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03/04/2013

L’opposition à Cerberus s’organise au Japon

La société américaine de private equity rencontre bien des difficultés à monter au capital de Seibu holdings, l’opérateur ferroviaire et groupe immobilier nippon. Cerberus veut grappiller par offre publique 4 points du capital pour atteindre 36,44%. Yoshiaki Tsutsumi, actionnaire direct avec 1% et indirect par le biais de NW Corp, a rejoint la direction pour s’opposer au projet.
02/04/2013

Jérôme Cahuzac reconnaît un compte à l'étranger

L’ancien ministre du Budget a avoué mardi détenir un compte bancaire à l'étranger depuis environ 20 ans, ce qu’il avait toujours démenti jusqu’ici. Il a confirmé sur son blog, après une entrevue avec les juges d’instruction Roger Le Loire et Renaud Van Ruymbeke à sa demande, leur avoir confirmé l’existence de ce compte. Il ne précise pas dans quel pays. Jérôme Cahuzac a été mis en examen pour blanchiment de fraude fiscale, selon son avocat.
02/04/2013

Pier Luigi Bersani toujours opposé à une alliance avec le centre-droit

Le chef de file du centre-gauche en Italie, Pier Luigi Bersani, a réaffirmé son opposition à la formation d’une grande coalition avec le bloc de centre-droit dirigé par Silvio Berlusconi, assurant qu’un tel gouvernement ne serait pas crédible. Il a également rejeté l’appel du centre-droit en faveur de nouvelles élections.
02/04/2013

Accord sur les conditions de l'aide à Chypre

Les autorités chypriotes ont achevé leurs discussions avec les créanciers sur les conditions du plan de sauvetage, dont la première tranche sera versée en mai. Nicosie versera un intérêt de 2,5% sur les prêts accordés, les remboursements débutant dans 10 ans et étant étalés sur 12 ans. En outre, Harris Georgiades a été nommé ministre des Finances en remplacement de Michael Sarris, démissionnaire.
02/04/2013

Les commandes à l’industrie en forte hausse aux Etats-Unis

Le département du Commerce a fait état d’une hausse de 3% des commandes nouvelles reçues par les groupes industriels américains au mois de février, après une baisse de 1% en janvier. Les commandes de l’industrie aéronautique, sujettes à de fortes variations, ont stimulé l’indicateur global. Les commandes de l’aéronautique civile ont ainsi bondi de 95,1%.
02/04/2013

Le président italien donne dix jours aux «sages»

Les deux commissions d’experts formées par le président italien Giorgio Napolitano pour trouver une issue à la crise politique devront achever leurs travaux d’ici dix jours, ont annoncé mardi les services du chef de l’Etat. «La période adéquate devrait être de huit à dix jours», a indiqué le chef de l’Etat dans un communiqué diffusé sur le site de la présidence.
02/04/2013

L’inflation a ralenti en Allemagne en mars

Selon l’estimation préliminaire publiée mardi par l’Office fédéral de la statistique, l’inflation a ralenti en Allemagne au mois de mars, se maintenant pour le troisième mois de suite sous l’objectif de 2% fixé par la Banque centrale européenne. La hausse des prix à la consommation a atteint en mars 1,4% sur un an, contre 1,5% en février, la plus faible depuis décembre 2010.
02/04/2013
Fonds

Dexia AM fait enregistrer le Global Opportunities en Espagne

La CNMV a délivré un agrément de commercialisation en Espagne au fonds alternatif coordonné Dexia Global Opportunities lancé voici un peu plus de deux ans (lire Newsmanagers du 11 mars 2011), rapporte Funds People. L’objectif est de surperformer l’Eonia capitalisé sur un horizon d’investissement recommandé de trois ans, quelles que soient les conditions de marché.
Fonds
02/04/2013
Fonds

Les fonds espagnols drainent 3,7 milliards d’euros en janvier-mars

Selon les statistiques de l’association espagnole Inverco des sociétés de gestion, les fonds espagnols de valeurs mobilières ont enregistré pour le premier trimestre des souscriptions nettes de 3,72 milliards d’euros (dont 1,05 milliard en mars), soit le montant le plus élevé depuis 2006, ce qui a permis de faire remonter l’encours total à 128.257 millions d’euros, soit 1,5 milliard ou 1,2 % de plus qu’à fin février.Cela confirme des estimations antérieures de VDOS (lire Newsmanagers du 28 mars), selon lesquelles les fonds espagnols ont récupéré sur l’ensemble du premier trimestre plus d’actifs qu’ils n’en ont perdu sur l’ensemble de 2012 : au total, l’encours a augmenté sur les trois mois de 5.935 millions d’euros, soit 526 millions de plus que la baisse de l’an dernier.Le regain de faveur dont bénéficient les fonds est certainement lié au plafonnement de la rémunération des dépôts par les banques à 1,75 % sur un an, 2,25 % sur deux ans et 2,75 % pour les échéances plus longues.
Fonds
02/04/2013
Fonds

Assénagon lance un fonds d'obligations d'entreprises

Le nouveau fonds du munichois Assénagon Asset Management (qui gère les portefeuilles des ETF de Source), Assenagon Credit Selectionn est un produit coordonné institutionnel de droit luxembourgeois, le Assénagon Credit Selection, un fonds d’obligations d’entreprises qui vise à générer des recettes d’intérêts de 3,5 points de pourcentage supérieurs à l’Euribor 3 mois, tout en shuntang les risque de taux et de change.Le nouveau produit est géré par Michael Hünseler, directeur général d’Assénagon depuis le 1er août 2012 (c’est un ancien de la Bayrische HypoVereinsbank, du groupe UniCredit, et de Deka) et le fonds démarre avec un encours de plus de 100 millions d’euros.Le portefeuille est principalement investi en obligations d’entreprises et en CDS. Afin d'éviter les risques de concentration, le fonds n’utilise aucun indice de référence et se focalise sur des émetteurs notés au moins B- (Fitch et S&P) ou B3 (Moody’s). Actuellement, le fonds est alloué principalement à des lignes industrielles européennes.CaractéristiquesDénomination Assénagon Credit SelectionCode Isin : LU0890803710Droit d’entrée : 2,5 % maximu pour les parts P (particuliers)Commission de gestion: 0,70 % (parts I institutionnelles)/1,20 % (parts P)Commission de performance : 15 % de la surperformance par rapport au taux butoir (Euribor 3 mois) + 350 points de base par an.
Fonds
02/04/2013
Fonds

Amin Snehal quitte Theleme Partners

L’un des plus gros nouveaux hedge funds créés après la crise de 2008, Theleme Partners, vient de perdre son numéro deux. Amin Snehal, l’ancien patron de la recherche américaine chez TCI, a décidé de quitter la société pour créer sa propre structure d’investissement, rapporte FTfm.Theleme Partners a été créé par Amin Snehal et le Français Patrick Degorce, ancien associé chez TCI, après leur départ en 2009 de la firme activiste dirigée par Chris Hohn. Theleme Partners a dégagé l’an dernier une performance de 20% contre une moyenne de moins de 7% pour l’ensemble des hedge funds.
Fonds
02/04/2013
Fonds

Union Investment revend un actif à Prague

L’allemand Union Investment Real Estate a cédé pour 53,8 millions d’euros l’immeuble de bureaux Trianon de Prague (20.600 mètres carrés) à la société d’investissement Reico, une coentreprise de l’autrichienne Erste Bank et de la caisse d'épargne Česká Spořitelna. Cet actif du fonds immobilier offert au public UniImmo: Europa avait été acheté en 2005 pour 44,5 millions d’euros.
Fonds
02/04/2013

Appointment at Vontobel

P { margin-bottom: 0.08in; } The Swiss bank Vontobel on 28 March announced the appointment of Jean-Pierre Stillhart as director of Private Banking for Switzerland. He will begin in the role on 1 October this year, after serving as director for private clients in Switzerland at the Rothschild private bank, and several roles at the cantonal bank of Zurich and at UBS. Assets under management at Vontobel totalled CHF150bn as of the end of December 2012.
02/04/2013

Amin Snehal leaves Theleme Partners

P { margin-bottom: 0.08in; }A:link { } One of the largest new hedge funds created since the 2008 crisis, Theleme Partners, has lost its second in command. Amin Snehal, former head of US research at TCI, has decided to leave the firm to found his own investment firm, FTfm reports. Theleme Partners was founded by Snehal and the Frenchman Patrick Degorce, a former partner at TCI, following their departure from the activist firm led by Chris Hohn in 2009. Theleme Partners last year earned returns of 20%, compared with an average of less than 7% for hedge funds overall.
02/04/2013

Credit Suisse sells off JO Hambro

P { margin-bottom: 0.08in; }A:link { } The financial holding company Utilico, whose headquarters are located in Bermuda, has acquired the British firm JO Hambro (CHF5.5bn in assets) from Credit Suisse, finews.ch reports, relaying information in Citywire.JO Hambro Investment Management was acquired by the Swiss group in 2000. It has 100 employees, including 20 portfolio managers.
02/04/2013

New head for Asia appointed at Martin Currie IM

P { margin-bottom: 0.08in; }A:link { } Martin Currie Investment Management has appointed Andrew Graham as head for Asia, following the previously announced departure of Jason McCay. McCay will be leaving his position during summer 2013, to “take a significant career break,” after 15 years at Martin Currie. Graham is co-manager with McCay of Martin Currie’s two Asian strategies. McCay will be replaced at the helm of the two funds by chief investment officer Paul Danes.
02/04/2013

Fidelity Contrafund reduces exposure to Apple

P { margin-bottom: 0.08in; }A:link { } As of the end of February, the Fidelity Contrafund (USD92bn, or EUR71.76bn) had reduced its exposure to Apple to 10.43 million shares (which corresponds to USD4.6bn), from 11.56 million shares as of the end of December, Expansión reports. The Apple position, the largest for the fund, now equates to 5.2% of assets, down from 8.2%, making it smaller than its stake in Google, which represents 5.8% of assets under management.
02/04/2013

Invesco AM finishes 2012 with inflows in France

P { margin-bottom: 0.08in; }A:link { } At a press conference held by Invesco AM on Thursday, 28 March in Paris, Nicolas Bouët, deputy CEO, announced that the asset management firm had posted gross subscriptions in France of USD1.6bn in 2012, and about USD700m in net subscriptions. By comparison, gross inflows as of the beginning of December totalled about USD1.2bn, of which more than half were net inflows. At the end of last year, global assets totalled EUR3.5bn, while as of the end of May 2012, they stood at EUR2bn. Since the beginning of this year, “the trend remains the same, just a little bit short,” the director says.
02/04/2013

Considerable increase in assets at Swiss Life Banque Privée

P { margin-bottom: 0.08in; }A:link { } At a press conference about investment strategy, Swiss Life Banque Privée (SLBP) has revealed a few figures about its activities in France. The structure, founded in 2007, has EUR1.6bn in assets, resulting from the acquisition of Wargny from Fideuram, and then of Arpège, which as of the end of December had assets under management of EUR3.2bn, including EUR248m in net inflows in 2012, says Tanguy Polet, CEO.The portfolio is 15-20% ventilated to open-ended funds, and 25% to structured products, primarily fixed income, while the remainder is in mandates, primarily for equities. SLBP serves both as a private bank for clients with over EUR250,000 in financial savings, and as an expertise-sharing resource for products and services of the insurance company’s network. In addition, the firm has entered the depositary business for funds and general assets of the insurer, and has about EUR20bn under custody. The structure, which has 111 employees in Paris, has also recently created a “transverse” private banking/insurance management. The company covers four business units: financial management, wealth management, corporate finance and real estate.
02/04/2013

Head of SAC Capital buys a Picasso for USD155m

P { margin-bottom: 0.08in; }A:link { } Two weeks after SAC Capital settled two insider cases with the SEC for USD616m, the billionaire Steven Cohen, head of the asset management firm, has bought himself a Picasso painting for USD155m, Forbes reports. The artwork was purchased from the billionaire Steve Wynn.
02/04/2013

Acatis Invest gets a sales representative in Paris

P { margin-bottom: 0.08in; }A:link { } Acatis Investment has announced the recruitment in mid-March of Marie Ballorain for the position of director of development for France and Belgum. The German asset management firm did not yet have an official representative office, but it is planning to open one this autumn. Ballorain had previously been senior relationship manager at Sparinvest in Paris, from 2006 to 2013.Acatis Investment had EUR1.75bn in assets under management as of the end of February 2013. The range on sale in France includes four products: Acatis Aktien Global Funds UI, an international equity fund with EUR290m in assets, Acatis Gané Value Event Fonds, a mixed balanced fund combining value and event-driven management (EUR467m in assets), Acatis IfK Value Renten UI, an international value bond fund (EUR187m in assets) and Acatis Aktien Deutschland ELM, a fund of German value equities, with EUR83m in assets.
02/04/2013

ERAFP awards management mandates for multi-asset funds of funds

P { margin-bottom: 0.08in; }A:link { } The French public pension fund Etablissement de retraite additionnelle de la fonction publique (ERAFP) has awarded one active and two stand-by management mandates for multi-asset funds of funds as part of a policy to extend its investment universe, in line with the five values of the SRI charter. In July 2012, ERAFP launched a restricted request for proposals, for management of a multi-asset SRI fund of funds. Following the selection process, the ERAFP has decided to award the active mandate to Amundi. The additional managers are BNP Paribas Asset Management and Neuflize OBC Investissements. Following a fundamental approach, unconstrained by a benchmark, the management firm will construct its portfolio in line with a rigorous asset allocation and fund selection process, which will include respect for the SRI framework of ERAFP. The mandated firm will seek to maximise returns while limiting losses on the portfolio over a one-year period, through management of the risk budget. The sums invested for a one-year period may be on the order of EUR150m, and may rise to about EUR300m in three years’ time, the ERAFP says in a statement. The initial duration of the contract is four years, with a means for ERAFP to reduce the length of the contract for two successive periods of two years each.
02/04/2013

Dexia AM reshuffles its emerging market debt team

P { margin-bottom: 0.08in; }A:link { } Dexia Asset Management has announced two internal promotions in its emerging market debt team, following the departure of the head of the unit, Luc d’Hooge, for Vontobel, Citywire Global reports. Leen Clijsters, who has been at Dexia for 30 years, becomes head of two funds previously overseen by d’Hooge (Dexia Bonds Emerging Markets and Dexia Bonds Emerging Debt Local Currencies). At the same time, Isabelle Rome becomes head of the emerging market debt team. She had previously been co-head of the credit team.
02/04/2013

HSBC GAM France appoints a successor to Laurent Tignard

P { margin-bottom: 0.08in; }A:link { } According to information obtained by Newsmanagers, HSBC Global Asset Management (France) is preparing to announce the arrival of a successor to Laurent Tignard as CEO of the asset management firm. He is Matteo Pardi, an insider who for the past six years has been responsible for retail clients in continental Europe, and who joined HSBC in 2001.Tignard joins the Edmond de Rothschild group as global head of the asset management operation, where he will work with Christophe de Backer, its CEO, with whom he collaborated at HSBC.
02/04/2013

Oddo launches a high yield fund

TD P { margin-bottom: 0in; }P { margin-bottom: 0.08in; }A:link { } Oddo Asset Management is adding to its bond range, with the launch of the Oddo Bonds High Yield Europe fund, an open-ended fund investing primarily in European high yield corporate bonds. The new fund is an immediate successor to successful horizon bond funds, partly investing in high yield, for which Oddo am has received over EUR1.4bn in investments since 2009. The new fund will be managed by Alain Krief, who joined the firm in October 2012 as head of fixed income management at Oddo AM. The portfolio will be invested primarily in bonds and other securities from Europe, primarily denominated in euros and issued by businesses most of which are rated beneath BBB-. The new fund is a sub-fund of the Luxembourg Sicav Oddo Funds. Investors may subscribe in euros, dollars and Swiss francs. The licensing process for the sale of the funds in Italy, Switzerland, Germany and Belgium has been initiated, and will be completed in the next few weeks. As of 26 March 2013, Oddo Bonds High Yield Europe had assets of EUR50m. Assets under management in high yield total EUR500m, nearly 15% of bond assets overall.
02/04/2013

Lyxor lists a new ETF on NYSE Euronext

P { margin-bottom: 0.08in; }A:link { } NYSE Euronext on 28 March announced that from the same date, a new ETF for Lyxor will be listed on NYSE Euronext in Paris: the Lyxor ETF USAC, whose underlying index is the MSCI USA Net Total Return.
02/04/2013

iShares opens in Belgium

P { margin-bottom: 0.08in; }A:link { } A total of 31 iShares ETFs have been registered in Belgium. They give investors in the country access to equity and bond products (government, corporate, inflation-linked), emerging market funds, and vehicles focused on commodities.The products which are now available include the iShares Euro Stoxx 503 ETF, the iShares MSCI World4 ETF and the iShares Barclays Captial Global inflation-linked bond fund. Investors also gain access to the Belgian government bond market through the iShares Belgium Treasury Bond ETF.iShares in Belgium is led by Charles Symons.
02/04/2013

Renaissance AM acquired by Kazimir Partners

P { margin-bottom: 0.08in; } The Russian asset management firm Renaissance Asset managers, which has USD3bn in assets under management, has been acquired by its counterpart and competitor Kazimir Partners, with USD400-500m under management, at a price which has not been disclosed.The structure born of the merger of the two emerging market specialists (with a hedge fund bias in the case of Kazimir) will be independent, and owned by its management and employees, including a stake of about 25% for the management of RAM.Previously, Renaissance AM had been nearly 90% controlled by Renaissance Group, while the remainder was in the hands of management. Its acquisition by a smaller firm may be surprising, but Adrian Harris, head of distribution and investor relationships at RAM, explains to Newsmanagers that Kazimir, a firm based in Moscow, had accumulated a lot of cash through its success in recent years, and now has about USD100m in capital, which may be invested in funds. The Renaissance group, the major shareholder in RAM, meanwhile, has had trouble recently, and had already sold its investment bank in November last year.The attraction for Renaissance, therefore, is to become an independent firm, and to receive additional capital for its funds. For its part, Kazimir will make use of the Luxembourg Sicav launched by Renaissance in 2010, with 10 sub-funds, for a European deploymentA new product range will be organised, and Russian equity and bond funds from the two firms will, logically, be expected to merge. Lastly, Renaissance AM will change names in second half, Harris says.

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