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13/09/2011

Schroders recrute chez RCM Global Investors

Schroders a annoncé le 12 septembre le recrutement de Sue Chan en qualité de gérante de portefeuille mondiale au sein de l'équipe actions internationales et mondiales. Sue Chan, qui devrait prendre ses fonctions en novembre, sera directement rattachée à Virginie Maisonneuve, responsable de la division «Global and International Equities», et basée à Londres. Elle travaillait précédemment chez RCM Global Investors. Au 30 juin 2011, l'équipe Global and International Equities de Schroders gérait plus de 12 milliards d’euros d’actifs pour le compte d’investisseurs institutionnels et retail.
13/09/2011
Fonds

RWC Partners lance un fonds macro

La boutique londonienne RWC Partners a dévoilé les détails de son premier fonds macro domicilié à Dublin qui sera géré par l’ancien duo de Threadneedle, Peter Allwright et Stuart Frost. Le fonds sera une réplique du Global Macro Crescendo que les deux gérants pilotaient chez leur précédent employeur.
Fonds
13/09/2011

Neuberger Berman recrute un responsable de l'intermédiation

Neuberger Berman vient de recruter Tom Douie en qualité de senior vice president, responsable de l’intermédiation pour l’Europe, rapporte FundWeb.Tom Douie aura la responsabilité du développement de l’offre d’investissement dans tous les pays européens. Il sera rattaché à Dik van Lomwel, responsable pour l’Europe et le Moyen Orient. Tom Douie travaillait précédemment chez American Century Investments.
13/09/2011

BlackRock veut développer son activité sur les fonds fermés

Le responsable des «investment trusts») (fonds fermés) chez RCM, Simon White, vient de rejoindre BlackRock pour assumer les mêmes fonctions, rapporte FundWeb.Simon White sera responsable de la gestion et du développement des investment trusts chez BlackRock. Il sera rattaché à Jonathan Ruck Keene, nommé responsable des fonds fermés pour la zone EMEA (Europe, Moyen Orient, Afrique).
13/09/2011

Un administrateur de Pimco voit sa rémunération bondir

L’administrateur le mieux payé de Pimco Europe, la branche européenne de la société de gestion obligataire, a vu sa rémunération bondir de 173,8 % l’an passé à 25,6 millions de livres, selon Financial News. Le nom de la personne en question n’a pas été dévoilé.
13/09/2011
Fonds

Les fonds de performance absolue battus sur cinq ans par l'Eonia

Dans une récente note de recherche, Lipper revient sur l'évolution des fonds de performance absolue au cours des dernières années. Sur 5 ans (à fin août 2011), ces fonds, qui sont classés selon le degré de risque du produit (risque élevé, risque moyen et risque faible), n’ont pas vraiment tenu leurs promesses, puisqu’ils ont fait moins bien que le marché monétaire. Ainsi à titre d’exemple, la catégorie de fonds de performance absolue à risque moyen réalise une performance de 2,3 % sur 5 ans, contre 11,16 % pour l’Eonia. Elle bat en revanche la catégorie Lipper des fonds flexibles en euro, qui a cédé 6,73 % sur 5 ans. Les fonds de performance absolue à risque faible et à risque élevé ne peuvent pas non plus pavoiser face au marché monétaire, la première catégorie gagnant 7,32 %, la seconde chutant de 6,73 % sur 5 ans. Depuis le premier janvier 2011 le bilan n’est pas plus flatteur. Les fonds à performance absolue ont perdu 2,89 % (risque moyen), contre +0,59 % pour l’Eonia et -7,38 %¨pour les fonds flexibles en euro.
Fonds
13/09/2011
Fonds

GAM lance un fonds Credit Opportunities

Selon Investment Week, GAM vient de lancer le GAM Star Credit Opportunities fund, un fonds Ucits III qui investira dans les obligations d’entreprises libellées en dollars qui sont jugées sous-évaluées. Le fonds est géré par la boutique basée à Genève, Atlanticomnium.
Fonds
13/09/2011

Warren Buffett continue de préparer sa succession

Ted Wechsler, qui dirige la société de gestion alternative Peninsula Capital Advisors LLC de Charlotteville en Virginie (environ 2 milliards de dollars d’encours), a été nommé investment manager chez Berkshire Hathaway (110 milliards de dollars), dont Warren Buffett (81 ans) reste chairman & CEO, rapporte The Wall Street Journal.Ted Wechsler, qui devra liquider auparavant son fonds, rejoindra Berkshire Hathaway début 2012 et sera chargé de gérer une petite partie du portefeuille actions du groupe.Comme l’autre gérant recruté fin 2010, Todd Combs, Ted Wechsler se verra confier une enveloppe d’environ 3 milliards de dollars, Warren Buffett conservant la gestion de 95 % du portefeuille actions.Ted Wechsler a remporté deux années consécutives les enchères sur eBay pour un repas avec «l’oracle d’Omaha», la dernière fois moyennant 2,6 millions de dollars.Il se pourrait que Warren Buffett embauche un troisième gérant. Le trio pourrait lui succéder le moment venu pour gérer les portefeuilles actions et obligations selon les instructions du futur CEO et du conseil d’administration de Berkshire Hathaway.
13/09/2011
Fonds

Les fonds monétaires très recherchés début septembre

Dans les premiers jours de septembre, la crainte d’un double creux, l’espoir que cette éventualité poussera les responsables politiques à prendre de nouvelles mesures de stimulation et des réunions de banques centrales ont poussé les investisseurs à adopter une attitude attentiste. Les fonds monétaires ont ainsi enregistré une collecte nette de 11,44 milliards de dollars durant la semaine au 7 septembre, selon les statistiques communiquées par EPFR Global.Les fonds obligataires ont pour leur part drainé 2,78 milliards de dollars, soir le montant le plus élevé depuis huit semaines. Les fonds obligataires américains ont enregistré sur la semaine une collecte modeste qui a porté le total des souscriptions nettes depuis le début de l’année à un peu plus de 32 milliards de dollars, à comparer à un montant de 180 milliards de dollars pour la période correspondante de 2010. Les fonds d’actions ont subi une décollecte nette de 15,2 milliards de dollars. EPFR Global relève toutefois que ce chiffre est gonflé par les rachats d’un ETF dédié aux grosses capitalisations américaines. Si l’on ne tient pas compte de cet élément, la décollecte s'élève à seulement 5 milliards de dollars.
Fonds
13/09/2011
Fonds

Les hedge funds ont connu un mois d'août calamiteux

«Les hedge funds ont enregistré le mois dernier leur plus forte baisse depuis octobre 2008. Les stratégiers directionnelles, long/short ou évenementielles, ont été» les plus durement touchées, tandis que les stratégies short biased et macro ont été les plus performantes», précise Lee Hennessee, managing principal au sein du groupe Hennessee.L’indice Hennessee long/short equity a subi un recul de 3,68% en août et de 1,65% depuis le début de l’année, alors que l’indice macro a dégagé un gain de 0,60% en août et de 0,11% depuis le début de l’année. Pour sa part, l’indice Hennessee des hedge funds s’est inscrit en baisse de 3,36% au mois d’août alors que que le S&P 500 reculait dans le même temps de 5,68%. Depuis le début de l’année, l’indice affiche un repli de 1,80% contre 3,08% pour le S&P 500.
Fonds
13/09/2011

Fidelity launches an onshore version of two funds

According to reports in the British press, Fidelity Worldwide Investment will launch onshore versions of two of its funds. On 14 September, the Global Real Assets Securities fund, whose offshore version was launched in September 2009, and which has USD250m in assets, will be the first.The China Consumer Fund (see Newsmanagers of 18 May), with assets of USD115m, will be next.For the two products, minimal subscription is set at GBP1.5trn, front-end fee at 3.5%, and management commission at 1.5%.
13/09/2011

Slater Investments preparing a UK midcaps fund

On 19 September, Slater Investments will launch the MFM Slater Income Fund, managed by co-founder and CIO Mark Slater, which aims for dividend yields of 5.49%.The portfolio will include 50 to 70 positions, which will initially be composed 34% of shares from the FTSE 100, 27% from the FTSE 250, 22% from the FTSE 350, and 14% from the AIM.Front-end fee will be 5.25%, and management commission will be 1.5%. Minimal subscription is set at GBP1,000.
13/09/2011

Pimco director gets a big pay raise

The highest-paid director at Pimco Europe, the European arm of the bond management firm, saw a 173.8% increase in his income last year, to GBP25.6m, Financial News reports. The name of the individual has not been disclosed.
13/09/2011

Twitter becomes new investment tool for hedge funds

Social networks are proving useful for investment strategies. According to experts, the instantaneous character of Twitter means that collective mood can be measures with much more precision than previously. The result is that millions of tweets are now analysed by hedge fund managers to predict future movement of the markets.A London-based asset management firm, Derwent Capital Markets, has launched a GBP25m fund, which takes investment decisions on the basis of the mood of the general public, the Telegraph reports in its 11 September issue. The manager and founder of the firm, Paul Hawtin, has signed an exclusive contract with Johan Bollen, an IT specialist at the University of Indiana, who has designed a software program to use tweets for this purpose.A commonplace notion would have it that the direction of the markets determines people’s moods. In other words, depression on the markets leads to a depressed population. That was Bollen’s initial assumption as well. But a study of the correlations between the movements of the Dow Jones and the ambient mood of the people has demonstrated that the reverse is true: it is the ambient sentiment of the moment that determines the direction of the markets. In October 2010, the observation of moods on social networks allowed Bollen to predict the direction of the Dow Jones with 87.6% accuracy.
13/09/2011

Asset managers worried about high-frequency trading

More than two thirds of traders at the world’s largest asset management firms say they are worried about the impact of high-frequency trading (HFT) on the equity markets, according to a survey by Liquidnet.Most long-only traders estimate that high-frequency trading is a negative factor for institutional investors making large trades. According to the founder and chief executive of Liquidnet, Seth Merrin, many investors estimate that a long-term investment strategy contradicts the speculative approach associated with high-frequency trading.“Institutional investors who manage billions of dollars for traditional investors needs to be in a position to take up or liquidate positions in a secure and efficient manner, safe from the retail markets and drivers of internalisation where high-frequency trading prospers, especially in the volatile markets we have observed recently,” Merrin says in a statement.At the five largest institutions in the world, 73% of traders estimate that high-frequency trading represents a structural problem for the markets that urgently needs to be addressed. Two thirds of North American traders say they are concerned about high-frequency trading, compared with 60% of European traders, and slightly over half of traders in the Asia-Pacific region. According to studies by Aite group and Tabb Group, nearly 75% of daily equity trading may be attributed to high-frequency trading.
13/09/2011

Money market funds in high demand in September

In the first few days of September, fears of a double-dip recession, and hopes that the threat of such a development will drive political leaders to announce further stimulus measures and meetings of central banks, led investors to adopt a wait-and-see attitude to the markets. Money market funds saw a net inflow of USD11.44bn in the week to 7 September, according to statistics from EPFR Global. Bond funds, for their part, attracted USD2.78bn in assets, the highest level in eight weeks. US bond funds saw modest inflows for the week, which brought total net subscriptions since the beginning of the year to slightly over USD32bn, compared with a total of USD180bn in the corresponding period of 2010. Equities funds saw a net outflow of Usd15.2bn, EPFR Global reports, however, that this total has been inflated by redemptions from an ETF dedicated to US large caps. Excluding this element, outflows totalled only USD5bn.
13/09/2011

Italy turns to Chinese SWF

The Italian centre-right government is turning to China for help, in the hopes that the Chinese government will pull it out of the debt crisis with an investment in government bonds and strategic businesses, the Financial Times reports. Lou Jiwei, president of China Investment Corp, one of the largest sovereign wealth funds in the world, travelled to Rome last week for talks with Giulio Tremonti, the Italian finance minister, and the Cassa Depositi e Prestiti, a government-controlled entity which has created a strategic investment fund open to foreign investors.
13/09/2011

Switzerland may strengthen its position as a professional centre

Switzerland may continue to strengthen its position as a professional centre for innovative banking transactions, with an international orientation and an emphasis on the client and on discretion, according to a joint study by the Swiss banking association and the Boston Consulting Group of the Swiss banking market, Agefi Switzerland reports. The study predicts that volumes will increase in all sectors, although pressure on margins will lead to increased pressure on costs, and lowered profit outlooks. In wealth management (an activity which requires less capital), a cost/income ratio approaching 80% will be rather the rule than the exception in Switzerland. The ASB and the Boston Consulting Group find that earnings or gross revenues for the Swiss banking market, estimated at CHF58.6bn in 2010 (a post-crisis base) may rise to CHF64bn by 2015, at a growth rate of 1.8% per year. The largest potential growth in gross earnings is in private banking, and particularly in the ultra-high net worth client segment, business and corporate clients (including commodity trading) and asset management.
13/09/2011

Henderson Property signs a purchase contract for a retail park under construction

Henderson Global Investors (SAS) on 12 September announced that on behalf of the Warbirg-Henderson RZVK – Immo-Fonds, a 18,206 square metre commercial property, has been acquired under a purchase contract for a property not yet complete (Vente en Etat Futur d’Achèvement, or VEFA). The property under construction is located about 60 kilometres north of Paris, in the commercial activity zone of Creil- Saint Maximin (60), in the county of Oise, in the Picardy region. The commercial zone, founded in 1969, is the largest in Picardy. The property under construction is at the southern end of the commercial zone, which has over 160 tenants, 70% of which are national businesses. The global operation, developed by JMP Expansion, is part of the first phase of a transformation plan for the zone. The project is wholly pre-leased to Castorama on a 12-year lease. Castorama, which has been located in Creil for over 20 years, will move into the new building, which meets the latest requirements of the business, in early 2012.
13/09/2011

Hedge funds down 3.36% in August

The Hennessee hedge fund index fell by 3.36% in the month of August, while the S&P 500 fell by 5.68% in the same period. Since the beginning of the year, the index is down 1.80%, compared with 3.08% for the S&P 500. “Hedge funds last year saw their steepest declines since October 2008. Directional strategies, long/short and event-driven were the hardest-hit, while short biased and macro strategies were the best performers,” says Lee Hennessee, managing principal at the Hennessee group. The Hennessee long/short equity index was down 3.68% in August and 1.65% since the beginning of the year, while the macro index gained 0.60% in August, and 0.11% since the beginning of the year.
13/09/2011

AllianceBernstein offers EMMA fund in Germany

The asset management firm AllianceBernstein, an affiliate of Axa, has been issued a license by BaFin to release the Luxembourg-registered Emerging Markets Multi-Asset Portfolio (EMMA), which aims for returns similar to equities markets, but with a lower volatility (see Newsmanagers of 29 August), in Germany. The fund charges fees of 1.60% (A-class shares, LU0633140644).
13/09/2011

IMA opens to foreign asset management firms

After its AGM, the Investment Management Association (IMA), which represents British asset management firms (GBP4trn in assets), on 12 September announced the creation of two new categories of members, from 1 January 2012. It explains that the decision is due to the rapid development of offshore funds, an expansion which is expected to intensify further with the entry into force of the UCITS IV directive.In the future, non-British businesses which manage funds with a license or authorised for sale in the United Kingdom will be permitted to become full members. Previously, only asset management firms with offices in the United Kingdom had been allowed to do to.The IMA is also creating a “sectoral” category of members, for managers who do not need to be full members, but who would like their funds to be included in the IMA’s classification sectors. This will be allowed for both British and foreign asset managers.
13/09/2011

Andbanc acquires Monaco affiliate of MPS

The Andorran financial group Ancbanc (Andorra Banc Agricol Reig SA, EUR8.45bn in assets as of 31 July) has acquired Monte dei Paschi Monaco SAM, an affiliate of the Italian firm Monte dei Paschi di Siena (MPS), for EUR27.1m, of which EUR19.5m have already been paid.The MPS affiliate, which has 40 employees and manages about EUR600m, will become known as Andbanc Monaco SAM, and will be led by Gérard Griseti, CEO.The remainder of the acqusition price will be paid on 30 September, and MPS has announced a capital gain of EUR7.7m on the EUR19.5m initial payment.
13/09/2011

AR funds underperform the Eonia over 5y

In a recent survey, Lipper has considered the evolution of absolute return funds over the past five years. Over the period to the end of August 2011, these funds did not really manage to fulfil their promises, and in fact underperformed the money market.The moderate risk absolute return fund category has earned returns of 2.3% over 5 years, compared with 11.6% for the Eonia. However, it outperforms the Lipper euro flexible fund category, which lost 6.73% in the five-year period under review. Since the beginning of this year, the results are no more flattering for absolute return funds. They have lost 2.89% year to date, compared with +0.59% for the Eonia, and -7.38% for euro flexible funds.Lipper changed its classifications in 2009, in order to take into account the emergence of absolute return funds in French and European collective asset management. Absolute return funds are now categorized according to the degree of risk they involve (high risk, moderate risk, and low risk).
13/09/2011

Andrew Paisley joins SWIP

Andrew Paisley, senior investment manager at Kempen for the past five years, is joining Scottish Widows Investment Partnership (SWIP) in Edinburgh, as investment director. He will report to Peter Cockburn, head of UK equities, and will be in charge of managing British small caps mandates.
13/09/2011

Neuberger Berman recruits a head of intermediation

Neuberger Berman has recruited Tom Douie as senior vice president, in charge of intermediation for Europe, FundWeb reports. Douie will be responsible for development of the investment product range for all European countries. He will report to Dik van Lomwel, head for Europe and the Middle East. Douie previously worked at American Century Investments.
13/09/2011

Fidelity FundsNetwork recruits a director of key accounts

Fundweb reports that Fidelity FundsNetwork has created a position for a head of key accounts, and appointed Stephen Boucher, partnerships director at Standard Life, for the role. Boucher will report to David White, CEO of FundsNetwork.
13/09/2011

Schroders hires a manager from RCM Global Investors

Schroders announced on September 12 the appointment of Sue Chan as a global portfolio manager in the global and international equities team. Joining in November, she will report to Virginie Maisonneuve, head of global and international equities and be based in London.Sue Chan joins from RCM Global Investors where she was a senior portfolio manager global equities and lead portfolio manager of the global sustainability funds. Prior to RCM, she spent nine years at BlackRock where she held a variety of roles.Schroders’ global and international equities team manage over GBP10.8 billion/ EUR12.0 billion (as at 30 June 2011) on behalf of institutional and retail investors worldwide.
13/09/2011

BlackRock plans to develop closed fund activities

The head of investment trusts at RCM, Simon White, has joined BlackRock, where he will have similar responsibilities, FundWeb reports. White will be responsible for management and development of investment trusts at BlackRock. He will report to Jonathan Ruck Keene, who has been appointed as head of investment trusts for the EMEA region (Europe, Middle East, and Africa).
13/09/2011

Allianz acquires 80% of Skyline Plaza project in Frankfurt

On 12 September, Allianz Real Estate Germany announced that it had acquired an 80% stake in the Skyline Plaza shopping centre under construction in Frankfurt (38,000 square metres), which will be completed in autumn 2013, and which represents a total investment of about EUR360m.The vendors are the German affiliate of the Austrian firm CA Immo and the promoter/developer/operator ECE; the vendors will retain a 10% stake each in the property.

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