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02/12/2010
Fonds

GLG va fermer Alpha Select

GLG, qui fait désormais partie de Man Group, va fermer le fonds Alpha Select de John White aux nouvelles souscriptions vendredi, après avoir atteint son objectif d’encours de 550 millions de dollars, rapporte Investment Week. Lancé en février, ce fonds long/short réplique la stratégie market neutral actions britanniques de GLG. Il avait initialement été fermé en mai après avoir franchi la barre de 300 millions de dollars, puis rouvert pour faire face à la forte demande, rappelle le site Internet.
Fonds
02/12/2010

RBC Dexia poursuit son offensive sur l'Asie

RBC Dexia Investor Services a annoncé le transfert de Diana Senanayake de Luxembourg à Singapour afin de piloter la croissance de la société dans la région.Promue managing director, Diana Senanayake aura notamment pour mission le développement des activités de RBC Dexia Investor Services sur le marché de Singapour. Elle prend la succession de Dominique Draux qui se concentrera désormais les activités à Kuala Lumpur, où les effectifs devraient approcher la barre des 500 d’ici à la fin de l’année.
02/12/2010
Fonds

Baisse des souscriptions d'ETF au T3

Lipper a calculé selon la Frankfurter Allgemeine Zeitung que les souscriptions nettes enregistrées par les ETF au troisième trimestre ont chuté de 31 % par rapport au record historique du deuxième trimestre, à 35,5 milliards d’euros.
Fonds
02/12/2010
Fonds

Les remboursements nets se sont poursuivis en novembre

D’après l’association espagnole Inverco des sociétés de gestion, l’encours des fonds de valeurs mobilières en Espagne a baissé de près de 3 % en novembre par rapport à octobre pour se situer à 140,29 milliards d’euros fin novembre. Cela est imputable notamment à de nouvelles sorties nettes de 2,83 milliards d’euros en octobre, ce qui porte le total pour les dix premiers mois de l’année à plus de 20 milliards d’euros.Ahorro Corporación a calculé pour sa part que les rachats nets auraient atteint 3,7 milliards d’euros en novembre et que l’encours au 30 novembre, avec 145,7 milliards, a diminué de 5,5 milliards d’euros.
Fonds
02/12/2010

Mediobanca cherche des acquéreurs pour les actifs renouvelables d'ACS

Selon El Confidencial relayé par Cotizalia, l’italien Mediobanca a pris de premiers contacts avec Enel et le fonds souverain GIC de Singapour qui pourrraient être intéressés par l’acquisition des actifs d’ACS dans le domaine des énergies renouvelables, pour un total de 1.910 mégawatts de puissance installée.
02/12/2010
Fonds

Hausse de l'encours des fonds luxembourgeois en octobre

Selon la Commission de surveillance du secteur financier (CSSF), l’encours net au Luxembourg des organismes de placement collectif et des fonds d’investissement spécialisés au 31 octobre 2010 ressortait à 2.107,57 milliards d’euros contre 2.083,74 milliards un mois plus tôt, soit une augmentation de 1,14% sur un mois. Sur les douze derniers mois sous revue, le volume des actifs nets affiche un gonflement de 18,57%.L’accroissement de plus de 23,83 milliards d’euros observé en octobre provient à hauteur d’environ 8,38 milliards de l’effet de marché et de 15,46 milliards des souscriptions nettes.Le nombre d’organismes de placement collectif (OPC) et de fonds d’investissement spécialisés (FIS) pris en considération est de 3.645 par rapport à 3.633 le mois précédent. 2.265 entités ont adopté une structure à compartiments multiples ce qui représente 11.434 compartiments. En y ajoutant les 1.380 entités à structure classique, un nombre total de 12.814 entités sont actives sur la place financière du Luxembourg.
Fonds
02/12/2010

Wael Hamroush devient CEO de Julius Baer Advisory au Caire

Julius Baer (175 milliards de francs suisses sous gestion) a annoncé le 1er décembre qu’Olivier Meystre, CEO East Mediterranean and Middle East et CEO de Julius Baer Advisory S.A.E. au Caire depuis septembre 2008 , quittera la capitale égyptienne pour rejoindre Genève au premier trimestre 2011. Après avoir développé le bureau du Caire au cours des deux dernières années, «il dirigera depuis la Cité de Calvin – le centre stratégique des activités de Julius Baer au Moyen-Orient – la poursuite de l’expansion des activités de conseil du Groupe dans cette région».Afin d’assurer une transition sans heurts, précise l'établissement helvétique, Olivier Meystre a remis ses fonctions de CEO de Julius Baer Advisory S.A.E. à Wael Hamroush le 1er octobre 2010. L’intéressé justifie de plus de dix ans d’expérience dans la banque privée et a représenté de nombreuses banques suisses dans la capitale égyptienne.
02/12/2010

San Francisco SEC office cracks down on hedge funds

The San Francisco office of the Securities and Exchange Commission is seeking to crack down on illegal conduct by hedge funds and corporate bribery, according to The Wall Street Journal. On Wednesday, the office sued the manager of a small hedge fund in San Francisco, Neil Godbole, alleging that he temporarily hid more than USD12 million in trading losses. The manager, settled the suit.
02/12/2010

Paris Europlace et Shanghai signent un accord de principe

Paris Europlace a annoncé le 1er décembre la signature d’un accord de principe avec le bureau des services financiers de Shanghai, en charge du développement et de la promotion de la place de Shanghai.L’accord de principe porte sur cinq grands domaines de coopération, notamment l’aide au développement de Shanghai en tant que place financière, le développement du dialogue et des échanges entre les deux centres financiers et le renforcement de la coopération de leurs marchés de capitaux respectifs. Les deux organismes vont également pousser les banques des deux pays, les sociétés de gestion et les compagnies d’assurances à s’installer dans leurs centres financiers respectifs et enfin encourager les projets de coopération entre les meilleurs universités et centres de recherche des deux pays.
02/12/2010

Opaque accounts will pay 30% taxes

p { margin-bottom: 0.08in; } The 2011 budget, passed on 26 November by the Portuguese parliament, stipulates that “jumbo” accounts will be subject to a flat tax of 30% (the maximal possible amount) if their owner refuses to sacrifice anonymity, Funds People reports. The execution of the withholding charge will be undertaken by the wealth managers with whom the accounts were opened.
02/12/2010

ETF subscriptions down in Q3

p { margin-bottom: 0.08in; } According to the Frankfurter Allgemeine Zeitung, Lipper has calculated that net subscriptions to ETFs in third quarter were down 31% compared with their all-time high in second quarter, at EUR35.5bn.
02/12/2010

Skandia Investment Group brings together asset management activities

p { margin-bottom: 0.08in; } Skandia Invesment Group does not manage assets directly on financial markets. The asset management firm of the Wealth Management division of the Old Mutual group has chosen to focus on selection of managers to whom it outsources funds, mandates and investment solutions. This model allows the firm to offer clients the best talent in all asset classes, says CEO Nils Bolmstrand. This year, SIG integrated Skandia Investment Management Ltd brand, the asset management firm based in the United Kingdom, Skandia Fonder, the Swedish entity, and Skandia Global Funds, dedicated to international activities. The merger created a structure with 120 employees and GBP53bn in assets under management. As a result of this merger, in France, Skandia Global Funds, which opened its doors there in 2008, becomes Skandia Investment Group. In addition to this change of name, Bogdan Popescu, head of the Paris office, will provide its clients with access to SIML products, which are more oriented to multi-management, and to Skandia Fonder products, designed to satisfy Scandinavian clients. Popescu’s major duties will be to sell the 25 sub-funds of the Skandia Global Funds Sicav, which represents EUR5bn in assets. Four or five other sub-funds will be launched in 2011, according to Bolmstrand. They will concern asset classes which are currently attracting investor demand, such as India, Latin America, and themes such as Asian consumer spending and growth in Scandinavian countries.
02/12/2010

SEI launches absolute return strategies

p { margin-bottom: 0.08in; } SEI Global Wealth Services on 30 November announced the launch of four new absolute return strategies, with the objective of providing added diversification and exposure to long-term growth in capital along with risk reduction. Alongside the available asset classes: equities, bonds, cash, and real estate, SEI offers long/short equity, equity market neutral, long/short credit and global macro strategies, all of which rely on UCITS III-format investment capacities.
02/12/2010

SAM Capital Partners to launch a UCITS fund

p { margin-bottom: 0.08in; } Fundstrategy reports that the European equities specialist SAM Capital Partners is preparing to launch a new UCITS fund in early December, via the platform SEB Prime Solutions. The fund, which will be the second offered by SEB Prime Solutions, replicates the European large cap offshore fund SAM Capital Equity Opportunity.
02/12/2010

Redemptions continue in November

p { margin-bottom: 0.08in; } According to the Spanish Inverco association of asset management firms, assets in Spanish securities funds fell by nearly 3% in November compared with October, to a total of EUR140.29bn as of the end of November. The fall was largely due to further net outflows of EUR2.83bn in October, bringing the total for the first ten months of the year at over EUR20bn. Ahorro Corporación, for its part, calculates that net redemptions totalled EUR3.7bn in November, and that assets as of 30 November, at EUR145.7bn, were down by EUR5.5bn mom.
02/12/2010

Mirabaud becomes a shareholder in Prosper

Mirabaud announced on 2 December that it is going to acquire a minority stake in Prosper Professional Services SA, a firm founded by Riccardo Barilla and Thierry Robin, former CEO and head of sales of the Oyster fund range (Banque Syz) respectively.Propser launched a UCITS-compliant fund containing 12 absolute return sub-funds, with a size of nearly EUR100m by the end of the year, and Mirabaud will be a a partner for the management of the product from 15 December.This new fund, for which approval is initially being sought on the Swiss, French and Spanish markets, is geared to professional and private clients.
02/12/2010

J.P. Morgan Asset Management welcomes a new Swiss COO

p { margin-bottom: 0.08in; } The management firm J.P. Morgan Asset Management on Wednesday, 1 December announced the appointment of Miklos Vidak as COO and head of marketing for Switzerland. His responsibilities will include the operational aspects of the activities of J.P. Morgan Asset Management in Switzerland, including marketing and communication, a statement says. In practice, Vidak will report to Roland Vogel, managing director and country head for Switzerland. Before joining J.P. Morgan, Vidak spent three years at SAM Sustainable Asset Management, where he served in several management positions including head sales management, head institutional sales, and most recently, head corporate strategy & business development.
02/12/2010

35% increase in trading volume for BNP Paribas REIM

p { margin-bottom: 0.08in; } BNP Paribas Real Estate Investment Management (REIM) in the first eleven months of the year posted overall trading volumes of EUR300m for managed funds. This volume activity is up 35% compared with activity in the first eleven months of 2009, BNP Paribas REIM says in a statement. Since 1 January 2010, BNP Paribas REIM has invested EUR266m for funds, compared with EUR159m between January and November 2009. In business real estate, 20 properties have been acquired, for a total of EUR237m, on behalf of managed SCPI and OCPI funds. In the residential sector, 118 apartments were acquired in 9 housing projects for the SCPI Scellier “Pierre Avenir,” for an overall total of EUR28.98m.
02/12/2010

RBC Dexia continues Asian offensive

p { margin-bottom: 0.08in; } RBC Dexia Investor Services has announced the transfer of Diana Senanayake from Luxembourg to Singapore, to lead the firm’s growth in that region. Senanayake, who is promoted to managing director, will be in charge of developing RBC Dexia Investor Services’ activities in the Singapore market. She succeeds Dominique Draux, who will now be concentrating on activities in Kuala Lumpur, where staff will top 500 by the end of this year.
02/12/2010

Former Goldman Sachs manager joins Apollo

p { margin-bottom: 0.08in; } The US hedge fund management firm Apollo Global Management has appointed Marc Spiker as president, from 1 December. Spiker will take charge of operational management of the firm, and will be a member of its executive board. In addition to Spiker, the executive committee at Apollo includes Leon Black, president and CEO, Josh Harris, senior managing director, Marc Rowan, senior managing director, and Henry Silverman, vice chairman and chief operating officer. Spiker spent 20 years at Goldman Sachs, where he was co-head of the investment management unit. He left the group in May of this year.
02/12/2010

IPD France appoints CEO

p { margin-bottom: 0.08in; } The international company IPD, dedicated to measuring the performance of real estate investment and operation, has announced the appointment of Stéphanie Galiègue as CEO of IPD France & southern Europe. She will begin in her position on 17 January 2011. In collaboration with Laurent Ternisien, president of IPD France and CEO of the IPD group, Galiègue will aim to continue the improvement of the quality and pertinence of analysis and proposed restitutions, while maintaining attention to market evolutions and the expectations of business clients, a statement says. Development of IPD coverage will continue in all the supervised countries: Belgium, Spain, France, Italy, and Portugal. Galiègue joined IPD in 2005 as deputy CEO and administrator of the firm.
02/12/2010

CalPERS mandates out business real estate to GI Partners and RREEF

p { margin-bottom: 0.08in; } The Californian pension fund CalPERS on 1 December announced that transfer of its industrial real estate portfolio CalEast Global Logistics to GI Partners and RREEF (Deutsche Bank). More precisely, the North American assets of CalEast, valued at USD1.9bn, were transferred to GI Partners, while the European assets, totalling about USD60m, went to RREEF. CalEast was previously managed by LaSalle Investment Management.
02/12/2010

Oddo & Cie to buy Robeco France, without asset management activities

p { margin-bottom: 0.08in; } La Tribune reports that the Oddo & Cie company is in exclusive negotiations to acquire Banque Robeco France. Only banking activities are said to be concerned, while asset management, represented by Robeco Gestions, is not included in the operation. The two parties are said to be nearing a deal, as executives at Oddo & Cie and Banque Robeco are planning to meet next on 2 December. Oddo & Cie would pick up over EUR1bn in assets under management or advised. For Banque Robeco, the price is said to be about EUR15m, representing a markdown of 25%. Though the Rabobank group is moving to end over 28 years of presence in France and its direct relations with retail investors, it will not be leaving France altogether, La Tribune reports. The group will retain Robeco Gestions, its asset management affiliate, and will focus more closely on institutional investors. On paper, the Robeco Group would like to see assets of EUR225bn by 2014, of which 60% would be in startups, compared with 50% currently.
02/12/2010

Jeremy Baskin to take over as CEO of AXA Rosenberg

p { margin-bottom: 0.08in; } AXA Investment Managers (Axa IM) on Wednesday, 1 December announced the appointment of Jeremy Baskin as CEO of AXA Rosenberg, from 1 January 2011. He will succeed Stéphane Prunet, who will serve as an advisor to the CEO of AXA IM and will report directly to the CEO of AXA IM, Dominique Carrel-Billiard. “With this appointment, we put the final touch on a restructuring which we began several months ago” the Axa IM head explains. Baskin was previously head of active equities management at the Northern Trust Company, where he spent 22 years, interrupted by a period from 1998 to 2000 at First Union Securities. He recently was in charge of all equities management and research at Northern Trust fundamental and quantitative management (USD24bn in assets).
02/12/2010

Charles Schwab IM gets a new head

p { margin-bottom: 0.08in; } Mutual Fund Wire reports that Marie Chandoha has been appointed as president and CEO of Charles Schwab Investment Management, replacing Randy Merk, who becomes head of a special project internal to the business.
02/12/2010

CAIA launches a French branch

p { margin-bottom: 0.08in; } The Chartered Alternative Investment Analyst (CAIA) association, which includes certified alternative management professionals (venture capital, real estate, commodities, hedge funds, etc.), is launching CAIA France. “We have decided to open this new branch in order to respond to strong growth in the number of members in France, and demand for up-to-date training in alternative investment, networking opportunities, and improved visibility of the industry and its developments,” says E. Craig Asche, CEO og the CAIA association. Philippe Maupas, CAIA, a partner at Quantalys, and Grégory Molinaro, CAIA, a portfolio manager at CPR Asset Management, will be the two co-heads of the French branch, after actively contributing to its creation. Three other volunteer members of the CAIA association will also belong to the team in charge of operating the French entity: Olivier Bourgi, CAIA, methodology, procedures and IT systems (RSI), Nexar Capital Group – AAAM, and Olivier Jéséquel, CAIA, consultant, bfinance.
02/12/2010

Assets up at funds in October

p { margin-bottom: 0.08in; } According to the financial sector watchdog (CSSF), net assets in Luxembourg in collective placement organisms and specialised investment funds as of 31 October 2010 totalled EUR2.10752trn, compared with EUR2.08374trn one month earlier, an increase of 1.14% in one month. In the twelve months under review, net asset volumes are up by a total of 18.57%. About EUR8.38bn of the increase of over EUR23.83bn observed in October came due to market effects, and EUR15.46bn from net subscriptions. The number of collective investment organisms (OPC) and specialised investment funds (SIFs) taken into consideration is 3,645, compared with 3,633 the previous month. 2.265 entities have adopted a multiple-sub-fund structure, which represents 11,434 sub-funds. With the addition of 1,380 traditional structures, a total of 12,814 entities are active on the Luxembourg financial marketplace.
02/12/2010

Wael Hamroush becomes CEO of Julius Baer Advisory in Cairo

p { margin-bottom: 0.08in; } Julius Baer (CHF175bn in assets under management) on 1 December announced that Olivier Maystre, CEO East Mediterranean and Middle East and CEO of Julius Baer Advisory S.A.E in Cairo since September 2008, will be moving from Cairo to Geneva in first quarter 2011. After developing the Cairo office over the past two years, “he will lead, from the city of Calvin – the strategic centre of Julius Baer’s activities in the Middle East – the continued growth of the Group’s advising activities in this region.”To ensure a smooth transition, the Swiss institution says, Meystre handed over his functions as CEO of Julius Baer Advisory S.A.E. To Wael Hamroush on 1 October 2010. Hamroush has over 10 years of experience in private banking, and has represented several Swiss banks in the Egyptian capital.
02/12/2010

BlackRock launches its first fund dedicated to publicly-traded real estate

p { margin-bottom: 0.08in; } Fund Strategy reports that BlackRock has launched its first fund investing in real estate securities aimed at the British retail market, the BlackRock Global Securities Equity Tracker fund, which replicates the FTSE Epra/Nareit Global Real Estate Series Developed index. The portfolio is managed by Manus Stapleton. It is the first product to be released under the UCITS-compliant BlackRock umbrella, which includes 11 different portfolios.
02/12/2010

JM Finn launches an Africa fund

p { margin-bottom: 0.08in; } The British management firm JM Finn & Co has launched a fund dedicated to Africa, the JM Africa Fund, which aims to invest in large caps operating in the commodities and agriculture secftor. The fund also takes into account consumer demand, preferring African countries with high population densities. “Our strategy is to invest in the major providers of commodities which are highly sought after, in societies which are benefiting from the parallel growth of a middle class,” explains the fund’s manager, Anthony Eaton.

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