La société de private equity texane a convenu de racheter l’américain Par Pharmaceutical, dont le principal actionnaire Relational Investors prône la cession. Cela pour 1,9 milliard de dollars, à raison de 50 dollars par titre représentant une prime de 37%. La direction de la cible sollicitera des offres alternatives jusqu’au 24 août.

Le Journal officiel du 14 juillet publie l’arrêté du 12 précisant la liste des émetteurs dont l’acquisition de titres entraîne le versement d’une taxe financière, à savoir les sociétés dont le siège social est situé en France et dont la capitalisation boursière dépasse un milliard d’euros au 1er janvier 2012. D’Accor à Zodiac Aerospace, les titres de 109 émetteurs sont concernés.

La banque britannique a annoncé cesser sa contribution à l’échantillon de banques chargé de la détermination du taux interbancaire à Singapour, le Sibor. Bank of America n’apparaissait pas non plus hier au sein de la liste des contributeurs, mais la banque américaine a refusé de commenter.

Le groupe américain a fait part de la cession à «un acquéreur français» de l’Hôtel de la Salle, un hôtel particulier du 17e siècle situé au 21 rue de l’Université. Le vendeur était conseillé par Féau Commercialisation pour cette transaction réalisée après réhabilitation.

Le nouvel ensemble totalisera 1,6 milliard d'euros d'actifs sous gestion. L'objectif est de doubler les encours d'ici trois ans

Le sommet européen a en partie rassuré les investisseurs. 2012 devrait s'approcher des meilleures années en volume d'émission

La décollecte s’est élevée à 16,5 milliards d’euros en juin. L’effet marché, positif de 6,2 milliards d’euros, a limité la baisse des encours

Ces alternatives à la procédure de sanction ont concerné deux sociétés de gestion, qui vont verser respectivement 20.000 euros et 10.000 euros

L'augmentation à 18,4 milliards de dollars des positions nettes est allée de pair avec l'affaiblissement de la monnaie unique sur la semaine

Jusqu'à 2 ans, les pays profitent de la baisse des taux de la BCE en plus de l'aversion pour le risque

Jusqu'à 2 ans, les pays profitent de la baisse des taux de la BCE en plus de l'aversion pour le risque

La participation des créanciers seniors reste exclue mais le revirement de la Banque centrale européenne sur cette question est confirmé

According to Morningstar statistics relayed by Bloomberg, the Total Return Bond Fund from DoubleLine Capital was the fund with the highest net subscriptions in the United States in first quarter, at USD11.5bn. Mutual Fund Wire reports that the number two fund was the Total International Stock Index Fund from Vanguard, with USD8.9bn. Overall, net subscriptions to taxable bond funds in the United States totalled USD106bn in January-June, compared with USD34bn for US equity funds, and USD20bn for international equity funds.

Financial Times Deutschland reports that the German region of North Rhine-Westphalia has obtained another compact disc containing information concerning Swiss bank accounts. The purchase of the disc by the authorities provides them with information about clients of the Zurich-based branch of the Coutts private bank, an affiliate of the Royal Bank of Scotland. The CD contains information concerning 1,000 German clients who are thought to have evaded German taxes.

Ulrika Bergman has joined Pyramis Global Advisors (USD180bn as of the end of March), an affiliate of Fidelity Investments specialised in institutional asset management, as senior vice president of Nordic & Benelux sales. She will be based in London. Previously, she also worked in London, at Principal Global Investors as head of institutional sales.

Peter Herrlin has been appointed as head of the prime brokerage activity at SEB in London. Herrlin, who joined the firm in 2010, succeeds Attila Olesen, who is now head of Enskilda equities in Denmark, also part of SEB, Hedgeweek reports.

After net outflows in May of SEK0.7bn, Swedish funds in June say further net redemptions of SEK0.3bn. However, the Fondsbolagens Förening association of asset management firms reports, first half ended with net subscriptions of SEK11.8bn, while assets as of 30 June totalled SEK1.895bn. In June, outflows affected equity funds especially, with net outflows of SEK10.6bn, and to a lesser extent, hedge funds (USD0.3bn), In the first six months of the year, however, equity funds posted inflows of SEK3.6bn, and diversified funds posted USD5.6bn in inflows, and bond funds attracted SEK9.6bn. But money market funds and hedge funds underwent respective net outflows of SEK3.3bn and SEK3.5bn.

Schroder Property Investment Management has announced the appointment of Tony Smedley to the newly-created position of head of Pan European Fund Management. Smedley will be based in London, where he had previously been head of European Funds at Invista REIM. Smedley will be responsible for the management of the Matrix European Real Estate Trust.

The asset management firm of the Munich Re group, MEAG, on 13 July announced that it has acquired six wind farms already connected to the grid on behalf of its shareholder. The wind farms, located in North Rhine-Westphalia, Saxony-Anhalt, Brandebnurg and Mecklenburg-West Pomerania, were sold for a total sum “in the tens of millions of euros” by the developer, wpd. The operation is part of the Renewable Energy & New Technologies (RENT) programme, launched by Munich Re in 2010, which will eventually have a total of EUR2.5bn in assets.

Thierry Guérillot, responsable gestion OPCVM à l’Union Financière de France (UFF) dans une interview accordée à Newsmanagers : Nous pensons développer notre offre sur les actifs réels, pour leurs vertus diversifiantes et leur rentabilité. Nous allons probablement utiliser beaucoup plus la carte du non-coté via des FCPR. Outre leur avantage fiscal pour le moment préservé, cette structure permet de mettre en perspective l’investissement en actions à une échéance donnée, avec une fréquence de valorisation étalée dans le temps, et donc moins anxiogène (trimestrielle ou semestrielle, et non pas quotidienne ou hebdomadaire comme pour les OPCVM classiques). Nous sortirons très probablement un FCPR à la rentrée... Nous procédons par appel d’offres, avec une consultation préalable de place, des rencontres et des mises en concurrence avec, pour notre part, des ajustements possibles.

The number of firms with a Qualified Foreign Institutional Investor (QFII) license in China rose to 172 in June, as the regulator issued licenses to ING Investment Management and Mitsubishi UFJ, for a total of USD1.35bn, Z-Ben Advisors reports. In first half overall, the CSRC issued quotas to 37 firms, totalling USD5.7bn.

As part of research by the Newedge chair on the subject of “Advanced Modelling for Alternative Investments,” the EDHEC-Risk Institute has adopted a new method for evaluating the performance of hedge funds on the basis of a non-linear adjustment of risk performance. It has been tested on various hedge fund indices and several individual hedge funds, taking into account a variety of risk factors, covering equities, bonds, credit, currencies and commodiies. The study concludes that what had been unduly considered alpha in previous analyses is actually a form of just recompense for hedge fund managers for holding a variety of relatively complex linear and non-linear exposures to various risk factors. Often, EDHEC adds, declines in performance are triggered by a few extreme events which cannot be captured with traditional linear methods.

The Lyxor global hedge fund index has posted losses in June of 0.47%, putting average performance in first quarter at 0.49%. Seven out of 13 strategies showed losses last month, but bond arbitrage and long/short equity long bias have posted respective gains of 1.97% and 1.95%. Three categories have posted strong returns in January-June: bond arbitrage leads, with 5.65%, followed by distressed securities (4.89%), and long/short equity long bias (4.30%). However, CTA Long Term has posted losses of 2.72% in first half.

Analysts at Morgan Stanley predict that following Barclays, 11 other banking establishments may also be fined for manipulating the Libor rates. RBS may also face fines of GBP150m, Investment Week reports. Overall, the banks concerned may be facing fines of GBP22bn.

For second quarter 2012, the asset management unit at JP Morgan Chase has posted net profits of USD391m, compared with USD386m in January-March, and USD439m in the corresponding period of last year. Assets under management as of the end of June totalled USD1.3trn, a gain of USd5bn compared with their levels as of 30 June 0211, as net subscriptions to long-term products were compensated by the negative effect of falling markets and net redemptions from money market products. In the twelve months to the end of June, assets under management increased under the influence of net inflows of USD31bn, but in April-June 2012, the asset management firm shows net outflows of USD11bn, due to net redemptions of USD25bn, partly offset by USD14bn in net subscriptions to long-term products. JPMorgan states that its long-term products in April-June posted their thirteenth consecutive quarter of net subscriptions. For the J. P. Morgan Chase & Co group as a whole, net profits in first half totalled USD9.85bn, compared with USD10.96bn in January-June 2011, while pre-tax losses of USD4.4bn due to the operations of the “Whale of London” did not prevent the group from posting a net profit of USD4.96bn in second quarter, compared with USD5.43bn in the corresponding period of 2011.

The French asset management firm Mandarine Gestion has signed up to the United Nations Principles for Responsible Investment (UN-PRI). Assets at Mandarine as of the end of June totalled EUR1.3bn.

Investment Europe reports that the British firm Threadneedle Investment has released its European absolute return equity fund Threadneedle (Lux) Absolute Alpha for sale in Italy. The product is a UCITS version of the long/short hedge fund Threadneedle Apex European Fund, which aims to satisfy Italian investors’ current taste for UCITS-compliant products.

Les Echos reports that JP Morgan is expecting a trading loss of USD7.5bn at most. At a presentation of results for second quarter, Jamie Dimon, chairman and CEO of JP Morgan, revealed that losses due to bets on credit derivatives by the London-based teams of the Chief Investment Office (CIO) totalled USD4.4bn in second quarter. Overall, trading losses to date total USD5.8bn. According to Les Echos, the bank has “discovered information that casts doubt on the integrity of traders’ ‘marks,’ and which suggests that some individuals may have attempted to falsify the total amount of losses incurred by the portfolio in first quarter.”

In second quarter 2012, Wells Fargo on 13 July announced a record net profit of USD4.62bn, compared with USD4.2bn in January-March and USD3.9bn in the corresponding period of 2011. For first half as a whole, net profits totalled USD8.9bn, compared with USD7.7bn. The total expense ratio improved to 58.2%, compared with 60.1% for the previous quarter, and 61.2% in April-June 2011. Net profits for the wealth management, brokerage and retirement unit, meanwhile, totalled USD343m, USD47m higher than first quarter and USD6m higher than April-June last year. The statement adds that assets for the wealth management division as of the end of June totalled USD197bn, USD8bn or 4% less than one year previously.

Following the departure last week of Philippe Couvrecelle from Edmond de Rothschild AM (EdRAM), where he had been chairman of the board, the Edmond de Rothschild group on Friday declared its intentions. As had increasingly been rumoured recently, Edmond de Rothschild Asset Management (EdRAM) and Edmond de Rothschild Investment Managers (EdRIM) will be merging. Pending permission from the supervisory authorities and consultation with labour representatives, the objective for the firm is to create a single structure, with over USD20bn in assets under management, of which USD11.3bn were at EdRAM as of the end of May. This, the group says, “will allow it to set up a new organisation, whose objective is to better promote the global asset management range, strengthen commercial actions in the service of institutional and distribution clients in France and abroad, and to improve the efficiency of the platform.” In practice, the new entity will include all asset classes which had previously been developed at EdRAM and EdRIM: equities, fixed income and credit, convertible bonds, diversified management, multi-management, structured management, alternative management, and asset allocation. The remaining question is to whom the Edmond de Rothschild group will entrust responsibility for this project. As Newsmanagers reported last week, the operation will not proceed with one of the asset management firms acquiring the other. Instead, the operation will e led by the chief operating officers of both affiliates. Following the departure of Couvrecelle, Christophe Boulanger, who the group announced on Friday evening has succeeded him as chairman of the board at EdRAM, after serving as CEO when Couvrecelle was chairman, will lead the project, alongside Guillaume Poli, chairman of the board at EdRIM.