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14/08/2009

BNY Mellon ne va pas fusionner Insight

Le vice-président de BNY Mellon Asset Management, Jon Little, a assuré qu’il prévoyait de garder Insight en tant qu’entité distincte et séparée des autres filiales, rapporte Investment Week.BNY Mellon AM a acquis Insight à Lloyds.
14/08/2009

Souscriptions record pour M&G

Au premier semestre, M&G a enregistré des souscriptions nettes record de 8,6 milliards de livres, soit 10,02 milliards d’euros, rapporte Citywire. La société de gestion du groupe Prudential voit ainsi ses encours passer à 149 milliards de livres (173 milliards d’euros). M&G a néanmoins vu son bénéfice d’exploitation baisser de 30 % à 102 millions de livres en glissement annuel (119 millions d’euros).
14/08/2009

Départ du patron d’Ignis AM

Selon la presse britannique, Gavin Stewart, le directeur general d’Ignis Asset Management, va quitter la société. Il sera remplacé par Chris Samuel, qui a rejoint la société en tant que COO. Ce changement fait suite à la vente de Pearl, l’actionnaire d’Ignis, à Liberty International. Récemment, Ignis AM annonçait le recrutement d’une équipe de 5 personnes pour assurer son développement en Europe continentale, et notamment en France.
14/08/2009
Fonds

RCM lance un fonds rendement absolu

RCM, filiale d’Allianz Global Investors, va lancer en octobre son premier fonds Ucits III, le Allianz RCM Discovery Europe fund, rapporte Citywire. Ce fonds, calqué sur une stratégie de hedge fund existante, vise un rendement annuel de 10 %. Il sera géré par Harald Sporleder.
Fonds
14/08/2009

Des délais accordés par la Fed à CIT

La banque centrale américaine a donné 15 jours au groupe de services financiers CIT, au bord du dépôt de bilan, afin de faire la preuve de sa viabilité, rapporte la Tribune. Il lui a également accordé 60 jours pour fournir un plan de gestion du risque acceptable et 75 jours pour présenter un plan stratégique à plus long terme.
14/08/2009

Le patron de Blackstone, le mieux payé en 2008

Le quotidien belge L’Echo qui cite une étude de la Corporate Library, un organisme représentant les droits des actionnaires aux Etats-Unis, rapporte que Stephen Schwarzman, le PDG du fonds d’investissements Blackstone, a été le patron le mieux payé aux Etats-Unis en 2008 avec quelque 702 millions de dollars de rémunérations. L’essentiel de cette somme a été obtenu via l’entrée en Bourse du fonds en juin 2007.
14/08/2009
Fonds

Davide Erro revient avec un nouveau hedge fund

Davide Erro, qui avait fermé son hedge fund Gandhara Capital en début d’année, prévoit de lancer un nouveau fonds, rapporte le Wall Street Journal, citant des proches du dossier. Il rejoint ainsi la horde de gérants qui tentent de faire leur « comeback » après avoir accusé des pertes l’année dernière, commente le journal, qui s’interroge de fait sur la façon dont ces personnes vont traiter les investisseurs qui ont perdu de l’argent lors de leurs précédentes aventures.
Fonds
14/08/2009

Man Group vend le reste de MF Global

La société de hedge funds Man Group a annoncé jeudi soir avoir passé un accord pour vendre les 18,4 % qu’il lui restaient dans MF Global, un courtier en produits dérivés, rapporte le Financial Times. Nomura lui versera dans un premier temps 112 millions de dollars, et davantage si le cours de l’action de MF Global s’apprécie dans les 3 à 4 prochaines années.
14/08/2009

Merrill Lynch accélère ses recrutements de conseillers financiers

Merrill Lynch Global Wealth Management, qui appartient désormais à Bank of America, propose à ses nouvelles recrues des rémunérations bien plus élevées que celles qu’il avait offertes lors de la hausse des marchés de 2006-2007, rapporte le Financial Times. L’objectif est de remplacer les nombreux conseillers financiers qui ont quitté l’entité l’année passée.
14/08/2009

Madoff copycat questioned at Evry

A former banker, aged 57, has been facing interrogation at Evry, over accusations that he orchestrated a fraud similar to that of Bernard Madoff, Le Figaro reports. “30 people, many of whom are elderly people aged between 70 and 88, fell victim to the fraudster; many of them live in the Paris region. In total, the fraud involved between EUR2bn and EUR3bn,” the newspaper states on its website.
14/08/2009

Appointment at Fortis

Fortis has appointed Bruno Colmant, the head of Euronext Brussels, as deputy chief executive officer, effective from 1 September. He will report to Bart De Smet, Chief Executive Officer, and will direct the Finance and Legal departments.
14/08/2009

Private equity firms raising funds in renminbi

Several US private equity firms, including Blackstone and the private equity unit of Goldman Sachs, are creating investment companies in China to raise funds in renminbi from local investors, in order to buy stakes in Chinese partner companies, the Financial Times reports, citing sources familiar with the matter.
14/08/2009

Sal. Oppenheim reportedly wooed by Mediobanca

Les Echos reports, citing Financial Times Deutschland, that Mediobanca is interested in acquiring Sal Oppenheim. The Italian bank and the Luxembourg private bank are currently in discussions, along with Deutsche Bank, which will provide financial assistance to Sal Oppenheim (see Newsmanagers of 06/08/09), and which, according to the German press, may take a minority stake in the firm. Mediobanca’s objective would be to strengthen its presence on the German market. When contacted by the newspaper, Sal Oppenheim and Deutsche Bank had no comment, Les Echos reports, while Mediobanca could not be reached.
14/08/2009

Mediobanca confirms interest in Sal Oppenheim

Mediobanca has confirmed its interest in the investment banking division of the German private bank Sal Oppenheim, Il Sole - 24 Ore reports, stating that there are no formal negotiations as of yet. “For us, it would represent an opportunity to grow in advising and equities,” said a spokesperson for the Italian bank.
14/08/2009

UBS agrees to pay legal costs

The Swiss newspaper Le Temps reports that UBS has agreed to pay legal costs for a lawsuit brought against it by the US tax authorities, which resulted in an agreement between the Swiss and United States governments. Christoph Meier, a spokesman for UBS, says that the Swiss government has yet to make a similar request, and that the amount in question has yet to be calculated. Another Swiss newspaper, Blick, on Thursday estimated the cost at CHF50m.
14/08/2009

RCM launches an absolute returns fund

RCM, an affiliate of Allianz Global Investors, will launch its first UCITS III-compliant fund, the Allianz RCM Discovery Europe fund, in October, Citywire reports. The fund, which is based on an existing hedge fund strategy, will aim for annual returns of 10%. It will be managed by Harald Sporleder.
14/08/2009

Davide Erro returns with a new hedge fund

Davide Erro, who shut down his hedge fund Gandhara Capital earlier this year, is planning to launch a new fund, the Wall Street Journal reports, citing sources familiar with the matter. He joins a wave of managers seeking to make a comeback after losses last year, the newspaper remarks, raising questions about how these managers will handle investor clients who lost money on their previous ventures.
14/08/2009

Blackstone chief highest paid executive of 2008

The Belgian newspaper L’Echo reports, citing a study by the Corporate Library, an organisation that represents shareholder rights in the United States, that Stephen Schwarzmann, president and CEO of the investment fund Blackstone, was the highest-paid executive in the United States in 2008, with an income of USD702m. Most of this amount resulted from the firm’s IPO in June 2007.
14/08/2009

Merrill Lynch steps up recruitments of IFAs

Merrill Lynch Global Wealth Management, which is now owned by Bank of America, is offering new recruits far higher pay than it was offering at the peak of the market in 2006-2007, the Financial Times reports. The objective is to replace the many independent financial advisors who left the firm last year.
14/08/2009

Man Group sells remaining stake in MF Global

The hedge fund firm Man Group announced on Thursday evening that it has signed an agreement to sell its remaining 18.4% stake in MF Global, a derivatives broker, the Financial Times reports. Nomura will pay an initial instalment of USD112m, followed by a further payment if MF Global’s share price rises in the next 3 to 4 years.
14/08/2009

BNY Mellon will not merge Insight

The vice president of BNY Mellon Asset Management, Jon Little, has announced that he is planning to keep Insight as a separate entity, distinct from the group’s other affiliates, Investment Week reports. BNY Mellon AM acquired Insight from Lloyds.
14/08/2009

Record subscriptions for M&G

In first half, M&G has posted record net subscriptions of GBP8.6bn, or EUR10.02bn, Citywire reports. Assets at the management firm of the Prudential group have increased to GBP149bn (EUR173bn). M&G has, however, seen a fall in its operating profits of 30% to GBP102m in annualised terms.
14/08/2009

Skandia awards a second mandate to Cazenove

Skandia Investment Group has awarded a second mandate to Cazenove for its UK Strategic Best Ideas fund, Investment Week reports. The mandate was awarded more specifically to Neil Pegrum, who manages UK equities and hedge funds.
14/08/2009

Head of Ignis AM to leave company

According to reports in the British press, the CEO of Ignis Asset Management will leave the firm. He will be replaced by Chris Samuel, who joined the firm as COO. The changes follow the sale of Pearl, a shareholder in Ignis, to Liberty International. Ignis AM recently announced the recruitment of a team of 5 people to oversee its development in continental Europe, particularly France.
14/08/2009

US repossessions at record high

Les Echos relays information from the specialised agency RealtyTrac which shows that 360,149 real estate properties were subject to repossession operations in the United Stated in July, 7.0% more than in the previous month. It is a record figure, through the statistics do not distinguish between notices, properties on which mortgage payments are late, evictions, and other operations.
14/08/2009

Meteoric rise in US bankruptcies

The number of bankruptcies filed in the United States rose 38% in second quarter, La Tribune reports. 381.073 bankruptcy procedures were filed, a 15% increase over the number filed in the first three months of the year. More than 16,000 companies ceased operations, a number not seen since second quarter 1993, the newspaper reports.
13/08/2009
Fonds

Début d’année en fanfare pour les hedge funds

Les hedge funds ont connu leur meilleur début d’année en dix ans, avec une performance moyenne de 12,14 % sur les sept premiers mois, rapporte le Financial Times, citant les statistiques de HFN. Nombre de fonds, dont ceux qui étaient en difficulté en 2008, affichent des gains impressionnants, comme Tosca Opportunity, en hausse de 77 % sur le premier semestre.
Fonds
13/08/2009
Fonds

Les hedge funds en mode positif

Toutes les stratégies de hedge funds sont en hausse en juillet, rapporte HedgeWeek, citant Lipper. La stratégie «long only» a été la plus performante , avec un gain de 4,75 % (+14,34 % depuis le début de l’année 2009).
Fonds
13/08/2009

Constantia obtient une extension de la garantie de l’Etat

Le ministre autrichien des Finances a prolongé jusqu’en décembre la garantie du gouvernement pour Constantia Private Bank, qui est actuellement en train d’être vendue, rapport Citywire, citant Der Standard. C’est une nouvelle importante pour les actionnaires de la banque, et notamment Bank Austria et Raiffeisen Zentralbank.

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