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14/12/2009

Morgan Stanley recrute un ancien de Merrill Lynch pour diriger sa gestion d’actifs

Morgan Stanley a nommé Gregory J. Fleming, l’ancien président et COO de Merrill Lynch, en tant que président de Morgan Stanley Investment Management et de la Merchant Bank. L’intéressé, qui sera aussi responsable de la recherche mondiale, a notamment joué un rôle clé dans la fusion de Merrill Lynch Investment Management et BlackRock, souligne un communiqué. Actuellement, il enseigne le droit à la Yale Law School.A partir de février, date à laquelle il rejoindra Morgan Stanley, Gregory Fleming sera membre du comité opérationnel et rapportera à James P. Gorman qui devient CEO et président de la banque en janvier.
14/12/2009

Schwab launches ETFs

Following a first sortie of four ETF s with total management commissions ranging from 8 to 35 basis points, launched on 3 November, Charles Schwab Investment Management (CSIM) on Friday launched the Schwab US Large-Cap Growth ETF and Schwab US large-Cap Value ETF funds, whose management commissions are limited to 15 basis points. In addition, buying and selling shares in the funds will be free online through Charles Schwab accounts. CSIM has announced that it has EUR209m in assets in its first four ETFs. The firm is planning to launch two more ETFs in January.
14/12/2009

Assets in pension funds top EUR50bn

Since the beginning of the year, according to VDOS Stochastics, assets in Spanish pension funds have increased by EUR2.1bn, or 4.34%, to a total of EUR50.4bn as of the end of November, Funds People reports. The two funds with the strongest inflows were the Plancaixa Ambicion and Bancajapensón Fijo, with inflows of EUR204m and EUR183bn, respectively.
14/12/2009

Santander AM launches sales offensive

Santander Asset Management will reward clients who invest liquidity via the online banking network Openbank and Banesto until the end of the year. In the case of the first of the two distribution channels, the asset management firm will match 3.5% of subscriptions to the Santander Acciones Euro, and 3% for subscriptions to the Mixto Renta Fija 90/10, for investments between EUR3,000 and EUR200,000. The investor must pledge to leave the money in the funds for at least 12 months. For Banesto subscribers, Santander AM will offer a 1% supplement to subscriptions to diversified funds, up to a total reward of EUR1,500.
14/12/2009

Hedge fund ETF from Deutsche Bank is doing well

Heavy losses, closures, and scandals have tarnished the reputation of hedge funds. Nonetheless, the Börsen-Zeitung reports, some products have generated strong results. For example, the DB Hedge Fund Index ETF from db x-trackers, which was launched in January 2009, has posted returns of 7.5%. The ETF based on a hedge fund index has attracted USD1.05bn, or EUR715m, in subscriptions.
14/12/2009

China: Fidelity may launch a closed fund

The China fund which Anthony Bolton is planning to launch in first quarter 2010, probably in March, may be a closed fund, Money Marketing has announced. Bolton is in the process of weighing the pros and cons of a closed structure rather than a UCITS III fund. A closed fund would allow the manager to limit the capacity of the fund, while a UCITS III fund would have the advantage of being attractive to investors outside the UK. Fidelity will announce its decision in January.
14/12/2009

DWS Investments recruits a former Bear Stearns manager

On Friday, DWS Investments (Deutsche Bank group) announced the recruitment of Gregory Troccoli as senior national account manager, in charge of client relationship management for broker-dealers, private banks and trusts. Troccoli will be based in New York, and will report to Mike Woods, director of distribution at DWS Investment Distributors for the United States. He was previously head of platform sales at Bear Stearns & Co.
14/12/2009

Morningstar acquires Logical Information Machines

On Friday, Morningstar announced its acquisition for about USD51.5m of Logical Information Machines (LIM), a provider of data and analysis to the energy, finance and agriculture sectors. LIM has earned revenues of about Usd20m in the past twelve months. The transaction is expected to be completed by the end of the month. LIM, which has about 80 employees, based in Austin, Houston, Chicago, New York and London, was founded in 1989.
14/12/2009

Record subscriptions to emerging markets equities funds

According to EPFR Global, net subscriptions to emerging markets equities funds in the week ending 9 December totalled USD2.3bn, bringing the total since the beginning of the year to USD75.4bn, while the previous record, for the year 2007 as a whole, was USD54bn, the Frankfurter Allgemeine Zeitung reports.
14/12/2009

Pioneer launches an anti-inflation fund

Pioneer Investments has launched a fund – Inflation Plus - that aims to shelter investors from eurozone inflation through a specialised asset allocation strategy, according to Citywire. It will be managed by Christian Frischauf.
14/12/2009

Jupiter AM launches a Chinese sustainable growth fund

Jupiter Asset Management is to launch a UCITS III fund for investors seeking to gain exposure to China’s sustainable growth story. The Jupiter China Sustainable Growth fund (Sicav), which will be managed by China fund manager Philip Ehrmann, is a sub-fund of the Jupiter Global Fund Sicav. It will open for institutional investment on 11th December and for retail investors in the first quarter of 2010.The fund will aim to achieve long term capital growth through investing in companies which will benefit from the secular trends associated with sustainable environmental, social and economic growth in China. It will focus on key growth markets within the Chinese economy such as energy, water, agriculture, transport, real estate and construction, waste management and healthcare and education.Although the fund is not intended to be a ‘green’ investment vehicle, Philip Ehrmann will draw on the insights of Jupiter’s Sustainability & Governance team, lead by Emma Howard Boyd, to inform his analysis of particular businesses and industries.
14/12/2009

Departure of a director from EFG International and EFG Bank

EFG International and EFG Bank last week announced a change to the composition of their boards of directors, following the departure of Apostolos Tamvakakis, who has quit the bank following his appointment as CEO of the National Bank of Greece.
14/12/2009

F&C confirms talks with C-Quadrat

F&C Asset Management has confirmed that it is in «exploratory discussions» regarding a potential offer for C-Quadrat Investment, a company listed on the Vienna and Frankfurt stock exchanges. These discussions are preliminary in nature and there can be no certainty that any transaction will occur, adds the UK asset manager. As previously announced in the company’s latest interim management statement, «F&C will continue to consider bolt-on acquisition opportunities where they have the potential to strengthen its product offering and generate shareholder value».
14/12/2009

James Nicholson pleads guilty to fraud

The former head of the alternative management firm Westgate Capital Management, James Nicholson, has pleaded guilty to several counts of fraud at a hearing in Manhattan, the Wall Street Journal reports. The New York attorney general’s office claims the fraud, which went on for four years, cost its victims USD133m. Though Nicholson is facing a maximum sentence of 45 years in prison, his legal team predict that in light of the comparatively small size of the fraud, the sentence will be between 188 and 235 months.
14/12/2009

Probation for Erik Franklin

Erik Franklin, a former hedge fund manager at Q Capital Investment Partners, has been sentenced to a three-year probation on Friday, the Wall Street Journal reports. In 2007, he pleaded guilty to insider trading in a case involving Morgan Stanley and UBS.
14/12/2009

Bonus tax will affect 2,000 to 3,000 bankers in France

Les Echos reports that the French government is at work on a proposed tax on bonuses distributed by banks, as announced by Nicholas Sarkozy last Thursday. The tax would be calibrated so that revenues would be proportional to those expected by the British government (GBP550m), or about three times smaller, due to the respective sizes of the Paris and London financial industries. The general idea is to tax about 2,000 to 3,000 traders who stand to receive bonuses, compared with 20,000 in the United Kingdom. As in London, hedge funds would not be affected by the tax. However, guaranteed bonuses may be exempt.
14/12/2009

Real estate fund created for Italian journalists' pension fund

The national retirement planning institute for Italian journalists (INGPGI) has launched a real estate fund entitled Inpgi Hines Fund, which will be managed by Hines Italia Sgr, Il Sole - 24 Ore reports. The fund will have an 8-year duration, and will invest in residential developments and renovations, with returns expected to be not less than 12%. the fund will have a debt level of under 40%, and is planning an investment program of up to EUR70m (thus EUR100m including leverage).
14/12/2009

Insight to close five equities funds

Insight Investment is planning to close five equities funds, after admitting that they are not economically viable, Investment Week reports. The funds concerned, currently managed by SWIP, are the European Alpha fund (with assets of GBP34m), Global Alpha, with GBP32m, European Small Cap (GBP24m), UK Alpha (GBP20m), and UK Discretionary (GBP18m).
14/12/2009

Cazenove CM acquires Thornhill

Cazenove Capital Management has announced that it has acquired Thornhill Holdings Limited, a wealth management firm based in London and Edinburgh with assets of over GBP600m, for an undisclosed amount. The deal ups assets under management at Cazenove Capital for retail investors at GBP6.5bn, while assets under management at group level total over GBP14bn. Thornhill was founded in 2003 by former Martin Currie employees.
14/12/2009

Morgan Stanley recruits former Merrill Lynch COO to lead asset management

Morgan Stanley has announced that Gregory J. Fleming, former President and Chief Operating Officer at Merrill Lynch, will join the firm as President of Morgan Stanley Investment Management, including Merchant Banking. Among other important industry milestones, he was a key player in the combination of Merrill Lynch Investment Management with BlackRock . Mr. Fleming will also be responsible for Global Research. The heads of each of these businesses will report directly to him. He will serve as a member of the Operating Committee and report to James P. Gorman, who becomes Chief Executive Officer and President of Morgan Stanley in January. Gregory Fleming will be joining the firm in February. He currently serves as a senior research scholar and lecturer in law at Yale Law School.
14/12/2009

Gartmore reduces target price for share offering

Gartmore is reducing the price range for its public flotation following lukewarm response from investors, says Citywire. The price range being talked about is 220-250p against 230-250p originally planned. Gartmore could also sell less shares than originally hoped.
14/12/2009

Fidelity recruits a head of distribution from SWIP

Fidelity International has recruited Ominder Dhillon as head of distribution for its institutional activities in the United Kingdom, the British press is reporting. Dhillon joins the firm from Scottish Widows Investment Partnership, where he was head of UK institutional.
14/12/2009

KfW will get back two thirds of its Lehman loan

According to sources familiar with the matter, the German public bank KfW will recuperate about EUR214m of the EUR320m it mistakenly sent to Lehman Brothers on 15 September 2008, at a time when the bankruptcy of the American bank had already become public knowledge, the Frankfurter Allgemeine Zeitung reports. This recovery rate of 67% is higher than the rate other lenders will receive, since KfW is entitled to claim a Lehman deposit held with the German federal debt administration office.
14/12/2009

Russell launches a midcaps index

Russell Investments has announced that it is planning to launch a series of benchmarks to track the midcaps segment. The Russell Global SMID Index is designed to provide an indicative measure of equities in the low end of the large-cap range and at the top of the small-cap range. The index will initially include 3,981 shares with cap sizes ranging from USD370m to USD5.3bn.

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