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12/03/2012

CamGestion modifies risk management for CamGestion Active 20

CamGestion, whose prudent flexible fund CamGestion Active 20 posted significant losses in 2011 (-7.94%) despite its prudent design (equities may not exceed 20% of the portfolio), has decided to make some modifications to the ex-ante and ex-post risk management mechanisms for the fund. The objective is to limit the possibility that exceptional movements such as those which occurred last year might impact the performance to such an extent, the firm says. As a result, CamGestion has opted firstly for deployment of a double management of the fund, with the addition of a bond manager and a live share manager to manage the fixed income portfion. Management has also decided to add further elements to the management policy and risk limits for the CamGestion Active 20. The management objective for the CamGestion Active 20 has not been modified. The ranges for exposure to various asset classes remain the same. Equities may vary from 0 to 20%, bonds from 0 to 100%, convertibles from 0 to 100%, sensitivity from -1 to +5, emerging markets from 0 to 10%, and currency risk is limited to 50%.
12/03/2012

Arbitrage fund reopens to clients

The arbitrage fund from the New York-based alternative management firm Water Island Capital will be reopened to all investors from 15 March, Mutual Fund Wire reports. The fund has been closed to new investors since 19 July 2010. Its assets under management currently total USD2.9bn, Morningstar reports.
12/03/2012

Hedge funds show gains in February, according to Hennessee

The Hennessee hedge fund index in February posted gains of 1.72%, following performance of 2.30% in January, bringing total gains of 4.07% since the beginning of the year.The only strategy to show losses is short bias funds, with losses of 5.06% in February, compared with 5.08% in January, and losses of 9.89% for first quarter 2012.Excluding financial and regional strategies, the best performer was event-driven, with gains of 1.66% in February, compared with 3.78% in January and gains of 5.50% for the first two months of the year.
12/03/2012

Eagle Investment opens an office in Beijing

Eagle Investment Systems LLC, a provider of financial IT services and an affiliate of BNY Mellon, has announced that it has opened a representative office in Beijing. The entity will be led by John Legrand.
12/03/2012

Value Partners acquires 49% of KBC Goldstate

After months of uncertainty, Value Partners has officially announced that the Chinese regulator, the CSRC, has approved the acquisition by Value Partners of a 49% stake in KBC Goldstate, for an officially announced total of CNY40.5m. However, Z-Ben Advisors reports, the question is how much Value Partners really had to pay in total, which would be instructive for the next deals involving valuation of small, loss-making asset management firms.
12/03/2012

Ignis AM recruits a manager from LV=

The British asset management firm Ignis Asset Management has recruited a manager from LV= Asset Management, Graham Ashby, Money Marketing reports. Ashby will manage the income equity fund, Ignis UK Equity income fund, whose assets under management total GBP90.6m. Ashby had been in charge of the UK equity fund at LV=.
12/03/2012

F&C recruits Steve Ilott as head of multi-strategy

The British asset management firm F&C has recruited Steve Ilott as head of multi-strategy investments in its new investment and institutional business (IIB) unit. Ilott previously worked at Alignment Investors, a division of BlueCrest Capital, where he was a partner. He was previously global head of fixed income at Aberdeen Asset Management, until 2007.
12/03/2012

Asian hedge funds doing well

It has been a very good start to the year for Asian hedge funds, after a calamitous year in 2011. According to statistics from Eurekahedge, Asia ex Japan hedge funds earned gains of 4.40% in February, after growth of 4.26% in January. In the first two months of this year, thw growth comes to 8.66%. The Mizuho-Eurekahedge Asia ex Japan index has also posted gains of 9.55% since the beginning of the year, suggesting that larger funds outperformed in the first two months of the year. Event-driven strategies have done particularly well, with estimated gains over two months of 19%. The HFRI Emerging Markets: Asia Ex-Japan Index, calculated by Hedge Fund Research, gained 5.21% last month, bringing performance in the first two months of the year to 10.54%.
12/03/2012

FSA puts Pritchard Stockbrokers on a special administrative regime

The British Financial Services Authority (FSA) announced on 9 March that it has placed the brokerage firm Pritchard Stockbrokers on a special administrative regime. The decision follows a freeze of Pritchard’s assets on 10 February this year, when the FSA observed unorthodox use of client assets, to cover the firm’s costs. ON 29 February, another brokerage firm, WH Ireland, announced that it had taken charge of the assets of most of Pritchard’s clients. The FSA says in a statement that it has named three trustees from the auditing firm Mazars who will review client positions and restore as much as possible to each client.
12/03/2012

F&C liquidates a fund from Thames River

The Irish-registered OEIC fund Thames River World Government Bond fund (GBP82.4m), which was launched on 12 November 2008, will be liquidated on 31 March by F&C, as the client for whom the fund was launched has decided to revise its allocation and no longer to invest in government bonds, Fund Web reports.
12/03/2012

Mirabaud rationalises Spanish fund range

Funds People reports that Antonio Palma, partner and CEO at Mirabaud, has announced that the group is in a redeployment phase in Spain, following its acquisition of Venture Finanzas. The changes will result in a single range of Spanish funds, which will be on sale throughout the group, and modernised to comply with the UCITS IV directive. This will involve discontinuations of products, a reshuffle, and changes to the management philosophy for some funds. The range will be made up of Spanish equity funds and one local money market product. European equity funds from Venture will be merged with the equivalent Mirabaud products. Meanwhile, Mirabaud will gradually register its funds with the CNMV.
12/03/2012

BlackRock concludes acquisition of Claymore

BlackRock has closed the acquistion of Canadian-based Claymore Investments (USD7.4bn in assets as of the end of January) from Guggenheim Partners (see Newsmanagers of 13 January) for an undisclosed amount. Claymore will now operate under the iShares name.The Independent Review committee for Canadian ETFs from iShares (USD29bn) will be extended by funds from Claymore, while the Claymore Advisory Board will cease to exist.
12/03/2012

Danish pension fund FSP joins forces with local heavyweight AP Pension

Two of the largest pension funds in Denmark, AP Pension and FSP, have decided to join forces to form a new entity with assets under management totalling DKK77bn, or about EUR10.4bn. The new structure will be known as AP Pension. FSP, the pensoin fund for the financial sector, with DKK22bn in assets under management, has announced that it has decided to merge with AP Pension due to increased competition in the sector and regulations which require increased owners’ equity levels. FSP has been in the spotlight before due to its high cost levels. FSP charges a commission of DKK2,822 per year, compared with only DKK1,355 for AP Pension. The new fund will charge a total annual commission of between DKK1,350 and DKK1,500, with a reduction of up to 10% in the next few years. The merger is expected to be approved at the next combined general shareholders’ meeting of FSP, scheduled for 19 April.
12/03/2012

Swedish investors continue to prefer equity funds

In February, Swedish fund overall posted net inflows of SEK5.4bn, with net subscriptions of SEK12.4bn for equity funds more than offsetting net redemptions of SEK7.4bn from money market funds, the Swedish investment fund association (Fondbolagens förening) reports. Diversified funds, for their part, posted net inflows of SEK1.2bn.For the first two months of the year, net subscriptions totalled SEK6.9bn, thanks to SEK25.7bn which went to equity funds, while money market funds lost SEK14.9bn and bond funds had net outflows of SEK3.6bn, and hedge funds for their part had redemptions of SEK2bn.As of 29 February, total assets in Swedish funds totalled SEK1.958trn, SEK62bn more than at the end of January. That marks the highest amount since a peak of SEK1.970trn in May 2011.Of this total, equity funds represent 55%, at SEK1.077trn, while Swedish equity products total SEK298.6bn, and international equities account for SEK247.52bn.
12/03/2012
Gestion d'actifs

La région Limousin sélectionne une société de gestion pour un fonds de co-investissement

Seuls deux candidats ont répondu à l’appel d’offres mené par la Région Limousin pour une prestation de gestion d’un fonds de co-investissement. Les missions du gestionnaire du fonds sont les suivantes: ??? Les missions réglementaires liées FEDER, ??? L’assistance à la Gestion courante de la société, ??? La mise en oeuvre de la stratégie et du plan d’investissement de la société. Le lauréat est Sigefi - Siparex Ingénierie et Finance Pour lire l’avis complet: cliquez ici
Gestion d'actifs
12/03/2012
Gestion d'actifs

Spirica privilégie les obligations émises par des entreprises industrielles et les obligations foncières

Le portefeuille obligataire, source de revenus réguliers, représente 70% de l’actif général (872 millions d’euros) à fin décembre 2011, tandis que la part de l’immobilier s'établit à 15% contre 24% au 31 décembre 2010. Les actifs de diversification ont été renforcés au cours de l’année 2011. Cette poche représente 9% du portefeuille à fin décembre. Parmi les actifs de diversification, les OPCVM de multigestion alternative et les fonds flexibles ont bien résisté au cours de l’année 2011. Dans le cadre de la poche de diversification, la sélection des titres vifs a porté sur des valeurs de rendement. En effet une telle stratégie, lorsqu’elle est réalisée de manière ciblée, permet de bénéficier des revenus grâce aux dividendes en cas de baisse des marchés tout en profitant d’un potentiel de hausse en cas de rebond. La trésorerie, investie dès que possible tout au long de l’année afin d’optimiser le rendement de l’actif, représentait 6% de l’actif en instantané au 31 décembre 2011. Parmi les grandes orientations de gestion appliquées au portefeuille obligataire au cours de l’année 2011, notons une augmentation des acquisitions d’obligations émises par des entreprises privées, solides financièrement, avec un intérêt plus fort pour les maturités 5-10 ans. La part des obligations émises par des entreprises (« corporate ») est ainsi passée de 52% du portefeuille obligataire à fin décembre 2010, à 61% au 31 décembre 2011. Les principales acquisitions ont porté sur des obligations émises par des entreprises industrielles ainsi que sur des obligations foncières émises par des établissements financiers.
Gestion d'actifs
12/03/2012

Les terres rares chinoises visent la Bourse de Londres

Le quotidien relève que le groupe chinois Rare Earth Global souhaite réaliser son introduction sur le marché alternatif outre-Manche, l’Alternative Investment Market (AIM). Le groupe pourrait récolter 50 millions de dollars et voir sa valorisation atteindre 270 millions. De quoi refléter selon le quotidien un attrait retrouvé du marché londonien auprès des jeunes sociétés de matières premières.
12/03/2012

Les opérateurs boursiers suspectés de favoritisme

La SEC a selon le quotidien entamé une grande enquête visant des opérateurs boursiers suspectés d’accorder des conditions plus favorables aux grands courtiers face aux acteurs de taille modeste. Cette enquête ferait suite à une étude sur la gestion des conflits d’intérêt entre hedge funds, spécialistes du trading à haute fréquence, banques et autres gestionnaires d’actifs.
12/03/2012

Berlin ne respecte pas son objectif de réductions budgétaires

Le gouvernement allemand n’aurait réalisé que 4,7 milliards d’euros d’économies budgétaires sur son objectif total de 11,2 milliards d’euros fixé pour l’année 2011, selon le journal allemand qui cite des calculs de l’institut économique IW. Par ailleurs, moins de la moitié des quelque 19,1 milliards d’économies prévues pour l’année fiscale 2012 auraient jusqu’ici été réalisés.
12/03/2012

Le LSE adopte le modèle en silo

L’opérateur boursier lance une offre sur 50 à 60 % du capital de la chambre de compensation LCH.Clearnet. Nyse Euronext ne dit pas s’il apportera ses titres.
12/03/2012

Les banques européennes replient la toile

Le rapport trimestriel de la Banque des règlements internationaux, publié dimanche soir, montre, chiffres à l’appui, à quel point les prêteurs européens ont réduit leur production fin 2011 dans des métiers de dimension mondiale comme le financement export ou aéronautique.

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