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30/05/2011

KBL Gestion recruits two new managers

KBL Richelieu Gestion announced on Friday, 27 May, that it has added to its management team with the arrival of Dominique Dequidt and Pascal Bernachon.Dequidt will co-manage the KBL Richelieu Europe fund with Nathalie Martin Pelras, and the KBL Richelieu France fund with Roland Fernet. For his part, Bernachon will manage the KBL Richelieu Flexible Sicav.Dequidt, 50, had been co-head of the European Small and Mid Caps Equities unit at Robeco Asset Management since 2007. For his part, Bernachon joined the KBC Richelieu private bank, the parent company of KBL Richelieu Gestion, in 2004, and there most recently served as director of mandated management, and then as a strategist.
30/05/2011

Generali Investments launches SRI selection method

Generali Investments, the management firm which manages the financial assets of the Generali Group, is launching an internal socially responsible investment (SRI) selection process. The method will initially be applied to three funds from Generali France, of which two are denominated in euros and one is unit-linked, with total assets of EUR6bn. The method will gradually be extended to the rest of the group. At the core of the method is a database known as S.A.R.A. (Sustainable Analysis of Responsible Asset), which monitors 465 European businesses. The businesses are filtered on the basis of extra-financial ratings on the basis of 34 analysis criteria (11 environmental, 11 internal social, 8 related to external social issues, and 4 related to governance), “for which we measure the financial and extra-financial impact over the mid and long term,” says Franca Perin, an ARI analyst, in a statement.
30/05/2011

SimCorp launches a website for regulatory compliance

The solutions provider SimCorp on 27 May announced the launch of a portal dedicated to bringing companies into compliance with international regulations, aimed at investment management professionals. With the updating of existing standards and the adoption of new regulations in Europe (IFRS 9, Solvency III, UCITS IV and the AIFM directive), and the Dodd-Franck law in the United States, investment management firms need to know what the best ways are of bringing themselves into compliance with the new requirements imposed on the sector, SimCorp says. To help financial institutions more easily measure the extend and the implications of all of the various regulations, SimCorp has brought together several information resources on the subject via a single dedicated portal. The compilation includes articles, online talks, videos, and links to websites in the sector. “Regulatory obligations are not negotiable,” Peter L. Ravn, CEO of SimCorp, says in a statement. “Investment management companies need to prepare to comply with them without considering it a burden, but rather an advantage to exploit to become more competitive.” SimCorp also offers investment management professionals a way to evaluate the impact of new regulations on their IT systems online. The results of the test will be sent as a personalised report, also containing advice on measures to consider for each regulation.
30/05/2011

Bankia Fondos created, with EUR7.4bn in assets

Bankia, the bank born of the merger of Caja Madrid, Bandaja, La Caja de Canarias, Caja Ávila, Caixa Laietana, Caja Segovia and Caja Rioja, at the end of last week announced the launch of the management firm Bankia Fondos, which will manage products from the management firms Gesmadrid (Caja Madrid), Bancaja and Caixa Laietana.The new firm has EUR7.4bn in assets, making it the fourth-largest Spanish asset manager, with a market share of over 5%, based on statistics from the Spanish Inverco association of asset management firms. The number of subscribers comes to about 350,000.In the next few months, Bankia Fondos will create a new range of fund products, which will carry the Bankia brand name. Bankia will be depository for the funds, instead of Caja Madrid, Bancaja and Caixa Laietana.
30/05/2011

Man Group builds staff in Hong Kong

Man Group on 27 May announced that it has doubled its personnel in Hong Kong, in its quantitative managed futures activity at AHL, making it one of the largest CTA to create an autonomous trading activity in Hong Kong. The team is being enlarged from five to eleven, and the new Hong Kong trading platform will cover 49 Asian markets. Man Group has been present in Hong Kong since 1995, and has three other offices in the Asia-Pacific region, in Singapore, Tokyo, and Sydney. Currently, 25% of international assets under management at Man Group are in the Asian region. As of 26 May 2011, assets under management at AHL, which has offices in London and Oxford as well as Hong Kong, totalled USD22.7bn.
30/05/2011

UFG-LFP releases Delff Euro High Return fund in Spain

The CNMV on 24 May issued a license for the Luxembourg-registered LFP Opportunity sicav, and for B (capitalisation) shares in the Delff Euro High Return (LU0306489781), a sub-fund of the Sicav. The fund, specialised in high-yield bonds on the European market, will be available in Spain from Banco Inversis.
30/05/2011

Ahorro Corporación liquidates its fund of hedge funds

In a notification to the CNMV dates 25 May, the management firm Ahorro Corporación Gestión has announced that in agreement with the Spanish confederation of savings banks (the depository), it has decided to liquidate the fund of hedge funds Ahorro Corporación Alpha Multiestrategia, whose assets totalled only EUR4m as of the end of February. Funds People reports that the product earned 18% since its launch in 2007, with annual volatility of 5.25%.
30/05/2011

BlueCrest makes its debut on Spanish market

The alternative management firm BlueCrest Capital Management on 13 May registered the Strategic Bond sub-fund of its Luxembourg Sicav Alignment Global Fund for sale in Spain. The product will be available in Spain from RBC Dexia Investor Services España. It is the first fund from BlueCrest to be available in the country.
30/05/2011

Deutsche Bank launches a Rhodium ETC

Among the 12 products admitted to trading on the Xetra electronic trading platform from Deutsche Börse on May 27 is the DB Physical Rhodium ETC Euro (DE000A1KJHG8), which charges fees of 0.95% and replicates the evolution of Rhodium prices in euros. An equivalent product denominated in US dollars is available on the London Stock Exchange (LSE). The product was launched by db ETC plc (Deutsche Bank). Each certificate corresponds to the price of a tenth of an ounce of the metal. It is a physical coverage ETC.
30/05/2011

Redemption freeze extended for Axa Immosolutions

Axa Investment Managers Deutschland has announced that it has extended the redemption freeze for its open-ended retail real estate fund Axa Immosolutions (ISIN: DE000A0J3GM1) for another year, from 25 May 2011. As of 30 April, gross liquidity in the fund, which is aimed primarily at institutional investors, was 13.3%, well below the expected volume of redemption demands, says Achim Gräfen, CEO of Axa IM Germany. Properties in the portfolio of the fund currently have a 98% occupancy rate.
30/05/2011

Investors remain on the defensive

Investors facing concerns related to Greek government debt and reduced growth on global markets have remained on the defensive in the week to 25 May. Equities funds saw outflows of USD9.25bn in the week under review, while bond funds saw inflows of USD4.53bn, according to statistics from EPFR Global. Money market funds attracted nearly USD8bn, as inflows to US funds largely compensated for outflows from European funds. Funds dedicated to emerging markets equities underwent their second consecutive week of redemptions, meaning that since the beginning of the year, net outflows have totalled USD8.6bn.
30/05/2011

Fund of hedge fund managers adjust their strategies

In the past twelve months, assets in hedge funds overall have increased at twice the rate of funds of hedge funds, largely because major institutional investors are increasingly tending to make their investments directly, Randal Goldsmith, a principal analyst at S&P Fund Services, finds.The phenomenon is leading a growing number of hedge fund management firms to reformat their product ranges in order to aim more precisely at small institutional or retail investors, who are increasingly moving toward this type of diversification. The French firm HDF is an example: it has lowered the minimal subscription level to make its products more accessible. Permal has also made major efforts to transform its portfolios into managed accounts.The most recent industry report from S&P Fund Services finds that most managers asked about the most promising strategies now are expecting a much wider diversification to come in the area of equities, in order to optimise generation of outperformance. But that is not yet being seen on the ground. Several fund of hedge fund managers like GAM, HDF and Olympia have reduced their allocations to hedge fund managers who practice low beta or market neutral strategies, and have instead invested in beta flexible managers. The complete study is available at www.fundsinsights.com.
30/05/2011

BlackRock recruits a head from Fidelity

The director of marketing at Fidelity International for Austria, Nicky Schada, is joining BlackRock in London to become co-head of retail marketing for Germany and Austria.
30/05/2011

BlackRock critical of commissions charged by banks on IPOs

The Financial Times reports that the BlackRock group, the largest investor on British stock markets, last week sent a letter to the major investment banks to denounce their “increasingly aggressive” approach to commissions on initial public offerings. BlackRock says that commissions are structured in such a way as to maximise revenues on the first day of trading, without regard to the long-term success of the offering.
30/05/2011

CSSF suspends trading of Dexia shares

In a statement, the Luxembourg financial sector surveillance commission (CSSF) announced on Friday, 27 May that it has been informed by the Belgian regulator, the financial services and markets authority (FSMA), that shares in Dexia (BE0003796134) and derivatives thereof have been suspended from trading on Euronext Brussels from 27 May at 10:32 AM, in advance of a forthcoming press statement, the Luxembourg regulator says. The notification came according to article 9 (3) of the financial market instruments law of 13 July 2007, which requires that financial instruments be suspended from trading on the regulated Luxembourg market until the market has been duly informed.
30/05/2011

La Berd va élargir son mandat aux pays arabes

Le G8 a accouché d’un chiffre destiné à marquer les esprits: 40 milliards de dollars. C’est le montant de l’aide que les chefs d’Etat réunis à Deauville ont décidé vendredi de consacrer à l’Egypte et à la Tunisie sur la période 2011-2013. La moitié sera prêtée par les banques multilatérales, et reprend en partie des promesses déjà faites. La Berd, qui a demandé à ses actionnaires d'élargir son mandat à l’Afrique du Nord, pourrait ainsi prêter 3 milliards de dollars par an jusqu’en 2015 aux deux pays arabes, contre 9 milliards d’euros aujourd’hui pour l’ex-bloc de l’Est. La BEI contribuera à hauteur de 3,5 milliards. La Banque mondiale avait déjà indiqué qu’elle pourrait débloquer 4,5 milliards pour l’Egypte et 1 pour la Tunise, en sus des programmes déjà lancés. L’Agence française de développement prêtera 1,1 milliard. Sur les 20 autres milliards, la moitié proviendra de prêts bilatéraux (dont 1,075 milliard pour la France) et l’autre des pays du Golfe à travers un fonds dédié.
30/05/2011

LCH.Clearnet suscite la convoitise

La chambre de compensation a reconnu avoir reçu des «propositions diverses» de la part de bourses intéressées par un rapprochement. Selon le FT, Nyse Euronext, le LSE, qui a toutefois démenti, et Nasdaq OMX ont présenté des offres s'étalant de 350 millions à un milliard d’euros.

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