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03/07/2012

CMC Markets recrute un patron pour l'Allemagne et l'Autriche

Niklas Helmreich, qui était en dernier lieu associé du cabinet de conseil Strateco après avoir été director sales & operations chez Mercedes Benz Bank, a été nommé directeur de CMC Markets pour l’Allemagne et l’Autriche. Il est basé dans le nouveau bureau de Francfort, ouvert en juin.
03/07/2012

Andrej Brodnik quitte BlackRock Francfort

Selon les informations de Fondsprofessionell, Andrej Brodnik qui dirigeait la succursale francfortoise de BlackRock Investment Management (UK) Ltd, a quitté l’entreprise à fin juin. Il était responsable depuis 2001 de la distribution retail en Allemagne, en Autriche et en Europe de l’Est.Son successeur devrait être nommé prochainement.
03/07/2012

Martin Currie cherche à doper son fonds Amérique du Nord

Afinde redresser la performance de son North American Trust (299 millions de livres), qui est 78ème sur 83 fonds d’actions américaines au Royaume-Uni, Martin Currie a recruté Penny Kyle chez Kuwait Investment Office comme co-gérante avec Tom Walker des portefeuilles nord-américains du groupe, indique Investment Week. Le gestionnaire écossais a par ailleurs muté David Forsyth, le co-gérant du fonds, dans l'équipe «equity income» en tant que senior analyst.
03/07/2012

Duemme SGR vend son activité fonds immobiliers

La société de gestion italienne Duemme SGR annonce selon Investment Europe qu’elle va vendre son activité de fonds immobiliers à Idea Fimit. Suite à cet accord, Idea Fimit pilotera une gamme de huit fonds immobilier pour un encours total autour de 560 millions d’euros. La société de gestion gère 10 milliards d’euros dans 31 fonds, précise Investment Europe.
03/07/2012

ESMA investigates ratings agencies

The European Securities Markets Authority (ESMA) has opened an investigation into the methods used by international ratings agencies, its president, Steven Maijoor, has told the financial newspaper the Financial Times. ESMA has begun inspecting the work of Moody’s, Fitch Ratings and Standard & Poor’s, and hopes to complete its work by the end of this year. The European regulator plans to ensure that the three regulators have “adequate analytical resources,” at a time when the banking sector has recently experienced man adjustments to its ratings.
03/07/2012

C-Quadrat plans to acquire BCM

The Austrian-German asset management firm C-Quadrat (AT0000613005) on 2 July filed in an ad hoc release that it plans to acquire 100% of BCM (Luxembourg) SA, and so the entirety of BCM & Partners LLP, a London-based independent asset management firm specialised in credit funds, multi-asset class funds and funds of funds, with assets of about EUR800m. Assets under management by C-Quadrat totalled EUR2.93bn as of the end of 2011.The sale price, which is in the course of being negotiated, is expected to represent 10% of the market capitalisation of C-Quadrat, which a potential adjustment after 3 3/4 years, not to exceed +/-30%. Financing will be provided through owners’ equity, including shares which had been in the firm’s own control, and the use of credit.If due diligence provides satisfactory results, the deal may be signed by the end of July 2012 and would then be closed in third quarter.
03/07/2012

GAM limits inflows to catastrophe fund

The asset management firm GAM has limited inflows to its catastrophe bond fund, launched in fourth quarter 2011, due to capacity limitations in the sector, Investment Week reports. GAM has established a waiting list fro new subscriptions to the GAM Star Catastrophe Bond fund, due to a lack of new issues in which managers can invest. Assets under management by the fund currently total GBP80m. The fund has earned returns of 7% since its launch, compared with an average of -0.82% as of 28 June, Morningstar reports.
03/07/2012

No quantitative easing this year

Investors estimate that a third wave of quantitative easing by the US Federal Reserve is unlikely this year, despite rumours of such a possibility, according to a survey of major asset management firms by the wealth management unit of the Singapore-based OCBC group. Only 135 of managers surveyed expect a third wave of quantitative easing. The majority of firms surveyed (56%) are neutral on the question.
03/07/2012

Andrej Brodnik leaves BlackRock Frankfurt

According to reports in Fondsprofessionell, Andrej Brodnik, who had been head of the Frankfurt office of BlackRock Investment Management (UK) Ltd, left the business at the end of June. He had been head of retail distribution in Germany, Austria and Eastern Europe since 2001.His successor will soon be named.
03/07/2012

CMC Markets recruits a head for Germany and Austria

Niklas Helmreich, who had most recently been a partner at the consulting firm Strateco, after serving as director sales & operations at Mercedes Benz Bank, has been appointed as director of CMC Markets for Germany and Austria. He is based in the new Frankfurt office, opened in June.
03/07/2012

Mercato: A DZ-Bank director for Deka?

According to the Frankfurter Allgemeine Zeitung, relayed by Fondsprofessionell, Lars Hille, a member of the board at DZ-Bank, one of the central entities of the German co-operative banks, may become chairman of the board at DekaBank, the central asset management firm for the German savings banks, in August. He would succeed Oliver Behrens, who has been serving in the role in the interim since the dismissal of Franz Waas in early April.
03/07/2012

Duemme SGR sells its real estate fund activity

Investment Europe reports that the Italian asset management firm Duemme SGR has announced that it will be selling its real estate fund activity to Idea Fimit. Following the agreement, Idea Fimit will manage a range of eight real estate funds, with total assets of about EUR560m. The asset management firm has EUR10bn in assets under management in 31 funds, Investment Europe states.
03/07/2012

Tudor launches a macro fund

Tudor Investment Corp is launching a new macro hedge fund, the first of its kind in a decade, according to investors contacted by the Bloomberg agency. The Tudor Discretionary Macro Portfolios fund has starting capital from the firm of USD150m. Paul Tudor Jones, who will be chairman of the fund, will sit on the fund’s investment board. Assets under management at Tudor Investment Corp total USD11.4bn. In first quarter 2012, macro funds have posted inflows of USD7.8bn, out of total inflows of USD16.3bn for hedge funds overall, according to statistics from Hedge Fund Research.
03/07/2012

Citi Capital Advisors launches a CLO fund

The hedge fund management firm Citi Capital Advisors, which is in the process of becoming independent of Citi, is launching an investment fund dedicated to CLIs, Absolute Return + Alpha reports. Citi, which will retain a stake in the firm, will also provide sales for the new vehicle.
03/07/2012

S&P Dow Jones Indices launched

McGraw-Hill and CME on 2 July announced the launch of the S&P Dow Jones Indices, the world’s largest provider of indices of financial markets. S&P Dow Jones Indices calculates over 830,000 indices, publishes benchmarks for 575 ETFs worldwide representing assets of USD387bn, and acts as an ADN for about USD1.5trn in indexed assets. S&P Dow Jones Indices is 73% controlled by McGraw-Hill, while CME owns 24.4% via its affiliates.
03/07/2012

Alternext launches slow

As in fourth quarter 2011, first quarter 2012 saw a considerably slowed pace of IPOs due due to the euro zone debt crisis. As of 30 June 2012, 4 firms added themselves to listing on Alternext, compared with 14 in the same period of the previous year (of which 6 were transfers from Euronext or the free market, which nuances the difference), according to statistics from Allegra Finance. In the Euronext portion of the market, 7 operations were completed in first half 2012, driven by a trend for the healthcare sector: it has been the bext quarter since 2008 in terms of the number of operations completed. In terms of fundraising, IPOs have allowed busnesses to raise EUR18m on Alternext, which is considerably below the levels achieved in the same period of last year. Notably, public IPOs represent the majority of operations, which reflects some confidence on the part of operators in retail demand.
03/07/2012

S&P Capital IQ acquires London's CMA

The data provider S&P Capital IQ on 2 July announced the acquisition of the London-based firm Credit Market Analysis (CMA), a provider of data on over-the-counter markets. The acquisition comes in addition to those of R2 Financial Technologies and QuantHouse, which will allow S&P Capital IQ to offer very broad risk and market data analysis platforms.
03/07/2012

Emory University endowment selects State Street

State Street Corp has been selected by Emory University to provide risk analysis for its endowment, which has total assets of USD5bn; the contract includes data management, risk measurement and investment analysis, which will provide an overall picture of the exposure of all portfolios to various risks, and to factors derived from characteristics of those risks. The Boston-based firm was already responsible for custody, performance measurement and compliance for the Emory endowment.
03/07/2012

US debt at 800% of GDP in 2015, Bill Gross predicts

According to the manager of the Total Return Fund (USD259bn) from Pimco, Bill Gross, if current trends continue and nothing is done to correct them, the United States will owe 125% of its GDP in 2015, compared with 100% currently. But counting USD66trn in deficit for the social security and healthcare systems and USD38trn in unfinanced debt for local and state governments, and the ratio will reach 800%, Investment Week reports. However, Gross recommends not underweighting Uncle Sam during the debt crisis, since in the United States, money seeking a refuge will find deep and liquid equity and bond markets.
03/07/2012

Neuberger Berman signs up to PRI

The US asset management firm Neuberger Berman (USD199bn in assets as of the end of March) has announced that it signed the United Nations Principles for Responsible Investment (UN-PRI) on 29 June.
03/07/2012

Chinese government creates a test bank to trial convertible yuan

The Chinese government has announced a trial monetary zone in Qinhai Bay (Shenzhen). It will serve as a test of a convertible yuan, as banks in Hong Kong will be authorised to lend yuan directly to firms based in this area of Mainland China.The plans are part of a larger plan to introduce full convertibility of the yuan by 2015, Z-Ben Advisors states. The creation of the special currency area consecrates the role of Hong Kong in the internationalisation of the Chinese currency.
03/07/2012

Business real estate: Stability is an illusion in first half

The volumes invested in the French corporate real estate market in first half totalled EUR5.6bn, an increase of 4%, year on year, according to statistics from Cushman & Wakefield. “This apparent stability should not distract us from a 33% decline in the number of transactions year on year, which is a sign of a steep downturn in activity, partly related to a decline in operatoins of EUR50m to EUR00m, and a disaffection from secondary markets currently,” says Olivier Gérard, president of Cushman & Wakefield France. Of 166 transactions registered since the beginning of 2012 (compared with 249 in first half 20110, 15 were over EUR100m, compared with 8 one year previously. These major transactions totalled EUR3.3bn, equivalent to 59% of the total invested in France, compared with 30% in first half 2011.
03/07/2012

Martin Currie looks to boost North America fund

In order to improve the performance of its North America Trust (GBP299m), which ranks 78th out of 83 US equity funds in the United Kingdom, Martin Currie has recruited Penny Kyle from the Kuwait Investment Office as co-manager with Tom Walker of the group’s North American portfolios, Investment Week reports. The Scottish asset management firm has also transferred David Forsyth, co-manager of the fund, to the equity income team, as a senior analyst.
03/07/2012

Libor scandal: British government to launch a Parliamentary enquiry

Following the resignation of the chairman of the board at Barclays, Marcus Agiu, the British government has announced a series of investigations and legal changes in the wake of manipulations of the Libor inter-bank interest rate by the bank and several others, Les Echos reports. The British prime minister, David Cameron, has announced a Parliamentary investigation into banking practices, which will be led by the head of the Treasury commission, Andrew Tyrie. The United Kingdom should have “tougher and more transparent regulations of all the major financial sectors,” Cameron says. The Chancellor of the Exchequer, George Osborne, has also announced an enquiry into the functioning of the Libor.
03/07/2012

Rising costs related to compliance penalise small firms

Costs related to regulatory compliance have more than doubled in the past five years for 63% of private banks with less than CHF10bn in assets, according to a study published on Monday by the ZeFir, the centre fore financial reguatory issues at the University of Zurich, Agefi Switzerland reports. To satisfy the regulations and laws currently in force, smaller firms also need to dedicate a proportionately larger number of employees in legal and compliance issues. This percentage runs as high as 5% for banks with less than CHF10bn in assets, compared with 2% for those with larger volumes.
03/07/2012

Regulatory approval for 73rd fund management firm in China

The China Securities Regulatory Commission (CSRC) has issued an operating license to the fund management firm Yingda FMC, which is the 73rd entity in Mainland China to be issued with a license. Yingda FMC, with share capital of CNY120m, is 49% controlled by Yingda International Trust, 36% by China Communications Construction, and 15% by Aerospace Science & Industry Finance Corp, Z-Ben Advisors states.
03/07/2012

BlackRock acquires Swiss Re Private Equity Partners AG

BlackRock has reached a final settlement to acquire Swiss Re Private Equity Partners (“SRPEP,”) the investment fund specialised in private equity and infrastructure from Swiss Re, according to a statement from BlackRock published on 3 July. The fund managed investments valued at USD7.5bn as of the end of May 2012. The sale price has not been disclosed. All investments of SRPEP will be taken over, and the way is open to other engagements by Swiss Re on the alternative platform BAI (BlackRock Alternative Investors). SRPEP, which is present in Zurich and Geneva, will be integrated into the BlackRock Private Equity Partners (BRPEP) fund. This will allow it to strengthen its presence in Europe and Asia. The platform will have USD15bn in assets under management. Philippe Hildebrand, former chairman of the Swiss national bank, who resigned, will in October become the operational second in command at BlackRock.
03/07/2012

IFP Fund Management becomes Mirante Fund Management

The asset management firm IFP Fund Management SA, specialised in convertible bonds, and founded in 2003 by Giuseppe Mirante, is changing names, following a management buyout, according to a statement from the firm. It will now be known as Mirante Fund Management SA (MFM). As of 15 August, the two IFP funds, which are actively managed and licensed for retail sale in Switzerland in several share classes, will also be renamed, and will be relaunched under the name MFM. However, the ISIN numbers, depository bank and administrator of the funds will not change. Assets under management by the firm currently total CHF470m, of which CHF320m are for its flagship product, the IFP Global Convertible Bonds fund. Giuseppe Mirante, 42, and Alexis Martin, 32, will lead the firm based in Buchillon, while Markus Bossard, 43, Gianfranco Iuliano, 37, and Matthias Neubrand, 29, at the Zurich offices, will pursue the firm’s proven strategy of conservative and traditional orientation in portfolios and convertible bonds, with an emphasis on controlled and constant growth, both for house funds and for special mandates from institutional clients.
03/07/2012

BlackRock appoints a director of institutional affairs

The BlackRock group has appointed Frank Rosenschon as director of institutional business in Switzerland, according to a statement released on 2 July. The new director will report to Leen Meijaard, director of business in continental Europe, and to the head for Switzerland, Martin Gut. Rosenschon has spent the past four years at Credit Suisse. “We would like to strengthen our presence in the area of pension funds, insurers and family offices,” says Gut, cited in the statement.
03/07/2012

Lombard Odier on course to meet objectives

Bernard Droux, one of the eight partners at Lombard Odier, has claimed in Business Week, relayed by finews, that the firm is in a position to achieve its net inflow objective of CHF7-8bn, as in 2011 (CHF7.2bn). The banker claims that Swiss banks are profiting from uncertainty in Europe. They may have lost assets due to the attacks on Swiss banking confidentiality, but foreign clients are attracted by the security and safety of the Swiss financial market, and are likely to invest even if they have to declare it all to the tax authorities.

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