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09/07/2009

Coentreprise entre Bertelsmann et KKR

Bertelsmann et Kohlberg Kravig Roberts (KKR) sont convenus mercredi de créer une filiale commune sous le nom de BMG, initialement capitalisée à 50 millions d’euros. Cette dernière, dont KKR détiendra 51 %, reprend les activités de droits musicaux de BMG Rights Management (300 contrats), KKR apportant les financements au travers de son fonds européen de private equity.BMG restera dirigée par Hartwig Masuch, directeur général de BMG Rights Management et CEO de la nouvelle société, dont le chairman sera Thomas Rabe, directeur financier de Bertelsmann. KKR s’engage à mettre à disposition de BMG un montant de 200 millions d’euros sur les prochaines années, ce qui permettra d’effectuer des acquisitions.
09/07/2009
Fonds

Commerz Real investit à Berlin

Pour environ 126,6 millions d’euros, Commerz Real (43 milliards d’euros d’encours) a acheté l’immeuble de magasins Die Mitte (20.000 mètres carrés) à Berlin Alexanderplatz pour son fonds immobilier offert au public hausInvest europa (9 milliards d’euros d’actifs sous gestion). Cet immeuble a été achevé en mars 2009 et il est loué notamment à Saturn, New Yorker, EDC Esprit, Esprit, dm, Promod, Steilmann, O2, E-Plus et L-Tur.
Fonds
09/07/2009
Fonds

db x-trackers lance un ETF obligataire

Désormais, la cote du segment XTF de la plate-forme de négociation électronique Xetra (Deutsche Börse) compte 460 références, avec le lancement de l’ETF luxembourgeois db x-trackers II Euro Inflation Swap 5 year TRI ETF de db x-trackers (Deutsche Bank). Le fonds est conforme à la directive OPCVM III.Ce produit obligataire destiné aux investisseurs institutionnels et assorti d’une commission de gestion de 0,20 % réplique le Deutsche Bank Euro Inflation Swap 5 year TRI qui reflète lui-même l'évolution de l’Eonia ainsi que l’inflation dans la zone euro mesurée par indice des prix à la consommation harmonisé, hors tabac, précise db x-trackers. Cette dernière partie s’appuie sur des swaps d’inflation à 5 ans, avec une position roulée mensuellement. L’idée consiste à offrir aux investisseurs l’accès au marché de l’inflation sans afficher la même duration que les obligations indexées sur l’inflation.
Fonds
09/07/2009

KKR revend la moitié d'Oriental Brewery

De source londonienne, le capital-investisseur américain KKR aurait déjà revendu à Affinity Equity Partners la moitié du sud-coréen Oriental Brewery (OB) qu’il venait d’acheter pour 1,8 milliard de dollars à Anheuser-Busch InBev, rapporte la Börsen-Zeitung. KKR conserverait toutefois le contrôle d’OB.
09/07/2009

L'alliance SG Private Banking/Rockefeller prioritaire outre-Atlantique

L’alliance stratégique passée il y environ un an entre Rockefeller Financial Services et SG Private Banking reste pour la banque française l’axe prioritaire de la politique de développement de la banque privée aux Etats-Unis. SG Private Banking n’a pas l’intention de s’engager dans d’autres transactions de ce type sur le territoire américain, a indiqué hier à l’occasion d’un point de presse Daniel Truchi, directeur de SG Private Banking.Beaucoup de travaux ont été engagés mais les turbulences financières n’ont pas permis jusqu’ici de leur donner une réalité plus tangible. «Nous avons travaillé sur des fonds US equity. Le produit est prêt et nous proposons de le lancer dans les prochaines semaines ou dans les prochains mois», le bon moment étant particulièrement difficile à déterminer dans l’environnement actuel, a expliqué Daniel Truchi.Les deux partenaires ont également avancé sur le front du family office. «Nous avons travaillé sur le lancement d’une plate-forme de family office. Nous devons signer prochainement un accord de principe (MoU, memorandum of understanding) sur les conditions de notre collaboration», a précisé Daniel Truchi qui espère que le lancement pourra intervenir dans le sillage du MoU.A noter par ailleurs qu’au Canada, où la banque a acquis fin 2007 une petite société de gestion à Calgary, Canadian Wealth Management, SG Private Banking étudie actuellement les possibilités d’extension des licences qui pourraient favoriser le développement des activités dans le pays.
09/07/2009
Fonds

John Meriwether tombe une nouvelle fois

John Meriwether, qui avait été à l’origine de l’implosion du Long-Term Capital Management (LTCM) en 1998, a restitué leur argent aux investisseurs qui avaient souscrit des parts de son nouveau fonds JWM Partners lancé l’an dernier, rapporte The Wall Street Journal. A son pic, JWM avait atteint les 2,6 milliards de dollars d’encours. Maintenant, la société de gestion n’a presque plus de personnel et plus aucun trader.
Fonds
09/07/2009

OTC AM preparing to acquire Cholet Dupont Partenaires

According to information obtained by Newsmanagers, OTC AM is preparing to acquire the banking platform Cholet Dupont Partenaires, dedicated to independent financial advisors (IFAs). The forthcoming sale of Tocqueville Finance and the expected sale of the 15% stake which it holds in OTC AM highlight the ambitions of this ‘small’ boutique. After becoming a major actor in private equity via the management of innovation and proximity FCP funds, and then donning the guise of a management firm via an acquisition of a 40% participation in Sunny AM, founded this year, OTC AM is now opening to the world of IFAs. Cholet Dupont Partners, the affiliate of the Cholet Dupont group in which Crédit Agricole owns a 33.4% stake, offers a good opportunity for this. Generali, which already has a strong presence in the IFA market, was also recently invested in the firm.
09/07/2009

SG Private Banking/Rockefeller partnership a top priority in North America

The strategic alliance concluded about a year ago between Rockefeller Financial Services and SG Private Banking remains a top priority in the French bank’s development policy in private banking in the United States. SG Private Banking has no plans to enter into other agreements of this type on American soil, said Daniel Truchi, director of SG Private Banking, at a meeting with the press. Many initiatives have been undertaken, but the financial turbulence has not this far allowed them to be realised in more tangible form. “We have been working on a US equity fund. The product is ready and we are hoping to launch it in the next weeks or months,” though the right moment to do so is difficult to determine in the current environment, Truchi explains. The two partners have also advanced on the family office front. “We have been working on the launch of a family office platform. We will soon sign a memorandum of understanding (MoU) setting out the conditions of our collaboration,” Truchi says; he hopes that the launch of the platform will follow the signing of the memorandum. In Canada, where the bank in late 2007 acquired a small management firm in Calgary entitled Canadian Wealth Management, SG Private Banking is currently studying the possibility of extending licenses which could favour the development of activities in the country.
09/07/2009

Alternative management directive lacks clarity

In an interview with Les Echos, Peter Clarke, CEO of Man group, says he supports “efforts to supervise and register fund managers. We are also in favour of a European passport for management firms. The directive, however, lacks clarity in some areas such as leverage, derivative products, and rules for funds of funds … it is essential to measure the implications of the bill for the hedge fund industry in Europe. We feel regulations should not block access to funds when they are appropriately structured. The work consists in determining what is appropriate. But for the moment, some measures in the directive are merely a barrier which makes access to alternative management funds more difficult.” Man Group is also planning to scale up its presence on the US market. “We want to be more active there. Before, the difficulty was that institutional investors in the United States had already selected their partners. But now, the circumstances have changed: it’s a good time for us to make inroads into that market, as investors revise their portfolios and allocation strategies,” Peter Clarke explains to the newspaper.
09/07/2009

SpainSIF created by 32 founding members

On Wednesday, the Spanish socially responsible investment forum was officially convened for the first time, under the name SpainSIF, with 32 members. The forum was created by the Forética association, BBVA, Crédit Agricole, BBK, CASER, FTSE, the AERI entities, and the Esade business school. The chairman of the forum is Antoni Ballabriga, of BBVA, who is director of the bank’s social responsibility and reputation divison. The firm also includes unions and NGOs among its members (in addition to Forética, Economistas sin Frontieras also belong to the forum) and managers such as Santander AM, le Banco Popular, Fondital, Pictet and Ibercaja Gestión. SpainSIF will be affiliated to the European EuroSIF network. SpainSIF is composed of three colleges: financial entities (managers of funds of funds and pension funds), investment services enterprises (analysts and ratings agencies), and third-party entities (NGOs, business schools, and associations). The three main missions of the new forum are: institutional relations and liaison with public administrators and regulators to promote the development of SRI in Spain, dissemination of knowledge of investment products among institutional and retail investors, and the creation of services for members as a best practice forum.
09/07/2009

DWS opens products to funds of funds

Udo Rosendahl, appointed director of funds of funds in early June at DWS, has told Citywire that the firm plans to make its range available to external funds. Das Investment reports that the senior manager Johanna Piechiski is planning to add the JOHCM Continental European Fund, the First Private Aktien Global and the Fortis L Equity World Fund to her portfolios for equities, and the Investment Grade Bond Fund (Bluebay) and LBBW Rentamax for bonds.
09/07/2009

Coentreprise entre Bertelsmann et KKR

Bertelsmann et Kohlberg Kravig Roberts (KKR) sont convenus mercredi de créer une filiale commune sous le nom de BMG, initialement capitalisée à 50 millions d’euros. Cette dernière, dont KKR détiendra 51 %, reprend les activités de droits musicaux de BMG Rights Management (300 contrats), KKR apportant les financements au travers de son fonds européen de private equity.BMG restera dirigée par Hartwig Masuch, directeur général de BMG Rights Management et CEO de la nouvelle société, dont le chairman sera Thomas Rabe, directeur financier de Bertelsmann. KKR s’engage à mettre à disposition de BMG un montant de 200 millions d’euros sur les prochaines années, ce qui permettra d’effectuer des acquisitions.
09/07/2009

Mergers and acquisitions in asset management expected to continue at fast pace

In the first half of 2009, the average volume of merger and acquisition operations in the asset management sector fell below USD1bn for the first time since the 1990s. However, thanks to the acquisition of BGI (USD1.5trn in assets) by BlackRock for USD13.5bn, the total volume of transactions came to USD14.1bn, and assets which changed hands totalled USD2.3trn, compared with USD7.7bn and USD588bn, respectively, in the corresponding period of 2008, according to Jeffries Putnam Lovell. The number of transactions fell to 72, compared with 109 in the first half of last year. The investment bank from Jeffries & Company estimates that the mergers and acquisitions market in second half will continue to be marked primarily by a large number of asset sales (47% of transactions in first half compared with 26% in January-June 2008). However, other contributing factors in January-June, such as acquisitions by pure-play asset managers seeking to gain size, fill gaps in their product range or recruit new talent, or acquisitions by private equity investors attracted by the potential for growth and loose prudential requirements in asset management, will continue to play a part.
09/07/2009

UBPAM recruits for alternative management

The fund of fund management firm from Union Bancaire Privée (UBP), UBP Asset Management (UBPAM), has announced the appointment of Sara Sprung as its Chief Investment Officer (CIO) for alternative management. Sprung is an experienced manager who most recently presided at Fortress Investment Group as Chief Risk Officer (CRO) for liquid market activities at Fortress. At UBPAM, Sprung is appointed to a newly-created position. “This appointment is one of several measures which we are currently taking with an aim to strengthen our alternative management activities,” said Matthew Stadtmauer, Chief Executive Officer (CEO) at UBPAM, in a statement. UBPAM has also announced the appointment of Jonathan Morgan as Head of Research for altnernative management. With 16 years of experience in the alternative investment sector, Morgan previously served in the position of CEO and director of the hedge fund management department at Barclays Global Investors (BGI). Morgan says that “the markets now present many opportunities to profit from alternative strategies, whose effectiveness is amply demonstrated, and I think this is the ideal moment to join the team.”
09/07/2009

London appears to favour more limited regulatory reforms

According to Les Echos, the British finance minister, Alistair Darling, would like to increase the powers of the Financial Services Authority (FSA), but without fundamental changes to the system. Macro-prudential monitoring will be provided by the Treasury, the Bank of England and the FSA. This macro-prudential monitoring will be overseen by a new financial stability committee, which will include the Treasury, the Bank fo England, and the FSA. The proposed legislation - part of which is still subject to consultation - will go to a vote when Parliament reconvenes in October. Many ponts have yet to be specified. On the controversial subject of bonuses, Darling promises that the Financial Services Authority (FSA) will have the objective of “reducing incitements to excessive risk-taking,” but says that details will follow a report to be submitted by David Walker next week.
09/07/2009

Assets in ETFs increase in June

At the end of June, total assets in ETFs worldwide (1,707 products listed 3,066 times on 42 stock markets) totalled USD789.04bn, compared with USD775.2bn one month earlier. Since the beginning of the year, the growth of these funds totals 11%, while the MSCI World index in US dollars has gained 4.8%, Barclays Global Investors (BGI) reports. In first half, the number of products increased by 7.3%, with 180 launches and 68 closures. Currently, issuers are planning to launch 777 new ETFs. The three largest actors in the market, logically, remain the same as in previous months. iShares, the brand from BGI, comes first, with 386 ETFs and assets of USD320.23bn, corresponding to a market share of 48.2%. State Street Global Advisors (SSgA) is in second place, with 104 products and USD119.68bn in assets under management, for a 15.2% market share, while Vanguard is in third place, with 40 funds and USD59.52bn in assets (a 7.5% market share).
09/07/2009

Performance of French private equity remains high, according to AFIC

According to the latest figures from the French association of private equity investors (Association Française des Investisseurs en Capital, or AFIC), Ernst & Young and Thomson Reuters, as of the end of 2008, the net performance of French private equity actors between 1998 and 2008 totalled nearly 12%. Capital Transmission / LBO funds earned returns of 17.9%, compared with 10.8% for Capital Development funds, 1.3% for Venture Capital / Early Stage funds, and 9.1% for generalist funds.
09/07/2009

Lower total assets in more ETF funds

The number of European ETF funds increased by 12.8%, or 101 funds, in the first half of 2009, to 719 products, listed 1,858 times on 20 stock markets. In June, the total number of products was 20 higher than at the end of May. Meanwhile, total assets have increased by 16.3% in the first six months of the year, to a total of USD165.83bn, while the MSCI Europe index in US dollars gained only 4.1%, but the total at the end of June is lower than the USD168.3bn at the end of May, according to statistics from Barclays Global Investors (BGI). The two largest promoters of ETFs in June saw a decline in their assets under management. For iShares (BGI), assets fell to USD64.4bn from USD65.87bn at the end of May, for a market share of 38.8%, compared with 39.1% one month earlier, while for Lyxor Asset Management (Société Générale), assets totalled USD35.01bn, compared with USD36.25bn one month previously (a 21.1% market share, compared with 21.5%). However, it appears that the number of iShares ETF funds has remained stable at 158, while the number of Lyxor products has declined by 12, to 102 products. Meanwhile, as of 30 June, db x-trackers (Deutsche Bank) had assets of USD28.48bn, compared with USD28.14bn as of the end of May, in an unchanged total of 102 products. The firm’s market share has increased to 17.2%, from 16.7% at the end of May.
09/07/2009

db x-trackers launches a bond ETF

The XTF segment of the electronic trading platform Xetra (Deutsche Börse) now lists 460 products, with the addition of the Luxembourg-registered db x-trackers II Euro Inflation Swap 5 year TRI ETF de db x-trackers (Deutsche Bank). The bond product, which carries a management commission of 0.20%, replicates the Deutsche Bank Euro Inflation Swap 5 year TRI index, which in turn reflects the evolution of the Eonia and Euro zone inflation as measured by a harmonized consumer price index.
09/07/2009

Commerz Real invests in Berlin

Commerz Real (EUR43bn in assets) has bought the Die Mitte building (20,000 square metres), containing retail space located Berlin’s Alexanderplatz, for its open-ended real estate fund hausInvest europa (EUR9bn in assets under management). The property, completed in March 2009, is wholly leased to Saturn, New Yorker, EDC Esprit, Esprit, dm, Promod, Steilmann, O2, E-Plus and L-Tur.
09/07/2009

Popular closes Eurovalor Multigestión

The only fund of hedge funds from Banco Popular, Eurovalor Multigestión, will be liquidated, the bank has indicated in a notification to the CNMV. Assets in the product, which aimed for overall annual performance of 5% to 10%, totalled EUR34m at the end of May.
09/07/2009

Barclays to add more personnel in Asia

The British Barclays group is planning to increase its personnel in Asia for its investment banking and private banking activities by about 5%, according to Investment Week. In 2008, Barclays already increased staff at Barclays Capital and the wealth management unit by about 5%. Barclays Wealth, which last year launched an onshore private bank in India, says it is aiming for assets under management of over USD1bn by the end of the year.
09/07/2009

Credit Suisse appoints Filo Sedillo as head of asset management

On Wednesday, Credit Suisse announced the appointment of Filo Sedillo as head of asset management for Australia. In addition to this position, Sedillo will also serve as head of distribution for asset management products for Australia and New Zealand. Sedillo joined the Credit Suisse Group in 2007, after leaving Citigroup, where he was head of alternative investments for Australia and New Zealand. The sale of traditional equities and bond asset management activities for Australia to Aberdeen Asset Management was concluded on 30 April 2009. The Swiss group is continuing its alternative and multi-asset class management activities in Australia. As of the end of March, Credit Suisse Asset Management had total assets of CHF405.7bn, of which CHF143.1bn were in alternative investments.
09/07/2009

Anglican church awards a mandate to RCM

The Church of England Pensions Board (GBP687m) has awarded a global equities mandate for GBP100m to RCM, Professional Pensions reports. The management firm will set up a filtering process for assets to ensure that they comply with the ethical standards of the church pension fund, under the direction of CIO Lucy McDonald.
09/07/2009

IVG sells a building to Orion

The German management firm IVG Investments, an affiliate of IVG Immobilien, announced on Wednesday that it has sold an office building in the banking district of London, at 131 Finsbury Pavement, to the Orion Income Return Partners Fund, from the Luxembourg management firm Orion Capital Partners, for GBP45.5m. The transaction will pass via a Guernsey Property Unit Trust, which will allow the sale to be exempt of British stamp duty. The 7,307 square metre property is wholly leased.
08/07/2009

Les banques européennes à la chasse aux coûts

Selon Les Echos, une étude réalisée par le cabinet Oliver Wyman auprès de 40 banques européennes entre fin 2008 et début 2009 indique que nombre d'établissements ont commencé à réduire leurs coûts, visant une baisse moyenne de 15% sur les cinq prochaines années. Une ambition que le cabinet de conseil en stratégie chiffre autour de 35 à 40milliards d’euros. D’après l'étude, les efforts se concentreront avant tout dans les systèmes d’information, les back-offices et les réseaux d’agences. L’exploitation physique des réseaux représente en moyenne 47% des coûts d’exploitation d’une banque.
08/07/2009
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Le marché de l'immobilier commercial londonien se redresse

Le fait que l’allemand Union Investment Real Estate (UIRE) vienne d’acheter un immeuble de bureaux de première catégorie 10 Gresham Street pour 141,5 millions de livres laisse supposer que le marché londonien de l’immobilier a redémarré. L’immeuble de huit étages et de 260.000 pieds carrés a été développé par Standard Life Investments. Il a été achevé en 2003 et compte comme locataires Lloyds Banking Group, le capital investisseur JC Flowers & Co et le consultant Jones Land LaSalle.
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