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28/06/2011

BlackRock se renforce en Allemagne

A compter du 1er juillet, l'équipe obligataire Europe de BlackRock à Munich sera renforcée à côté de celle existant à Londres. De plus, Michael Krautzberger sera promu CIO et membre du directoire de BlackRock Asset Management Deutschland AG. Il reste responsable de l’activité obligataire Europe en tant que gérant de portefeuille principal et continuera de diriger l'équipe obligataire de Londres.Michael Krautzberger est entré en 2005 chez Merrill Lynch Investment Managers (MLIM), qui a été acquis en 2006 par BlackRock. Il fait aussi partie du leadership committee pour l’Europe, le Moyen-Orient et l’Afrique.
28/06/2011
Fonds

Schroders commercialise en Allemagne son fonds European Equity Focus

Lancé le 3 mars et affichant au 27 juin un encours de 5,17 millions d’euros, le compartiment European Equity Focus de la sicav Schroder ISF (lire notre dépêche du 7 mars) vient d’obtenir son agrément de commercialisation en Allemagne. Il s’agit d’un fonds d’actions non benchmarké de 30-35 lignes spécialiste des valeurs européennes, notamment celles qui profitent de la croissance des pays émergents et dont le siège se situe dans les pays-cœur de l’Union, la France, l’Europe, la Scandinavie et les Pays-Bas. La gestion en est confiée à Rory Bateman, CIO pour les actions européennes (l'équipe affiche 9 milliards d’euros d’encours répartis sur 9 fonds), qui y loge ses «meilleures idées».CaractéristiquesDénomination : Schroder ISF European Equity FocusCode Isin : LU0591897516Droit d’entrée : 5 %Commission de gestion : 1,50 %Commission de performance : 10 %Souscription minimale initiale : 1.000 euros ou dollars
Fonds
28/06/2011
Fonds

Union lance un fonds institutionnel focalisé sur les centres commerciaux

Plus de 300 millions d’euros de promesses d’investissement (commitments) ont déjà été recueillies par Union Investment pour son nouveau fonds institutionnel UII Shopping Nr. 1, un produit immobilier qui investira jusqu'à 750 millions d’euros, dont 30 à 40 % d’effet de levier, dans des centres commerciaux de plus de 25.000 mètres carrés. Chaque investissement sera d’au moins 90 millions d’euros.Pour l’essentiel, le nouveau fonds visera les marchés cœur de la zone euro : Allemagne, France, Belgique, Italie, Pays-Bas et Autriche. Pour compléter, le gestionnaire prévoit d’ajouter des actifs situés en Pologne et en République tchèque.
Fonds
28/06/2011

Jens Wilhelm prend la responsabilité de l'immobilier dans l'état-major d'Union Investment

Au 30 juin, Wolfgang Mansfeld, qui a été entre autres président de l’association allemande BVI des sociétés de gestion, va prendre sa retraite et quitter ses fonctions de responsable du pôle immobilier d’Union Investment, le gestionnaire d’actifs central des banques populaires allemandes.Il sera remplacé le 1er juillet par Jens Wilhelm, qui a déjà été nommé le 20 juin président du conseil de surveillance d’Union Investment Real Estate (UIRE). Le pôle immobilier d’Union Investment affiche un encours de 19 milliards d’euros dont 16 milliards pour les fonds offerts au public d’UIRE et 3 milliards chez Union Investment Institutional Property.Jens Wilhelm, qui a quitté la Dresdner Bank en 2002, était jusqu'à présent responsable de la gestion de portefeuille pour l’ensemble du groupe Union Asset Management Holding (176 milliards d’euros) après avoir dirigé l’activité fonds d’actions d’Union Investment Privatfonds.
28/06/2011
Fonds

HSBC veut compléter son offre d'ETF marchés émergents

Le groupe britannique HSBC envisage d'étoffer son offre d’ETF avec des produits couvrant la Russie, l’Inde, les marchés émergents européens (entre autres un ETF qui engloberait la Russie, la Pologne et la Hongrie) et les pays du groupe des «civets» (Colombie, Indonésie, Vietnam, Egypte, Turquie et Afrique du Sud), rapporte Money Marketing.Tous ces véhicules devraient être lancés d’ici à la fin de l’année.
Fonds
28/06/2011
Fonds

La dette grecque déprime la collecte de l'obligataire à haut rendement

Les inquiétudes suscitées par la dette grecque ont entraîné une décollecte nette de 3,5 milliards de dollars sur les fonds d’obligations à haut rendement durant la semaine au 22 juin, selon les estimations d’EPFR Global. Les fonds obligataires européens ont également subi une forte décollecte alors que parmi les neuf catégories de fonds actions, une seule («global emerging market equity funds») a enregistré des souscriptions nettes durant la semaine sous revue.Dans leur ensemble, en chiffres, les fonds obligataires ont affiché une décollecte nette de 583 millions de dollars, les fonds actions de 3,32 milliards de dollars et les fonds monétaires de 7,3 milliards de dollars. Les fonds dédiés aux actions américaines ont subi de «modestes» rachats durant la semaine sous revue mais depuis le début de l’année, ces fonds affichent une collecte nette de 27,5 milliards de dollars. A noter aussi que les fonds d’obligations indexées sur l’inflation enregistrent depuis le début de l’année une collecte nette de plus de 7 milliards de dollars.
Fonds
28/06/2011
Gestion d'actifs

La MNH a fait progresser son portefeuille de 10% sur les obligations notées A

« En raison de la nouvelle règlementation, notre portefeuille d’investissement a évolué à 75% de AAA ou A+ avec 25% en corporate B+ mais comme cette nouvelle répartition correspondait aussi à notre façon de penser nos investissements, ce n'était pas un effort », admet Fabrice Ackermann, directeur des affaires financières à la MNH. Pour investir dans les obligations d’Etat comme le suggère implicitement Solvency 2 car elles sont moins gourmandes en fonds propres, la mutuelle est restée sur la zone euro tout en évitant de prendre trop de risque avec des emprunts d’Etat grecs ou portugais. La stratégie de la Mutuelle est avant tout sécuritaire et la règlementation n’a pas changé sa politique d’investissement mais comme elle intègre le risque de marché, de concentration et de liquidité, elle a permis un renforcement de sa gestion des risques. La MNH a essayé de mettre en place en interne, et suivant les décisions de ses élus, un système de remontée d’information sur le risque pris. Ainsi, le reporting vis-à-vis du portefeuille de placements a été modifié afin que les élus aient conscience des niveaux de risques pris et des marges de man??uvre possibles sur chaque classe d’actifs. « Au niveau des placements, nous avons renforcé la notation AAA et A, précise Fabrice Ackermann. Nous sommes ainsi passé de 70% à 80% pour la notation A, et sur ces trois dernières années, on a progressé de 10% sur le A en arbitrant essentiellement sur du corporate ». Ensuite, la Mutuelle a arbitré sur son portefeuille action pour le ramener à un niveau de 10% de son portefeuille global.
Gestion d'actifs
28/06/2011

BNPP SS launches a master-feeder fund structure compliant with UCITS IV standards

On 27 June, BNP Paribas Securities Services (BNPP SS) announced that its AlphaSuite range of services for asset managers is being enlarged with what it says is the first solution compliant with the UCITS IV directive on the market for master-feeder funds.The unique quality of the offering is that it includes fund administration and global custody, while depository banking and reporting functions are offered free of charge to feeder funds “in certain circumstances.”BNPP SS states that it is in a position to provide its services to nearly all European countries, regardless of the combination of master and feeder funds.According to a statement, the solution provided by BNPP SS offers asset managers a 360-degree view in the master, providing a consolidated image of each fund, while automated trading for funds reduces the number of manual interventions needed on the part of asset managers.
28/06/2011

State Street wins a mandate from F&C

The US group State Street on 27 June announced that it has been appointed by F&C Asset Management (F&C) to provide middle office outsourcing services, on about GBP106bn in assets. State Street will provide services for the global operations of F&C and its affiliate Thames River Capital, including services for investment operations, securities custody, fund accounting, administrative services, securities lending, and clearance services, the latter of which will be provided by IFDS, a joint venture of State Street and DST Systems. Under the agreement, 102 employees of F&C in London and Edinburgh will be transferred to State Street. State Street provides middle office services on over USD7.1trn in assets for clients worldwide.
28/06/2011

New fund classification will come into force in September

On Monday, the text of a modification to the 1/2009 circular from the Spanish securities commission (CNMV) concerning the various categories of funds was published in the Spanish official gazette, the Boletín Oficial del Estado (BOE), Expansión reports. The new fund typology will come into force in two months’ time, and will transpose the standards of the CESR, now ESMA, into Spanish law, in order to better protect investors by providing clearer information, particularly in the area of money market funds (short-term money market funds on the one hand, and simple money market funds, which operate in a less restricted environment, on the other), and introducing several technical improvements.
28/06/2011

SIG concentrates its product range

Skandia Investment Group (SIG) on 27 June announced that, having received permission from extraordinary shareholders’ meetings on 20 June, the Skandia Strategic Bond Fund (EUR140m) will on 30 June absorb two smaller funds, the Skandia Global Fixed Interest Blend Fund and the Skandia UK Fixed Interest Blend Fund. Shareholders in the latter two products will receive a reduced commission of 0.8%, instead of 1.25%, for the fund into which they are to be absorbed. The Skandia UK Equity Blend Fund will also be absorbed into the Skandia UK Best Ideas Fund. The objectives of the two funds are very similar, and the management commissions are the same (1.5%).
28/06/2011

Chinese family acquires funds from SAB Capital, S. Jones

One of the richest families in China will acquire funds from the alternative management firm RAB Capital, which has been obliged to abandon listing of the funds on the British AIM market in order to meet redemption demands from investors. The Sunwah group, which is owned by the Hong Kong-based Choi family, will acquire the Energy and Octane funds from RAB Capital, the Financial Times reports. The Chinese group is planning to set up a London-based hedge fund activity, which may represent assets of over USD1.5bn by the end of the year. Funds from RAB Capital, totalling about USD300m, are already set to receive additional support of USD250m from a Singapore investors in the next few weeks.
28/06/2011

Clayton Dubilier & Rice eyes Hartford mutual funds

Agefi relays reports by Bloomberg that Clayton Dubilier & Rice, the private equity firm, is one of the candidates to acquire the mutual fund activities of the Hartford Financial Services Group. The identity of the winning bidder will not be known for several weeks for the deal, which is expected to total about USD1.5bn, the newspaper reports.
28/06/2011

First Trust launches its 60th ETF

The hedge fund management firm First Trust Advisors, based in Wheaton, Illinois, has announced that on 6 July it will launch the First Trust ISE Cloud Computing Index Fund (acronym SKYY on NASDAQ), its 60th ETF, which received notification of its registration with the SEC on 20 April. The fund, which replicates the ISE Cloud Computing Index, is managed by a committee of six managers, led by Robert Casey, vice president & CEO. Management commission is set at 0.60%.
28/06/2011

Funds control only 5.6% of Ibex companies

According to a report from Bolsas y Mercados Españoles (BME), the percentage of capital in Spanish companies held by foreign investors as of the end of 2010 had fallen to 39.2%, compared with 40.1% one year earlier, Cinco Días reports. The decline is significant in the financial sector. The percentage of capital in Ibex companies held by banks had fallen to 4.6% as of the end of December, compared with 9.4% as of the end of 2007. The percentage of shares in Ibex businesses held by investment funds and Sicavs has fallen to 5.6%, compared with 7.2% as of the end of 2006.
28/06/2011

Cyril Moullé-Berteaux returns to Morgan Stanley Investment Management

The replacement for Henry McVey as head of the global asset allocation team at Morgan Stanley Investment Management (MSIM) will be Cyril Moullé-Berteaux, who had been a founding member of the multi-strategy alternative management firm Traxis Partners in 2003 with Barton Biggs, former CEO of MSIM. Moullé-Berteaux had served in various roles at MSIM (USD284bn in assets as of the end of March) from 1995 to 2003, including head of the asset allocation team and head of asset allocation research. Moullé-Berteaux, who will be in charge of asset allocation in the long-only universe, will report to Ruchir Sharma, head of emerging market equity. Sharma will continue to head up the emerging markets equities team, and will supervise global macro strategy. MSIM states that the recruitment of Moullé-Berteaux is the second recruitment this year of a former employee of the firm. In February, the firm re-hires Ashutish Sinha as managing director and senior portfolio manager in the global emerging markets team. He will continue to be based in Singapore, where he had been one of the founders of the alternative management firm Amoeba Capital Partners. He announced eight months ago that he was planning to take a sabbatical (see Newsmanagers of 11 October 2010).
28/06/2011

Philippe Lecomte élu président de SOS Sahel International France

Le Conseil d’administration de l’ONG SOS Sahel International France a annoncé le 27 juin l'élection à la présidence de son bureau de Philippe Lecomte, directeur général de Schroders France. Philippe Lecomte succède à Marc Francioli, 67 ans, qui présidait l’ONG depuis 12 ans. Créée après les grandes sècheresses de 1973, SOS Sahel International France conduit depuis 35 ans des actions de développement en milieu rural avec ses partenaires sahéliens dans une stratégie intégrant aujourd’hui la production, la distribution et la commercialisation. Philippe Lecomte est impliqué depuis plusieurs années aux côtés de SOS Sahel, à la fois à titre personnel et en tant que Directeur général de Schroders France.
28/06/2011

Robeco Gestions adds to board

Robeco Gestions, which is now the sole representative of the Dutch group in France, following the sale of Banque Robeco to Oddo et Cie in late March, on 27 June announced that it has added to its board and its sales team, “in order to pursue its ambitious objectives.”In addition to Philippe Sabbah, who will join Robeco Gestions this summer as CEO and board member to contribute to commercial development at the management firm (Newsmanagers of 27 June), François Bertrand has been appointed as secretary general and board member in charge of support functions. Since 2007, Bertrand has participated in several transverse missions and strategic or organisational projects at Robeco France, including demutualisation of common services between the bank and the management firm in 2010-2011.While continuing to offer an innovative range of products in several asset classes, Robeco Gestions has ambitions to increase its market share and to make its range of areas of expertise better known to institutional investors, retirement planning institutions, financial institutions (insurers and banks), private banks, management firms, and corporate clients.The addition to the sales team will allow the firm to address these challenges. With the recent arrival of 3 sales team members, and the forthcoming arrival of Sabbah, Robeco Gestions is structured to respond in a personalised manner to French institutional investors.Robeco Gestions has 30 employees of whom 5 are managers, and nearly EUR5bn in assets under management and/or distribution.
28/06/2011

Frank J. Fabozzi joins EDHEC-Risk Institute

From 1 August, professor Frank J. Fabozzi will join the EDHEC-Risk Institute, where he will work with professor Lionel Martellini, scientific director of the institute, to develop the EDHEC-Risk Institute North America. Professor Fabozzi will supervise dissertations of candidates to the EDHEC-Risk Institute PhD in finance, an educational opportunity open to practitioners in the sector.
28/06/2011

Neuflize OBC Investissements recruits an equities manager

Neuflize OBC Investissements has recruited Vincent Rennella as manager of the NOBC Europe Long / Short fund. Rennella, who joined the absolute return management team at the firm on 10 June 2011, will take over management of the NOBC Europe Long / Short fund from 1 July. In addition to direct management of mutual funds, he will contribute his exertise in the area of financial analysis for equities markets and market risk analysis to the team, a statement says. Rennella, 38, in 2005 was a portfolio manager at the London-based hedge fund Odey Asset Management, with Michelel Ragazzi and Crispin Odey. In 2008, he joined the prop-trading division of Exane S.A. In 2009, Rennella participated in the creation of Orchidee Finance, with Daniel Larroutrou, who he met in 2004 at ING France.
28/06/2011

BlackRock recuits in Germany

From 1 July, the European bond management team at BlackRock in Munich will be sized up, alongside the existing team in London. In additon, Michael Krautzberger will be promoted to CIO and board member at BlackRock Asset Management Deutschland AG. He will continue to be responsible for European bond activities, as principal portfolio manager, and will continue to direct the bond team in London.Krautzberger joined Merrill Lynch Investment Managers (MLIM), which was acquired in 2006 by BlackRock, in 2005. He is a member of the leadership committee for Europe, the Middle East and Africa.
28/06/2011

Jens Wilhelm takes over as head of real estate in Union Investment leadership team

From 30 June, Wolfgang Mansfeld, who had served as president of the German BVI association of asset management firms, among other positions, will be retiring, and leaving his job as head of the real estate unit at Union Investment, the central asset management firm for the German co-operative banks. From 1 July, he will be replaced by Jens Wilhelm, who on 20 June was appointed as chairman of the supervisory board at Union Investment Real Estate (UIRE). The real estate operation of Union Investment has assets of EUR19bn, of which EUR16bn are for open-ended funds from UIRE, and EUR3bn at Union Investment Institutional Property.Jens Wilhelm, who joined from Dresdner Bank in 2002, was previously head of portfolio management for the Union Asset Management Holding group (EUR176bn), after serving as head of equity funds at Union Investment Privatfonds.
28/06/2011

BNP Paribas plans to scale up asset management in Germany

In an interview with the Börsen-Zeitung, Jacques d’Estais, head of the investment solutions division at BNP Paribas, says that the group is now planning to scale up its asset management operations in Germany, now that the Fortis integration has been a success. He sees room for growth in this market, and marketing activities will be intensified.
28/06/2011

Institutional investors to intensify investments in infrastructure

The German agency Kommalpha in May undertook a survey of 121 institutional investors, 33% of whom were banks, and 20% wealth managers, about their investments in infrastructure. The survey finds primarily that 87% of respondents consider outlooks for returns from this asset class “good” to “very good,” although 59% estimate that there is high risk. While 29% of respondents are already invested in infrastructure, 61% are planning to invest in the future. Among those who have already invested in infrastructure, half had already allocated up to 2.5% of their total portfolio, with the asset class primarily used for diversification, the reason cited by 74% of respondents. But institutionals also like the stability of cash flows (cited by 70%), and the transparency of cost structures (cited by 52%). Sectors preferred by specialists surveyed include energy (81%), transport logistics (65%), and communications (63%). The preferred geographical regions are western Europe (64%), Asia (48%), and eastern Europe (44%). The most attractive countries are India (78%), China (57%), Brazil (46%), and Turkey (43%).
28/06/2011

SGSS offers KIID service in all European languages

Société Générale Securities Services (SGSS) on 27 June announced that it is now offering production of Key Investor Information Documents (KIID) in all European languages for management firms. SGSS thus extends its range of KIID services, launched in November 2010, which allow management firms to meet the requirements of the UCITS IV directive, which requires them to replace the simplified prospectus with the KIID by 1 July 2011. The modular range from SGSS is centred around the services described below, and allows asset management business clients to select from among the services on offer, from partial responsibility to complete outsourcing of production and distribution of KIID documents. The KIID range from SGSS, which has already been adopted by major asset management business clients, includes the following services: content creation, such as presentation of the investment policy in updated language, calculation of various indicators, such as the risk indicator, presentation of past performance, and calculation of current management fees. The offer also includes management, formatting and distribution of KIID documents in all European languages: these documents are produced by experienced teams such as asset servicing, legal, graphic design, translation, quality control and distribution, via a robust technical platform, which is designed to handle large volumes.
28/06/2011

Banca IMI gives a new dimension to Epsilon

Eurizon Capital (EUR170bn in assets as of the end of first quarter) has opened 49% of its affiliate Epsilon to the investment bank Banca IMI, which like Eurizon is a directly-owned affiliate of the Intesa Sanpaolo group.The cooperation at the joint venture will result in the creation of a new range of Epsilon products, which adds to active initial quantitative asset management new forms of capital protected at maturity and volatility limitation. Nicola Doninelli, chairman at Epsilon, has hinted to the local press that the firm will restart the launch of ETF funds, a segment which Eurizon abandoned in 2009.
28/06/2011

Union launches an institutional fund focused on shopping centres

More than EUR300m in investment commitments have already been received by Union Investment for its new institutional fund UII Shopping Nr. 1, a real estate product which will invest up to EUR750m, with 30% to 40% leverage, in shopping centres measuring over 25,000 square metres. Each investment will be for at least EUR90m. The new fund will mostly focus on core Euro zone markets: Germany, France, Belgium, Italy, the Netherlands, and Austria. The manager will complement these with assets located in Poland and the Czech Republic.
28/06/2011

Ossiam Lux launches four ETFs in Frankfurt

Since 27 June, five ETFs from Ossiam Lux have been added to trading on the XTF segment of the Xetra electronic platform from Deutsche Börse. The Natixis affiliate has listed two equities products replicating equally-weighted indices (see Newsmanagers of 27 June): Ossiam ETF STOXX® EUROPE 600 equal weight NR (LU0599613147, with fees of 0.35%) and Ossiam ETF EURO STOXX 50® equal weight NR (LU0599613063, 0.30%).The management firm has also launched the following minimum variance funds (see Newsmanagers of 28 April): Ossiam ETF EURope Minimum Variance NR (LU0599612842, 0.65%) and Ossiam ETF US Minimum Variance NR denominated in euros (LU0599612685, 0.65%) and in US dollars (LU0599612412, 0.65%).The products will soon also receive a sales license for France, where Ossiam is planning to launch exclusive products as well.With the addition of these funds, the XTF segment now lists 816 ETFs.
28/06/2011

Schroders releases European Equity Focus fund in Germany

The European Equity Focus sub-fund of the Schroder ISF Sicav, launched on 3 March, which has assets as of 27 June of EUR5.17m (see Newsmanagers of 7 March) has received a sales license for Germany. The equities fund has no benchmark, and invests in 30-35 positions, specialised in European shares, including those which benefit from emerging markets, with headquarters in core EU countries, France, Europe, Scandinavia, and the Netherlands. The fund is managed by Rory Bateman, CIO for European equities (the team has EUR9bn in assets in 9 funds), who contributes his “best ideas” to the fund.CharacteristicsName: Schroder ISF European Equity FocusISIN code: LU0591897516Front-end fee: 5%Management commission: 1.50%Performance commission: 10%Minimal initial subscription: EUR1,000 or USD1,000

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