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31/01/2013

L’OPV de LEG serait déjà sursouscrite

Selon les informations de la Frankfurter Allgemeine Zeitung, l’offre publique de vente prévue pour le 1er février de 57,5 % du capital de la société immobilière LEG lancée par les fonds Whitehall de Goldman Sachs et le capital-investisseur Perry Capital serait d’ores et déjà sur-souscrite.Cela ne signifie pas pour autant que l’émission se fera dans le haut de la fourchette annoncée de 41-47 euros : sur le marché gris organisé par le courtier Schnigge, les actions se traitent à 44-45 euros.De la sorte, les vendeurs pourraient encaisser environ 1,35 milliard d’euros alors qu’ils ont payé LEG 800 millions en 2008, tout en reprenant, il est vrai, 2,6 milliards d’euros de dette.
31/01/2013
Fonds

Acquisition et vente d'immeubles pour Union en Allemagne

Pour un montant non divulgué, Union Investment Real Estate a acheté le complexe de bureaux et de commerces Bülow Carrée de Stuttgart, livrable à la mi 2013. Cet actif sera versé au portefeuille du fonds immobilier offert au public UniImmo: Deutschland.D’autre part, le gestionnaire a vendu l’immeuble «Bei dem Neuen Krahn 2" de Hambourg à une caisse de retraite. Cet actif figurait dans le portefeuille du fonds immobilier institutionnel DIFA-Fonds Nr. 3. Les liquidités tirées de cette cession permettront à Union d’acquérir d’autres immeubles d’un prix unitaire de 20 millions d’euros.
Fonds
31/01/2013

Man Group soutient le lancement d'un hedge fund dédié au Japon

Le groupe de gestion alternative Man Group soutient le lancement d’un hedge fund dédié au Japon sous la houlette de Toby Bartlett, un ancien gérant de Citadel, rapporte l’agence Bloomberg.FRM Capital Advisors, une société rachetée par Man Group en mai 2012, fera un investissement significatif dans le fonds qui sera géré par Arena Capital Management, qui fournit également des capitaux aux jeunes hedge funds.
31/01/2013

Legal & General sur le point d'acquérir Cofunds

Après des mois de négociation, Legal & General est sur le point d’acquérir Cofunds, selon Fundweb. L&G détient déjà une participation de 25%, les autres actionnaires significatifs étant International Financial Data Services, Threadneedle, Newhouse Capital Partners et Jupiter.Les actifs sous administration de Cofunds s’élevaient à 45 milliards de livres au 30 septembre 2012.
31/01/2013

Axa Wealth taille dans sa force de vente

D’après Investment Week, Axa Wealth a réduit de 30 personnes, soit d’environ 10 %, l’effectif de son équipe de ventes. La société se sépare de 10 personnes de «front line» et de 20 collaborateurs dans les fonctions support.Ces licenciements font suite à l’achèvement de la préparation de l’application du règlement RDR et de la séparation entre Axa Wealth et Friends Life, qui a pris trois ans. De plus, la plate-forme Elevate est maintenant parvenue à maturité.Parallèlement, Axa Wealth a recruté cinq spécialistes de la fiscalité (tax wrapper specialists).
31/01/2013
Fonds

Natixis GAM lance un fonds retail au Royaume-Uni

Fundweb rapporte que Natixis global Asset Management s’est lancé sur le marché retail britannique avec le Loomis Sayles Strategic Income fund géré par l’équipe obligations multi-secteurs composée de Dan Fuss, Elaine Stokes et Matt Eagan. Il sera investi en obligations d’entreprises, convertibles et souveraines.C’est le premier compartiment d’un OEIC de droit britannique.
Fonds
31/01/2013

F&C accuse près de 5 milliards de livres de rachats nets au dernier trimestre 2012

F&C Investments a accusé au dernier trimestre 2012 des rachats nets de 4,9 milliards de livres. Cette décollecte s’explique notamment par le retrait par Friends Life de 2,4 milliards de livres d’actifs obligataires. Ce dernier internalise sa gestion et devrait d’ailleurs rapatrier 6,2 milliards de livres d’actifs obligataires supplémentaires dans le courant de l’année.Le pôle consommateurs et institutionnels (regroupant le wholesale, le retail, les trusts et les institutionnels tiers) affiche des sorties nettes de 1,3 milliard de livres, dont 956 millions pour les seuls institutionnels tiers.Sur l’ensemble de l’année, F&C accuse des rachats nets de 13,3 milliards de livres, dont 1,9 milliard pour le pôle consommateurs et institutionnels.A la fin 2012, les encours de F&C ressortaient à 95,2 milliards de livres (ou 117,5 milliards d’euros), en repli par rapport à 100,1 milliards de livres (119,9 milliards d’euros) un an plus tôt.
31/01/2013

BlackRock se développe en Asie septentrionale

Le groupe BlackRock a annoncé le recrutement de Lee Jeong Hoon en qualité de responsable de la stratégie d’investissement alternatif pour l’Asie septentrionale, rapporte Asian Investor.Basé à Séoul, Lee Jeong Hoon a rejoint la société le 8 janvier dernier afin d’occuper cette fonction nouvellement créée et destinée à accompagner le développement de la plate-forme alternative en Asie. Il est rattaché directement à Joseph Pacini, responsable de la stratégie alternative pour la région Asie-Pacifique. Les actifs sous gestion de BlackRock dans le secteur alternatif s'élèvent à 113 milliards de dollars, dont un peu plus de 20% issus de la région Asie-Pacifique. . Lee Jeong Hoon travaillait précédemment ches Fortress Investment Group à Séoul.
31/01/2013

Le BBVA négocie la cession d'une filiale chilienne à Metlife

Dans un communiqué boursier, le BBVA a notifié le 29 janvier à la Commission des valeurs espagnole (CNMV) être en «négociations avancées» avec l’américain Metlife Inc sur une possible cession à ce dernier de sa participation dans Administradora de Fondos de Pensiones Provida S.A au Chili. Il s’agit d’un gestionnaire de fonds de pension et plans d'épargne retraite, dont l’encours se situe à 30,16 milliards d’euros.Selon Funds People, en se fondant sur les opérations similaires réalisées au Mexique et en Colombie sur la base de 14 fois le bénéfice escompté, la transaction -si elle se concrétisait- pourrait rapporter environ 1,5 milliard d’euros au BBVA.
31/01/2013

Nouveaux dirigeants à la banque privée du Crédit Agricole en Asie

Le CEO de la banque privée asiatique de Crédit Agricole (Suisse), Roland Feser, va quitter ses fonctions qu’il occupe depuis 2008 en mars prochain, ce qui a donné lieu à une série de promotions au sein de la filiale basée à Singapour, rapporte Asian Investor.Sen Sui, actuellement basé à Hong Kong et responsable des «markets and investment solutions», devrait prendre la succession de Roland Feser. Sen Sui est lui-même remplacé par Dong Sinh Ngo, recruté chez BNP Paribas Asset Management où il était stratégiste en chef pour les marchés émergents et l’Asie. Victor Choi, jusqu’ici responsable du conseil sur les devises et les métaux précieux en Asie, va prendre la responsabilité de l’ensemble des équipes produits en Asie.
31/01/2013

Unigestion recrute un directeur pour l'Asie

Unigestion (10,2 milliards d’euros sous gestion) annonce la nomination d’Aje Kumar Saigal au poste de directeur non-exécutif de son conseil d’administration à Singapour. L’intéressé travaille pour Unigestion depuis le 7 décembre 2012. Ancien directeur général et responsable de la stratégie de GIC (Government of Singapore Investment Corporation), il possède plus de 30 ans d’expérience dans l’investissement en Asie.Unigestion emploie désormais sept collaborateurs à plein temps dans ses bureaux de Singapour, sous la direction de Bernard Sabrier, président du groupe Unigestion. En novembre dernier, le gérant de capital-investissement, Robert Collan, précédemment basé à Genève, est venu étoffer les rangs de l'équipe de Singapour afin d’assurer le lien avec les fonds.
31/01/2013

Lyxor ouvre une nouvelle classe de parts aux institutionnels

IPE rapporte que Lyxor Asset Management vient de lancer des nouvelles classes de parts sur sa plateforme de comptes gérés de hedge funds pour les investisseurs institutionnels dont l’investissement dépasse 5 millions de dollars. Afin de permettre aux investisseurs d’accéder aux hedge funds présents sur sa plateforme de comptes gérés dans un environnement sécurisé et à des prix compétitifs, Lyxor a lancé cette nouvelle classe de parts pour permettre à ses clients d’accéder aux comptes gérés à la même tarification que celle du hedge fund sous-jacent, grâce à l’effort conjoint de négociations entre Lyxor et les gérants présents sur sa plateforme.
31/01/2013

BlackRock grows in northern Asia

The BlackRock group has announced the recruitment of Lee Jeong Hoon as head of alternative investment strategy for northern Asia, Asian Investor reports.Lee, based in Seoul, joined the firm on 8 January in the newly-created position, and will assist in the development of the alternative platform in Asia. He will report directly to Joseph Pacini, head of alternative strategy for the Asia-Pacific region.Assets under management at BlackRock in the alternative sector total USD113bn, slightly over 20% of which come from the Asia-Pacific region.Lee previously worked at Fortress Investment Group in Seoul.
31/01/2013

Two Scandinavian funds blacklist a Volvo partner

The seventh Swedish AP fund and the Norwegian oil fund have blacklisted Dong Feng, the owner of a Chinese truck maker in which Volvo has acquired a 45% stake, as the firm has sold military equipment to countries that are currently subject to UN embargoes, The Local.se reports, citing Swedish television. The Swedish fund will not be allowed to acquire shares in Dong Feng. However, it has no plans to revise its stake in Volvo.
31/01/2013

BBVA negotiating sale of a Chilean affiliate to Metlife

In a stock exchange announcement, the BBVA on 29 January notified the Spanish securities commission (CNMV) that it is in “advanced negotiations” with the US firm Metlife Inc. over a potential sale of its stake in Administradora de Fondos de Pensiones Provida S.A. in Chile to the firm. The Chilean business is a manager of pension and retirement savings plans, with assets of EUR30.16bn.According to Funds People, on the basis of similar operations completed in Mexico and Colombia at a price of 14 times projected profits, the transaction, if it were to take place, may bring in as much as EUR1.5bn for BBVA.
31/01/2013

Unigestion recruits a director for Asia

Unigestion (EUR10.2bn in assets under management) has announced the appointment of Aje Kumas Saigal as non-executive director of its board of directors in Singapore. Saigal has worked for Unigestion since 7 December 2012, and was formerly CEO and head of strategy at the Government of Singapore Investment Corporation (GIC). He has over 30 years of experience in investment in Asia. Unigestion now has seven full-time employees at its Singapore offices, led by Bernard Sabrier, chairman of the Unigestion group. In November last year, the private equity investor Robert Collan, previously based in Geneva, was added to personnel in Singapore, to provide closer ties with funds.
31/01/2013

New execs of private banking at Crédit Agricole in Asia

The CEO of Asian private banking at Crédit Agricole (Switzerland), Roland Feser, will be leaving the position he has held since 2008 in March this year, which has led to a series of promotions within the Singapore affiliate, Asian Investor reports.Sen Sui, currently based in Hong Kong as head of markets and investment solutions, will succeed Feser. Sen is himself replaced by Dong Sinh Ngo, who has been recruited from BNP Paribas Asset Management, where he had been chief strategist for emerging markets and Asia.Victor Choi, who had previously been head of advisory for forex and precious metals in Asia, will take over as head of all product teams in Asia.
31/01/2013

Lyxor opens a new share class to institutionals

IPE reports that Lyxor Asset Management has created a share class for commingled investors on its hedge fund managed accounts platform.The product is aimed at institutionals, whose minimal investment levels are high, which will allow these investors to trade at lower commissions with underlying hedge fund managers.
31/01/2013

Vanguard launches its first ETF funds in Switzerland

Vanguard Asset Management on Wednesday morning announced the launch of its first ETF funds in Switzerland, with the cross-listing on SIX of three of its Irish-domiciled products, in a further step in its continuing deployment in Europe.The three physical replication funds in question are the Vanguard S&P 500 ETF, the Vanguard FTSE All-World ETF, and the Vanguard FTSE Emerging Markets ETF. They carry TERs of 0.09%, 0.25%, and 0.45%, respectively.The introduction in Switzerland follows the launch of the first five European ETFs from Vanguard AM in London. The firm is planning to compete with its existing rivals on this market with a low-cost product range.Vanguard AM manages USD245.6bn in ETFs assets. In the US, Vanguard set a mutual fund industry record in 2012 with USD141.2 billion in net cash inflow, including USD52.2 billion in ETF inflow.
31/01/2013

Assets under management at Union Bancaire Privée up 12%

Assets under management at Union Bancaire Privée (UBP) as of 31 December 2012 totalled CHF80bn, up 12% compared with the end of 2011, according to a statement released on 30 January. “This increase is the result of net inflows of funds from private and institutional clients, good performance of management, and acquisitions,” a statement says. UBP has acquired Nexar Capital Group and ABN Amro Bank (Switzerland). Consolidated net profits for the group totalled GBP175m in 2012, virtually identical to the previous year (CHF176m). The operational integration of ABN Amro Bank (Switzerland) AG was completed on 31 May 2012, thus synergies were realised only in second half.
31/01/2013

Amundi posts highest net inflows in France in 2012

Amundi, Groupama Asset Management and Carmignac Gestion are doing well. According to a report on collective management in France undertaken by EuroPerformance – a SIX Company, these three firms showed progess in terms of assets and the highest inflows to their French-registered funds in 2012, with sometimes large discrepancies from their immediate competitors, as was the case for all affiliates of banking groups. Amundi has seen an increase of EUR16.053bn in its assets, while in second place, BNP Paribas Asset Management shows «only» a positive variation in its AUM of EUR6.191bn. The Crédit Agricole affiliate has posted a net inflow of EUR6.507bn, putting it far ahead of its rivals.For affiliates of insurers, Groupama AM (GAM) cannot claim as high a level of assets as Aviva Investors, which is second in the rankings for high variations in assets. Assets under management at Groupama, however, rose by EUR2.430bn, compared with EUR0.934bn for Aviva Investors. Groupama AM has also posted a net inflows of EUR1.780bn, which is twice as high as inflows at Macif Gestion, for example, its immediate competitor in the rankings (EUR0.934bn).In the independent asset management firm category, Carmignac Gestion has kept a strong lead over the second in the rankings, Oddo AM, with a variation in its assets of EUR5.202bn, compared with EUR1.306bn for its competitor. In terms of inflows, the asset manager based in the Place Vendôme in Paris has persisted, and is doing two and a half times better than Union Bancaire Gestion Institutionelle, second in the rankings (EUR2.465bn, compard with EUR0.962bn).The full study is available at www.europerformance.fr The following URL leads to its most recent address at that site: http://www.europerformance.fr/publications/bilan-annuel/16.html
31/01/2013

Head of sales leaves Fidelity

According to information obtained by Newsmanagers, Julien Jacquet will be leaving Fidelity in Paris, where he had served as head of sales to banks. The head, who will be taking on a new professional project, had been working at Fidelity for over five years.
31/01/2013

Acropole AM aims for complementarity with Financière de l'Echiquier

Jacques Joakimides, chairman and CEO of Acropole AM, has called the acquisition of his firm by Financière de l’Echiquier a “deal,” which remains subject to approval by the market authorities. “The deal was reached in six months,” the head says, “but not at the price announced in the press of 3% of assets.”The manager will join the board of directors at Financière de l’Echiquier, and will also serve as adviser to the chairman. The management team at Acropole AM will be retained virtually intact, as will the names of the firm and its funds. However, the convertible bond specialist firm will move from its current offices to join those of Financière de l’Echiquier in late March or early April.Joakimides says the two firms are highly complementary. “Management at Financière de l’Echiquier includes high quality equity research, while the attraction of our management is clear,” the Acropole AM head says. The ranges of funds at each firm will not undergo any mergers as the firms merge.Among the declared objectives, the sales teams at Financière de l’Echiquier will rapidly drive sales of convertible bond funds through IFAs and advisers with increased vigour, as clients of the firm had previously been wholly institutional.
31/01/2013

Significant rise in assets and profits at T. Rowe Price

As of the end of December, assets at T. Rowe Price totalled USD576.8bn, compared with USD574.4bn as of 30 September, and USD489.5bn twelve months previously. Net profits for 2012 increased to USD883.6m, up from USD773.2m the previous year.USD17.2bn of this increase of the USD87.3bn increase in AUM is due to net subscriptions (of which USD10.1bn are for retirement savings target date portfolios), and USD70.1bn are due to market effects.The Baltimore-based asset manager says that assets in mutual funds totalled USD346.9bn, or USD4bn more than at the end of September (USD0.4bn in net outflows and USD4.4bn in positive market effects in fourth quarter), USD57.5bn more than at the end of 2011.T. Rowe Price states that it has no debt and that its liquidity amounts to USD2bn.
31/01/2013

US hedge fund invests in Greek gaming monopoly OPAP

The US hedge fund Baupost Group now holds a 5.2% stake in the capital of the Greek firm OPAP, which holds a monopoly on gaming in the country, the news agency Reuters reports. Baupost is the third investment fund to acquire a significant stake in OPAP, which is valued at about EUR2.05bn. Silchester Inv. And Fidelity Investments already hold stakes of 5% each. Two other funds, Third Point and TPG Capital, are among the candidates interested in acquiring a 33% stake in OPAP which will be sold off in the next few months. The Greek government has planned to sell off most of its stake in OPAP as part of a privatisation fo government assets to raise about EUR2.6bn in 2013.
31/01/2013

US pension fund plans to divest from oil firms

The pension fund Seattle City Employees’ Retirement System, with USD2bn in assets, will on Thursday discuss a request from Miek McGinn, mayor of the city, to sell its stakes in major oil firms, due to the threat they pose in terms of climate change, the Financial Times reports. The firms in question are ExxonMobil and Chevron. If the fund were to wholly sell off its stakes in those businesses, it would be the first to do so.
31/01/2013

Investor confidence index up in January

State Street Global Markets has announced that its global investor confidence index has risen for the second consecutive month in January, from 81.4 in December (revised from a previously announced 80.9) to 86.8. This rise is largely the result of an improvement in the confidence of North American institutional investors, whose confidence index has risen from 78.5 in December (instead of the 77.8 initially announced) to 86.3.In Asia, the confidence index rose by 3.9 points, to 91.0, while appetite for risk on the part of European investors has fallen, to 89.6 from 94.1 the previous month (which had previously been announced at 95.2).
31/01/2013

Amundi opens an affiliate in Taiwan

Amundi, which has been present in Asia for 30 years, with assets of USD70bn for Asian investors, has officially opened the office of a wholly-owned subsidiary in Taipei, Amundi Taiwan, whose chairman is Jean-Paul Mazoyer, deputy head of Amundi.The new affiliate was founded in December, and has received a license from Securities Investment Consulting Enterprise (SICE) from the Securities & Futures Bureau (SFB). The objective is to forge closer and more lasting ties with Taiwanese investors.Mazoyer points out that the new office comes in addition to Amundi’s offices in Japan, Hong Kong, Singapore, South Korea, China, Malaysia and Brunei.Yves Perrier, CEO of Amundi and a member of the executive board at Crédit Agricole SA, says Asia is a growth region, with favourable demographics, an enormous pool of savings and pension funds with highly significant assets. Amundi is highly positive about the future of Taiwan, which explains the creation of the local affiliate.
31/01/2013

Inversis entrusts KPMG with the search of a buyer

Shareholders in Inversis Banco at the end of last week rejected a bid of EUR100m from Andorra’s BPA, and the Madrid-based firm has instead retained KPMG to undertake an audit and valuation of the firm, Funds People reports. The objective is clearly to find a buyer.As of 30 September, assets under custory at Inversis totalled EUR38bn. Its investment funds represent EUR2bn.
31/01/2013

Man Group hopes to launch a hedge fund dedicated to Japan

The alternative management firm Man Group is planning to launch a hedge fund dedicated to Japan, led by Tony Bartlett, a former Citadel manager, the news agency Bloomberg reports.FRM Capital Advisors, a firm which was acquired by Man Group in May 2012, will make a significant investment in the fund, which will be managed by Arena Capital Management, which also provides capital to young hedge funds.

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