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17/09/2010

Les administrateurs de Lehman demandent a Axa le remboursement de dividendes

Selon la Tribune, Lehman demande le remboursement des dividendes versés à Axa. Actionnaire à l'époque de 7,25 % de la banque, l’assureur avait perçu des dividendes en août 2008 (8,5 millions de dollars), quelques semaines avant la faillite de l'établissement américain. Or, selon les représentants des créanciers, Lehman était déjà insolvable, note le quotidien.
17/09/2010
Fonds

Jupiter lance deux fonds pour ses gérants venus de RWC

Au 1er octobre, Jupiter Asset Management lancera deux compartiments de sa sicav luxembourgeoise Jupiter Global Fund, l’un de convertibles, l’autre multi-classes d’actifs, qui seront gérés par Miles Geldard et Lee Manzi, deux spécialistes recrutés chez RWC Partners il y a trois mois (lire notre dépêche du 7 juin). Ces deux fonds coordonnés, le Jupiter Global Convertibles fund et le Jupiter Strategic Total Return fund, ont obtenu l’agrément de commercialisation de la CSSF et ont été enregistrés par la FSA.Le fonds de convertibles sera assorti d’une commission de gestion de 1,7 % pour le retail et de 0,9 % pour les investisseurs institutionnels tandis que le Strategic Total Return facturera 1,25 % pour le retail et 0,75 % pour les parts institutionnelles plus une commission de 10 % avec high watermark sur la surperformance par rapport au banchmark (l’euribor 1 mois pour les parts en euros).
Fonds
17/09/2010
Fonds

MSIM recrute chez Aizawa pour son nouveau fonds Japon

Hisayoshi Takahashi, qui a quitté Azayawa Securities, a été nommé executive director et gérant de portefeuille senior chez Morgan Stanley Investment Management (MSIM). Il est chargé aux côtés d’Arthur Pollok de gérer le nouveau fonds luxembourgeois MS INVF Japanese Equity dont le portefeuille d’actions japonaises comportera 50 à 70 valeurs (entre 1 et 5 % par ligne) sur un univers de 950 sociétés jugées sous-évaluées et dont la capitalisation boursière au moment de l’achat est supérieure à 400 millions de dollars. Ce produit est destiné aux investisseurs institutionnels.
Fonds
17/09/2010
Fonds

Les placements éthiques gagnent encore du terrain

L’investissement socialement responsable (ISR) a toujours la cote en Belgique, selon L’Echo. En 2009, la part de marché de ce type de placement, a atteint 3,78% du marché des placements proposés dans le pays, indiquent le rapport 2010 du Réseau financement alternatif, association spécialisée dans la finance durable.A la fin de l’année dernière, le volume total de capitaux placés dans cette catégorie d’investissement en Belgique a atteint 11,28 milliards d’euros, soit une progression de plus de 20% par rapport aux 9,38 milliards d’euros recensés en 2008. En Belgique, les principaux promoteurs de fonds d’ISR sont KBC et Dexia, avec des parts de marché respectives de 55,8% et 22% du volume d’encours. BNP Paribas Fortis suit de loin, avec quelque 8,9%. La Banque de la Poste arrive en quatrième position, avec 4,6%, suivie d’Ethias, à 3,4% de parts de marché.
Fonds
17/09/2010

Altira Group recrute Josef Pfannenstill

Le comité exécutif d’Altira Advisory a été complété le 16 septembre avec la nomination de Josef Pfannestill comme responsable des relations avec les intermédiaires et les partenaires de distribution (banques privées, gestionnaires de fortune et fonds de fonds). Il rejoint Michael Rieder, le CEO d’Altira Group et Oliver Brandt. Auparavant, Josef Pfannenstill a été membre du directoire de versiko, où il était responsable d'Ökoworld Lux, après avoir assuré les fonction de head of marketing de Fortis Investments pour l’Allemagne, l’Autriche ainsi que l’Europe centrale et orientale. Chez BNP Paribas Asset Management, il avait précédemment été responsable de la distribution en Autriche et dans les pays d’Europe centrale et orientale.
17/09/2010

Michael Schramm prend la tête de Hauck & Aufhäuser

Le 16 septembre, le comité des actionnaires de la banque privée francfortoise Hauck & Aufhäuser (H&A) a nommé Michael Schramm président du comité exécutif. Son alter ego, Volker van Rüth, de sept ans plus âgé, acceptera difficilement cette nomination et ne tardera probablement pas à démissionner, estime le Handelsblatt.Michael Schramm, qui a une réputation de «grande gueule», a contribué ces quatre dernières années à une forte augmentation des encours et a ficelé l’acquisition de Cazenove auprès de J.P. Morgan.
17/09/2010

Sal. Oppenheim revend Collineo

Deux ans après l’avoir achetée à une Hypo Real Estate aux abois, Sal. Oppenheim, qui a été elle-même entre-temps sauvée par la Deutsche Bank, a revendu Collineo Asset Management GmbH (Collineo). Cette société de gestion de Dortmund (6 milliards d’euros d’encours) est reprise dans le cadre d’un MBO par son directeur général Dirk Bergander et les autres membres de la direction, a indiqué le 16 septembre Lincoln International. Aucun détail financier sur la transaction n’a été divulgué.
17/09/2010

Ibersuizas prend la majorité chez ICFC

Le capital-investisseur espagnol Ibersuizas a annoncé qu’il prend la majorité dans Ice Cream Factory Comaker (ICFC) et compte maintenir en place l'équipe dirigeante, rapporte Cotizalia. ICFC est un fabricant de crêmes glacées en marque de distributeur qui fournit entre autres Miko, Avidesa et Camy.L’entrée d’Ibersuizas dans le capital d’ICFC doit permettre à ce dernier de financer son développement sur les marchés espagnol, portugais, italien et français.
17/09/2010

Money market ratings: Moody's proposed changes criticised

p { margin-bottom: 0.08in; } Plans at Moody’s to substitute a system of ratings from MF1 to MF4 for the AAA ratings previously used for money market funds is not an unanimous favourite of asset management professionals, the Wall Street Journal reports. Many say the changes run against practices which have been firmly ingrained for years. In addition, critics say that many mandates explicitly state that money must be invested in AAA-rated funds. One of the tougher critics of the plans is Peter Crane, founder of Crane Data, who says that it will take years or decades for investors to adjust to the new system. Other professionals says that it is inconvenient to institute such a differentiation of fund managers. The consultation launched by Moody’s on the subject will remain open until 5 November.
17/09/2010

CFTC meets with swaps associaion

p { margin-bottom: 0.08in; } At a meeting with members of the International Swaps and Derivatives Association (ISDA) on Thursday, Gary Gensler, chairman of the Commodity Futures Trading Commission, spoke of the repercussions of the Dodd-Frank legal reforms of the finance sector for swaps, the Wall Street Journal reports. Gensler estimates that about 200 entities will have to be registered as swap dealers, including global and regional banks. He also says 20 to 30 new entities will apply for swap-execution facility (SEF) licenses, in addition to licenses for the 16 markets which are already regulated. The number of organisations registered for derivatives clearance will increase from 14 currently to 20.
17/09/2010

JP Morgan AM installs a real estate management team in Paris

JP Morgan Asset Management announced on 16 September that its Real Assets division is installing a team in Paris to specialise in commercial real estate. “The initiative will facilitate research into new investment opportunities in France, as well as management of existing real estate properties in the country,” JP Morgan AM says in a statement. In addition to Paris, a team is also being installed in Frankfurt. The Paris team will be led by Jean-Philippe Vergnol, who was previously based in London. The European real estate unit at JP Morgan Asset Management made its first investment in Paris in 2001, and has since constructed a real estate portfolio with a gross value of over EUR500m throughout France. “We have built up a solid investment track record in France. The installation of a team on French territory, in an important market, allows us to more closely monitor the portfolio of properties and continue to expand in the region. The Paris team will concentrate on acquisitions and management of commercial real estate properties. The development follows two recent acquisitions of properties located in the central business district of Paris,” explains Peter Reilly, director of the European real estate unit at JP Morgan AM. The European real estate unit of J.P. Morgan Asset Management manages EUR3.5bn for institutional clients throughout Europe, and has developed a strong local presence, with offices in London and Luxembourg since 1998.p { margin-bottom: 0.08in; }
17/09/2010

Rothschild & Cie Gestion shifts into recruitment mode

One year after his arrival as head of the management firm Rothschild & Cie Gestion (on 1 September 2009), Jean-Louis Laurens remains sufficiently confident in the future to foresee further recruitments. At a presentation of the strategic committee’s directions for the firm on 16 September, the director told Newsmanagers that the firm has not ruled out recruiting up to three specialists for emerging markets management, and two sales people. Didier Bouvignies, managing partner and head of management, says that for the past six months there has been a consolidation in emerging markets, and the increases are not more related to changes in currencies related to the US dollar than to the intrinsic valuation of shares. This position remains important at Rothschild & Cie Gestion, but in the short term, managers, who use a stock-picking strategy, are expecting some consolidation, depending on the way that flows evolve.p { margin-bottom: 0.08in; }
17/09/2010

Some money market funds increasing risk levels again

p { margin-bottom: 0.08in; } Two years after the Reserve Primary Fund (USD62bn) became the first money market fund to fall below USD1 per share in net asset value (“break the buck”), some funds are once again beginning to bet on higher-risk securities, which increases the potential for trouble despite a wave of new regulations which aim to make the market safer, and which will ultimately hurt diversification, the Wall Street Journal reports. In this environment, some managers are investing in “step-up” savings certificates issued by European banks, such as the American Beacon U.S. Government Money Market Select,” which is investing in non-government repos. Meanwhile, some actors have decided to abandon their money market fund activities altogether, such as SunTrust Banks, which sold a portfolio of USD17bn to Federated in July. When the transaction is completed, the top 20 managers will account for 92% of assets in money market funds, compared with 82% as of the end of 2006. This means that assets will be concentrated in the hands of a continually shrinking number of actors, which will potentially increase risk for investors, analysts claim.
17/09/2010

Reyl Private Office announces arrival of an art specialist

p { margin-bottom: 0.08in; } Reyl Private Office, an affiliate of the Reyl group specialised in legal and fiscal optimisation for high net worth clients, has announced the recruitment in early July of Françoise Adam, a specialist in art and artistic assets. Before joining the Reyl group in Geneva, Adam worked for seven years at Christie’s, in Paris and Geneva. There, she was in charge of client development and organising major auctions.
17/09/2010

Assets at Crédit Agricole (Suisse) down 1.3%

Assets under management at Crédit Agricole (Suisse) SA as of 30 June totalled CHF49.7bn, a decline of 1.3% compared with the end of 2009. Net profits contracted by 23.9% to CHF85.5m, the affiliate of the French banking group announced on 16 September.
17/09/2010

State Street GA wins a mandate from an Italian pension fund

p { margin-bottom: 0.08in; } State Street Global Advisors has been selected by Pegaso, a complementary retirement fund for employees of public utility services, to manage a bond mandate worth over EUR60m, Bluerating reports. The mandate will be managed in London.
17/09/2010

Altira Group recruits Josef Pfannenstill

p { margin-bottom: 0.08in; } The executive board at Altira Advisory on 16 September welcomed Josef Pfannestill, who has been appointed head of relations with intermediaries and distribution partners (private banks, wealth management firms, and funds of funds). He joins Michael Rieder, CEO of Altira Group, and Oliver Brandt. Previously, Pfannenstill was a board member at versiko, where he was in charge of Ökoworld Lux, before becoming head of marketing at Fortis Investments for Germany, Austria and central and eastern Europe. At BNP Paribas Asset Management, he was previously head of distribution for Austria and the countries of central and eastern Europe.
17/09/2010

Sal. Oppenheim sells off Collineo

p { margin-bottom: 0.08in; } Two years after acquiring a struggling Hypo Real Estate, Sal. Oppenheim, which has since itself been acquired by Deutsche Bank, has resold Collineo Asset Management GmbH (Collineo). The management firm, based in Dortmund (EUR6bn in assets) has been bought in a management buyout by its CEO, Dirk Bergander, and the other members of the board, Lincoln International reported on 16 September. No details of the acquisition price have been divulged.
17/09/2010

Germans are unconvinced by BRIC funds

A survey by TNS Emnid on behalf of Goldman Sachs Asset Management (GSAM), which asked a representative sample of Germans about their perceptions of BRIC (Brazil, Russia, India and China) funds, found that only 5.6% of respondents had already invested in a BRIC fund, while 93.5% remained undecided. To complete the picture, 30% of respondents said BRIC funds would generate returns of less than 5%, while 25% expected returns of 6% to 10%, and 6% predicted returns of over 20%. In reality, in the past five years, BRIC funds have earned cumulative net returns, on the basis of the MSCI index, of 134.74%. The two most important factors preventing investors from investing in BRIC countries, the survey finds, are a relative lack of knowledge of these markets (65.1%) and fears of a stock market crash (59.6%), which is a more considerable factor than political instability (51.9%).p { margin-bottom: 0.08in; }
17/09/2010

Martin Currie extends range of absolute return strategies

p { margin-bottom: 0.08in; } Martin Currie is planning to add to its range of UCITS III absolute return funds with three new vehicles. The three funds – European, Japanese, and global resources – will be launched on 29 September, Money Marketing reports. They will aim to limit risks in falling markets by reducing market exposure.
17/09/2010

Lazard to launch an emerging markets fund

According to fundstrategy, Lazard will launch at the end of September a growth-focused emerging markets fund – the Lazard Developing Markets fund. It will be managed by Kevin O’Hare and Peter Gillespie and will target companies with above average levels of growth, trading on realistic valuations.
17/09/2010

Evercore Pan-Asset adds two profiled OEIC funds to its range

p { margin-bottom: 0.08in; } To meet demand from IFAs, Evercore Pan-Asset is adding to its range of PanDynamic profiled OEIC funds, which already include the Balanced and Growth funds. The new products, which use a dynamic asset allocation based on ETFs, will be the PanDynamic Defensive and PanDynamic aggressive, with management commissions of 0.9% for retail and 0.4% for institutional investors and IFAs. The defensive fund will invest 90% in bond assets and 10% in higher-risk assets (equities and real estate), while the aggressive product will invest up to 100% in high-risk assets. Minimal subscription will be GBP1,000 for retail investors.
17/09/2010

MSIM recruits a manager from Aizawa for its new Japan fund

p { margin-bottom: 0.08in; } Hisayoshi Takahashi, who has left Azayawa Securities, has been appointed executive director and senior portfolio manager at Morgan Stanley Investment Management (MSIM). Along with Arthur Pollok, he will manage the new Luxembourg fund MS INVF Japanese Equity, whose portfolio of Japanese equities will include 50 to 70 positions (between 1% and 5% per position), selected from a universe of 950 businesses considered undervalued, with market capitalisation at the time of investment of over USD400m. The product is aimed at institutional investors.
17/09/2010

Jupiter launches two funds for managers from RWC

p { margin-bottom: 0.08in; } On 1 October, Jupiter Asset Management will launch two sub-funds of its Luxembourg Sicav Jupiter Global Fund, one of convertibles, and one multi-asset class, which will be managed by Miles Geldard and Lee Manzi, both specialists recruited from RWC Partners three months ago (see Newsmanagers of 7 June). The two UCITS-compliant funds, the Jupiter Global Convertibles Fund and the Jupiter Strategic Total Return Fund, have been granted sales licenses from the CSSF and have been registered by the FSA. The convertibles fund will carry a management commission of 1.7% for retail and 0.9% for institutional investors, while the Strategic Total Return fund will charge 1.25% for retail and 0.75% for institutional shares, plus a commission of 10% with high watermark on performance exceeding the benchmark (Euribor 1 month for shares in Euros).
17/09/2010

RAB Capital issues profit warning

p { margin-bottom: 0.08in; } RAB Capital, one of the largest British hedge fund management firms, has issued a warning over future profits. The Financial Times reports that results are expected to be far below what was initially predicted by the firm’s management. The group will also be obliged to make one-time write-downs of GBP5.5m for restructuring. Cost reduction measures are planned, the newspaper adds. Some IT activities will be outsourced. The FT reports that RAB Capital will also be required to close down some funds, although the group says that changes to the product range will be “limited.”
17/09/2010

Skandia reduces exposure to United States

Skandia Investment Group’s (SIG) Global Asset Allocation Committee (GAAC) – whose views influence a number of SIG’s portfolios – has reduced its exposure to the US as the economy in the region shows further signs of slowing. In the meantime, the asset manager has upping Europe ex UK to less underweight as it expects growth to continue to surprise positively."We expect equities to rally over the next few months and slightly increased our exposure. We think that the risk of a ‘double dip recession’ is low and that after a period of softness this autumn, the US and global economy will pick up next year», says Skandia. The asset manager continues to prefer emerging markets, with a bias towards Asia Pacific and remains neutral on Japan.
17/09/2010

Liontrust remodels fund offerings

p { margin-bottom: 0.08in; } Liontrust is revising its range of funds, with name changes, a merger of two British portfolios, and a restructuring of several funds into UCITS format. The First Large Cap fund, managed by Gary West and James Inglis-Jones, will merge with the First Growth fund, managed by Anthony Cross and Julian Fosh. The new vehicle resulting from the merger will be renamed UK Growth. In other planned modifications, the Intellectual Capital Trust becomes UK Smaller Companies, First Opportunities becomes Special Situations, Continental Europe becomes European Growth, and the First Income fund becomes the Income fund. The group is also proposing to structure funds in UCITS III format, which would result in an increase in total expense ratios. The series of changes will be submitted to a vote of shareholders at extraordinary general meetings to be held in September and October.
17/09/2010

AIMA to discuss hedge fund pay scales

p { margin-bottom: 0.08in; } The Alternative Investment Management Association (AIMA) will meet with the British Financial Services Authority (FSA) to discuss the problem of remunerations for hedge fund managers, IPE.com reports. Andrew Baker, chairman of the AIMA, is in favour of “appropriate and proportional” regulation.
17/09/2010

Ascalon awards a mandate to HSBC Securities

p { margin-bottom: 0.08in; } ICFA reports that Ascalon Capital Managers, a specialist in the acquisition of management boutiques, has awarded a fund administration and custody mandate for funds on its Australian platform to HSBC Securities.

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