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15/02/2011

Les activistes font leur grand retour

Le Financial Times Fund Management constate que les investisseurs activistes font leur grand retour. Le journal cite notamment l’intervention d’Edward Bramson au sein de F&C AM, les pressions de Laxey Partners sur Alliance Trust, etc. «La crise a créé un environnement favorable pour les activistes. Les entreprises sont de plus en plus enclines à écouter et agir sous l’impulsion d’actionnaires constructifs», indique Paul Harrison, principal et directeur général de Hermes Focus Asset Management.
15/02/2011
Fonds

Henderson GI propose de fusionner deux fonds ISR

Henderson Global Investors se propose de fusionner deux fonds ISR, le Henderson Global Care Growth fund (225 millions de livres d’encours) et le Henderson Industries of the Future Fund (107 millions de livres).Le fonds issu de cette fusion, qui devrait intervenir à la mi-mai, sera géré par Tim Dieppe, qui pilotait déjà les deux stratégies thématiques. La gamme de produits ISR comprendra désormais The Industries of the Future fund (le fonds issu de la fusion), le Global Care UK Income fund et le Henderson Global Care Managed fund.
Fonds
15/02/2011

Le LSE adopte un système de trading plus rapide

Selon L’Agefi, le London Stock Exchange a fait migrer sa principale plateforme boursière vers un système plus rapide, mettant fin aux problèmes techniques de sa précédente technologie. La migration de son principal système d'échange vers une technologie développée par Millenium le rend plus rapide et plus attractif pour les hedge funds, précise le quotidien.
15/02/2011
Fonds

FundQuest confie sa gamme Select à une équipe d’anciens Fortis

Division multigestion de BNP Paribas Investment Partners, Fundquest a redistribué en interne la gestion de la gamme Select qui était assurée par Paul Kim et Richard Timberlake, partis chez LVAM remplacer Tom Caddick et Toby Vaughan, qui ont rejoint pour leur part le Santander, rapporte Fund Strategy.Concrètement, FundQuest a confié les fonds concernés à une équipe de cinq personnes issues de Fortis Investments. Ainsi, Pankaj Shah, head of portfolio management chez FundQuest UK, reprend le CF FundQuest Select Income fund tandis que Jim Snow, gérant de portefeuille senior, reprend le CF FundQuest Select fund, un produit issu de la fusion des fonds CF FundQuest Global Select et Select Opportunities.
Fonds
15/02/2011

Henderson GI to merge two SRI funds

p { margin-bottom: 0.08in; } Henderson Global Investors is proposing to merge two SRI funds, the Henderson Global Care Growth Fund (GBP225m) and the Henderson Industries of the Future Fund (GBP107m). The fund resulting from the merger, which would be operational by mid-May, will be managed by Tim Dieppe, who is already manager of the two thematic strategies. The SRI product range will then include the Industries of the Future Fund (as the merged fund will be named), the Global Care UK Income fund, and the Henderson Global Care Managed fund.
15/02/2011

FundQuest hands its Select range off to a team from Fortis

p { margin-bottom: 0.08in; } The multi-manager division of BNP Paribas Investment Partners, Fundquest, has internally redistributed the management of its Select product range, which was previously managed by Paul Kim and Richard Timberlake, who moved to LVAM, to replace Tom Caddick and Toby Vaughan, who have joined Santander, Fund Strategy reports. FundQuest has entrusted the management of the funds concerned to a team of five people formerly from Fortis Investments. Pankaj Shah, head of portfolio management at FundQuest UK, will take over the CF FundQuest Select Income fund, while Jim Snow, senior portfolio manager, will take over the CF FundQuest Select fund, a product created from the merger of the CF FundQuest Global Select and Select Opportunities funds.
15/02/2011

Fidelity France reshuffles sales team

p { margin-bottom: 0.08in; } The range of products dedicated to the independent financial advisor (IFA) market at Fidelity France is now in place. At the completion of a reshuffle of sales forces, led by Olivier Gourragne, chairman of Fidelity France, in which Ivan Monème, director of institutional communication, has been given responsibility for marketing and communication, the management firm has recruited Cédric Michel as head of distribution activities. The objective is to replace Michel Audeban, former director of sales and distribution, who left the firm early in 2011. Michel, who will now be in charge of IFAs and online brokers as well as other channels, is not unknown at Fidelity: he previously worked at Natixis Asset Management with Stéphan de Quelen, also a former employee of the Paris-based management firm, before becoming head of partnerships in early 2009. The only thing left was to develop a well-calibrated and convincing range of funds for IFAs. For this purpose, in addition to the range of traditional funds, Fidelity Funds is planning to win over new clients with an especially-created French-registered product: Fidelity Patrimoine. As its name indicates, the OPCVM fund will play the performance card, but will also include capital protection for investors who rely on flexible management, which is highly popular with IFAs.
15/02/2011

Amundi ETF got a lot done in 2010

p { margin-bottom: 0.08in; } In a statement released on Monday, 14 February, detailing the development of its activities in Europe and the enlargement of its product range, Amundi ETF reported that it had assets under management of EUR5.3bn as of the end of December 2010, an increase of nearly 60% for the year, compared with 24% for the European market. Last year, the firm completed nearly 300 registrations and listings of products in France, Germany, the Netherlands, Italy and Switzerland, and launched 29 products. In total, the product range from the management firm now includes 94 ETFs, covering the major asset classes: equities, bonds, money markets, and commodities. Amundi ETF now claims a place as the third-largest issuer in Europe, the firm states.
15/02/2011

Funds fail to monitor currency trading

Public pension funds have increased currency trading in the past decade but have failed for years to monitor prices banks charge in making these trades, according to The Wall Street Journal, citing government and court documents and interviews with consultants and others. In 2003, a British currency consultant and former Bank of England economist said he warned Calpers about being overcharged. But it had no effect.
15/02/2011

Blackstone recruits deputy CEO from ING Investment Management

p { margin-bottom: 0.08in; } On 14 February, the Blackstone Group announced the recruitment of Martin Donnelly as managing director of its Australian office, in Sydney. He becomes head of development and client relationship management for Australia and the Pacific basin at Blackstone Alternative Management (BAAM, USD33bn in assets worldwide as of 31 December 2010). Donnelly was most recently deputy chief executive at ING Investment Management Australia (since 2007), and previously served as director of institutional business at Barclays Global Investors. He will be responsible for creating custom solutions to meet growing demand on the part of investors who are increasingly turning to traditional products.
15/02/2011

GLG partners launches an absolute return UCITS III fund

p { margin-bottom: 0.08in; } GLG Partners has launched a UCITS III-compliant version of its North American Opportunity hedge fund portfolio domiciled in the Cayman Islands, Investment Week reports. The new long/short portfolio, the GLG North American Equity Alternative UCITS fund, is managed by John Gisondi, head of North American equities. Gisondi will invest as a top priority in high-liquidity mid- to large caps, on the basis of bottom-up analysis.
15/02/2011

Skandia awards a GBP67m mandate to Marc Renaud

p { margin-bottom: 0.08in; } Skandia Investment Group (SIG) has awarded a GBP67m mandate (or about EUR80m) in its flagship GBP1bn Global Dynamic Equity Fund, to Mandarine Gestion’s European equity manager, Marc Renaud. SIG explains it has made the decision to move the mandate from Alliance Bernstein to Mandarine Gestion to enhance the alpha potential within the European equity allocation which the Global Dynamic Equity fund holds. The other managers of the European equity allocation (including UK equities) are Argonaut, Wellington and Schroder. Since launch in March 2009, the Skandia Global Dynamic Equity has outperformed returned 65.94% compared to a benchmark of 53.43%.
15/02/2011

2010 inflows bounce back to 2005 levels

For 2010 as a whole, European net sales finished at EUR283.6bn (ex-money market funds), their highest level since 2005 (EUR371.0bn), according to Lipper. Cross-border groups accounted for 79% of this activity (EUR222.7bn). Franklin Templeton was the most successful asset manager in terms of net sales for the year, achieving inflows of EUR31.4bn, ahead of Allianz/Pimco (EUR20.5bn) and Carmignac (EUR16.9bn).Deutsche Bank generated the greatest equity net sales in 2010 (EUR8.3bn), although this was primarily due to its db x-trackers ETF range. Among active fund managers, Aberdeen led the way with equity fund sales of EUR7.1bn, thanks to the success of its Emerging market, Asian and Global products.2010 was the year of bond funds, but December gave the clearest sign yet that the tide has turned and that investment is ebbing from bonds and flowing into equities, according to Lipper. So while fixed income funds saw net sales of EUR126bn for the year, they suffered redemptions of EUR6.7bn in December. By contrast sales of equity funds rose again in the last month to EUR20.3bn - bringing the one year total to EUR83.2bn.
15/02/2011

Two new emerging markets funds from Investec

p { margin-bottom: 0.08in; } On 31 January, Investec Asset Management launched two new sub-funds of its UCITS-compliant Sicav GSF Luxembourg, the emerging market local currency bond fund Investec GSF Emerging Markets Local Currency Dynamic Debt, and the emerging markets currency fund GSF Emerging Markets Currency. The two products are managed by the emerging market debt team, led by Peter Eerdmans, and may adopt long and short positions, the former on debt from 23 of the most liquid countries, and the latter on currencies from 36 emerging countries. The portfolio of the EM Local Currency Dynamic Debt fund (LU0565898722) will include 15 to 25 active long and short positions. Its benchmark is the JPM BGI-EM Global. The front-end fee is 5.26%, and management commission is 1.50%. The EM Currency Fund (LU0565900726), whose principal manager is Werner Gey van Pittius, charges a front-end fee of 5.26%, and a management commission of 1.20%. It will have 10 to 20 active positions, and will use the JP Morgan ELMI+ as its benchmark index.
15/02/2011

EUR60m loss for Banif Inmobiliario

p { margin-bottom: 0.08in; } Expansión reports that, based on the most recent report submitted to the CNMV, the Edificio España skyscraper in Madrid, owned by the real estate fund Santander Banif Inmobiliario, was valued as of the end of December at only EUR215m, while it was acquired in June 2005 from Metrovacesa for EUR277m.
15/02/2011

Spanish government to eliminate obstacles to fund supermarkets

p { margin-bottom: 0.08in; } The Spanish minister of the economy has at least partly heeded advice from management firms and their professional association (Inverco): he is going to remove one of the most significant obstacles to third-party fund distribution, Cinco Días reports. With the transposition of the UCITS IV directive, which modifies Spanish law on collective investment organisms, a draft of which has been opened for a market consultation (until 28 February), fund distributors will no longer be required to provide managers with the details of subscribers to the products. This arrangement will result in the creation of global accounts, known as “omnibus” accounts. However, the legislator for the moment has not opted to take up another suggestion, which would have made it easier to sell Spanish funds abroad via omnibus accounts: this provision is not included in the draft legislation.
15/02/2011

Assets under management down at Clariden Leu

p { margin-bottom: 0.08in; } Assets under management at the Swiss Clariden Leu group totalled CHF96bn as of the end of December 2010, compared with GBP102bn as of the end of December 2009. Clariden Leu says in a statement that the development is largely due to the weakness of the US dollar and the euro against the Swiss franc. In addition, the firm has seen an outflow of CHF600m, following -CHF500m in 2009. Clariden Leu states, however, that the group returned to net inflows in second half. Net profits at the group in 2010 totalled CHF209m, compared with CHF353m the previous year, but results for last year included a one-time gain of CHF100m.
15/02/2011

iShares appoints a director in Switzerland

p { margin-bottom: 0.08in; } iShares Switzerland has appointed Matthieu Vinson as head of distribution for French-speaking Switzerland and Ticino. Vinson is head of private and institutional clients for the region, but will be based in Zurich.
15/02/2011

Acquisition dans la santé pour Clayton, Dubilier & Rice

Le fonds d’investissement va acquérir le spécialiste américain des services de santé Emergency Medical Services pour environ 3 milliards de dollars. A 64 dollars par action, le prix de l’offre est inférieur de 9% au cours de clôture vendredi. Le fonds canadien Onex, qui détient 31% du capital, a indiqué qu’il soutenait l’opération.
15/02/2011

Chiffres « solides » en vue pour la croissance française

D’après plusieurs sources proches du gouvernement français citées par Reuters, les chiffres de la croissance française pour le quatrième trimestre de 2010, attendus aujourd’hui, devraient être «solides» et refléter une forte hausse de l’activité.
15/02/2011

Christine Lagarde espère une croissance « dans les clous »

La ministre française de l’Economie, Christine Lagarde, a dit espérer lundi que les chiffres de la croissance du quatrième trimestre 2010, attendus aujourd’hui, soient «dans les clous». Selon 28 économistes interrogés par Reuters, la croissance française du PIB au quatrième trimestre de 2010 est attendue en moyenne à 0,6%.
15/02/2011

La demande d’acier devrait croître de 10% au Vietnam

Selon le quotidien qui se réfère à l’association des producteurs d’aciers du pays, la demande d’acier au Vietnam augmentera d’environ 10% en 2011 pour atteindre 6,9 millions de tonnes. Les coupures d’électricité et la dévaluation de la devise locale ont eu un effet négatif sur la production et pourrait conduire à une augmentation des tarifs, souligne également le journal.
15/02/2011

Jean-Claude Trichet est relativement optimiste sur la croissance

Interrogé par le quotidien, le président de la BCE estime que l'économie réelle a surpris positivement ces derniers mois, non seulement en l’Allemagne mais dans l’ensemble de la zone euro. «A la BCE, nous n’avons pas partagé les craintes de voir ‘une double récession’, même si nous avons tenu un discours prudent», relève-t-il. Il ajoute qu’il appartient à toute banque centrale d'éviter des effets de « second tour » lors d’un choc de prix sur les matières premières. «Il faut que les différents agents économiques et les partenaires sociaux ne s’imaginent pas que la bonne inflation à prendre en compte est celle qui vient de cette hausse abrupte des prix de l'énergie», ajoute-t-il.

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