Senior Funds Correspondent
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Oct 22, 2009

Top Cadbury investor would consider 820p bid

LONDON, Oct 22 (Reuters) – One of Cadbury’s <CBRY.L> ten
biggest investors said on Thursday a raised bid of 820 pence or
11.3 billion pounds ($18.7 billion) from suitor Kraft <KFT.N>
“certainly stacks up” and would be examined very closely.

The London-based confectionery group issued upbeat
third-quarter trading on Wednesday but the lacklustre reaction
of Cadbury shares suggested Kraft may only have to offer a bit
more than the current share price to win. [ID:nLK594844]

Oct 20, 2009

Axa US fund arm to launch thematic fund in Europe

LONDON, Oct 20 (Reuters) – Axa’s <AXAF.PA> majority-owned
U.S. fund manager AllianceBernstein <AB.N> is to launch a new
global thematic fund for European investors seeking to invest in
technological, social, environmental and demographic trends.

Cathie Wood, chief investment officer of Thematic Portfolios
at AllianceBernstein, said the Luxembourg-domiciled fund was
being set up for European investors on the back of demand from
institutions such as pension funds, and retail clients.

Oct 12, 2009

Xstrata likely to walk away from Anglo: top investor

LONDON (Reuters) – Mining group Xstrata <XTA.L> has told a top-10 shareholder that it would likely abandon its pursuit of rival Anglo American <AAL.L>, the investor said on Monday.

“They have pretty much indicated to us that they will be walking away,” the investor, who declined to be named, told Reuters.

Oct 6, 2009

Recovery landscape brightens for F&C partner

LONDON (Reuters) – Francois Barthelemy has had a tough year. The F&C Partners manager saw assets under management in his hedge funds slump by 80 percent as the financial crisis gripped, and revived performance is yet to bring new inflows.

Speaking to Reuters in his office high above the railway tracks into London’s Liverpool Street station, Barthelemy is hopeful for a market recovery which lasts into 2010, but still rails at the knee-jerk response as markets were jolted.

Oct 5, 2009
via Global Investing

Top fund firms lose $16 trln in 2008


Watson Wyatt tells us the world’s largest fund managers lost $16 trillion of assets in 2008 as the worst of the global financial crisis took its toll on the top 500 global fund firms.  The fall in assets is the largest since Watson Wyatt’s research began in 1996 and doesn’t even include the dog days of early 2009 when no one knew quite when the flood would abate. Indeed, the survey to end-2008 is a wee bit limited, for all its completeness. A lot has changed in the asset management world since then.  Not least, the giant deal which brought BlackRock and Barclays Global Investors together to create the world’s largest money manager with assets of $2.8 trillion. Watson Wyatt’s survey ranks BGI as the world’s largest fund firm with $1.5 trillion.Perhaps most pertinently though, the survey highlights in some detail an unprecented slump in passive assets during the year, shrinking by more than 25 percent to $4.5 trillion. Last in, first out it seems, as that has been followed by a 2009 marked by a swift and unapologetic return to the low fees of index investment after the shock of the credit crisis left active managers scratching their heads with the rest of us.Perhaps it’s this trend which leads Carl Hess, Watson Wyatt’s global head of investment consulting, to believe that even after the strong market recoveries since March this year, the 2009 outlook for earnings and revenues in the sector remain “poor”.

Oct 1, 2009

U.S., European funds eyed for Japan engagement

LONDON (Reuters) – A British-led investor group is lining up U.S. and European pension funds to help improve long-term corporate governance standards in Japan, after the failure of several short-term activist shareholder plays there, a director on the project said.

The Japan Engagement Consortium, set up by British fund manager Governance for Owners with Tokio Marine Asset Management in December last year, aims to engage with Japanese company boards to improve long-term shareholder returns.

Sep 4, 2009
via Funds Hub

Morning Line-Up


Hedge fund stories from the past 24 hours from Reuters and elsewhere:Some hedgies still feel effects of 2008 redemptions – Dow JonesHSBC seeks to fill Lehman void as hedge fund broker – BloombergWhat investors want from hedge funds now– Business Week