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23/05/2011

All hedge fund strategies continue positive momentum in April

In the month of April, in a context of rising equities and commodities markets coupled with strong gains for the US dollar, all hedge find strategies posted gains, according to statistics from the Edhec Risk Institute. The best results were for CTA Global strategies, which gained 3.82%. However, convertibles arbitrage strategies saw some difficulties, despite good results for convertible bonds (2.68%), and finished the month with modest gains of 0.12%. Equity Market Neutral strategies earned returns of 0.97%, while all equities strategies posted good results, such as event-driven, with +1.19%, and long/.short equity, with +1.35%.
23/05/2011

Investors still seeking refuge

Appetite for risk has continued to diminish over the week to 18 May, as investors were confronted with not particularly encouraging macroeconomic data, a rise in speculation about a potential restructuring of Greek debt, and the forthcoming end to the Federal Reserve’s quantitative easing programme. According to the most recent statistics from EPFR Global, equities funds have seen a net outflow of USD7.07bn in the third week of May, while outflows from emerging markets equities funds totalled USD1.64bn. However, bond funds posted a net inflows of USD4.59bn Since the beginning of the year, inflows to bond funds invested in emerging markets posted a net inflow of USD7.9bn. Inflows to US bond funds have totalled USD28.4bn since the beginning of the year, while international bond funds have taken on USD24.5bn, and funds dedicated to high yield bonds have seen inflows of USD22.1bn. However, US municipal bond funds have seen outflows of more than USD25bn since the beginning of the year, and European bond funds have seen outflows of nearly USD13bn.
23/05/2011

Assets under administration at BNY Mellon AIS total over USD400bn

The hedge fund services provider BNY Mellon Alternative Investment Services (AIS) has announced that its assets under administration have topped USD400bn, making it one of the top actors in the sector. Since 2008, BNY Mellon AIS has doubled its assets under administration, largely due to the acquisition of the Global Investment Servicing unit in July 2010. In addition to its assets under administration, assets under custody at the firm total over USD120bn.
23/05/2011

Ibercaja launches a performance-oriented bond fund

Ibercaja Gestión on 24 March launched a “expected performance” bond fund, which is described as an intermediate solutions between a guaranteed fund and a savings deposit. The product, Ibercaja Renta Fija 2014 – 2, matures on 29 December 2014. It aims for annualised performance of 3.25% to 3.50%.The portfolio will be invested in bonds rated at least A- by S&P or the equivalent, but may be up to 40% invested in BBB+/BBB- rated shares, and may allocate a maximum of 3% of its assets to bonds with a rating of less than BBB-, or which are not rated. The average duration for the portfolio will initially be less than 3.5 years. All securities will be retained until maturity.The fund will be available until 30 July with no front-end fee.CharacteristicsName: Ibercaja Renta Fija 2014 – 2ISIN code: ES0147049003Front-end fee: 0.5%, from 30 July 2011Management commission: 0.95%Depository banking commission: 0.1%Early withdrawal penalty: 1.5%, from 30 July 2011
23/05/2011

Hamburg stock exchange admits db ImmoFlex fund to trading

On 18 May, the Hamburg stock exchange has announced that a freeze on subscriptions and redemptions for the open-ended real estate fund of funds DB ImmoFlex, announced by DWS Investment, has led to shares in the product being admitted to trading on its platform. The stock market business, which operates the Hamburg and Hanover stock markets, adds that all German open-ended real estate funds and funds of funds which are currently subject to freezes are admitted to trading on its markets.
23/05/2011

Fidelity launches two bond funds

Fidelity International is now offering those German investors who tend to be more prudent and conservative the Fidelity Global Strategic Bond Fund, which covers all bond segments (investment grade corporate bonds, high yield bonds, government bonds, inflation-linked bonds, and emerging markets bonds). The fund, denominated in euros and registered in Luxembourg, has received a German sales license from BaFin.Fidelity Germany on 20 May also announced that it has released the Fidelity Asian Bond Fund (in USD), which is aimed at clients who are less hesitant to take risks, and who are seeking to participate in Asian growth.Assets in Asia-Pacific (ex Japan) managed by Fidelity as of the end of December totalled USD55.7bn.CharacteristicsName: Fidelity Global Strategic Bond FundISIN codes: Distribution share class: LU0594301060Capitalisation share class: LU0594300682Manager: Andy WeirBenchmark index: Barlcaus Capital Global Aggregate Bond IndexFront-end fee: 3.5%Management commission: 1.15%Name: Fidelity Asian Bond FundISIN code: capitalisation share class: LU0605512275Manager: Bryan CollinsBenchmark index: BofA/Merrill Lynch Asian Dollar Investment Grade Index (ADIG)Front-end fee: 3.5%Management commission: 0.75%
23/05/2011

“To ease the risks inherent in the sovereign debt crisis, the market is selling us diversification”

Jean-Rémy Roulet, who is both president of the Groupement des Institutions de Prévoyance in Switzerland, a group of Swiss pension funds, and the head of a pension fund, talks with Newsmanagers about the way that institutional investors' capital is managed in Switzerland, and the natural internationalisation of their investments. The president and head would like to be able to bring asset managers at the various management firms face to face with a global investment universe.
23/05/2011

Performance of social security fund falls sharply

In an environment in which the CSI 300 equities market has lost 12.5%, the portfolio of the Chinese social security fund (NCSSF) earned 4.23% in 2010, compared with 16.12% in 2009. These results are better than the 3.3% gains for the consumer price index, Z-Ben Advisors reports, due to mandates for foreign investments, bonds, and cash.Assets increased in one year to CNY856.7bn as of the end of December, compared with CNY776.7bn one year previously of which 41.1% is in the form of mandates (compared with 46.6%), and CNY497.8bn in direct investments. A 10.2% increase in assets under management is due to performance of 4.23% on the one hand, and to capital injections and transfers from the Ministry of Finance and state-owned enterprises, on the other.
23/05/2011

Palaedino AM launches a currency fund

Palaedino Asset Management, an asset management firm created by a Geneva-based family office that manages CHF1.1bn in assets, is launching the Axiom Global Currency fund, a sub-fund of its UCITS III-compliant Luxembourg Sicav, with the objective of diversifying money market risks. The fund replicates the PAM Hard Currency Index, an investable index created by the Swiss firm in mid-December 2010, and composed of 25 currencies with strong potential for revaluation. “It aims to protect and preserve the global purchasing power of investors based in euros or dollars, in a context of monetary disorder, at a time when the dollar and euro are likely to depreciate against other currencies, Sandro Mauceri, one of the managers of the fund, along with Jérôme Berset and Christian Bado, explains. In order to be included in the index, currencies need to come from countries where the sovereign debt situation is viable in the long term, which are undervalued in terms of purchasing power parity, and which are enjoying an environment of strong growth potential, with the characteristics of a refuge investment. The euro and US dollar are not included in the index. Depending on their potential for appreciation, the various currencies are over- or underweighted in the index, which is revised every three months. The fund currently has assets of EUR50m, with the objective of raising a further EUR100m to EUR200m in the next few years. In France, the fund, like the other five products in the range, will be sold by the third-party marketing firm Compagnie Financière Jacques Cœur.
23/05/2011

Hedge fund chief accused of spying on her employees

One of the wealthiest women in Europe, Elena Ambrosiadou, has been accused of spying on the top employees at her hedge fund, Ikos, including her husband, Martin Coward, according to a lawsuit viewed by the Financial Times on Friday. The fund’s manager, Sam Gover, and the research team at Ikos, were fired by the businesswomen on 23 December 2008. In the lawsuit, Gover claims that his former employer hired an agent to infiltrate his private life.
23/05/2011

Recruitments at Pictet

With the arrival of Sébastien Thomas, (ex Invest AM, ex Olympia Capital Management), the Paris office of Pictet & Cie Europe is now planning to offer its clients additional services, with the addition of an interlocutor in a position to inform them about the asset allocation sentiment of teams at Pictet Asset Management in Geneva.A second recruitment has also been finalised, which will bring an addition to the Paris sales staff in July.
23/05/2011

FSI seeking a new independent trustee

The team of trustees who have been working to create France’s Strategic Investment Fund (FSI) since its inception in November 2008 have nearly completed their mission, Les Echos reports. The seven members of the board of directors of the CDC affiliate, which inherited a three-year renewable civil mandate, will meet on 31 May to prepare for the future. Fresh terms for the two representatives of the CDC on the one hand, and of the government on the other, do not appear to be in doubt. The two independent administrators, Patricia Barbizet, CEO of Artémis, the financial holding company for the assets of François Pinault, and Denis Kessler, chairman and CEO of the reinsurer SCOR, have expressed their intention to continue to assist in the development of the FSI. However, Xavier Fontanet, currently chairman of Essilor, will not be standing for another term.
23/05/2011

US Senate investigates SAC Capital

The US Senator Charles Grassley, a Republican from Iowa and head of the Senate judiciary committee, is investigating 20 cases over the past decade in which the Financial Industry Regulatory Authority (FINRA) suspects the alternative management firm SAC Capital of making trades on options on the basis of insider information, the Wall Street Journal reports. The transactions concerned companies in the healthcare sector. Neither SAC Capital, nor its CEO, Steven A. Cohen, have been accused of wrongdoing.The Senate investigators will study transactions made by SAC Capital, with the assistance of the SEC and the Department of Justice, sources familiar with the matter say. The investigations will also concern hedge fund management affiliates, such as CR Intrinsic Investors and Sigma Capital Management.
23/05/2011

F&C Commercial Property trust growing

The value of the F&C Commercial Property Trust increased by GBP12.98m in first quarter, the firm has announced in a statement. As of 31 March, the portfolio of the fund weighed in at GBP851.28m.
23/05/2011

Aviva Investors adds to corporate bond management team

Nancy Utterback (ex European Credit Management) and Alessandro Rovelli (ex Deutsche Bank) have been recruited as credit analysts in the corporate bonds team at Aviva Investors.Utterback will be in charge of completing the integration of the offshore research team based in Mumbai; she will be responsible for the credit research process, covering the TMT (telecom, media, and technology) and consumer sectors.Rovelli will be in charge of the industrial and utilities sectors.
23/05/2011

Xavier Rolet salue la décision de TMX

Le directeur général du London Stock Exchange (LSE) s’est félicité de la décision prise par l’opérateur boursier canadien TMX de rejeter la proposition de rachat formulée par un consortium canadien et de poursuivre avec son offre de 3 milliards de dollars. «Notre offre est solide et nous avons mis plus de six mois pour étudier les aspects juridiques et réglementaires avant d’annoncer notre proposition », a souligné Xavier Rolet à Reuters.
23/05/2011

L’horizon se dégage pour Yves de Chaisemartin

Contesté par son actionnaire de référence, Apax Partners, le PDG du groupe Altran devrait conserver la majorité des voix au conseil d’administration qui statuera sur son avenir. Selon le Journal du Dimanche, les nominations des trois nouveaux administrateurs qu’il proposait ont été acceptées. «Apax a donc renoncé à prendre le contrôle du conseil», écrit le journal.
23/05/2011

Les négociations se poursuivent en coulisses sur KEB

Hana Financial Group et Lone Star seraient disposés à poursuivre au-delà du 24 mai, date-limite qu’ils s’étaient fixés, les négociations portant sur des points de détail de l’acquisition par le groupe financier sud-coréen de la part majoritaire détenue par le fonds texan au capital de Korea Exchange Bank. Les autorités sud-coréennes ont repoussé le 12 mai une décision concernant l’approbation de cette transaction.
23/05/2011

La « finance de l'ombre » préoccupe Paris

Dans son discours de clôture des célébrations du centenaire de L’Agefi, Christine Lagarde a insisté sur le défi posé aux pays du G20 par le développement du «shadow banking». La ministre de l’Economie veut faire «la lumière» sur le secteur peu ou pas régulé.
23/05/2011

Bain Capital retire son offre sur des actifs d'Aviva

La société d’investissement aurait décidé de retirer son offre de rachat sur les activités routières d’Aviva, RAC, valorisées à un milliard de livres (1,15 milliard d’euros) selon le quotidien. En effet, Bain Capital aurait fait une offre inférieure à celles de ses concurrents, Carlyle, Clayton Dubilier & Rice et BC Partners, qui seraient toujours en course.

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