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18/05/2012
Fonds

Investissement important de Deka aux Pays-Bas

L’allemand Deka Immobilien a annoncé l’acquisition pour environ 140 millions d’euros de l’immeuble de bureaux Viñoly d’Amsterdam (29.600 mètres carrés) auprès du fonds immobilier offert au public CS Euroreal (Credit Suisse Asset Management Immobilien Deutschland).Cet actif est affecté au portefeuille du fonds immobilier offert au public Deka-ImmobilienEuropa dont la part du portefeuille investie aux Pays-Bas passe ainsi à 6,5 % contre 5,2 %.
Fonds
18/05/2012

KKR investit 150 millions de dollars dans le français Fotolia

KKR a annoncé le 16 mai avoir investi 150 millions de dollars en fonds propres dans la banque d’images Fotolia pour 50% de son capital. KKR, TA Associates ainsi que les actionnaires de Fotolia se sont par ailleurs rapprochés de KKR Capital Markets et de différentes banques pour mettre en place une ligne de financement de premier rang de 150 millions de dollars. Ces investissements devraient permettre à Fotolia de poursuivre sa stratégie de croissance et de diversification de son offre.Créée en 2004 par deux entrepreneurs français, Fotolia propose une collection en ligne de plus de 17 millions de photos, d’illustrations vectorielles et de vidéos HD libres de droits.
18/05/2012
Fonds

CalPERS et GI Partners lancent un fonds immobilier "techno"

Le fonds de pension californien CalPERS et son partenaire spécialisé dans l’immobilier GI Partners ont annoncé le 16 mai le lancement de TechCore, un fonds immobilier doté de 500 millions de dollars.Le nouveau fonds achètera en priorité des centres de données, des portails internet, des campus d’entreprises pour des sociétés actives dans le secteur des technologies situés dans les grandes villes.
Fonds
18/05/2012

Financière WDD entre dans le capital d'ABC arbitrage

La nouvelle société Financière WDD créée le 9 mai 2012 par Dominique Ceolin et Weber Investissement, a acquis au 10 mai 4,8 % du capital d’ABC arbitrage (*), dont Dominique Ceolin est par ailleurs le président du conseil d’administration tandis que Weber Investissements est qualifié «d’actionnaire significatif» d’ABC Arbitrage.Le capital du holding Financière WDD est détenu à 50,01 % par Dominique Ceolin. Ce dernier a indiqué au conseil d’administration d’ABC arbitrage que l’objectif du holding est de constituer un bloc actionnarial significatif d’ABC arbitrage sans intention d’atteindre une minorité de blocage ni de lancer une offre publique. Etant donné sa position de dirigeant du groupe ABC arbitrage et son statut d’actionnaire majoritaire de la holding, Dominique Ceolin a également précisé que Financière WDD sera amenée à déclarer toute transaction future à l’Autorité des Marchés Financiers (AMF).(*) FR0004040608
18/05/2012

BNP Paribas SS nomme un responsable pour l'Inde

BNP Paribas Securities Services a annoncé le 15 mai la nomination de Viraj Kulkami en qualité de responsable des services titres en Inde.Viraj Kulkami, qui a notamment occupé des fonctions opérationnelles chez Morgan Stanley et JP Morgan Chase, travaillait récemment dans un cabinet de conseil.
18/05/2012

Nuveen subit une perte et des sorties nettes au premier trimestre

Pour janvier-mars 2012, le gestionnaire américain Nuveen Investments accuse une perte nette de 42,6 millions de dollars contre un bénéfice net de 5,3 millions pour la période correspondante de l’an dernier.L’encours ressortait au 31 mars à 226,72 milliards de dollars contre 220,09 milliards trois mois plus tôt et 206,1 milliards un an auparavant.Nuveen a accusé au premier trimestre des sorties nettes de 6,41 milliards de dollars contre des souscriptions nettes de 4,95 milliards pour janvier-mars 2011, l’essentiel des remboursements étant imputable aux comptes gérés institutionnels avec presque 5,25 milliards de dollars. A ce sujet, le gestionnaire précise que le départ du co-president et CIO de la filiale Tradewinds Global Investors s’est traduite par un gonflement des sorties sur les produits value internationaux qui ont atteint 9,9 milliards de dollars. Cette hémorragie a pu être en partie compensée par les souscriptions nettes enregistrées par les fonds municipaux et à l’inclusion des flux de Gresham, une société de gestion dont Nuveen a acheté 60 % en début d’année.
18/05/2012

Qualium Investissement renforce ses équipes

La société de gestion Qualium Investissement a annoncé le 16 mai le recrutement de trois chargés d’affaires, Julie Khayat, Antoine Schricke et Nicolas Mutschler.Julie Khayat travaillait précédemment chez Morgan Stanley, Antoine Schricke chez Vestar Capital Partners, et Nicolas Mutschler à la Compagnie des Alpes.Qualium Investissement gère 1,5 milliard d’euros apportés pas son sponsor la Caisse des dépôts et plus de 40 investisseurs institutionnels, investis dans des PME à fort potentiel de développement.
18/05/2012

Axa IM ouvre un bureau à Pékin

Axa Investment Managers (Axa IM) a annoncé le 16 mai avoir obtenu l’autorisation des autorités locales pour ouvrir un bureau de représentation en Chine qui vient renforcer le dispositif d’Axa IM en Asie. «Le bureau de représentation d’AXA IM à Pékin aura pour objectif de réaliser des études de marché et de bâtir et entretenir des relations avec des investisseurs institutionnels chinois», explique précise AXA IM dans un communiqué. AXA IM entend ainsi prendre part au développement rapide de l’industrie de la gestion d’actifs en Chine – environ 3 500 milliards d’euros d’actifs gérés, essentiellement pour le compte de clients institutionnels –, où la compétition s’intensifie et où l’offre à destination des clients particuliers et institutionnels s’étoffe très rapidement.Ying Du a été nommée responsable du bureau de représentation. Elle est rattachée à Terence Lam, responsable des ventes et du marketing d’AXA IM en Asie.Ying Du a rejoint AXA IM en 1998. Elle y a successivement occupé différentes fonctions avant de rejoindre, en 2005, l’équipe de Relations clients de Hong Kong, au sein de laquelle elle dirigeait l’équipe en charge des clients institutionnels.
18/05/2012

Les fondateurs du suisse Bellevue prennent du recul

Le nouveau CEO de Bellevue Group, Urs Daniel Baumann, vient de racheter la participation d’un peu moins de 3% détenue par l’un des fondateurs de la société, Hans Jörg Graf, selon des informations de la Bourse suisse SIX.Le mois dernier, un autre pilier de la banque, Dieter Albrecht, avait indiqué avoir réduit sa participation au capital de la banque à moins de 3%.
18/05/2012

La BCV entre au MSCI début juin

Dès le 1er juin 2012, les actions de la Banque Cantonale Vaudoise (BCV) ainsi que les actions du groupe immobilier Swiss Prime Site (SPS) entreront au segment MSCI de la Bourse suisse.
18/05/2012

Harcourt se renforce dans l'alternatif

Filiale de Vontobel Asset Management, Harcourt a recruté Jan Viebig et Georg Wessling comme head of alternative investments et deputy head of alternative investments, respectivement.Jan Viebig, actuellement head of ermerging market equities chez Credit Suisse, remplace l’ancien CEO d’Harcourt, Stephan Fritz, qui a décidé de quitter Vontobel Asset Management.Quant à Georg Wessling, il est actuellement head of hedge fund advisory chez Harcourt.
18/05/2012

CDOs: SEC investigates role of Magnetar

According to sources familiar with the matter cited by the Wall Street Journal, the alternative asset management firm Magnetar Capital is being investigated by the SEC over trades it made on collateral debt obligations which contributed to the outbreak of the financial crisis. If the investigation results in civil charges, it will be the first time a hedge fund goes to court over a case related to CDOs.
18/05/2012

JP Morgan has USD100bn in high-risk bond investments

The division responsible for trading losses at JP Morgan Chase now estimated at about USD3bn has built up a portfolio of over USD100bn in ABS and structured products, the Financial Times reports. This portfolio comes in addition to credit derivatives which provoked trading losses at the centre of investigations by regulators on both sides of the Atlantic.
18/05/2012

Global demand for gold down 5% in first quarter

Global demand for gold fell by 5% in first quarter 2012, but Chinese demand has set record highs, topping even that of India, the World Gold Council (WGC) announced on 17 May. Demand for gold worldwide was down to 1,097.6 tonnes in the first three months of the year, valued at an estimated USD59.7bn, as the price of gold was 16% higher than in first quarter 2011, the WGC says in its report. Rising investment in gold could not compensate for a decline in demand on the part of central banks, jewellers and the IT sector. Chinese demand increased 10% in the first three months of the year, to a record 255.2 tonnes, topping India, due to investor concerns about inflation, the WGC observes. Indian demand is 29% down compared with first quarter 2011, at 207.6 tonnes, affected by a jewellers’ strike, a weak Indian rupee and government policy which aims to reduce the presence of gold and a large trade imbalance in the country.
18/05/2012

Credit Suisse loses its head of M&A

Boon Sim, global head of merger and acquisition activities at Credit Suisse, has been recruited as president & head of North America at the Singapore sovereign fund Temasek Holdings, the Wall Street Journal reports. At the Swiss group, he will be replaced by Scott Lindsay, currently co-chairman of the glober mergers & acquisitions gorup with Steven Koch.
18/05/2012

CalPERS and GI Partners launch a tech real estate fund

The California pension fund CalPERS and its real estate specialist partner GI Partners on 16 May announced the launch of TechCore, a real estate fund with USD500m in assets. As a top priority, the new fund will acquire data centres, internet portals, and business campuses for companies active in the IT sector located in core metropolitan cities.
18/05/2012

BNP Paribas SS appoints a head for India

BNP Paribas Securities Services on 15 May announced the appointment of Viraj Kulkami as head of securities services for Intia. Kulkami, who has served in operational positions at Morgan Stanley and JP Morgan Chase, recently worked at a consulting firm.
18/05/2012

Financière WDD invests in capital of ABC Arbitrage

The new firm Financière WDD, founded on 9 May 2012 by Dominique Ceolin and Weber Investment, on 10 May acquired 4.8% of capital in ABC Arbitrage (FR0004040608), where Ceolin is also the chairman of the board of trustees, while Weber Investissements is listed as a “significant shareholder” in ABC Arbitrage. Capital in the holding company Financière WDD is 50.01% controlled by Ceolin, who has told the board of directors at ABC Arbitrage that the objective of the holding company is to build a significant bloc of shares in ABC Arbitrage, though he has no intention to achieve a blocking minority stake or to launch a takeover bid. Due to his position as director of the ABC Arbitrage group and his status as a majority shareholder in the holding company, Ceolin has also stated that Financière WDD will declare all future transactions to the Autorité des Marchés Financiers (AMF).
18/05/2012

Qualium Investissement recruits

The asset management firm Qualium Investissement on 16 May announced the recruitment of three representatives, Julie Khayat, Antoine Schricke, and Nicolas Mutschler. Khayat previously worked at Morgan Stanley, Schricke at Vestar Capital Partners, and Mutschler at the Compagnie des Alpes. Qualium Investissement manages EUR1.5bn from its sponsor, the Caisse des dépôts, and from over 40 institutional investors, who invest in SMEs with strong potential for growth.
18/05/2012

Nuveen posts losses and net outflows for first quarter

In January-March 2012, the US asset management firm Nuven Investments has posted a net loss of USD42.6m, compared with net profits of USD5.3m in the corresponding period of last year. Assets as of 31 March totalled USd226.72bn, compared with USD220.09bn three months earlier, and USD206.1bn one year previously. In first quarter, Nuveen posted net outflows of USD6.41bn, compared with net subscriptions of USD4.95bn in January-March 2011, with net redemptions largely imputable to institutional managed accounts at nearly USD5.25bn. The asset management firm says that the departure of its co-chairman and CIO of its affiliate Tradewinds Global Investors has resulted in an increase in outflows from international value products, totalling USD9.9bn. These outflows were partially offset by net subscriptions to municipal funds and the inclusion of inflows at Gresham, an asset management firm which Nuveen acquired a 60% stake in earlier this year (see Newsmanagers of 16 November 2011 and 5 January 2012).
18/05/2012

Deka makes major investment in the Netherlands

The German asset management firm Deka Immobilien has announced the acquisition of the Viñoly office property in Amsterdam (29,600 square metres) from the open-ended real estate fun CS Euroreal (Credit Suisse Asset Management Immobidlien Deutschland) for about EUR140m. The property will be added to the portfolio of the open-ended real estate fund Deka-ImmobilienEuropa, whose allocation to the Netherlands now increases to 6.5% from 5.2%.
18/05/2012

Warren Buffett to testify in Gupta case

The billionaire investor Warren Buffett and the chief executive of Goldman Sachs, Lloyd Blankfein, are two of the heads who will potentially testify in the insider trading case against the former head of McKinsey, Rajat Gupta, the Financial Times reports.
18/05/2012

Moody's cuts ratings for 16 Spanish banks

The ratings agency Moody’s announced on 17 May that it is lowering its long-term credit ratings of 16 Spanish banks, due to economic difficulties in the financial sector generally, public finance problems, and “restricted access to financing.” The reductions to the ratings vary from one to three notches, with Santander and BBVA, the two largest banks in the country, seeing their ratings lowered by three notches, to A3. The outlook is negative for ten of the banks. For the other six, the rating remains on watch. The ratings of the major Spanish banks “now range from A3 to Ba3, with an unweighted average of Baa2 to Baa3,” Moody’s says in a statement. “This average is lower than for most banking systems in Western Europe, which reflects the major repercussions on Spanish banks of difficult national conjuncture and the continuing euro zone debt crisis,” the agency says.
18/05/2012

Activities continue to grow for ETFs on NYSE Euronext

In April, the on-book daily trading volumes for ETFS on the European markets of NYSE Euronext incrased to EUR297.1m, compared with EUR253.3m in March and EUR237.3m in February. But these volumes are down 14.8% compared with the corresponding month of last year. Total on-book trading volumes have risen 1.3% month on month, to EUR5.6bn. Bloc trades accounted for EUR840.9m in March and EUR992.6m in February, represdenting 12.7% of trading volumes, compared with 13.1% the previous month, and 16.6% in February. The number of ETFs listed (695) has not changed compared with March (see Newsmanagers of 12 April). The median spread was 29.58 basis points in April, as in March.
18/05/2012

Major banks need another USD566bn

The 29 largest international banks will need to raise anotehr USD566bn, or reduce their balance sheets by about USD5.5trn by 2018 in order to comply with the new Basel III regulations, according to a study by the financial ratings agency Fitch Ratings, published on 17 May. This additional owners’ equity will represent a 23% increase compared with the level of owners’ equity observed at the end of 2011. These estimates are the first to attempt to measure the impact of Basel III, including supplementary measures for establishments considered systemic.
18/05/2012

Morningstar awards clean bill of health to synthetic ETFs

In an update to an international study of ETFs (“Synthetic ETFs Under the Microscope: A Global Study,”) Morningstar claims that the degree of protection for investors is improving. A large majority of synthetic ETFs worldwide are subject to regulations which limit counterparty risks. Most providers manage their funds in a way that offers far higher protection than required by local regulations. In general, synthetic ETFs have better total expense ratios (TER) than traditional ETF funds, with the notable exception of a few Asian ETFs, and better tracking errors, which measure risks. This is particularly true of ETFS whose underlying asset classes are more limited and/or less liquid, such as emerging markets equities, for example. However, in all regions studies, transparency and security represent a priority, both in the eyes of investors, providers and regulators. From this point of view, and despite warnings from numerous regulators, common standards are still sorely missing in the classification of synthetic ETFs, transparency and collateral held, counterparties and costs. In some cases, particularly in Hong Kong, regulators have taken steps in this direction. Elsewhere, such as in Europe, the question has not yet been raised: it remains to be seen, therefore, where regulators will initiate the process which will move towards more harmonisation and better practices.
18/05/2012

Fitch lowers credit rating for Greece

The financial ratings agency Fitch on 17 May cut its long-term debt ranting in currencies and in euros for Greece to CCC from B- previously, citing “increased risk” of an exit from the euro zone. The currency short-term debt rating has also been reduced to C from B previously. “The lowering of the sovereign debt ratings for Greece reflect increased risk that Greece may not be able to maintain its participation in the European economic and monetary union,” Fitch explains. “The high result for anti-austerity parties in the parliamentary elections of 6 May and the subsequent failure to form a government are a sign of lack of political and public support for the EUR173bn European Union and IMF programme,” the agency adds.
18/05/2012

Berenberg launches a “strong currencies” fund

With Universal-Investment, the German private bank Berenberg between 11 and 14 May (for institutional I-class and retail R-class shares, respectively) launched the bond and strong currencies fund Berenberg Hartwährungsanleihen, managed by Dirk Springer, director of the bond and private management team at Beremberg. To be included in the portfolio, bonds must be issued by a country whose debt level is under 80% of GNP, the annual deficit is under 4%, and the internal inflation rate is under 3%. The local bond market must also be large and liquid. Consequently, the fund invests in countries such as China, Brazil and Mexico, as well as Switzerland, Norway and Canada. Duration, issuers and currencies are actively managed. Characteristics Name: Berenberg Hartwährungsanleihen Asset management firm: Universal-Investment Manager: Berenberg Bank ISIN codes:Retail (R) shares: DE000A1JUU12 Institutional (I) shares: DE000A1JUU20 Front-end fee: 5% (R share class) Management commission: R share class: 1.10% I share class: 0.50% Minimal subscription: I share class: EUR1m
18/05/2012

Harcourt recruits for alternative activities

Harcourt, an affiliate of Vontobel Asset Management, has recruited Jan Viebig and Georg Wessling as head of alternative investments and deputy head of alternative investments, respectively. Viebig, currently head of emerging market equities at Credit Suisse, replaces the former CEO of Harcourt, Stephan Fritz, who has decided to leave Vontobel Asset Management. Wessling is currently head of hedge fund advisory at Harcourt.
18/05/2012

Axa IM opens an office in Beijing

Axa Investment Managers (Axa IM) on 16 May announced that it has received permission from the local authorities to open a representative office in China, which comes as an addition to Axa IM’s operations in Asia. “The representative office of Axa IM in Beijing will aim to conduct market studies and build relationships with Chinese institutional investors,” AXA IM explains in a statement. AXA IM also plans to take part in the rapid development of the asset management industry in China, where there are now about EUR3.5trn in assets under management, largely for institutional clients, and where competition is intensifying and the product range available to retail and institutional invetors is rapidly growing. Ying Du has been appointed as head of the representative office. She will report to Terence Lam, head of sales and marketing for Axa IM in Asia. Ying joined AXA IM in 1998. She served in a series of various positions, before joining the customer relations team in Hong Kong in 2005, where she led the team in charge of institutional clients.

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