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08/06/2010

SRI funds from Nordea divest from BP

The Nordea Responsible Investments (RI) Committee on June 4 2010 decided to divest from BP in the Nordea dedicated RI funds and mandates. Further on it was decided to suspend further investments in BP for all other Nordea funds until clarification from BP on systematic risk management has been evaluated. In total, some 20 Nordea funds available in the Nordic countries with BP investments are directly affected. The decision of the RI Committee was taken due to: the company has failed to comply with its own safety and environmental rules according to the informations available; the company does not disclose information and is not transparent regarding how other similar operations are managed from a safety and environmental perspective The RIG team (Responsible Investments & Governance) within Nordea is also currently conducting thorough analysis on the oil & gas sector companies in order to identify systematic safety and environmental risks associated with deep water drilling operations, adds Nordea.
08/06/2010

PGGM invests EUR75m in British real estate

Standard Life Investments has announced that the pension fund PGGM, one of the largest real estate fund managers in Europe, has invested about GBP75m in the Standard Life Investment UK Shopping Centre Trust, a portfolio which is currently valued at about GBP1.2bn.
08/06/2010

GBP2.3bn in net inflows in the UK in April

According to the most recent statistics from the British investment management association (IMA), net inflows totalled GBP2.3bn in April, their highest level since November 2009. Bonds remained the most popular asset class, with net inflows of GBP629m (27% of the total), compared with GBP412m for equities, GBP434m for diversified strategies, and GBP233m for real estate. As of the end of April, assets under management totalled GBP510.9bn, their highest level of all time, compared with GBP375.2bn in April 2009. For the first time, the association is providing statistics for distribution platforms, on the basis of five actors representing 85% of the market (Cofunds, Fidelity, Hargreaves Landsown, Skandia, and Transact). In April, gross sales via these platforms totalled 3.3bn, about 37% of gross retail sales. In the first four months of the year, sales via platforms totalled GBP11.9bn (also 37% of retail sales). Institutional funds, notably, also posted net inflows in April of GBP1.13bn, after outflows of GBP535m in March.
08/06/2010

SGSS to provide securities services to Grosvenor for launch of OPCI

In a statement, Société Générale Securities Services (SGSS) announced on Monday, 8 June, that it has been granted a mandate by Grosvenor, a specialist in real estate investment and development, to provide securities services for the launch of its first French collective real estate investment organism, OPCI. The new fund will be managed by Viveris REIM, and capital in the fund will total nearly EUR300m. The mandate specifically mandates SGSS to provide depository services, custody of financial assets, market making for real estate assets, passive management, account administration, and valuation. As of the end of 2009, Grosvenor had GBP10.2bn in assets under management.
08/06/2010

Former Métropole Gestion manager moves to Skandia

Anne-France Gauthier, who previously served as director of retail activities in France at Métropole Gestion, whose departure was announced in Newsmanagers (see article on 28/04/10), is joining Skandia as director of sales for major client and private banking partnerships. Gauthier, 42, will be responsible for defining and deploying the organisation and commercial strategy of Skandia Labels, a product range which will be aimed at asset management firms, private management departments, and private banks, according to a statement from Skandia. She will also be in charge of the organisation and commercial development of Skandia Labels in France, and for promoting the range of products and services in question and developing synergies with other activities of the group, such as marketing, products, back-office, Service Partners, finance, and others.
08/06/2010

Jean-François Théodore joins HDF Finance

Jean-François Théodore, former deputy CEO of NYSE Euronext, on 6 May joined the supervisory board at the asset management firm HDF France. In addition to this responsibility, Théodore, who will remain as non-executive director of the stock exchange company, will “assist HDF with regulatory developments,” a statement says. In addition, HDF Finance has announced that it is in the process of recruiting a team member in the United States to replace one US-based departure, Gilles Guérin, at the end of June. The fund manager is also planning to request an SEC license for its US unit. In Switzerland, HDF has also recruited Joseph Steiger, formerly of Credit Suisse and SAM Asset Manaegment, to develop the German-speaking Swiss institutional client base. The Swiss affiliate of the asset management firm now has two offices: one in Geneva, for private banking clients, and one in Zurich. Some funds from the management firm are now in the process of being licensed in the country.
08/06/2010

Nomura launches an absolute return fund

Funds Strategy reports that Nomura is launching an absolute return fund offering controlled exposure to interest rate movements. The vehicle, entitled Irisx4, is compliant with UCITS III format, and is based on the IRIS (Interest Rate Investment Strategy) benchmark index from Nomura. Jean-Philippe Royer, head of fixed income at Nomura, says that despite the current market environment, “investors are still expecting returns 7% to 8% above the money markets, but without the volatility that generally accompanies such high alpha.”
08/06/2010

First fund from Querns Asset Managers

The new asset management firm Querns Asset Managers will soon launch its first fund, an equities/bonds diversified product, the Querns Income Funds. It will primarily invest in UK equities and British corporate bonds. The fund, in which partners will invest GBP5m as seed capital, carries no front-end fee, and charges a management commission of only 0.75%. Querns Asset Managers was recently founded by the managers Phil Roantree and Stephan Whittaker, two former New Star managers, and Peter Gardner (formerly of Invesco Perpetual) and John Tierney (formerly of selectfunds and Perpetual). The objective for Querns AM is to reach assets of GBP250m in five years.
08/06/2010

M&G launches a “newcits” fund

Dave Fishwick and Eric Lonergan are the managers of the new M&G Macro Episode Fund, a UCITS-compliant rendition of the Prudential Life hedge fund, launched in early 2001, and another M&G hedge fund domiciled in the Cayman Islands. The product, which relies on behavioural finance techniques, is initially restricted to institutional and qualified retail investors, with a minimal subscription of GBP1m, Investment Week reports. The fund managed for Prudential has earned average annual returns of 12.2% since its launch, Hedge Week reports. The fund includes share classes in unhedged US dollars, and classes in pounds Sterling and Euros hedged for forex risks against the dollar.
08/06/2010

Martin Currie promotes a manager of flagship Japan fund

Martin Currie has announced the promotion of Clair Marwich from early June as co-manager of the Japan Alpha Fund, alongside Keith Donaldson and John-Paul Temperley. Marwick joined the Japan specialist team in August 2007. Martin Currie has also announced that it is planning to close the fund at GBP175m in assets. The Japan Alpha Fund is a conviction-based fund, with 30 to 40 positions. Since the beginning of the year, the GBP32m fund has earned returns of 23.6%, compared with 14.6% for the Topix index.
08/06/2010

JP Morgan plans to launch emerging markets value fund

Fund Strategy reports that JP Morgan Asset Management is planning to launch a global emerging markets value fund, with an initial performance objective of 4%. The head of emerging markets equities activities at the group, Richard Titherington, will manage the fund as a diversified portfolio of 50 to 70 positions which distribute dividends.
08/06/2010

IOSCO to survey hedge funds

Il Sole – 24 Ore reports that the international organisation of securities commissions (IOSCO) is planning to announce a survey of hedge funds, at the annual conference of the organisation, to be held Wednesday in Montreal. It will initially concentrate on the largest entities. The goal is to obtain data on the identity of hedge funds, their performance, the composition of managed activities, investments in derivatives, and the banking intermediaries with whom they have credit relationships.
08/06/2010

Vontobel founds an entity dedicated to US clients

Vontobel on 7 June announced the creation of a new entity, Swiss Wealth Advisors AG, which will assist US clients whose assets are declared to the US tax authorities. The unit will be based in Zurich, and will be subject to oversight by the United States Securities and Exchange Commission (SEC), the banking group says in a statement. The new entity will focus on custom wealth management adapted to the needs of US clients. Vontobel is planning to answer the European and Asian equity and currency investment needs of US clients, which US-based wealth management firms are not able to satisfy, or can only partially satisfy. The product range from Vontobel will also be aimed at US citizens domiciled outside the United States, and to non-US citizens living in the United States. Transactions will be provided by Vontobel Securities AG, which already has a license from the SEC.
08/06/2010

Spanish government passes amendment to collective investment institution regulations

The Spanish government, in a cabinet meeting on Friday, has passed a draft royal decree which amends the regulations applicable to collective investment entities. The text will be published in the next few days in the official gazette (BOE). Among several modifications inspired by the impact of the financial crisis, the amendment will allow for the creation of side pockets, or “special objective funds.” The new law will also facilitate the liquidation of real estate funds and securities funds. The amendment also includes modifications intended to make restrictions on the activities of funds more flexible. It authorises the creation of ETFs in Sicav format, and creates a status for listed real estate investment companies (Socimi), the Spanish equivalent of Real Estate Investment Trusts (REIT). In addition, real estate funds will be allowed to invest in other real estate funds, but the legislation limits the amount invested in this way to 10% of assets. In practice, this is equivalent to maintaining the prohibition on real estate funds of funds.
08/06/2010

Speculative class corporate default rates down in May

The overall default rate for corporate debt issuers ranked in the speculative category fell to 7.5% in the month of May, compared with 9% in April, according to the most recent statistics from Moody’s. The default rate has thus fallen 44% since its peak in November 2009 (13.5%). In the United States, the default rate came to 9.5% in May, compared with 7.9% the previous month, from a peak of 14.5% six months earlier. In Europe, the default rate has fallen to 6.8%, compared with 7.8%, and a peak at 11.8% in November 2009. Moody’s is predicting an overall default rate of 2.4% by the end of the year, and of 1.9% in one year’s time. Outlooks for the United States and Europe are 2.7% by the end of 2010 for the United States, and 1.5% for Europe.
08/06/2010

Record number of cancelled IPOs

Les Echos reports that high volatility on the markets has led several firms to abandon or postpone their stock market IPOs. In total Thomson Reuters counts more than USD50bn in “aborted” operations worldwide, (including about USD5bn in Europe) since the beginning of the year, an all-time record since statistics began in 2000. Meanwhile, volumes for IPOs, though they are higher than the first half of 2009, remain relatively limited: they total GBP84.8bn worldwide, of which EUR17.4bn were in Europe.
07/06/2010

"Les investisseurs doivent suivre la politique du "go West" de Pékin"

RCM, le spécialiste de la gestion active actions du groupe Allianz Global Investors (AGI), a récemment organisé à Hambourg un séminaire sur l'Asie (Crouching Tigers and Hidden Dragons, lire notre article du 10 mai). Bien évidemment, la Chine a constitué le plat de résistance de cette manifestation, et Christina Chung, qui dirige la gestion de portefeuille sur les actions chinoises, a eu l'occasion de faire un point détaillé sur les grandes tendances des trois à cinq prochaines années.
07/06/2010

BNP Paribas CIB soigne ses clients stratégiques

BNP Paribas Corporate and Investment Banking (CIB) a annoncé vendredi 4 juin la création d’Investment Banking Europe, une équipe spécifiquement dédiée à l’accompagnement des clients stratégiques en France, Italie, Allemagne, Espagne, Suisse, Pays-Bas et Royaume-Uni de l'établissement. Soit environ 200 grandes entreprises. Thierry Varène, responsable mondial Corporate Finance de BNP Paribas prend la direction d’Investment Banking Europe qui est composée de banquiers expérimentés et spécialisés. Ces derniers s’appuieront sur les plates-formes, l’expertise et l’offre produits de BNP Paribas CIB pour proposer à ces clients européens souvent très actifs à l’international des idées et solutions en ligne avec leurs objectifs stratégiques, précise la banque dans un communiqué.
07/06/2010

KBC renonce à vendre KBC PE

La semaine dernière, la vente de KBC Private Equity à Axa et Sofina était dans l’impasse, rappelle L’Echo. Vendredi, le bancassureur flamand a purement et simplement annulé la vente de ses activités de private equity. En cause, la faiblesse des offres, a indiqué le groupe.
07/06/2010

Rothschild mise sur la Belgique

En Belgique, Rothschild & Cie Gestion est présente sur deux plans: la distribution d’une douzaine de fonds agréés via notamment des institutions tierces, et la banque privée (Rothschild Patrimoine), indique L’Echo. C’est cette dernière activité qui va être développée dans les années à venir.Jean-Louis Laurens, associé-gérant et président du directoire de Rothschild & Cie Gestion, souligne que «l’objectif est de faire passer les actifs de la banque privée de 6 à 10 milliards d’euros au niveau du groupe dans les 4 années à venir, ce qui se traduit pour Bruxelles par une hausse des actifs de 900 millions vers 2 milliards d’euros».
07/06/2010

HSBC jette l'éponge dans le private equity

L’Agefi rapporte que la banque HSBC va céder ses fonds de private equity aux équipes actuellement gestionnaires de ces activités. Les discussions concerneraient les unités de Hong Kong, du Royaume-Uni, des Etats-Unis, du Canada et du Moyen Orient. Elles gèrent à elles cinq 8,8 milliards de dollars (7,3 milliards d’euros) d’actifs et se concentrent chacune sur certains financements (immobilier, rachat d’entreprises, à fort potentiel, etc).L’une des raisons de cette vente, rappelle le quotidien, vient de l’application prochaine des règles Volcker aux Etats-Unis, qui visent à interdire aux banques certains investissements jugés trop spéculatifs, et notamment le contrôle de hedge funds et de fonds de private equity.
07/06/2010

OFI PEC signe un contrat de liquidité avec Oddo

Ofi Private Equity Capital a annoncé le 4 juin avoir conclu avec Oddo & Cie et Oddo Corporate Finance un contrat de liquidité, entré en vigueur le 1er juin 2010 pour une période initiale de 7 mois expirant le 31 décembre 2010 et renouvelable ensuite par tacite reconduction par périodes successives identiques de douze (12) mois.Au dernier bilan annuel au 31 décembre 2009, 12.401 actions OFI Private Equity Capital et 538.867,69 euros en espèces figuraient au compte de liquidité de la Société chez SG Securities (Paris). Au titre du nouveau contrat de liquidité conclu avec Oddo & Cie et Oddo Corporate Finance, la Société a mis à disposition de son nouveau prestataire de services d’investissement les moyens suivants, au 1er juin 2010, correspondant à la part en titres et en numéraire résultant de la liquidation du précédent contrat de liquidité avec SG Securities (Paris) : 25 687 actions OFI Private Equity Capital, et 418 571,48 euros.
07/06/2010

BNP Paribas IP veut accroître ses encours de 20 milliards en 2010

BNP Paribas Investment Partners envisage d’augmenter ses encours sous gestion de 20 milliards d’euros en 2010, a déclaré à Reuters Christian Dargnat, chief investment officer de BNP Paribas Asset Management. Cet objectif pourrait être atteint notamment grâce au développement de ses activités en Asie.
07/06/2010

Le FSI devient actionnaire de référence de CGG Veritas

Dans un communiqué, le Fonds Stratégique d’Investissment (FSI) a annoncé, vendredi 4 juin, être devenu le premier actionnaire de CGG Veritasen ayant acquis environ 6 % du capital de l’entreprise. L’opération s’est matérialisée par des achats de titres existants sur le marché.CGG Veritas est un acteur de référence du secteur des services et produits géophysiques, avec des positions concurrentielles fortes sur l’ensemble des marchés de l’industrie sismique, précise le communiqué du FSI.
07/06/2010

Des idemnités de départ votées chez Wendel dans un climat tendu

Lors de l’assemblée générale de Wendel qui s’est tenue vendredi dernier, rapporte l’Agefi, l’ensemble des seize résolutions a été largement adopté (à plus de 90%). Frédéric Lemoine et Bernard Gautier, respectivement président et membre du directoire de la société holding, pourront toucher des indemnités allant jusqu'à deux ans de rémunération, sous certaines conditions, telles que l’atteinte d’un objectif de progression de l’actif net réévalué. Les plans de distribution d’actions gratuites (représentant 0,3% du capital social) et de stock-options (0,7% du capital) ont également été adoptés. Cette assemblée générale intervenait pourtant dans un contexte quelque peu tendu, précise le quotidien, un groupe d’actionnaires emmenés par Sophie Boegner s’opposant depuis le mois de mai à «certains avantages financiers dont sembleraient bénéficier les dirigeants de Wendel».
07/06/2010

AmLeague joue l'innovation dans la mesure de performance institutionnelle

Les investisseurs institutionnels disposeront tout prochainement d’un nouvel outil de mesure de la performance des gestionnaires d’actifs, rapporte l’Agefi. Fondée par Antoine Briant, amLeague se propose d’animer un véritable «championnat» en la matière. En pratique, amLeague limitera strictement son champ d’action à la distribution de données de performance de mandats notionnels aux contraintes communes à l’ensemble des participants. Les performances seront validées sur la base des ordres transmis par les gérants par le biais d’une plate-forme internet dédiée, le courtier ITG assurant la simulation de l’exécution des ordres, tenant compte de leur impact théorique sur le marché. Le coup d’envoi aura lieu le 30 juin avec des portefeuilles actions euro et Europe, précise le quotidien. Reste toutefois à convaincre les asset managers, grands argentiers du projet, une telle démarche nécessitant la mobilisation de ressources internes.

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