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24/05/2013

Neue Helvetische Bank aims for CHF1bn in AUM in 2013

P { margin-bottom: 0.08in; } The Swiss bank Neue Helvetische Bank founded two years ago by Thomas Matter and Daniel Hefti, two former bankers from Swissfirst, has posted a loss of GBP695,000 for 2012. By March 2014, the directors of the firm are hoping to publish balanced books The Corporate Finance activity is primarily contributing to earnings, while wealth management and wealth management advising activities are less satisfactory than expected, Finews reports. In order to bring new dynamism to these two activities, NHB will soon launch new offers for clients.As of the end of 2012, the bank has CHF642m in assets under management. Currently, the newspaper estimates that assets are about CHF800m. NHB hopes to top CHF1bn during the year.
24/05/2013

Lloyds Banking Group reduces stake in St James's Place

P { margin-bottom: 0.08in; } The British bank Lloyds Banking Group, which was bailed out by the British government during the 2008 financial crisis, has sold part of its stake in the wealth management firm St James’s Place for about GBP450m (EUR526m), according to a statement released on 23 May. The website Fundweb had previously reported an amount of GBP500m (Newsmanagers of 23 May). Lloyds Bnaking Group has announced that it has sold 77 million shares at a price of GBP.580 per share, as part of a placement to investors. The gross proceeds of the placement are about GBP450m, the group has said in a statement, adding that its net capital gains will be about GBP40m. The operation will allow the bank to increase its tier 1 common equity ratio by about GBP500m, or 16 basis points. After the sale, the bank will still control 21% of capital in the firm.
24/05/2013

F&C adds to institutional team

P { margin-bottom: 0.08in; } UK-based F&C has announced the recruitment of Nick Woodwart, who will become a structurer in the liability-driven investment (LDI) team, and Kristy Barr as director, sales & client relationships. The two will be added to the institutional team.Woodwart had been head of modelling and head of LDI in the investment advisory team at KPMG, while the second had been founding partner and head of marketing & investor relations at Callanish Capital Partners.
24/05/2013

AUM and asset management profits up at Investec

P { margin-bottom: 0.08in; } For the fiscal year ending on 31 March, Investec has reported net inflows of GBP4.9bn, of which GBP4.1bn are for the asset management unit, and GBP0.8bn for the Wealth & Investment unit (to which Williams de Broë was transferred in August).Assets increased to GBP69.8bn, compared with GBP61.6bn for asset management, and GBP40.4bn compared with GBP34.8bn for Wealth & Investment. Overall, assets under management for third parties increased by 14.4% to GBP110.7bn as of the end of March, compared with GBP96.8bn twelve months previously.Operating profits increased 4.8% to GBP140.2m for asset management, and 30.9% to GBP50.7m for the Wealth & Investment unit.
24/05/2013

Hedge funds oriented upward in April

P { margin-bottom: 0.08in; } 11 out of 13 Edhec-Risk alternative strategies showed gains in the month of April. The best strategy in the month under review was CTA Global, which gained 2.08%. Strategies dedicated to equities posted gains compatible with their model, at +0.65% for long/short equity, 0.00% for equity market neutral, and 0.82% for event-driven.The short-selling strategy, however, showed losses, with negative performance of 2.90% for the month.The fund of fund index did well, with gains of 0.70%, continuing its positive orientation early in the year.
24/05/2013

Wellington creates EM bond fund for retirement planning institutions

P { margin-bottom: 0.08in; } With the Wellington Opportunistic Emerging Markets Debt II, Wellington Management is now offering an opportunistic strategy based on emerging market debt, in a Luxembourg-domiciled vehicle available to institutions which are subject to the German insurance surveillance law (VAG), including insurers and retirement institutions. The portfolio may be invested in government and corporate bonds, “hard” currencies and local currencies. “On average, the ratings of securities in the portfolio is at the crossover limit. Securities are hedged for currency risks, and reporting is adapted to the requirements of VAG regulations,” Absolut Report states. Characteristics Name: Wellington Opportunistic Emerging Markets Debt II ISIN code: LU0629164780 Management commission: 0.65% Total expense ratio: maximum 0.90%
24/05/2013

Lyxor adds seven bond ETFs to physical replication range

P { margin-bottom: 0.08in; } The ETF provider Lyxor Asset Management is adding to its physical replication range, adopting this mode of replication for seven UCITS ETFs which replicate EuroMTS Investment Grade indices. Lyxor thus strengthens its presence in two strategic priority areas: the development of its range of physical replication ETFs and of its bond offerings.“For each underlying index, Lyxor has defined the fund structure which optimises investment performance compared with the index,” a statement from Lyxor says.Each fund will invest directly in investment grade government bonds with varying maturities issued in the euro zone which constitute the respective EuroMTS Investment Grade Government indices, without the use of sampling techniques, in order to achieve the highest possible correlation with the performance of the index.The management process will exclude all securities lending operations, as these will not bring sufficient improvement in returns on investment to justify counterparty risks. Lyxor aims to offer clients the solution which offers the best risk/reward profile.
24/05/2013

Russell offers AR bond fund

P { margin-bottom: 0.08in; } Russell Investments is now offering the new Russell Absolute Return Bund Fund (ticker: RARBF), a sub-fund of its Irish Sicav, in France. According to a statement, the US asset management firm is aiming to “capture a wider range of opportunities than traditional bond funds” with the product, by using complementary strategies to generate absolute returns while also generating “solid” risk-adjusted returns.The management team will use a range of active strategies on fixed income markets (developed and emerging countries), currencies and credit, combined with long/short strategies. “Unlike a traditional bond fund, which would be long duration, and consequently exposed to the risk of interest rate increases, the RARBF is constructed to take short positions in order to maximise gains for investors,” Russell states. The primary characteristics of the fund are available as an attachment.
24/05/2013

Reyl AM to launch EM large caps fund

P { margin-bottom: 0.08in; } Thomas de Saint-Seine, head of equities, CEO and founding partner of Reyl Asset Management, is planning to launch a second emerging market fund at the end of June, Citywire Global reports. The fund will have a larger capacity than the existing Reyl Emerging Markets Equities fund, which will be closed with about USD2.5-3bn. It will also invest in larger cap sizes than the first fund, and its strategy will be slightly different.
24/05/2013

Lyxor lists French ETF in Frankfurt

P { margin-bottom: 0.08in; } One day after launching on NYSE Euronext Paris, Lyxor Asset Management has listed the Lyxor ETF Unleeraged S&P 500 VIX Futures Enhanced Roll fund (ISIN code: FR0011376565), which replicates the S&P 500 VIX Futures Enhanced Roll Index combined with the federal funds effective rate, on the XTF segment of Xetra (Deutsche Börse). Depending on the volatility observed, the proportion of the VIX portfolio may vary between 50% and 100%. The fund charges fees of 0.40%.The XTF segment now lists 1,020 ETFs.
24/05/2013

Italian financial advisers ageing

P { margin-bottom: 0.08in; } Financial advisers in Italy are increasing in age, Plus, the supplement of Il Sole – 24 Ore reports. In the past 10 years, the percentage of advisers aged under 30 registered with the Order of financial advisers has fallen from 14% to 2%, while advisers aged over 50 now represent 41%, up from 21% previously. As of the end of 2012, there were over 52,000 financial advisers in Itlay. Plus also notes a boom in registrations in 2013.
24/05/2013

Partners Group issues mezzanine financing for RE project

P { margin-bottom: 0.08in; } The Zug-based wealth management firm Partners Group on 22 May announced that it has issued mezzanine financing for a real estate construction project in the United Kingdom. The loan will be used for renovation and development of the residential and commercial site Heyford Park in Oxfordshire. The site, on which 800 people reside and which has 1000 employees, includes 1.4 million square metres of commercial space and 312 housing units, a statement says. Dorchester Group acquired the site in 2009 and will continue to administer it. The objective is to renovate the existing homes and to create 750 new homes, as well as to lease out commercial space.
24/05/2013

Baillie Gifford replaces Marsico for Harbor fund

P { margin-bottom: 0.08in; } US-based asset management firm Harbor Funds (USD74bn as of 31 March) has announced that it has selected the US affiliate of the Scottish firm Baillie Gifford (USD142bn) to take over management of the Harbor International Growth Fund (ticker: HAIGX), whose assets total about USD220m, as sub-advisor. Since 1 March 2004, the sub-advisor for the fund had been Marsico Capital Management.The sole manager of the fund at Marsico had been a former Goldman Sachs manager, James Gendelman. He will be replaced by a team of four portfolio managers at Baillie Gifford Overseas Limited, composed of Gerard Callahan, Iain Campbell, Joe Faraday and Paul Faulkner. Callahan is chair of the international focus portfolio construction group and head of UK equities at Baillie Gifford.
24/05/2013

Round of appointments at Rogge Global Partners

P { margin-bottom: 0.08in; } Michael Ganske, who since 2007 had been head of emerging markets research in the corporates & markets division of Commerzbank, is joining the London-based Rogge Global Partners (USD52bn as of 31 March) as head of emerging markets. He will report to Adrian James, senior partner and head of global sovereign. The new recruit will be responsible for research and portfolio management for emerging market debt and emerging market currencies, Institutional Money states.Meanwhile, the British asset management firm has promoted six partners to become senior partners. They are David Butler, head of credit analysis, Jens Moller-Butcher, chief technology officer, Julian Le Beron, head of developed markets, David Newman, head of global high yield, Igor Pikovsky, head of portfolio risk and Annabel Rudebeck, head of investment grade credit.Ten executives have also been appointed as partners: Rémi Casals, head of global distribution, Margaret Frost, head of Generalist Portfolio Management, John Makowske, gneralist portfolio manager, Ranjiv Mann, head of economic research, Daniel Mason, head of operations, Rachel Muscatt, head of trade execution, Damien Rimmer, head of development, Sukhjivan Singh, senior compliance monitoring manager, Marie-Louise Stenild, senior compliance manager and Jana Velebova, portfolio manager – emerging markets.
24/05/2013

Strong increase in profits at C-Quadrat

P { margin-bottom: 0.08in; } The Austrian-German asset management firm C-Quadrat Investment has reported net profits for first quarter 2013 of EUR1.93m, compared with EUR0.68m for the corresponding period of last year, which partly reflects the first consolidation of the asset management firms BCM (London/Geneva) and APM (Vienna).The acquisition of 50.01% of Kepler-Chevreux by QC Partners (EUR160m, an affiliate of C-Quadrat), in partnership with Q-Advisers and the management of the firm, was completed at the end of April.Over twelve months, the increase in assets at C-Quadrat totalled 47%, to EUR4.47bn as of the end of March.Revenues from management commissions totalled EUR11.68m, compared with EUR10.38m for first quarter 2012, while performance commissions totalled EUR2.28m, compared with EUR0.2m.
24/05/2013

New CIO for Korean teachers' pension fund

P { margin-bottom: 0.08in; } The Korea Teachers Pension Fund (KTPF) has appointed Park Min as chief investment officer, Asian Investor reports. The Asian website reveals that this is the first time that the pension fund has filled the position through an internal promotion. Assets under management by the pension fund totalled slightly over USD11bn as of the end of December 2011, according to available statistics.
24/05/2013

Australians want a more precise definition of hedge funds

P { margin-bottom: 0.08in; } The hedge fund is a financial animal that eludes definition, we know. There is no definition of a hedge fund which is recognised worldwide. This has driven the Australian market authority (ASIC), which is not in its teething stages, to launch a consultation on the definition of the ineffable reality which is the hedge fund, or more precisely on the way to define the term.The market authority, which will soon release a revised guide for hedge funds and the improvement of their financial reporting, has even decided to delay the release of the document until February 2014.The reason for the consultation is concerns expressed by professionals who had observed that the current definition has classified certain funds which do not at all have the same risk levels as “real” hedge funds.The current reference document defines a hedge fund as a licensed investment firm which calls itself such. The major characteristics of a hedge funds are the complexity of the investment strategy of the structure, the use of debt, the use of derivatives, short-selling, and the charging of performance commissions. If a structure has two or more of these characteristics, it may be considered a hedge fund.
24/05/2013

Rasini Fairway launches fund on Alceda platform

P { margin-bottom: 0.08in; } Rasini Fariway Capital has become the most recent asset management firm to move the domicile of its fund, Stafford SICAV Global Equity Fund, to a UCITS-compliant Luxembourg format, Investment Europe reports. For this, the Zurich and London-based firm is using the Alceda UCITS platform. The Sicav had previously been domiciled in the British Virgin Islands.
24/05/2013
Fonds

Reyl AM va lancer un fonds émergents grandes capitalisations

Thomas de Saint-Seine, le responsable actions, CEO et associé fondateur de Reyl Asset Management, prévoit de lancer fin juin un deuxième fonds marchés émergents, révèle Citywire Global. Le fonds aura une capacité supérieure au fonds existant Reyl Emerging Markets Equities fund, qui devrait être fermé autour de 2,5-3 milliards de dollars. Il sera par ailleurs investi dans des capitalisations plus grandes que celles du premier et la stratégie sera légèrement différente.
Fonds
24/05/2013

Henderson se renforce sur l'immobilier asiatique

La division Property Business d’Henderson Global Investors (HGI), dont l’encours se situe à environ 12,7 milliards de livres, a recruté Tony He comme director of proprerty, China consultancy. L’intéressé était directeur financier chez Tesco Property China.Le nouvel arrivant sera principalement basé au bureau de HGI à Pékin et travaillera en étroite coopération avec l'équipe immobilière du gestionnaire britannique pour la région Asie-Pacifique.
24/05/2013

Neue Helvetische Bank veut atteindre le milliard sous gestion en 2013

La banque suisse Neue Helvetische Bank, créée il y a deux ans par Thomas Matter et Daniel Hefti, deux anciens banquiers de Swissfirst, a enregistré au titre de l’année 2012 une perte de 695.000 francs suisses. D’ici à mars 2014, les dirigeants de l'établissement prévoient de publier des comptes à l'équilibre. C’est l’activité Corporate Finance qui contribue principalement au chiffre d’affaires, alors que les activités gestion de fortune et conseil en gestion de patrimoine sont moins satisfaisantes que prévu, indique Finews. Pour redynamiser ces deux activités, NHB devrait bientôt lancer de nouvelles offres à destination de sa clientèle. La banque gère à fin 2012 642 millions de francs suisses. Actuellement, le quotidien estime que les encours devraient atteindre les 800 millions. NHB espère dépasser le milliard au cours de l’année.
24/05/2013
Fonds

Wellington crée un fonds obligataire émergent pour les institutions de prévoyance

Avec le Wellington Opportunistic Emerging Markets Debt II, Wellington Management propose désormais sa stratégie opportuniste sur la dette émergente dans une enveloppe luxembourgeoise accessible aux institutions assujetties à la loi allemande de surveillance des assurances (VAG), c’est-à-dire les compagnies d’assurances et les caisses de retraite. Le portefeuille peut être investi en obligations d’Etat comme en obligations d’entreprises, en monnaies «dures» ou en devises locales."En moyenne, la notation des titres du portefeuille se situe à la limite du cross-over. Les parts sont couvertes du risque de change et le reporting est adapté aux exigences de la loi VAG», précise Absolut Report.CaractéristiquesDénomination: Wellington Opportunistic Emerging Markets Debt IICode Isin : LU0629164780Commission de gestion: 0,65 %Taux de frais sur encours: 0,90 % maximum
Fonds
24/05/2013
Fonds

Lyxor fait coter un ETF français à Francfort

Un jour après l’avoir introduit sur NYSE Euronext Paris, Lyxor Asset Management a fait admettre le 23 mai à la négociation sur le segment XTF de Xetra (Deutsche Börse) le Lyxor ETF Unleveraged S&P 500 VIX Futures Enhanced Roll (*), qui réplique le S&P 500 VIX Futures Enhanced Roll Index combiné aux taux monétaires américains (federal funds effective rate). En fonction de la volatilité escompté, la part du portefeuille VIX peut évoluer entre 50 et 100 %. Le fonds est chargé à 0,40 %.Désormais, le segment XTF cote 1.020 ETF.(*) Code Isin : FR0011376565
Fonds
24/05/2013

Nouveau CIO pour le fonds de pension coréen des enseignants

Le fonds de pension des enseignants coréens (KTPF, Korea Teachers Pension Fund) vient de nommer Park Min en qualité de chief investment officer, rapporte Asian Investor.C’est la première fois, relève le site asiatique, que le fonds de pension attribue ce poste par le biais d’une promotion interne. Les actifs sous gestion du fonds de pension s'élevaient à un peu plus de 11 milliards de dollars à fin décembre 2011, selon les données disponibles.
24/05/2013

Forte hausse du bénéfice de C-Quadrat

Le gestionnaire austro-allemand C-Quadrat Investment fait état pour le premier trimestre 2013 d’un bénéfice net de 1,93 million d’euros contre 0,68 million pour la période correspondante de l’an dernier, ce qui reflète en partie la première consolidation des gestionnaires BCM (Londres/Genève) et APM (Vienne).L’acquisition de 50,01 % de Kepler-Chevreux par QC Partners (160 millions d’euros, une filiale de C-Quadrat) en partenariat avec Q-Advisers et le management de la société n’a été bouclée qu'à fin avril.Sur douze mois, la hausse des encours de C-Quadrat atteint 47 %, à 4,47 milliards d’euros fin mars.Les recettes de commissions de gestion sont ressorties à 11,68 millions contre 10,38 millions pour le premier trimestre 2012 tandis que celles de commissions de performance se situaient à 2,28 millions d’euros contre 0,2 million.
24/05/2013
Fonds

Baillie Gifford supplante Marsico sur un fonds Harbor

Le gestionnaire américain Harbor Funds (74 milliards de dollars au 31 mars) a indiqué avoir choisi la filiale américaine de l'écossais Baillie Gifford (142 milliards de dollars) pour reprendre à compter du 21 mai la gestion en tant que sub-advisor du Harbor International Growth Fund (acronyme : HAIGX) dont l’encours se situe à quelque 220 millions de dollars. Depuis le 1er mars 2004, le «sub-advisor» de ce fonds était Marsico Capital Management.Le gérant unique du fonds, chez Marsico, était un ancien de Goldman Sachs, James Gendelman. Il sera remplacé par une équipe de quatre gérants de portefeuille de Baillie Gifford Overseas Limited composée de Gerard Callahan, Iain Campbell, Joe Faraday et Paul Faulkner. Gerard Callahan est chair of the international focus portfolio construction group et head of UK equities chez Baillie Gifford.
Fonds
24/05/2013

Banca Generali recrute chez Banca Albertini Syz

Banca Generali a recruté Elisa Feliciani, l’ancienne directrice de la succursale de Banca Albertini Syz à Rome, rapporte Bluerating. L’an dernier, la banque avait déjà embauché Ernestina Anceschi chez Albertini Syz.
24/05/2013

Société Générale Securities Services mandaté par Rinascimento Sicav

Société Générale Securities Services en Italie a été mandaté par Rinascimento Sicav pour agir en tant qu’agent de transfert local. SGSS fournira des services d’agent payeur et de gestion des relations de l’OPCVM avec les investisseurs en Italie. SGSS en Italie fournit une gamme de services titres incluant les services de conservation et de banque dépositaire, d’administration de fonds, de gestion des liquidités et des services d’agent de transfert. Rinascimento Sicav est un OPC ouvert enregistré au Luxembourg.
24/05/2013
Fonds

Les hedge funds bien orientés en avril

Onze des treize stratégies alternatives d’Edhec-Risk étaient bien orientées au mois d’avril. La meilleure stratégie du mois sous revue a été la CTA Global, qui affiche un gain de 2,08%. Les stratégies dédiées aux actions ont enregistré des gains compatibles avec leur modèle, avec +0,65% pour le long/short equity, 0,00% pour l’equity market neutral et 0,82% pour l’event driven.La stratégie de short-selling s’est en revanche inscrite dans le rouge, avec une performance négative de 2,90% sur le mois. A noter la bonne tenue de l’indice des fonds de fonds qui a progressé de 0,70% et qui confirme ses bonnes dispositions du début de l’année.
Fonds

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