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05/07/2012

FTSE recrute un patron pour le Japon

Suite au départ de Paul Hoff, qui dirigeait depuis une dizaine d’années l’antenne japonaise, le fournisseur d’indices FTSE vient de recruter son successeur en la personne de Yuji Ogino, précédemment general manager chez Tokio Marine asset Management, rapporte Asian Investor.
05/07/2012

Aviva annonce les grandes lignes de son plan stratégique

Dans un «message aux actionnaires», John McFarlane,chairman d’Aviva qui a pris la direction opérationnelle jusqu'à la nomination d’un CEO permanent (probablement vers le début de 2013, la recherche est confiée à Spencer Stuart), expose le 5 juillet les grandes lignes du plan stratégique adopté par le conseil d’administration de l’assureur britannique. Cela tient en trois objectifs: un recentrage sur un nombre moins important d’activités susceptibles de générer des bénéfices intéressant et avec une forte probabilité de succès; créer les conditions d’une constitution financière robuste; améliorer la performance financière.Tous les détails ne peuvent pas encore être communiqués, car certains points du programme comportent des cessions d’activités. Sur les 58 métiers du groupe, 15 sont jugés performants, 27 doivent être améliorés et 16 vont être cédés (ces derniers représentent 6 milliards de livres de capital et 300 millions de livres de bénéfice après impôt).John McFarlane indique à la fin de son message qu’Aviva a réduit son exposition à la dette souveraine de presque 2 milliards d’euros en juin.
05/07/2012
Fonds

DWS lance un troisième fonds immobilier résidentiel fermé

Après avoir déjà levé 130 millions d’euros de fonds propres pour ses deux premiers fonds immobiliers résidentiels fermés DWS Access Wohnen 1 et 2, le gestionnaire d’actifs du groupe Deutsche Bank lance un troisième produit dans cette gamme, le DWS Access Wohnen 3 dont l’objectif de collecte est fixé à un minimum de 60 millions d’euros. Seize actifs dans neuf villes allemandes ont été réservés à ce nouveau portefeuille pour lequel les souscriptions seront closes le 30 septembre. La gestion des immeubles concernés est confiée à alt+kelber.La souscription minimale est fixée à 10.000 euros et le droit d’entrée à 5 %. DWS prévoit de verser un coupon de 3 % avant impôt à partir de 2013, puis la distribution est censée augmenter progressivement jusqu'à 6,25 % par an d’ici à 2021.
Fonds
05/07/2012
Fonds

DBAG collecte 450 millions d'euros en deux mois

Pour son nouveau fonds de private equity DBAG Fund VI focalisé sur le «Mittelstand», les PME allemandes, le capital-investisseur Deutsche Beteiligungs AG (DBAG) a réussi en à peine deux mois au 29 juin à réunir des promesses d’investissement de 451 millions d’euros, dont 80 % proviennent d’investisseurs institutionnels principalement internationaux. Le reliquat de 20 % sera apporté par la DBAG qui compte investir parallèlement dans les entreprises du portefeuille.L’objectif est de parvenir à 650 millions d’euros pour un second «closing» d’ici à quelques semaines, et DBAG s’attend à une forte sursouscription.Le DBAG Fund VI se spécialisera sur les entreprises de production et de services industriels dans les secteurs de l’ingénierie, de la mécanique et de la sous-traitance automobile, en particulier.La DBAG indique par ailleurs qu’en ce moment le DBAG Fund V, spécialiste des MBO, est en phase d’investissement. Avec l’appoint des fonds propres fournis par la DBAG, il atteint 539 millions d’euros, dont 80 % ont déjà été appelés.
Fonds
05/07/2012

RBC Dexia nomme un head Portfolio Solutions

RBC Dexia Investor Services a annoncé mercredi 4 juillet la nomination de Simon Hirtenstein à la fonction de head Portfolio Solutions au sein de son équipe de Market Products & Services (MPS). Simon Hirtenstein sera basé à Londres et rapportera à Susan Pike, global head, Market Products & Services. Il travaillera en étroite collaboration avec les gestionnaires des produits dans le cadre du MPS. Le nouvel arrivant sera également responsable de la vente directe de produits et de services.Avant de rejoindre RBC Dexia, Simon Hirtenstein a exercé ses fonctions chez HSBC Securities Services, SIAM et Barclays, précise un communqiué.
05/07/2012

Aviva Investors recrute un spécialiste crédit pour l'Asie

Après une mission de trois mois chez Aviva Investors en tant que consultant sur la gestion de portefeuille obligataire, Tim Jagger rejoint le groupe britannique à Singapour en qualité de senior vice président, gérant de portefeuille sur l’obligataire asiatique, avec une spécialisation sur le crédit high yield.Tim Jagger travaillait précédemment pour Royal Bank of Scotland en tant que spécialiste crédit.
05/07/2012
Fonds

Emergence comptera bientôt un troisième fonds

Emergence, la sicav contractuelle à compartiments mise sur pied parla place de Paris et dédiée à l’incubation de jeunes pousses de la gestion d’actifs, comptera avant la fin du mois un troisième fonds dans son compartiment performance absolue dont la gestion est déléguée à NewAlpha Asset Management (lire Newsmanagers du 26 janvier), a indiqué mercredi Philippe Paquet dans le cadre des rencontres Paris Europlace.Le directeur général délégué de NewAlpha, «le seul pure player de l’incubation pour le compte de tiers», a précisé qu’avec les 120 millions d’euros mis à disposition par sept investisseurs institutionnels, il est possible d’amorcer quatre fonds. Le troisième, après un produit crédit d’Eiffel Investment Group et un fonds événementiel (arbitrage de fusions-acquisitions) de Bernheim-Dreyfus, sera un fonds de CTA. Il s’agit d’un produit géré en France, mais de droit luxembourgeois.Alain Leclair, président d’Emergence et ancien président de l’Association française de la gestion financière (AFG), a souligné qu’Emergence assure un parfait alignement d’intérêts entre d’une part les investisseurs institutionnels, qui ont leur mot à dire sur la sélection des gérants et qui peuvent escompter un surcroît de recettes grâce au partage des revenus avec les gérants incubés, et d’autre part ces gérants eux-mêmes, dans la mesure où Emergence leur apporte à la fois des encours et les moyens de s'éloigner «dans la bonne direction» de leur point mort.
Fonds
05/07/2012

Groupama AM recrute un directeur des opérations

Groupama Asset Management a annoncé le recrutement de Boris Duclos au poste de directeur des opérations. Dans le cadre de ses nouvelles fonctions, il est chargé de superviser les opérations initiées par la gestion jusqu’à la production des valeurs liquidatives et des reportings. L’intéressé encadrera près de 80 personnes au sein des équipes Middle-office, Administration des fonds et mandats, Reporting clients & Attributions de performances, et Référentiels.Boris Duclos était auparavant chez State Street Banque depuis 2008, en charge du Middle Office.
05/07/2012

Groupama AM recrute son directeur des opérations

Groupama Asset Management vient de recruter Boris Duclos en tant que directeur des opérations. Le nouvel arrivant est chargé d’assurer la bonne fin des opérations initiées par la gestion jusqu’à la production des valeurs liquidatives et des reportings. Il a également pour objectif de faire évoluer son dispositif afin d’accompagner Groupama Asset Management dans son développement, précise un communiqué. Il encadrera également 80 personnes au sein des équipes Middle-office, Administration des fonds et mandats, Reporting clients & Attributions de performances, et Référentiels.Auparavant, Boris Duclos était en charge du Middle Office chez State Street Banque depuis 2008.
05/07/2012

La Caisse de retraite des Mines vend des immeubles parisiens

Selon Business Immo, la Caisse de retraite des Mines (CDC) met en vente un portefeuille d’une dizaine d’immeubles d’habitation situés aux abords des Champs-Elysées et dans les XIVe et XVIe arrondissements de Paris. Le portefeuille d’une valeur proche de 160 millions d’euros intéresserait une dizaine de candidats dont le Groupe Arnault.
05/07/2012
Fonds

Greenlight Capital progresse de 3,7% au premier semestre

Le gérant de hedge funds David Einhorn a indiqué que son fonds phare Greenlight Capital avait terminé le mois de juin sur une performance de 0,3%, rapporte l’agence Reuters. Il affiche un rendement de 3,7% sur les six premiers mois de l’année.Daniel Loeb a pour sa part indiqué que son plus gros fonds, le Third Point Offshore Fund dont les actifs sous gestion s'élèvent à quelque 4,5 milliards de dollars, avait enregistré une performance de 3,9% depuis le début de l’année. Les hedge funds ont dégagé un rendement moyen de 1,22% au premier semestre.
Fonds
05/07/2012
Fonds

Le fonds Marguerite investit dans les transports en Espagne

Le fonds d’investissement européen pour l'énergie, le changement climatique et les infrastructures, ou fonds Marguerite, a annoncé le 4 juillet l’acquisition d’une participation de 45% dans Autovia del Arlanzón, le concessionnaire du projet d’autoroute A-1 en Espagne pour un montant de 24,5 millions d’euros.Le vendeur, Sacyr Vallehermoso, conserve une participation de 50% dans le projet, sa filiale Valoriza Conservación de Infraestructuras détenant le reliquat de 5%. Cette transaction constitue le premier investissement du fonds Marguerite dans le secteur des transports. Le fonds a réalisé jusqu’ici pour plus de 100 millions d’euros d’investissements dans quatre projets. Pour mémoire, le Fonds Marguerite a été mis mis en place en 2010 par les principales institutions financières nationales européennes, aux côtés de la BEI ( Banque Européenne d’Investissement) et de la Commission européenne, pour investir dans des nouveaux projets d’infrastructures et des projets d’extension dans les secteurs des transports, de l'énergie et des énergies renouvelables dans les 27 pays de l’Union européenne.
Fonds
05/07/2012

MEAG gets a new MD

From 1 January 2013, Philipp Waldstein Wartenberg will become MD and a member of the managing board at the asset management firm Munich Ergo Asset Management (MEAG, an affiliate of Munich Re and Ergo), in charge of management of securities portfolios, liquidity and currencies. He replaces Dieter Wolf, who will be retiring next year. For the past 17 years, Waldstein Wartenberg has served in several management roles at the UniCredit group. Since 2006, he had been head of group strategic funding & portfolio in Milan.MEAG has assets of EUR222bn, mostly for the Munich Re group, which Ergo belongs to.
05/07/2012

Aviva Investors recruits a credit specialist for Asia

After a three-month mission at Aviva Investors as a bond management consultant, Tim Jagger is joining the British group in Singapore as senior vice president, portfolio manager for Asian bonds, with a specialty in high yield credit. Jagger previously worked at Royal Bank of Scotland as a credit specialist.
05/07/2012

European regulations for derivative products passed

The countries of the European Union on 4 July passed a bill to regulate derivative products, the Council of the European Union has announced in a statement. The text will increase the transparency of derivative products, while reducing risk on over-the-counter derivative markets.EU countries, the Commission and the European Parliament in February reached agreement on the question. It was passed on Tuesday in a plenary session of Parliament in Strasbourg, and its passage by member states will mean the law will be applied by the end of 2012, the Council states.From this date, all information about transactions involving derivative products traded in Europe will be collected by central data registries, under the oversight of the European securities markets authority (ESMA).All derivative products, including over-the-counter products (which represent 80% of trades), are required to pass through clearing houses, which ensure that operations proceed correctly and act as a guarantee fund.The new European legislation reflects the gradual application of decisions taken in September 2009k one year afte the bankruptcy of Lehman Brothers, at the G20 summit in Pittsburgh, US.
05/07/2012

European banks need to reduce costs further

The 25 major European bakns need to find at least EUR40bn in savings in order to return to profitability of near 10% in the next three years, which would at least allow them to compensate the average cost of their capital, says Roland Berger, Les Echos reports. In case economic and fiscal conditions deteriorate, Berger estimates that the banks would need to reduce their costs by EUR68bn to compensate for increased pressure on their revenues. This is the concrete realisation of their declared objective of reducing their average operating ratio from 61% to 55% by 2016. Such a reduction would represent a tripling of annual productivity gains compared with the past 15 years. No profession will be spared, as cost reduction efforts are estimated at 10% to 15% in asset management.
05/07/2012

IPOs: Postponements and cancellations rife in second quarter

Initial public offerings with a total value considerably higher than EUR8bn were postponed or cancelled on stock markets worldwide in first quarter, according to the “IPO Watch Europe” study from PwC. During this period, many businesses seeking a stock market debut ultimately abstained due to increasingly serious concerns about global economic growth, particularly in China, but also due to the ongoing debt crisis in the euro zone. Volatility indices have reached their highest levels since November 2011. After an encouraging first quarter, activities slowed considerably in second quarter. The 80 operations completed raised only EUR0.7bn, while the number of launched and funds raised fell by 40% and 95%, respectively, year on year. In second quarter 2011, 134 operations generated EUR13.4bn (of which EUR6.9bn were due to the Glencore IPO). This slowdown is the result not only of difficult conjuncture, but also of the fact that many businesses have postponed their stock market debys for 6 to 12 months due to deteriorating market conditions in the second half of 2011. The European market was the most severely affected of the major markets, and risks remaining at a flatline for a good part of second half, until investor confidence in the markets returns. Only three IPOS were completed in Paris in the quarter, raising EUR42.8m, a 31% increase in value compared with second quarter 2011 with an equivalent volume, when 3 IPOS raised EUR29.7m.
05/07/2012

Alternative management institutionalises, KPMG reports

A joint survey by KPMG and the international AIMA association of alternative managers (“The Evolution of an Industry») has found that 150 respondents feel that the most remarkable phenomenon since the beginning of the financial crisis is the increasing importance of institutional investors.The time when hedge funds were aimed exclusively at high net worth private investors or family offices has long changed. These two categories now represent only 24% and 19% of total assets, respectively, while pension funds and funds of hedge funds account for 17% each, and other institutionals represent another 23% of the total. Thus, overall, these three categories account for 57% of hedge fund assets.With toughening regulations, this institutionalisation phenomenon has certainly contributed both to an increasing focus on due diligence, and has also led fund managers to make increased efforts at transparency.
05/07/2012

C-Quadrat plans to acquire APM as well

The day following the signature of a term sheet to acquire the British firm BCM, which has EUR800m in assets (see Newsmanagers of 3 July), the Austrian-German asset management firm C-Quadrat has filed an ad-hoc statement that it has also signed an agreement in principle to acquire 100% of the Viennese firm Absolute Portfolio Management GmbH (APM), whose assets total EUR430m.At the current stage of negotiations, the sale price would be about EUR1.6m, and the transaction would be completed in equity; it would be signed by the end of July, so long as the Austrian securities commission, the FMA, does not bar the deal.APM is focused on absolute return funds, micro-finance and commodity funds.
05/07/2012

Reyl plans to accelerate development in Zurich

The Geneva-based private bank Reyl is continuing its development in Zurich, where it has moved into new facilities. The move is a sign of the bank group’s desire to set up on the German market for the long term, Agefi Switzerland reports. The objective is to reach over CHF1bn in assets under management by the end of 2013. The Reyl bank in Zurich includes the activities of Reyl 7 Cie AG, founded in 1973, and the wealth management firm Solitaire Wealth Management AG. In this environment, Zurich Reyl Overseas Ltd, which has a license from the Securities and Exchange Commission (SEC), has been created. The Zurich office of Reyl bank is led by Thomas H. Dürmüller, chairman of the board, and Sales Bischofberger, a board member.
05/07/2012

FTSE recruits a head for Japan

Following the departure of Paul Hoff, who for a decade had led the Japanese office, the index provider FTSE has recruited his successor, in the person of Yuji Ogino, previously general manager at Tokio Marine Asset Management, Asian Investor reports.
05/07/2012

Marguerite fund to invest in Spanish transport

The European investment fund Marguerite, focused on energy, climate change and infrastructure, on 4 July announced the acquisition of a 45% stake in Autovia del Arlanzón, the contractor responsible for constructing the A-1 motorway in Spain, for a total of EUR24.5m.The vendor, Sacyr Vallehermoso, retains a 50% stake in the project, while its Valoriza Conservación de Infraestructuras retains the remaining 5%. The transaction represents the first investment of the Marguerite fund in the transport sector. The fund has so far made over EUR100m in investments in four projects. The Marguerite fund was created in 2010 by the major European national financial institutions, along with the European Investment Bank (BEI) and the European Commission, to invest in new infrastructure and infrastructure extension projects in the transport, energy and renewable energy sectors in the 27 EU countries.
05/07/2012

DWS launches its third closed residential real estate fund

After raising EUR130m in owners’ equity for its first two closed residential real estate funds, DWS Access Wohnen 1 and 2, the asset management firm for the Deutsche Bank group is launching a third product in the range, the DWS Access Wohnen 3, whose objective has been set at a minimum of EUR60m. 16 properties in nine German cities have been reserved for the new portfolio, for which subscriptions will close on 30 September. The management of the properties concerned will be outsourced to alt+kelber.Minimal subscription is set at EUR10,000, and front-end fee is set at 5%. DWS is planning to pay a coupon of 3% before taxes from 2013, and distributions are then intended to gradually increase to 6.25% per year by 2021.
05/07/2012

DBAG posts EUR450m in commitments in two months

The German private equity firm Deutsche Beteilungs AG (DBAG), on 29 June, after barely two months, managed to collect investment commitment of EUR451m for its private equity fund DBAG Fund VI, focused on “Mittelstand” or German small and mid-sized enterprises. 80% of these commitments are from primarily international institutional investors. The remaining 20% will be contributed by DBAG, which is planning to invest in businesses in the portfolio in parallel.The objective is to reach EUR650m for a second closing in a few weeks, and DBAG expects strong subscriptions.The DBAG Fund VI will specialise in production and industrial services businesses in the engineering, mechanical and automotive subcontracting sectors in particular.DBAG also states that at this time, the DBAG Fund V, specialised in MBO operations, is in its investment phase. With the allocation of owners’ equity from DBAG, it has EUR539m, of which 80% have been called in.
05/07/2012

Greenlight Capital up 3.7% in first half

The hedge fund manager David Einhorn has announced that his flagship fund, Greenlight Capital, finished the month of June with returns of 0.3%, the news agency Reuters reports. It has earned 3.7% in the first six months of the year. Daniel Loeb, for his part, has announced that his largest fund, Third Point Offshore Fund, with assets under management totalling about USD4.5bn, has posted returns of 3.9% since the beginning of the year. Hedge funds have earned an average of 1.22% in first half.
05/07/2012

11 infrastructure funds threaten Spanish government

Ampere Equity Fund, Antin, Cube, Eiser, Hg Capital, Infrared, KGAL, KKR, MEAG, RREEF and Riverstone Holdings, eleven infrastructure fund management firms which have announced investments of EUR9bn in Spain, on 3 July sent a letter to the president of the Spanish government, warning that if energy reforms now under preparation by the Spanish ministry of energy and industry are passed in their present form, they will reduce their investments in the country, and will take legal action, Expansión reports. It is the second letter they have sent to the prime minister to seek legal protection for their assets in Spain. This time, they have toughened the tone of their missive, as they are concerned that the reforms will compromise the profitability of their investments in renewable energies, with a “retroactive and discriminatory” reduction of earnings.
05/07/2012

Fletcher hedge fund enters Chapter 11 bankruptcy protection

The Wall Street Journal reports that Fletcher International Ltd last week asked a Manhattan court for Chapter 11 protection under US bankruptcy law for one of its hedge funds based in the Cayman Islands. The fund’s administrators are seeking to retain control of assets and manage the liquidation, rather than allowing liquidators at Ernst & Young appointed by a Cayman Islands court, which found that the fund was insolvent on the basis of its cash flow, to complete it. The situation has emerged since the fund was not able to satisfy redemption demands from three Louisiana public pension funds.
05/07/2012

Strong increase in assets under management in China in April-June

In second quarter, assets under management by Chinese funds increased 11.6% compared with January-March, to a total of CNY2.4trn as of the end of June. According to Z-Ben Advisors, this all-time large increase may be partly attributed to the success of several funds launched in April-June, and partly to “organized” inflows to bond funds.
05/07/2012

LGT opens an office in Dubai

LGT Group on 4 July announced the opening of an affilaite in Dubai. LGT (Middle East) Ltd, positioned in private banking, will manage clients in the Gulf region, the Eastern Mediterranean, Turkey, Africa and South Asia. Tamer Rashed, formerly of Bank of America Merrill Lynch, has been appointed CEO of the entity, the Liechtenstein bank has announced in a statement. Rashad reports to the CEO of LGT Private Banking, Thomas Piske, and will be based in Dubai. Pending approval from the Dubai supervisory authorities, LGT Middle East will be operational from fourth quarter 2012. LGT Middle East will also manage clients in Bahrain, Geneva and Zurich, the bank states.
05/07/2012

European Central Order Book: Euronext/TradingScreen partnership to serve institutionals

As part of Paris Europlace, NYSE Euronext and the US firm TradingScreen on Wednesday announced that they have signed a partnership to facilitate access for institutional investors to corporate bond trading platforms which meet criteria defined by the Cassiopée committee, which NYSE BondMatch belongs to.By the terms of the agreement, NYSE Euronext will bear the costs for three months of software to allow institutional investors to view the European Central Order Book (ECOB), which displays the liquidity of NYSE BondMatch, and in a few weeks will also display the liquidity of Galaxy, when it is launched. When institutional investors concerned are prepared to trade on ECOB the screens will be reconfigured by TradingScreen from “display” to “trading” mode, and the cost of the license will then be borne by the intermediaries/market participants who have decided to execute orders.The ECOB will consolidate virtually all orders from bond platforms compliant with the Cassiopée project. It was developed under the leadership of the NYSE BondMatch strategic committee.

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