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28/06/2010
Fonds

Blackstone et TPG divergent sur leur évaluation de Freescale

En décembre 2006, Blackstone et TPG ont tous deux contribué pour 1 milliard de dollars en capital au LBO de 16,6 milliards de dollars de Freescale Semiconductor. Selon le Financial Times qui a eu accès aux deux documents, le rapports trimestriel pour janvier-mars du fonds Blackstone Partners V estime la participation à 45 cents pour un dollar, contre 20 cents par dollars au quatrième trimestre 2009 pendant que celui de TPG V l'évalue à 20 cents pour le premier trimestre 2010.Par ailleurs, Blackstone estime à 100 cents par dollar sa participation dans Biomet, tandis que TPG, là aussi engagé, l'évalue à 90 cents par dollar. Cela est révélateur de la latitude dont peuvent jouir les fonds de private equity dans leurs évaluations, insiste le journal.
Fonds
28/06/2010

FRM lance une plate-forme alternative avec le coréen IBK Securities

Selon Asian Investor, le coréen IBK Securities a signé un partenariat avec la firme londonienne Financial Risk Management (FRM) pour la mise en place d’un fonds de hedge funds et la distribution de fonds en Corée du Sud.Le fonds de hedge funds, qui sera connu sous l’appelation IBKS-FRM Fund of Funds, devrait voir le jour avant la fin de l’année. Le fonds investira dans des single hedge funds et visera des rendements constants avec une faible corrélation au marché. Il sera distribué exclusivement aux investisseurs institutionnels qualifiés.Les actifs sous gestion de FRM s'élèvent à environ 9 milliards de dollars. C’est l’un des premiers groupes de fonds de fondsu à ouvrir n bureau (en 2008) en Corée.
28/06/2010

Banca Popolare di Milano va distribuer des fonds de sociétés étrangères

Selon le journal italien Soldi, cité par Bluerating, Banca Popolare di Milano aurait récemment conclu des accords de distribution avec plusieurs sociétés de gestion étrangères. Quatre seulement ont été sélectionnées au terme d’une compétition. Parmi elles figureraient Franklin Templeton et BlackRock.
28/06/2010

Amundi et Natixis AM pourraient être candidats dans le dossier Pioneer Investment

Concernant le sort de Pioneer Investment la filiale de gestion d’actifs d’Unicredit, la maison mère exclut une introduction en Bourse par manque d’intérêt des investisseurs, rapporte la Tribune. Une vente pure et simple semble aussi difficile en raison du prix élevé de Pioneer, valorisé à environ 3 milliards d’euros, selon plusieurs sources. Une vente par compartiment est aussi envisagée. Cette dernière option intéresserait Amundi qui, présentée comme une plate-forme, a toujours dit qu’elle intégrera d’autres réseaux de distribution. D’autres acteurs français regarderaient également le dossier. Natixis Global Asset Management ne cache pas son envie de se développer en Europe par croissance externe. Quoi qu’il en soit, Roger Yates, directeur général de Pioneer, a lancé un audit interne afin d’avoir une vision très précise de ce que fait la société. Résultats d’ici la fin 2010, note le quotidien.
28/06/2010

Fidelity International recrute en Italie

Fidelity International renforce ses équipes en Italie avec l’arrivée de Cosmo Schinaia en tant que directeur des ventes professionnelles et institutionnelles pour l’Italie, rapporte Bluerating. Il était précédemment au Crédit Agricole Asset Management Sgr. Cosmo Schinaia fera partie de l'équipe dirigée par Paolo Federici, responsable de la distribution des produits Fidelity en Italie.
28/06/2010

AmpegaGerling confie l'administration des comptes clients à ebase

Depuis le 21 juin, l’European Bank for Fund Services GmbH (ebase) a pris en charge l’administration des nouveaux versements sur les comptes de tous les clients d’AmpegaGerling Investment (groupe Talanx). Cela permet à AmpegaGerling de se concentrer sur la gestion de fonds. ebase est une filiale à 100 % de comdirect (groupe Commerzbank.
28/06/2010
Fonds

James Dilworth (AGI) : "Il y a encore surpopulation de fonds en Allemagne"

Depuis octobre 2009, James Dilworth (ex Goldman sachs AM et ex Morgan Stanley) a rejoint Allianz Global Investors (AGI) pour en diriger les activités allemandes. Interviewé par Das Investment, il considère avec une nuance de provocation que le marché allemand n’a pas besoin au total de plus de 500 fonds. Cela veut dire, qu’en ce qui la concerne, AGI va à l’avenir fermer davantage de fonds qu’elle n’en lancera. James Dilworth précise qu’AGI est actuellement en train d’identifier ceux de ses fonds qui ont un potentiel de «flagship» et ne veut pas anticiper sur le résultat de cette analyse. Il acquiesce toutefois quand ses interlocuteurs citent les noms de Concentra et de Fondak (d’anciens fonds ADIG, ndlr) «qui sont là de toute éternité, et dont la performance est bien au rendez-vous». Selon lui, AGI est également très fort sur les actions européennes, asiatiques et américaines. Et chez Pimco, certains fonds ont le potentiel nécessaire pour accéder au statut de produits vedettes sur le marché allemand.
Fonds
28/06/2010
Fonds

Hausse de 2,2 % de l'encours des sicav au premier trimestre

En janvier-mars, l’encours des 3.206 sicav espagnoles, des véhicules d’investissement sur mesure pour les particuliers haut de gamme, a progressé de 2,2 % à près de 26,21 milliards d’euros pour le compte de 405.442 actionnaires, indique VDOS Stochastics, relayé par Funds People. La performance moyenne pondérée en fonction de l’encours est ressortie durant la période sous revue à 0,88 %.Les deux sicav les plus performantes sont gérées par UBS Gestión avec 19,14 % et 17,45 %, devant la Gold & Silver Spain (+ 16,06 %) de Bankinter Gestión qui a deja été le gestionnaire avec le plus fort gain (144,7 %) pour l’ensemble de 2009.BBVA Patrimonios conserve la tête du classement pour l’encours, avec une part de marché de 10,96 %. Elle a été aussi leader pour les souscriptions nettes, avec 77 millions d’euros. La sicav avec le volume d’actifs le plus important est Morinvest, gérée par BBVA Patrimonios, avec 452 millions d’euros.
Fonds
28/06/2010

Edmond de Rothschild Capital Partners renforce ses équipes

La société Edmond de Rothschild Capital Partners qui gère trois fonds dédiés aux LBO de croissance a annoncé, vendredi 25 juin, le renforcement de ses équipes. Aymeric Marraud des Grottes a été nommé directeur d’investissement tandis que Thomas Moussallieh est nommé chargé d’affaires et Marie Londero, analyste.Arrivé en mai 2010, Aymeric Marraud des Grottes, 32 ans, occupait auparavant la fonction d’ «associate» chez JPMorgan, en banque privée et en conseil aux entreprises familiales. Thomas Moussallieh, 25 ans, était précédemment analyste chez Edmond de Rothschild Capital Partners, où il a débuté sa carrière en juin 2008. Marie Londero, 24 ans, a rejoint Edmond de Rothschild Capital Partners en avril 2010.
28/06/2010

Allianz Alternative AM sur le point d'être vendu

Selon Les Echos, la société de multigestion alternative du groupe Allianz, Allianz Alternative Asset management (AAAm), en vente, serait convoité par Nexar Capital, le «hedge fund» formé par des anciens de SGAM AI. Rien n’est signé mais les discussions seraient dans leur dernière ligne droite, pour, peut-être, une conclusion cet été. Nexar Capital, qui a des bureaux à Paris et New York, a deux activités principales, les fonds de «hedge funds» et fonds d’arbitrage de volatilité. En prenant possession de AAAm, il augmenterait notablement la première de ses deux activités, tout en renforçant son positionnement sur la clientèle institutionnelle.
28/06/2010

Efama announces launch of pan-European fund processing passport portal

The European Fund an Asset Management Association ‘Efama) announced today the opening of its Fund Processing Passort Portal, available to the asset management industry vie the Efama website. The FPP is an industry standard for the presentation of the key operational characteristics that fund promoters should provide on their investment funds to facilitate their trading. By making this information available to the market in a fully harmonised document, fund managers help reduce delays in processing transactions and errors in executing orders.
28/06/2010

High net worth private money moves to Panama

Since the Spanish government has embarked on its hunt for illicit bank accounts in Switzerland, and signed a tax information sharing agreement with Andorra, high net worth Spanish clients are making Panama their preferred destination, but they are also heading to countries such as Singapore, Costa Rica, Gibraltar and Uruguay, Expansión reports. The Spanish government is already in negotiations with Panama, Gibraltar, Hong Kong and Singapore to sign tax information sharing agreements, but the time this takes to complete will be time gained for banking clients.
28/06/2010

Goldman Sachs to reimburse Bayou subscribers

An arbitration committee at the Financial Industry Regulatory Authority on Friday sentenced the Goldman Sachs Group to pay USD20.6m to unprotected investors in Bayour Group, who accused the banking group of voluntarily or involuntarily ignoring signs of fraud at the hedge fund management firm, which went bankrupt in 2005. The Wall Street Journal adds that the former CEO of Bayou, Samuel Israel III, was sentenced to 20 years in prison; he pleaded guilty to distributing false information about funds. Subscribers lost more than USD400m.
28/06/2010

S-Box becomes Solactive

From 21 June, the German index provider S-Box, which was previously an affiliate of the Stuttgart stock exchange, becomes wholly owned by Structured Solutions AG< which has changed the name of the firm to “Solactive.” All S-Box products will adopt the new brand name. Currently, there are 21 ETF funds which use Structured Solutions indices as their benchmark or underlying. They have assets of about USD5bn. Sebastrian Seifried, head of indexing, says that Structured Solutions sees significant potential for growth in the area of ETFs, with demand evolving towards custom products focused on regional or special themes and strategies.
28/06/2010

Edmond de Rothschild Capital Partners adds to teams

The management firm Edmond de Rothschild Capital Partners, which manages three funds dedicated to LBOs of growth companies, announced on Friday, 25 June that it has added to its staff. Aymeric Marraud des Grottes, who joined the firm in May 2010, has been appointed chief investment officer, while Thomas Moussalieh is appointed head of business. Marie Londero joined the firm in April 2010 as an analyst. Marraud des Grottes, 32, previously served as an associate at JPMorgan, in private banking and advising to entrpreneurial families. Moussalllieh, 25, was previously an analyst at Edmond de Rothschild Capital Partners, where he began his career in 2008. Londero, 24, joined Edmond de Rothschild Capital Partners in April 2010.
28/06/2010

Former Amaranth head looking for new investors

Nicholas Maounis, former head of the hedge fund management firm Amaranth Advisors, which imploded in September 2006 after losses of USD6.6bn due to huge bets on natural gas, is now seeking to raise USD1bn for his new firm, Verition Fund Management, which has assets of USD235m,composed largely of the private wealth of its founder, the Wall Street Journal reports. Verition is not investing in natural gas, and will confine itself to corporate bonds, equities, and convertible bonds. The firm has also set up several risk control mechanisms, with Maounis himself as chief risk officer, though there is also a team for day-to-day risk management for each fund and for the firm as a whole. The largest fund from Verition earned 17% in 2009, and has earned about 2% since the beginning of the year.
28/06/2010

Dreyfus to launch actively-managed ETF funds

On 9 June, the Dreyfus Corporation, an affiliate of BNY Mellon Asset Management, applied to the SEC (form 40-APP1) for permission to launch actively-managed ETF funds, which would be registered by a new entity, Dreyfus ETF Trust, which may also engage sub-advisors to operate the funds.
28/06/2010

Equities funds: Outperformance doesn't last

According to a study by Forbes online of US equities funds on the basis of data from the ratings agency Standard & Poor’s for the periods from March 2000-March 2005 and March 2005-March 2010, only 39.3% of the 791 products which ranked in the top half for performance in the first five-year period were still in the top class in the second period. 17.9% of them were liquidated or absorbed into another fund. Meanwhile, 32.9% of funds in the bottom half of the rankings in the first period moved up in the second period, while 37.7% were liquidated or merged. In terms of large cap equities funds in the top half for 2000-2005, only 18.5% were able to hold their place in this group in 2005-2010.
28/06/2010

Sicav assets up 2.2% in first quarter

In January-March, assets in 3,206 Spanish Sicav funds, custom investment vehicles for high net worth private clients, rose 2.2% to nearly EUR26.21bn, for 405,442 shareholders, VDOS Stochastics reports, relayed by Funds People. The weighted average performance as a function of assets in the period under review totalled 0.88%. The two best-performing Sica funds are managed by UBS Gestión, with 19.14% and 17.45%, followed by Gold & Silver Spain (+16.06%), from Bankinter Gestión, which was previously the provider with the highest gains in 2009 (144.7%). BBVA Patrimonios remains at the top of the rankings in terms of assets under management, with a market share of 10.96%. It was also the leading provider in terms of net subscriptions, with EUR77m. The Sicav with the largest single volume of assets is Morinvest, managed by BBVA Patrimonios, with EUR452m.
28/06/2010

Good performance for Franklin Rising Dividends Fund

The Wall Street Journal estimates that shares in companies that pay high dividends, which have previously been popular with retired persons seeking to increase their income, will be likely to attract more investors than before the financial crisis. One of the funds likely to profit from this trend is the Franklin Rising Dividends Fund (FRDPX), which has USD2.3bn in assets. The fund, managed by Donald Taylor at Franklin Templeton Investments, has earned annual performance of 6.31% in the ten years to 25 June, while at the same time, the S&P 500 total return has lost an average of 1.07%. The fund invests only in firms which have increased their dividends at least eight times in the past ten years, whose dividends have doubled over this time period, and whose dividends are a maximum 65% of profits, to leave the company some money to invest. Only 120 companies satisfy these various filters, including Becton Dickinson and Abbott Laboratories in the health sector, Wal-Mart Stores and Family Dollar Stores in retail, Erie Indemnity in insurance, United Technologies in industrials, and IBM in tech. But there are no Wall Street firms on this list.
28/06/2010

Allianz Alternative AM to be sold soon

Les Echos reports that the alternative multi-management firm of the Allianz group, Allianz Alternative Asset Management (AAAm), which is up for sale, may interest Nexar Capital, the hedge fund founded by former SGAM AI managers. No deals have been signed, but talks are said to be at an advanced stage, and may be completed this summer. Nexar Capital, which has offices in Paris and New York, has two major activities: funds of hedge funds, and volatility arbitrage funds. By acquiring AAAm, the firm would considerably increase its strengths the former of these two areas, and would also strengthen its institutional client base.
28/06/2010

Odyssey IM recruits Mikhail Filiminov

Jayavardhan Diwan, co-founder of Odyssey Investment Management, in 2009, has announced the recruitment of Mickail Filiminov as CIO, Hedge Week reports. Filiminov, who has already worked with Diwan in the past, founded and led Alexandra Investment Management. Odyssey is planning to launch several global credit funds, including one special situations fund and one focused on Indian convertible bonds.
28/06/2010

FRM launches an alternative platform with Korean firm IBK Securities

Asian Investor reports that the Korean IBK Securities has signed a partnership with the London-based firm Financial Risk Management (FRM), to set up a fund of hedge funds and fund distribution in South Korea. The fund of hedge funds, which will be known as IBKS-FRM Fund of Funds, will be released by the end of the year. The fund will invest in single hedge funds and will aim for constant returns with low correlation to the market. It will be distributed exclusively to qualified institutional investors. Assets under management at FRM total about USD9bn; it was one of the first fund of fund groups to open an office in Korea (in 2008).
28/06/2010

ebase contracted to administer AmpegaGerling client accounts

From 21 June, the European Bank for Fund Services GmbH (ebase) has taken charge of administration of new payments to all AmpegaGerling Investment (Talanx group) client accounts. This allows AmpegaGerling to concentrate on fund management. ebase is a wholly-owned subsidiary of comdirect (Commerzbank group).
28/06/2010

La crise financière a modifié le comportement des clients de banques privées allemands

Une étude* réalisée auprès de 332 clients de banques privées en Allemagne (au moins 0,6 million d’euros de liquidités, en Autriche (0,5 million et plus) et en Suisse (0,9 million de francs suisse et plus) par la division gestion d’actifs de l’Université Johannes Kepler de Linz, sous la direction du Pr. Teodoro D. Cocca, pour le compte de LGT Wealth & Asset Management montre que l’exposition moyenne aux actions se situe à 32 %, celle affectée aux liquidités se montant à 29 %. D’autre part, 16 % étaient réservés par ces investisseurs pour se prémunir contre l’inflation ou un scénario «worst case», sous forme de matières premières/or ou métaux précieux.Environ les deux tiers du total investi étaient placés sur le marché intérieur de chacun des pays, ce qui représente un risque important de concentration.D’autre part, l'étude a montré que la crise financière a provoqué d’importantes redistributions, au détriment des dérivés, des actions, des placements alternatifs et des fonds d’investissement, au profit des matières premières/or, des métaux précieux, du cash et d’autres valeurs concrètes. 48 % des personnes interrogées ont ainsi augmenté leur allocation aux matières premières/or ou métaux précieux, tandis que 31 % ont diminué leur exposition aux actions.* LGT Private Banking Report 2010
28/06/2010

BPM to distribute funds from foreign firms

The Italian newspaper Soldi, cited by Bluerating, reports that Banca Popolare di Milano has recently signed distribution agreements with several foreign management firms. Only four were selected at the conclusion of a competition; they include Franklin Templeton and BlackRock.
28/06/2010

Fidelity International recruits in Italy

Fidelity International is adding to its teams in Italy with the arrival of Cosmo Schinaia as director of professional and institutional sales for Italy, Bluerating reports. He was previously at Crédit Agricole Asset Management Sgr. Schinaia will be part of the team led by Paolo Federici, head of distribution for Fidelity products in Italy.
28/06/2010

GAM green funds to be released in fall

The UCITS-compliant long/short environmental fund for which GAM has recruited Paul Udall from Climate Change Capital (see Newsmanagers of 26 May) will be launched in October, and will have 35 to 45 positions.
28/06/2010

A round of promotions at Fidelity

Peter Hicks has been appointed product director, UK equities, at Fidelity International, from 1 August, and will be leaving his current position as head of UK retail sales to Ben Waterhouse, who will join the firm on that date from Legal 7 General Investment Management (LGIM), as head of UK wholesale sales. Julian Webb is appointed head of sales for the FundsNetwork platform; he currently serves as head of UK defined contribution business.

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