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03/12/2013
Fonds

Henderson vend un actif français à Cordea Savills

Pour 39,85 millions d’euros, le fonds Herald European Retail Property Fund géré par Henderson a vendu les parts de la société détenant depuis 2007 le parc d’activité commerciale Parisis Park (8.900 mètres carrés) de Franconville près de Paris à Cordea Savills, qui affecte cet actif à son fonds European Commercial Fund.
Fonds
03/12/2013
Fonds

Muzinich lance un fonds dette privée en Italie

Muzinich vient de lancer le fonds Muzinich Italian Private Debt, un fonds qui a pour objectif de financer les entreprises moyennes italiennes (chiffre d’affaires compris entre 50 et 500 millions d’euros), rapporte Bluerating. Il s’agit d’une Sicav-SIF de droit luxembourgeois qui a obtenu le feu vert pour être commercialisé en Italie auprès d’investisseurs professionnels. Le fonds part avec un encours initial de 120 millions d’euros.
Fonds
03/12/2013
Fonds

Les ETF actions italiennes voient leurs encours doubler

Les encours des ETF qui permettent de répliquer l’évolution de la Bourse de Milan se montent aujourd’hui à 2,7 milliards d’euros, en déduisant les actifs des trois ETF qui misent sur la baisse du marché, rapporte Plus, le supplément hebdomadaire d’Il Sole – 24 Ore. Il y a un an, les encours ressortaient à 1,4 milliard d’euros. En 12 mois, les encours ont donc doublé, et deux ETF (Lyxor et iShares) sont désormais les deux principaux fonds actions italiennes avec des encours approchant le milliard d’euros. Parmi les investisseurs institutionnels, ce sont surtout les gérants de fonds étrangers qui choisissent les ETF actions italiennes.
Fonds
03/12/2013
Fonds

UBS propose quatre nouveaux ETF en Italie

UBS Global Asset Management a coté quatre nouveaux ETF conformes au format Ucits sur la bourse italienne, rapporte Investment Europe.Les nouveaux produits, disponibles depuis le 2 décembre sur la bourse italienne, permettront aux investisseurs de neutraliser la volatilité devises sur les marchés obligataires américain, suisse et australien.Les nouveaux ETF sont les suivants : -UBS ETF MSCI USA 100% hedged to EUR UCITS ETF A Acc - TER 0,30% -UBS ETF MSCI Switzerland 20/35 100% hedged to EUR UCITS ETF A Acc - TER 0,30% -UBS ETF MSCI Australia 100% hedged to EUR UCITS ETF A Acc - TER 0,50% -UBS ETF MSCI Switzerland 20/35 UCITS ETF A Acc- TER 0,20%.
Fonds
03/12/2013

Bosera AM se renforce à Hong Kong

La division internationale de la société de gestion chinoise Bosera Asset Management devrait lancer des ETF offshore en RMB à Hong Kong et à New York, rapporte Asian Investor. La société de gestion envisage également de doubler ses effectifs à Hong Kong pour les porter à 40, avec le recrutement de spécialistes de l’investissement et de la vente.Bosera AM devrait lancer le Bosera FTSE China A50 ETF à Hong Kong le 9 décembre, précise Asian Investor. Le gestionnaire chinois a par ailleurs conclu un partenariat avec la société de gestion américaine KraneShares pour lancer le KraneShares Bosera MSCI China A-share ETF à la Bourse de New York dans un avenir proche.Bosera AM est également en pourparlers avec des établissements en Europe et aux Etats-Unis pour la conclusion de partenariats éventuels, qui pourraient notamment impliquer la cotation d’ETF en Europe.
03/12/2013
Fonds

Le fonds souverain norvégien atteint 5.000 milliards de couronnes

Norges Bank Investment Management (NBIM), la filiale de la banque centrale de Norvège (Norges Bank) qui gère par délégation le Governement Pension Fund - Global (GPFG), a annoncé le 2 décembre que l’ancien fonds pétrolier a désormais franchi la barre des 5.000 milliards de couronnes, 17 ans après avoir démarré avec 2 milliards de couronnes. L’encours actuel correspond à environ 818 milliards de dollars.Les 2.000 milliards de couronnes ont été atteints en octobre 2077, les 3.000 milliards en octobre 2010 et les 4.000 milliards en février de cette année, contre 3.816 milliards fin 2012.De fait, ajoute NBIM, la dépréciation de la couronne norvégienne a accéléré la hausse des actifs gérés. Entre mai 1996 et fin septembre 2013, les rentrées ont représenté 3.239 milliards de couronnes et le rendement de ces actifs s’est situé à 1.572 milliards tandis que les variations du taux de change de la couronne ont réduit l’encours de 74 milliards de couronnes.A fin septembre, le GPFG était investi à 63,6 % en actions, à 35,5 % en obligations et à 0,9 % en immobilier.
Fonds
03/12/2013

Felix Brem remplace Raoul Weil chez Reuss Private Group

Felix Brem, jusqu'à présent vice président du conseil d’administration de Reuss Private Group, devient CEO à la place de Raoul Weil. Ce dernier avait été arrêté à la mi-octobre à Bologne, en Italie. Il faisait l’objet d’un mandat d’arrêt international et est accusé d’avoir aidé des Américains fortunés à dissimuler environ 20 milliards de dollars au fisc lorsqu’il travaillait chez UBS.
03/12/2013

Alceda recrute une dirigeante de DWS

Depuis le 1er décembre, Silvia Wagner a rejoint le comité exécutif du luxembourgeois Alceda Fund Management (60 personnes, 5,4 milliards d’euros) comme responsable de la structuration, de la gestion de portefeuille, des finances, du contrôle de gestion et de l’administration centrale.La nouvelle arrivante a trente ans d’expérience professionnelle, dont 20 dans le groupe Deutsche Bank où elle était en dernier lieu head of DWS Distribution Services et membre de la direction générale de DWS Finanz-Service.Alceda précise que cette nomination sera définitive lorsque la CSSF aura accordé son agrément.
03/12/2013
Fonds

Flossbach von Storch commercialise la stratégie Multiple Opportunities en Suisse

Flossbach von Storch a obtenu l’agrément de commercialisation pour un fonds suivant la même stratégie que le Storch SICAV – Multiple Opportunities sur le marché suisse, selon finews.ch. Le fonds créé pour la Suisse, Flossbach von Storch – Multiple Opportunities II a d’ores et déjà attiré 50 millions d’euros. Le produit est géré par Bert Flossbach à Cologne.
Fonds
03/12/2013

Dynamic Funds launches two new global funds

The Canadian asset management firm Dynamic Funds has launched two new global funds, Dynamic Global Balanced Fund and Dynamic Global Equity Fund. The two strategies will be managed by Dana Love. The first aims for long-term capital growth and returns through investment in equities and bonds from companies active outside Canada. The equity portion will be managed by Dana Love, also responsible for global allocation, while the bond portion will be sub-advised by Pimco Canada. The other strategy, which has the same objectives, will be invested mostly in equities in companies active outside Canada. From 1 January 2013, the Dynamic Strategic Global Bond Fund will also be renamed as the Dynamic Strategic Bond Fund, to take into account the flexible mandate awarded to the fund. The fund is co-managed by Michael McHigh and Bill Kim.
03/12/2013

Assets in Luxembourg OPCs up in October

As of 31 October 2013, the overall net assets in specialised collective fund investment vehicles (OPC) totalled EUR2.590128trn, compard with EUR2.539200trn as of 30 September 2013, an increase of 2.01% month on month, according to statistics released by the financial sector surveillance commission (CSSF). Over the past 12 months, net asset volumes are up 11.18%. The Luxembourg OPC industry has thus posted a positive variation in October of EUR50.928bn. This increase represents the remainder of positive net issues, totalling EUR17.447bn (+0.69%), and a favourable evolution of financial markets totalling EUR33.841bn (+1.32%).
03/12/2013

Madoff: Investors take on the Luxembourg regulator

Investors in Luxalpha (from Access International Advisors), a feeder fund that supplied funds to Bernard Madoff, have filed suit against the Luxembourg financial sector surveillance commission (CSSF), accusing it of failing to take measures against UBS concerning its role in the management of the investment vehicle, Financial Times fund management reports. They are claiming that the Luxembourg regulator should have taken action against the Swiss bank for making contradictory statements concerning its involvement with the Luxalpha Sicav.
03/12/2013

Alceda recruits MD from DWS

From 1 December, Silvia Wagner has joined the executive board at the Luxembourg-based Alceda Fund Management (60 people, EUR5.4bn), as head of structuring, portfolio management, finance, controlling and central administration.Wagner has 30 years of professional experience, of which 20 is at the Deutsche Bank group, where she was most recently head of DWS Distribution Services and a member of the general management at DWS Finanz-Service.Alceda states that the appointment will be final when the CSSF has granted its permission.
03/12/2013

Vincent Taupin takes over as head at Edmond de Rothschild

Vincent Taupin is joining the Edmond de Rothschild group. Taupin has been appointed as chairman of the board at the French bank of the group, a position which he will occupy from 6 January 2014. In his new role, he will be responsible for private banking activities in France, which have EUR13bn in assets under management, and to which Corporate Finance belongs in the French market. Taupin will be a member of the executive board at the group, and will report to Christophe de Backer, CEO of the group.Taupin, who has served as chairman of Boursorama, CEO of Crédit du Nord, and most recently as chairman of Alma Consulting Group, in his new position replaced the head of the private bank in France, Patrice Dordet. Dordet will be leaving the firm after 12 years at the private bank. Marc Samuel, current chairman of the board, is appointed as adviser to the CEO of the Edmond de Rothschild group, Christophe de Backer. On the executive board at the group, he will participate in the creation of the 2013-2016 strategic plan. Asset management activities, including Edmond de Rothschild Asset Management in France, remain under the responsibility of the global CEO of Asset Management, Laurent Tignard.
03/12/2013

Korean sovereign fund to get new boss

The Korean sovereign fund Korea Investment Corporation (KIC) is soon expected to announce the appointment of a new CEO, less than one month after the resignation of his predecessor, according to the South Korean press. Several sources have indicated that Ahn “Hank” Hong-Chul will join the sovereign fund as CEO, to succeed Choi Chong-Suk, who resigned on 21 October. The appoinment of a CEO of the sovereign fund comes after a relatively long process, which includes an official recommendation by the finance minister, and approval by the Korean president, Park Geun-Hye. Ahn previously worked for the sovereign fund from 2005 to 2008.
03/12/2013

Olivier Ravet takes over as head of UHNW department at UBS France

UBS France has appointed Olivier Ravet as head of the Ultra High Net Worth (UHNW) department, for clients with assets of over EUR80m, from Monday, 2 December. He will report directly to Emmanuel Orsay, in charge of the Front Office at UBS (France) S.A., and responsible for the management and leadership of the sales network for that segment in France. Ravet began his career in 1997 as a wealth manager at the Crédit Agricole group, before joining BNP Paribas Gestion de Fortune from 2001 to 2007.
03/12/2013

SSgA recruits for fundamental management team

State Street Global Advisors (SSgA) on 2 December announced the appointment of three new research analysts for its fundamental management team, as part of a development of the active management range from SSgA. All three of them will be placed under the management of Barry Glavin, chief investment officer in the fundamental management team. Before joining SSgA as an analyst specialised in the global telecommunications and technology sectors, Robert Allen was employed at International Investment and Underwriting (IIU), a private equity firm. Previously, Allen spent 11 years at silicon and Software Systems Ltd, which is part of S3 Group. For his part, Eoin Ó hÓgáin will be responsible for the global energy resources sector. Before joining SSgA, Ó hÓgáin worked for Centricaet, and acquired more than 10 years in the energy sector. He previously worked at the team at McKinsey & Company in New York, anaysing global energy and commodty markets, as well as at Morgan Stanley as a principal analyst in the energy and public utility company team. James Savage will be responsble for the global industry and public service sectors. Before joining SSgA, he was managing partner at the infrastructure and asset financing group Depfa Bank PLC. Savage also worked for KBC Bank and Fortis International Finance in Dublin.
03/12/2013

Acropole AM veteran joins Schroders

Schroders, which has brought its convertible bond team in-house, has recruited Damien Vermonet has portfolio manager. Vermonet comes as an addition to the team assembled by Schroders for this asset classes, which is based on a part of the team which had previously operated at Fisch AM.Vermonet joins a team formed by Peter Reinbuth, manager of the flagship fund of the range, Schroder ISF Global Convertible Bond and Schroder ISF Asian Convertible Bond, Martin Kuehle, product specialist, and URS Reiter, an experienced convertible bond trader, a statement says.Vermonet had since 2008 at Acropole AM managed a global portfolio of long-only strategies with a particular prism on US convertible bonds. Previously, he had been managing European convertible and global bonds for Fortis Investments.
03/12/2013

Flossbach von Storch released Multiple Opportunities strategy in Switzerland

Flossbach von Storch has obtained a sales license for a fund which pursues the same strategy as the Storch SICAV – Multiple Opportunities fund on the Swiss market, according to finerws.ch. The fund created for Switzerland, Flossbach von Storch – Multiple Opportunities II, has already reached EUR50m. The product is managed by Bert Flossbach in Cologne.
03/12/2013

Henderson sells French property to Cordea Savills

For EUR39.85m, the Herald European Retail Property Fund, managed by Henderson, has sold a stake held by the firm since 2007 in the commercial campus Parisis Park (8,900 square metres), in Franconville, near Paris, to Cordea Savills, which will add the property to the portfolio of its European Commercial Fund.
03/12/2013

Standard & Poor's critical of proposed money market reforms

Proposals by the European Commission to reinforce regulation of money market funds domiciled and sold in Europe could improve risk management for most operators and investors in Europe, according to a study which has recently been published by the ratings agency Standard & Poor’s (“EC Regulation For Money Market Funds May Have Unintended Consequences.”) However, the agency continues, the overall size of the European money market fund sector may fall if regulations are adopted as they are. Some clauses in the regulations are positive for the sector as a whole, but some of them may complicate the management of money market risks, Standard & Poor’s estimates. Money market funds with a set net asset value, which account for more than 40% of European money market funds, may face considerable economic and operating costs, to be converted into variable funds or to retain their status at a cost in the vicinity of at least 3% of net asset value.
03/12/2013

ESMA identifies deficiencies in sovereign ratings process

The European Securities and Markets Authority (ESMA) has published a Report identifying a number of deficiencies in the processes for producing and issuing sovereign ratings at the three largest credit rating agencies (CRAs), Fitch Ratings, Moody’s Investors Service and Standard & Poor’s.The report follows concerns about potential conflicts of interests, the impact of sovereign ratings on other types of ratings, CRAs’ capacity to cope with the number of rating actions during a period of high volatility, the use of bulk rating actions, and issues around the confidentiality and timing of rating actions.ESMA identified deficiencies and issues for improvement in the following areas: independence and avoidance of conflicts of interests; confidentiality of sovereign rating information; timing of publication of rating actions; and resources allocated to sovereign ratings. «ESMA’s investigation revealed shortcomings in the sovereign ratings process which could pose risks to the quality, independence and integrity of the ratings and of the rating process. The focus on the sovereign rating process in this investigation stems from their increased volatility over the past few years, the importance of sovereign ratings from a credit market and financial stability perspective, and their impact on other rated entities and products,» said Steven Maijoor, ESMA chair.
03/12/2013

Bosera AM builds presence in Hong Kong

The international division of the Chinese asset management firm Bosera Asset Managemnet will launch offshore ETFs denominated in RMB in Hong Kong and New York, Asian Investor reports. The asset management firm is also planning to double its personnel in Hong Kong to 40, with the recruitment of investment and sales specialists. Bosera AM is expected to launch the Bosera FTSE China A50 ETF in Hong Kong on 9 December, Asian Investor reports. The Chinese asset maangement firm has also signed a partnership with the US asset management firm KraneShares to launch the KraneShares Bosera MSCI China A-share ETF on the New York stock exchange in the near future. Bosera AM is also in talks with establishments in Europe and the United States to sign potential partnerships, which may include listing ETFs in Europe.
03/12/2013

CalPERS launches search for general counsel

The California Public Employees’ Retirement System (CalPERS) is seeking a visionary in the legal profession for the role of general counsel to serve as a member of the organization’s executive team in support of CalPERS pension and health care programs, according to a statement.The general counsel advises the board of administration, chief executive officer and the organization on a broad array of matters, including fiduciary duty and responsibility, investment transactions, securities litigation, corporate governance, public pension law, health care law and government law. The general counsel reports directly to the CEO.“The incumbent in this position must be a critical thinker, possess intellectual curiosity and be politically astute in a complex and sophisticated environment,” said Anne Stausboll, CalPERS Chief Executive Officer.CalPERS retained the recruitment firm of Korn/Ferry International to conduct the global search.
03/12/2013

Norwegian sovereign fund tops NOK5trn

Norges Bank Investment Management (NBIM), the affiliate of the Norwegian central bank (Norges Bank), which manages the Government Pension Fund – Global (GPFG) under contract, on 2 December announced that the former Oil Fund now has over NOK5trn in assets, 17 years after starting up with NOK2bn. The current assets come to about USD818bn.NOK2trn was reached in October 2007, NOK3trn in October 2010 and NOK4trn in February this year, compared with NOK3.816trn at the end of 2012.NBIM adds that depreciation of the Norwegian Kroner has accelerated the increase in assets under management. Between May 1996 and the end of September 2013, net inflows totalled NOK3.239trn, and returns on these assets totalled NOK1.572trn, while variations in the exchange rate reduced assets by NOK74bn.As of the end of September, the GPFG was 63.6% invested in equities, 35.5% in bonds and 0.9% in real estate.
03/12/2013

BlackRock tests appetite for liquid ETFs

BlackRock will on 16 December launch its first European ETF under a new structure which will potentially improve liquidity and reduce costs, Financial News reports. The guinea pig ETF which will test this new structure is the iShares Eurostoxx (Ex-Financials) UCITS ETF, according to sources familiar with the matter. The project at BlackRock is called “Project Fusion.”
03/12/2013

Hauck offers fund of iShares ETFs

With the H&A Asset Allocation Fonds, Frankfurt-based Hauck & Aufhäuser Privatbankiers (H&A) has since 2 December been offering an ETF of the iShares brand (BlackRock), which may be invested according to market conditions, up to 100% in bond funds, or 100% in equity funds. The Luxembourg-registered product will be available until February 2014, exclusively from DAB Bank, which will charge no front-end fee until April 2014.CharacteristicsName: H&A Asset Allocation FondsISIN codes:LU0969846426 (A, distribution share class)LU0969846699 (B, accumulation share class)Date of launch: 28 October 2013Front-end fee: maximum 3%Management commission: 1.30%Depository banking commission: maximum 0.05%
03/12/2013

Further decline of ETP sales in November

ETPs worldwide have posted a net inflow of USD15.8bn in November, compared with USD32.9bn in October, and USD34.3bn in September, according to initial figures from the BlackRock Institute. Since the beginning of the year, net subscriptions represented USD209.9bn, compared with USD224bn in the corresponding period of last year.In Europe, ETPs, attracted USD3.7bn last month, and USD17.2bn since the beginning of the year. Assets in the 2,131 funds represent USD413.5bn, or an average of USD194.04bn, which corresponds to a market share of 17.5%.In the United States, ETPs attracted a net total of USD12.9bn in November, and USD169.3bn in the first 11 months of the year, for total assets of USD1.669trn as of 30 November. Distributed over the 1,531 ETPs monitored by the BlackRock Institute, that comes to an average of USD1.09014bn.The arithmetical average assets managed by US ETPs are thus 6.43 times those of European ETPs.
03/12/2013

David Scammel leaves Schroders for Santander AM UK

Funds People reports that Santander AM UK has recruited David Scammel to manage the UK-registered fund Santander Sterling government Bond (EUR434m), succeeding Patrick Smith, who has retired.Scammel joins as senior government bond manager on the Europe bond team led by Adam Cordery.Scammel most recently managed the Schroder ISF Euro Liquidity and Schroder Gilt & Fixed Interest funds.
03/12/2013

Muzinich launches a private debt fund in Italy

Muzinich has launched the Muzinich Italian Private Debt fund, which will aim to finance Italian mid-sized businsesses (total earnings between EUR50m and EUR500m), Bluerating reports. It is a Luxembourg-registered Sicav-SIF, which has obtained permission to be sold in Italy to professional investors. The fund will start with initial assets of EUR120m.

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