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07/09/2012

Hermes Fund Managers veteran launches an asset management firm

A few months ago, 4 Shires Asset Management, a new British asset management firm, was born. The firm, founded by Jeremy Le Sueur, former chief investment officer at Hermes Fund Managers, will concentrate primarily on private clients in the south-eastern UK. 4 Shires AM will offer low-cost investments in order not to drag down performance, the founder of the firm says. In order to add dynamism in subscriptions, Le Sueur will also offer a stake in the firm, pro rata, for the first clients or businesses who subscribe for the first GBP100,000.
07/09/2012

C-Quadrat acquires BCM for EUR13.4m

In line with what was announced two months ago (see Newsmanagers of 3 July), the German-Austrian asset manager C-Quadrat has finalised a contract with Laakman Holding Ltd to acquire the British group BCM (about EUR800m in assets) for EUR13.4m, which represents 1.67% of total assets under management.However, there will be an adjustment of up to +/-30% to the acquisition price after 3 ¾ years. Of the total price, 30% will be paid in C-Quadrat shares, which represents 3% of its capital.The transaction is expected to close in fourth quarter 2012.
07/09/2012

Signia Wealth recruits from UBS

The London-based asset management boutique Signia Wealth has recruited Ana Maria Harrison, who previously worked at UBS, for its Global Wealth Management unit, as executive director in charge of UHNW clients, Wealth Briefing reports. Signia Wealth also works primarily in this segment.
07/09/2012

Former Fidelity star recruits a former colleague

Graham Clapp has recruited a former colleague from Fidelity, Jonathan Relph, as an analyst, for his absolute return boutique based in London, Pensato Capital, Citywire reports. Clapp previously managed the Fidelity Funds – European Growth fund.
07/09/2012

Gemini plans to launch a platform in UK

Gemini Investment Management is planning to launch a platform in the UK to sell its funds, Money Marketing reports. Gemini offers distribution and marketing services to fund managers who have limited experience in European markets. The firm also advises managers of foreign funds. Smart Alexander, managing director of Gemini Investment Management, points out that the firm currently has a platform in Ireland which includes both UCITS and non-UCITS products. “In the next twelve months, we will try to launch a British platform which will satisfy all regulatory requirements,” says Alexander.
07/09/2012

Morningstar sells off its “footnote” operation

For an undisclosed amount, Morningstar has resold its “footnoted” operation to Michelle leder and his company, Financial Fineprint Inc, an operation which it acquired from them in 2010. This includes the website footnoted.com and the footnotedPro service.The footnoted service aims to provide clients and subscribers, which are often hedge funds, with interesting information which is “buried” in small print at the bottom of SEC filings.
07/09/2012

Private equity disappoints pension funds

According to a report by the Pension Consulting Alliance, which will be presented this Friday to the investment committee of the California State Teachers’ Retirement System (CalSTRS), the highest returns for US buyout funds is below the pension fund’s internal benchmark, the Wall Street Journal reports.For example, funds launched in 2006, with more than USD3.5bn in assets under management, have gained 4.1%, compared with 14.1% for funds with assets of under USD300m, and 9.7% for funds which manage USD1bn to USD3.5bn, according to the consultant Cambridge Associates.Wilshire Trust Universe Comparison Service, for its part, reports that pension funds with over USD5bn allocate an average of 13% of their assets to private equity, compared with 9.5% one year earlier.
07/09/2012

New head for the “Whale” at J.P. Morgan

The Wall Street Journal reports that J. P. Morgan Chase has appointed Craig Delaney to head the unit of the “London Whale», the chief investment office (CIO), with USD323bn in assets of the end of June. The unit recently caused the bank a USD5.8bn loss.Delany, the third head of the unit in less than one year, was most recently COO of the mortgage lending unit. He has 18 years of seniority at the firm.The CIO unit will be overhauled to practice a more conservative investment policy.
07/09/2012

Loys recruits for sales

The independent asset management firm Loys, based in Oldenburg, with assets of over EUR500m as of the beginning of May, has recruited Rouven Belkot as director of institutional clients, banks and independent distribution partners for Germany and Austria, Das Investment reports.Belkot was previously head of distribution of in-house funds from Standard Life for Germany and Austria, after having been an investment specialist in the investment advisory unit at Deutsche Postbank.
07/09/2012

Allianz Global Investors simplifies its legal structure

Since the beginning of September, Allianz Global Investors Europe GmbH has been absorbed by Allianz Global Investors Kapitalanlagegessellschaft mbH, which has simultaneously changed its name in Allianz Global Investors Europe GmbH. This will now be the firm’s name throughout Europe, and the firm will retain the legal status of German-registered Kapitalanlagegessellschaft (KAG).The move makes it possible to simplify structures and foreground the fact that AGI uses a pan-European strategy, says James Dilworth, CEO of AGI Europe.
07/09/2012

BlackRock hires three execs

Patrick Liedtke, CEO and chairman of The Geneva Association, an insurance think tank, will be joining BlackRock on 1 October as director of the financial institutions group (FIG) in Europe, the Middle East and Africa (EMEA). Liedtke will be based in London and will report to David Lomas, global head of FIG, He will be in charge of the management and execution of current strategy, developing investment solutions for insurers, and managing client relationships. He will also be a member of the EMEA institutional executive committee.BlackRock has also announced that it is adding to its institutional activities in the United Kingdom with the recruitment of Arno Kitts, co-head of global distribution at Henderson Global Investors, as head of UK institutional, and of Andy Tunningley, global practice leader in the investment consulting division of Aon Hewitt, as head of UK strategic team, and thus head for the largest British institutional clients.Kitts will report to Charles Prideaux, head of institutional for EMEA, and replaces Juliet Bullick, who becomes head of diversity EMEA, while Tunningley will report to Kitts and replaces Mark Johnson, who becomes head of UK sales at iShraes, focused on institutional clients.
07/09/2012

Man hires former head of bonds from Pimco

Man Group has recruited Sudesh Mariappa, former head of international bonds from Pimco, to lead development in fixed income trading, the Financial Times reports. According to a memo sent to Man employees on Thursday evening, the new recruit will join the GLG unit at Man, dedicated to hedge funds, as a senior manager. Separately, Driss Ben-Brahim will be ceasing to serve as co-manager of the GLG Atlas Macro fund.
07/09/2012

1875 Finance goes on the hunt for institutional clients

Finews.ch reports that 1875 Finance is planning to go on the hunt for institutional clients in Switzerland. The wealth management firm, with CHF5bn in assets under management, will be recruiting for its team, and is planning to tap pension funds as investors from 2013. In 5 years, institutional assets may represent an additional CHF5bn, finews predicts.
07/09/2012

Fortune SG teams up with Winton Capital

The Chinese asset management firm Fortune SG, a joint venture of Société Générale and Bao Steel, has signed a cooperation agreement with the Chinese affiliate of Winton Capital Management (WCM), the local press is reporting. Winton, a specialist in CTA strategies, will assist Fortune SG to develop its investment in futures in China, and to launch new funds.According to Z-Ben Advisors, this is the first time that a Chinese asset management firm has planned to enter CTA investing.
07/09/2012

Appointment at AIMA

The International Alternative Investment Association (AIMA) has announced the appointment of Jennifer Wood as head of regulation in charge of asset management. Wood previously worked at a partner at the law firm Dechert, where she advised British, American, European and Asian financial services, investment and asset management firms on US regulatory questions.
07/09/2012

FSA launches consultation on custody regime for client assets

The British Financial Services Authority (FSA) on 6 September opened a consultation on several modifications to the regime for custody assets and client assets partly imposed by European EMIR regulations. The modifications will make it possible to improve the process of recuperating client assets in the case of bankruptcy of investment firms. The consultation will remain open until 16 October for modifications related to EMIR regulations, and until 30 November for other proposals.
07/09/2012

Henderson recruits two credit analysts

Henderson Global Investors has hired two senior analysts for its credit team, Rob Orman and Pieter Staelens. They will report to Stephen Thariyan, director of credit. Orman, 47, had previously been director of investment grade investments at RBS. He has 22 years of experience, 14 of them at RBS. Staelens, 36, was previously a senior credit analyst at James Caird Asset Management, where he was in charge of European high yield strategies. The fixed income team at Henderson Global Investors has a total of over EUR20l1bn in assets as of 30 June 2012.
07/09/2012

Axa IM adds to LDI offering for UK pension funds

On 6 September, Axa Investment Managers (Axa IM) announced plans to significantly add to its product range for British clients, especially pension funds, in the area of liability-driven investment (LDI). The asset management firm has confirmed the recruitment of Shalin Bhagwan (see Newsmanagers of 20 June), deputy head of LDI at Legal & General Investment Management (LGIM), as UK head of liability driven investment (LDI) in the multi-asset client solutions team. In this newly-created position, he will report to Gilles Dauphiné, head of solution management.Bhagwan will be joined by his former colleague Lucy Barron, who had been senior structurer in the LDI fund team at LGIM, and who will report to him.Both will be based in London and will belong to the global multi-asset client solutions (MACS) team, which has 115 members and manages EUR114bn in LDI solutions for institutional investors, in Paris, London,Zurich, Frankfurt, Tokyo and Hong Kong.
07/09/2012

VTB capital AM launches a dividend fund

VTB Capital Asset Management has launched a dividend fund, the first of its type in Russia, which will be able to buy both Russian and foreign equities, Investment Europe reports. The only other dividend fund available on the Russian market was launched in 2003 by Region Asset Management, which nonetheless decided to add an allocation of corporate bonds to the dividends shares receive. The fund will include 30% Russian and 70% foreign securities, which will provide more geographical diversification. The firms selected will be required to have a minimal market capitalisation of over USD5bn. Shares in Gazprom, Lukoil and Sherbank are in the Russian allocation of the fund, while the foreign allocation includes AT&T, Westpac Banking Corp and RWE.
07/09/2012

Taxation: Switzerland may initiate an operation to regularize EUR30bn in Belgian assets

Belgians have EUR30bn in Swiss bank accounts, the Belgian minister for foreign affairs, Didier Reynders, said on 6 September. He has not ruled out the possibility of repatriating a third of that amount as part of a regularisation operation.“We are talking about EUR30bn, according to the Swiss central bank. If we tax that at over 30%, we would have more than EUR10bn coming back to Belgium,” Reynders told Belgian public radio network RTBF, after a return from Switzerland earlier this week.According to the head of the Belgian diplomatic service, Switzerland is offering to sign an agreement with Belgium, as it has done with other countries, including Germany and the UK, to regularise the situation for those with accounts at Swiss financial establishments.The “Rubik” agreements state that non-resident holders of Swiss bank accounts will initially pay a withholding tax, the revenues from which are transferred to their home country, in exchange for their anonymity being maintained. There is then a capital gains tax applied annually, which is also transferred to their home country, with the anonymity of accounts being maintained.According to the Belgian newspaper De Morgen, Bern is offering Belgium a withholding tax of 34% on the EUR30bn to EUR35bn in Belgian assets in Swiss accounts, which would thus bring in EUR10bn, and then an annual tax rate of 25%.
07/09/2012
Gestion d'actifs

La CDC scelle une alliance pour investir dans le non-coté

Selon Les Echos, la Caisse des Dépôts et Consignations a signé un accord avec la China Development Bank, son homologue chinois, pour investir dans les PME françaises et chinoises. Les deux partenaires créent un fonds de 150 millions confié à Cathay Capital qui associe depuis près d’une dizaine d’années Ming-po Cai, ancien dirigeant de SEB en Chine, et Edouard Moinet, un ex-responsable du français Siparex. Ces derniers feront co-investir le fonds bilatéral aux côtés de leur propre véhicule de 200 millions d’euros. « Les Chinois ont accepté de venir à parité dans un fonds de droit français et libellé en euros, qui prendra des intérêts minoritaires pour moitié dans des PME françaises se développant vers le marché chinois et pour moitié dans des PME chinoises se développant en France. Toutes les décisions seront prises en commun, indique Jean-Pierre Jouyet, son dirigeant.
Gestion d'actifs
06/09/2012

Berlin et Madrid n’ont pas discuté des conditions d’une aide

Mariano Rajoy et Angela Merkel ont dit jeudi ne pas avoir débattu des conditions d’une aide à l’Espagne lors de leur entretien à Madrid. Mariano Rajoy a déclaré avoir le soutien de Berlin pour son programme de réformes structurelles. Il a ajouté que Madrid et Berlin étaient d’accord pour juger que les primes de risque sur le marché ne reflétaient pas les fondamentaux de l'économie espagnole.
06/09/2012

Recul des inscriptions au chômage aux Etats-Unis

Les inscriptions au chômage ont diminué de 12.000 aux Etats-Unis lors de la semaine au 1er septembre, à 365.000 contre 377.000 (révisé) la semaine précédente, a annoncé le département du Travail. Les économistes attendaient en moyenne 370.000 inscriptions au chômage. La moyenne mobile sur quatre semaines s'établit à 371.250 contre 371.000 (révisé) la semaine précédente.
06/09/2012

Le ministre irlandais des Finances à Paris mercredi prochain

Michael Noonan se prépare à effectuer une tournée européenne. Il se rendra dans diverses capitales européennes la semaine prochaine dans l’espoir d’obtenir un assouplissement des conditions du plan d’aide au secteur bancaire irlandais. Le responsable sera à Paris mercredi puis se rendra jeudi à Berlin et Rome, à la veille d’une réunion Ecofin prévu à Chypre vendredi.
06/09/2012

En Allemagne, la coalition propose un collectif budgétaire 2012

La coalition au pouvoir en Allemagne va proposer un collectif budgétaire pour l’année 2012 afin d’y inclure la contribution allemande de 1,6 milliard d’euros à une augmentation de capital de la BEI et une augmentation du nombre de crèches dans le pays. Volker Kauder, président du groupe CDU au Bundestag, a précisé que la création de crèches coûterait 580 millions d’euros supplémentaires.
06/09/2012

Le Brésil profite du succès de son émission à 10 ans

Le gouvernement brésilien a cédé jeudi 100 millions de dollars d’obligations à 10 ans supplémentaires à des investisseurs asiatiques, portant la taille de sa nouvelle ligne benchmark à 1,35 milliard de dollars. Il avait émis mercredi 1,25 milliard de dollars de papier à 10 ans à un rendement de 2,686%, un niveau historiquement bas.
06/09/2012

La croissance des services s’accélère aux Etats-Unis

Le rythme de croissance dans le secteur des services aux Etats-Unis a augmenté plus rapidement que prévu au mois d’août, avec un rebond des exportations et de l’emploi, alors que l’indice des nouvelles commandes a baissé, montre l’enquête mensuelle de l’Institute for Supply Management. L’indice ISM est ressorti à 53,7 en août, contre 52,6 en juillet et 52,5 attendus par les économistes.
06/09/2012

TIAA-CREF investit dans l'immobilier commercial britannique

Le fonds de pension américain des enseignants a versé 280 millions de livres pour acquérir un centre commercial près de Londres. Le rachat de Festival Place s’est fait auprès d’une société immobilière détenue par le Duc de Westminster. Il s’agit de l’opération la plus importante de ce type en presque deux ans, alors que le marché britannique est touché par les mesures d’austérité.
06/09/2012

Mario Draghi électrise les marchés

Les Bourses de la zone euro ont accru leurs gains jeudi après-midi après que le président de la BCE Mario Draghi a annoncé une série de mesures visant à sortir la zone euro de la crise de la dette, notamment un nouveau programme d’achats d’obligations des pays fragilisés, sans limite de montant.
La vidéo-conférence de Mario Draghi le 6 septembre 2012. Photo: PHB/Agefi

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