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04/03/2013

EME funds post first outflows since September

P { margin-bottom: 0.08in; } In the final days of February, Italian elections brought fears that the euro zone debt crisis would return to the foreground, to such an extent that investors put the brakes on their equity purchases. In the weeek ending on 27 February, emerging market equity funds underwent redemptions for the first time since the beginning of September, according to estimates from EPFR Global.The research agency has also observed record outflows from gold funds, which are generally a sign of a rise in appetite for risk. However, in light of the scale of the redemptions (about USD4bn), EPFR Global estimates that this is rather a short-selling operation, amid rising volatility, rumours of currency wars, and concerns about the euro zone.Certain asset classes, however, have continued to rise. Global equity funds once again finished the week with gains, and inflows for the past ten weeks of USD38.8bn. Diversified funds have posted additional net inflows of over USD1bn for the seventh time in the eight weeks since the beginning of the year.
04/03/2013

Record net subscriptions to European funds in January

P { margin-bottom: 0.08in; } According to Morningstar statistics, whose track record goes back to 2007, Euorpean long-term funds in January earned record net inflows of USD46.657bn in January, bringing the total for twelve months to USD244.155m, and assets to USD4.302bn, equivalent to organic growth of 6.42% over twelve months.All asset classes and nine of the top ten fund providers (BNP Paribas being the tenth) have posted net inflows in January.The strongest net subscriptions for the month were for the Templeton Global Total Return Fund, with USD1.094bn (and USD3.54m over 12 months). For the month, Pimco has attracted USD4.225bn, putting it ahead of Franklin Templeton (USD2.913bn) and Aberdeen (USD2.727bn). Over twelve months, however, Pimco stands out far ahead, with net inflows of USD34.697bn, followed by BlackRock with USD10.199bn.
04/03/2013

Public pension fund deficits rise

P { margin-bottom: 0.08in; } The financing deficit for 109 public pension funds in the United States increased by 20% last year, to USD834.2bn, after two years of decline, according to the Wilshire consultancy, cited by Agefi.
04/03/2013

Morgan Stanley launches CTA with Mesirow

P { margin-bottom: 0.08in; } Morgan Stanley has allied with the Chicago-based financial services firm Mesirow Financial to launch a CTA strategy on its alternative fund platform, Citywire reports.The UCITS-compliant fund, MS Discretionary Plus, is the most recent CTA strategy to be added to the FundLogic Alternative platform from Morgan Stanley. The new strategy replicates the CTA fund from Mesirow Financial, the Mesirow Absolute Return Plus Strategy.The fund aims to have at least 75% exposure to commodities, while identifying two or three macro themes which are then exploited with futures contracts.The manager of the fund will be Mesirow senior strategist Tom Willis.
04/03/2013

TER cuts again at Vanguard

P { margin-bottom: 0.08in; } Index Universe on 28 February announced that, due to increases in assets, Vanguard has been able to reduce the total expense ratio for its Vanguard FTSE Emerging Markets Index ETF (NYSE Arca ticker: VWO) to 0.18% from 0.20%. It now has the same TER as the iShares Core MSCI Emerging Markets ETF, but the Schwab Emerging Markets Equity ETF costs 0.15%.
04/03/2013

Schroders launches a long/short strategy on the French market

P { margin-bottom: 0.08in; } Schroders is launching a Schroders long/short equity fund as an addition to its alternative management product range, with the release on the French market on 1 March of the Schroder GAIA Sirios US Equity. The fund will be outsourced to an external manager known for the US Long/Short Equity strategty, and will be added to the Schroder GAIA Sicav, specialised in liquid alternative strategies, adapted to the UCITS IV format. The Sicav, launched by Schroders in November 2009, has assets under mangement of over USD1.5bn as of the end of January 2013. The new long/short equity fund, managed by the US firm Sirios Capital Partners, aims to invest primarily in equities in US mid and large caps, with possible exposure to Asia and Europe. It will aim to invest in securities that combine attractive growth and valuation perspectives, while maintaining short positions on businesses with sub-optimal fundamentals and less solid balance sheets. It may also be exposed to bond markets, if the asset management team considers this opportune. Schroders now has five funds on the GAIA platform, three of which are managed by external managers (Schroder GAIA Egerton Equity, Schroder GAIA CQS Credit, et Schroder GAIA Sirios US Equity), while two focus on internal expertise (Schroder GAIA QEP Global Absolute et Schroder GAIA Global Macro Bond).
04/03/2013

Switzerland votes in favour of measure to combat abusive pay scales

P { margin-bottom: 0.08in; } Switzerland is calling for strict measures to combat severance pay and other golden parachutes. On 3 March, an initiative to combat abusive pay scales passed with 67.9% in favour, an all-time high. Th most recent developments in the scandal connected with Novartis chief Daniel Vasella has brought support for those who promote tightening the rules, and all cantons have voted in faour of the bill.
04/03/2013

LOIM recruits for global macro

P { margin-bottom: 0.08in; } Tim Yetman, a founding partner at the alternative asset management firm Olea Capital Partners, is joining Lombard Odier Investment Managers (LOIM) to create a global macro team in London, Investment Europe reports. He will report to CIO Jan Straatman.
04/03/2013

Caceis awarded a mandate by Mobiliar Asset Management

P { margin-bottom: 0.08in; } Swiss Mobiliar Asset Management Ltd., the asset management arm of one of the largest Swiss private insurance groups, Mobiliar Group, has retained Caceis (Switzerland) SA to administer its new Swiss real estate fund, MobiFonds Swiss Property, according to a statement released on 1 March by Caceis. The fund will invest in a Swiss high-end real estate portfolio, privileging the major economic centres and their suburbs. The product, launched on 15 March 2013, will be aimed exclusively at institutional investors.
04/03/2013

Large increase in assets at Fortress in 2012

P { margin-bottom: 0.08in; } As of 31 December, total assets at Fortress Investment Group came to USD53.43bn, up 4% over USD51.47bn as of the end of September, and up 22% compared with USD43.71bn one year previously. Assets in private equity increased by 14% to USD14.27bn, and the group has announced that total «dry powder» commitments totalled USD6.2bn as of the end of 2012, of which USD5bn are for newer vintage funds.Net profits by GAAP accounting standards for 2012 as a whole totalled USD219m, compared with losses of USD1.117bn the previous year.
04/03/2013

SSARIS liquidates a fund of hedge funds of Japanese securities

P { margin-bottom: 0.08in; } A spokesperson for State Street has confirmed to Hedge Week that its affiliate SSARIS, specialised in alternative management, has liquidated the SSARIS Multi-Manager Japan Equity Fund, a fund of funds focused on Japanese equities, which had been managed primarily in New York by the CEO of SSARIS, Mark Rosenberg, and COO Jim Torneo. It appears that the liquidation is due to low asset levels, below USD10m. The fund has posted losses of 1.83% between its launch in 2005 and the end of June 2012.
04/03/2013

“France is a priority market for us”

Wells Fargo Asset Management, the asset management affiliate of the fourth-largest US bank in terms of assets, has licensed 13 sub-funds of its Luxmbourg Sicav in France, after recruiting Alexandre Dussaycy as head for the French market. In an interview with Newsmanagers, Andrew Owen, executive vice president of Wells Fargo AM, introduces the new player on the French market and explains the reasons that the firm has an interest in France.
04/03/2013

Bradesco preparing a Latin American equity fund

P { margin-bottom: 0.08in; } The Brazilian asset management firm Bradesco (BRAM) is planning to launch a fund dedicated to Latin American equities by the end of 2013, Citywire reports.The Luxembourg-domiciled fund comes as an addition to the Bradesco Sicav range, which now has five UCITS funds.The initiative comes as part of a desire on the part of the Brazilian firm to increase its presence in Europe, and in major worldwide markets.
04/03/2013

Armstrong IM adds to teams

P { margin-bottom: 0.08in; } The British asset management firm Armstrong Investment Managers, specialised in multiple asset classes, has announced on its website that it has recruited Vincent Tournant from Newedge Prime Brokerage as COO, a newly-created position. Meanwhile, the firm has recruited Philip Riris (ex Avalon Capital Markets) as analyst, and Andy Hutcheon (formerly of Barclays Wealth) as sales manager.
04/03/2013

FTSE launches a series of indices based on implied volatility

P { margin-bottom: 0.08in; } With the FTSE Implied Volatility Index Services (IVI) range, FTSE Group is launching end-of-day indices which measure the implied volatility of the FTSE 100 and FTSE MIB indices. For each market, implicit volatility estimates for 30, 60, 90 and 180 days will be available, and there will even be a 360-day IVI for the FTSE 100.
04/03/2013

Strong inflows to Spanish funds in February

P { margin-bottom: 0.08in; } The Inverco association of Spanish asset management firms has reported a net inflow to securities funds of EUR1.195bn in February, the highest level posted since March 2006. The first two months have been positive to the tune of USD2.257bn.
04/03/2013

Lloyds Banking wealth management scores points

P { margin-bottom: 0.08in; } The wealth management division of the British Lloyds banking group has earned underlying profits of GBP358m, up 25% compared with the previous year, according to a statement released by Lloyds Banking on 1 March. Assets under management by the united last year increased by GBP71.bn, to a total of GBP189.1bn. This development is largely due to a positive market effect. Assets under management at Scottish Widows Investment Partnership (SWIP) as of the end of December totalled GBP141.7bn, compared with GBP139.9bn one year earlier, while assets at St James’s Place totalled GBP34.8bn, compared with GBP28.5bn. The group is continuing to restructure and to invest in wealth management, an activity in which it is planning to gain market share, developing a product range aimed at mass affluent and affluent client segments in the United Kingdom.
04/03/2013

Swedish boutique Tundra Fonder plans to grow

P { margin-bottom: 0.08in; } The in the wake of two insurance firms buying stakes in its capital, the Swidish asset management boutique Tundra Fonder, founded in 2011, is planning to add to its fund range and to recruit new managers, Investment Europe reports. The asset management firm specialised in emerging markets has recently raised capital through the entry of the Finnish insurers Alandia-Bolagen and Ålands Ömsesidiga Försäkringsbolag in its capital, with a 9% stake each. Tundra Fonder is planning to increase its range of funds from three currently to seven, with the introduction of US dollar and euro-denominated versions of all sub-funds and strategies. By this summer, the firm is hoping to launch three new funds, including one fund dedicated to frontier markets, Frontier Opportunities, which may be made available in mid-March. A fourth fund ia planned for this autumn. At the end of its first full year of activity, Tundra Fonder as of the end of December had EUR46m in assets under management in three funds (pakistan, Russia and Agri & Food).
04/03/2013

Head of Asia-Pacific resigns from Pimco

P { margin-bottom: 0.08in; } The head for the Asia-Pacific region at Pimco, Ki Myung Hong, has decided to leave his position from 28 February, Asian Investor reports.Until a successor for him can be found, his responsibilities will be taken over by the chief operating officer, Douglas Hodge, for the interim.Ki joined Pimco in July 2010.
04/03/2013

Tobam launches RDR share classes

P { margin-bottom: 0.08in; } The asset management firm Tobam, a quantitative management specialist which focuses on seeking ways to maximise diversification of investments, on Friday, 1 March announced that it is luanching a series of share classes in its Anti-Benchmark range which comply with the Retail Distribution Review in the United Kingdom, a statement says.Three new share classes in sterling are now available to UK retail investors, mostly with a minimal investment of one share (net asset value of GBP100):Tobam Anti-Benchmark UK Equity (R units ISIN: FR0011412618)Tobam Anti-Benchmark Emerging Markets Equity (R units ISIN: FR0011412634)Tobam Anti-Benchmark World Equity (R units ISIN: FR0011412626)The asset management firm has also reported net inflows of USD631m in 2012, down 14.84% compared with 2011 (USD741m). However, due to market appreciation, assets under management at Tobam rose 52% in 2012, compared with 44% in 2011. Since 31 January 2013, the asset mangement firm has over USD3bn in assets under management. 95% of this total comes from foreign investors.
04/03/2013

BMPS dues two former managers, as well as Nomura and Deutsche Bank

P { margin-bottom: 0.08in; } Banca Monte dei Paschi di Siena (BMPS) has decided to file lawsuits against two of its former managers and Deutsche Bank and Nomura International for their role in complex financial operations which plunged the group into turmoil in January.The lawsuits for liability, filed in a Florence civil court, names the German and Japanese banks, former chairman of the bank Giuseppe Mussari and former CEO Antonio Vigni, BMPS announced in a statement on 1 March.The bank will seek damages and interest for the prejudice caused by the group as part of financial operations begun in 2008 and 2009, which the new heads of BMPS claimed only to have discovered last autumn, and which triggered a scandal in Italy.The bank has since indicated that these transactions could cost it up to EUR730m, which comes on top of a situation where the institution has already been made fragile by the economic crisis, and has borrowed USD4bn from the Italian government.
04/03/2013

Assets up 0.93% at Luxembourg OPCs in January

P { margin-bottom: 0.08in; } Overall net assets in collective investment and specialised investment funds as of 31 January 2013 totalled EUR2.405928trn, compared with EUR2.383826trn as of 31 December 2012, an increase of 0.93% month on month, according to figures released on 1 March by the Luxembourg financial sector surveillance commission (CSSF). Over the past twelve months, the volume of net assets has risen by 11.54%. The Luxembourg OPC industry has thus posted a positive vaulation in the month of January, at EUR22.102bn. This increase represents the balance between positive net issues of EUR26.675bn (+1.12%) and unfavourable evolution of financial markets of -EUR4.573bn (-0.19%).
04/03/2013

La Chine pourrait durcir la réglementation dans l'immobilier

La Chine pourrait décider de relever le montant de l’acompte exigé pour l’achat d’une deuxième maison ainsi que le taux d’intérêt sur les prêts d’immobiliers contractés à cet effet afin de contenir les prix dans les villes où ils augmentent trop, a dit ce week-end le Conseil des affaires de l’Etat. En février, le prix moyen des maisons dans les 100 plus grandes villes du pays ont augmenté pour le neuvième mois de suite, à un rythme toutefois un peu moins marqué que lors des mois précédents.
04/03/2013

L’AMF progresse au sujet des OPA hostiles

Le collège de l’Autorité des marchés financiers a selon le quotidien transmis à Bercy il y a dix jours une série de propositions dans le cadre de la mise en œuvre de mesures protectrices pour les sociétés françaises. Un seuil de caducité de 50% serait introduit. L’AMF propose afin de récompenser l’épargne de long terme d’augmenter l’assiette et le taux de bonification du dividende majoré.
04/03/2013

Le Crillon sous pavillon asiatique

Voilà qui « pourrait passer pour un symbole de la mondialisation croissante», selon le quotidien, qui croit savoir que l’établissement de la Place de la Concorde, propriété d’un membre de la famille royale saoudienne, pourrait être exploité à partir du printemps 2015 par l’opérateur américain Rosewood Hotels & Resorts, lui-même contrôlé par un conglomérat de Hong Kong, New World Group. Ce dernier serait entré en négociations exclusives pour reprendre la gestion après deux années de fermeture pour rénovation complète. Sofitel, l’enseigne de luxe d’Accor, aurait ainsi été écartée «dans la dernière ligne droite», un «coup dur» pour le groupe français.

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