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23/11/2010

Jennifer B. McHugh assumes interim direction of investment management division of SEC

p { margin-bottom: 0.08in; } Following the departure of Andrew J. “Buddy” Donohue on Friday, Mary L. Shaprio, chairman of the SEC, has appointed Jennifer B. McHugh to act as interim director of the investment management division. She was previously senior advisor in the chairman’s office for questions related to mutual funds and investment advising.McHugh will hold the responsibilities until a new director is appointed. At that time, she will return to the chairman’s office. The investment management division is responsible for protecting investors and overseeing the asset management sector.
23/11/2010

FBI raids three hedge funds

The FBI on Monday raided the offices of three hedge funds, according to people familiar with the matter cited by the Financial Times.The funds are Level Global Investors and Diamondback Capital Management, both based in Connecticut, and Loch Capital Management in Boston. The raids come amidst reports of a probe into potential insider trading on Wall Street, the FT adds.
23/11/2010

Lehman bankruptcy has already cost USD1bn in legal fees

p { margin-bottom: 0.08in; } In October, the legal and consulting fees to a total of nearly 40 firms involved in the Lehman bankruptcy proceedings totalled another USD40.6m, bringing the overall bill over the psychologically significant USD1bn barrier, more precisely at USD1.02bn, the Wall Street Journal reports. The largest share of these fees has gone to the restructuring firm Alvarez & Marsal, which has billed a total USD369.8m.
23/11/2010

Hank Morris pleads guilty in pay-to-play scandal

p { margin-bottom: 0.08in; } Henry “Hank” Morris on 22 November became the eighth person to plead guilty in the pay-to-play scandal surrounding the Common Retirement Fund, the New York state pension fund (USD125bn in assets), the Wall Street Journal reports. He was at the time a political consultant to Alan Hevesi, the former New York state controller (who has also pleaded guilty). Morris admitted to receiving placement commissions as a broker, although he was passing on the investments to managers who paid him kickbacks. He was sentenced to pay a fine of USD19m, and faces up to four years in prison when the verdict is handed down next year.
23/11/2010

SAM and DJ launch a global sustainability index

SAM, the investment boutique focused exclusively on sustainability investing belonging to Robeco, and Dow Jones Indexes, have announced the creation of the Dow Jones Sustainability World Enlarged Index (DJSI World Enlarged). The new index will be launched on November 30, 2010, and is designed to accommodate increasing investor demand for a broader sustainability benchmark. As such, the DJSI World Enlarged tracks the performance of the most sustainable 20% of companies out of the largest 2,500 companies in the Dow Jones Global Total Stock Market Index. In keeping with all Dow Jones Sustainability Indexes, the components for the DJSI World Enlarged are selected according to SAM’s systematic Corporate Sustainability Assessment, which analyzes company performance in terms of economic, environmental and social criteria. The new index has 513 components, is reviewed on an annual basis, and is weighted according to free float market capitalization. Additionally, there will be a subset index of 459 components that excludes companies from the following sectors: tobacco, alcohol, gambling, armament and firearms, and adult entertainment.
23/11/2010

UN PRI network recruits

p { margin-bottom: 0.08in; } As the number of signatories of the United Nations Principles for Responsible Investment (UN PRI) is now nearing 250, the international network has launched a recruitment campaign for four new positions, including a director of strategic initiatives who will be responsible for recruiting new signatories. The network is also hiring two assessment officers and an implementation support officer, which will bring the total permanent staff at the organisation to nearly 30.
23/11/2010

Moody's offers a managed account ratings tool

p { margin-bottom: 0.08in; } The ratings agency Moody’s on 22 November announced that it has extended its operational hedge fund ratings activities to include managed accounts. The agency will apply the same analysis to managed accounts and managed account platforms that it uses for traditional hedge funds. According to estimates, assets under management on managed account platforms as of the end of March will total over USD40bn, or about 2% of all assets in hedge funds.
23/11/2010

SWIP recruits a big name from BlackRock

p { margin-bottom: 0.08in; } Daniel McKernan, director of fixed income and senior credit portfolio manager at BlackRock, will join Scottish Widows Investment Partnership (SWIP) on 1 February 2011, as head of European and UK credit in a bond team which manages GBP68bn. He will be in charge of investment grade credit research teams and institutional management.
23/11/2010

Scotiabank to take control of DundeeWealth

p { margin-bottom: 0.08in; } Scotiabank on 22 November announced that it has reached an agreement with Dundee Corporation and DundeeWealth to acquire Dundee Corporation’s 48% stake in the asset management firm, in which it already owns 18%, at a purchase price of CAD21 per ordinary share. The transaction will total CAD2.3bn. When it is completed, Scotiabank will also launch a bid to acquire the remainder of shares in DundeeWealth.
23/11/2010

RBS reported to have sold its stake in Magnum Capital Industrial Partners

p { margin-bottom: 0.08in; } According to sources familiar with the matter, Royal Bank of Scotland (RBS) is said to have resold its stake in the Spanish private equity investor Magnum Capital Industrial Partners, led by Ángel Corcóstegui, former vice president of Santander, and Enrique de Layva, “to an international investor,” Cotizalia reports.The decision comes as part of a program of asset sales to pay back GBP20bn which the firm received from the British government in autumn 2008.The next deal in Spain may be the sale of a commercial real estate portfolio whose value is estimated at at least EUR300m.
23/11/2010

Commerzbank concludes sale of fund administration activities in Singapore

p { margin-bottom: 0.08in; } Commerzbank announced on 22 September that it has completed its sale of Commerzbank International Trust Singapore (CITS) to the Trident Trust group. Assets under administration at CITS as of the end of 2009 totalled EUR930m, The other activities of Commerzbank in Singapore are not affected by this transaction.
23/11/2010

Assets in the Italian asset management industry total over EUR1trn

p { margin-bottom: 0.08in; } Assets in the Italian asset management industry totalled EUR1.01trn as of the end of September 2010, according to the most recent statistics from Assogestioni, the Italian association of management professionals. Since the beginning of the year, the sector has taken on EUR27bn. In third quarter, inflows were boosted by collective management, which took on EUR1.5trn and as of the end of September, represented nearly EUR500bn.
23/11/2010

Singapore offers a publicly-traded, Sharia-compliant REIT

p { margin-bottom: 0.08in; } Sabana Shari’ah Compliant Industrial Real Estate Investment Trust, or Sabana Reit, will be the first sizeable Sharia-compliant REIT-format real estate fund to be offered on the Singapore market. The fist listing will take place on 28 November. The market offering will raise up to SGD640m, or slightly under UDS500m. Among the major investors are FIL Investment Managers (Fidelity Investment Managers), Al Salam Bank-Baharin, Meren Pie Lid (Metro Holdings) and Capital Investment Brokerage (an affiliate of the Jordanian Capital Bank). The REIT is primarily aimed at industrial real estate, including properties suited to the high tech and chemistry sectors.
23/11/2010

Lyxor registers its Newcits fund range in Spain

p { margin-bottom: 0.08in; } Recently, Funds People reports, Lyxor Asset Management (Société Générale) registered nine UCITS III-compliant hedge funds from its dimension range with the CNMV; they join the Lyxor Hedge Fund Index and Lyxor Active Edge, which have already had licenses for several months.Among the newly-registered funds are seven strategy funds (Lyxor Special Situations, Lyxor Merger Arbitrage, Lyxor L/S Equity Long Bias, Lyxor L/S Equity Variable Bias, Lyxor L/S Equity Statistical Arbitrage, Lyxor Convertible Bonds and Volatility Arbitrage, and Lyxor CTA Long Term), and two theme funds (Lyxor Top 10 and Lyxor Credit Strategies).
23/11/2010

Brandes registers three funds in Spain

p { margin-bottom: 0.08in; } Brandes Investment Funds (USD47bn) on 19 November registered the UCITS-compliant funds Brandes European Equities Fund, Brandes Global Equities Fund and Brandes Equities Fund with the CNMV. Sales in Spain will be provided by Allfunds Bank. They are value equities products.
23/11/2010

GAM releases UCITS-compliant market neutral credit fund

p { margin-bottom: 0.08in; } The management firm GAM has been granted a license by BaFin to sell a ninth UCITS-compliant hedge fund in Germany, the GAM Star Diversified Market Neutral Credit (see Newsmanagers of 9 September). It is an Irish0-registered Newcits fund (ISIN IE00B56GWF50), managed by the US management firm DCI, which charges a commission of 1.9%, and a front-end fee of 5%. The manager requires a 5-day advance notice for redemptions. Minimal subscription is set at EUR10,000. The Gam Star Diversified Market Neutral Credit fund aims at annual outperformance 500-800 basis points above the Libor with total volatility of 5% to 7%, and minimal correlation to major bond markets.
23/11/2010

Neuberger Berman plans to launch actively-managed ETFs

p { margin-bottom: 0.08in; } Neuberger Berman has become the next firm to submit a request to the SEC for an exemption and license to allow it to launch actively-managed ETFs. The license applied for from the regulator is for management of equities and bond ETFs, based on currencies and funds of funds, which will use ETFs managed by Neuberger Berman.
23/11/2010

Le Queensland presse le pas

L’Etat australien du Queensland devrait selon le quotidien donner un coup d’accélérateur à son programme de cessions d’actifs, dans le sillage du succès de l’introduction en Bourse de Queensland Rail (QR). Les candidats ne manquent pas pour Queensland Motorways ou Abbott Point Coal Terminal, dont la valorisation cumulée pourrait atteindre 5,6 milliards de dollars australiens (4,1 milliards d’euros).
23/11/2010

La CDC à l’offensive dans le tourisme

La Caisse des Dépôts aurait fait part de son intérêt pour le rachat de la totalité du capital de Belambra (ex-VVF Vacances), dont elle détient déjà 40%. La CDC estime selon une source proche la valeur de la société entre 200 et 250 millions d’euros. Groupama Private Equity, «qui a vocation à sortir», détient 55% du capital de Belambra.
23/11/2010

Genève fait le plein d’énergie

Le quotidien relève que Genève pourrait bien supplanter Londres en tant que principale plaque tournante mondiale du trading dans le domaine pétrolier et énergétique, du fait du transfert d’équipes entières entre les deux villes de la part de maisons comme Trafigura Beheer ou Vitol Group. Le quotidien indique que la première songe à déplacer 80 de ses 300 salariés basés dans la capitale britannique, tandis que la seconde envisage un mouvement similaire concernant 25 de ses 200 salariés londoniens. Des transferts d’équipes qui interviennent dans un cadre plus large de critiques vis-à-vis notamment de réglementations trop pesantes outre-Manche.
23/11/2010

Novell repris par des fonds

L’éditeur américain de logiciels va être cédé à Attachmate, une société non cotée détenue par un groupe d’investisseurs composé des fonds Francisco Partners, Golden Gate Capital et Thoma Bravo. L’opération se concrétise moyennement le versement en numéraire de 6,10 dollars par action - une prime de 9% sur le cours de clôture de vendredi - soit un montant total de 2,2 milliards de dollars.

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