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18/03/2014

JP Morgan AM launches a share class in renminbi for an Asian fund

P { margin-bottom: 0.08in; } JP Morgan Asset Management (JP Morgan AM ) has launched a hedged share class in renminbi for its fund JP Morgan Asia Equity Dividend, the first share class in renminbi introduced by the US asset management firm in its fund range, The Asset.com report. The minimal investment for the new share class is RMB16,000 or USD2,589, and subscriptions may be made from any renminbi bank account.
18/03/2014

La Française appoints a head of sales for Asia

La Française announced on Monday the appointment of Guillaume Dhamelincourt as head of sales for Asia. His goal will be to expand business in Asia through third party institutional distribution networks and directly with institutional investors.Guillaume Dhamelincourt has extensive experience, through JK Capital Management Ltd., in which La Française owns a minority stake, in Asian value equities. His appointment is coming as La Française is registering funds for local distribution.Guillaume Dhamelincourt will be working out of JK Capital Management Ltd headquarters located on Connaught Road Central in Hong Kong. Before joining JK Capital Management in 2011, Guillaume Dhamelincourt was investment director at HSBC Specialist Investments in London (now InfraRed Capital Partners), the property and infrastructure private equity arm of HSBC.
18/03/2014

Pictet AM recruits a head of sales to IFAs

P { margin-bottom: 0.08in; } As recently announced by Newsmanagers, Pictet Asset Mangement has recruited a head of sales for independent financial advisers in France (GCPI). Mohammed Amor will work to develop French clients such as banks, networks and independent wealth management advisers. He will report to Hervé Thiard, CEO responsible for asset management activities at Pictet in France. Amor had previously since 2012 worked as head of commercial development at Turgot Asset Management.
18/03/2014

Wells Fargo AM opens an office in France

Wells Fargo Asset Management is opening a new office in Paris, the business’s first office in continental Europe, and has appointed Alexandre Dussaucy as sales director. The French office will bring the US asset management firm closer to customers based in France and will enable the company to build capacity to provide more services in the long term. Wells Fargo AM has already EUR2 billion of assets under management in France - out of USD487bn globally and USD30-35bn internationally. «As Europe’s largest market for investment funds, France has always been an important destination for Wells Fargo Asset Management,» notes Ludger Peters, managing director, international business development, at Wells Fargo Asset Management. «For almost 10 years we have successfully managed assets for global financial institutions based in France; in fact, our largest international client is a French business. We also registered our UCITS IV-compliant Luxembourg funds in France in January 2013, making our investment strategies available to retail investors in France."The registration of the funds in France coincided with the arrival of Alexandre Dussaucy at Wells Fargo AM in London to cover French speaking countries. He is now responsible for business development and sales throughout France, Belgium, Luxembourg, Monaco and French–speaking Switzerland and will focus on expanding the institutional and wholesale client base and creating sub-advisory opportunities.This French office is Wells Fargo AM’s first office in continental Europe, but it might not be the last. Asked about other offices openings, a spokesperson for the asset management company answered: «we believe it vital for our success in Europe to have an on-the-ground presence in all of the countries we serve.»
18/03/2014

CalPERS will allocate an additional USD200m to private equity

The California Public Employees’ Retirement System (CalPERS) on March 17 announced that it will allocate an additional USD200 million to its emerging manager program in the Private Equity asset class. CalPERS will utilize a new fund-of-funds to deploy the capital, focusing on high-potential emerging manager funds. The new allocation will be deployed over four years and is in addition to a USD100 million commitment made in 2012. CalPERS has been investing with emerging managers directly and through fund-of-funds for more than 20 years. It has nearly USD12 billion invested with 395 emerging managers across all of its emerging manager programs.
18/03/2014

Candriam renames its fund range

P { margin-bottom: 0.08in; } After the launch of its new brand, the asset management firm Candriam (formerly Dexia AM) has announced that it will be renaming all of its funds. The process, which is expected to be completed by summer 2014, will initially involve the range of hedge funds. Dexia Index Arbitrage becomes Candriam Index Arbitrage, Dexia Long Short Credit becomes Candriam Long Short Credit and Dexia Diversified Futures is renamed as Candriam Diversified Futures. Funds based in France will now be entitled Candriam, as well as Belgian-registered funds based on traditional strategies. French-registered Sicavs will be renamed in late April 2014. Luxembourg-registered funds will see their names changed in a third phase during 2014, a statement says.
18/03/2014

European pay rules relaxed for Americans

P { margin-bottom: 0.08in; } European rules to limit excessive pay scales for fund managers have been relaxed in order not to have a disproportionate impact on US and Assian assset management firms, Financial Times fund management reports. Lobbying efforts by the United Kingdmo resulted in a last-minute amendment which will now mean that the rules apply “proportionately” to those involved in managing a UCITS fund. Previously, they concerned “third parties to whom these roles are outsourced,” including non-European managers of UCITS funds.
18/03/2014

European bank debt issuance continues to decline

P { margin-bottom: 0.08in; } European banks are leading the decline in global bank debt issuance, according to a report published by Moody’s Investors Service («Global Bank Debt – 2013 Issuance Trends»). Global unsecured debt issuance by Moody’s-rated financial institutions declined by 11% in 2013, compared to 2012. European institutions’ unsecured debt issuance declined by 25% to USD528 billion in 2013, says Moody’s. This marks the sixth year of a decline in European banks unsecured issuance, now at 41% of its 2007 peak. «With many European countries still mired in slow economic growth and persistent pressure on banks to reduce leverage, balance sheets are shrinking, cutting funding needs and driving issuance volumes down,» said Robard Williams, a Moody’s Senior Credit Officer, and co-author of the report. «Sector consolidation coupled with restricted capital market access has also halved the number of banks issuing debt to only 122 in 2013, compared to 246 in 2007.» Within the overall decline, however, subordinated debt issuance is up 33% year-on-year to USD50 billion in Europe, as regulators and resolution authorities’ clarification efforts have helped market participants price these securities and boost issuance. In addition, issuance by North American firms has rebounded strongly since 2011, says Moody’s. Strong investor appetite driven by improving macroeconomic conditions and still-low interest rates have boosted unsecured debt issuance by 39% to $309 billion in 2013, says the rating agency. In addition, US subordinated debt issuance jumped to USD27 billion in 2013, from de minimis levels in 2011 and 2012.
18/03/2014

Nikko AM appoints a head of multi-asset

Al Clark has been appointed by Nikko Asset Management (Nikko AM) to the newly created role of global head of multi-asset, the Japanese asset manager announced on Monday. Based in Sydney, he will be responsible for driving the growth of the multi-asset business globally.Al Clark has more than 21 years of experience in trading and portfolio management, and has worked for major asset management groups such as Macquarie Funds Management, BT Financial Group and Schroder Investment Management, in both Sydney and Singapore. He joins the Nikko AM Group from Schroder Investment Management (Singapore) Ltd, where he was responsible for growing the multi-asset business in Asia-Pacific.Al Clark will report to Yu-Ming Wang, based in Tokyo.
18/03/2014

InverCaixa Gestión launches a new passive management fund

P { margin-bottom: 0.08in; } InvesrCaixa Gestión is adding to its product range. The spanish asset management firm has launched a new passive management fund on the market, with a non-guaranteed performance objective, entitled FonCaixa Valor 90 Eurostoxx, and tied to the European EuroStoxx 50 stock market index, Funds People reports. According to official documents submitted to the local regulator, the CNMV, when the fund matures in April 2019, if the variation of the EuroStoxx 50 is positive, the net aset value will increase by 75% of the evolution of the index. However, if the variation is negative, the net asset value will be reduced by 100% of this valuation. The new vehicle will invest in public bonds issued or backed by the Spanish government. The minimal initial investment is EUR600. However, management, deposit, subscription and redemption commissions are set at 1%, 0.1%, 4% and 4%.
18/03/2014

Ivy Funds merges two funds dedicated to emerging markets

P { margin-bottom: 0.08in; } Ivy Funds has completed the merger of the Ivy Asset Strategy New Opportunities fund into the Ivy Emerging Markets Equity fund, to offer a single strategy for investment in emerging market equities throughout the world. Assets in the Ivy Emerging Markets Euqity Fund total about USD807m. Ivy Funds is also expected to register a debt fund denominated in local currency.
18/03/2014

Gold price fixing suspected in London

P { margin-bottom: 0.08in; } According to Le Temps. UBS “confirms that it is reviewing” its precious metals activities, as “several authorities are investigating possible price manipulations.” These few lines are buried on page 424 of the bank’s annual report, published on Friday. This time, the Siwss bank does not appear to be on the frontlines of a scandal which was set off in December by an investigation by the German financial watchdog, BaFin. Along with its British counterpart, the agency is investigating the price of gold in London at five firms: Barclays, Deutsche Bank, HSBC, Société Générale and Bank of Nova Scotia.
18/03/2014

SLI offers a new version of its Global Absolute Return strategy

P { margin-bottom: 0.08in; } Standard Life Investments (SLI) has launched a higher volatility version of its Global Absolute Return fund, whose assets under management total about EUR22bn, Citywire reports. The absolute return fund, Global Focused Strategeis, will be managed by the multi-asset class team at SLI and will employ the risk management tool and investment style used for the GARS fund. The fund will be aimed at institutional investor clients and will aim for cash returns of +7.5% per year with total volatility of 6% to 12%. The fund started up in December with seed capital of EUR110m from pension fund managers and wealth managers. The Luxembourg-domiciled fund is registered for sale in Luxembourg and the United Kingdom.
18/03/2014

Hedge fund lawsuits against Porsche dismissed

P { margin-bottom: 0.08in; } The court of Stuttgart, the city where Porsche’s headquarters are located, on 17 March rejected a lawsuit filed by hedge funds against the luxury auto maker. More than 20 funds, including Viking Global Invetsors, Glenhill Capital and Greenlight Capital, had been suing Porsche following its failed takeover of Volkswagen (VW) in 2008-2009, and were seeking EUR1.36bn in damages and interest. The plantiffs claim that throughout 2008, the Porsche holding company never mentioned its plans to acquire VW, and then quietly entered the capital of its target in order to gradually increase its stake. The announcement of a takeover bid for Volkswagen by Porsche boosted VW share prices, and this rise was accentuated by hedging of short positions. The judge delivering the verdict on Monday found that there was no proof Porsche had acted deliberately to damage the interests of the hedge funds.
18/03/2014

L'ACPR précise sa doctrine anti-blanchiment en gestion de fortune

L’Autorité de contrôle prudentiel et de résolution (ACPR) a dévoilé sur son site internet des «lignes directrices relatives à la lutte contre le blanchiment des capitaux et le financement du terrorisme dans le domaine de la gestion de fortune». Elles constituent une révision des précédentes lignes directrices publiées en la matière en janvier 2010 par la Commission bancaire. Cette publication a été réalisée à la demande des établissements financiers. Elle fait suite aux missions de contrôle réalisées en 2010 et 2011 chez 21 établissements de crédit, qui avaient conduit l’Autorité à sanctionner certains d’entre eux, comme la Société Générale. Les nouvelles lignes précisent les attentes de l’ACPR relatives aux mesures de vigilance en matière de lutte contre le blanchiment des capitaux et le financement du terrorisme (LCB-FT) dans le domaine de la gestion de fortune pour les secteurs de la banque et de l’assurance.
18/03/2014

L'inflation en zone euro est révisée en baisse

Annoncée en première estimation à 0,8%, la croissance des prix en zone euro a été révisée en baisse à 0,7% pour le mois de février par Eurostat. L’inflation retombe ainsi au plus bas historique touché en octobre dernier et qui avait poussé la BCE à réduire ses taux par surprise lors de sa réunion de novembre.
18/03/2014

American Express trouve des soutiens dans le voyage d’affaires

Le spécialiste américain des cartes de crédit a dévoilé un accord pour la création d’une coentreprise reprenant son activité dans le voyage d’affaires, conformément à un projet annoncé en septembre dernier. American Express détiendra 50% de la nouvelle entité, le solde étant partagé entre quatre investisseurs, à savoir Certares, société d’investissement fondée par un ancien vétéran de JPMorgan, Greg O’Hara, Macquarie Capital, BlackRock et Qatar Investment Authority. Le fonds souverain du Qatar dispose de la part la plus importante, selon une source citée par Reuters, Amex n’ayant pas publié la répartition entre ses partenaires. Ces derniers ont convenu d’engager un montant total de 900 millions de dollars. L’activité du groupe américain dans le voyage d’affaires est la plus importante au monde, elle est présente dans 139 pays avec 14.000 salariés.
18/03/2014

SG Private Banking jette l'éponge en Asie

Attendu, le transfert des activités de gestion de fortune de la Société Générale à Hong Kong et Singapour illustre la difficulté pour les acteurs étrangers de taille moyenne de percer sur ce marché. L’acquéreur, DBS, paie un multiple jugé favorable de 1,75% des encours sous gestion.
18/03/2014

UBS au service des hedge funds

La banque suisse a modifié son organisation au service de ses clients fonds alternatifs, selon le quotidien qui cite une note interne signée du responsable mondial du prime brokerage, Reinhardt Olsen. Une nouvelle entité est créée, baptisée Capital and Consulting Services, fruit du rapprochement de deux équipes existantes afin de se trouver plus proche des besoins des clients.
18/03/2014

Macquarie s’allège dans le private equity

La banque australienne cède selon l’Australian Financial Review son entité de capital-investissement Macquarie Investment Management Private Markets, au bénéfice du management de cette dernière dont les actifs s’élèvent à environ 5 milliards de dollars locaux (3,3 milliards d’euros). La société prendra le nom de ROC Equity Partners.
18/03/2014

Highbridge Capital recrute chez SAC Capital

Le quotidien croit savoir que deux gérants actions du fonds alternatif SAC Capital Advisors ont rejoint le concurrent Highbridge Capital Management. SAC Capital Advisors subit de nombreuses défections depuis qu’un scandale de délit d’initiés l’a plongé dans la tourmente, jusqu’à devoir devenir un family office au service essentiellement de la gestion de son fondateur Steve Cohen.
18/03/2014

La Fed pourrait modifier sa ligne

Alors que le FOMC se réunit aujourd’hui et demain, les économistes s’attendent à ce qu’il rende la communication sur les taux de la Fed plus qualitative.

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