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25/07/2012

Open Hearing on guidelines on sound remuneration policies under the AIFMD

The European Securities Markets Authority (ESMA) has announced that it is holding a public hearing on pay scales, as part of its enactment of the AIFM directive. The hearing will be held on 25 September in Paris. A consultation document on the subject was published on 28 June by the authority (see Newsmanagers of 29 June 2012).
25/07/2012

CD theft scandal: Former IT employee of HSBC arrested

The newspaper Le Monde has reported that Hervé Falciani, a former IT employee at the HSBC bank in Geneva, who stole CDs containing the names of 8,993 individuals who evaded French taxes, which was subsequently obtained by the French government, was arrested in Barcelona, Spain on 1 July, the Federal Office of Justice (FOJ) in Bern has revealed. Switzerland filed an application to extradite the suspect with the Spanish ministry of justice on 5 July, a spokesperson for the FOJ reports.
25/07/2012

Carlyle recruits a media specialist

The private equity investor Carlyle Group has announced the arrival of Peter Liguori, a specialist in the entertainment sector, at the business. He will serve as a consultant to support the Telecommunications and Media team at Carlyle, based in New York. Liguori was previously CEO of Discovery Communications, a cable television operator, from 2009 to late 2011.
25/07/2012

Concerns about increase in costs for brokers

The website InvestmentNews reports that the Financial Services Institute Inc. (FSI) in the United States on Monday published a statement indicating that an increase in fees for small brokerage firms imposed by the Financial Industry Regulatory Authority Inc (FINRA) would severely penalise these small businesses, and would also limit investors’ access to financial advice. Dale Brown, chief executive of the FSI, opposes the fee hike in question, which was proposed in June by FINRA to the Securities and Exchange Commission (SEC), and has called on the US regulator to cancel plans for the hike, which it still has the power to do, due to the current financial strain on the businesses in question.
25/07/2012

Sparinvest restructures Paris office

The Danish asset management firm Sparinvest has announced a restructuring of its Paris office. While the office had previously been composed of one assistant, two sales staff and Benoît Schouler, CEO of Sparinvest France, Schouler will now singlehandedly provide oversight of all client portfolios. “That does not mean the Paris office will be closed” says Schouler. But four years after the beginning of the financial crisis, Sparinvest needs to adapt its commercial structure, the CEO says. Although outflows have been “relatively limited” since the beginning of the year, the head of the French office says, he did not wish to specify the precise amount of assets under management by the structure. Because management is located in Denmark, it will not be affected by the restructuring, and will continue to function as previously. Some duties of the Paris office, such as administrative oversight and sending of reports will be moved to Luxembourg, which has a French-speaking client services unit. Schouler will work in close collaboration with Luxembourg, where funds on sale in France are domiciled. France is not the only victim of the difficult environment. The Frankfurt office in Germany has also been restructured. The former head of that office, Jörg-Volker Grüneke, has left his job, and Christina Coustry, already in charge of international coordination at the group, will now handle the German market with her team from Luxembourg. Earlier this year, the Danish asset management firm Sparinvest announced that it is transferring the domicile of its parent company, Sparinvest Holdings SE, from Denmark to Luxembourg (see Newsmanagers of 4 January, 2012).
25/07/2012

Natixis AM and AEW Europe launch a real estate debt fund

Natixis Asset Management and AEW Europe, a European specialist in real estate investment advising and asset management for third parties, yesterday announced that it has raised EUR240m for its new fund of senior real estate debt, Senior European Loan Fund. The product is the first closed sub-fund of senior real estate debt with a 7-year maturity. Since its launch, the fund, aimed at professional investors and qualified companies, will be making its first closing with EUR240m, and a target size of about EUR500m eventually. The sub-fund aims to earn returns similar to those on investment grade bonds (whose rating ranges from AAA to BBB-), a statement says. The sub-fund, managed by Senior European Loan Management, an affiliate of AEW Europe advised by a team at Natixis Asset Management, invests in senior real estate debt, financing office, commercial and logistical real estate properties in Europe, primarily in France, Germany and the United Kingdom. Its management strategy is to both put new financing in place with banks, and to buy up existing debt.
25/07/2012

HSBC Global Asset Management recruits

HSBC Global Asset Management has announced the recruitment of four people as additions to its global macro and investment strategy teams. They will report to Philip Poole in London. Poole joined Global Asset Management in July 2010 from HSBC Global Research where he was Global Head of Emerging Markets. Julien Seetharamdoo has been appointed as a senior economist. Before joining HSBC Global Asset Management, he had been an investment strategist at Coutts Investment Services. Rabia Bhopal becomes an economist and investment strategist. Bhopal joins from Standard & Poor’s, where she served as an economist. The two recruits will be based in London. Herve Lievore has been appointed as a senior economist and strategist on the team in Hong Kong. He had previously been an economist/strategist at Axa Investment Managers. Renee Chen will also be based in Hong Kong, and joins the team as an economist and investment strategist. She joins from Macquarie Capital Securities, where she had been an economist.
25/07/2012

TNO pension fund pulls out of hedge funds

The Netherlands pension fund TNO has decided to divest from a portfolio allocated to hedge funds which represents 2.9% of its total allocation, IPE reports. The allocation lost 7.9% in 2011, underperforming its benchmark index by 13.4%. “Research shows that we can achieve an attractive risk/return profile through investment in traditional assts. We therefore bid farewell to hedge funds for the moment.”
25/07/2012

Henderson GI merges two funds

According to Investment Week, the asset management firm Henderson Global Investors has merged its Managed Distribution fund with its Cautious Managed fund, offering prudent management. In figures, the first fund has assets of GBP277m, while the fund which will absorb it has GBP817m. At the same time, the managers, John Pattullo and Jenna Barnard, will be joining Chris Burvill as co-heads in charge of the new portfolio.
25/07/2012

USD2.4bn in net redemptions from Man Group in first half

Assets under management at Man group totalled USD52.7bn as of 30 June 2012, compared with USD58.4bn as of the end of December, and USD71bn as of the end of June 2011. Gross inflows totalled USD7.2bn in first half. Redemptions totalled USD9.6bn, which bring net outflows to USD2.4bn. Assets under management in funds have undergone a decline of 12% for the half, to USD22.5bn, while long-only funds represented USD11.3bn, up 6% in the period under review.
25/07/2012

JP Morgan: Bank of England has been conerned about risk-taking since 2010

In 2010, more than a year before J.P. Morgan Chase Co. racked up billions of dollars in losses from bad trades in its London investment office, Bank of England officials raised concerns internally about potential risks arising from some of the office’s activities, but didn’t formally alert other regulators, according to people involved in the central bank’s talks, the Wall Street Journal reports, citing sources familiar with the matter.
25/07/2012

TPG makes a new bid for Billabong International

Reuters reports that the investment fund TPG Capital has launched a new takeover bid for Billabong International, at AUD589m). If the takeover bid is successful, the news agency adds, it would be the second time that a firm has been taken private in Australia this year, following Pacific Equity Partners by the business services company Spotless in April, for AUD720m.
25/07/2012

Natixis AM et AEW Europe s’unissent dans la gestion de dettes immobilières

Les deux gestionnaires ont fait part du lancement du premier compartiment d’un fonds de dettes immobilières «senior» fermé d’une maturité de 7 ans, «Senior European Loan Fund». Le premier closing a été annoncé hier à 240 millions d’euros, la taille cible étant voisine de 500 millions.
25/07/2012

Carlyle vante les mérites de l’immobilier parisien haut de gamme

La société a annoncé la signature d’un nouveau bail sur l’immeuble du 23 rue de l’Université au bénéfice d’AT Kearney France. De quoi confirmer selon Carlyle «la valeur des biens prime» à Paris, «malgré les conditions de marché que les professionnels et les observateurs considèrent actuellement comme difficiles».
25/07/2012

Succès de Rothschild dans le private equity secondaire

Le groupe s’est félicité du closing final du fonds «Five Arrows Secondary Opportunities III» (FASO III) à 259 millions d’euros, au-delà de l’objectif initial de 200 millions. Le fonds est dédié aux transactions small et mid-caps sur le marché européen du capital-investissement secondaire. Il a finalisé sa première opération par l’acquisition d’un portefeuille diversifié de 17 sociétés auprès d’une «institution financière».
25/07/2012

Près de 300 milliards d’encours pour le Livret A et le LDD

La Caisse des Dépôts a indiqué que l’encours du Livret A et du Livret de Développement Durable atteignait à fin juin 299,5 milliards d’euros. Cela après une collecte de 650 millions le mois dernier et de 12,65 milliards sur le premier semestre 2012.
25/07/2012

A l’Est, du nouveau pour Veolia Transdev

La coentreprise de transport public entre Veolia Environnement, qui veut sortir du capital, et la CDC a chargé, selon Reuters, ING de trouver des acquéreurs pour des concessions de services de bus urbains en Europe de l’Est, afin de devenir une cible plus attrayante pour des acheteurs potentiels. Une source évalue le montant de l’opération à une valeur d’entreprise de 220 millions d’euros.
25/07/2012

La CFTC émet des propositions sur les swaps

Le régulateur des marchés dérivés aux Etats-Unis, la Commodity Futures Trading Commission a publié hier des propositions, soumises à consultation publique pendant 30 jours, concernant les swaps et destinées comme le prévoit la loi Dodd-Frank de 2010 à renforcer la transparence et la sécurité de ce marché de 650.000 milliards de dollars. La CFTC précise notamment le calendrier prévu pour rendre obligatoire le passage vers les chambres de compensation.
25/07/2012

TPG revient à l’assaut de Billabong

La société texane de private equity a lancé une nouvelle offre sur le spécialiste australien de vêtements de surf pour un montant de 694 millions de dollars australiens, l’équivalent de 589 millions d’euros. Billabong a précisé que TPG proposait un prix de 1,45 dollar australien par action, ce qui représente une prime de 32% par rapport à sa clôture de lundi.
25/07/2012

La récession se confirme en Europe

L’indice des directeurs d’achats de juillet témoigne d’une nouvelle contraction de l’activité dans le secteur manufacturier et celui des services. La morosité se confirme même en Allemagne. Les analystes attendent une nouvelle baisse des taux.
25/07/2012

La cession de Dexia AM en phase finale

Dexia devrait annoncer dans les deux prochaines semaines l’identité du repreneur de son pôle de gestion d’actifs. Alors que la banque avait indiqué fin juin avoir retenu trois finalistes, Macquarie et New York Life Insurance feraient partie des candidats en lice. Les fonds GCS Capital et Hony Capital se seraient associés pour reprendre la filiale.

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