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18/11/2009

Pimco va aider le régulateur à évaluer le risque des portefeuilles obligataires

Pacific Investment Management Co (Pimco, filiale d’Allianz) a été adjudicataire du mandat convoité de la National Association of Insurance Commissioners (NAIC) consistant à aider le régulateur à évaluer le risque des obligations adossées à des crédits au résidentiel dans le portefeuille des assureurs, rapporte The Wall Street Journal. Cette mission a été des années durant dévolue aux grandes sociétés de notation. Cela concerne environ 18.000 obligations.
18/11/2009

Moins d'emplois supprimés que prévu et des profits à Wall Street

Selon la Tribune qui cite le rapport annuel du contrôleur des comptes de l'État de New York, les banques de Wall Street ont supprimé 35.000 emplois pendant la crise contre 47.000 attendus en juin dernier. Quant aux profits sur les neuf premiers mois de 2009, ils se sont élevés à 22,6 milliards de dollars.
18/11/2009

Apollo Management prévoit une IPO sur le New York Stock Exchange

La société de private equity Apollo Management prévoit de s’introduire en Bourse ces prochaines semaines, sur le New York Stock Exchange, indiquent des sources proches du dossier citées par le Financial Times. Apollo gère 38,3 milliards de dollars en non-coté.
18/11/2009

Kenneth Jacobs prend la tête de Lazard

Selon Les Echos, le conseil de Lazard a choisi Kenneth Jacobs, cinquante et un ans, jusqu’ici patron de l’Amérique du Nord, pour succéder à Bruce Wasserstein, disparu il y a un mois. Sa nomination a été accompagnée d’une série de promotions internes avec l’entrée au conseil d’administration de deux partenaires de poids: Gary Parr, cinquante-deux ans -lui aussi considéré comme un successeur potentiel de Wasserstein-, et le patron de la gestion d’actifs, Ashish Bhutani, quarante-neuf ans.
18/11/2009
Fonds

Pimco lance son premier ETF à gestion active

Mardi, Pimco (groupe Allianz Global Investors) a annoncé le lancement de son premier ETF à gestion active, le Pimco Enhanced Short Maturity Strategy (acronyme MINT sur le NYSE) dont l’objectif est de générer une performance supérieure à celle des marchés monétaires. Ce fonds sera géré par Jerome Schneider, executive vice president de Pimco, selon le processus d’investissement éprouvé de Pimco, qui combine les approches macro-économiques (top-down) et de sélection de titres (bottom-up). Le MINT pourra investir en instruements monétaires, en obligations à échéance plus longue et dans un vivier plus vaste de titres obligataires «investment grade».
Fonds
18/11/2009

L'avocat d'Hermitage Capital meurt en prison

Sergei Magnitsky (37 ans), avocat russe de la société de gestion Hermitage Capital de William Browder, est décédé dans une geôle moscovite non sans s'être plaint pendant des semaines de ne pas jouir d’un traitement médical adéquat, rapporte The Wall Street Journal.
18/11/2009

Jupiter launches US equities sub-fund

Jupiter has announced the launch of Jupiter North American Equities Sicav, a sub-fund of the Jupiter Global Fund Sicav. It will be managed by Sebastian Radcliffe, along broadly similar lines to the unit trust, which he has managed since January 2001. The fund is registered in Austria, Germany, Finland, Sweden, Switzerland, Jersey, Singapore and the UK. Jupiter also intends to register the fund in France and Hong Kong. It will be available in three currency classes USD, Euro and UK Sterling.
18/11/2009

DEGI International redemptions rumoured to have headed for hausInvest Europa

The Börsen-Zeitung reports that, according to sources in the financial sector, the heavy redemptions that triggered the freeze of redemptions from the DEGI International real estate fund by Aberdeen are said to have been due to assets being transferred to the rival real estate fund hausInvest Europa from Commerz Real.
18/11/2009

Credit Suisse to list 16 Irish-registered Xmtch funds in Frankfurt

Pending permission from Deutsche Börse, 16 Irish-registered ETF funds of the Xmtch range from Credit Suisse will be listed on the XTF segment of the electronic trading platform Xetra on 25 November (see Newsmanagers of 13 November). Currently, Credit Suisse is the largest ETF provider in Switzerland, with EUR6bn in assets and a market share of about 31%. Since 11 September, only one Xmtch has been listed on Xetra, namely, the Luxembourg-registered Xmtch (LUX) on MSCI EMU Large Cap. The listing of these funds in Germany, following their introductions on the Swiss and, more recently, Italian markets, is part of a campaign to capture a leading position on the European market in two years, says Henning Busch, head of asset management for Germany at Credit Suisse. The funds to be listed in Germany are the following: Xmtch (IE) on MSCI EMU Small Cap Xmtch (IE) on MSCI Japan Small Cap Xmtch (IE) on MSCI Japan Large Cap Xmtch (IE) on MSCI UK Large Cap Xmtch (IE) on MSCI UK Small Cap Xmtch (IE) on MSCI US Large Cap Xmtch (IE) on MSCI US Small Cap Xmtch (LUX) on MSCI Emerging Markets Xmtch (IE) on iBoxx USD Govt 1-3 Xmtch (IE) on iBoxx USD Govt 3-7 Xmtch (IE) on iBoxx USD Govt 7-10 Xmtch (IE) on iBoxx EUR Govt 1-3 Xmtch (IE) on iBoxx EUR Govt 3-7 Xmtch (IE) on iBoxx EUR Govt 7-10 Xmtch (IE) on iBoxx USD Inflation Linked Xmtch (IE) on iBoxx EUR Inflation Linked
18/11/2009

Asset management sector attracted more than EUR30bn in subscriptions in January-September

As of 30 September, the German asset management sector had assets under administration of EUR1.6647trn, EUR160bn more than on 31 December 2008. Of these EUR160bn in new assets, EUR31.82bn came from new subscriptions, according to the BVI association, which adds that the figure of nearly EUR11bn announced a few days ago did not include direct mandates and institutional inflows from abroad. Of this EUR31.82bn in subscriptions, EUR26.79bn went to open-ended funds, “Spezialfonds” and mandates, while EUR5.03bn went to open-ended real estate funds. For portfolio management, net inflows totalled EUR12.16bn for open-ended funds, Spezialfonds, and mandates, while open-ended real estate funds totalled EUR4.77bn.
18/11/2009

German management firms gain ground on Luxembourg firms

In the past, Luxembourg funds on sale in Germany attracted considerably more in net subscriptions than German funds registered locally. This trend has now been reversed, as this year, open-ended funds registered in Germany attracted more than EUR7.81bn in the first nine months of the year, while Luxembourg funds underwent net outflows of EUR12.93bn, Kommalpha reports in the November edition of “Fondsmarkt.” Among the five management firms which attracted the strongest net subscriptions in the first three quarters of this year, the top two were Luxembourg-registered funds, db x-trackers (Deutsche Bank), with EUR3.75bn, and Pimco Europe (Allianz Global Investors), with EUR3.56bn. The other three were Union Investment Real Estate (EUR2.18bn), Union Investment Privatfonds (EUR2.04bn), and Universal-Investment (EUR1.52bn). However, four of the five largest outflows were from Luxembourg management firms: Deka SA (EUR4.75bn), Union Investment Luxembourg (EUR2.83bn), Allianz GI Luxembourg (EUR2.42bn), and cominvest SA (AGI, EUR2.17bn).
18/11/2009

Redemptions suspended again for DEGI International

Aberdeen Immobilien KAG announced on Tuesday that it has once again frozen redemptions from its open-ended real estate fund DEGI International for a period of three months. Redemptions from the fund were previously frozen between the end of October 2008 and the end of January 2009. In addition, DEGI International funds (EUR2.02bn in assets as of the end of September) and DEGI Europa (EUR1.71bn) will no longer accept subscriptions due to forthcoming sales of properties in their portfolios. Aberdeen reports that after redemptions were reopened on 30 January, outflows from DEGI International gradually diminished, from EUR260m in February to EUR18m in May. But in June, public controversy in Germany over the risk of losses from real estate funds triggered a rise in redemption demands, and in third quarter, DEGI International underwent net redemptions of EUR250m.
18/11/2009

Apollo Management plans IPO on New York Stock Exchange

The private equity firm Apollo Management is planning an IPO on the New York Stock Exchange in the next few weeks, say sources close to the firm cited by the Financial Times. Apollo manages USD38.3bn in private equity.
18/11/2009

FRR awards first round in revision of bond mandates

Following a restricted call for offers launched on 23 April to renew part of its bond mandates, the French national pension fund, the Fonds de réserve pour les retraites (FRR), has published a list of the firms retained in the first round to receive mandates to manage inflation-linked bonds denominated in Euros. The firms are, in order, Axa IM, Barclays Global Investors, BNP Paribas AM, Crédit Agricole AM, Natixis AM and Sinopia AM. The mandates are granted for a 5-year term. The FRR says in a statement that the indicative total amount of assets granted in these mandates is estimated at EUR4bn. The selection process will continue in the second and third calls for offers (“investment grade” bonds denominated in Euros, for active management; “investment grade” bonds denominated in US dollars, for active management).
18/11/2009

Pimco to help regulator evaluate risk in bond portfolios

Pacific Investment Management Co (Pimco, an affiliate of Allianz) has been awarded a coveted mandate by the National Association of Insurance Commissioners (NAIC) to help the regulator evaluate risk for bonds back by residential loans in the portfolios of insurers, the Wall Street Journal reports. This task had previously traditionally been assigned to major ratings agencies, and involves the evaluation of about 18,000 bonds.
18/11/2009

Research Affiliates awarded patent for methodology

Research Affiliates LLC has been awarded a patent for its methodology for the calculation of indices, which selects and weights securities on the basis of fundamental elements such as dividends, revenues, and profits, but not market capitalisation, the Wall Street Journal reports. The RAFI indices from Research Affiliates are already used as benchmarks for assets of USD27bn, up from USD17bn at the beginning of the year. The patent may pose problems for other index providers, such as WisdomTree (USD5.5bn in assets as of the end of September), whose ETF funds replicate their own indices weighted on the basis of dividends or profits.
18/11/2009

Tetragon Financial acquiert Lyon Capital Management

Mardi, Tetragon Financial Group Ltd (TFG) de Guernesey (coté sur Euronext Amsterdam) a annoncé l’acquisition de Lyon Capital Management LLC (LCM) ainsi que de certaines collateralized loan obligations (CLO) auprès de Calyon et de quelques-unes de ses filiales. Le montant de la transaction, qui doit être bouclée au premier trimerstre 2010, n’a pas été divulgué. LCM affiche environ 2,5 milliards de dollars d’encours.
18/11/2009

Simon Pryke takes over as head of Private Investment Management unit at Newton

The management affiliate of BNY Mellon, Newton Investment Management, announced early this week that it has appointed Simon Pryke as head of the Private Investment Management unit. Pryke, who since 2003 had been Investment Leader, Global Research at Newton, will also join the firm’s board of directors. The unit manages more than GBP8.2bn for private clients and charities.
18/11/2009

Appointment at Standard Life Wealth

Standard Life Wealth, the wealth management unit of Standard Life, has appointed James England as senior business development manager, Money Marketing reports. England will be based in London, and will be responsible for developing Standard Life Wealth’s range of products and services for independent financial advisers (IFAs) and wealth management professionals in the United Kingdom. England was previously at UBS AG, where he handled development of relations with IFAs.
18/11/2009

Brevan Howard founder leaves company

Jean-Philippe Blochet, 46-year-old, one of the founding partners of Europe’s biggest hedge fund firm Brevan Howard, has left the company. «Following his return from sabbatical last year, Jean-Philippe Blochet has decided to cease to be an active member of Brevan Howard Asset Management LLP,» the firm said in a statement.
18/11/2009

India drives Asian inflows

In Asia, funds posted net subscriptions of USD21.3bn between July and September, the best quarter of the year so far, Lipper FMI reports in the most recent edition of its Fund Flash for Asia. The sector was driven by India, with inflows of USD26bn, though these were predominantly to low-risk products, such as bond funds denominated in local currencies and money market funds. In general, Asian investors are uninterested in equities currently, with the notable exception of investors in China, Hong Kong and Japan, Lipper reports. In these markets, most subscriptions have gone to Chinese equities funds (USD17bn). The markets which saw the heaviest net redemptions in the quarter are South Korea (-USD16bn). Australia (-USD5.5bn), Singapore (-USD3.6bn), and Taiwan (-USD2bn).
18/11/2009

Santander unites asset management and global private banking

The board of directors at Banco Santander on Monday decided to group together asset management activities (Santander AM and pension fund management) with global private banking, in a division to be headed by Javier Marín, who was previously head of the global private banking division. Juan Alcaraz will become director of asset management, while remaining as director of Allfunds Bank. He replaces Joan David Grimá Terré, who was head of asset management, and who has requested an early retirement.
18/11/2009

Mort mystérieuse à Moscou

La Tribune rapporte que, selon un investisseur occidental, un juriste russe âgé de 37 ans, chargé de conseiller un fonds d’investissement basé à Londres, est mort lundi 16 novembre dans une prison de Moscou alors qu’il y était entré en bonne santé. Selon William Browder, le Chief Executive Officer du fonds Hermitage Capital Management basé à Londres, Serguei Magnitsky, était chargé de défendre Hermitage CM et son partenaire la banque HSBC contre une fraude portant sur 230 millions de dollars, impliquant des officiers du ministère de l’Intérieur russe. Il était accusé de complicité d'évasion fiscale pour avoir conseillé son client, selon William Browder.
18/11/2009

A mysterious death in Moscow

La Tribune reports that, according to a Western investor, a Russian lawyer, aged 37, who advises an investment fund based in London, died Monday, 16 November in a Moscow prison, though he was in good health when he was imprisoned. According to William Browder, Chief Executive Officer of Hermitage Capital Management, based in London, Serguei Magnitsky had been retained to defend Hermitage CM and its partner, the bank HSBC, from a USD230m fraud implicating officers of the Russian ministry of the interior. Magnitsky was accused of complicity in tax evasion for advising his client, Browder claims.
18/11/2009

Mort mystérieuse à Moscou

La Tribune rapporte que, selon un investisseur occidental, un juriste russe âgé de 37 ans, chargé de conseiller un fonds d’investissement basé à Londres, est mort lundi 16 novembre dans une prison de Moscou alors qu’il y était entré en bonne santé. Selon William Browder, le Chief Executive Officer du fonds Hermitage Capital Management basé à Londres, Serguei Magnitsky, était chargé de défendre Hermitage CM et son partenaire la banque HSBC contre une fraude portant sur 230 millions de dollars, impliquant des officiers du ministère de l’Intérieur russe. Il était accusé de complicité d'évasion fiscale pour avoir conseillé son client, selon William Browder.
18/11/2009

CAAM releases CAAM Funds Global Inflation Bond fund in Europe

Crédit Agricole Asset Management is releasing the CAAM Funds Global Inflation Bond Classic (C) sub-fund of its Sicav in several European countries, including Luxembourg, the United Kingdom, Sweden, Belgium, Germany, the Netherlands, Austria, Finland, Norway, Greece, Italy, Spain, and Denmark. The sub-fund was created in August 2009 on the model of the French-registered CAAM Inflation Monde fund, which has been available to French investors since 20 May 2009. There are no plans to release the Luxembourg version of the fund in France for the moment, CAAM states. The sub-fund’s portfolio is invested in inflation-linked bonds from throughout the world. At least 50% of the portfolio is dedicated to inflation-linked bonds with a rating of “investment grade.”
18/11/2009

Skandia issues REIT management mandate to Cohen & Steers

Skandia Investment Group (SIG) announced on 17 November that it has issued a management mandate for its USD300m REIT fund to the institutional management firm Cohen & Steers, which is listed on the New York stock exchange, specializes in real estate, and manages over USD22.5bn as of 30 September this year. The fund was previously managed by La Salle Investment Management. The modification will be accompanied by a change in benchmark, as the UBS Global Investors index will be replaced by the FTSE EPRA NAREIT Developed Index. As a result, the weight of the fund’s exposure to the US market will fall to about 40%, compared to 50% previously. Asia, particularly Hong Kong and Japan, will gain weight as a proportion of the fund overall. Following approval from the Financial Services Authority (FSA), the fund, currently known as the Skandia Global Property Securities (LaSalle) Fund, will change names, to become the Skandia Global Property Securities Fund.
18/11/2009

Jérôme Lieury leaves HSBC Private Bank

Citywire reports that Jérôme Lieury, manager of the Eurassur fund, has left HSBC Private Bank France in favour of a destination which is not yet known. The Eurassur fund will be taken over by Antoine Bouchayer.
18/11/2009

Pimco launches first actively-managed ETF

On Tuesday, Pimco (Allianz Global Investors group) announced the launch of its first actively-manged ETF fund, the Pimco Enhanced Short Maturity Strategy (listed under the acronym MINT on NYSE). The fund’s objective is to generate higher performance than money markets; it will be managed by Jerome Schneider, executive vice president of Pimco, following Pimco’s proven investment process, which combines macro-economic (top-down) and stock-picking (bottom-up) approaches. MINT may invest in money market instruments, bonds with long durations to maturity, and a wider range of investment grade bonds.

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