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08/04/2013

ING IM hires head of project finance

P { margin-bottom: 0.08in; } ING Investment Management (ING IM) on Friday, 5 April announced the appointment of Alistair Perkins as head of Project Finance. He will be responsible for developing and managing portfolios of loans for infrastructure and industrial projects, both for ING Insurance and for other institutional investors. Perkins will report to Jan Rijken, head of Fixed Income Insurance at ING IM.Perkins had previously served at Dexia Management Services as head of Restructuring and Asset Sales, where he had been in charge of corporate restructuring, sub-prime loan and the preservation of asset value. He was previously director at Dexia Credit Local, and has also served in senior roles at NIBC Bank and CIT.
08/04/2013

Fidelity planning to exit securities lending

P { margin-bottom: 0.08in; } Fidelity Worldwide Investment is reportedly planning to scrap its securities lending activities, Financial Times Fund Management reports. The profitability of such programmes has been eroded by new guidelines by the European Securities Markets Authority (ESMA), introduced in February, which require that asset management firms return all revenues from securities lending, after costs. In addition, new tax harmonisation rules in France require local funds to pay the same tax rate on dividends as foreign funds which hold French equities, which is also expected to reduce demand for securities lending in the dividend season. Many feel that similar regimes in Germany, Spain, Belgium and Poland will also disappear.
08/04/2013

Lyxor hedge fund index up 0.62% in March

P { margin-bottom: 0.08in; } The Lyxor hedge fund index gained 0.62% in the month of March, bringing gains in the first three months of the year to 2.36%, according to the most recent Lyxor Flash, released on 5 April.Ten strategies out of the 14 that compose the index finished the month with gains, particularly the Lyxor Special Situations fund, which gained 2.09% for the month, the Lyxor L/S Equity Long Bias (+1.41%), and the Lyxor Merger Arbitrage (+1.14%).The best strategy in first quarter was the Lyxor L/S Equity Market Neutral, with gains of 7.20%, followed by the Lyxor L/S Equity Long Bias (+6.15%).
08/04/2013

Beat Wittmann founds an asset management firm

P { margin-bottom: 0.08in; } Beat Wittmann is launching an asset management firm entitled TCMG Asset Management, Finews reports. The founder of the asset management firm Dynapartners has chosen to found a firm on the model of a galaxy of multi-boutiques. Teams of asset managers will be integrated into the group in the next few months, but will continue to work independently. TCMG AM will initially concentrate on the Swiss market, with the initial integration of Dynapartners. In the mid-term, more than 10 firms may be included in the group, Finews reports.
08/04/2013

JP Morgan launches a fund dedicated to convertibles

P { margin-bottom: 0.08in; } JP Morgan Asset Management is offering a return fund dedicated to convertibles, the Global Convertibles Income Trust, which aims for annual returns of 4.5%, Investment Week reports. The fund will be managed by Antony Vallee, head of the convertible bond team at JP Morgan. The fund will take the form of a closed structure, in order to give the manager more flexibility to invest in new issues.
08/04/2013

Abante registers Luxembourg Sicav in Spain

P { margin-bottom: 0.08in; } The CNMV has issued a sales license for Spain to the Luxembourg Sicav Abante Global Funds from the Spanish firm Abante Asesores, Funds People reports. The Sicav has four sub-funds.Santiago Satrústegui, chairman of Abante, has stated that the objective is to sell products to Spanish clients who prefer the Luxembourg version of funds to their original Spanish versions.
08/04/2013

BBVA AM appoints García Huerga as director of asset allocation

P { margin-bottom: 0.08in; } Funds People reports that BBVA AM has finally opted for an internal promotion: the asset management firm has appointed Joaquín García Huerga, who had previously been head of equity research at the bank, as its head of asset allocation and strategy. He joined the group in February 2008, and will now report to Eduardo García Hidalgo, global CIO.BBVA AM will now need to appoint a replacement for the second vacant post, that of chief investment officer for Spain. Retail asset allocation is directed by Javier Achótegui, while institutional asset allocation is led by Fernando Aguado, and global asset allocation for Latin American clients is led by Juan José García Petit.
08/04/2013

Barings plans to launch a fund dedicated to frontier markets

P { margin-bottom: 0.08in; } Baring Asset Management is planning to launch a fund in the next few weeks dedicated to frontier markets for its senior manager Michael Levy, Fundweb reports. The Barings Frontier Markets fund would be at lesat 70% exposed to frontier markets such as Nigeria, Saudi Arabia, the United Arab Emirates, Sri Lanka and Ukraine. Levy says, “frontier markets are now positioned like emerging markets were 20 years ago, ready to become the great opportunity of the next few years.”
08/04/2013

Promotion at JP Morgan AM

P { margin-bottom: 0.08in; } JP Morgan Asset Management has promoted Simon Crinage to the position of head of activities related to investment trusts, effective immediately, Money Marketing reports. In this position, he replaces David Barron, who left the firm earlier this year. Crinage, who has been working at JP Morgan AM for 28 years, now reports to the head of management for British funds, Jasper Berens.
08/04/2013

Two bond managers leave Schroders

P { margin-bottom: 0.08in; } Two managers from the bond team at Schroders, Bhupinder Bahra and Frederick Bourgoin, are leaving the firm, Citywire reports. The move follows a reshuffle in the bond unit, which will be adopting a more team-oriented workflow.
08/04/2013

Les actifs portugais sous-performent le reste de l'Europe

La Bourse de Lisbonne est en baisse lundi, après que la Cour constitutionnelle portugaise a rejeté quatre des neuf mesures d’austérité adoptées par le gouvernement. En milieu de journée lundi, l’indice de la Bourse de Lisbonne recule de 0,71% à 5.600,63 points, alors que l’EuroStoxx 50 rebondit de 0,6%. Le rendement de l’emprunt d’Etat portugais à 10 ans se maintient autour de 6,42%, après avoir grimpé jusqu'à 6,83% en matinée. Les obligations françaises et belges, les premières à avoir profité de l’exode des fonds japonais ont vu leurs rendements à 10 ans toucher des plus bas record dans la matinée. Et les rendements des 10 ans espagnols et italiens perdent encore respectivement six points de base à 4,72% et 10 pdb à 4,31%.
08/04/2013

L'emploi américain ralentit

L'économie américaine a créé 88.000 emplois en mars soit trois fois moins qu’en février. Le taux de chômage a reculé à 7,6% mais cette baisse est en trompe-l'œil.
08/04/2013

La guerre entre S&P et le gouvernement américain fait rage

Le journal s’interroge sur le fait que le gouvernement américain réclame des milliards de dollars de dommages à S&P concernant la manière dont l’agence a sous-estimé les risques des créances hypothécaires avant la crise, mais ne réclame rien à Moody’s. Selon des sources proches, Moody’s serait sous enquête de la part du département la justice américaine.
08/04/2013

Calpers attentif à la gouvernance

Anne Simpson, responsable de la gouvernance au sein du principal fonds de pension public américain, confie au quotidien la croisade menée à l’occasion de la saison en cours des assemblées générales pour mettre en lumière tant les rémunérations jugées excessives que les administrateurs toujours en place bien que n’ayant pas obtenu de vote favorable.
08/04/2013

Charterhouse se défait de Nocibé

Le fonds anglais souhaite selon le quotidien céder d’ici la fin de l’été le numéro trois hexagonal de la parfumerie derrière Sephora et Marionnaud, racheté en 2006, et qui a réalisé en 2012 un chiffre d’affaires de 680 millions d’euros. Un mandat de vente aurait été confié la semaine passée à Lazard et Morgan Stanley. Charterhouse entend ainsi «profiter de la bonne forme du marché de la dette».
08/04/2013

L’avenir de la Place de Paris en question

Le quotidien souligne que le gouvernement se penche sur la compétitivité de la place financière de Paris. Le ministère de l’Economie et des Finances s’apprête ainsi à confier la rédaction d’un rapport sur le sujet à deux co-rapporteurs: l’ancien secrétaire général de l’AMF Thierry Francq et le député socialiste du Nord et membre de la Commission des Finances Dominique Baert. Il s’agit de dresser un état des lieux de la compétitivité de la place de Paris et réfléchir aux moyens de la renforcer dans un contexte de crise économique et financière, relève le quotidien, qui assure que «la mission ne devrait pas éluder les sujets qui fâchent et qui rendent les investisseurs internationaux méfiants».

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