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03/08/2010

GAM launches a fund with Wadhwani AM

The Swiss asset management firm GAM (CHF54.1bn in assets under management) has announced the launch of a UCITS III-compliant quantitative, high liquidity investment fund which invests in financial instruments. The product, entitled GAM Star Keynes Quantitative Strategies, is managed by Sushi Wadhwani, founder and CEO of Wadhwani Asset Management, a fund manager based in London specialised in quantitative macroeconomic management. The fund uses directional equities and bond models to generate returns with a low correlation to traditional markets. “These exclusive investment models, the fruit of Sushi Wadhwani’s experience of more than 25 years in quantitative modelling, aims to exploit economic factors which underly each market. They may thus produce better results than other trading strategies, through a combination of momentum and influence indicators. The inclusion of data unrelated to prices is essential, as it allows models to anticipate changes in market orientation,” a press statement explains.
03/08/2010

Crédit Agricole SA makes addition to private management activities in Belgium

Crédit Agricole Luxembourg, an affiliate of the Crédit Agricole SA group specialised in private management, has signed an agreement to acquire a majority stake in Dresdner Van Moer Courtens (DVMC), a Belgian stock market company speicalised in private management activities, pending the approval of the supervisory authorities. Crédit Agricole Luxembourg will join the private management activities of the group’s affiliate CAGP Belgium as a part of DVMC, which will become known as Crédit Agricole Van Moer Courtens. Crédit Agricole Van Moer Courtens will become the private management activity development unit of Crédit Agricole SA in Belgium.
03/08/2010

Outflows slow at AllianceBernstein

In second quarter 2010, AllianceBernstein, an affiliate of Axa, has seen its assets fall by Usd43bn, or 9%, to USD458bn (an increase of 2% year on year). The decline is due to negative performance of investments and to net redemptions of USD4.7bn. The asset management firm states, however, that the pace of rede4mptions is letting up, as they were 28% lower than in first quarter 2010, and 81% lower than the redemptions recorded one year ago. As a result of this decline, earnings have fallen to USD688m (from USD721m one year earlier), and net profits are down 16% to USD32.3m.
03/08/2010

Pension funds reduce inflation hedging

In the second quarter of 2010, UK pension funds decreased their inflation hedging by nearly a third compared to the first quarter of the year, but have maintained similar levels of interest rate hedging, according to the latest F&C LDI Survey. Inflation hedging was unusually high at the start of the year, but by early April RPI swap levels looked unattractively high, with 30 year RPI swap rates reaching 3.9% - as high as at any time since summer 2008. This fall in inflation hedging can be attributed to the combination of unattractive market levels, an acute and prolonged period of pre-election wariness and renewed concerns about the prospects of a “double-dip” recession and deflationary fears, all of which has meant that a considerable volume of potential hedging activity was put on hold.
03/08/2010

Alain Dromer becomes chairman of ABI investment committee

Alain Dromer, chief executive of Aviva Investors, is to become the next Investment Committee Chairman of the ABI. Dromer will take on this new role on 15th September 2010, replacing Keith Skeoch, Chief Executive of Standard Life Investments, who will step down, having completed three years in office. As a result of this appointment, Dromer will join the Board of the ABI. Dromer has been chief executive of Aviva Investors since September 2007. He has enjoyed an extensive career in financial services including roles as Global Head of Group Investment Businesses at HSBC.
03/08/2010

CESR recommends more transparency for ETF markets

One of the key recommendations of the Committee of European Securities Regulators last week was that a “consolidated tape” – a complete record of all trading – should be established for ETFs and other equity-like instruments, says the Financial Times FM. This development would bring the European Union into line with the US, where all ETF trading has to be reported.
03/08/2010

Strong inflows to retail funds in first half

Net retail sales for June are back over GBP2 billion once again, after a drop in May, according to the Investment Management Association in the UK, which has published its monthly fund statistics for June 2010. Net retail sales for the first six months of 2010 totalled GBP10.8 billion - the second best on record. Funds under management stood GBP488.2 billion - slightly down on May, but up 25% on a year ago. Retail investors continued to diversify, with sales spread across different asset classes.
03/08/2010

Crédit Agricole SA développe ses activités de gestion privée en Belgique

Crédit Agricole Luxembourg, filiale du groupe Crédit Agricole SA spécialisée dans la gestion privée, vient de conclure un accord portant sur l’acquisition de la majorité des actions de Dresdner Van Moer Courtens (DVMC), société de bourse belge spécialisée dans l’activité de gestion privée, sous réserve de l’obtention de l’approbation des autorités de contrôle.Crédit Agricole Luxembourg intégrera les activités actuelles de gestion privée exercées par sa filiale CAGP Belgium, dans DVMC, qui prendra le nom de Crédit Agricole Van Moer Courtens. Crédit Agricole Van Moer Courtens deviendra ainsi le pôle de développement des activités de gestion privée de Crédit Agricole SA en Belgique.
02/08/2010

State Street launches turbulence indices

State Street Global Markets has announced the launch of a line of “turbulence indices,” which measure the typical characteristics of day-to-day market behaviour. State Street says investors can use the indices to test the resistance of their investment strategies, to construct more diversified portfolios, and to increase their flexibility in terms of exposure to risk. “Each day, each index produces a unique measure of turbulence as a function of abnormalities in returns and their constituent elements on the day observed,” State Street says. Institutional investors can use the indices to test the resistance of their current financial models by evaluating the performance of the model under extreme conditions. The indices may also help managers to construct robust portfolios likely to better withstand such market conditions. The new indices cover US and European equities, currencies, US fixed income, and global asset classes.
02/08/2010

Les femmes veulent être prises au sérieux par les gestionnaires de fortune

Les femmes en ont assez d'être traitées comme des clientes de second ordre par les gestionnaires de fortune. C’est ce qui ressort d’une étude récente publiée par Boston Consulting Group et citée par Financial News. Les auteurs de " Levelling the playing field: upgrading the wealth management experience for women» ont interrogé 500 clientes et 70 spécialistes de la banque privée. La majorité des femmes estiment qu’elles pourraient recevoir de meilleurs services de la part des professionnels ; près de 25 % pensent même qu’une sérieuse remise en question s’impose. Selon Peter Damisch, un des auteurs de l'étude, les femmes ont l’impression que les hommes reçoivent davantage d’attention de la part des conseillers, de meilleurs conseils et même des contrats plus avantageux. D’autres habitudes dérangent beaucoup de femmes interrogées. Les conseillers financiers partent ainsi toujours du principe que leur aversion au risque est élevée et leur proposent donc souvent moins de produits d’investissement ou alors que des versions simplifiés.
02/08/2010

Li Lu pourrait succéder à Buffett

Le Wall Street Journal consacre un long article au parcours du gérant de hedge funds Li Lu, pressenti pour devenir le successeur de Warren Buffett au sein de Berkshire Hathaway. L’investisseur vedette, qui fêtera ses 80 ans dans un mois, affirme qu’il ne prévoit pas de démissionner et qu’il scindera en deux son poste après son départ, avec une partie pour les fonctions de CEO et une autre pour les fonctions d’investissement. Li Lu, qui avait été l’un des étudiants leaders des manifestations de Tienanmen, semble bien placé pour occuper celles concernant les investissements. Les hedge funds de Li Lu ont dégagé un rendement annualisé de 26,4 % depuis 1998.
02/08/2010
Fonds

Janus lance un fonds avec Perkins

Janus Capital annonce selon Mutual Fund Wire le lancement du fonds Value Plus Income Fund jeudi 29 juillet, en partenariat avec Perkins Investment Management. C’est le premier produit qui sera géré conjointement par l'équipe fixed income de Janus et sa filiale.
Fonds
02/08/2010

Women want to be taken seriously by wealth managers

Women have had enough of being treated as second-class clients by wealth managers, according to a recent study published by Boston Consulting Group, cited by Financial News. The authors of “Levelling the Playing Field: Upgrading the Wealth Management Experience for Women” interviewed 500 clients and 70 private banking specialises. The majority of women say that they could receive better service from professionals, while nearly 25% say that professionals need to seriously re-examine the service they provide. Peter Damisch, one of the authors of the study, says women have the impression that men get more attention from advisers, better advice, and even more advantageous contracts. Financial advisers thus always follow the principle that women’s aversion to risk is comparatively high, and therefore often offer them fewer investment products, or even simplified versions.
02/08/2010

Robeco identifies new investment themes for China

Victoria Mio, manager of the Robeco Chinese Euqities fund, says that in the short term, the Chinese market is likely to go through a slowdown as a result of political measures. “However, we think China will bear the slowdown smoothly, and we remain positive about the economic outlooks for the country on the whole,” the manager says. “From a macroeconomic standpoint, the central investment theme is the end of fiscal and monetary stimulus measures in 2010 and 2011,” says Mio. “Because of this, we will gradually and selectively pull out of sectors which will no longer benefit from these supporting measures, such as the automotive, real estate, infrastructure, metals and mining sectors.” The manager has identified new themes, such as redistribution of income, technologies and innovation, and alternative energies.
02/08/2010

Li Lu may succeed Buffett

The Wall Street Journal has run a long article dedicated to the hedge fund manager Li Lu, said to be a likely successor to Warren Buffett at the helm of Berkshire Hathaway. The star investor, who will turn 80 in one month, says he has no plans to resign, and that after his departure he will divide his responsibilities into two positions, with one role for a CEO and another for investment functions. Lu, who was one of the leading student demonstrators in Tiananmen Square, appears to be well-positioned to take over the investment role. Lu’s hedge funds have earned annualised returns of 26.4% since 1998.
02/08/2010

Outflows from asset management at BNP Paribas

In second quarter, the asset management profession at BNP Paribas, part of the Investment Solutions unit, saw net redemptions of EUR8.9bn. These outflows were accentuated by the decision of a client to return to handling management internally (-EUR5.2bn), the bank says. “Good inflows in insurance (EUR2.2bn) in France, Belgium, Luxembourg and taiwan, in private banking (+EUR1.4bn) and Peronal Investors (+EUR0.7bn) will make it possible to limit net outflows for the unit to EUR4.4bn,” a press statement says, qualifying the results for second quarter 2010. Assets under management in the unit, at EUR874bn, are nonetheless up 11.0% compared with 30 June 2009, and stable compared with 31 March 2010. At EUR1.539bn, revenues for the unit are up 15.7% compared with second quarter 2009. “At constant perimeter and exchange rates, they are up 5.7%, driven by insurance (+21.2%), a rebound in revenues from the securities profession (+2.7%), largely due to an increase in assets, and the good resistance of institutional and private management (+1.1%),” the statement says. Pre-tax profits for the unit totalled EUR473m, up 32.1% compared with second quarter 2009 (24.8%).
02/08/2010

Wyly brothers sued by SEC over USD550m fraud

Les Echos reports that the Securities and Exchange Commission is suing the brothers Samuel and Charles Wyly over a vast financial fraud which is said to have make them more than half a billion US dollars. The two philanthropists and two collaborators are said to have committed a series of tax frauds through a complex system of entities and affiliates domiciled on the Isle of man and the Cayman islands, two offshore tax havens. It is claimed by the SEC that the system created by the brothers allowed them to sell shares in four publicly-traded companies (Michaels Stores, Sterling Software, Sterling Commerce and Scottish Annuity & Life Holdings), for a total of over USD750m.
02/08/2010

Management firms worried by OTC derivative market reforms

Major European asset management firms claim that a desire on the part of regulators to make over-the-counter derivative markets be traded through clearing houses will damage pension funds, and ultimately savings investors, due to the added costs that would generate, the Financial Times reports. Among asset managers concerned by the measures are Investec, Threadneedle, Schroders, Aviva, F&C, and the Dutch asset management association.
02/08/2010

Janus launches a fund with Perkins

Mutual Fund Wire reports that Janus Capital on Thursday, 29 July announced the launch of the Value Plus Income Fund, in partnership with Perkins Investment Management. It will be the first product to be jointly managed by the fixed income teams at Janus and its affiliate.
02/08/2010

BNP Paribas : décollecte du métier gestion d’actifs

Au deuxième trimestre, le métier Gestion d’actifs du groupe BNP Paribas, logé dans le pôle Investment Solutions, a accusé des rachats nets de 8,9 milliards d’euros. Une décollecte qui a été accentuée par la décision d’un client de réinternaliser sa gestion (-5,2 milliards d’euros), précise la banque. «La bonne collecte dans l’assurance (2,2 milliards d’euros) en France, en Belgique, au Luxembourg et à Taiwan, dans la Banque privée (+1,4 milliard d’euros) et de Personal Investors (+0,7 milliard d’euros) permet cependant de limiter la décollecte nette du pôle à -4,4 milliards d’euros», tempère néanmoins le communiqué de presse concernant les résultats du deuxième trimestre 2010. Les actifs sous gestion du pôle, à 874 milliards d’euros, sont tout de même en hausse de11,0% par rapport au 30 juin 2009 et stables par rapport au 31 mars 2010. A 1.539 millions d’euros, les revenus du pôle augmentent de 15,7% par rapport au deuxième trimestre 2009. «A périmètre et change constants, ils progressent de +5,7%, tirés par l’assurance (+21,2%), le rebond des revenus du métier titres (+2,7%), grâce notamment à la hausse des encours, et la bonne résistance de la Gestion institutionnelle et privée (+1,1%)», indique le communiqué. Le résultat avant impôt du pôle s’établit à 473 millions d’euros, en hausse de 32,1% par rapport au deuxième trimestre 2009 (+24,8%).
02/08/2010
Fonds

LB-P AM lance un OPCI

La société de gestion française LB-P Asset Management indique que le 13 juillet 2010, l’Autorité des Marchés Financiers a agréé l’OPCI Génération Solidaire. Le produit sera investi principalement dans les murs d’EHPAD, établissements d’hébergement pour les personnes âgées et dépendantes. Il s’agit d’un OPCI dédié, à règle de fonctionnement allégé et à effet de levier. Il sera réservé au maximum à 20 investisseurs institutionnels ou avertis.
Fonds
30/07/2010

FSA revises its Remuneration Code

Agefi reports that the Financial Services Authority (FSA), the UK financial market regulatory authority, has opened a consultation and announced plans to “update its remuneration code to take into account the remuneration rules required by the CRD 3 directive.” The bonus limits will apply to all actors in the financial industry. Recipients of variable remuneration at 2,500 British businesses will be affected by the new regulations. They will be subject to a three-year delay before receiving 40% of their bonuses, or 60% of their bonuses when the bonuses total more than GBP500,000 (EUR600,000). 50% of bonuses will be required to be paid in equities. City professionals will be limited to receiving no more than 30% of their bonuses in cash immediately, the newspaper adds. The remainder will be subject to claw-back clauses. The FSA consultation will be open until 8 October, ahead of an application of the new standards at the same time as other European countries, on 1 January 2011.
30/07/2010

Citi veut reconvertir ses "prop" traders

Selon les Echos qui cite l’agence Bloomberg, Citi envisagerait de reconvertir ses « prop traders » dans d’autres activités se conformant ainsi à la règle Volcker, qui interdit aux banques commerciales ainsi qu’aux établissements financiers supervisés par la banque fédérale de faire du trading pour compte propre, à moins d’investir aux côtés d’un client.Une partie de ses traders serait transférée vers un de ses « hedge funds », Citi Capital Advisors. Les intéressés seraient alors rémunérés via les commissions facturées aux investisseurs.De son côté, Goldman qui est également concerné par la règle Volcker, réfléchit aussi à des transferts de ce type. Pourtant, rien ne presse pour les banques américaines, note le quotidien : avec les délais d’application, elles auraient jusqu'à sept ans pour s’adapter au nouveau cadre légal.
30/07/2010

Roosevelt Investment Group change de nom

Roosevelt Investment Group, une société de gestion américaine basée à New York, vient d’annoncer selon Mutual Fund Wire qu’elle a changé de nom. Le gestionnaire qui propose notamment le Rossevelt Multi Cap Fund (152 millions de dollars) s’appelle désormais Roosevelt Investements. Le site internet et le logo ont également été modifiés, précise Mutual Fund Wire.
30/07/2010

Un nouveau gérant chez Cazenove Capital Management

Selon fundstrategy, Cazenove Capital Management a recruté John Warren , un spécialiste «sell side» des petites et moyennes capitalisations chez UBS, à la fonction de gestionnaire de fonds au sein de son équipe actions UK.Sa nomination fait suite au récent départ de Neil Pegrum, gérant du fonds Cazenove UK Opportunities fund et co-manager of the Cazenove Absolute UK Dynamic et UK Dynamic Absolute Return chez Soros Fund Management.Warren gérera aux côtés de Paul Marriage le fonds Cazenove Absolute UK Dynamic Fund, Cazenove UK Dynamic Absolute Return Fund, un hedge fund offshore et le UK Smaller Companies Fund. Il rejoindra la société en Septembre et rapportera à Tim Russell.
30/07/2010

Standard Life Investments et Chuo Mitsui signent un partenariat

Suite à la décision de créer une joint-venture avec la société japonaise Chuo Mitsui Asset Trust and Banking, Standard Life Investments a signé un partenariat de gestion avec cette dernière. Standard Life va conseiller Chuo pour la gestion de son activité de global equity, aklors que Chuo conseillera son partenaire pour la gestion des actions japonaises, indique Financial News.
30/07/2010

Le gérant alternatif Moore Capital ouvre un bureau à Zurich

Selon le site internet Financialnews.com cité par Le Temps, un nouveau géant de la gestion alternative prend pied en Suisse. Moore Capital Management, basé à New York et à Londres, a effet choisi Zurich pour ouvrir un bureau d’où sera effectuée de la gestion et pas uniquement de la représentation. La société a déjà ouvert des bureaux à Hong Kong, où elle a récemment obtenu une licence, et à Washington.
30/07/2010

Hausse des souscriptions pour Banque Sarasin

La Banque Sarasin a publié ses chiffres au premier semestre jeudi 29 juillet. Côté positif, la banque privée bâloise a bénéficié d’importants apports nets de fonds de 6,4 milliards de francs, soit un taux de croissance annualisé de 14%. Grâce à l’acquisition de nombreux nouveaux clients, les actifs sous gestion sont passés de 93,7 milliards à 96,2 milliards entre le 31.12.2009 et le 30.6.2010. «Le volume des fortunes gérées par le groupe Sarasin selon une approche durable a progressé de 4% à 12,4 milliards depuis le début de l’année», précise la banque privée. Compte tenu de ces résultats, la banque a la conviction qu’elle pourra générer d’ici la fin de l’année un afflux d’argent frais de 10% soit 9,4 milliards de francs suisses, conforme à l’objectif fixé pour 2010. Le volume des actifs sous gestion a diminué de 3,2 milliards en raison de la performance des marchés et d’effets de change.
30/07/2010

Union Investment launches a new guaranteed fund

Fondsprofessionell reports that Union Investment will release a guaranteed fund in Germany on 2 August, specialised in equities from BRIC countries (Brazil, Russia, India and China). The UniGarant: BRIC (2017) may be subscribed to until 24 September 2010. Subscription fees for the product total 4%, while management fees are 1% per year.
30/07/2010

Standard Life Investments and Chuo Mitsui sign a partnership

Following a decision to create a joint venture with the Japanese firm Chuo Mitsui Asset Trust and Banking, Standard Life Investments has signed a management partnership with the firm. Standard Life will advise Chuo in the management of its global equity activity, while Chuo will advise its partner in the management of Japanese equities, Financial News reports.

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