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07/03/2011

High net worth clients remain committed to social causes

p { margin-bottom: 0.08in; } According to a study by Commerzbank Wealth Management, in partnership with TNS Infratest, high net worth clients have an above-average commitment to social causes. Since the financial crisis in recent years, the inclination of these clients to make donations has increased, the study finds. Out of 100 high net worth clients (with at least EUR1m), about 71% support social projects, and most have a social (41%) or charitable (35%) agenda. Despite the financial crisis, or perhaps as a result of the financial crisis, 91% of millionaires state that they have donated as much or more to charitable causes in the past two years as before. 96% of respondents say that they are planning to maintain their donations at the same level or increase them in 2011.
07/03/2011

Eurizon-Pioneer merger to be discussed in coming days

p { margin-bottom: 0.08in; } The top management of UniCredit and Intesa Sanpaolo will meet in the next few days to discuss a potential merger between their respective asset management units, Pioneer and Eurizon, Plus, the money supplement of Il Sole – 24 Ore, reports. Synergies arising from the operation are reported to have been quantified by McKinsey. Together, Pioneer and Eurizon would control 30% of the Italian asset management market, the weekly newsmagazine writes. The two asset management affiliates may be transferred to a new firm via an exchange of shares; Intesa Sanpaolo would control a majority in the new firm.
07/03/2011

Schroders launches its first low-cost fund

Schroders on 3 March announced the launch of the Schroder UK Core Fund, the first in a series of actively-managed products, designed to provide clients with an alternative to passive management, at a low price, with lower risk and higher transparency.The fund, which will invest in UK equities, will aim to outperform the benchmark index, the FTSE All Share, by 1% per year after commissions.Main CharacteristicsAnnual management commission: 0.35%Total TER: 0.40%Front-end fee: nonePerformance commission: noneMinimal investment: GBP1,000
07/03/2011

MAM Funds to launch an equities income trust

p { margin-bottom: 0.08in; } MAM Funds is preparing to launch an income trust to invest in all cap sizes, but dedicated more particularly to UK small and midcaps. The Diverse Income Trust will be listed on the London Stock Exchange in April, and will aim to raise GBP50m through an issue of shares at 50 pence each. The trust will aim for annualised dividend returns of 4%, based on quarterly distribution. The fund will be managed by Gervais Williams, who has recently joined MAM Funds, and who is the former head of small caps from Gartmore, where he managed the Gartmore Irish Growth trust, the Fledgling trust and the Growth Opportunities fund. Management commission is set at 1%.
07/03/2011

Nordea Switerland recruits a head from SAM

p { margin-bottom: 0.08in; } Since the beginning of March, Phil Steiner, who was head of sales for German-speaking Switzerland and Geneva for SAM Sustainable Asset Management (Robeco group), after creating SAM USA in New York, has joined Nordea Investment Funds Switzerland, as sales director in charge of retail and institutional clients for German-speaking Switzerland.
07/03/2011

Julius Baer increases its dividends and announces share buyback

p { margin-bottom: 0.08in; } On 7 February, Julius Baer Group announced that it will propose a dividend at its general shareholders’ meeting on 7 April of CHF0.60 per share for 2010, up from CHF0.40 in 2009.The board of directors will also propose to buy back shares for a maximum of CHF500m; the shares would then be cancelled.
07/03/2011

Mizuho acquires 95% of Eurekahedge

p { margin-bottom: 0.08in; } Mizuho Corporate Bank will soon acquire 95% of capital in Eurekahedge, a data provider specialised in research into hedge funds, Hedgeweek reports. The acquisition of a controlling stake will allow Mizuho to increase its cooperation with the firm, which is already ongoing. Mizuho founded an affiliate in October 2010 dedicated to alternative management, Mizuho Global Alternative Investments, which has developed a partnership with Eurekahedge.
07/03/2011

Asian high net worth investors cause hedge fund frenzy

p { margin-bottom: 0.08in; } The alternative management firm D.E. Shaw last year dispatched Julius Gaudio, one of the six members of its executive board, to Hong Kong, to meet more frequently with local clients, and brought on board Qin Xiao, former chairman of China Merchants Bank, as a member of its China advirosy board, the Wall Street Journal reports, adding that Asian high net worth investors are being actively pursued by hedge funds.GLG Partners has also sent Andrew Thatcher to Hong Kong, where Soros Fund Management, Viking Global Investors and Paulson & Co have also set up rep offices.But it is becoming difficult to retain talent, as the more high-visibility managers are tending to go independent: Liang Meng, a partner at D.E. Shaw, and Carl Huttenlocher, who has left Highbridge (JPMorgan AM) have done so.
07/03/2011

Very large increase in assets at Saxo AM

p { margin-bottom: 0.08in; } The online stock market specialist Saxo Bank, which on 3 March reported that its net profits tripled in 2010 to EUR86.4m, has posted a strong increase in its asset management activities. Assets under management at the bank, managed by Saxo Asset Management, have increased from about EUR2.5bn to over EUR4.18bn as of 31 December 2010. The cause of the development is the large growth of assets for the Danish asset management firms Sirius, acquired in late 2008, Capital Four Management, which was taken over 100% in October 2009, and Global Evolution, which has been 51% controlled by Saxo Bank since the same date.
07/03/2011

Northern Trust wins a USD3.5bn mandate

p { margin-bottom: 0.08in; } Northern Trust on 3 March announced that it has won a USD3.5bn mandate from the fund of hedge fund manager Stenham Asset Management. Northern Trust will provide custody, fund administration, and forex management services.
07/03/2011

Buffett writes down a big loss on an investment

Warren Buffett has recorded a big loss on an investment he made near the peak of the leveraged-buyout boom, according to The Wall Street Journal. Berkshire Hathaway recorded a USD1 billion fourth-quarter write-down on USD2.1 billion in «junk» bonds of the Texas power producer formerly known as TXU, which went private in a USD45 billion buyout in 2007.
07/03/2011

BNY Mellon AM appoints a CEO for Mellon Capital & The Boston Company

p { margin-bottom: 0.08in; } BNY Mellon Asset Management has announced the appointment of Gabriela Parcella as CEO of Mellon Capital & The Boston Company, while Bart Grenier becomes chairman and CEO of The Boston Company Asset Management. Parcella and Grenier also join the executive board at BNY Mellon Asset Management.
07/03/2011

Pimco recruits for equities team

p { margin-bottom: 0.08in; } Pimco has announced recruitments for its equities team: Tim Bruenjes, senior vice president and equities trader, Vlad Clara, senior vice president and equities analyst, who will work to develop emerging markets equities strategies, Erwan Markson-Brown, senior vice president and equities analyst, Amit Mehta, senior vice president and equities analyst, Nate Velarde, senior vice president and equities analyst for the Pathfinder deep value strategy, Niall Hession, equities trader, and Eden Simmer, equities trader.
07/03/2011

Janus recruits a manager for Worldwide Fund

p { margin-bottom: 0.08in; } Janus Capital Group has announced the recruitment of George Maris as manager for its Worldwide fund. He will begin on 14 March, the management firm says. Maris previously managed mutual funds and institutional assets at Northern Trust.
07/03/2011

Harewood Asset Management and Sigma merge

p { margin-bottom: 0.08in; } La Tribune reports that Harewood Asset Management (HAM), an asset management firm (structured, systematic and alternative management) controlled by BNP Paribas, a part of BNP Paribas CIB, and the asset management unit Sigma (structured, index-based, guaranteed active management, risk allocation and multi-strategy overlay), from BNP Paribas Asset Management (BNPP AM), a part of BNP Paribas Investment Partners (BNPP IP), are to merge. The merger appears to be already in effect. The newspaper reports that on the homepage of the BNPP IP website that features Harewood in its list of partners and on product prospectuses, the address is now given as 14, rue Bergère, Paris, the headquarters of BNPP IP and BNPP AM. The new management firm is 100% controlled by BNPP AM, and is directed by Gilles Guérin, former CEO and vice-chairman of the board for HDF Finance. Alexandre Mojaisky, the current CEO of Harewood AM, “will remain at the firm,” a source familiar with the matter has told La Tribune.
07/03/2011

Harewood Asset Management et Sigma se rapprochent

Selon La Tribune, Harewood Asset Management (HAM), société de gestion (gestion structurée, systématique et alternative) de BNP Paribas logée dans le département BNP Paribas CIB, et le pôle des gestions Sigma (structuration, gestion indicielle, gestion active garantie, allocation des risques et overlay multi-stratégies) de BNP Paribas Asset Management (BNPP AM) qui est dans BNP Paribas Investment Partners (BNPP IP), fusionnent.Le rapprochement semble effectif. Ainsi, selon le quotidien, la page d’accueil du site internet de BNPP IP qui fait figurer Harewood dans sa liste de partenaires et sur les prospectus des produits d’Harewood, l’adresse est désormais 14, rue Bergère, Paris, siège de BNPP IP et BNPP AM. La nouvelle société de gestion est détenue à 100 % par BNPP AM et est dirigée par Gilles Guérin, ancien directeur général et vice-président du directoire de HDF Finance. Alexandre Mojaisky, l’actuel directeur général de Harewood AM «reste dans la maison», indique une source proche du dossier à La Tribune.
07/03/2011

Harewood Asset Management et Sigma se rapprochent

Selon La Tribune, Harewood Asset Management (HAM), société de gestion (gestion structurée, systématique et alternative) de BNP Paribas logée dans le département BNP Paribas CIB, et le pôle des gestions Sigma (structuration, gestion indicielle, gestion active garantie, allocation des risques et overlay multi-stratégies) de BNP Paribas Asset Management (BNPP AM) qui est dans BNP Paribas Investment Partners (BNPP IP), fusionnent.Le rapprochement semble effectif. Ainsi, selon le quotidien, la page d’accueil du site internet de BNPP IP qui fait figurer Harewood dans sa liste de partenaires et sur les prospectus des produits d’Harewood, l’adresse est désormais 14, rue Bergère, Paris, siège de BNPP IP et BNPP AM. La nouvelle société de gestion est détenue à 100 % par BNPP AM et est dirigée par Gilles Guérin, ancien directeur général et vice-président du directoire de HDF Finance. Alexandre Mojaisky, l’actuel directeur général de Harewood AM «reste dans la maison», indique une source proche du dossier à La Tribune.
07/03/2011

NovaCaixaGalicia courted by hedge funds

p { margin-bottom: 0.08in; } NovaCaixaGalicia, the result of a merger of Caixa Galicia and Caixanova, has opened an initial series of consultations with investors. Expansión reports that the business has attracted the interest of Quantum, the hedge fund owned by George Soros, and Paulson & Company, as well as the private equity investors Cerberus Capital and Blackstone.According to financial industry sources, these investors are favourably inclined to the firm as NovaCaixaGalicia controls more than a 50% market share in Galicia, and has a vast portfolio of clients. But it may also be a highly inexpensive investment, offering a prospect of long-term appreciation.
07/03/2011

Shareholder interests penalised by golden parachutes

p { margin-bottom: 0.08in; } In corporate acquisitions, directors who expect to receive generous packages on departure, known famously as “golden parachutes,” are prepared to sell their businesses at a lower price, which costs shareholders millions of dollars, according to a study by the Cass Business School in London and LeBow College of Business in Philadelphia. The study, led by Dr. Anh Tran at Cass Business School (City University, London) and professors Eliezer Fich and Ralph Walking at LeBow College of Business (Drezel University, Philadelphia), takes into account more than 850 acquisitions announced in the United States between 1999 and 2007. The authors weighed the size of the golden parachute against all other indemnities the chairman and CEO stood to receive in case of merger, including potential loss of income. It also found that a 10% increase in the size of the parachute compared with other indemnities results in a 5% decrease in acquisition premiums above the market share price, which represents an average loss of USD249m for a typical acquisition.
07/03/2011

Polygon offers investors a way out

Three years after its near-collapse, Polygon Capital, one of the biggest hedge fund victims of the financial crisis, is offering investors 72 per cent of the par value of their holdings in cash to withdraw from their remaining positions in its flagship fund, Global Opportunities, according to the Financial Times.This will put an end to the wind-down process started after the fund’s 48 per cent loss in 2008.The firm told investors at the end of last year that it would shut its Global Opportunities fund and transfer the remaining illiquid assets into a new separate fund, but an exit price for those who did not wish to participate was not set at the time.
07/03/2011

Henderson and JPMAM register funds in Spain

p { margin-bottom: 0.08in; } The CNMV on 4 February registered the Henderson Credit Alpha Fund a sub-fund of its British Sicav Henderson Strategic Funds, for sale in Spain by Allfunds Bank.On the same date, the Spanish reguilator registered three sub-funds of the Irish Sicav JPMorgan Structured Funds, the Alternative Series Multi Strategy 10 Fund, Alternative Series Multi Strategy 5 Fund, and the JPMorgan Mansart Investments Strathmore Fund. The funds will also be available in Spain from Allfunds Bank.
07/03/2011

Santander acquires EUR2.3bn in shares in Banif Inmobiliario

p { margin-bottom: 0.08in; } On 4 March, Santander notified the CNMV that, along with other entities of the group (Banif, Banesto and Openbank), it had redeemend all shares in the real estate fund Banif Inmobiliario submitted for redemption by investors seeking to exit from the fund as of 1 March.This corresponded to EUR2.326bn, or 93.01% of the assets in the fund (EUR2.50073bn). Due to the depreciation of assets in the portfolio, the Spanish press reports, Santander saved EUR600m compared with the amount it would have had to pay out as of February 2009, when redemptions were frozen for two years.The fund is now 96.62% held by the Santander group. The next liquidity window is set for 1 to 16 October 2011.
07/03/2011

Le LSE lorgne le Nasdaq

Le London Stock Exchange envisage de mettre la main sur le Nasdaq, quelques semaines seulement après avoir annoncé son projet d’union avec la Bourse de Toronto, qui reste une étape incontournable. Le président du directoire de Deutsche Börse, Reto Francioni, a par ailleurs tenu à assurer au Handelsblatt que l’opérateur allemand est en mesure de mener comme bon lui semble le rapprochement avec Nyse Euronext.

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