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11/10/2010
Fonds

Apollo achèterait un portefeuille d'assurances-vie à KBC

Selon des proches du dossier, Apollo Global Management envisage d’acquérir un portefeuille de contrats d’assurance-vie au belge KBC Bank, rapporte The Wall Street Journal. Le capital-investisseur new-yorkais lève actuellement un fonds de 525 millions de dollars pour investir dans des life settlements (reventes par les titulaires de contrats d’assurances-vie à des tiers moyennant un paiement en numéraire).Les associés individuels d’Apollo envisageraient de contribuer pour 37,5 millions de dollars au fonds et le fonds de pension Oregon Public Employees Retirement Funda l’intention d’investir également, mais la négociation avec Apollo sur la structure des commissions n’est pas achevée.
Fonds
11/10/2010
Fonds

PowerShares liquide 10 ETF

Invesco PowerShares a annoncé le 8 octobre que le board of trustees de PowerShares Funds a approuvé le 5 octobre la liquidation de dix des ETF de la marque PowerShares. Ces fonds représentent moins de 1 % de l’encours total d’Invesco PowerShares (50 milliards de dollars). Le dernier jour de cotation sur le Nasdaq et sur la plate-forme Arca de NYSE Euronext sera le 14 décembre.Ben Fulton, managing director of global ETFs, a indiqué qu'à la suite d’une analyse des performances, de l’ancienneté sur le marché, de l’intérêt des investisseurs et du potentiel de croissance ultérieure, Invesco PowerShares a jugé qu’il est de l’intérêt bien compris des investisseurs de repositionner les ressources correspondantes sur des domaines dont il pense qu’ils intéresseront davantage les clients.Les ETF concernés sont les suivants :PowerShares Dynamic Healthcare Services Portfolio (PTJ)PowerShares Dynamic Telecommunications & Wireless Portfolio (PTE)PowerShares FTSE NASDAQ Small Cap Portfolio (PQSC)PowerShares FTSE RAFI Europe Portfolio (PEF)PowerShares FTSE RAFI Japan Portfolio (PJO)PowerShares Global Biotech Portfolio (PBTQ)PowerShares Global Progressive Transportation Portfolio (PTRP)PowerShares NASDAQ-100 BuyWrite Portfolio (PQBW)PowerShares NXQ Portfolio (PNXQ)et PowerShares Zacks Small Cap Portfolio (PZJ)
Fonds
11/10/2010
Fonds

La bataille des commissions sur les ETF profite aux petits investisseurs

L’utilisation croissance des ETF par les conseillers financiers va augmenter parce que les plates-formes réduisent et souvent suppriment simplement les frais sur ce type de produit, note The Wall Street Journal.TD Ameritrade Holding Corp est le dernier en date à avoir tiré une salve dans ce sens : vendredi, il a annoncé sa décision de proposer plus de 100 ETF sans commissions tant aux particuliers qu’aux conseillers qui utilisent ses plates-formes. Cette offre s’adresse aux investisseurs qui conservent les ETF pour au moins 30 jours.L’initiative de TD Ameritrade fait suite à celles de Charles Schwab, de E*Trade financial, de Fidelity Investment et de Vanguard.
Fonds
11/10/2010
Fonds

Nouveau segment dédié aux ETPs sur la Bourse suisse

Six Swiss Exchange a annoncé le 8 octobre la création prochaine d’un segment dédié aux Exchange Traded Products (ETPs). Le règlement complémentaire relatif à la cotation des Exchange Traded Products entrera en vigueur le 15 octobre 2010, et c’est en novembre que les premiers produits sont attendus sur ce nouveau segment de SIX Swiss Exchange, précise la Bourse suisse dans un communiqué.
Fonds
11/10/2010

ABN Amro va commercialiser des fonds Lyxor

Selon le Financial Times, la banque privée d’ABN Amro va entamer la commercialisation active de hedge funds de Lyxor à ses clients, représentant 150 milliards d’euros, dans le cadre d’un nouvel accord signé avec la société du groupe Société Générale. La banque compte commencer à conseiller à ses clients d’envisager à investir dans la gestion alternative.
11/10/2010
Fonds

Salus Alpha va lancer un fonds coordonné sur les actions asiatiques

Selon Hedgeweek, Salus Alpha envisage de lancer un fonds long/short sur les actions asiatiques au format Ucits au premier trimestre 2011. Le fonds devrait être constitué de 30 à 40 valeurs de moyennes à grandes capitalisations. Il devrait éviter toutes les sociétés liées à l’immobilier. Comme tous les autres fonds de Salus Alpha, le fonds sera domicilié en Autriche.
Fonds
11/10/2010
Fonds

Regain d'intérêt pour les fonds monétaires en août

Les fonds commercialisés en Europe ont enregistré en août le double de souscriptions nettes par rapport à juillet, à 49 milliards d’euros, selon les derniers chiffres de Lipper. Mais ce sont les fonds monétaires, avec 26 milliards d’euros, qui ont été le moteur de cette accélération. Malgré tout, la collecte des fonds obligataires est restée à un niveau élevé, à 16,2 milliards d’euros. De leur côté, les fonds actions ont engrangé 2,6 milliards d’euros, ce qui constitue un fort rebond par rapport au mois précédent, mais reste inférieur à la moyenne mensuelle de 2010. En outre, les ETF ont contribué à hauteur de 90 % de la collecte actions. Lipper note que ce sont les institutionnels qui en sont la cause, et qu’il y a des chances pour que cet argent ne reste pas longtemps sur ces produits vu la chute des marchés actions en août. Les marchés émergents ont encore une fois eu le vent en poupe, avec des souscriptions nettes de 3,2 milliards d’euros pour les fonds obligataires et 2,5 milliards pour les fonds actions. Depuis le début de l’année, les souscriptions nettes s’élèvent à 199 milliards d’euros (hors fonds monétaires). En août, Allianz/Pimco a été la société de gestion d’actifs qui a affiché les plus fortes souscriptions nettes avec 2,9 milliards d’euros, dont 85 % sur sa gamme obligataire. Cinq sociétés ont enregistré une collecte supérieure à 500 millions d’euros sur les actions; BlackRock arrive en tête avec 950 millions grâce à l’intérêt des investisseurs pour les ETF.
Fonds
11/10/2010

Singapore hedge fund Amoeba closes its doors

p { margin-bottom: 0.08in; } Asian Investor reports that the hedge fund Amoeba Capital Partners, launched in 2006, will be closing at the end of this year. Investors in the Amoeba Capital Asia fund will be reimbursed, the firm says. Ashutosh Sinha, one of the two founders of the fund, say that the closure is due to a decision to take time off.
11/10/2010

PowerShares liquidates 10 ETF funds

p { margin-bottom: 0.08in; } Invesco PowerShares on 8 October announced that the board of trustees at PowerShares Funds on 5 October approved the liquidation of 10 of its PowerShares branded ETF funds. The funds represent less than 1% of total assets at Invesco PowerShares (USD50bn). The last day of trading in Nasdaq and the Arca platform from NYSE Euronext for the funds will be 14 December. Ben Fulton, managing director of global ETFs, explains that following an analysis of performance, seniority on the market, investor interest and potential for future growth, Invesco PowerShares concluded that it was in the interest of investors to reposition the corresponding resources in areas which may be of more interest to clients. The ETFs concerned are the following:PowerShares Dynamic Healthcare Services Portfolio (PTJ)PowerShares Dynamic Telecommunications & Wireless Portfolio (PTE)PowerShares FTSE NASDAQ Small Cap Portfolio (PQSC)PowerShares FTSE RAFI Europe Portfolio (PEF)PowerShares FTSE RAFI Japan Portfolio (PJO)PowerShares Global Biotech Portfolio (PBTQ)PowerShares Global Progressive Transportation Portfolio (PTRP)PowerShares NASDAQ-100 BuyWrite Portfolio (PQBW)PowerShares NXQ Portfolio (PNXQ)and PowerShares Zacks Small Cap Portfolio (PZJ).
11/10/2010

ETF price war benefits small investors

p { margin-bottom: 0.08in; } The growing use of ETFs by independent financial advisers is set to further increase, as platforms reduce, and often simply waive fees for this type of product, the Wall Street Journal reports. TD Ameritrade Holding Corp has become the most recent management firm to launch a salvo in the price war: on Friday, it announced that it has decided to offer over 100 ETFs with no commissions, both for retail investors and financial advisers who use its platforms. The offer is valid for investors who remain invested in the funds for at least 30 days.TD Ameritrade’s initiative follows similar moves by Charles Schwab, E*Trade Financial, Fidelity Investment and Vanguard.
11/10/2010

Steps forward in AIFM directive talks

p { margin-bottom: 0.08in; } According to proposals by the Belgian EU presidency for the planned AIFM directive (see previous editions of Newsmanagers), obtained by Agefi, the European passport for external management firms would not be granted until at least 2014, pending approval by the ESMA. The deadline to open a single port of entry to the European market for foreign management firms or European managers of foreign funds would ultimately be set by the European Commission. In addition, the passport could be vetoed by the Council of Finance ministers of the 27 Eu member states, with a qualified majority vote. Until then, national legal frameworks would persist. However, the newspaper reports, citing a diplomatic source, the French government considers that the role granted to a centralised European authority under the proposals would remain “insufficient.”
11/10/2010

CEBS in favour of strict application of bonus rules

p { margin-bottom: 0.08in; } The Committee of European Banking Supervisors (CEBS) on 8 October published its recommendations for the application of European rules limiting bonuses for bankers, proposing a stricter interpretation of the rules than had been expected by the City. The 84-page document, which is open for consultation until 8 November, introduces much tighter limits than the G20 rules. Regulators are planning to require that the amount of bonuses be “proportional” to fixed salaries, that they be paid over a staggered three-year period, and that the paid portion of bonuses not exceed 50% of total payments, ad 30% of initial payments. The CEBS also says that the period of time over which bonus payments is to be staggered should be “further extended by management” at banks, and suggests a period of at least five years. The Committee also provides concrete examples of good governance, in which the initial cash payments are limited to 18% or 20%. Another suggestion of the Committee, undoubtedly the most controversial, is that all affiliates of European banking establishments, including those located outside the continent, should be subject to the rules. A public hearing on the matter, scheduled for 29 October in London, will likely be heated.
11/10/2010

HSBC launches a range of German-registered ETF funds

From 8 to 15 October, nine German-registered geographical ETFs from HSBC Global Asset Management will be admitted to trading on the XTF segment of the Xetra electronic platform. Other products based on country or sectoral indices are in preparation. Total expense ratios for the products range from 0.15% to 0.60%.The new funds are the following:HSBC EURO STOXX 50 ETF, DE000A1C0BB7HSBC FTSE 100 ETF, DE000A1C0BC5HSBC MSCI BRAZIL ETF, DE000A1C22N1HSBC MSCI EM FAR EAST ETF, DE000A1C22Q4HSBC MSCI EUROPE ETF, DE000A1C22L5HSBC MSCI JAPAN ETF, DE000A1C0BD3HSBC MSCI PACIFIC EX JAPAN, DE000A1C22P6 HSBC MSCI USA ETF DE000A1C22K7 and HSBC S&P 500 ETF DE000A1C22M3. The new funds mark the beginning of a major sales offensive by HSBC in Germany, where the group will also offer market-making services for third-party ETF providers. The new products are aimed at institutional as well as retail investors and private banks, says Heiner Weber, a member of the executive committee at HSBC Global Asset Management (Deutschland) GmbH. Lars Hofer, who jnoined HSBC in 1998, was appointed on 1 October as director of HSBC ETF and third-party ETF sales for Germany and Austria.
11/10/2010

Martin Weber's ETF pulls in EUR100m in assets without any promotion

p { margin-bottom: 0.08in; } Professor Martin Weber of the University of Mannheim, one of the pioneers of behavioural finance in Germany, launched the diversified ETF Arero – Der Weltfonds on 20 October, 2008. The fund is administered by DWS (Deutsche Bank). Without any promotion, the product now has EUR100m in assets, which is an impressive achievement in a country where funds are not wpurchased by investors but rather sold by advisers, the Frankfurter Allgemeine Sonntagszeitung says. The synthetic replication fund (LU0360863863) replicates a hybrid benchmark index (70% MSCI World (EUR), and 30% REX Performance Index). It is rebalanced on an annual basis to achieve a 60% equities, 25% bonds and 15% commodities distribution. Management commission is set at 0.45%.
11/10/2010

Berenberg and Universal launch an emerging markets bond fund

p { margin-bottom: 0.08in; } Universal-Investment on 4 October announced the launch of the German-registered fund Berenberg Emerging Market Bond Selection R, a product which invests at least 51% of its assets in government bonds from emerging countries, with varying maturities. The management team at Berenberg may also rely on CDS to hedge country risks and derivatives to protect itself from fixed income risks. Characteristics Name: Berenberg Emerging Market Bond Selection R ISIN code: DE000A1C2XK8 Front-end fee: 5% Management commission: 1.25%
11/10/2010

Popularity of money market funds rebounds in August

Total sales of funds in Europe were EUR49bn in August, EUR26bn of which came from a strong revival in interest for money market funds, according to Lipper. Increased money market sales did not lead to a drop in sales for bond funds (EUR16.2bn). Equity sales came back strongly to EUR2.6bn, but still below the 2010 monthly average. ETF contributed to 90% of the equity total.Emerging markets were definitely flavour of the month, with both bond (EUR3.2bn) and equity (EUR2.5bn) products topping the sector rankings, adds Lipper. Allianz/Pimco took the top spot for best overall group with net flows of EUR2.9bn, over 85% of which came from their range of bond funds. In the equity arena, five asset managers exceeded sales of EUR500m, with BlackRock’s EUR950m coming out on top, thanks to a rise in ETF interest.
11/10/2010

Salus Alpha to launch a UCITS-compliant Asian equities fund

p { margin-bottom: 0.08in; } Hedgeweek reports that Salus Alpha is planning to launch a UCITS-compliant long/short Asian equities fund in first quarter 2011. The fund will invest in 30 to 40 mid- to large caps. It will avoid all companies related to real estate. Like all other funds from Salus Alpha, the product will be domiciled in Austria.
11/10/2010

Brevan Howard launches a systematic trading fund

Brevan Howard has launched a computer-driven fund, the Brevan Howard Systematic Trading fund, which has been running with USD300m of seed money since March, says the FT. The new trend follower fund will be managed externally by a team headed by David Gorton, the founding partner of London Diversified – formerly one of the City’s top quantitative managers.
11/10/2010

Graham Clapp's boutique launches a newcits fund

p { margin-bottom: 0.08in; } The investment boutique Pensato Capital (USD270m in assets), founded in 2008 in Cork Street, London by former Fidelity star manager Graham Clapp, Edward Rumble (American Express Asset Management International, or AEAMI), David Watson (ex-Collier Capital) and Mark Plumtree (ex-Fidelity), on 4 October launched its second fund. The Pensato Europa Absolute Return Fund (IE00B3SZ5F75), a long/short equity absolute return fund, is the UCITS version of the Pensato Europa Fund. It invests primarily in companies whose activities are predominantly located in Europe, with fundamentals that are not reflected in market valuations.
11/10/2010

Ignis not likely to seek new joint ventures

Ignis Asset Management sales and marketing director Jonathan Polin says the company is unlikely to expand its joint venture business as it focuses on growing its own fund business, according to MoneyMarketing.
11/10/2010

Hargreaves gives GBP5.7bn in stock options to its new CEO

p { margin-bottom: 0.08in; } Investment Week reports that Ian Goham, who succeeded Peter Hargreaves as CEO of the wealth management firm Hargreaves Lansdown on 2 September, has received a total of 1.3 million shares via the management stock option program, valued at over GBP5.7m. The options may be exercised from 8 October 2013 to 8 October 2020.
11/10/2010

Philip Moore becomes CFO of LV=

p { margin-bottom: 0.08in; } Philip Moore, group finance partner and chief risk officer at Pensions Corporation, and also non-executive director of RAB Capital, has joined LV= as chief financial officer. Moore will be head of finances, legal and actuary, and will report directly to Mike Rogers CEO. Moore replaces Keith Abercromby, who will be leaving his position at the end of 2010.
11/10/2010

Kleinwort Benson hires CEO from Lombard Odier

@font-face { font-family: «Arial"; }@font-face { font-family: «Cambria"; }p.MsoNormal, li.MsoNormal, div.MsoNormal { margin: 0cm 0cm 0.0001pt; font-size: 12pt; font-family: «Times New Roman"; }div.Section1 { page: Section1; } Kleinwort Benson has hired Sally Tennant, chief executive of the UK arm of Lombard Odier Darier Hentsch, as its new chief executive, says the Financial Times. The move is Kleinwort’s first step towards strengthening its private banking arm after it came under new management in July.
11/10/2010

Close Brothers Group sells property fund management activity

p { margin-bottom: 0.08in; } Close Brothers Group has announced that its asset management division will sell its property fund management activity to Alpha Real Capital. The sale comes as Close Brothers prefers to concentrate on its wealth and asset management activities in the UK, a statement says. The sale will reduce total assets under management at Close Brothers by GBP560m.
11/10/2010

CQS shorts Sol Meliá

p { margin-bottom: 0.08in; } On 7 October, the hedge fund CQS (UK) LP, managed by the Australian Michael Hintze, announced to the CNMV that it has taken up a short position representing 1.361% of capital in the Spanish firm Sol Meliá.
11/10/2010

ABN Amro to sell Lyxor funds

According to the Financial Times, ABN Amro’s private banking arm is to begin actively selling Lyxor hedge funds to its EUR150bn client base as part of a new partnership agreement signed with the subsidiary of Société Générale.
11/10/2010

Dexia AM prepares to extend its range of hedge fund products

On Tuesday, 12 October, Dexia Asset Mangement opens its tenth European alternative management road show, which will nearly coincide with the launch of new products in three weeks’ time. Alternative management at Dexia AM has assets of EUR5.5-5.6bn, excluding mandates, in 22 UCITS-compliant funds, Fabrice Cuchet, head of the activity, stated on Friday. Since the beginning of the year, the division has raised EUR500m in net subscriptions, of which EUR150m have come since the beginning of September. The two strategies which have attracted the most investment, and earned the best returns, are merger and acquisition risk arbitrage (for which the corresponding fund is in a soft close), and emerging markets. Cuchet also reports that as of the end of August there were 615 newcits hedge funds, of which 38% are long/short equity, and of which 46% are managed by British and 16% by French managers. Assets represent EUR100bn. The Dexia head points out that this type of product was the result of accelerated adoption of the new financial and regulatory framework, driven forward by desire for liquidity, transparency, and regulatory stability. As to the impact of Basel III and the Solvency II directives on clients, Dexia AM has announced that in an effort to be as transparent as possible, it is soon planning to include figures on the consumption of regulatory capital by each of its funds as a part of monthly reporting information.
11/10/2010

Pershing Square nabs 16.5% of J.C. Penney in agile raid

p { margin-bottom: 0.08in; } Pershing Square Capital Management has pulled off an exemplary raid on J.C. Penney, the Wall Street Journal reports. The hedge fund management firm led by William Ackman first bought slightly under 5% of the retailer in August, and then waited for the right moment to discretely pick up an option on 4 million more shares. In total, the hedge fund manager paid UDS903m for its stake in J.C. Penney, while the ordinary shares alone are already worth USD1.14bn, following the announcement of the deal. In addition, Pershing Square has teamed up with Vornado Realty Trust, which itself on Friday announced that it controls 9.9% of J.C. Penney.
11/10/2010

Siemens Austria sells Innovest to Macquarie

Siemens Austria has sold the institutional management firm Innovest Kapitalanlage AG, with assets of EUR3.5bn, to Macquarie Investment Management, for an undisclosed amount. The sale will be completed in December.Innovest, which is active in Austria and Germany, will retain its Vienna headquarters, and the entire management team will remain in place. The board of directors, composed of Johann Maurer and Konrad Kontriner, will gain Alexander Köb, head of Austria at Macquarie Investment Management, and Micharl Walsch, head of participations at Macquarie Investment Management.

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