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11/08/2010

Assets down at Chinese management firms

Organic asset growth, new product inflows and returns were all up for mainland China fund managers in July, registering Rmb19.14 billion, Rmb7.79 billion and Rmb171.14 billion, respectively, according to Z-Ben Advisors. However, industry AUM was down 13% for the second quarter of 2010 from the first quarter, at Rmb2.116 trillion, says AsianInvestor. Caution still reigns among Chinese fund managers. They largely missed out on strong stock-market returns last month.
11/08/2010

Rise in number of ETFs on NYSE Euronext

At the end of July, NYSE Euronext had 535 listings of 487 ETFs from 17 issuers. The number of ETFs increased by 8.46% YTD compared to the end of 2009. So far this year, 46 new ETFs have been listed, while 8 ETFs have been the subject of mergers by absorption. At the end of July, the combined assets under management of all ETFs listed on the NYSE Euronext European markets totaled EUR118.6 billion, an increase of 31.5% from the EUR90.2 billion at the end of July 2009.
11/08/2010

Strong inflows to Swedish funds

In July, net sales of funds sold in Sweden totalled SEK 5.7 billion. Equity funds had a net inflow of 4.7 billion. Also balanced funds and bond funds recorded net inflows of SEK 1 billion each, according to the Swedish investment fund association. Money market funds and hedge funds, on the other hand, recorded net outflows of SEK 0.4 and 0.6 billion respectively. So far in 2010, total net sales of funds amounts to almost SEK 50 billion. Total net assets of funds at the end of July amounted to almost SEK 1,800 billion.
11/08/2010

Thomas Fraenkel-Thonet leaves Fidelity

Fidelity’s Thomas Fraenkel-Thonet is quitting the group’s European equity desk after 16 years and handing over his GBP464m Luxembourg-based Fidelity Funds European larger companies fund to rising star Matt Siddle, says Money Marketing.He is also giving up an institutional mandate with GBP595m of assets under management, as well as various segregated mandates.
11/08/2010

One third of institutionals plan to increase investment in hedge funds

Nearly a third of institutional investors plan to increase their portfolio allocations to hedge funds over the next 12 months, according to a Survey conducted by Preqin, in spite of one of the industry’s worst quarters ever, says the Financial Times. Only 15 per cent of investors surveyed said they were looking to decrease the amount of money they invest with the industry.
11/08/2010

British pension funds no longer abandoning equities

The mass exodus of invested capital controlled by the pension funds of FTSE companies from equities to bonds appears to be letting up, according to a study by Pension Capital Strategies. The average asset allocation of pension funds to bonds is now 49%, the same level as last year. In previous years, major movements were observed in portfolios, as exposure to bonds was 41% in 2008, and 35% three years ago. The total shortfalls of pension funds of FTSE businesses as of 30 June is estimated at GBP73bn, an improvement of GBP17bn compared with the level 12 months ago. PCS notes that there has been a significant increase in shortfall coverage in a difficult period. However, there has been an increase in the number of businesses whose activities are now threatened by pension fund deficits. 10 of the 100 businesses in the FTSE 100 have total pension liabilities that add up to more than their market capitalisation.
11/08/2010

Axa IM recruits Mercer CIO

Axa Investment Managers has appointed Tim Gardener as Global Head of Consultant Relations. He will report to Jon Bailie, director of distribution and a member of the board of directors at Axa IM, and will be in charge of relations with consultants. He will be based in London, and will begin in his new position in autumn 2010, when he will join the executive board of Axa IM. Gardener was previously chief investment officer (CIO) at Mercer, from 2008. He had previously served as Global Head of Investment Consulting for that company.
11/08/2010

Four US banking regulators want to get rid of rating agencies

Les Echos reports that four banking regulatory entities in the United States have proposed changes to do without ratings agencies, qualified to evaluate the financial stability of banks. The United States central bank (Fed), the agency which guarantees US banking deposits (FDIC), and two branches of the Treasury concerned with regulating banks (OCC and OTS) published the proposed new reulgations, which are open to public comment as part of a 60-day consultation process. If the new regulations are passed, the agencies would be required to remove references to ratings from Moody’s, Standard & Poor’s and Fitch, and to “replace them with uniform measures of financial reliability where feasible,” the newspaper reports.
11/08/2010
Fonds

LGT Capital Management propose trois fonds durables

LGT Capital Management propose désormais trois fonds d’investissement durable sur le marché allemand, rapporte FONDS professionell. Il s’agit des fonds LGT Sustainable Impact Global Equity Fund (actions), LGT Sustainable Impact Global Bond Fund (obligations) et LGT Sustainable Impact Global Multi-Asset Class Fund.
Fonds
10/08/2010

HSBC launches an inflation-linked bond fund

HSBC Global Asset Management has launched a Global Inflation Linked Bond fund - through a Luxembourg-based SICAV within HSBC’s flagship Global Investment Funds range - that invests in a diversified portfolio of sovereign inflation-linked bonds issued by OECD countries and some countries in the eurozone. Managed by HSBC Global Asset Management’s quantitative-based fixed income team led by Jean-Charles Bertrand, chief investment officer, Quantitative Strategies, the HSBC GIF Global Inflation Linked Bond fund follows a quantitative management approach to inflation-linked bonds (ILBs) which has been implemented since the team launched its first ILB fund in 2000. This team manages more than USD2.7 billion in inflation-linked bond assets (as at the end of June 2010). The HSBC GIF Global Inflation Linked Bond fund seeks to add value primarily through country allocation and is completely hedged against currency risk. Minimum investment is USD1 million for institutional investors and USD5,000 for retail investors, with annual management fees of 0.35 per cent and 0.70 per cent respectively. The fund has daily liquidity and is available in the base currencies of EUR, GBP, HKD, SGD and USD.
10/08/2010
Fonds

Les hedge funds rebondissent en juillet

Après deux mois consécutifs de repli, les hedge funds ont progressé de 1,9% en juillet, rapporte l’Agefi, citant l’indice Hennessee Hedge Fund. Le secteur engrange ainsi un gain de 1,8% depuis le début de l’année. La quasi-totalité des stratégies a contribué à la performance positive du secteur en juillet.
Fonds
10/08/2010

J.P. Morgan AM nomme un responsable des clients souverains

J.P. Morgan Asset Management vient de recruter Patrick Thomson en tant que responsable mondial des clients souverains. Basé à Londres, il sera chargé de superviser les équipes de conseillers clients à travers le monde qui s’occupent des relations avec les fonds souverains pour le compte de la société de gestion. Patrick Thomson vient d’Ivy Asset Management où il était responsable mondial du développement clients. Avant cela, il avait passé environ 10 ans chez J.P. Morgan Asset Management en tant que managing director en charge d’une équipe mondiale qui s’occupait des clients souverains.
10/08/2010

La vente d’APH relancée

L’autorité de la concurrence australienne (Australian Competition & Consumer Commission, ACCC) a annoncé lundi l’ouverture de nouvelles consultations publiques sur le projet de rachat d’Axa Asia Pacific holdings (APH), filiale d’assurance et de gestion de fortune détenue à hauteur de 54% par Axa, par la banque australienne NAB (National Australia Bank). Les acteurs de marché et les investisseurs disposent d’une période courant jusqu’au 23 août pour communiquer à l’ACCC leur opinion sur ce projet.
10/08/2010
Fonds

HSBC lance un fonds d'obligations indexées à l'inflation

HSBC Global Asset Management vient de lancer le HSBC GIF Global Inflation Linked Bond, un compartiment de sa Sicav luxembourgeoise investi dans un portefeuille diversifié d’obligations souveraines indexées à l’inflation émises par les pays de l’OCDE et certains marchés de la zone euro. Le fonds est géré de manière quantitative par l'équipe obligataire quantitative de HSBC GAM dirigée par Jean-Charles Bertrand, CIO en charge des stratégies quantitatives, qui a développé une la stratégie obligations indexées à l’inflation depuis 2000. Cette équipe gère plus de 2,7 milliards de dollars d’encours en obligations indexées à l’inflation (à fin juin 2010). Le fonds est entièrement couvert du risque de change. L’investissement minimum est de 1 million de dollars pour les investisseurs institutionnels et 5.000 dollars pour les particuliers, avec des frais de gestion de respectivement 0,35 % et 0,70 %. Le fonds affiche une liquidité quotidienne et il est disponible en euros, livres sterling, dollars de hong kong, dollars de Singapour et dollars US.
Fonds
10/08/2010

Pioneer Investments recrute deux collaborateurs aux Etats-Unis

Pioneer Investments vient de recruter deux personnes pour son équipe de ventes «retail» aux Etats-Unis : Jamie C. Axford et Michael Burke. Jamie C. Axford est nommé Senior Vice President, Director of Business Development for Investment Only & Retirement Group. Il était précédemment responsible des services intermédiaires au sein de MassMutual Retirement Services. Michael Burke, désigné Vice President -Wealth Management Channel, vient de DWS Investments, où il était Vice President-National Accounts.
10/08/2010
Fonds

Les fonds monétaires sauvés par leurs gestionnaires

Au moins 36 des 100 principaux fonds monétaires «prime» aux Etats-Unis ont dû être dopés pour survivre à la crise, indique le Wall Street Journal, citant une étude de Moody’s Investors Service. Entre août 2007 et décembre 2009, au moins 20 sociétés gérant de tels fonds aux Etats-Unis et en Europe ont injecté un total de 12 milliards de dollars dans leurs fonds. Sans cette aide, les fonds monétaires de ces maisons auraient vu leur valeur liquidative tomber en deçà de 1 dollar par part («break the buck» selon l’expression anglaise).
Fonds
10/08/2010

Mauvais trimestre pour Buffett

Selon L’Echo, le fonds d’investissements Berkshire Hathaway, du milliardaire américain Warren Buffett, a publié une chute de 40% sur un an de son bénéfice net au deuxième trimestre. Le bénéfice net s’est élevé à 1,97 milliard de dollars entre mars et juin, contre un profit de 3,29 milliards de dollars sur la même période de 2009. Le fonds a souffert de pertes dans les produits dérivés.
10/08/2010

KKR renonce à son projet d'émission d'actions

Kohlberg Kravis Roberts & Co a annoncé qu’il renonçait à son projet d'émission d’actions pour un montant de 500 millions de dollars, moins d’un mois après avoir transféré sa cotation aux Etats-Unis, rapporte l’Agefi.
10/08/2010

GLG collecte au premier semestre

Au premier semestre, GLG Partners, la société de gestion d’actifs londonienne qui a été acquise par Man Group en mai, a enregistré des souscriptions nettes d’environ 2,5 milliards de dollars (1,3 milliard venant de stratégies alternatives et 1,2 milliard de stratégies long only). Ce montant a toutefois été contrebalancé par un effet de change négatif, qui a réduit les encours sous gestion de 1,5 milliard de dollars, et par la mauvaise performance des fonds, représentant 0,2 milliard de dollars. Dans ce contexte, les encours de GLG au 30 juin sont ressortis à environ 23 milliards de dollars (hors actifs investis par d’autres fonds de GLG), en repli de 3 % par rapport à mars 2010, mais tout de même en hausse de 3,5 % sur décembre et de 20,2 % sur juin 2009. Sur le premier semestre, GLG Partners a publié une perte de 135,4 millions de dollars, en repli par rapport à celle de 144,6 millions enregistrée un an plus tôt.
10/08/2010

SEI recrute chez Barclays Wealth AM

Cedric Bucher vient de rejoindre SEI en tant que directeur de la stratégie d’investissement pour la clientèle privée (Director of Client Investment Strategy) à Londres. L’intéressé vient de Barclays Wealth Asset Management, où il était responsable de la conception et de la mise en œuvre des stratégies et des améliorations pour les fonds de multigestion de la société.
10/08/2010

Pactum Advisers se lance dans la gestion d'actifs

Riccardo Banchetti, l’ancien co-directeur général de Lehman Brothers en Europe et au Moyen Orient, qui a co-fondé l’an dernier la boutique Pactum Advisers, vient de recruter trois personnes pour lancer une activité de gestion d’actifs, rapporte Financial News. Ce nouveau pôle est dirigé par Andrea Brignone, ex-partenaire de BCM & Partners.
10/08/2010

Deutsche Bank launches two new ETF funds

Deutsche Bank has launched two new currencies ETFs, which track the evolution of the DB Currency Returns index. Management fees for the db x-trackers Currency Returns funds are 0.35%.
10/08/2010

Funds have attracted EUR40.5bn in inflows since the beginning of 2010

Net inflows to the asset management industry in Germany in first half totalled EUR40.5bn, the best half on record since 2007, according to statistics from the German asset management association BVI. Of this total, EUR23.7bn went to institutional management, while open-ended funds attracted EUR10.2bn. Assets under management for the industry as a whole have risen 12% since the beginning of the year, to EUR1.75trn.
10/08/2010

Hedge funds bounce back in July

Following two consecutive months of losses, hedge funds gained 1.9% in July, Agefi reports, citing the Hennessee Hedge Fund index. The industry thus shows total gains of 1.8% since the beginning of the year. Nearly all strategies contributed to the positive performance of the sector in July.
10/08/2010

Money market funds kept afloat by their management firms

At least 36 of the 100-largest U.S. prime money-market funds had to be propped up in order to survive the financial crisis, according to a report from Moody’s Investors Service cited by the Wall Street Journal. From August 2007 to December 2009, at least 20 firms that manage such funds in the U.S. and Europe pumped more than USD12 billion combined into their funds, according to the Moody’s Corp. unit.
10/08/2010

FRR posts losses for first half

As of 30 June, the FRR’s performance since the beginning of 2010 is -1,7%. After achieving +2.6% in the first quarter, the second quarter result was -4.2% This second quarter was characterised by highly volatile interest rate and equity markets across the board attributed to anxiety over sovereign debt and doubts about the strength of economic growth, says the French pension fund. As of 30 June 2010, based on estimated and unaudited data, the FRR’s annualised performance, net of expenses, since it commenced investment operations (June 2004) was +2.3%. As of 30 June last, the value of the FRR’s assets was 33.1 Bn euros (compared to 28.8 Bn euros as at 30 June 2009 and 33.9 Bn euros at 31 December 2009). On this same date, the overall structure of the FRR’s assets was as follows: - performance assets represented 52.6% (of which 44.3% equities, 4.7% commodities and 3.6% real estate assets); - Fixed income and money market investments accounted for 47.4%.
10/08/2010

Wheat price rally will only last for this season, DWS predicts

«We expect the rally in wheat prices will only last for this season,» says DWS Investments. «While the market for agricultural commodities does react very strongly to dramatic situations, but it does tend to return to normal just as quickly». According to the fund manager, “Prices of agricultural commodities are always very volatile. When external shocks such as this natural catastrophe in Russia compound it, we see massive deviations, so-called spikes. That is the case at the moment». Anyway, with regards to future development, DWS expects that prices on the global markets will rise. Agricultural themes that the asset manager thinks are interesting at the moment: Fish farms are benefiting from the trend for more healthy lifestyles in Western countries as well as increasing demand in Asia. Besides this, trading companies are providing good returns with manageable risks. Other key areas are irrigation plants and agricultural plant and machinery.
10/08/2010

J.P. Morgan AM appoints a head of sovereign clients

J.P. Morgan Asset Management has announced the appointment of Patrick Thomson as the global head of sovereign clients. He will be based in London and will be responsible for and oversee teams of client advisors based around the globe that look after sovereign relationships for the asset management group. Patrick Thomson rejoins the company from Ivy Asset Management, where he served as global head of client development. Prior to that, he spent nearly a decade at J.P. Morgan Asset Management as a managing director responsible for a global team focused on both sales and servicing of J.P. Morgan’s sovereign clients.
10/08/2010

SEI recruits a director from Barclays Wealth AM

SEI today announced the appointment of Cedric Bucher as director of client investment strategy (Private Client) in London. He most recently worked for Barclays Wealth Asset Management, where he was responsible for developing and rolling out product strategy and enhancements to their manager-of-manager investment funds.

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