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25/01/2010

Nouveau mandat pour State Street

MD Physician Services Inc (MDPSI) a confié à State Street Corporation le mandat de conservation, de comptabilité de fonds et de valorisation pour des encours de 15,6 milliards de dollars canadiens. MDPSI gère 22 mutal funds commercialisés sous la marque MBD Private Counsel.
25/01/2010

RiskMetrics se met en vente

Selon des proches du dossier cités par The Wall Street Journal, RiskMetrics Group Inc, contrôlée à 46 % par General Atlantic, Spectrum Equity et Technology Crossover Ventures, a décidé de s’adosser. La société est valorisée en Bourse à environ 1 milliard de dollars. Parmi les repreneurs potentiels figurent MSCI, Bloomberg, McGraw-Hill, Thomson Reuters, KKR et Carlyle
25/01/2010
Fonds

Goldman Sachs ferme un hedge fund

Dans la nuit de vendredi à samedi, Goldman Sachs a annoncé avoir fermé son hedge fund quantitatif Global Equity Opportunities (GEO) qui a subi de forts remboursements et ne gérait plus fin 2009 que 200 millions de dollars, contre un pic d’environ 7 milliards quelques années auparavant, rapporte la Frankfurter Allgemeine Zeitung.The Wall Street Journal ajoute que Goldman Sachs a précisé ne pas avoir l’intention de se retirer du secteur des hedge funds. Jeudi, la banque avait indiqué que sur ses 871 milliards de dollars d’encours, environ 146 milliards correspondaient à des investissements alternatifs, dont des hedge funds et de fonds de hedge funds gérés par son équipe quantitative.
Fonds
25/01/2010

Nuveen Investments lance son premier fonds émergent

Le fournisseur américain de services d’investissement a annoncé le 21 janvier le lancement de deux nouveaux fonds, dont le premier fonds dédié aux marchés émergents.Le Nuveen Tradewinds Emerging Markets Fund a pour objectif l’appréciation du capital à long terme avec pour benchmark l’indice MSCI Emerging Markets. De son côté, le Nuveen Tradewinds Global All-Cap Plus Fund investit dans des titres américains et internationaux sur la base d’une stratégie long/short. Les deux fonds mettront en œuvre le processus d’investissement de la société Tradewinds, avec une approche bottom up pour sélectionner des titres sous-évalués.Avec plus de 20 milliards de dollars distribués dans 61 mutual funds, Nuveen Investments offre une palette de portefeuilles fixed income, growth, value et global couvrant plusieurs objectifs et styles d’investissement.
25/01/2010

BNP Paribas lance une nouvelle banque privée

BNP Paribas a annoncé, vendredi 22 janvier, le lancement d’une nouvelle banque privée au Maroc, BMCI-BNP Paribas Banque Privé. Le projet a été mené en collaboration entre les équipes de BNP Paribas Wealth Management Networks dirigé par Marie-Claire Capobianco à Paris et les équipes de la BMCI. Il a été bâti selon la conception de relation client globale mise en œuvre par BNP Paribas Wealth Management dans tous les pays où BNP Paribas possède une base de clientèle domestique. Dans un premier temps, des conseils en banque privée seront implantés à Casablanca et à Rabat et seront épaulés par trois pôles d’expertises, précise un communiqué de la banque : l’ingénierie patrimoniale pour les aspects juridiques et fiscaux, une équipe marketing qui élabore les produits et services dédiés aux clients de la banque privée, et une équipe d’Advisory Desk pour le conseil et la gestion financière.» A cela s’ajoute un département de gestion de fortune dont la vocation est de conseiller et accompagner ses clients à l’instar d’une «family office».Dans son organisation, la nouvelle structure a pour objectif de délivrer au client des conseils par l’intermédiaire d’un interlocuteur unique et prendre en charge l’intégralité de ses besoins, de la banque au quotidien à la gestion de patrimoine. Coiffée par la Direction des Particuliers et des Professionnels de la BMCI et dépendant fonctionnellement de la ligne de métier Wealth Management Networks de BNP Paribas, la banque privée est placée sous la responsabilité de Meryem Kabbaj, nommée directeur de la banque privée de la BMCI.
22/01/2010

Citadel struggling to diversify

Since the launch of Citadel Securities, an investment bank, in 2009, three directors have left the board, a sign of the trouble that a well-established hedge fund manager like its parent, Citadel, founded by Kenneth Griffin, may encounter when it tries to diversify into activities for which it is less well known, the Wall Street Journal observes. Some subscribers to hedge funds from Citadel Investment Group are privately expressing concerns about the notion that these difficulties may be distracting Griffin from the management of the firm’s flagship funds, which have USD9bn in assets. The most recent departure, last week, was Todd Kaplan, who in October succeeded Rohit D’Souza as head of Citadel Securities. The third departure is Peter Santoro, who was institutional trading chief. The new head of Citadel Securities is Patrick Edsparr.
22/01/2010

Prudential appoints a new CEO for south Korea

Asian Investor reports that Lee Won-Ki has joined the South Korean arm of Prudential, PCA Investment Trust Management, where he will become CEO on 1 February. He was previously chief executive of the third-largest management firm in South Korea, KB Asset Management (USD12.5bn in assets under management). Lee replaces Hwang Sung-Ho, who left the firm in mid-2009. He will report directly to the new head of Asian management activities, Graham Mason. As of 30 September of last year, assets under management at PCA totalled USD5.7bn. PCA also has a qualified institutional investor (QFII) license with a USD300m quota.
22/01/2010

Profits and asset levels down at Legg Mason

For the third quarter of its fiscal year ending on 31 March, Legg Mason, Inc. on Thursday announced net profits of USD44.9m, compared with USD45.8m in July-September, and losses of more than USD1.49bn in the corresponding period of 2008. In the first nine months of the fiscal year, profits total USD140.8m, compared with losses of nearly USD1.64bn the previous year. Assets under management as of 31 December totalled USD681.6bn, compared with USD702.7bn three months earlier, and USD698.2bn as of the end of 2008. In October-December 2009, net redemptions totalled USD32.7bn, of which about USD24bn were for bond funds, USD4bn for equities funds, and approximately USD5bn for money market funds. However, performance effects had a positive impact on assets of USD11.6bn.
22/01/2010

Profits down at Raymond James Financial

For the first quarter of its fiscal year, ending on 30 September, Raymond James Financial has announced net profits of USD49.04m, compared with USD61.09m in October-December 2008. Assets under management as of 31 December totalled USD27.6bn, compared with USD25.9bn as of 30 September, and USD21.7bn one year previously. Assets under administration totalled USD232bn as of the end of 2009, compared with USD223bn three months earlier, and USD170bn as of 31 December 2008.
22/01/2010

Alfred Berg renforce son équipe d'investissement

La société de gestion scandinave Alfred Berg vient de renforcer son pôle de gestion quantitative avec les nominations de Larry Pohlman et Amitabh Dugar aux postes de respectivement chief investment officer et gestionnaire de portefeuille, selon Hedge Week.Larry Pohlman était précédemment director de la recherche quantitative chez Wellington Management, tandis que Amitabh Dugar gérait les portefeuilles actions américaines et internationales chez Mellon Capital Management.L'équipe quantitative d’Alfred Berg gère plus de 2,4 milliards d’euros d’actifs sur des stratégies d’actions internationales et de «minimum variance» à destination d’une clientèle retail et institutionnelle scandinave, européenne et asiatique.
22/01/2010

Alfred Berg adds to investment team

The Scandinavian management firm Alfred Berg has added to its quantitative management team with the appointments of Larry Pohlman and Amitabh Dugar as chief investment officer and portfolio manager, respectively, Hedge Week reports. Pohlman was previously director of quantitative research at Wellington Management, while Dugar managed US and global equities portfolios at Mellon Capital Management. The quantitative team at Alfred Berg manages more than USD2.4bn in assets in global equities and minimum variance strategies aimed at retail clients and Scandinavian, European and Asian institutionals.
22/01/2010

F&C Stiftungsfonds confirms distribution

Chris Childs, manager of the F&C HVB Stiftungsfonds, a product aimed primarily at German charities, with assets totalling EUR838m as of the end of December, has confirmed that shares in the fund will be distributed at a price of EUR40.10 per A-class share (for retail investors) and EUR42.60 per I-class share (for institutional investors), as announced in 2008. In total, the distribution will be equivalent to 4.48%.
22/01/2010

Hard closing for Sauren Defensiv Global at the end of March

Due to high subscription volumes recently, the independent management firm Sauren Fonds-Service has decided to suspend sales of its Sauren Defensiv Global fund of funds (EUR1.3bn) from 31 March. The performance of the defensive product has totalled 35.7% since its launch in February 2003, “with low volatility.” The closure applies not only to new subscriptions, but also to savings plans, although these do not represent a very significant volume. The decision is moptivated by a desire not to penalize existing subscribers in the fund by diluting the performance of the fund, explains Exkhard Sauren. Naturally, redemptions will remain possible at any time, and net asset value will continue to be calculated on a daily basis.
22/01/2010

Convertible bond fund from Pictet to be limited to EUR800m in assets

Assets in the Convertible Bonds sub-fund of the Luxembourg Sicav Pictet (Lux), launched on 1 February (see Newsmanagers of 7 and 18 January) will be limited to EUR800m, to account for products which Jabre Capital Partners (JabCap), which is contracted to provide management of the product, may be managing elsewhere with the same strategy, Hervé Thiard, managing director of the Paris offices of Pictet & Cie Europe (S.A.), announced on Thursday. As the new fund is compliant with the UCITS III directive and offers daily liquidity, the replication of the JabCap Global convertible Bond (about USD600m in assets) will be approximately 90%. Mark Cecil, co-founder of JabCap, says the fund will, as a general rule, have about 70 to 80 positions, on convertible bonds from large caps in the 3-5 year range, with positions held for an average of 6 months, but that two thirds of these bonds will be held until they mature. The diversified and dynamic portfolio (with each position accounting for a maximum of 2%) may also, in case of need, use leverage of up to 130%, via an asset swap on convertibles, or through a total return swap. The fund is also hedged for currency risks.
22/01/2010

WestLB Mellon Asset Management appoints a CEO

BNY Mellon and WestLB have announced the appointment of Volker Kurr as CEO of its German joint venture WestLB Mellon Asset Management. Kurr was previously head of Institutional and Wholesale Business Development at UBS Global Asset Management.
22/01/2010

Goldman Sachs closes its former largest hedge fund

Goldman Sachs has finally decided to close down the Global Equity Opportunities Fund. The hedge fund was once the largest hedge fund from the bank, with assets of USD7bn at their peak, before the fund fell victim to redemption demands from clients, losing USD1.5bn in the first two weeks of August 2007 alone. The Financial Times reports that the fund was closed in December.
22/01/2010

Closed funds to issue new shares

According to analysts at Thomas J. Herzfeld Advisors, 15 closed funds have officially announced plans to issue new shares, including Nuveen Investment and Calamos Asset Management, the Wall Street Journal reports. Last week, a fund from Kayne Anderson MLP Investment (USD1.7bn) issued new shares totalling USD124m, at USD23.61 per share, while its closing price the previous evening was USD25.28, and the book value of assets corresponds to USD21.46 per share. On Thursday, the value of these shares fell to USD23.21. These capital increases are allowing managers to earn more in management commissions - but they may penalise subscribers who want to sell their shares in the short term.
22/01/2010

Commerz Real invests in Birmingham

The German firm Commerz Real has announced that it has invested EUR130.4m from its open-ended real estate fund hausInvest europa in a 24,500 square metre office building under construction in Birmingham entitled “one Snowhill.” The property carries a VREEAM (BRE Environmental Assessment Method) sustainable development label. The vendor is the developer Ballymore.
22/01/2010

Bestinvest acquires Haines Watts

Bestinvest (Deka group) has acquired Haines Watts Financial Services, bringing its assets under management to over GBP4bn, Money Marketing reports. After this acquisition, Bestinvest now has a network of advisers in more than 20 cities in the United Kingdom, with more than 70,000 clients and 150 employees.
22/01/2010

Cordea Savills creates British real estate fund

Cordea Savills will this Friday launch a real estate fund to invest in British real estate. The Financial Times reports that many institutional investors, including Aviva Investors, have already invested in the product, for which the objective is GBP1bn.
22/01/2010

BaFin takes BVI code of conduct on board

The financial surveillance authority (BaFin) on Thursday published an announcement that it will be integrating the terms of the code of conduct set forth by the BVI association of management firms into its guide to the interpretation of investment law, with immediate effect. The dispositions were recently revised by the BVI in close collaboration with BaFin, the authority states. BaFin has also announced that it has instructed account commissioners at all management firms concerned to indicate in their reports for the 2010 fiscal year whether the code has been followed.
22/01/2010

"Les grands clients privés ont les mêmes besoins qu'un institutionnel"

Christophe Brulé est président d'Entheca Finance, société de gestion indépendante qu'il a lancée en 2007, dans un contexte de marché on ne peut plus difficile. Il a présenté à Newsmanagers sa société dédiée à une clientèle privée de haut niveau, dont l'objectif est de placer le client au centre de son approche patrimoniale.
22/01/2010

Un nouveau CEO pour la Corée du Sud chez Prudential

Selon Asian Investor, Lee Won-Ki a rejoint l’antenne sud-coréenne de Prudential, PCA Investment Trust Management, dont il prendra les rênes à compter du 1er février. Il était précédemment chief executive de la troisième société de gestion coréenne KB Asset Management (12,5 milliards de dollars sous gestion).Il remplace Hwang Sung-Ho, qui a quitté la firme à la mi-2009. Lee Won-Ki sera directement rattaché au nouveau responsable Asie de l’activité de gestion, Graham Mason.Au 30 septembre dernier, les actifs sous gestion de PCA s'élevaient à 5,7 milliards de dollars. PCA dispose par ailleurs d’une licence d’investisseur institutionnel qualifié (QFII) et d’un quota de 300 millions de dollars.

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