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04/02/2011

Sébastien Barbe leaves Rothschild & Cie Gestion

We understand that Sébastien Barbe is leaving Rothschild & Cie Gestion, «legendary» head of the fixed income opération, who had been appointed partner ot the company a few days ago. He is reported to join a third party company with a wider task.His position will be modified so that the «Europe convertibles» he had in charge on top of fixed income will be integrated to the equity and balanced department under Didier Bouvignies and Philippe Chaumel, respectively CIO and co-head of Asset Allocation. For the convertibles opération, Krustell Agaesse, co-manager for the last four years, would take over for the management, and one person is about to be hired to reinforce the team. As far as fixed income is concerned, the team with Christophe Peyraud, Emmanuel Petit and Julien Boy are supposed to concentrate ont Euro govies, Euro credit and insurance mandates. In the meantime, until a replacement is hired for a new head of the fixed income and money market teams, these teams will report directly to Didier Bouvignies.
04/02/2011

Assets under management up at Eaton Vance

p { margin-bottom: 0.08in; } Assets under management at the US asset management group Eaton Vance totalled USD188.7bn as of 31 December 2010, compared with USD185.2bn as of 31 October. Assets in equities increased to USD113.7bn, compared with USD109.1bn, while fixed income contracted to USD42.3bn, from USD54.2bn previously.
04/02/2011

Richmond Park acquires Olympia

p { margin-bottom: 0.08in; } Richmond Park Capital (RPC), the parent company of Richmond Park Partners, will acquire the alternative multi-management firm Olympia, owned by Sagard Private Equity Partners and the employees and management of Olympia CM, a statement released on 4 February states. The personnel at the firm have agreed to remain in the group after the operation is completed, pending the approval of regulatory authorities.RPC says that it will help the management at Olympia CM, which currently manages about EUR1.5bn in assets, to develop its operations, foregrounding its strengths in the investment process, extending its product range, and adding to its marketing approach.The terms of the acquisition deal have not been disclosed.
04/02/2011

Michael Böhm becomes COO of HSBC Global AM Germany

p { margin-bottom: 0.08in; } Michael Böhm, director of capital market legislation on the executive team at the bank HSBC Trinkhaus & Burkhardt, was appointed on 1 January as a member of the executive board and chief operating officer at HSBC Global Asset Management (Deutschland). In this role, he will be responsible for legal affairs, compliance, controlling, IT, and projects. He will coordinate cross-border distribution of asset management products with the Paris and London offices.
04/02/2011

Deutsche Bank asset management results boosted by acquisitions

p { margin-bottom: 0.08in; } The Asset and Wealth Management (AWM) unit within the PCAM (Private Clients and Asset Management) division of Deutsche Bank in 2010 earned net profits of EUR3.9bn, up EUR1.2bn, or 4.6% over the previous year. Part of these gains (EUR646m) were related to the acquisitions of Sal. Oppenheim and BHF. For the year as a whole, AWM earned pre-tax profits of EUR100m, including a loss of EUR368m related to the Sal. Oppenheim and BHF acquisitions. In 2009, pre-tax profit totalled EUR200m. As of 31 December, assets under management in the AWM unit totalled EUR873bn, up EUR27bn from the end of September 2010.
04/02/2011

Allianz unit-linked retirement savings range goes green

p { margin-bottom: 0.08in; } From 1 January, clients of the life insurer Allianz Lebensversicherungs-AG (Allianz Leben) may select sustainable development funds, products from external management firms, and ETFs for their unit-linked retirement savings accounts. The list was released on 3 February.In the first category is Allianz RCM Global Sustainability – A – EUR, a best-in-class product, and the SRI funds Allianz Euroland Equity SRI – A – EUR, Pioneer Funds Global Ecology A, Sarasin OekoSar Equity – Global – A – EUR and Sarasin Sustainable Bond EUR, which are managed according to environmental, social and governance (ESG) criteria.Allianz Leben has also made available its range of three DWS funds (DWS Top Dividende, DWS Vermögensbildungsfonds I and DWS Deutschland) and the Aberdeen Global Emerging Markets Equity.The offer also extends to ETFs with the addition to the list of four ComStage products, the ComStage ETF DAX® FR, ComStage ETF EURO STOXX 50® FR, ComStage ETF S&P 500 and ComStage ETF MSCI World TRN.
04/02/2011

HSBC registers two ETFs in Spain

p { margin-bottom: 0.08in; } HSBC has recently registered two products with the CNMV: HSBC MSCI World ETF and HSBC MSCI Turkey ETF. The management firm has told Funds People that it is planning to release an additional series of ETFs in Spain that will replicate bond and equities indices.
04/02/2011

Net profits at Ameriprise up 55% in 2010

p { margin-bottom: 0.08in; } The US group Ameriprise Financial has reported net profits for fourth quarter 2010 of USD305m, compared with USD237m one year previously. For the year as a whole, net profits were up 55%, to USD1.1bn. Ameriprise says in a statement that in fourth quarter 2010, Advice & Wealth Management and Asset Management activities represented 54% of pre-tax operating profits, compared with 30% one year earlier. Assets under management in the Asset Management unit increased 88% over the year to USD457bn. This significant increased, related to the acquisition of Columbia Management and to positive market effects, was nonetheless offset by outflows. Threadneedle, whose assets under management rose 8% to Usd108bn, posted a significant inflow, even though net outflows ran to USD290bn in the quarter under review. In institutional assets, net outflows totalled USD5.7bn, of which USD4.7bn were from insurance portfolios. In the Advice & Wealth Management unit, retail client assets increased 12% year on year to USD329bn.
04/02/2011

AXA Rosenberg settlement with SEC will not have knock-on effect on results

p { margin-bottom: 0.08in; } AXA announced on 3 February that it does not expect significant impact on its 2010 results due to the settlement reached by AXA Rosenberg, an affiliate of AXA Investment Managers, with the US Securities and Exchange Commission, on the basis of projections which are already reflected in results for first half 2010.The SEC announced the same day that three entities of Axa Rosenberg would pay USD242m to settle a lawsuit related to an IT malfunction. Axa Rosenberg revealed in April 2010 that it had discovered an error in a risk modelling program that had the effect of minimising some risks in its portfolio optimisation system.The Securities and Exchange Commission (SEC) says that the settlement will bring USD216.8m in reimbursements for losses by clients of Axa Rosenberg Group LLC< Axa Rosenberg Investment Management LLC and Barr Rosenberg Research Center LLC.The SEC received an additional payment of USD25m for violations of the deontology code and professional standards.
04/02/2011

Insider trading investigation focuses on hedge funds

p { margin-bottom: 0.08in; } At least 15 hedge funds obtained confidential information about businesses from directors at the companies, according to regulators investigating insider trading on Wall Street, the Financial Times reports. The Securities and Exchange Commission on Thursday filed charges against two consultants working at the expert network company Primary Global Research, and four employees, who they accuse of providing confidential information about results and technology products to hedge funds and other parties, the newspaper reports.
04/02/2011

Frontier IM adds to multi-asset class product range

p { margin-bottom: 0.08in; } Hedge Week reports that Frontier Investment Management has announced that it has added to its range of multi-asset class funds with the launch of the IFDS Frontier Map Cautious Fund. The new fund, which will be launched on 8 February, will include eight asset classes, including global equities, international bonds, emerging markets equities, emerging markets bonds, international real estate, commodities, hedge funds, and managed futures. The allocation of the fund will offer investors lower volatility in returns than the diversified fund. The proportion of the Cautious fund to be invested in the bond asset class will consequently be higher.
04/02/2011

Madoff trustee goes after JPMorgan Chase

p { margin-bottom: 0.08in; } According to legal documents released yesterday by the legally-appointed trustee for Bernard Madoff, Irving Picard, JPMorgan Chase played a role in providing cover for the Madoff scandal, Les Echos reports. The allegations come as part of a legal action by the trustee against JP Morgan to recover USD1bn in profits and USD5.4bn in damages and interest. According to the lawsuit, filed on 2 December, but which had previously been kept secret at the request of the bank, “directors at JP Morgan had expressed serious doubts about the legitimacy of the Madoff investment firm, more than 18 months before the collapse of his Pomzi scheme, but they continued to do business with him.”
04/02/2011

Jupiter Global Fund available in Netherlands and Portugal

p { margin-bottom: 0.08in; } Jupiter on 3 February announced that its Luxembourg Sicav Jupiter Global Fund is now registered for sale in the Netherlands and Portugal. The development is a further sign of Jupiter’s desire to develop outside its main markets, which are Germany, France, and Switzerland. The number of sub-funds available via the Luxembourg Sicav has increased from seven three years ago to 14 currently. Assets under management in the Sicav totalled GBP1.1bn as of 31 December 2010.
04/02/2011

SLI registers GARS strategy in Europe

Standard Life Investments has announced that it has completed the launch of its Global Absolute Return Strategies portfolio (GARS) to European investors. Structured as a sub-fund forming part of Standard Life Investments’ Luxembourg-domiciled SICAV range, the Fund is now available in Denmark, Finland, Germany, Ireland, Luxembourg, The Netherlands, Norway, Spain and Sweden. The SICAV version is now also available in the United Kingdom, where a unit trust structure has been in place since 2008. GARS seeks to deliver an absolute return similar to what might be expected from equities in the long-term, but with significantly less risk. This is sought through a dynamic multi-asset, multi-market strategy that manages investments across a range of traditional and non-traditional sources of return. GARS currently has EUR8 billion of assets under management and 331 institutional clients.The strategy is managed by a team of 24 investment professionals with an average of 15 years’ investment experience.
04/02/2011

Standard Life Investments to release GARS Sicav in 10 European countries

p { margin-bottom: 0.08in; } On 3 February, Standard Life Investments (SLI) announced that its Global Absolute Return Strategies (GARS) portfolio, launched in November 2005, which has already raised EUR8bn, is now available in Sicav form in the United Kingdom (where it had been available as a unit trust since 2008), as well as in Germany, Denmark, Spain, Finland, Ireland, Luxembourg, Norway, the Netherlands, and Sweden. In the past three years (to 31 December 2010), the product has earned annualised gross returns of 8.62%, with volatility of 7.5% Its objective is to outperform the Euribor 6 month by 500 basis points.
04/02/2011

Sherborne wins its battle at F&C

p { margin-bottom: 0.08in; } The activist investor Edward Bramson has won his battle for control of the UK asset management firm F&C, in which he controls 17% of capital via his firm Sherborne Investors. His resolutions to install himself as head of the management firm were massively approved by shareholders at an extraordinary general shaoreholders’ meeting on 3 February, held at his request. 65% of shareholders voted in favour of the departure of Nick MacAndrew, chairman and director of the firm, and 61% voted for the departure of Brian Larcombe from his position as director. 70% of shareholders voted in favour of the appointment of Bramson as director, and he was then appointed the new chairman of F&C. 54.7% and 70.8% of shareholders, respectively, chose to appoint Ian Brindle and Derham O’Neill as members of the board of directors. Total votes on the fice resolutions represented more than 80% of capital issued by F&C. Back in August, Sherborne Investors, which defines itself as an investment company specialised in recovery at troubled businesses, announced its acquisition of a 5% stake in F&C. The stake was then increased, up to the present level of about 17%. At the end of December, Sherborne called for an extraordinary general shareholders’ meeting to replace the current management of the firm.
04/02/2011

Swiss asset management looks to the future with confidence

p { margin-bottom: 0.08in; } The Swiss asset management and investment fund sector has developed well in 2010, and is now looking to the future with optimism. “This year will be a good time to resolutely roll out new improvements to guiding conditions,” the Swiss Funds association says in a statement. As of the end of 2010, the statement says, 7,191 collective capital investment funds were authorised for public sale in Switzerland (6,502 the previous year), of which 1,400 (previously 1,343) were Swiss-registered funds. “The Swiss investment fund and asset management market has recovered nicely from the financial crisis, and is now in good health. But it still has room to grow, which is all the more marked as investor confidence has not yet fully recovered. But Switzerland is well-equipped to brilliantly face these challenges in the future,” says Martin Thommen, president of the SFA, cited in a statement. The number of members of the association rose by another 10% in 2010, to 171 companies. Among the new active members are Aberdeen AM Switzerland, Dexia AM Luxembourg SA, Geneva, Jabre Capital Partners SA, Geneva, LGT Capital Partners SA, Pfäffikon, Partners Group, and Reyl AM SA, Geneva.
04/02/2011

Réouverture aujourd’hui de cinq registres nationaux du CO2

La Commission européenne a annoncé la réouverture aujourd’hui dans cinq pays des registres nationaux de permis d'émission de CO2, deux semaines après avoir suspendu les transactions spot sur ce marché en raison de vols. Les registres de la France, de l’Allemagne, de la Slovaquie, des Pays-Bas et de la Grande-Bretagne redémarrent leurs activités habituelles ce matin, a annoncé l’exécutif européen.
04/02/2011

Advent songe à une vente de Stokomani

Le fonds d’investissement réfléchit à une vente cette année de l’enseigne française de déstockage discount qu’il a rachetée en avril 2007, a indiqué à Reuters Pascal Stefani, le gérant à Paris d’Advent International. L’enseigne avait atteint près de 165 millions de chiffres d’affaires en 2010 contre 83 millions en 2006. Advent International vient juste de vendre la chaîne allemande de mode Takko au fonds Apax Partners.
04/02/2011

Blackstone prépare son prochain fonds immobilier

La société d’investissement américaine pense lancer la levée de fonds pour son prochain fonds immobilier, Blackstone Real Estate Partners VII, cette année. Le véhicule pourrait atteindre la mêmetaille que celui mis sur pied en 2008, soit dix milliards de dollars. Celui-ci, BREP VI, est actuellement investi à 70%.
04/02/2011

CM-CIC Capital Finance voit le jour

Le Crédit Mutuel CIC a annoncé avoir fusionné ses trois filiales spécialisées dans le capital investissement au sein d’une entité unique, CM-CIC Capital Finance. La banque mutualiste explique que la nouvelle société, née du rapprochement de CIC Finance, CIC Banque de Vizille et IPO, conservera ses implantations en province à Lyon, Nantes, Strasbourg, Lille et Bordeaux, en plus de son siège à Paris. CM-CIC Capital Finance interviendra sur l’ensemble des métiers du financement en haut de bilan, à savoir le capital risque, le capital développement, le capital transmission, le conseil et l’ingénierie financière. La société pourra prendre des participations d’un à 100 millions d’euros au capital des entreprises. «CM-CIC Capital Finance compte plus de 2,6 milliards d’euros investis en France et à l’international», rappelle la banque.
04/02/2011

La SEC poursuit ses investigations sur les réseaux d’experts

Le gendarme financier américain a indiqué avoir lancé des poursuites à l’encontre de six consultants soupçonnés d’avoir alimenté des fonds alternatifs en informations privilégiées. Quatre d’entre appartiennent au secteur technologique, employés par Apple, AMD, Dell ou encore Flextronics.
04/02/2011

Bank of New York Mellon accusée de faux

Une plainte aurait été déposée contre la banque, selon le quotidien qui cite des sources proches du dossier. Certains de ses traders sur devises auraient utilisé un système du nom de «Charlie» visant à créer de fausses transactions et à prendre des commissions fantômes aux fonds de pension de l’Etat de Virginie pour un montant total de fraude de 20 millions de dollars.
04/02/2011

Butler Capital mise sur Partouche

Butler Capital Partners, qui va prendre près de 15% du capital de Groupe Partouche par le biais d’une augmentation de capital annoncée mercredi, parie sur une rapide réduction des pertes de la société familiale de casinos à qui il veut donner un nouvel élan. Dans un entretien accordé à la chaîne télévisée, Walter Butler a estimé que les problèmes de surendettement de l’entreprise avaient été réglés par une renégociation avec les banques.
04/02/2011

De l’activisme sans ménagement d’un hedge fund

Le gestionnaire alternatif Elliott Associates, principal actionnaire de la biotech suisse Actelion, avec 6% du capital, a écrit aux membres du conseil d’administration pour leur réclamer le départ du président Robert Cawthorn et du directeur général Jean-Paul Clozel. Le hedge funds souhaite la création d’un comité stratégique destiné à étudier les différentes options face aux rumeurs d’offre d’achat visant Actelion. La direction actuelle se montre bien incapable d’agir, selon Elliott Associates, qui estime que le cours boursier pourrait être deux fois plus élevé. «Cela ne nous laisse pas d’autre choix que de clamer publiquement notre inquiétude» indique l’actionnaire mécontent.

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