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19/05/2010

Départ d'un des cadres de Moody's

L’Agefi annonce le départ de Pierre Cailleteau, qui dirigeait le groupe risque souverain de l’agence de notation Moody’s. Selon la société, le responsable part de son propre chef, sans en préciser les motifs.
19/05/2010
Fonds

Warren Buffett met de l'ordre dans son fonds

L’Agefi rapporte que Warren Buffett procède à la remise en ordre du portefeuille de sa holding d’investissement Berkshire Hathaway. Ses participations dans les asureurs santé et compagnie d’assurances sont allégées ainsi que dans des grandes entreprises comme l’alimentaire Kraft Foods dont il considère la cession du segment «pizzas» à Nestlé d'«opération idiote».Il a par ailleurs allégé ses positions dans le groupe pétrolier ConocoPhillips et dans le groupe de pharmacie et de produits d’hygiène personnelle Johnson&Johnson. Ces multiples cessions d’actifs doivent contribuer au financement d’opérations de grande ampleur. Il lorgne notamment l'étranger et effectuera des voyages en Inde et au Japon l’an prochain en quête d’opportunités, précise le quotidien.
Fonds
19/05/2010
Fonds

Une opération de LBO de 15 milliards capote

La Tribune rapporte que les discussions engagées en vue d’un rachat par les fonds Blackstone , TPG Capital et Thomas H. Lee Partners, du spécialiste du traitement des opérations de paiement Fidelity national information services ont été interrompues. L’opération portait sur 15 milliards de dollars.
Fonds
19/05/2010

BNP Paribas acquiert une société de conseil en fusions-acquisitions

BNP Paribas a annoncé mardi 18 mai l’acquisition de Hill Street Capital LLC, une société de conseil en fusions-acquisitions créée à New York en 2001 par John Brim et Lorenzo Weisman. L’effectif de Hill Street Capital LLC d’une dizaine de professionnels rejoint celui des équipes de Corporate Finance de BNP Paribas aux Etats-Unis. Lorenzo Weisman est nommé Head of Corporate Finance de BNP Paribas pour l’Amérique et John Brim, Head of Corporate Finance Energy and Commodities pour l’Amérique du Nord. Lorenzo Weisman est rattaché à Philippe Meunier, responsable adjoint de Corporate Finance à Paris et à Everett Schenk, responsable de BNP Paribas aux Etats-Unis, rapporte un communiqué de la banque.
19/05/2010

Remo Weibel prendra la tête d'AWD Suisse

La filiale helvétique du prestataire allemand de services financiers AWD Holding (groupe Swiss Life) a annoncé mardi que Remo Weibel, chief sales officer, prendra au 1er juillet la direction générale d’AWD Suisse, tout en restant chief sales officer (responsable de la distribution). Nils Frowein, qu’il remplace à la tête de l’entreprise, se consacrera de nouveau essentiellement à ses fonctions de président adjoint du directoire et de COO d’AWD Holding.
19/05/2010
Fonds

Credit Suisse lance un ETF sur le S&P 500

Ce 19 mai, Credit Suisse lance sur SIX Swiss Exchange un produit de droit irlandais, le CS ETF (IE) on S&P 500, juste deux jours après un produit similaire de HSBC. L’introduction sur le segment XTF de la plate-forme Xetra (Deutsche Börse) est programmé pour le 26 mai.Credit Suisse est leader des ETF sur le marché suisse avec un encours de 11,2 milliards de francs suisse. En Europe, les ETF de Credit Suisse ont enregistré depuis le début de l’année des souscriptions nettes de 1,4 milliard de francs suisses (au 7 mai).Caractéristiques :Dénomination : CS ETF (IE) on S&P 500Isin : IE00B5BMR087Commission de gestion : 0,09 %
Fonds
19/05/2010

Jupiter veut retenir les talents avec son IPO

La société de gestion britannique Jupiter (19,5 milliards de livres d’encours) a confirmé mardi son intention de s’introduire en Bourse, à Londres, d’ici à fin juin. L’opération porte sur l'émission de nouvelles actions à hauteur de 220 millions de livres et la vente de titres par certains actionnaires de la société. Néanmoins, les employés de Jupiter et TA Associates conserveront une part importante du capital après l’introduction en Bourse.Jupiter a l’intention d’utiliser le produit de l'émission de nouvelles actions pour rembourser des titres subordonnés, réduire son endettement bancaire et payer les coûts de l’offre. La société de gestion indique aussi que l’introduction en Bourse est un pas important de son développement et va renforcer sa capacité à retenir et attirer des talents.
19/05/2010

Nomination chez Citi Capital Advisors

Citi Capital Advisors vient de nommer Mahmood Noorani en qualité de gérant de portefeuille dans son équipe de gestion des stratégies global macro, qui fournit les services de gestion d’investissement pour le CCA Global Macro Fund.Mahmood Noorani a une vingtaine d’années d’expérience, dont cinq années chez Blue Crest Management et quatre chez Credit Suisse.
19/05/2010

Deux gérants de Schroders sur le départ

Selon les informations de Citywire, Ian Lance et Nick Purves, le duo gérant le Schroder Income, vont quitter la société pour rejoindre la boutique RWC Partners. Ils vont être remplacés par Nick Kirrage et Kevin Murphy.
19/05/2010

Sabre launches a UCITS version of its arbitrage fund

Sabre Fund Management will launch a UCITS III-compliant fund in July, which for the first time will provide access to its market neutral strategy, entitled Sabre Style Arbitrage Fund. Since its launch in 2002, the fund has earned annual returns of 8.2%. The fund, which will make its investment selections from a universe of 1,500 companies, aims for total returns of 8% to 12% per year.
19/05/2010

Matrix launches its first UCITS III fund

Matrix Group will launch the Matric Asia Ucits Fund, one of a very few pan-Asian long/short equities funds, which will be managed by Rupert Foster, who has been head of Asian long/short funds for 16 years. The fund will be exposed to Asian equities markets including China, Japan, Korea, Hong Kong, Taiwan, Australia and Singapore.
19/05/2010

Four LODH managers join IMC AM

A team of credit managers from Lombard Odier Darier Hentsch (LODH) are leaving the firm to join Dutch fixed income boutique IMC asset management, says Citywire. They include Rodrigo Araya, Oscar Jansen, Robert Manning and Henk Wiersman.
19/05/2010

Credit Suisse launches an ETF based on the S&P 500

On 19 May, Credit Suisse is launching an Irish-registered product on the SIX Swiss Exchange entitled CS ETF (IE) on S&P 500 – just two days after a similar product from HSBC was launched. The introduction of the product on the XTF segment of hte Xetra platform from Deutsche Börse is scheduled for 26 May. Credit Suisse is the leader for ETFs on the Swiss market, with assets of CHF11.2bn. In Europe, Credit Suisse ETFs have posted net subscriptions of CHF1.4bn since the beginning of the year (as of 7 May). Characteristics Name: CS ETF (IE) on S&P 500 ISIN: IE00B5BMR087 Management commission: 0.09%
19/05/2010

Carmignac Gestion rationalises its product range

Particularities of the French tax regime which began in 1992, with the introduction of the equities savings plan reserved for French-registered funds invested primarily in French equities, and were later extended in 2003 to equities of the European Commnity, has led Carmignac Gestion to offer a range of three funds invested in European equities. This range is perhaps slightly too large, according to directors of the asset management firm, who on 7 May obtained permission from the French regulatory authority, the Autorité des marchés financiers (AMF), to merge two of the three funds. The Carmignac Euro-Entrepreneurs fund will absorb the Carmignac Euro-Investissement fund. As regulations require, shareholders in the latter fund will have one month to approve the operation, which is slated for completion on 30 June. If they do not accept the merger, they will be permitted to redeem their investment free of charge. The Carmignac Euro-Entrepreneurs, the fund which will absorb its counterpart in the merger, is composed of equal parts small and midcaps, while the Carmignac Euro-Investissement fund, which will be absorbed, is an “all caps” fund, nearly half of whose portfolio consists of European large caps. At the conclusion of the operation, the Carmignac Grande Europe – a European mid- and large-cap fund, will exist alongside the new fund, which will be billed as a “small and midcaps” fund.
19/05/2010

Spring cleaning for Warren Buffett's fund

Agefi reports that Warren Buffett is tidying up the portfolio of its investment holding company Berkshire Hathaway. His stakes in health insurance and insurance companies have been reduced. Buffett is also reducing his stakes in large caps, such as the food supplier Kraft Foods, which is considering selling off its pizza division to Nestlé, in a deal which Buffett calls “idiotic.” Buffett has also reduced his positions in the oil group ConocoPhillips, and in the pharmaceutical and personal hygiene product group Johnson&Johnson. The multiple sales of assets may go to finance large-scale deals. Buffett is planning trips to India and Japan next year in search of opportunities, the newspaper states.
19/05/2010

Sustainable development funds: large-scale hypocrisy

Many management firms appeal to their clients’ consciences by offering them ecological investments, yet BP shares continue to figure in the portfolios of many sustainable development funds, despite the Gulf of Mexico oil disaster, Handelsblatt reports, providing a list of 10 funds which remain invested in BP (3 from Dexia, one from GLG, one from Parvest, one from UBS, one from Pictet, one from SAM, one from MEAG, and one from Liga-Pax/Union). The paradox is explained on the one hand by the fact that portfolios have not yet been updated, and on the other by good rankings for BP in “best-in-class” analyses. Some funds are different, though. Swisscanto rejects shares related to the exploitation of unrenewable fossil fuels on principle, and the Natur-Aktien-Index committee has also excluded the entire fossil fuel sector. Though in practive BP uses the slogan “Beyond Petrol” in its publicity, the firm does earn most of its revenues from oil, which is fundamentally not sustainable.
19/05/2010

Real estate fund management firms propose reforms

The Frankfurter Allgemeine Zeitung reports that Barbara Knoflach, CEO of SEB Asset Management, representing real estate fund management firms at the German BVI association of management firms, has suggested that funds should be allowed to operate according to different general conditions corresponding to three categories of clients: professionals, semi-professionals, and retail clients. Matthias Danne, CEO for real estate funds at DekaBank, does not completely reject the government’s proposal to introduce a minimum investment duration period, but he says that in this case, a withdrawal fee should be levied on retail clients. Management firms are seeking to retain daily liquidity for real estate funds at any price, and unanimously oppose government plans to impose an across-the-board 10% reduction to the declared value of assets in their portfolios.
19/05/2010

Investors seek safety in US equities

At a time when Europe is confronting unprecedented turbulence, investors have sought refuge in US equities, according to the most recent edition of the BofA Merrill Lynch survey of 202 managers with USD530bn in assets, undertaken between 7 and 13 May. International investors, who retain their confidence in the US dollar, are preferring US equities. The percentage of investors who are overweight in global equities has fallen to a net total of 30%, compared with 52% in April, but the United States are now investors’ region of choice, as 66% predict that the US dollar will be the reserve currency most likely to gain the most value in the next few months. The difference between investors’ predictions of profit outlooks in Europe and the United States has reached a seven-year high. Investors’ concerns were not limited to Europe, but also applied to emerging markets. The number of investors predicting a rise in global growth in the next twelve months fell to 42%, compared with 61% in April. The same was true of profits, with only 47% of respondents predicting an improvement, compared with 67% the previous month. Expectations for emerging markets have fallen, but it is Europe most of all which investors are moving away from. 46% predict a depreciation of the Euro, twice as many as the previous month, and 30% are planning to go underweight in Europe, compared with 13% in April.
19/05/2010

Vanguard introduces float-adjusted benchmarks for some funds

Investment Week reports that Vanguard is planning to introduce float-adjusted benchmarks for nine of its bond index funds (Global Bond Index; U.K. Government Bond Index Accumulation; U.K. Investment Grade Bond Index Accumulation; Euro Government Bond Index; Euro Investment Grade Bond Index; Japan Government Bond Index; U.S. Government Bond Index; U.S. Investment-Grade Credit Index, and U.S. Mortgage-Backed Securities Bond Index). The modifications will take effect from 30 June.
19/05/2010

Appointments at Barclays Bank France

Barclays on 18 May announced the arrival of Tony Blanco, 44, at Barclays Bank France, where he will serve as deputy CEO, director of private clients, and member of the executive board. He will report directly to Pascal Roché, CEO of Barclays Bank France, country manager and head for Europe of Barclays Premier clients. Blanco previously worked at McKinsey in the financial services sector in France. Guillaume Touze, 39, previously director of private clients, will take over as head of the newly-created Investment department for Western Europe. In this role, he will coordinate all investment products aimed at retail clients. He will be based in London, and will continue to report to Roché in his European responsibilities.
19/05/2010

Assets up at Franklin Resources

As of the end of April, total assets at Franklin Templeton Investments came to USD602.5bn, compared with USD586.8bn one month earlier, USD553.5bn as of the end of 2009, and USD421bn twelve months earlier. Of this total at the end of April, equities funds represented USD264.6bn, compared with USD255.8bn at the end of last year, and USD192bn as of 30 April 2009, while diversified funds accounted for USD109.4bn, compared with USD104bn as of 31 December and USD80.1bn twelve months previously. Bond assets totalled USD222.6bn, compared with USD187.6bn four months previously, and USD140.5bn as of 30 April last year.
19/05/2010

Michael Gordon joins BNP Paribas AM

BNP Paribas Investment Partners BNPP IP on Tuesday, 19 May announced the appointment of Michael Gordon as head of equities investments for the multi-specialist investment centre BNP Paribas Asset Management (BNPP AM). He will report to Christian Dargnat, head of the multi-specialist investment centre and CEO of BNPP AM, a statement from the bank says. Before joining BNP Paribas Investment Partners in London, Gbordon served as global head of institutional investments at Fidelity Investments International.
19/05/2010

Lyxor inherits SGAM's stake in Chinese JV Fortune SGAM

Société Générale Asset Management (SGAM) will transfer its 49% stake in the Chinese joint venture Fortune SGAM to Lyxor Asset Management, an affiliate of Société Générale Corporate and Investment Banking (SGCIB). The announcement was made Wednesday morning by Z-Ben Advisors, the consulting firm contracted jointly by Crédit Agricole Asset Management (CAAM) and SGAM to assist them with a non-compliance issue arising from the fact that the two firms are merging their European activities into Amundi Asset Management. The Chinese regulator CSRC limits the number of asset management affiliates any foreign firm may hold in China to one. CAAM and SGAM already had one local affiliate each (ABC-CA, a joint venture of CAAM with Agricultural Bank of China, and Fortune SGAM). Rather than liquidating one of its two affiliates, as BNP Paribas did with its excess participations, SGAM preferred to transfer Fortune SGAM to SG CIB. There may still be some questions about the interpretation of the rules, as Société Générale still indirectly controls 8.33% of ABC-CA via the 25% participation of SGAM in Amundi.
19/05/2010

Appointment at BNY Mellon Wealth

BNY Mellon has announced the appointment of Lawrence Hughes as chief executive officer of BNY Mellon Wealth Management. Hughes will report to Robert Kelly, chairman and chief executive officer at BNY Mellon. Hughes, who has worked at BNY Mellon for nearly 20 years, replaces David Lamere, who has submitted his resignation.
19/05/2010

BlackRock plays high yield bond markets

L’Echo reports that the popularity of high yield corporate bonds is such that BlackRock, the largest fixed income asset management firm in the world, has created an affiliate which will allow its managers direct access at lower cost to net issues of corporate bonds. Last year, the firm bought and sold over USD3.4trn in corporate bonds on behalf of its clients.
19/05/2010

Moody's executive resigns

Agefi reports that Pierre Cailleteau, director of the sovereign risk group at the ratings agency Moody’s, is leaving his job. The firm states that he is leaving of his own accord, but does not give reasons for the choice.
19/05/2010

Appointment at State Street Global Advisors

State Street Global Advisors (SsgA) on Tuesday, 18 May announced the recruitment of Lynn Blake as head of the index-based equities management unit. She succeeds Paul Brakke, who will retire on 31 December 2010, and will report to Rick Lacaille, global director of equities management, according to a statement. Blake, 45, joined SSgA in 1987, and has served in several management positions. Most recently, she has held the position of head of the structured products group for non-US markets. She has also been manager of several non-US index-based equities management portfolios.
19/05/2010

Santander already suspected Madoff dangers in 2006

Jonathan Clark, an analyst at Optimal, the hedge fund management firm from Santander, pointed to several suspicious details in the functioning of the management firm controlled by Bernard Madoff as early as 2006, which led him to suspect that there could be fraud involved, according to an internal document supplied to the US authorities, Cotizalia reports, relaying El Confidencial. Despite the dangers, Optimal continued its dealings with Bernard Madoff, and did not share its concerns with clients.
19/05/2010

DWS registers an absolute return fund of funds

The Spanish affiliate of DWS Investments, DWS Investments (Spain) SGIIC, on 14 May registered the absolute return fund of funds DB Evolution One with the CNMV. The product aims for returns 200 basis points above the Eonia 1 month, while retaining a level of volatility lower than or equal to 10%. The recommended investment duration is three years. Minimal initial subscription is set at EUR6.01. Management commission is 1.5%, and depository banking commission is 0.1%. In normal market conditions, assets in the fund will be 30% to 75% invested in equities or equities funds, primarily large and midcaps. The fund is managed by DWS Spain, and was launched on 7 May.

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