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06/06/2012

Former Madoff employee pleads guilty

Craig Kugel, the son of David L. Kugel, a former Madoff trader, has admitted to completing false documents claiming that individuals were on the payroll of the fraudster when they did not work for the company, and of having failed to declare personal spending related to a business credit card as income, the Wall Street Journal reports. These individuals received salary and benefits but were not real employees. Kugel, however, denied any involvement in the fraud.
06/06/2012

Exane Cristal to be released in Spain by BNP

Exane Asset Management has signed an agreement with BNP Paribas Wealth Management, which will offer the long/short market neutral European equity fund Exane Cristal fund of funds for sale in Spain. The fund was launched a year ago, and was registered with the CNMV in late 2011, Funds People reports.The product, with daily liquidity, is an “exact clone” of the Pleiade 5 fund, launched in 2007. It also invests exclusively in Exane funds, and aims for absolute returns (300 to 500 basis points above the Eonia) and volatility of less than 5%.
06/06/2012

Syz registers two more Oyster funds in Spain

The Swiss group Syz & Co has announced that it has recently received permission to release the Global High Yield and European Selection sub-funds of its Oyster Sicav in Spain, Funds People reports. The former fund is managed by Seix Investmnts, while the latter is managed by Eric Bendahan. Oyster now offers 23 strategies to Spanish professionals.
06/06/2012

Renta 4 absorbs its Minerva fund of funds into a hedge fund

On 1 June, the CNMV issued permission for the asset management firm Renta 4 and the Spanish arm of BNP Paribas Securities Services, as depository, to undertake a merger by absorption of the fund of funds Renta 4 Minerva into the Spanish-registered hedge fund Swing Trading KA’U Value, a specialist in long/short equities and relative value. As of the end of April, Minerva had only EUR1m, and Swing Trading Ka’U had assets of EUR1.3m, Funds People reports.
06/06/2012

AFG speaks out against competitive distortions

The French asset management sector is going to face intensified competition, on the one hand from the “consumer-oriented” financial industry (banks and insurers) and market-oriented banks (investment and financial banks), due to new regulatory requirements, such as Basel III and Solvency II, which these competitors will be required to comply with, and on the other hand from management or fund domicile centres in Europe and internationally, the French financial management association (AFG) warns in an editorial in its annual report, published this Tuesday.In order to remain competitive, the French asset management sector needs balanced European regulation including packaged retail investment products (PRIPs), and an application of European directives by various countries “with strict competitive equality.”In addition, the AFG recommends that European react even more forcefully than it is now to the US authorities on the subject of regulations outside European territory, such as the Dodd-Frank Act, the Volcker Rule and FATCA, which will be likely to affect French asset management firms. The AFG warns that Europe will have to learn how use legislation as a competitive weapon on behalf of industries under its control.The association has also called for encouragement of long-term savings with regulatory and tax incentives. “The longer-term savings are and the more they are invested in equities, the lower taxes should be.”
06/06/2012

Fund managers' association founded in China

After more than a year of preparation, the China Fund Association (CFA) has officially been founded. Fund management firms, custodians, distributors and settlement specialists have been invited to the first annual general meeting of the association, which will be held over two days, beginning on 5 June.Fund management firms must pay a registration fee of CNY100,000, and annually, a 0.2% portion of their profits from the previous year, with a floor of CNY20,000 and a ceiling of CNY600,000, Z-Ben Advisors states.The presidency of the CFA will be held by Sun Jiw, former director of fund supervision at the Chinese securities commission (CSRC), while Fan Yonghong, former CEO of China AMC, will probably be the vice-president. Appointments will be made by the CSRC.
06/06/2012

Partners Group invests in a wind farm in Thailand

The Swiss asset management firm Partners Group is investing an undisclosed amount in Thailand on behalf of its clients, in Wind Energy Holdings, a wind energy project, the firm announced in a statement on 5 June. The business includes two neighbouring wind arms, located in Korat province, one of the windiest regions of the country.
06/06/2012

Another promotion for Alex Friedman at UBS WM

Alexander S. Friedman, who is already chief investment officer at UBS Wealth Management (UBS WM) since 1 March, after several years of service as chief financial officer at the Bill & Melinda Gates Foundation, has been appointed as «global» CIO for wealth management at the UBS group, according to an internal memo obtained by Bloomberg and relayed by finews. With this appointment, Friedman becomes responsible for investments and analysis in all regions of the world, where previously he had been responsible for all regions except the American continent. The appointment of Friedman has been approved by Jürg Zeltner, CEO of UBS Wealth Management, and Robert J. McCann, CEO of UBS Group Americas.Mike Ryan will remain as director of research for wealth management in the Americas, where he will also be chief investment strategist. Anthony Roth, director of wealth management strategy, will take over as head of asset allocation and portfolio structuring for the Americas. They will both report to Friedman, and regionally, to Bill Carroll, head of investment solutions for the Americas.Andreas Höfert, who will continue to serve as CIO for Europe, becomes also chief economist for the Americas.
06/06/2012

Sallfort recruits from Clariden Leu

Sallfort Privatbank has appointed Mike Baur as head of private banking activities. Baur, who will begin in his new role in early October, will also join the board at the firm. Baur had most recently been head of private banking for Switzerland at Calriden Leu, an affiliate of Credit Suisse.
06/06/2012

Brevan Howard launches a high yield fund

The alternative asset management firm Brevan Howard Capital Management, which manages over USD34bn in assets, is launching a fund dedicated to high yield, which will be managed by David Warren, Absolute Return reports. Warren manages about USD4bn in corporate credit and ABS at DW Investment Managements in New York, a firm which works exclusively with Brevan Howard.
06/06/2012

DJ Credit Suisse hedge fund index down 1.50% in May

The Dow Jones Credit Suisse hedge fund index finished the month of May down 1.50%, with most strategies in the index posting negative results. Since the beginning of the year, the index shows a gain of 0.88%. Among the heaviest losses in the month under review are long/short equity strategies, with a loss of 5.08%, after a loss of 0.63% in April; emerging markets, with -2.23%, after -0.35% in April, and event-driven, with -2.25%, following -0.64%. The only exception is managed futures, which earned gains fo 3.52%, after 0.12% in April. Since the beginning of the year, managed futures have posted returns of 3.13%, exceeded only by convertibles arbitrage strategy, which earned gains of 4.79% in the first five months of the year, but which lost 1.06% in May.
06/06/2012

Bob Doll to retire at BlackRock

Pension & Investments reports that it has obtained a copy of an internal memo stating that Bob Doll, executive managing director and chief strategist at BlackRock, has announced that he will be retiring at the end of June, to dedicate more time to his family, his faith and “philanthropic interests,” Funds People reports. The management of the BlackRock Large Cap Core Fund, Large Cap Growth Fund and Large Cap Value Fund will now be taken over by Chris Leavy, CIO for equities, whose co-manager will be Peter Sournaras. Doll will remain until the end of December as adviser to Leavy. However, BlackRock has not yet determined who will succeed Doll as chief strategist.
06/06/2012

Profits down at Carmignac in 2011

In the 2011 fiscal year, consolidated net profits at Carmignac Gestion have fallen to EUR281.71m, from EUR478.32m in 2010, a contraction of 41.1%.Assets as of 31 December, for their part, totalled EUR45bn, compared with EUR55bn. The French asset management firm has seen net redemptions of EUR6.98bn, compared with EUR16.9bn in net subscriptions in 2010.The AGM on 31 May resolved to distribute a dividend for 2011 of EUR130 per share, unchanged compared with the 2010 dividend.
06/06/2012

Acropole holds out in crisis

Assets under management at Acropole Asset Management as of the end of May totalled EUR700m, compared with about EUR750m at the end of December 2011. The firm states that it has not seen redemptions in the past few months. A decline in assets compared with the end of 2011 is largely due to significant market effects.The new volatility long/short fund, launched in November Acropole Vol Opportunities (see Newsmanagers of 31 October 2011), managed by Brice Perrin, has now attracted about EUR25m in investments, without seed money.At a breakfast seminar, Emmanuel Martin, director of management at Acropole AM, claimed that convertibles in the midcaps segment are still sensibly priced.“The markdown is less extreme than at the end of 2011, but it is about 5% in annual terms,” says Martin, adding that the pricing of large cap convertibles is currently in line with their value.
06/06/2012

Franklin sets up a RE-law department with François Verdot

The law firm Franklin is continuing its development with the creation of a real estate practice, bringing the number of lawyers on its staff to slightly over 50. François Verdot, previously at the law firm Salans, is joining the law firm with a team of specialists, including Jérémy Chiche and Laurence d’Orso, as “Of Counsels,” and Jérémy Goldblum et Laurence Yamnaine. With more than 15 years of experience in property law, Verdot is aiming to offer an international quality standard service in five areas: Asset Management, Private Equity Real Estate, Corporate Real Estate Service, Legal Actions and Real Estate Auditing.
06/06/2012

BNP Paribas Real Estate continues international development in Turkey

BNP Paribas Real Estate in 5 June announced that it has signed a partnership in Turkey with the Kuzey Bati company. The contract between the two groups covers trading, advising expertise and real estate property management. The BNP Paribas group is already present in Turkey via the TEB bank, at the head of a network of about 500 branches, with about 10,000 employees, with which BNP Paribas Real Estate is hoping to develop major synergies.
06/06/2012

BNP Paribas RE sells a real estate portfolio in Germany

The German real estate investment firm Alstria Office Reit-EG Has acquired the “Dive Portfolio,” which includes five properties located in Dusseldorf, Frankfurt and Hamburg, BNP Paribas Real Estate announced on 5 June. The transaction was undertaken by BNP Paribas Real Estate Germany under an exclusive mandate. The acquisition price was about EUR90m.
06/06/2012

BlackRock creates a real estate securities unit

Mark Howard-Johnson, CIO of Building & Land Technology, and previously global head & CIO of Reit management at Goldman Sachs Asset Management, is joining BlackRock as global head of real estate securities management. He becomes head of the global real estate securities, an investment platform which has recently been created to draw the benefits of the long experience of the asset management firm in the area of real estate investment and fundamental equity.By the end of the year, Howard-Johnson will have constructed a global team of six investment professionals who will work in close collaboration with the research teams at BlackRock in the areas of real estate, and with other investment specialists at the group.Jack Chandler, global head of real estate, says that BlackRock is already the largest asset management firm in the Reit segment, and may soon offer institutional and retail clients actively-managed products.
06/06/2012

Strong start for Oddo AM in 2012

In the first four months of this year, Oddo Asset Management has posted net subscriptions of EUR225m, largely to Oddo Rendement 2017 (EUR330m in inflows), despite EUR300m in institutional redemptions, which largely penalised equity products.As of the end of March, assets totalled about EUR12bn, compared with EUR11.22bn as of the end of 2011.Currently, the asset management firm in in the sales process with Oddo Haut Rendement 2017, the “little brother” of Oddo rendement 2017,” which is focused on high yield investments (see Newsmanagers of 10 May).In an environment of considerable uncertainty, the balanced model portfolio at Oddo AM has about 50% money markets, where recent profit-taking on US equities has been reinvested, until risk is taken on again after visibility improves. Mirela Agache-Durand, head of diversified and multi-management, explains.In the mid-term, after the end of June, Oddo AM intends to selectively position itself on emerging markets and euro zone equities (where the bad news is virtually all priced in), and to return to emerging market debt denominated in strong currencies (“no debt from virtuous countries”), to increase exposure to credit, “a good substitute for equities,” and convertibles. Agache-Durand is also planning to selective return to some public debt, such as Italian 2-year bonds, which pay returns of 4.5%, putting the attraction of high yield bonds in perspective...
06/06/2012

Sabadell takes control of CAM and Gestimed

Gestora de Fonds del Mediterraneo (Gestimed), the asset management firm for Caja de Ahorros del Mediterraneo (Banca CAM), on 1 June filed that all of its capital is now controlled by Banco de Sabadell, which has acquired CAM, the CNMV announced on 4 June. Sabadell also becomes owner of Gestión de Activos del Mediterraneo, the depository for Gestimed funds.The transaction brings assets at Gestimed, totalling EUR410m, within the perimeter of the asset management firm Bansabadell Inversión, whose assets under maangement now total EUR4.148bn (as of the end of May), in addition to which EUR1bn are under management in the real estate fund Sabadell BS Inmobiliario. This is not enough for Bansabedell to overtake Ahorro Corporación (EUR4.665bn) to become the seventh-largest Spanish asset management firm by assets in securities funds.Meanwhile, the number of Bansabadell Sicav funds has increased to 43, including the four Gestimed funds, Funds People reports, not counting the EUR872m in the 134 Sicav funds from Urquijo Gestión, also an affiliate of Sabadell.
06/06/2012

Assets in Luxembourg funds up 0.4% in April

As of 30 April, total assets in collective investment organisms and specialised investment funds (FIS or SIFs in English) in Luxembourg totalled EUR2.2256trn, an increase of 0.38% compared with the end of March, when the level was 0.64% up compared with the end of February, according to the Luxembourg financial sector supervision commission (CSSF). In the twelve months to the end of April, assets under management increased 1.38% compared with a total of EUR2.1954trn as of 30 april 2011. The increase of EUR8.39bn in April is due to positive market effects totalling EUR4.03bn, and net subscriptions of EUR4.36bn.
06/06/2012
Fonds

L'indice DJ Credit Suisse des hedge funds en recul de 1,50% en mai

L’indice Dow Jones Credit Suisse des hedge funds a terminé le mois de mai sur un recul de 1,50%, la plupart des stratégies de l’indice ayant enregistré des résultats négatifs. Depuis le début de l’année, l’indice affiche toutefois un gain de 0,88%.Parmi les plus fortes baisses du mois sous revue, figurent les stratégies long/short equity, avec un recul de 5,08% après -0,63% en avril, emerging markets avec -2,33% après-0,35% et event driven avec -2,25% après -0,64%. Seule exception à la règle, les managed futures qui ont réalisé un gain de 3,52% après 0,12% en avril. Depuis le début de l’année, les managed futures affichent une performance de 3,13%, seulement dépassée par les stratégie d’arbitrage de convertibles, qui ont dégagé un gain de 4,79% sur les cinq premiers mois de l’année mais qui ont cédé 1,06% en mai.
Fonds
06/06/2012

Franklin crée un pôle de droit immobilier

Le cabinet d’avocats Franklin poursuit son développement en se dotant d’un groupe de pratique en immobilier, portant ainsi le nombre de ses juristes à un peu plus de cinquante. Précédemment associé du Cabinet Salans, François Verdot rejoint le cabinet d’avocats avec une équipe de spécialistes, Jérémy Chiche et Laurence d’Orso, en qualité de «Of Counsels», et Jérémy Goldblum et Laurence Yamnaine.Fort d’une expérience de plus de 15 ans dans l’immobilier, François Verdot se fixe pour objectif d’offrir un service au standard de qualité international axé sur cinq domaines, l’«Asset Management», le « Private Equity Real Estate », le « Corporate Real Estate Service », le Contentieux et l’Audit Immobilier.
06/06/2012

Acropole AM résiste à la crise

Les actifs sous gestion d’Acropole Asset Management, s'élevaient à fin mai à 700 millions d’euros, contre environ 750 millions d’euros à fin décembre 2011. La société souligne qu’elle n’a pas subi de rachats ces derniers mois. Le recul des encours par rapport à fin 2011 est pour l’essentiel à mettre sur le compte d’un effet marché significatif.Le nouveau fonds long/short volatilité lancé en novembre dernier, Acropole Vol Opportunités (Newsmanagers du 31 octobre 2011), géré par Brice Perin, a d’ores et déjà drainé quelque 25 millions d’euros, sans «seed money». A l’occasion d’un déjeuner-débat, Emmanuel Martin, directeur de la gestion d’Acropole AM, a estimé que les convertibles du gisement des midcaps affiche actuellement une décote encore sensible. «La décote est certes moins importante qu'à la fin 2011 mais elle se situe autour de 5% en termes annualisés», selon Emmanuel Martin qui indique par ailleurs que la décote sur les convertibles de grosses capitalisations est actuellement «au prix».
06/06/2012

Contraction du bénéfice de Carmignac Gestion en 2011

Pour l’exercice 2011, le bénéfice net consolidé de Carmignac Gestion a chuté à 281,71 millions d’euros contre 478,32 millions pour 2010, ce qui représente une contraction de 41,1 %.L’encours au 31 décembre ressortait pour sa part à 45 milliards d’euros contre 55 milliards. Le gestionnaire français a également subi des remboursements nets de 6,98 milliards d’euros contre 16,9 milliards de souscriptions nettes pour 2010.L’assemblée générale du 31 mai a décidé la distribution au titre de 2011 d’un dividende de 130 euros par action, inchangé par rapport au versement pour 2010.
06/06/2012

Fort démarrage pour Oddo AM en 2012

Durant les quatre premiers mois de l’année, Oddo Asset Management a enregistré des souscriptions nettes de 225 millions d’euros principalement sur le Oddo Rendement 2017 (330 millions de collecte), et malgré 300 millions de rachats institutionnels qui ont surtout pénalisé les produits actions. A fin mars, l’encours était voisin de 12 milliards d’euros contre 11,22 milliards fin 2011.Actuellement, le gestionnaire est en phase de commercialisation du Oddo Haut Rendement 2017, le «petit frère» du Oddo Rendement 2017, décliné en high yield (lire newsmanagers du 10 mai).Dans la situation de forte incertitude ambiante, le portefeuille modèle équilibré, chez Oddo AM, comporte environ 50 % de monétaire, là où ont été logées les récentes prises de bénéfices sur les actions américaines, en attendant de reprendre du risque lorsque la visibilité sera meilleure, comme l’explique Mirela Agache-Durand, responsable gestion diversifiée et multigestion.A moyen terme, c’est-à-dire après la fin juin, Oddo AM est partisan de se positionner de manière sélective sur les actions émergentes et zone euro (les mauvaises nouvelles sont pratiquement déjà toute dans les prix), de revenir sur la dette émergente en devises fortes («pas de dette des pays vertueux»), d’augmenter le poids du crédit, «un bon substitut pour les actions», ainsi que des convertibles. Mirela Agache-Durand verrait bien aussi un retour sélectif sur certaines dettes publiques comme les obligations italiennes à 2 ans, qui paient 4,5 %, ce qui relativise l’attrait des obligations à haut rendement.
06/06/2012

BNP Paribas Real Estate poursuit son développement international en Turquie

BNP Paribas Real Estate a annoncé le 5 juin la signature d’une alliance en Turquie avec la société Kuzey Bati. Le contrat signé entre les deux groupes porte sur les lignes de métier de la transaction, de l’expertise, du conseil et de la gestion en immobilier.Le groupe BNP Paribas est déjà présent en Turquie à travers la banque TEB, à la tête d’un réseau de quelque 500 agences et qui emploie 10.000 collaborateurs, avec laquelle BNP Paribas Real Estate espère développer de fortes synergies.
06/06/2012
Fonds

Le fonds de pension de l'Oregon se tourne vers l'Asie

Le comité d’investissement du fonds de pension public de l’Oregon vient d’engager 225 millions de dollars dans un second fonds asiatique géré par le groupe de capital investissement KKR. Le fonds de l’Oregon avait déjà investi 100 millions de dollars en 2007 dans le premier fonds asiatique pilotée par KKR. Le second fonds asiatique de KKR devrait concentrer ses investissements dans les biens de consommation, l’industrie manufacturière, la santé et les projets d’infrastructure dans les marchés émergents et développés asiatiques.
Fonds
06/06/2012
Fonds

Federal Finance lance un fonds à formule pour la BPE

Federal Finance, filiale du groupe Crédit Mutuel Arkéa, a créé BPE rendement 2018, un fonds à formule à capital non garanti dédié en exclusivité aux clients de sa société soeur, la Banque Privée Européenne (BPE). Le produit propose la possibilité de gains annuels et le remboursement du capital net investi à l’échéance, conditionnés par l’évolution de l’indice Euro Stoxx 50©.Jusqu’à l’échéance du 3 juillet 2018, le fonds offre une possibilité de gain fixe chaque année :•Les 5 premières années : si, à chaque date de constatation annuelle, l’indice de référence n’a pas enregistré une baisse de plus de 30% par rapport à son niveau initial du 03 juillet 2012, un gain de 7% est versé au cours du mois suivant.•A l’échéance, le 03 juillet 2018, trois possibilités se présentent :o Si l’indice a enregistré une baisse de plus de 40% par rapport à son niveau initial, l’épargnant subit une perte en capital à hauteur de la baisse de l’indice.o Si l’indice n’a pas baissé de plus de 30% par rapport à son niveau initial : l’investisseur est remboursé de son capital investi net de frais majoré d’un gain de 7%.o Si l’indice est compris entre -40% et -30% par rapport à son niveau initial : le capital investi net de frais est remboursé.Code ISIN : FR0011228352Forme juridique : FCP de droit françaisEligibilité : Comptes-titres et Assurance-vieDurée d’investissement : 6 ansSeuil d’accès : 1.000 €Date d’échéance : 03 juillet 2018Période de commercialisation : Du 22 mai au 03 juillet 2012, avant 12 heures
Fonds
06/06/2012

Promotion supplémentaire pour Alex Friedman chez UBS WM

Déjà chief investment officer d’UBS Wealth Management (UBS WM) depuis le 1er mars, après avoir été plusieurs années directeur financier de la Fondation Bill & Melinda Gates, Alexander S. Friedman a été nommé «global» CIO pour la gestion de fortune du groupe UBS, selon une note interne obtenue par Bloomberg et relayée par finews. L’intéressé se voit ainsi confier avec cette nomination la responsabilité des investissements et des analyses pour l’ensemble des régions du monde, alors qu’il ne coiffait pas auparavant le continent américain. La nomination d’Alex Friedman est signée de Jürg Zeltner, CEO d’UBS Wealth Management, et de Robert J. McCann, CEO d’UBS Group Americas.Mike Ryan demeure directeur des études pour la gestion de fortune en Amérique, où il sera aussi chief investment strategist. Anthony Roth, directeur de la stratégie de la gestion de fortune prendra en outre la responsabilité de l’allocation d’actifs et de la structuration des portefeuilles en Amérique. Ils seront tous deux subordonnés à Alexander Friedman ainsi que, sur le plan régional à Bill Carroll, responsable des solutions d’investissement pour l’Amérique.Enfin, Andreas Höfert, qui était déjà CIO pour l’Europe, devient chief economist pour l’Amérique.

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