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15/03/2011

Co-CEO of Brevan Howard moves to Switzerland

p { margin-bottom: 0.08in; } Financial News reports that the co-CEO of Brevan Howard Asset Management, Nagi Kawkabani, is moving to Geneva this week. He will join the Swiss office of the asset management firm, created last year.
15/03/2011

Erika Kessler takes over as director of Swiss Fund Data

p { margin-bottom: 0.08in; } Agefi Switzerland reports that Erika Kessler on 1 March 2011 took over as director of Swiss Fund Data. She succeeds Herbert M. Stich as head of the joint information platform from the Swiss Funds Association (SFA) and SIX Swiss Exchange.
15/03/2011

LaSalle IM launches a property derivatives activity

p { margin-bottom: 0.08in; } LaSalle Investment Management, which has USD40bn in assets under management, will create a property derivatives business for its pension fund clients, IPE.com reports. It will be a joint venture with the brokerage firm BGC Partners.
15/03/2011

Legg Mason seeking opportunities for external growth

p { margin-bottom: 0.08in; } Mark Fetting, chairman and CEO of Legg Mason, estimates that the asset management firm he heads has recovered, and is now in good shape to seek acquisitions in Europe, with the objective of eventually achieving a 50/50 distribution of assets between the United States and other countries, the Frankfurter Allgemeine Zeitung reports. However, Fetting says, potential acquisitions should be of a smaller size, so as not to transform the group, and Legg Mason is not giving up on organic growth.Potential acquisitions are expected to concern managers focused on international equities. Legg Mason is also planning to build a presence in international real estate, commodities, and private equity.
15/03/2011

Two executives of Lazard Frères Gestion appointed as partners at Lazard

p { margin-bottom: 0.08in; } Two members of the team at Lazard Frères Gestion have been appointed as partners at Lazard, a statement says.They are Jean-Jacques de Gournay, head of relationships with institutional investors, distributors and independent financial advisers (IFAs), who has been a managing partner at Lazard Frères Gestion since 2007, and Matthieu Grouès, head of collective and institutional asset management at Lazard Frères Gestion since 2009.They join the current partners François-Marc Durand, head of asset management activities in France, and François de Saint-Pierre, head of private management activities in France.
15/03/2011

CalPERS approves a new allocation model for individual pension assets

p { margin-bottom: 0.08in; } Californian pension fund CalPERS on 14 March announced that it has approved a new asset allocation model, which will offer three new investment portfolios for its retiree benefit trust, a fund created four years ago to provide advance financing for health spending of pensioners.The new portfolios will include inflation-linked and commodity-linked bonds, as well as international equities and real estate.
15/03/2011

SPGP reshuffles fund management

p { margin-bottom: 0.08in; } Following a report which appeared on 11 March on Citywire, announcing the departure of Frédéric Motte and Jérôme Archambeaud from the asset management firm SPGP, Xavier Roulet, chairman and CEO of the firm, has confirmed to Newsmanagers that the two managers of Focus Europa, one of the flagship funds of the range, submitted their resignations on 1 February. The news reports in the press have accelerated events, and the two managers were yesterday, 14 March, instructed to leave before the end of their notice periods. Institutional and retail clients are invested in the fund. In practice, the management of Focus Europa, composed of European large caps, will be taken over by Marie-Jeanne Missoffe, who already manages another European fund from the firm, investing in small and midcaps. The new manager of the fund is there to stay, says Roulet, who adds that no recruitment is planned to replace the two outgoing managers. According to information received by Newsmanagers, Motte and Archambeaud are planning to found their own asset management firm, and have already submitted an application to the French regulator, the Autorité des marchés financiers (AMF).
15/03/2011

ABC Arbitrage preparing three new funds

p { margin-bottom: 0.08in; } ABC Arbitrage announced net profits for the part of the group in 2010 of EUR29bn, compared with EUR30.4m, a good result in light of the decline both of volatility on markets, and volumes, the chairman of the board, Dominique Ceolin, has announced. The performance is partly due to an increase to 37%, compared with a traditional level of 85-90%, of the proportion of trades with exogenous risks as a proportion of total operations.Asset management on behalf of third parties (GCT) earned returns of EUR1.2m last year, compared with less than EUR0.2m in 2009. The ABCA Opportunities fund (mergers and acquisitions), launched in 2007, which was put in hibernation during the crisis, generated returns of 5.02% on one year, and its assets represent EUR32m, of which EUR18m are seed capital. Its capacity is estimated at EUR150m. The ABCA Reversion fund (statistical arbitrage), launched in May 2010, turned in performance of 16.54% over 8 months (in a market down 3%), and its assets total EUR30m, of which EUR14m are seed capital. Capacity is estimated at EUR300m.Ceolin has announced that ABC Arbitrage is planning to develop its third-party asset management with the launch of three new funds. The fist two will probably be Irish statistical arbitrage products, one focused on equities, and the other on currencies. The last fund, which may be a French-registered fund, would be a multi-strategies product which would cover all the expertise in the existing range.
15/03/2011

Repsol sells 2.9% of YPF to Lazard

p { margin-bottom: 0.08in; } In a filing to the CNMV, Repsol announced that it has sold 3.83% of its Argentinian affiliate YPF to investment funds, including 2.9% to Lazard Asset Management, at a price of USD42.40 per share. The transaction represents a total of USD639m, which values YPF at nearly USD16.68bn. The stake acquired by Lazard AM corresponds to USD484m, while the stake bought by other funds represents USD155m.
15/03/2011

Hedge funds made 1.17% in February, according to BarclayHedge

p { margin-bottom: 0.08in; } The composite BarclayHedge index of hedge funds, including results for 1,680 funds which had published results as of 14 March, shows average returns of 1.17% for February, which brings the total since the beginning of the year to 1.63%.Two strategies saw losses last month: emerging markets (246 funds), at 0.94%, and equity short bias (7 funds), with 2.91%. However, equity long bias gained 2.74%, and technologies (24 funds) made 2.07%.In the first two months of the year, technologies and distressed securities (26 funds) posted respective gains of 4.29% and 4.03%. At the other end of the spectrum, equity short bias and emerging markets lost 3.61% and 1.48%, respectively, in January-February.
15/03/2011

HSBC offers administration services for Islamic funds

p { margin-bottom: 0.08in; } The British HSBC group has launched a range of administration services for Islamic fund managers, in order to strengthen its market share in Sharia-compliant funds, a market worth USD50bn to USD60bn, which has grown only minimally since 2009.HSBC Amanah Services offers administration and accounting, custody, transfer agency and treasury services on 17 markets in the Middle East, the Asia-Pacific region, Europe and the Americas.According to the Asian Development Bank, the Islamic finance sector now total about USD1trn, but the Islamic fund market represents only about 5% of this total, according to a 2010 Ernst & Young report entitled “Islamic Funds and Investments.”
15/03/2011

Deutsche Bank sells its twin towers to DWS

p { margin-bottom: 0.08in; } Deutsche Bank on 14 March announced that it has sold its twin office towers to a closed real estate investment fund from DWS. The German bank has reportedly been planning to sell its headquarters for several months (Newsmanagers of 6 December 2010). The sale price is expected to total about EUR600m, Deutsche Bank says in a statement.From mid-May, the DWS fund will be available exclusively to private investors at Deutsche Bank. The properties will continue to operate as the headquarters of the bank, which would like to remain the long-term tenant. The towers, which were already owned by a closed fund from 1984 to 2007, were bought back by Deutsche Bank for the purposes of renovation, including bringing the building into compliance with the most recent ecological standards, such as German DGNB certification.
15/03/2011

BNP Paribas reopens two funds frozen in November

p { margin-bottom: 0.08in; } The two funds of hedge funds Opportunity and Security, frozen in November 2010, returned to trading on 10 March, Les Echos reports. Harewood AM, an affiliate of BNP Paribas, will now manage the funds. The return to trading, as well as the transfer of the management of the funds to Harewood AM, will officially be announced by BNP Paribas this morning. The announcement will be made at the occasion of the merger of Harewood AM with the Sigma management unit of BNP Paribas Asset Management. According to internal documents obtained by Les Echos, the funds concerned, Serenity and Opportunity, have returned to trading with shorter redemption notices.
15/03/2011

Scandinavian investors boost inflows in Europe

The movement of Nordic investors’ money into mutual funds outpaced most other European markets in January, totalling EUR4.1bn, and really caught the eye while those in most other markets were far more cautious, Lipper FMI wrote in its latest Fund Flash.European inflows hit EUR23.1bn in January (excluding money market funds), rising for the second month in a row. With money market activity included, total industry sales rose from -EUR2.5bn (a net outflow) to EUR13.5bn.Net sales for equity funds dropped to EUR15.2bn in January (EUR20.9bn last month), while redemptions from bond funds improved to -EUR2.1bn (up from -EUR6.6bn).Absolute return funds enjoyed a healthy start to 2011 with asset allocation funds seeing net sales of EUR2.9bn, Lipper underlines. There are likely to be a lot more of these products being launched this year.Franklin Templeton attracted the greatest inflows this month (EUR2.6bn excluding money market funds), ahead of BlackRock (EUR2.4bn) and UBS (EUR1.9bn) in second and third.While Templeton’s success is still dominated by appetite for its bond range, flows into the latter two came primarily into their equity products. Interestingly, when ETF activity is stripped out, UBS was the best-selling equity fund manager this month, Lipper adds.
15/03/2011

Credit Suisse outsources fund of fund administration in Guernsey

p { margin-bottom: 0.08in; } Hedgeweek reports that Credit Suisse is planning to outsource administration of its funds of funds domiciled in Guernsey. The transfer will be completed in the next six months, but Credit Suisse did not disclose the name of the provider, or the amount of assets concerned.
15/03/2011

L'Eurogroupe peaufine les détails du FESF

La révision du fonds de stabilisation de l’euro butait encore hier à Bruxelles sur quelques points cruciaux comme la répartition de la charge entre les pays notés AAA et les autres, la structuration du futur capital du fonds ou le tarif appliqué aux bénéficiaires de ses interventions.
15/03/2011

L'Ecosse devrait profiter de l'écologie

La collecte des émissions de dioxyde de carbone et leur stockage en Mer du Nord pourrait engendrer la création de quelque 13.000 emplois en Ecosse et 14.000 supplémentaires dans le reste du Royaume-Uni dans les neuf prochaines années, indique le quotidien qui cite une étude réalisée par le gouvernement écossais. La valeur du marché pour le pays est estimée à 10 milliards de livres d’ici 2025.
15/03/2011

La Chine élargit la convertibilité du yuan

La Chine pourrait quadrupler le montant en yuans que chaque citoyen chinois est autorisé à échanger contre une autre devise, indique le quotidien chinois qui cite une source proche du ministère des affaires étrangères. Les Chinois seraient ainsi autorisés à échanger l’équivalent en yuans de 200.000 dollars, contre un plafond actuel de 50.000 dollars.
15/03/2011

Lazard nomme deux associés

Lazard Frères Gestion a annoncé que Jean-Jacques de Gournay et Matthieu Grouès ont été nommés associés de Lazard. Ils rejoignent les actuels associés François-Marc Durand, responsable des activités de gestion d’actifs en France, et François de Saint-Pierre, responsable des activités de gestion privée en France.
15/03/2011

IPO en vue pour Apollo

Reuters croit savoir que la société de private equity va divulguer aujourd’hui les conditions d’une introduction en Bourse attendue de longue date. Une IPO qui pourrait lui permettre de récolter jusqu’à 500 millions de dollars, essentiellement par l’émission de nouvelles actions, la direction d’Apollo Management ne cédant pas de titres.
14/03/2011

Le Sommet européen détend les périphériques

L’accord inattendu trouvé ce week-end entre chefs d’Etat européens sur la réforme des mécanismes d’aides aux pays en difficulté permettait lundi une nette détente des spreads des emprunteurs périphériques. Les rendements portugais baissaient de 20 à 30 points de base selon les maturités, ceux de l’Espagne de 15 à 20 pb. La détente est encore plus nette en Grèce, qui a bénéficié d’un réaménagement de ses prêts bilatéraux. Seule l’Irlande, revenue les mains vides du Sommet, ne bénéficie pas de ce répit. Les annonces du week-end ont aussi permis aux valeurs bancaires européennes d’ouvrir en nette hausse lundi, et de contrebalancer l’effet de la catastrophe au Japon sur les indices actions occidentaux.

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