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18/08/2010

Hong Kong attracts management firms

According to the most recent statistics from the Securities and Futures Commission (SFC) in Hong Kong, the number of applications for licenses to operate locally came to more than 7,300 in the first seven months of the year, up 46% compared with the corresponding period of 2009. As of the end of 2009, the number of licensed operators came to a record 37,694, compared with a previous record of 37,373 as of November 2008. The SFC reports that 85% of corporate applications are related to the launch of securities brokerage and asset management activities.
18/08/2010

Coverage rate down for Dutch pension fund bpfBouw

The Dutch building industry pension fund bpfBouw (EUR27.6bn in assets) earned returns of 0.7% in second quarter, according to IPE but its coverage rate has fallen to 104.5%, below the legal minimum, from 108.2% previously, due to the impact of a substantial reflux in long-term interest rates. However, as of the end of July, the coverage rate was 105.3%, due to a rebound in interest rates. For first half as a whole, the pension fund has earned returns of 5.5%, 0.5% higher than the benchmark.
18/08/2010

Morgan Stanley and PSAM launch a UCITS III fund

Morgan on 16 August announced the launch of its first UCITS III-compliant fund on the FundLogic platform. The fund, which will be managed by the US-based alternative management firm P. Schoenfeld Asset Management (PSAM), offers exposure to an international event-driven strategy which includes mergers and acquisitions, distressed debt, and special situations. The fund, entitled MS PSAM Global Event UCITS, will be domiciled in Dublin. Shahzad Sadique, executive director and head of FundLogic, says in a statement that investors will benefit from access to the expertise of an alternative manager through a UCITS III fund, and says that other UCITS compliant funds managed by top alternative management firms will be unveiled in the next few months.
18/08/2010

South Korean pension fund NPS to acquire a shopping centre

Les Echos reports that the South Korean National Pension Service (NPS), which manages South Korean pension assets, told AFP yesterday that it was about to purchase the French shopping centre O’Parinor, the fifth-largest commercial area in the Paris region. NPS, which says it is the fourth-largest pension fund in the world by asset volume, is seeking to buy the 51% stake in the property, located in Aulnay-sous-Bois, currently controlled by Hammerson. The acquisition price could total EUR230m.
18/08/2010

T. Rowe Price signs up to UN PRI

The US asset management firm T. Rowe Price has signed the United Nations Principles for Responsible Investment (UN PRI). Assets under management at T. Rowe Price total over USD390bn.
18/08/2010

Corporate bond market in China set to explode

In China and Hong Kong, the fixed income market has been moving increasingly in favour of investors, Asian Investor reports. “China is the most attractive fixed income market in Asia, and maybe in the world,” says Wang Yu-Ming, the new regional head of fixed income in Hong Kong for MFC Global Investment management (MFC GIM). According to statistics from the Asian Development Bank (ADB), the Chinese bond market has increased from USD62bn as of the end of 1996 to USD2.4trn as of the end of 2009, representing more than half of the bond market in Asia ex Japan. And this market is growing rapidly, particularly in the corporate bond sector. This is the reason for MFC GIM’s decision to allocate 30% of its GFII (qualified international institutional investor) quota, totalling USD200m, to its RMB fund, while the remainder is dedicated to its Chinese A-class equities fund. Aberdeen is also planning to dedicate most of its QFII quota, of an amount to be determined, to fixed income. Currently, corporate bonds represent about 15% of the Chinese bond market, according to ADB, but this segment is growing much more quickly than government bonds. Assets under management at MFC in Asia as of 30 June totalled about USD31bn, of which USD23bn were in fixed income.
18/08/2010

Allianz GI wins a EUR350m mandate

The US Equity Strategy of RCM has been awarded a 350 million Euro mandate by Nykredit, a financial services group based in Denmark. The mandate was won by Seung Minn, Senior Portfolio Manager and Chief Investment Officer of the Disciplined Equities Group at RCM and his team, after a competitive tendering process with 86 other companies.
18/08/2010

Clients upset with suspension of a UBS real estate fund

Agefi Switzerland reports that a group of French-speaking Swiss former clients of the wealth management firm UBS are going to sue for reimbursement of their investments in the UBS real estate fund Global Property Fund, which was liquidated in late 2009. Their investments in the fund are still locked up. The plaintiffs claim that the value of their investments is continuing to decrease: the fund has lost more than 21% so far this year, after a similarly negative performance in 2009. Another complaint is that they will need to wait 3 to 5 years to recuperate their money, meaning that they will get it back only in 2012 at best. This is the time needed for the properties owned by the investment vehicle to be sold off. This could create difficulties, for example, in cases of inheritance, or if the clients in question would like to leave UBS.
18/08/2010

Fusion de Deka Investment et Deka FundMaster

Comme annoncé fin 2009, les deux sociétés Deka Investment GmbH et Master-KAG Deka Fund Master Investmentgesellschaft mbH fusionnent, rapporte Fondsprofessionell. La nouvelle entité sera baptisée Deka Investment GmbH et réunira dans la même maison la gestion des fonds et des mandats de Master-KAG. La gamme de fonds ne sera pas réduite.
18/08/2010

Hong Kong attire les sociétés de gestion

Selon les dernières statistiques de la Securities and Futures Commission (SFC) de Hong Kong, le nombre des demandes de licences pour exercer une activité locale s’est élevé à plus de 7.300 sur les sept premiers mois de l’année, en hausse de 46% par rapport à la période correspondante de 2009. A fin juillet, le nombre de détenteurs de licences a ainsi atteint le niveau record de 37.694, à comparer à un précédent record de 37.373 (novembre 2008).La SFC relève que 85% des demandes corporate concernaient le lancement d’activités dans le courtage de titres et l’asset management.
17/08/2010

Un nouveau directeur général pour l’Europe chez Franklin Templeton

Franklin Templeton Investments a nommé Jamie Hammond au poste de directeur général pour l’Europe. Il succède à Hans Wisser. Auparavant, Jamie Hammond était directeur senior en charge de l’Europe du Nord. Dans le cadre de ses nouvelles attributions, Hammond s’attachera à diriger et développer les activités de la société auprès des clients particuliers et des investisseurs institutionnels dans toute la région.
17/08/2010

Nominations chez Citi à Singapour

Selon le site professionnel WealthBriefing, Citi Private Bank à Genève a décidé de transférer à Singapour son responsable des activités de vente et de conseil, Manav Abrol. Depuis six ans chez Citi Private Bank, Manav Abrol assumera les mêmes fonctions à Singapour. Il remplacera Jennifer Tay, appelée à d’autres fonctions («head of managed investments products»). Tous deux sont rattachés à Debashish Duttagupta, responsable des investissements pour la région Asie-Pacifique.
17/08/2010
Fonds

Cheyne Capital va remanier un fonds

Cheyne Capital, l’un des principaux hedge funds crédit de Londres, doit réorganiser son véhicule coté Queen’s Walk Investment, investi dans les emprunts hypothécaires complexes, rapporte le Financial Times. Les actions du fonds se négocient avec une forte décote par rapport aux encours, valorisés à plus de 100 millions d’euros. Cheyne veut repositionner le fonds sur des actifs adossés à des hypothèques plus liquides.
Fonds
17/08/2010

Un analyste carbone rejoint le fournisseur d'indices MSCI

L’ancien responsable des programmes d’investissement au sein du réseau Ceres, Matt Moscardi, a rejoint le fournisseur d’indices MSCI en tant qu’analyste ESG, selon Responsible Investor. Matt Moscardi était responsable du développement de programmes d’investissements à faible teneur en CO2 pour les membres fonds de pension et sociétés de gestion du réseau d’investisseurs sur le changement climatique (INCR- Investor Network on Climate Risk, quelque 8.000 milliards de dollars d’actifs sous gestion) au sein du Ceres.
17/08/2010
Fonds

Zoe Cruz lance son hedge fund

Selon Financial News, Zoe Cruz, une ancienne de Morgan Stanley, refait surface avec son propre hedge fund, Voras Capital Management. Elle aurait levé 200 millions de dollars et créé deux fonds distincts, indiquent des personnes proches du dossier.
Fonds
17/08/2010
Fonds

RAB Capital va fermer un fonds

Selon Money Marketing, RAB Capital va fermer son fonds European Dynamic, représentant 2,8 millions de livres, car il n’est plus viable. Ce produit, un Ucits III de droit irlandais, avait été lancé en 2003, précise le site Internet.
Fonds
17/08/2010
Fonds

Les commissions de surperformance laissent parfois à désirer

Les deux tiers des fonds ouverts au Royaume-Uni (66 %) peuvent facturer une commission de performance alors même qu’ils surperforment un indice en baisse, autrement dit alors que l’investisseur perd de l’argent, indique une récente étude de Lipper, qui a recensé 81 fonds ouverts utilisant ce type de frais outre-Manche, soit 5 % du secteur.Pour la filiale de Thomson Reuters, cela montre bien que l’investisseur particulier doit être très attentif à ce à quoi il s’engage. Car manifestement, afficher des commissions de performance n’est pas un gage d’alignement des intérêts entre la société de gestion et ses clients. De même, une minorité de fonds ayant des commissions de performance fait payer des frais de gestion à un taux inférieur au niveau traditionnel de 1,5 %, mais la majorité facture davantage, ce qui signifie que la société de gestion ne prend aucun risque en mettant en place des commissions de performance. Enfin, le taux moyen de commission de performance est de 18,2 % contre un taux de 20 % chez les hedge funds habituellement, montre Lipper, sachant que seuls quatre fonds analysés, soit moins de 10 %, ont plafonné le montant qui peut être prélevé chaque année.
Fonds
17/08/2010

RWC recrute encore un gérant de Schroder

Selon Citywire, RWC Partners a recruté John Teahan pour travailler aux côtés de ses anciens collègues de Schroder Nick Purves et Ian Lance sur trois fonds «Income» qui seront lancés prochainement.
17/08/2010

Threadneedle remplace Rob Jones

Threadneedle a nommé Ann Steele, qui avait rejoint la société en 2009, en tant que gérante de son fonds paneuropéen (102 millions de livres) après le départ de Rob Jones chez UBP, rapporte Money Marketing.
17/08/2010
Fonds

Le fonds souverain norvégien lance un appel d'offres

Norges Bank Investment Management (NBIM), qui gère les actifs (quelque 350 milliards d’euros) du fonds de pension du gouvernement norvégien, vient de lancer un appel d’offres pour un mandat portant sur le credit corporate américain. Le montant du mandat n’a pas été divulgué.
Fonds
17/08/2010

Julius Bär renforce son équipe dérivés

Julius Bär a recruté Hans Jörg Pütz au poste nouvellement créé de responsable des ventes de produits dérivés, indique Fondsprofessionell. L’intéressé rejoint la banque le premier novembre. Il occupait auparavant des postes similaires chez Zürcher Kantonalbank (ZKB) et Sal. Oppenheim. Hans Jörg Pütz dirigera une équipe de cinq personnes.
17/08/2010

Stoxx launches new index line

Stoxx Limited has announced the launch of the Stoxx Europe 600 NC Supersector Indices, a set of non-capped (NC) supersector indices for the European region. The new indices are intended to be used for benchmarking purposes. The launch of the Stoxx Europe 600 NC Supersector Indices follows the decision to cap the component weights in the existing Stoxx Europe 600 Supersectors Indices on a quarterly basis to ensure compliance with Ucits III standards for portfolio diversification.
17/08/2010

Credit Suisse releases Prima Multi-Strategy

Credit Suisse is now offering its CS (Lux) Prima Multi-Strategy fund in Germany. The Luxembourg-registered UCITS III-compliant fund of funds invests in various alternative strategies (long/short, event driven, convertibles, macro, credit, managed futures, fixed income, emerging markets equities, fixed income).
17/08/2010

Schroders releases GAIA Sloane Robinson Emerging in Germany

Fondsprofessionell reports that the hedge fund GAIA Sloane Robinson Emerging, which is available on the GAIA platform from Schroders, is now registered and authorised for sale in Germany. The product is managed by Sloane Robinson, a firm specialised in the management of long/short equities, particularly in emerging countries.
17/08/2010

Cheyne Capital to overhaul a credit fund

Cheyne Capuital, one of the largest credit hedge funds in London, is to reorganise its publicly-traded vehicle Queen’s Walk Investment, which invests in complex mortgage assets, the Financial Times reports. Shares in the fund are trading well below the value of the assets, which are valued at over EUR100m. Cheyne would like to reposition the fund to focus on assets containing more liquid borrowers.
17/08/2010

Two thirds of funds charge performance fees even when the investor is losing money

Two third of open-ended funds in the United Kingdom (66%) can charge a performance fee, even when they outperform a falling index, in other words, when the investor is actually losing money, according to a recent Lipper survey of 81 open-ended funds using this type of fee structure in the UK, representing 5% of the sector. The Thomson Reuters affiliate says this shows that retail investors must be very attentive to the terms of their funds, as clearly, performance fees are a place where the interests of the management firm and its clients might not be aligned.
17/08/2010

RAB Capital to close a fund

RAB Capital is to close its GBP2.8m European dynamic fund as it is no longer economically viable to run, according to Money Marketing. The product is a Dublin-domiciled Ucits III Oeic launched in 2003.
17/08/2010

Threadneedle replaces Rob Jones

Threadneedle has named Ann Steele as manager of its GBP102m pan European fund following the departure of Rob Jones, who is going to Union Bancaire Privée. Steele joined the group in 2009.
17/08/2010

Henderson adds to real estate portfolio

Henderson Global Investors on 16 august announced the acquisition for its real estate fund Henderson UK Property Unit Trust of a group of properties in Maidenhead leased to the retailer Boots, for a total of GBP6.6m, for an initial return of 6%. The entity was acquired from Carvells Limited.

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