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20/08/2012
Fonds

Mois de juillet ensoleillé pour les hedge funds

Les treize stratégies de hedge funds régulièrement suivies par Edhec Risk Institute ont affiché pour juillet des résultats positifs, les meilleures performances étant enregistrées par le CTA global (+3,05 %) et le global macro (+ 1,51 %). Depuis le début de l’année, douze stratégies sont dans le vert, notamment l’arbitrage de convertibles (+ 6 %) et l’arbitrage obligataire (+ 5,1 %), alors que les ventes à découvert (short selling) accusent une perte de 7,4 %.Aucune stratégie n’affiche de surcroît de performance par rapport au risque, puisque tous les ratios de Sharpe sont inférieurs à 1. Seules les distressed securities s’en approchent avec 0,96, tandis que les ventes à découvert et les fonds de fonds affiche des ratio de Sharpe négatifs avec respectivement 0,26 et 0,11.
Fonds
20/08/2012

Nomination chez RBC Investor Services

RBC Investor Services a annoncé le 20 août la nomination de Kevin Hogan en qualité de director, Clients Operations, pour l’Australie.Dans ses nouvelles fonctions, Kevin Hogan, qui travaillait précédemment chez Macquarie Investment Management, sera responsable de l’ensemble des opérations avec la clientèle (conservation, administration de fonds et tous les services annexes).
20/08/2012

Western AM double ses capacités obligataires asiatiques

L'équipe obligations asiatiques de Western Asset Management (groupe Legg Mason) à Singapour, dirigée depuis 2011 par Chia-Liang Lian (lire Newsmanagers du 29 mai), passe de trois à sept personnes avec quatre recrutements, dont celui de Desmond Soon (ex ST Asset Management) comme gérant de portefeuille, rapporte Investment Week.Les trois autres arrivants sont des analystes. Swee Ching Lim (ex Barclays Capital à Londres) devient analyste recherche crédit tandis que Wontae Kim est nommé analyste de portefeuille pour la gestion du risque et que Desmond Fu (ex APS Komaba) rejoint comme analyste de portefeuille. Il est également prévu de recruter un analyste crédit senior.Western AM affiche à Singapour un encours en obligations asiatiques hors Japon de 3,8 milliards de dollars.
20/08/2012

Mercer se renforce en Asie

Directeur régional de Russell Investments responsable des solutions d’investissement structuré, Edmund Teo a été recruté par le cabinet de consultants Mercer pour renforcer l'équipe de 17 personnes basée à Singapour et spécialiste de la gestion de fortune en Asie. L’intéressé sera subordonné à Cara Williams, global head of wealth management à Londres, précise Investment Europe.Edmund Teo sera secondé par Pierre DeGagne, qui était jusqu'à présent responsable de la sélection de fonds chez Standard Chartered Bank.
20/08/2012

Euro zone mutual fund issues hold stable

Assets in shares issued in 2012 my non-money market mutual funds in the euro zone have remained virtually unchanged compared with those recorded one quarter previusly in March 2012, according to statistics released by the European Central Bak. These results are due to net issues, which were offset by a decline in the value of shares. Assets in shares issued by non-money market mutual funds in the euro zone increased slightly, to EUR6.065trn in June 2012, compared with EUR6.064trn in March 2012. In the same period, assets in shares issued by money market mutual funds in the euro zone increasedc from EUR957bn to EUR969bn. Net subscriptions to shares in non-money market mutual funds in the euro zone totalled EUR36bn in second quarter 2012, while net subscriptions to money market mutual funds were negative by EUR5bn. In terms of ventilation by investment strategy, the annual pace of share issues by bond funds came out to 47% in June 2012, while net subscriptions totalled EUR54bn in second quarter 2012. For equity funds, the figure was -3.3%, and net subscriptions were -EUR15bn in the same period. For mixed funds, the rate of growth was -1.4%, and net subscriptions were -EUR8bn.
20/08/2012

Thanks to UBS, Frankfurt nears 1,000 listed ETFs

With the institutional (I) and retail (A) share classes in its newly-listed equity fund replicating the MSCI Brazil index, UBS Global Asset Management has given the XTF segment of the Xetra electronic trading platform its 998th and 999th listed ETFs. They are Luxembourg-registered products, which track an index that includes 78 Brazilian mid- and large caps, which collectively represent 84% of the floating capital on the Sao Paulo stock exchange. As for the other ETFs from UBS Global AM, the market maker is Commerzbank.Characteristics:Name: UBS (Irl) ETF plc – MSCI Brazil (USD) I-disISIN code: IE00B7VZ2C84TER: 0.43%Name: UBS (Irl) ETF plc – MSCI Brazil (USD) A-disISIN code: IE00B6SBCY47TER: 0.60%
20/08/2012

Obama also has support among hedge funds

US president Barack Obama also has the support of influential figures in the world of finance, Financial News reports, citing the blog OpenSecrets.org. Among his financial donors are Jon Corzine, former head of MF Global, Marc Lasry, founder of the hedge fund Avenue Capital, and Mark Gallogly, co-founder and principal manager of the hedge fund Centerbridge Partners.
20/08/2012

SEC puts off rules on hedge fund advertising

The Securities and Exchange Commission is postponing regulations which would allow hedge funds to more broadly solicit investors, the Wall Street Journal reports. The decision is a victory for those who claim that excessively rapid changes to the advertising rules could increase fraud. The chairwoman of the SEC, Mary Shapiro, had planned to pass the rules this Wednesday, but on Thursday announced that she intended to hear comments on the new rules before finalising them.
20/08/2012

Price war in ETF market

Since February, Vanguard has been aggressively lowering its TER rates for its ETFs, which has allowed it to gain market share on the US market. The Börsen-Zeitung reports that that the market is now expecting the leader, iShares, to be obliged to lower its prices in retaliation. Smaller producers are withdrawing some of their ETFs from the market, when they do not completely liquidate the activity (as Scottrade is doing with its MocusShares line, or as Russell is considering doing). This will be a cause for concern for European providers too, as Vanguard arrived in May in London with five products.
20/08/2012

HSBC GAM launches an Indian bond fund

HSBC Global Asset Management has announced the launch of a UCITS format Indian bond fund, which will give British retail investors investors access to the Indian market for the first time. The new fund, HSBC GIF India Fixed Income fund, will be integrated into the Luxembourg-registered Global Investment Fund (GIF) range from HSBC. It will invest in government and corporate bonds denominated in Indian rupees, but may also invest in bonds denominated in other currencies closely tied to India. The minimal investment is USD5,000, and management fees have been set at 1.1% per year. HSBC claims that the Indian market is underdeveloped considering the growth the Indian economy has undergone, but adds that it has potential to develop considerably in the next decade. However, the Indian bond market has earned returns averaging 7.5% per year since 2000.
20/08/2012

BlackRock boosts exposure to Spanish and Italian bonds

The chief investment for fixed income and fundamental portfolios at BlackRock, Rick Rieder, has told the Wall Street Journal that BlackRock has bought up Spanish and Italian short-term government bonds in recent weeks. These assets nonetheless represent only a very modest portion of bond assets at BlackRock, which total about USD620bn. The decision to return to peripheral euro zone debt is related to efforts on the part of European political leaders to manage the euro zone crisis, which are considered more credible than in the past.
20/08/2012

Former top dog at Deutsche Bank to head Russian sovereign fund?

According to the Russian newspaper Wedomosti, relayed by finews.ch, Josef Ackermann, former chairman of the managing board at Deutsche Bank (until last May), and currencly chairman of the board of directors at Zurich Insurance, has accepted a position on the board of directors of the future official Russian agency Rosfinagenstva, which will be given responsibility by the Russian finance ministry for managing the various Russian sovereign funds. The banker is also rumoured to be up for the position of chairman of the board of Rosfinagentstva, a body which is expected to be founded by the end of this year.
20/08/2012

Qatar Holding acquires 10.6% of BAA from Ferrovial

The sovereign wealth fund Qatar Holding will pay EUR607m for a 10.6% stake in British Airport Authority (BAA), which is owned by FGP Topco, the arm of the Spanish Ferrovial group in the United Kingdom, Expansión reports. It will also acquire 5.63% of BAA from Britannia Aiport Partners, and 3.75% from the Singapore sovereign fund GIC. Following the transaction, Ferrovial will retain a 39.37% stake in BAA.Overall, the Qatari SWF will be investing EUR1.14bn, which values BAA at under EUR6bn, while Ferrovial paid EUR12.4bn in 2006. But since then, the British regulator has required Ferrovial to sell the Gatwick, Edinburgh and Stansted airports. Ferrovial is currently appealing that verdict in the British courts.
20/08/2012

Former Threadneedle CIO joins board at Henderson

Henderson Global Investors has appointed the former vice-chairman and chief investment officer (CIO) of Threadneedle, Saah Arkle, as non-executive dir4ector of its board of directors, Money Marketing reports. Arkle is also non-executive director at Foreign & Colonial.
20/08/2012

Western AM doubles its capacity in Asian bonds

The Asian bond team at Western Asset Management (Legg Mason group) in Singapore, which has been led by Chia-Liang Lian since 2011 (see Newsmanagers of 29 May) is being expanded from three to seven members, with three recruitments inlcuding Desmond Soon (formerly of ST Asset Management) as portfolio manager, Investment Week reports. The other three new arrivals are analysts, as Swee Ching Lim (formerly of Barclays Capital in London) becomes a credit research analyst, Wontae Kim is appointed as a portfolio analyst for risk management, and Desmond Fu (formerly of APS Komaba) joins as a portfolio analyst. There are also plans to recruit a senior credit analyst. Western AM has posted assets in Asian ex Japan bonds of USD3.8bn.
20/08/2012

Assets up despite a decline in inflows for RLAM

Royal London Asset Management (RLAM) has reported a net outflow in first half of GBP310m, due to a reduction by three clients of their exposure to bonds. Assets under management have nonetheless increased by GBP900m, to GBP44.9bn as of 30 June 2012, according to interim results published on 17 August. RLAM has also announced that its assets under administration on the Ascentric platform increased 16% in the period under review, to GBP4.3bn.
20/08/2012

Ikano sells funds to Sparinvest

Ikano Fonder, an asset management firm owned by the Swedish Kamprad family, founder of Ikea, will close its asset management boutique and transfer its three Luxembourg-registered funds to the Danish firm Sparinvest. “The funds have become so small that they are no longer viable economically,” Jesper Nielsen, CEO of Ikano Fonder, explains to Privata Affärer. According to the Swedish news service TT, assets at Ikano Fonder total about SEK200m, or EUR22m. Sparinvest will take over the funds on 28 September, and merge them with its own. For example, the global fund from Ikano will be merged into the Sparinvest Global Value fund. The Ikano group has been managing funds since 1999. The three funds of the range were the Global Strategy, European Equity and All Seasons. They were on sale to individual and institutional clients in Luxembourg, Sweden, the Netherlands and Denmark.
20/08/2012

RBC Investor Services makes a recruitment

RBC Investor Services on 20 August announced the appointment of Kevin Hogan as director, Client Operations for Australia. In his new role, Hogan, who previously worked at Macquarie Investment Management, will be in charge of all client operations (custody, fund administration and all associated services).
20/08/2012

Financial sector fires a barrage against MiFID directive

In their responses to a proposed transposition of the European MiFID directive submitted to the German federal finance ministry on Friday, banking and asset management associations suggest that it should remain possible to launch open-ended real estate funds. They also claim that rules regulating products which will continue to be available to retail investors, including an increase in minimal subscription levels, are not appropriate and are discriminatory, and carry additional risks for retail investors. The associations claim that the proposed transposition significantly toughens the measures set out in the directive, and run the risk of penalising Germany as a financial centre against Luxembourg and Ireland.
20/08/2012

Adveq opens an office in Hong Kong

Following openings in Beijing in 2008 and Shanghai in 2011, the Swiss asset management firm Adveq, a specialist in private equity fund of funds (USD4.5bn), has opened an office in Hong Kong. The office will be led by David Seex, a specialist in alternative investments in Asia. He had previously been CEO of RAB Capital for Asia, after serving as head of alternative investments for Asia at Citigroup.
20/08/2012

Mercer recruits in Asia

The regional director of Russell Investments in charge of structured investment solutions, Edmund Teo, has recently been recruited by the consulting firm Mercer as an addition to the 17-member team based in Singapore specialised in wealth management in Asia. Teo will report to Cara Williams, global head of wealth management in London, Investment Europe states. Teo will be assisted by Pierre DeGagne, who had previously been in charge of fund selection at Standard Chartered Bank.
20/08/2012

Ignis Advisers recruits a head for credit strategies

The alternative management division fo Ignis Asset Management, Ignis Advisers, has recruited Ingrid Neitsch as head of credit strategies, FundWeb reports. She will join the firm at the beginning of September, and will be responsible for hedge fund and private equity investments in credit markets, as Ignis Advisers is planning to launch a credit strategy fund in fourth quarter. Neitsch joins the firm from the institutional fund management firm Financial Risk Management (FRM), which has recently been acquired by Man Group, where she had been sector head in charge of credit and manager of the FRM Long-Short Credit Fund.
20/08/2012

Outflows from hedge funds in June

According to a monthly survey by TrimTabs and BarclayHedge, hedge funds worldwide in June saw net redemptions of USD4.9bn, representing 0.3% of their assets, following net subscriptions of USD1.1bn in May. The 3,012 funds concerned as of 30 June posted assets of USD1.710bn, compared with USD1.730bn as of 31 May (-1.3%). This figure is 29.5% lower than the peak of USD2.4trn recorded at the end of June 2008.The BarclayHedge hedge fund index, meanwhile, on the basis of results released by 1,797 funds as of 17 August, gained 0.80% in July, compared with 0.66% in June. In the first seven months of the year, the index is up 3.13%. Of the 17 sub-indices, only the 51 equity funds of the Asia-Pacific region show losses last month (-0.24%). In January-July, the only strategy that shows losses is equity short bias (-7.33%). The strongest gains in the period were 6.06% for 27 convertible arbitrage funds.
20/08/2012

Sunny month in July for hedge funds

The 13 hedge fund strategies regularly monitored by the Edhec Risk Institute in July have posted positive results, with the best result for CTA Global (+3.05%) and global macro (+1.51%). Since the beginning of this year, 12 strategies show gains, including convertible arbitrage (+6%) and fixed income arbitrage (+5.1%). while short selling showed losses of 7.4%.No strategy shows excess returns as compared to risk: all Sharpe ratios are lower than 1. Only distressed securities comes near with 0.96, while short-selling and funds of funds have negative Sharpe ratios of 0.26 and 0.11. The BarclayHedge hedge fund index, meanwhile, on the basis of results released by 1,797 funds as of 17 August, gained 0.80% in July, compared with 0.66% in June. In the first seven months of the year, the index is up 3.13%. Of the 17 sub-indices, only the 51 equity funds of the Asia-Pacific region show losses last month (-0.24%). In January-July, the only strategy that shows losses is equity short bias (-7.33%). The strongest gains in the period were 6.06% for 27 convertible arbitrage funds. According to a monthly survey by TrimTabs and BarclayHedge, hedge funds worldwide in June saw net redemptions of USD4.9bn, representing 0.3% of their assets, following net subscriptions of USD1.1bn in May. The 3,012 funds concerned as of 30 June posted assets of USD1.710bn, compared with USD1.730bn as of 31 May (-1.3%). This figure is 29.5% lower than the peak of USD2.4trn recorded at the end of June 2008.
20/08/2012

Strong increase in net inflows at Rothschild Bank Zurich

The private bank Rothschild Bank Zurich has posted a net inflows in the 2011/2012 fiscal year ending on 31 March of CHF971m, up 36% year on year, the website finews reports. Its assets under management increased over the past year by 4%, to a total of CHF13.3bn. Unlike most of its rivals, the Zurich-based bank has recruited staff in the past fiscal year, with a 13% increase in its personnel in Switzerland alone to 452. This policy of recruitment and investment in IT has dragged down profits, which fell 41% in the past fiscal year, to CHF19.6m.
20/08/2012

New team dedicated to ETFs in Asia at iShares

iShares is setting up a new team in Asia-Pacific specialised in ETFs, which will help clients and distributors to better understand the technical aspects of ETFs (product liquidity, construction of indices, and comparisons between products), Asian Investor reports. The new head of iShares for Asia-Pacific, Jane Leung, who began in the role last month, claims that the recent introduction of ETFs dedicated to A-class shares under RQFII (qualified foreign institutional investors in RMB) quotas are not expected to reduce the popularity of its FTSE A50 China ETF. Assets under management in the FTSE A50 China ETF s of 30 June totalled USD5.73bn. It is the largest A-class equity ETF in the world by asset volume.
20/08/2012

2012 bonuses lower than expected on Wall Street

Variable pay for employees of investment banks and asset management firms are expected to increase less than expected in the month of May, according to statistics compiled by the New York research form Johnson Partners, Les Echos reports. Overall, bonuses are expected to vary from stable to “moderate” growth of no more than 20% in the bast case, and not 25% as previously estimated. According to projections by Johnson Partners, the professions of consulting, equity primary and debt will be the worst-hit, with increases of no more than 5% to bonuses, and potential declines of up to -10%. Bonuses in the asset management profession, for their part, will range from stable to 10% growth.
20/08/2012

Jean-Pierre Salles (Aviva Investors France) retires

Citywire reports that Jean-Pierre Salles has retired from Aviva Investors France. Paul Gagey has taken over management of the Aviva Oblig International, Aviva Interoblig and Aviva Convertibles funds while Alban Tourra will take over Aviva Signatures Europe, and Jean-François Chambon takes charge of the Aviva Japon and Aviva Investors Japon funds. Management of the UFF Diversifié fund will be shared by Paul Gagey and Françoise Labbé.

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