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22/10/2010

Muzinich releases ShortDurationHighYield fund in France

p { margin-bottom: 0.08in; } The Irish-registered fund ShortDurationHighYield (USD90m in assets), a sub-fund of the UCITS-compliant Sicav Muzinich Funds, on 27 August received a license from the AMF for sale in France (see Newsmanagers of 30 September), and has been available in France since 4 October. Shares hedged for several currencies other than the euro are available. Euro capitalisation shares – IE00B5BHGW80 / Euro R-class capitalisation shares – IE00B3MB7B14
22/10/2010

Real estate funds are airing out their portfolios

Currently, redemptions from open-ended real estate funds from Degi, KanAm, SEB, Credit Suisse, Morgan Stanley, TMW Pramerica, Axa Investment Managers and UBS, and funds of real estate funds from Allianz Global Investors, are frozen. More details will be known on 2 November as to how many of these funds will be able to survive their reopening, but it is of already clear that the KanAm US-grundinvest will be liquidated.Meanwhile, the BVI association of asset management firms on 21 October released statistics covering the period up to 30 June, which shows that managers are highly active in the management of their portfolios, and not only to sell properties to raise liquidity. In the period from 1 July 2009 to 30 June 2010, funds bought 70 properties, of which 43 were abroad, and sold 105, of which 65 were in Germany. The acquisitions were worth EUR4.6bn, of which EUR3.1bn was abroad, while sales totalled EUR3.2bn, of which EUR1.4bn were in Germany.In total, open-ended real estate funds own 1,630 properties with a volume of EUR96.4bn and 26.6 million square metres, of which 63.3% are office properties, and 20.3% are hotel and restaurant locations. The overall portfolio is 28.4% invested in Germany, 18.5% in France, and 10.2% in the United Kingdom.
22/10/2010

La Banque Postale controls 75% of Tocqueville Finance

p { margin-bottom: 0.08in; } Tocqueville Finance, which was taken over by La Banque Postale in 2009, is now 75% owned by La Banque Postale, up from 70% previously, Patrick Werner, chairman of the board at La Banque Postale, announced at a press conference on 21 October. But the increase in the size of the stake does not mean that La Banque Postale is eventually planning to take on all of the capital. The development is in fact related to the appointment of Jean-Philippe Thierry as vice president of the new prudential control authority (ACP), as he did not want to retain his 5% stake in the capital of the firm, in order to avoid potential conflicts of interest. Capital is now divided between La Banque Postale (75%), partners, and individual shareholders (20%, of which 15% belongs to Marc Tournier), and Tocqueville Asset Management (5%). “We are very pleased to have the management alongside us, and there is no question of increasing the stake to 100% of capital,” Werner said.
22/10/2010

Roche Brune Asset Management recruits Jean Echiffre

p { margin-bottom: 0.08in; } The independent portfolio management firm Roche-Brune Asset Management announced on Thursday, 21 October, that it has appointed Jean Echiffre as deputy CEO in charge of development, from 1 October 2010. Echiffre previously served as managing director of State Street GA France, before joining Roche-Brune Asset Management, an asset management firm created by Bruno fine and licensed by the AMF in 2004, in July 2010. “The firm is specialised in the management of portfolios of shares in publicly-traded or non-publicly traded businesses, using a Management Under Standardized Tools (M.U.S.T.®) approach, based on a proprietary system (M.U.S.T. 3.0), which combines a quantitative approach and qualitative analysis, derived from the methods of Capital Investment,” a statement says.
22/10/2010

La Banque Postale plans to develop its activities serving legal entities

“It is a major area for development,” says Jean-Luc Enguéhard, chairman of the board at La Banque Postale Asset Management (LBPAM), speaking of the engagement of La Banque Postale in services to legal entities. The activity, launched in spring 2008 with dedicated sales teams, which then represented at most 4% or 5% of assets under management, now accounts for about 20% of the total.La Banque Postale serves major institutional clients (of which it has over 250) either directly, or in response to calls for bids, with a dedicated team that has been in place since last year.
22/10/2010

Barings opens a representative office in Dubai

p { margin-bottom: 0.08in; } To meet growing demand from clients based in the Middle East, Baring Asset Management on 20 October officially opened a branch office in Dubai, after receiving a license from the Dubai International Financial Centre (DIFC). The structure is led by Nisarg Trivedi, head of sales and business development, who reports to Rob Lay, head of Europe, MENA & Alternatives. Trivedi was previously head of sales development at Bank Muscat Asset Management.
22/10/2010

Skandia IG awards a bond mandate to Fidelity

p { margin-bottom: 0.08in; } One of the largest single British mandates, with assets of GBP200m in bonds, previously managed by Royal London, has been awarded to the UK fixed income group at Fidelity by Skandia Investment Group (SIG). The mandate is for an allocation from the Skandia Corporate Bond Fund, which is part of the Signature single-manager fund range. According to Adam Smears, head of fixed income at SIG, Fidleity is a manager with more conviction, and has a better risk-adjusted track record. In addition, its strategy is more liquid.
22/10/2010

Global promotion for HSBC Switzerland CEO

p { margin-bottom: 0.08in; } Agefi Switzerland reports that Alexander Zeller is taking over as head of Private Banking for Europe, the Middle East and Africa (EMEA) in the Global Private Banking division of the HSBC group. His appointment to the newly-created position comes amidst a reshuffle of regional management positions in asset management at HSBC. Zeller will also retain his current double responsibilities. He is not only country manager for the HSBC group in Switzerland, but also CEO of the Swiss private bank of the group, HSBC Private Bank (Switzerland), based in Geneva. At HSBC Private Bank (Switzerland), he has since 21 October been assisted by Franco Morra, who becomes a member of the executive board and head of Private Banking. Morra previously worked at UBS, where his most recent position was CEO of UBS Switzerland and board member at the group. For the group, Desmond Liu becomes head of Private Banking for North Asea, and Nancie Dupier becomes head of Private Banking for South-East Asia. They replace Monica Wong, who is retiring.
22/10/2010

LGT-CP recruits a head from Man Group

p { margin-bottom: 0.08in; } Jaime Castán, head of hedge fund research and chairman of the manager board at Man Investments, has joined LGT Capital Partners in Pfäffikon, Switzerland, as co-head of the hedge fund investment team and head of research expertise centres.
22/10/2010

UBS appoints officers

p { margin-bottom: 0.08in; } UBS announced on Friday, 22 October that it has appointed Philip Lofts as Chief Executive Officer at UBS Gorup Americas, and Maureen Miskovic as Group Chief Risk Officer and board member at the group. Robert Wolf will remain as president of UBS Group Americas, and chairman of the Investment Bank. The three appointments take effect from 1 January 2011, a statement says. Lofts was appointed Group Chief Risk Officer in November 2008. Miskovic was until recently Chief Risk Officer at State Street Corporation and a member of the Operating Group at the firm, as well as chair of its Major Risk Committee. She was previously a member of the board of directors at State Street, after serving in different high-level positions at various financial establishments.
22/10/2010

Profits up at Janus

p { margin-bottom: 0.08in; } For third quarter 2010, Janus Capital Group has reported net profits of USD32.5m, compared with USD30.2m for second quarter, and USD8.2m for the corresponding period of last year. Operating margins totalled 23.4%, compared with 24.6% and 13%, respectively. As of 30 September, total assets under management came to USD160.8bn, compared with USD147.2bn three months earlier, and USD151.8bn as of the end of September 2009. The increase of USD13.6bn in AUM has resulted from a net market appreciation of USD16.5bn and net outflows of USD2.9bn for long-term funds.
22/10/2010

CalPERS appoints an executive officer

p { margin-bottom: 0.08in; } The California Public Employees’ Retirement System (CalPERS) on 21 October announced the appointment of Kathleen Billinglsley as its new assistant executive officer for health insurance. Billingsley, previously deputy director and secretary for health for the State of California, will be in charge of strategic planning for all health issues, and will also be in charge of managing the health insurance programmes. She will begin in her new role on 22 November.
22/10/2010

Increase in net profits at Raymond James Financial

p { margin-bottom: 0.08in; } For the fiscal year to 30 September, net profits at Raymond James Financial rose 49% to USD228.28m. Assets under administration as of the end of September totalled USD249bn, compared with USD223bn one year previously, of which USD30bn (excluding money market funds), compared with USD25.9bn, are in the hands of asset management firms of the group.
22/10/2010

Jackpot for a bearish fund

p { margin-bottom: 0.08in; } The Wall Street Journal reports that the global macro fund Pure Alpha from Bridgewater Associates has earned returns of 38% since the beginning of the year, while its smaller and more prudent sibling, All Weather, earned 23%. Bridgewater has made USD15bn this year on short bets on the US economy, and its assets now total USD86bn.
22/10/2010

Norwegian pension fund controls 2% of Telefónica

p { margin-bottom: 0.08in; } Cotizalia reports that the Norwegian Government Pension Fund – Global (GPFG), formerly known as the Oil Fund, has bought EUR1.77bn in shares in Telefónica, which represents 2% of the firm’s capital. As of the end of December, the firm controlled 1.7% of the Spanish operator, but it strongly reduced that position in first quarter. The GPFG nonetheless acquired EUR600m in Telefónica shares in third quarter.The largest institutional shareholders in Telefónica are now BBVA (6.9%), La Caixa (5%), BlackRock, BNP Paribas and Santander, with stakes of 2.5% to 3% each.
22/10/2010

Philippe Lespinard reappears at Schroders

Philippe Lespinard, who left Brevan Howard earlier this year, has joined Schroders in the newly-created position of chief investment officer (CIO) for fixed income. The appointment will be effective from 1 November 2010.Lespinard will be based in London, and will report to Karl Dasher, director of fixed income management at Schroders. He will be in charge of direct management of the global fixed income team, and will be chair of the global bond investment committee, which will oversee all portfolios. Bond activities at Schroders represent assets under management of about USD50bn (as of 30 June 2010).Before his time at Brevan Howard, as a partner and head of absolute return strategies from 2008, Lespinard was CIO of BNP Paribas Asset Management in Paris (2002-2006), and deputy CEO of Fisher, Francis Trees and Watts (2006-2008), an affiliate of BNP Paribas AM specialised in bonds.
22/10/2010

Assets at Henderson up despite redemptions

Assets under management at Henderson increased by 5% to GBP59.2bn in the period from 1 July 2010 to 30 September 2010. Favourable market and currency movements of GBP3.1 billion were partially offset by net outflows of GBP0.1 billion and the transfer of the GBP0.2 billion Henderson International Property Fund to Aviva Investors,.
22/10/2010

Most ethical companies suffered least during the crisis

Businesses which have high ratings for environmental, social and governance (ESG) issues suffered less than others during the crisis of 2008-2009, according to a study by State Street Global Advisors which will be published at the end of this year, which is cited in the firm’s “Vision Focus” report, dedicated to sustainable investment. The most recent research has also showed that the resistance of these businesses to the crisis increased over the same time that the market was in its heaviest decline.The Vision Focus study claims that the global financial crisis contributed to an increase in awareness of ESG issues, as it pointed to the need for “stricter conditions in terms of corporate governance and information requirements, in order to protect the interests of investors.” Chris McKnett, vice president in charge of sustainable investment at State Street Global Advisors, says “new attention to sustainability is in the process of changing the rules of the game for institutional investment. As investors are increasingly requiring that ESG issues be taken into account, businesses with a good ESG rating are likely to become more sought-after shares.”The SSgA study shows that growth in global population, climate change, and a series of other catalysts make sustainability “a substantial question, both for businesses and for investors.”ESG investment, previously considered a passing fad, is growing significantly at a time when global macroeconomic trends indicate that a “sustainability crisis” is taking hold worldwide, the study says. “many investors are requiring more ways to incorporate ESG into their portfolios, which is leading asset managers to improve their product ranges and services as a result,” SSgA notes.
22/10/2010

Fullgoal launches its first QDII fund

p { margin-bottom: 0.08in; } Fullgoal on 21 October announced that its first QDII fund, a fund of bond funds which invests in products from Pimco, BlackRock and Franklin Templeton, has raised CNY828m, more than the average for other QDII funds to date (CNY550m), Z-Ben Advisors reports. The operation follows the launch of the Harvest Hang Seng China Enterprise Index Fund, which attracted CNY1.08bn last month. Demand for local bond funds remains strong, with average net subscriptions of CNY3.1bn per product in September. Fullgoal, for its part, drew in CNY2.9bn for the Fullgoal Huili Classified Bond Fund.
22/10/2010

Seneca Capital s’oppose au rachat de Dynegy

Le fonds d’investissement, propriétaire de 9,3% du capital de Dynegy, a annoncé qu’il estimait que l’offre de rachat de 4,50 dollars par action faite par Blackstone valorisait les actifs de Dynegy à moins d’un tiers de leur coût de remplacement. Seneca Capital estime en effet que la valorisation reflète «un point bas temporaire» et pas la valeur intrinsèque du groupe.
22/10/2010

Collecte positive sur le Livret A et le LDD

La collecte du Livret A et du Livret de Développement Durable au titre du mois de septembre 2010 est positive de 0,12 milliard d’euros pour l’ensemble des réseaux, selon la Caisse des dépôts. Sur les neuf premiers mois de l’année, elle s’élève en cumulé à 5,07 milliards.
22/10/2010

La variété des performances au plus bas

Les tableaux ci-contre présentent les meilleures et plus mauvaises performances sur le marché des fonds actions américaines et le marché des fonds actions françaises au cours du mois de septembre 2010. Ces performances sont mises en perspective par le calcul de la volatilité et du ratio de Sharpe sur trois ans d’historique ainsi que du rendement depuis un an.
22/10/2010

Londres détaille sa taxe bancaire

Elle rapportera 2,5 milliards de livres par an. Les banques étrangères basées à Londres seront imposées, ce qui pourrait les exposer à une double imposition.
22/10/2010

Mauvais temps pour les « stock-pickeurs » aux Etats-Unis

Le graphique ci-contre compare les densités de probabilité des performances des actions américaines appartenant à l’indice S&P 500 en 2010 (42 semaines du 1er janvier au 15 octobre) et lors du rebond du marché de 2009 (42 semaines du 13 mars 2009 au 31 décembre 2009). Ces deux sous-périodes correspondent à des conditions de marché très différentes puisque la performance de l’indice S&P 500 est respectivement de 7,2% (2010) et de 50,0% sur ces deux périodes (2009).

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