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02/11/2010

Strong demand for Bolton's fund

Demand for Anthony Bolton’s new fund has been so strong that the board is considering ways to make the shares less expensive, according to the Financial Times.Shares in the Fidelity China Special Situations fund hit a premium of almost 13 per cent to their net asset value on Monday.
02/11/2010

Assets under management down at Popular

p { margin-bottom: 0.08in; } For January-September, Banco Popular has posted net profits of EUR521m, compared with EUR651m for the corresponding period last year. The operating ratio has degraded to 33.49%, compared with 29.06%. Assets in investment funds (Popular Gestión) as of the end of September totalled EUR7.05bn, compared with EUR8.03bn one year previously. However, assets in wealth management totalled EUR913.6m, compared with EUR876m at end-December and EUR883.6m at end-September ’09, while assets in pension funds totalled EUR4.12bn, compared with EUR4.19bn nine months earlier, and EUR4.12bn as of the end of September 2009.
02/11/2010

Dutch pension fund PNO excludes Wal-Mart

p { margin-bottom: 0.08in; } The pension fund for the Dutch media industries, PNO, with assets under management of about EUR3bn, has announced that it has excluded the US business Wal-Mart from its investment universe for failure to respect the rights of employees. The pension fund has admitted failure, as it only took the exclusionary step after a policy of engagement and active participation in general shareholders’ meetings did not achieve the desired results. PNO follows the example of the Norwegian government pension fund, which put Wal-Mart on its blacklist in 2006.
02/11/2010

Claude Tiramani to manage Lutetia Emerging Opportunities

The French-registered FCP fund Lutetia Emerging Opportunities was founded on 1 November 2010 by Lutetia Capital, which will also market the fund. The international equities fund will be managed by Claude Tiramani, former star manager at BNP Paribas Asset Management (see Newsmanagers of 2 June), combining active geographical allocation and stock-picking.The portfolio of 60-80 positions will be focused exclusively on equities in businesses likely to profit from increasing domestic demand in emerging countries (urbanisation, increasing buying power, growth of financed economy). Shares in euros are hedged against currency risks (there is also a share class in US dollars).In order to complement and corroborate internal analyses, Lutetia Capital has formed preferred partnerships with known asset managers in the major emerging regions (Latin America, Asia, Eastern Europe and the Middle East); French managers have also formed an expert committee including specialists in domestic demand in each of these regions.CharacteristicsName: Lutetia Emerging OpportunitiesISIN code: FR0010927251Front-end fee: 3% maximumManagement fee: 1.75 % (P shares)1% (I shares)2,35% (R shares)Performance commission: 15% of performance exceeding the MSCI Emerging Markets Free index
02/11/2010

Fitch: ratings for money market funds not affected by exposure to Citigroup and BofA

p { margin-bottom: 0.08in; } The ratings agency Fitch Ratings announced on 29 October that the ratings of money market funds monitored by Fitch were unaffected by the exposure of these funds to Citigroup and BofA, whose short-term rating of F1+ has been placed on a watch with negative implications. The agency has also placed its ratings of treasury notes (ABCP) from the two banks on watch with negative implications.
02/11/2010

AdvisorShares preparing an actively-managed high yield ETF

p { margin-bottom: 0.08in; } By 3 December 2010 at the latest, AdvisorShares Investments is planning to have completed launch of what it claims is the first actively-managed high yield ETF. The Peritus High Yield ETF (NYSE acronym: HYLD) is managed by Peritus I Asset Management in Santa Barbara, California. The manager will focus on credit offering the best risk/return profile, but will also use US Treasuries to protect itself against adverse market conditions.
02/11/2010

Carlyle acquires Syniverse for USD2.6bn

p { margin-bottom: 0.08in; } Two days after announcing its acquisition of ComScope for USD3.9bn (see Newsmanagers of 28 October), the Carlyle Group announced on 29 October that it is acquiring Syniverse Technologies (equipment and soluteions for IT businesses) for about USD2.6bn. The price of USD31 per share represents a 35% premium over the average closing price of Syniverse in the 30 trading days to 26 October. The transaction will be completed in first quarter 2011. The operation was supported unanimously by the board of directors of Syniverse. The acquisition is financed by the Carlyle Partners V fund (USD13.7bn), and by credits from Barclays Capital and Credit Suisse.
02/11/2010

Profits at Artio Global Investors down in third quarter

p { margin-bottom: 0.08in; } Artio Global Investors has reported net profits for third quarter to 30 September of USD23.8m, down 3% compared with second quarter 2010. The decline is 15% compared with third quarter 2009. Assets under management as of 30 September last year totalled USD53.9bn, down 3% compared with 30 September 2009 due to net outflows of USD1.4bn, partly offset by market effects.
02/11/2010

Strong increase in profits at Franklin Resources

p { margin-bottom: 0.08in; } For the period to 30 September, Franklin Resources (Franklin Templeton Investments) announced net profits on 29 October of USD1.4457bn, compared with USD896.8m in the twelve months to the end of September 2009. For fourth quarter alone (June-September), profits totalled USD372.9m, compared with USD360.9m the previous quarter, and USD367.4m for the corresponding period of last year. Earnings in the period totalled USD5.853bn, compared with USD4.1941bn. As of 30 September, total assets for businesses of the group came to USD644.9bn, compared with USD570.5bn three months earlier, and USD523.4bn one year previously. Allocation to equities was 43% as of the end of September, compared with 41% at the end of June, and 47% at the end of September 2009. In the quarter to 30 September, net subscriptions totalled USD19.4bn, compared with USD18.8bn in April-June and USD12.2bn in the corresponding period of last year. For the period as a whole, net subscriptions totalled USD69.9bn, compared with net outflows of USD5.5bn for the twelve months to the end of September 2009.
02/11/2010

Profits down at Federated Investors

p { margin-bottom: 0.08in; } In third quarter, net profits at Federated Investors totalled USD43.1m, compared with USD47.65m in April-June, and USD56.9m in the corresponding period of last year, putting net profits in the first nine months of the year at USD132.71m, compared with USD145.39m in January-September 2009. As of 30 September, total assets at Federated came to USD341.28bn, compared with USD336.84bn three months earlier (+1%), and USD392.3bn one year previously (-13%). Bond assets increased to USD40.17bn, compared with USD38.01bn as of the end of June and USD32.04bn as of the end of September 2009, while net subscriptions in January-September totalled USD2.4bn. Assets in equities funds and mandates increased to USD29.13bn, compared with USD26.81bn three months earlier, and USD29.12bn as of 30 September last year. Lastly, money market assets as of the end of September totalled USD260.9bn (of which USD233.61bn were in mutual funds), compared with USD260.52bn (USD231.2bn in mutual funds) one quarter earlier, and USD318.06bn (USD278.63bn in mutual funds) twelve months previously. Money market assets as of 30 September included about USD11bn transferred from SunTrust Bank towards the end of the quarter under review. By the end of 2010, Federated predicts that another USD3.5bn will come from SunTrust.
02/11/2010

Six new members of international steering committee at Edhec-Risk Institute

p { margin-bottom: 0.08in; } The international steering committee of the Edhec-Risk Institute (40 members) has taken on six new members. They are: - Christopher J. Ailman, ,CIO California State Teachers’ Retirement System (CalSTRS)- Tai Tee Chia, CEO, Government of Singapore Investment Corporation (GIC)- James C. Davis, vice president, Investment Planning & Economics Asset Mix & Risk, Ontario Teachers’ Pension Plan (OTPP)- Mark Fawcett, CIO, NEST Corporation- Chong Tee Ong, deputy CEO, Monetary Authority of Singapore (MAS)and Bruno de Pampelonne, president, Tikehau Investment Management.
02/11/2010

Assets at Oppenheimer up

p { margin-bottom: 0.08in; } In third quarter 2010, net profits for Oppenheimer Holdings were down to USD3.42m, from USD7.91m in the corresponding period of last year, putting the total for the first nine months of the year at USD21.79m, compared with USD13.02m. As of 30 September, assets administrated or managed by Oppenheimer totalled USD71.5bn, compared with USD74bn one year earlier, while assets under management for clients in fee-based programs represented about USD17.9bn, compared with USD15.4bn.
02/11/2010

Olympia is for sale

According to Financial News, Olympia Capital Management, a funds of hedge funds company based in Paris, is for sale. Sagard Private Equity Partners wants to sell its 45% stake which carries the majority of the voting rights, according to a person familiar with the situation.
02/11/2010

AIG sells Alico to Metlife for USD16.2bn

p { margin-bottom: 0.08in; } Le Figaro reports that the US insurer AIG has announced that it has sold its US life insurance affiliate Alico to its rival MetLife for USD16.2bn. The sale price is USD700m above the price announced for the deal in March. MetLife paid USD7.2bn in cash and USD9bn in AIG shares.
02/11/2010

LGIM launches an emerging markets tracker fund

p { margin-bottom: 0.08in; } Legal & General Investment Managers (LGIM) has launched an emerging markets tracker fund, Investment Week reports. The Global Emerging Markets Index fund, managed by Robert Dowling, which debuted on 29 October, replicates the FTSE All-World Emerging index, and offers investors a way to invest in shares to be added to the index. Minimal investment in the UCITS format fund is set at GBP500. Total expense ratio (TER) is estimated at 0.99%.
02/11/2010

BlueCrest liquidates a UCITS fund

p { margin-bottom: 0.08in; } The hedge fund management firm Blue Crest Capital Management will liquidate its UCITS fund Blue Trend, hosted by Merrill Lynch Investment Solutions (MLIS). Hedge Week reports that Blue Crest explains that the constraints of the UCITS format led to a cumulative tracking error of 3.5% as of 30 September, compared with an expected tracking error of 1% to 2%. Merrill Lynch and Blue Crest have said that they will work together to offer other investment options to affected parties.
02/11/2010

The SEC investigates on JPMorgan

JPMorgan Chase has confirmed that the Securities and Exchange Commission is investigating whether it allowed a hedge fund to improperly choose assets for a USD1.1 billion mortgage securities deal, writes USAToday.
02/11/2010

Lazard provisionally closes an emerging markets strategy to new subscribers

p { margin-bottom: 0.08in; } Citywire reports that Lazard has decided to provisionally close its emerging markets strategies to new subscribers from 1 November, including the Lazard Emerging Markets Fund, domiciled in Dublin, whose net asset value totalled USD568.62m as of 30 September, and the Lazard Emerging Markets Fund, domiciled in London, whose net asset value totalled GBP788.56m. The funds are a part of the emerging market strategy from Lazard, which represents an aggregate net asset value of about GBP20bn. Alongside the provisional closures, Lazard has decided to modify its commission structure, increasing the minimal investment for institutional investors.
02/11/2010

Aberdeen sells a property from DEGI Europa

p { margin-bottom: 0.08in; } On 1 November, the German management firm Aberdeen Immobilien KAG announced that it had sold the Hürth Park shopping centre (63,000 square metres) near Cologne to an international consortium for EUR157.3m. The property, which since 1998 had belonged to the open-ended real estate fund DEGI Europa, whose gradual liquidation by September 2013 was recently announced (see Newsmanagers of 25 October), may have been at a price slightly below the most recent expert valuation of the property. Hürth Park alone represented 8% of the venal value of the portfolio, and the proceeds of the sale, after payment of outstanding credit is deducted, will increase the liquidity level in the fund by about 3 percentage points.
02/11/2010

White label products have EUR52bn in assets

p { margin-bottom: 0.08in; } According to the German BVI association of management firms, there are currently 860 white label funds with assets in EUR52bn, the Börsen-Zeitung reports. This formula has developed since the introduction of the flat tax (in 2006, there were barely over 400 funds). For two thirds of these funds, the adviser is a wealth management firm. The largest actor in this segment is Universal-Investment, with EUR14.5bn, followed by DWS Investment (Deutsche Bank) and Oppenheim Asset Management Services.
02/11/2010

China Investment Corp fait une offre sur ISS Holding

Le fonds souverain chinois aurait fait une offre de rachat en partenariat avec le fonds d’investissement Apax Partners de la société danoise de services ISS Holding, selon le quotidien qui ne cite pas ses sources. La société, qui emploie plus de 520.000 personnes de par le monde, envisage également une solution d’introduction en Bourse.

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