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30/11/2012

CIS Asset Management change de dirigeants

Suite à la démission de Tapio Bartsch, Michael Stark-Urzendnik et Christoph Püntmann ont été nommés directeurs généraux de CIS Asset Management (Deutschland), spécialiste de la gestion active de produits crédit illiquides et de la sélection de stratégies de performances absolue.Michael Stark-Urzendnik devient porte-parole (président) de la direction générale et sera chargé de la distribution, de la conformité, du reporting et de la gestion du risque. Il était auparavant directeur général de VersAM Versicherungs-Assetmanagement (40 milliards d’euros d’encours).De son côté, Christoph Püntmann est chargé des activités banque privée, gestion de portefeuilles et recherche. Il a auparavant travaillé pour différentes banques d’investissement américaines à New York, Londres et Dubai.
30/11/2012
Fonds

Schwab va lancer un fonds monétaire sous forme d’ETF

Charles Schwab a déposé un dossier pour lancer un ETF obligataire à court terme géré activement, rapporte le Financial Times, qui estime qu’il s’agit du signe que les sociétés de gestion américaines voient les ETF comme les héritiers des fonds monétaires.Le Active Short Duration Income ETF, investi en titres obligataires à court terme investment grade, partage les mêmes objectifs qu’un fonds monétaire.
Fonds
30/11/2012
Fonds

Gramercy Advisors lance un fonds de crédit marchés émergents

La société de gestion alternative Gramercy Advisors, spécialisée sur les marchés émergents, vient de lancer un fonds de crédit distressed doté d’ores et déjà de 200 millions de dollars, selon une lettre aux investisseurs obtenue par Bloomberg.Le Gramercy Distressed Opportunity Fund II investit dans de la dette souveraine ou corporate distressed ou en défaut. Gramercy Advisors estime qu’il existe des opportunités sur le marché des prêts et obligations émergentes arrivant à échéance en 2016, dont un quart est classé en dette spéculative.
Fonds
30/11/2012
Fonds

L'Amafi milite pour la création d'un fonds de financement de l'économie française

L’Association française des marchés financiers (Amafi) lors d’une conférence hier a proposé de mettre en place un Fonds de financement de l'économie française (FFEF), véhicule sous ombrelle publique et à gouvernance paritaire, rapporte L’Agefi. Il recueillerait des capitaux qui proviendraient de fonds de dotation, comme ceux du grand emprunt ou de divers fonds issus des régimes publics et privés de prévoyance, et aurait un biais de gestion domestique. Les mandats seraient attribués à des sociétés hexagonales. Le FFEF aurait également une allocation d’actifs privilégiant les fonds propres et la dette d’entreprise et pourrait aussi investir dans des titrisations de portefeuilles de crédits aux PME ou dans des quasi-fonds propres, note le quotidien.
Fonds
30/11/2012
Fonds

SAC Capital risque gros pour son délit d'initié record

Selon des sources concordantes, le président de SAC Capital Advisors, Tom Conheeney, aurait indiqué mercredi lors d’une conférence téléphonique avec ses investisseurs que le gendarme des marchés financiers américain, la SEC, aurait envoyé à la société une «Wells notice», une notification préalable d’action au civil, pour «fraude financière» la mettant en cause en tant que personne morale ayant abrité le délit d’initié, rapporte L’Agefi. Dans le cas où la SEC prouverait l’implication de la société en tant que «personne morale», qui n’implique pas une connaissance des faits mais plutôt une négligence face à la fraude, elle pourrait réclamer une amende d’un montant trois fois plus élevé que celui du délit lui-même, qui aurait rapporté 276 millions de dollars aux personnes impliquées. Par ailleurs, selon le Financial Times daté du 30 novembre, Steve Cohen, le fondateur de SAC Capital, a déclaré que son hedge fund a vendu les 700 millions de dollars d’actions au centre de l’enquête pour délit d’initié parce que l’un de ses gérants n’était plus à l’aise avec la position, selon des personnes proches du témoignage que le dirigeant a fait devant les enquêteurs citées par le journal. Il s’agirait de la première explication des transactions d’actions Elan et Wyeth réalisées par la société de hedge funds quelques jours avant l’annonce par les sociétés d’essais cliniques négatifs.
Fonds
30/11/2012
Fonds

FactorShares lance trois ETF "miniers"

L’américain FactorShares, récemment acheté par GenCap Ventures, a lancé sur NYSE Arca le 29 novembre trois ETF focalisés sur les titres miniers, répliquant des indices ISE et chargés à 0,69 %, rapporte Index Universe.Il s’agit du PureFunds ISE Diamond/Gemstone ETF (acronyme GEMS) qui investira dans des actions de 26 grandes sociétés aux titres liquides qui sont actives dans la production, la prospection et la vente de pierres précieuses. Ce seront des entreprises en majorité non-américaines.Le portefeuille PureFunds ISE Mining Service ETF (MSXX) sera investi dans des entreprises qui produisent, nolisent ou vendent des équipements à des sociétés fournissant du conseil et d’autres services au secteur minier, ainsi que dans des firmes directement impliquées dans la prospection et l’extraction. L’indice comporte 31 noms.Enfin, le PureFunds ISE Junior Silver ETF (SILJ) investira dans des petites capitalisations minières de production et de prospection du secteur de l’argent. L’indice couvre 28 sociétés.
Fonds
30/11/2012
Fonds

ProShares souhaite lancer un ETF d'obligations à haut rendement

Le gestionnaire de Bethesda (Maryland) ProShares (22 milliards de dollars d’encours) a déposé une demande d’agrément pour un troisième ETF haut rendement, le ProShares High Yield-Interest Rate Hedged ETF. Ce fonds se focalisera sur la dette d’entreprises catégorie speculative et couvrira son risque en prenant des positions à découvert sur les Treasurys américains, rapporte Index Universe.
Fonds
30/11/2012

Invesco AM domine la collecte d’octobre en Italie

Invesco AM a enregistré en octobre des souscriptions nettes de 387 millions d’euros en Italie, se plaçant en tête des sociétés de gestion ayant collecté dans le pays, selon l’association italienne de la gestion d’actifs Assogestioni. Et ce, alors que le secteur italien de la gestion d’actifs dans son ensemble voit sortir 1,9 milliard d’euros sur le mois.En septembre, Invesco AM s’était déjà distingué avec une collecte nette de 301 millions d’euros.Les deux autres marches du podium en termes de souscriptions sont occupées par deux italiens : Mediolanum (293 millions) et AM Holding (256 millions).Côté décollecte, Generali se distingue avec des rachats nets de 1,7 milliard d’euros. Assogestioni note que la société de gestion s’est réorganisée en octobre et que son encours a en conséquence gonflé de 186 milliards d’euros. Viennent ensuite Pioneer, avec -643 millions d’euros, et Gruppo Banco Popolare (-286 millions).
30/11/2012
Fonds

Allianz GI lance un fonds investi en actions allemandes

AllianzGI vient d’annoncer l'élargissement de sa gamme actions avec le lancement européen d’Allianz German Equity investi dans des titres allemands. Logé au sein de la sicav luxembourgeoise de la société de gestion, le compartiment est géré par Matthias Born, et duplique le fonds de droit allemand Concentra (2 milliards d’euros d’encours) piloté par le gérant depuis 2007. La gestion de conviction mise en œuvre dans le fonds Allianz German Equity repose à la fois sur une analyse financière des entreprises (bottom-up) et sur la sélection de valeurs (stock-picking). Le fonds présente un léger biais en faveur des titres de croissance et privilégie les grandes capitalisations, tout en tirant parti des opportunités identifiées sur le segment des petites et moyennes valeurs, précise un communiqué. Code Isin (part AT) : LU0840617350
Fonds
30/11/2012

Les fondateurs de SIA Funds se séparent

Funds People rapporte que José Carlos Jarillo a racheté les parts de son associé Walter Scherk dans la société de gestion helvétique qu’ils ont fondée ensemble, SIA Funds pour Strategic Investment Advisors Funds (350 millions d’euros).
30/11/2012

1875 Finance recrute un ancien de Mirabaud

Edouard Crestin-Billet, qui a été pendant douze ans chef stratégiste, responsable de l’analyse financière et de la gestion institutionnelle en Suisse chez Mirabaud Cie où il a été remplacé par Pierre Pinel (ex Paribas AM), rejoindra début 2013 la société de gestion 1875 Finance, rapporte finews.ch. L’impétrant sera responsable de la gestion institutionnelle, chargé plus particulièrement des caisses de pension.1875 Finance a été créée en 2006 par d’anciens dirigeants de Ferrier Lullin (groupe UBS) et affiche un encours de 5 milliards de francs, dont 3 milliards apportés par trois familles. Pour les trois à cinq prochaines années, Edouard Crestin-Billet se fixe comme objectif de porter à 3-5 milliards de francs les encours externes. La gestion institutionnelle deviendrait ainsi le troisième pôle de 1875 Finance, qui exerce actuellement deux activités, la banque privée et le family office.
30/11/2012

S&P confirms ratings for 14 Swiss banks

The financial ratings agency Standard & Poor’s (S&P) is maintaining its credit ratings for 14 Swiss banks, including the largest two of them, UBS (A, with stable outlook) and Credit Suisse (A+, with negative outlook). In a survey published on 29 November, S&P analysts estimate that the Swiss government will continue to support banks in the country, despite tougher regulations. As to other institutions, the cantonal banks of Argovia, Basel-Landschaft, Schwytz and Zurich remain rated AAA with negative outlooks. The cantonal banks of Basel, Graubünden and Lucerne remain AA+ with negative outlook. Vontobel and Banque Migros are rated A with negative outlooks. The Cantonal Bank of Geneva remains A+ with stable outlooks, and Safra is BBB+ with positive outlook.
30/11/2012

UCITS hedge fund segment continues to grow

The number of hedge funds listed in the database Absolute Hedge has increased to 299 in third quarter, from 292 in second quarter, while assets under management by these funds totalled EUR84.7bn as of the end of September, compared with EUR82.5bn three months previously, according to the most recent edition of the Alceda Quarterly UCITS Review.Despite an increase in the number of hedge strategies, long/short equity remains the segment with the most products, with 113 funds and assets of EUR11.1bn. However, the 53 global macro funds have EUR32.2bn, and the 28 credit funds have EUR21.5bn.The AH UCITS index gained 1.81% in third quarter, and its performance since the beginning of the year totals 2.21%. Aside from managed futures, which have seen an average loss of 0.81%, all alternative strategies showed gains in July-September. Long/short equity, which lost 2.77% in April-June, had the strongest gains in third quarter, with 2.88%.
30/11/2012

Clearstream opens a centre dedicated to hedge funds in Dublin

The post-market specialist Clearstream (Deutsche Bank group) on 29 November announced that it is launching an investment fund services activity in Dublin. The Dublin office, which may create as many as 100 jobs, will concentrate on services to hedge funds.
30/11/2012

FactorShares launches three mining ETFs

The US provider FactorShares, which has recently been acquired by GenCap Ventures, on 29 November launched three ETFs on NYSE Arca focused on mining stocks, replicating ISE indices and charging 0.69%, Index Universe reports.The PureFunds ISE Diamond/Gemstone ETF (acronym GEMS) will invest in shares in 26 large firms with liquid shares which are active in the production, prospecting and sales of precious stones. Most of these businesses are not US-based.The PureFunds ISE Mining Service ETF (MSXX) will invest in companies which produce, charter or sell equipment to firms which provide advising and other serices to the mining sector, as well as to firms which are directly involved in prospecting and extraction. The index includes 31 companies.Lastly, the PureFunds ISE Junior Silver ETF (SILJ) will invest in small caps involved in production and prospecting in the silver sector. The index includes 28 firms.
30/11/2012

Appointment at Goldman Sachs AM

Goldman Sachs Asset Management (GSAM) has appointed Sheila Patel as head of international equities, Asian Investor reports. Patel, who will take over the responsibilities of Oliver Bolitho, responsible for the Asia-Pacific ex Japan region, will be based in Singapore.She had previously been co-head of GSAM for Europe, the Middle East and Africa (EMEA) alongside Andrew Wilson. She now covers all activities of Goldman Sachs AM outside the United States, while Wilson takes sole responsibility for EMEA.
30/11/2012

Gramercy Advisors launches an emerging market credit fund

The alternative asset management firm Gramercy Advisors, a specialist in emerging markets, has launched a distressed credit fund, which already has USD200m in assets, according to a letter to investors obtained by Bloomberg.The Gramercy Distressed Opportunity Fund II invests in sovereign or corporate debt which is distressed or in default. Gramercy Advisors estimates that there are opportunities on the lending market and emerging market bonds maturing in 2016, of which one quarter are rated as speculative debt.
30/11/2012

Barings helped by market appreciation in France

Currently, assets at Barings in France total EUR850m, compared with EUR800m at the start of this year. Inflows are somewhat flat, and increases in AUM are attributable to market effects, while 95% of assets under management are in equity products, Benoît du Mesnil du Buisson, chairman of Baring Asset Management France, tells Newsmanagers.The firm has seen good inflows in France for Asian and high yield products, but “equity assets need to be defended against investor mistrust.”The manager says that Barings France is planning to release a European variant of the Irish-registered Dynamic Asset Allocation fund, which already has EUR7bn, soon. It will be a matter of making products not only better known by institutionals, but also by private banks and platforms, in order to reach IFAs.
30/11/2012

Asset servicing: Caceis retained by Russell Investments France

Caceis, a specialist in financial services to institutional investors, asset management firms and large businesses, yesterday announced that it has been selected by Russell Investments France, following a request for proposals to provide depository-custody and valuation services to the bank. Caceis will assist the asset management firm with depository functions and valuations of the first of its French-registered mutual funds. It will support its development in the creation of other products, and will provide additional financial and regulatory reporting services, a statement says.
30/11/2012

CIS Asset Management replaces director

Following the resignation of Tapio Bartsch, Michael Stark-Urzendnik and Christoph Püntmann have been appointed as CEOs of CIS Asset Management (Deutschland), a specialist in active management of illiquid credit products and selection of absolute return strategies.Stark-Urzendnik becomes spokesman and chairman of the managing board, and will be responsible for distribution, compliance, reporting and risk management. He had previously been CEO of VersAM Versicherungs0Assetmanagement (EUR40bn in assets).Püntmann, for his part, is responsible for private banking, portfolio management and research activities. He had previously worked for various US investment banks in New York, London and Dubai.
30/11/2012

BIS, ECB and IMF publish statistics on equities

The Bank of International Settlements (BIS), the European Central Bank (ECB) and the International Monetary Fund (IMF) have jointly published the third and final portion of the Handbook on Securities Statistics, which treats questions concerning equities and their ownership. The objective of the Handbook is to allow national and international organisations to produce statistics concerning securities which are pertinent, coherent, and compatible from one country to another, so that they can be used to formulate monetary policy and analyse financial stability.This is the first publication of its type dealing exclusively with the conceptual framework used to develop and present statistics about securities. It responds directly to one of the recommendations approved by the finance ministers and governors of the central banks of the G20, on the need to fill gaps identified in data, and to improve data collection.The seventh recommendation of the report, entitled The Financial Crisis and Information gaps, by the secretary of the Financial Stability Board and IMF services, called on central banks and, where applicable, statistical institutes, particularly in G20 economies, to participate in the collection of data concerning securities by the BIS, and to contribute to further development of the Handbook.
30/11/2012

LGIM preparing an emerging market sovereign debt fund

On 11 December, Legal & General Investment Management (LGIM) is planning to launch a tracker fund of government bonds from emerging markets, managed by Lee Collins, Fundweb reports. The product will replicate the JPMorgan Emerging Markets Bond Index Plus.The currency of reference for the fund is the US dollar, and management commission will be 0.3%.
30/11/2012

1875 Finance recruits a former Mirabaud strategist

Edouard Crestin-Billet, who for twelve years had been chief strategist, in charge of financial analysis and institutional management in Switzerland at Mirabaud Cie, where he was replaced by Pierre Pinel (formerly of Paribas AM), will in early 2013 be joining the asset management firm 1875 Finance, finews.ch reports. Crestin-Billet will be responsible for institutional management, and particularly pension funds.1875 Finance was founded in 2996 by former heads of Ferrier Lullin (UBS group) and has assets of CHF5bn, of which CHF3bn are from three families. In the next three to five years, Crestin-Billet aims to bring external assets up to CHF3-5bn. Institutional management would then become the third-largest unit at 1875 Finance, which currently is active in private banking and family office.
30/11/2012

Appointment at 1875 Finance

The institutional asset management firm 1875 Finance, a specialist in wealth management and multi-family office, on 29 November announced the appointment of Edouard Crestin-Billet as head of its new institutional management activities (Newsmangers of 7 September 2012). Crestin-Billet, 53, spent twelve years as the chief strategist and head of the financial analysis and institutional management unit at the Mirabaud & Cie group. At that business, he developed institutional activities in Switzerland. Previous to that, he was chief investment officer (CIO) and a member of the executive board at the Banque Edouard Constant. Crestin-Billet began his career at UBS (formerly SBS), where he set up the Investment Advisory activity. 1875 Finance in a statement announces the creation of the new institutional activity, and says that the appointment responds to demand on the part of clients, including pension funds, which are seeking independent structures without conflicts of interest. With no house products on sale, 1875 Finance provides a unique and diversified product range whose objective is the efficiency of the portfolios of its private, and now institutional, clients.
30/11/2012

Credit Suisse sells a real estate complex to NGIM

Credit Suisse, which this summer was required by the Swiss National Bank (SNB) to increase its owners’ equity ratio, is continuing to sell properties. The banking group has sold its offices in Uetlihof in Zurich to the pension fund for Norwegian civil servants for CHF1bn, according to a statement released on 29 November.The transaction will result in a pre-tax gain of CHF87m for the entire duration of the rental of the complex, the group’s largest, Credit Suisse says in a statement. The firm has signed a 25-year lease with the buyer, Norges Bank Investment Management (NBIM), responsible for managing the pension fund.The contract carries an option to extend the lease for a further 15 years. Credit Suisse will retain responsibility for operating the property, which contains the offices of 6,000 employees.
30/11/2012

Founders of SIA Funds part ways

Funds People reports that José Carlos Jarillo has bought up the shares of his partner Walter Scherk in the Swiss asset management firm they founded together, SIA Strategic Investment Advisors Funds (EUR350m).
30/11/2012

Invesco dominates Italian inflows in October

Invesco has posted net inflows in Italy in October of EUR387m, putting it at the top of the list of asset management firms for inflows in the country, according to the Italian asset management association Assogestioni. The news comes at a time when the Italian asset management sector overall has seen outflows of EUR1.9bn for the month.In September, Invesco had already stood out with net inflows of EUR301m.The other top two in terms of subscriptions are Italian firms: Mediolanum (EUR293m) and AM Holding (EUR256m).For outflows, Generali stands out with redemptions of EUR1.7bn. Assogestioni notes that the asset management firm reorganized in October, and that its assets have consequently increased by EUR186m. It is followed by Pioneer, with -EUR643m, and Gruppo Banco Popolare (-EUR286m).
30/11/2012

Another hedge fund casualty

Julian Barnett, former star manager at Polar Capital, is closing his hedge fund management firm, Ridley Park, only two years after founding it, Financial News reports. He becomes the most recent casualty of difficult market conditions, the newspaper remarks.
30/11/2012

SAC gives its version of events

Steve Cohen, founder of SAC Capital, has announced that his hedge fund has sold the USD700m in equities at the centre of an insider trading enquiry because one of his managers was no longer comfortable with the position, according to testimony made before investigators by inside sources, the Financial Times reports. This is the first explanation of trades of shares in Elan and Wyeth made by the hedge fund a few days before the announcement by the firms of negative clinical trials.

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