ce moment, face au tarissement du financement bancaire.
Fonds
06/08/2013
Fonds

Collecte record pour les fonds retail au Royaume-Uni

Les fonds commercialisés aux particuliers au Royaume-Uni ont enregistré au deuxième trimestre leurs plus fortes souscriptions nettes trimestrielles en deux ans, selon la dernière édition du Pridham Report citée par Fund Web. Ainsi, la collecte nette des fonds retail a atteint 5,3 milliards de livres, le rally boursier ayant compensé l’effet négatif de la réglementation RDR. Standard Life Investments se classe premier en termes de souscriptions nettes sur les trois mois avec 920,2 millions de livres. M&G est en tête pour la collecte brute avec 2,3 milliards de livres.
Fonds
06/08/2013
Fonds

Aviva Investors ferme un fonds aux nouveaux investisseurs

Aviva Investors va fermer son fonds US Equity Income aux nouveaux investisseurs début octobre, un peu plus de deux ans après son lancement, et prévoit de lancer un nouveau fonds pour répondre à l’appétit des investisseurs pour la stratégie, rapporte Investment Week. Le fonds, de 366 millions de livres, et géré par Henry Sanders et Thomas Forsha. Depuis son lancement en juillet 2011, il a dégagé une performance de 29,3 %, contre 23,2 % pour le secteur IMA North America.
Fonds
06/08/2013

Franklin Templeton embauche Toby Hayes

Franklin Templeton a recruté Toby Hayes, un ancien gérant d’Insight et d’Armstrong, pour gérer une nouvelle gamme multi-classes d’actifs, révèle Investment Week. L’intéressé sera placé sous la direction de Brent Smith, CIO de Franklin Templeton Multi-Asset Strategies.Toby Hayes travaillait précédemment chez Pacific Real Estate Capital Partners.
06/08/2013

Aquila Capital recruiting to launch a new strategy

The German alternative management specialist Aquila Capital has recruited Dorothee Goerz, with plans to offer a new strategy that may be launched this autumn, Citywire reports. Goertz previously worked in London at Aremus Partners, where she managed event-driven and long/short equity strategies.
06/08/2013

Arca Sgr takes over Carige AM for EUR101m

The Italian asset management firm Arca Sgr has agreed to acquire all capital in its rival Carige Asset Management Sgr from Banca Carige for a price of EUR101m, a statement released on Friday announces. The acquisition will allow Arca Sgr to increase its assets under management by EUR4.2bn to EUR23.5bn. The Italian asset management firm also extends its network, with access to 677 branches of the Banca Carige group. The sale is accompanied by a strategic agreement which includes “a long-term preferential commercial relationship” in asset management between the banking group and Arca Sgr.
06/08/2013

Deutsche A&WM recruits in Italy

Deutsche Asset & Wealth Management has appointed Massimo Aslvadori in Italy as head of its Tuscany team, Bluerating reports. He is already part of the Florentine team at the German firm. The firm has also recruited Alessandro Cecchinato to serve clients from Verona.
06/08/2013

Appointment to Hedge Fund Association

The Hedge Fund Association, an international organisation including hedge funds, funds of funds, family offices, financial advisers and service providers, on 5 August announced the appointment of two alternative management experts to head the Latin American chapter, due to the departure of the first head of that chapter, Victor Hugo Rodriguez, who had served since the chapter opened in March 2011. The Latin American chapter will now be led by two co-directors, Juan Garrido and Les Baquiran. Garrido is the global head of investment solutions at BBVA Global Private Bank in New York, while Baquiran had been principal at Park Hill, an alternative investment placement agency of the Blackstone group.
06/08/2013

Albania gets its first billionaire

Samir Mane, chairman and CEO of the Balfin group, has become the first known billionaire from Albania, according to the wealth specialist website Wealth-X. The wealth of Mane, who opened the first shopping centre in Albania, is estimated at about USD1.2bn.
06/08/2013

HFRX Global index up 1.01% in July

The HFRX Global index gained 1.01% in the month of July, bringing its performance since the beginning of the year to 4.20%. The HFRX Market Directional, for its part, gained 1.87% ni July. The HFRX Equity Hedge index is up 2.57% in July, with positive contributions from Fundamental Value (+2.91%), Growth (+2.32%), and Market Neutral (+0.60%) strategies. The HFRX Special Situations index has posted growth of 2.08% in July, meaning that in the first eight months of the year, it is up 11.78%. The HFRX Macro index, for its part, is down by 0.54% in July.
06/08/2013

Aviva Investors closes a fund to new investors

Aviva Investors will close its US Equity Income fund to new investors in early October, slightly two years after its launch, and is planning to launch a new fund to meet investors’ appetite for the strategy, Investment Week reports.The fund, with GBP366m, is managed by Henry Sanders and Thomas Forsha. Since its launch in July 2011, it has earned returns of 29.3%, compared with 23.2% for the IMA North America sector.
06/08/2013

Record inflows to retail funds in the United Kingdom

Funds on sale to retail clients in the United Kingdom in second quarter posted their strongest net quarterly inflows in two years, according to the most recent edition of the Pridham Report, cited by Fund Web. Net inflows to retail funds totalled GBP5.3bn, as the market rally compensated for the negative effects of RDR. Standard Life Investments takes first place in terms of net subscriptions in the three-month period, with GBP920.2m. M&G leads for gross inflows with GBP2.3bn.
06/08/2013

Singapore sovereign fund posts real returns of 4%

GIC, the Singapore sovereign fund, has earned real annualised returns over the past 2 0years of 4% per year as of the end of March 2013, compared with 3.9% as of the previous year, the fund has announced in its 2012-2013 annual report. The Singapore sovereign funds has also announced that it anticipates an improvement in the Western banking sector, which may lead to increased investment in the finance sector.
06/08/2013

Russell Eurozone index up 5.46% in July

Euro zone stock markets posted strong gains in the month of July, according to Russell indices as of 29 July, with monthly returns of 5.46% for the Russell Eurozone index, following returns of 3.75% in first half 2013. These results compared with returns of 2.78% for the Russell Global ex-U.S. Index for July, after returns of 2.09% for first half 2013. In the countries which constitute the Russell Eurozone index, Ireland (20.5%), France (12.8%) and Germany (9.7%) top the performers since the beginning of the year as of 29 July, while Austria (-0.02%), Luxembourg (-3.32%) and Greece (-12.36%) earned the weakest returns in the same period. Among member countries, Spain (+9.47%) has posted the best returns from the beginning of the month to 29 July, while Greece (-1.29%) takes last place in the rankings of the index in the same period.
06/08/2013

Hedge funds convert into family offices

Hedge fund firms based in New York and London are reorganizing as family offices in order to avoid oversight by regulators, Financial Times fund management reports. “Single family offices” are exempt from Dodd-Frank legislation in the United States and the AIFM directive in Europe. George Soros was the first to make such a move earlier this year.
06/08/2013

TTF penalises equity trading volumes in France and Italy

The introduction in France and Italy of a financial transaction tax has taken a bite out of demand for equities, providing a glimpse of the impact that a pan-European tax could have on the recovery of activity on equity markets, the Reuters news agency reports. Monthly trading volumes in Europe were up 14% this year compared with 2012, but in France and Italy, activity is down 10%. Since the introduction of the TTF, in August 2012 in France, and in March 2013 in Italy, their respective market share ha fallen by 30% and 45%, respectively, according to statistics from Thomson Reuters Equity Market Market Share Reporter. In terms of revenues, this erosion of trading volumes may bring in only one fifth of the EUR1bn estimated by the government in Italy, according to projections by the Italian brokers’ association Assosim. A source in Brussels indicates that France may bring in only one third of the EUR800m estimated.
06/08/2013

Hellman & Friedman to acquire Hub brokerage

The insurance broker Hub International is in the process of being acquired by the investment fund Hellman & Friedman as part of a transaction which values it at USD4.4bn, Agefi reports. The directors of Hub will retain a significant stake in capital. The broker was acquired and withdrawn from trading in 2007 by Apax Partners and Morgan Stanley for a total of USD1.8bn.
06/08/2013

Natixis confirms sale of Natixis Commodity Markets

Natixis, the retail bank of the BPCE group, has confirmed the sale of Natixis Commodity Markets (NCM), its London-based commodity brokerage affiliate, to China’s GF Securities, Agefi reports. The sale price cited by the Financial Times (about USD40m, or EUR30m), has not been confirmed by the bank, but according to some sources, this may be close to the actual price.
06/08/2013

Inflows of EUR4.5bn to Amundi in first half

In first half 2013, Amundi, the asset management affiliate of Crédit Agricole (75%) and Société Générale (25%), posted new inflows of EUR4.5bn, Crédit Agricole has announced in a financial statement released this morning. But all inflows took place in fist quarter. Amundi posted net subscriptions of EUR11.1bn in the first three months of the year. Given the total for the half, the asset management firm must thus have seen outflows of EUR6.6bn in second quarter. In the first half, inflows continued to be driven by institutional customers (+8.7 billion euros), the international networks (+2.2 billion euros) and employee savings management (+1.7 billion euros). Including 100% of the joint ventures in Asia, assets under management amounted to 746 billion euros at 30 June 2013 (up 0.9% on 31 December 2012). Amundi’s net income Group share was 160 million euros in the first half of 2013, up 12.1% on the first half of 2012, restated for the 60 million euro pre-tax gain on the disposal of Hamilton Lane in the first quarter of 2012. Net income Group share for the second quarter of 2013 was 81 million euros, reflecting revenue growth of 8.3% by comparison with the second quarter of 2012, while expenses remained stable over the same period (+0.5%). The cost/income ratio was 54.8% in the second quarter of 2013, an improvement of 4.2 percentage points year-on-year.
06/08/2013

KKR launches its first publicly-traded closed investment fund

The private equity group KKR has launched its first publicly-traded closed fund, the KKR Income Opportunities Fund. The stock market listing raised USD305m.The fund, which aims for a high level of income as well as capital appreciation, says that it aims to achieve these objectives through investments in secured and non-secured loans, as well as high yield corporate debt instruments.
06/08/2013

Assets under management at US firm Och-Ziff up 12%

Assets under management at the US-based group Och-Ziff Capital Management totalled USD36.6bn as of 30 June, up 12%, or USD4bn, compared with the end of December 2012, Och-Ziff has announced in a statement. This development is the result of a net inflow of USD2bn, and a positive market effect, also of USD2bn. As of 1 August 2013, assets under management totalled USD36.7bn, due to a positive market effect of about USD300m, partly offset by a net outflow of about USD200m since 30 June 2013.
06/08/2013

BNP Paribas-BNL launches a small cap corporate bond fund in Italy

The Italian bank BNL (BNP Paribas group) will launch a fund of EUR150m after this summer, which will invest in Italian small cap corporate bonds, Il Sole – 24 Ore reports. The fund is reserved for institutional investors, and will replicate an analogue product in France. It will buy senior bonds issued by small and mid-cap businesses with a maximal duration of 5 years. 30 to 40 bond issues, created ad-hoc, will be targeted. Il Sole – 24 Ore notes that many initiatives of this type are being created at present, due to a dearth of bank financing.
06/08/2013

Mirova launches three funds in Italy

Mirova, the arm of Natixis Asset Management dedicated to socially responsible investment, is launching three funds in Italy, Bluerating reports. Mirova Global Climate Change is an equity fund based on the theme of climate change, Mirova Europe Sustainable Equity, a European responsible equity fund, and Mirova Euro Sustainable Corporate Bonds, a socially responsible corporate bond fund.

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