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15/05/2012

Hedge funds help save businesses from bankruptcy

The presence of hedge funds increases the chances of saving a business which enters bankruptcy protection, a university study cited by Financial Times Fund Management finds. The researchers studied 474 businesses seeking protection under Chapter 11 bankruptcy protection in the United States between `996 and 2007. Hedge funds were involved in 87% of cases, and in 60% of these businesses, the companies exited bankruptcy protection, a higher than average success rate, FT FM relates.
15/05/2012

AllianceBernstein recruits S&P CFO

John C. Weistensteel has been appointed as chief financial officer of AllianceBernstein L.P, effective immediately. Weisenseel will report to James A. Gingrich, COO; since 2007, he had served as senior vice president and CFO of Standard & Poor’s in the McGraw-Hill Companies group. He replaces Edward J. Farrell, who had been interim CFO since February 2011, and who will now return full time to his activities as corporate controller and chief accounting officer at AllianceBernstein.
15/05/2012

Exoé announces partnership and extends offerings

Exoé, the independent equity market execution provider, has announced a partnership with Greenwich Prime Trading Group (GPTG) to strengthen its execution capacity on north American markets, which represent up to 15% o current client orders, Agefi reports. Exoé has also recruited a head of its fixed income negotiation table, with an aim to launching a service on bond markets in early June for four clients, who with under EUR5bn still don’t have access to the books of the major banks, for secondary or primary debt, the newspaper reports.
15/05/2012

TIAA-CREF raises USD2bn

The American university pension fund TIAA-CREF, which has about USD487bn in assets under management, has raised USD2bn from institutional investors, to invest in agricultural land, the Financial Times reports. The initiative aims to participate in growth in emerging markets, to create a new long terme asset class which may at least partially replace investments in stocks and bonds, whose performance have been mediocre over the past ten years, the newspaper explains.
15/05/2012

Lyxor AM revises its organisation in passive management

Lyxor Asset Management has announced that it is scaling up its organisation with the creation of a new business unit dedicated to ETF and index-based investment solutions. The grouping of activities will aim to strengthen the growth of Lyxor in the ETF market, while offering clients a complete range of solutions in the area of index-based management, a statement says. “In this way,” Lyxor AM says, “we can respond to a strong trend among our international clients, who are seeking to invest both in a wide range of ETF funds, and in index-based products worldwide.”The team will be led directly by Alain Dubois, chairman of the board at Lyxor Asset Management. In addition to his role as head of ETFs for Europe, Simon Klein is appointed as global head of development for ETF & index-based solutions activities, and becomes a member of the executive board at Lyxor. He will work closely with Dubois and Christophe Baurand, global head of business development at Lyxor.Klein will be assisted in his new role by Nizam Hamid, head of ETF products, and François Millet, head of index-based solutions, who will oversee product development and strategy.
15/05/2012

Daniel Fighiera becomes director of management at Tocqueville Finance

Tocqueville Finance has appointed Daniel Fighiera as director of management. He replaces Marc Tournier, who left the asset management firm at the beginning of this year.Fighiera, 47, had been manager of the OPCVM fund Petites et Moyennes Capitalisations Zone Euro at Rothschild & Cie Gestion, where he began in 2004, after working at Crédit Lyonnais AM from 1997 as head of European midcaps management, and then from 2002 as head of management for European equities.
15/05/2012

Record subscriptions for MFS

The Canadian insurer Sun Life Financial has announced that its US affiliate MFS Investment Managemetn has posted operating profits in first quarter of USD70m, compared with USD66m in October-December and USD67m in the corresponding period of last year. Net profits totalled USD49m, compared with USD31m and USD42m for first and fourth quarter 2011.Assets as of the end of March totalled USD284.8bn, compared with USD253.2bn as of the end of December, and USD268.1bn one year previously. Net subscriptions contributed USD5.9bn to the increase, compared with USD1.7bn in fourth quarter 2011, and USD1.8bn in January-March 2011, while market effects were positive to the tune of USD25.7bn, compared with USD15.1bn and USD9.8bn.
15/05/2012

An appointment and a job opening at Carmignac Gestion

Carmignac Gestion has appointed Nick White as sales manager, based in its London office and reporting to head of country, Matthew Wright. He will take up his position at the end of June.Nick White will focus on developing the firm’s presence among discretionary fund managers and wealth advisors across the UK. He has previously worked with Martin Currie and Invesco Perpetual. Separately, according to Newsmanagers, Carmignac Gestion is looking for a head of marketing in Paris after the recent departure of Laurence Bertrand.
15/05/2012

Oddo Asset Management launches a fund in Italy

Oddo Asset Management has initiated the registration process for its Oddo Haut Rendement 2017 fund in Italy, so as to be able to release and distribute the fund in Italy, FondiOnline reports. The product is a target-date fund which invests in corporate and convertible bonds.
15/05/2012

Moody's cuts ratings for 26 Italian banks

The ratings agency Moody’s on 14 May announced that it is cutting the credit ratings of 26 Italian banks, two of which are the largest in the country, UniCredit and Intesa Sanpaolo. The agency cites a deterioration in conjuncture in the Italian economy, in its financial sector, and “restricted access to market financing.” The reductions of long-term credit ratings range from one to four notches. For the country’s largest bank, UniCredit, and its rival Intesa Sanpaolo, which together control one third of assets at Italian banks, the rating is lowered one notch, to A3. For the third-largest bank in the country, Banca Monte dei Paschi di Siena (BMDP), the rating is reduced two notches to Baa3, and four the number four bank, Banco Popolare, the rating is also reduced one notch to Baa3, just above junk.
15/05/2012

Fitch places rating for SEB Investment under RWN

The financial ratings agency Fitch Ratings on 14 May announced that it has placed the M2 rating for SEB Investment on a negative watch, following the announcement of the liquidation of the Immoinvest fund.The ratings agency estimates that SEB Investment should be able to continue its activities without the support of the Immoinvest fund, but notes that the fund nonetheless represents about half of all real estate assets under management at the firm and a significant portion of its revenues.
15/05/2012

Banif launches a partially guaranteed fund based on EuroStocc 50

The private bank of the Santander group, Banif, on 11 May registered the bond fund Revalorizacion Europa Euro with the CNMV. The fund is managed by Santander Asset Management, and will mature on 23 May 2016. It guarantees a minimum of 95% of the initial net asset value as of 22 Jun e 2012 and will optimally generate annual returns of 5.20%, if the EuroStoxx 50 gains 30% over the life of the product.CharacteristicsName: Banif Revalorizacion Europa Euro FIISIN code: ES0113060000Front-end fee: 5%Management commission: 1.3%Penalty for early withdrawal: 5%
15/05/2012

Significant increase in anti-money-laundering alerts in 2011

Financial intermediaries in 1625 cases sent notices last year, a 40% increase, on over CHF3bn in assets, more than the cumulative totals in the two previous years, but two thirds of this amount are in only 25 cases, Agefi Switzerland reports. “These figures are also due to the efforts of intermediaries, and particularly banks, who have considerably developed their internal compliance system,” says Jean-Luc Vez, director of the Swiss federal police office, speaking yesterday at a presentation of the annual report of the communications office on money-laundering.
15/05/2012

Chinese government liberalises QFII regime

The China Securities Regulatory Commission (CSRC) has announced that it is relaxing restrictions on foreign investors under its Qualified Foreign Institutional Investor (QFII) program. Holders of a QFII license will no longer be required to invest more than 50% of their assets in the stock markets, Z-Ben Advisors reports.The CSRC also states that it will now be authorised to issue licenses to various investors within a single financial group, and to investors who issue structured products. However, these new quotas will not allow QFII license holders to sell structured products.
15/05/2012

Plus Markets Group closes its doors

The stock market for small caps, Plus Markets Group, which had hoped to rival the AIM, on 14 May announced that it is discontinuing its activities, the Financial Times reports. Plus Markets, which was founded six years ago, and which had been seeking a buyer since February this year, listed over 150 small caps.
15/05/2012

Head of currencies at Insight departs

The head of currencies at Insight, Dale Thomas, will be leaving the firm after 17 years there, Investment Week reveals. He will be joining the London-based hedge fund firm Caxton Europe Asset Management as a manager and currencies specialist.
15/05/2012

Assets under management halved at Martin Currie

Assets under management at Martin Currie totalled GBP5.6bn as of 31 December 2011, compared with GBP11.3bn as of the end of December 2010, the British asset management firm stated in its 2011 annual report. Pre-tax profits last year were down to GBP2.3m, from GBP14.1m in the 2010 fiscal year. Net profits came to GBP1.7m, compared with GBP8.9m.
15/05/2012

Schroders poaches two fund managers from UBS GAM

Schroders has hired two fund managers from UBS Global Asset Management, Alix Stewart and Konstantin Leidman, for its fixed income team.Alix Stewart, previously head of UK fixed income at UBS Global Asset Management, joins Schroders’ credit team to enhance Schroders’ multi-sector specialist mandates in investment grade credit.Konstantin Leidman, previously high yield portfolio manager at UBS Global Asset Management, joins to enhance Schroders’ multi-sector specialist mandates in European high yield.At the same time, Sarang Kulkarni, currently fund manager for segregated credit strategies at Schroders, will see his role expanded to take on co-lead portfolio management responsibilities including the flagship Schroder ISF1 Global Corporate Bond.All three portfolio managers will report to Philippe Lespinard, Schroders’ CIO of Fixed Income.Schroders Fixed Income team of nearly 100 investment professionals globally manage in excess of GBP41 billion as at 31 March 2012.
15/05/2012

S&P launches large-mid cap index for Italy

S&P Indices has announced the launch of the S&P Italy LargeMidCap Capped Index, comprised of the large- and mid-cap segments of the S&P Italy Broad Marked Index (BMI). The S&P Italy LargeMidCap Capped Index includes stocks representing the top 85% of the float-adjusted market capitalisation within the S&P Italy BMI. The new Index is designed with a focus on liquidity and can be used to support investment products such as index funds, index portfolios and index futures and options. A risk control version of the Index was also launched today.
15/05/2012
Gestion d'actifs

Pro BTP recherche à l'extérieur du groupe des fonds inflation ou produits à volatilité contrôlée

Philippe Albertini, Directeur actif-passif au sein de Pro BTP dans le cadre d’une table ronde organisée par Newsmanagers et amLeague: Nous allons chercher à l’extérieur ce que notre maison ne gère pas, c’est-à-dire des choses assez pointues, par exemple des fonds inflation, des produits à volatilité contrôlée, tout ce qui peut déjà être issu de la créativité qui peut venir en face des besoins de Solvabilité 2. Au total, la délégation externe concerne quelque 10% sur 14 milliards d’euros. Nous devons déléguer 1,5 milliard d’euros auprès de quatre sociétés. L’une d’entre-elles nous est proche : la SMA Gestion. C’est un partenariat dans la profession. Les trois autres sont des sociétés externes: Ecofi, Rothschild et Groupama. Tous les cinq ans, nous revoyons l’ensemble des mandats dans le cadre d’un appel d’offres. En 2009, nous avons regardé les résultats et changé une société de gestion sur les trois. En fait les trois mandats externes sont là pour benchmarker notre société de gestion. Pour nous, le premier critère est de savoir si ces sociétés gèrent déjà des portefeuilles de sociétés d’assurance. Est-ce qu’elles gèrent des portefeuilles diversifiés, est-ce qu’elles connaissent la réglementation de l’assurance, la gestion. C’est ce qui va définir l’univers de choix.
Gestion d'actifs
15/05/2012

La gestion d’actifs d’ING en Asie suscite la convoitise

Reuters croit savoir de sources proches que de nombreux prétendants ont présenté une offre au groupe de services financiers néerlandais pour son activité de gestion d’actifs en Asie. Une opération qui pourrait rapporter entre 500 et 600 millions de dollars à ING. L’australien Macquarie, l’américain Principal Financial, le singapourien UOB (United Overseas Bank), le japonais Nikko Asset Management et le sud-coréen Hanwha figureraient parmi les prétendants.
15/05/2012

Cameco rachète Nukem Energy à Advent

Le producteur d’uranium va verser 136 millions de dollars (106 millions d’euros) pour acquérir le courtier en combustible nucléaire Nukem Energy auprès du fonds de private equity Advent International. Cameco reprendra la dette nette de Nukem qui s'élève à 164 millions de dollars.
15/05/2012

La BNS prête à défendre le franc suisse

La Banque nationale suisse a déclaré qu’elle était déterminée à défendre le cours plancher du franc suisse fixé début septembre à 1,20 contre euro. Elle se dit prête si nécessaire à procéder à des rachats illimités de devises.
15/05/2012

La BCE laisse son programme de rachat de dette en sommeil

La BCE n’a procédé à aucun rachat d’obligations d’Etats de la zone euro pour la neuvième semaine d’affilée la semaine dernière. Le montant total des obligations que la BCE a racheté dans le cadre de ce programme depuis mai 2010 se maintient donc à 214 milliards d’euros.

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