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06/10/2010

Kerviel sentenced to prison and fine

p { margin-bottom: 0.08in; } The former Société Générale trader Jérôme Kerviel, who was sued for a record loss of nearly EUR5bn in early 2008, was sentenced on Tuesday to five years in prison, of which he will be required to serve at least three, and ordered to pay EUR4.9bn in damages to the bank, corresponding to the amount lost in early 2008. His lawyer announced that he would appeal the verdict. The president of the 11th chamber of the Paris correctional court, Dominique Pauthe, found Jérôme Kerviel guilty of all three charges against him: abuse of trust, forgery and computer abuse. The former trader “overstepped his duties by taking speculative positions on behalf of the bank, and in gigantic proportions,” the court found after more than three months of deliberations.
06/10/2010

Neuberger Berman launches a UCITS version of an emerging markets equities fund

p { margin-bottom: 0.08in; } The Irish Stock Exchange announced on 5 October that Neuberger Berman on 4 October launched the Neuberger Berman Emerging Markets Equity Fund, a sub-fund of Neuberger Berman Investment Funds Plc, which is the UCITS III-compliant version of a mutual fund launched in 2008 in the United States. The fund is a long-only emerging markets equities product, for which minimal subscription is set at USD10,000, with currency risks not hedged. The portfolio, managed by Conrad Saldanha, will have about 90 positions, including small and midcaps, out of an eligible universe of about 400 shares selected from about 12,000 companies. Initially, the fund is overweight on Turkey and the Philippines, and is also invested in China and India, as well as in shares in the healthcare and industrial sectors.
06/10/2010

Non-UCITS hedge funds outperform UCITS funds

p { margin-bottom: 0.08in; } Hedgeweek reports that a research on regulation of UCITS hedge funds by Nils S. Tchsmid and Erik Wallenstein at the Haute Ecole de Gestion in Geneva and Louis Zanolin of Nara Capital suggests that non-UCITS hedge funds earn better returns than UCITS funds. The report is one of the first to compare the performances of the two fund categories. Although the expected outperformance of non-UCITS funds is not self-evident, the authors have identified a non-negligible difference, in that risk levels are lower for UCITS funds.
06/10/2010

Spanish fund managers remain confident in equities

p { margin-bottom: 0.08in; } According to a Lipper monthly survey, the major Spanish asset management firms have not made major modifications to the composition of their portfolios in September, Cinco Días reports. Allocation to money markets increased from 13.34% in August to 14.15% last month, while alternative investments remain below 4%. Exposure to bonds has fallen to 41.50% from 42.42%, while exposure to equities remained unchanged at 40.73%. 69.23% of specialists surveyed are of the opinion that equities will outperform bonds in the next twelve months, slightly lower than the August result.
06/10/2010

New distribution agreement in Italy for Edmond de Rothschild

p { margin-bottom: 0.08in; }a:link { } Edmond de Rothschild SIM has signed a distribution agreement with Banca Efigest, by which 40 French-registered funds from Edmond de Rothschild will be available on http://www.fundstore.it/, Bluerating reports. The agreement brings the number of asset management firms available on the Internet platform owned by Banca Efigest, one of the only platforms which allows clients to subscribe to funds from current accounts, to 96.
06/10/2010

Aberdeen may team up with Pirelli Re Sgr

p { margin-bottom: 0.08in; } The Italian real estate asset management firm Pirelli Re Sgr may team up with a European player, according to Plus 24, the money supplement of Il Sole – 24 Ore. Among the names circulating in connection with the rumour is Aberdeen, which is already present in Italy with a real estate portfolio of about EUR1bn. Pirelli Re Sgr controls about 16% of the market, with a portfolio of about EUR6bn in real estate properties in Italy, largely managed in 21 funds.
06/10/2010

Financière de l’Echiquier signs a distribution agreement in Italy

p { margin-bottom: 0.08in; } Financière de l’Echiquier has signed an agreement with the Italian independent securities intermediation firm Copernico SIM, for distribution of funds from the French asset management firm to clients of the Italian business, the Italian site FondiOnline.it reports. The agreement will cover 5 funds from Financière de l’Echiquier, including Agressor.
06/10/2010

Ahorro Corporación loses two more directors

p { margin-bottom: 0.08in; } Expansión reports that Ahorro Corporación has parted ways with Domingo Fernández, CIO for bond and guaranteed funds and real estate (85% of total assets of EUR6.5bn), and Enrique Larraona, director of management administration and controlling. The departures are said to be by mutual consent.
06/10/2010

Paul Trickett to join GSAM

According to IPE.com, Towers Watson has informed staff and clients of the departure of its EMEA head of investment consulting, Paul Trickett. He is to join Goldman Sachs Asset Management in a senior position, IPE understands.
06/10/2010

New CIO at Woori

p { margin-bottom: 0.08in; } The Singapore-based alternative management firm Woori Absolute Partners has appointed Edward Sungshik Moon as chief investment officer, Hedgeweek reports. Moon will retain his responsibilities as head of funds of funds and lead portfolio manager.
06/10/2010

Jefferies creates a hedge fund relations team

p { margin-bottom: 0.08in; } On 4 October, Jefferies announced the recruitment of Josh Gold as managing director and head of a new team which will be dedicated to relations with hedge funds based in the United States. Gold was most recently managing partner of Dematteo Monness, an independent primary research firm which also acts as a broker-dealer.
06/10/2010

ERAFP awards three business rating contracts to Vigeo

Following a RFP opened on 9 February 2010, to select a business ratings agency, the French public employees’ pension fund Etablissement de retraite additionnelle de la fonction publique (ERAFP) has announced that it has awarded three contracts for extra-financial ratings of its investments to Vigeo.Vigeo will evaluate the socially responsible character of investments by the pension fund in the following asset classes: Batch 1: SRI ratings of publicly-traded shares in large, mid and small cap businesses, credit bonds, bonds issued by supra-national organisations, and potentially SRI ratings of convertible and high yield bonds. Batch 2 (in partnership with oekom): SRI ratings of bonds issued by OECD member states, members of the European Union which are not OECD members, and countries which are candidates to join the European Union. Batch 3 (in partnership with oekom): SRI ratings of bonds issued by territories within OECD member states.
06/10/2010

John Meriwether is back

The founder of LTCM (Long Term Capital Management), John Meriwether, has returned to the market.Meriwether, the cause of the most catastrophic bankruptcy in the history of alternative management, is said to be on the verge to launch a global macro strategy aimed at US and offshore investors, Financial News reports. This is Meriwether’s third attempt, as two previous projects, LTCM and JWM Partners, were not particularly successful. This may be the reason that he has abandoned relative value arbitrage strategy in favour of a more traditional strategy.
06/10/2010

State Street extends functionality of Wealth Connect platform

p { margin-bottom: 0.08in; } State Street Corporation announced on 4 October that its State Street Wealth Connect platform now has extended capacities including investment policy compliance, administrative reviews, trade order management and integrated account management. Currently, State Street provides services to about 500 wealth managers with USD250bn in assets in 90,000 accounts. The new services will allow clients to configure their operational workflows and approval rules to suit their processes.
06/10/2010

Former BarCap strategist at Odey

Tim Bond, the former head of global asset allocation at Barclays Capital, has emerged at UK hedge fund manager Odey Asset Management, writes Financial News.
06/10/2010

Threadneedle chosen by SWIP

Threadneedle has won a GBP285m UK equity income mandate from the Scottish Widows Investment Partnership’s multi-manager team. Threadneedle’s UK equities team manages more than GBP12bn.
06/10/2010

Germans have more money invested in funds than savings accounts

p { margin-bottom: 0.08in; } According to a study commissioned by the German BVI association of asset management firms and conducted by the ZEW research institute, the financial savings of German households in the form of shares in funds as of the end of December 2009 represented about EUR805bn, most of it in direct form (part of it, however, via insurers and retirement institutions). On that date, assets in saving books, according to statistics from the Bundesbank, represented EUR577.5nb. Households in all income classes held shares in investment funds, ranging from 17% of their financial savings for the most modest to 24%, with the average at about 20%. The BVI association is launching a campaign (“Investmentfonds. Nur für alle”), which will aim to convince reticent retail investors of the value of funds. The vocabulary used has been chosen with an eye to simplicity, without any financial jargon.
06/10/2010

Lionhart Aurora Fund is the best Asian hedge fund in January-August

p { margin-bottom: 0.08in; } Asian Investor reports that the best-performing Asian hedge funds ranked by Eurekahedge are Lionhart Aurora Fund, which has earned 81.6%, Quantedge Global Fund (42.8%), FX Concepts (SAC) Ltd (38.9%), Lionhart Asia Plus Fund (35.6%), RAB Energy Fund (32.8%), and Komodo Fund (31.4%). These are followed by funds which earned performance of under 30%: 36 South SPC Ltd (28.3%), Horizon Growth Fund (27.6%), Credence Oriental (26.4%), and Asean Small Cap Fund (24%). None of the top ten hedge funds ranked by Eurekahedge were in the rankings last year.
06/10/2010

FundQuest plans to develop in Asia

p { margin-bottom: 0.08in; } The multi-management specialist FundQuest, a partner of BNP Paribas Investment Partners, has appointed Sébastien Cabanel as head of sales for Asia. This is a newly-created position, which illustrates FundQuest’s desire to enter and grow in the region. Cabanel will initially focus on Hong Kong, where he will be based, as well as Tokyo and Singapore. He will report to Valérie Meurice, head of institutional clients and external distributors. Cabanel previously worked at HDF Finance in Singapore, as managing director.
05/10/2010

La Banque du Japon assouplit sa politique monétaire

La Banque du Japon (BoJ) a annoncé ce matin une baisse surprise de ses taux d’intérêt et s’est engagée à maintenir ces taux à zéro tant que les prix ne seront pas stabilisés, face à la vigueur du yen et au ralentissement de la croissance.
yen-japon renminbi
05/10/2010

Départ du CIO de PGGM

Johan van der Ende va quitter PGGM, la société de gestion des retraites du secteur de la santé aux Pays-Bas, dont il était le directeur des investissements - chief investment officer - depuis deux ans. Ce départ a été décidé d’un commun accord. «Il est devenu évident ces derniers mois que les attentes mutuelles au sein du comité exécutif allaient empêcher une bonne coopération», indique un communiqué de presse.Johan van der Ende avait rejoint PGGM, qui gère 99 milliards d’euros d’actifs, mi-2006 et était membre du nouveau comité exécutif depuis le 1er janvier de cette année.Il quittera PGGM le 1er novembre. Ses fonctions seront confiées temporairement à Jac Kragt, qui travaille chez PGGM depuis 2008.
05/10/2010

BNP Paribas SS lance une offre dédiée au private equity et aux fonds immobiliers

BNP Paribas Securities Services a annoncé le 4 octobre le lancement d’un nouveau service destiné aux fonds de private equity et d’investissement immobilier onshore et offshore. BNP Paribas Securities Services a créé une plate-forme dédiée pour répondre aux besoins liés à la croissance des fonds d’investissement immobilier et de private equity, direct et indirect, multi-juridictionnels de plus en plus sophistiqués, précise un communiqué. Des équipes opérationnelles spécialisées fournissent des services d’agent de transfert, d’administration de fonds et de contrôle de conservation de titres, ainsi qu’une une gamme exhaustive de services de reporting comptables, clients et réglementaires.
05/10/2010

BNP Paribas SS lance une offre dédiée au private equity et aux fonds immobiliers

BNP Paribas Securities Services a annoncé le 4 octobre le lancement d’un nouveau service destiné aux fonds de private equity et d’investissement immobilier onshore et offshore. BNP Paribas Securities Services a créé une plate-forme dédiée «pour répondre aux besoins liés à la croissance des fonds d’investissement immobilier et de private equity, direct et indirect, multi-juridictionnels de plus en plus sophistiqués», précise un communiqué. Des équipes opérationnelles spécialisées fournissent des services d’agent de transfert, d’administration de fonds et de contrôle de conservation de titres, ainsi qu’une une gamme exhaustive de services de reporting comptables, clients et réglementaires.
05/10/2010
Fonds

Les fonds souverains sont fidèles en investissement

Selon Les Echos, les investissements directs des fonds souverains ont augmenté de manière continue depuis le début de l’année. Les données du Sovereign Wealth Fund Institute montrent que la finance reste leur secteur fétiche d’investissement, avec 27% du total des investissements directs sur les quatre derniers trimestres, suivi par les infrastructures (18%) et l'énergie (11%).
Fonds
05/10/2010
Fonds

Seuls 16 gestionnaires espagnoles ont enregistré des souscriptions nettes en septembre

D’après les statistiques de l’association Inverco, seules 16 sociétés de gestion espagnoles sont parvenues en septembre à enregistrer des souscriptions nettes, alors que les sorties nettes pour l’ensemble du secteur ont dépassé 1,8 milliard d’euros (lire notre dépêche du 4 octobre).La meilleure collecte est affichée par UBS Gestión, qui est l’unique maison à avoir drainé plus de 100 millions d’euros (124,27 millions d’euros) le mois dernier. Le second meilleur score est constaté pour Fonditel (qui gère le fonds de pension de Telefónica), avec 36,1 millions.
Fonds
05/10/2010

HansaInvest crée un poste de directeur de la tierce distribution

Au 1er octobre, Dirk Zabel, qui a rejoint la distribution du gestionnaire hambourgeois HansaInvest début 2009, a pis les fonctions nouvellement créées de directeur de la tierce distribution. Il sera donc chargé des relations avec les partenaires extérieurs aussi bien pour le retail que pour la clientèle institutionnelle.Selon HansaInvest, la création de cette nouvelle fonction souligne sa nouvelle orientation commerciale avec le développement de la distribution.
05/10/2010
Fonds

Deka Immobilien acquiert un centre commercial

Pour 63 millions d’euros, Deka Immobilien a acheté le centre commercial RheinBerg Galerie (16.000 mètres carrésd) dans le centre ville de Bergisch Gladbach auprès d’IKB/Movesta und hkm Management. Cet actif est affecté au fonds immobilier institutionnel WestInvest TargetSelect Shopping. hkm continuera de gérer le centre commercial.
Fonds

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