Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
16/07/2010

Deutsche Bank options trader joins a hedge fund

Bloomberg reports that Nelson Saiers, managing director at Deutsche Bank in charge of proprietary derivatives trading, has left the largest German bank to join a hedge fund specialised in options, Alphabet Management LLC. According to an internal source at the hedge fund cited by the firm, Saiers joined Alphabet this week. Alphabet, whose assets under management totalled USD170m at the end of first half, has earned gains of 11% in the period, while equities hedge funds hve seen average losses of 1.6%. Following losses during the financial crisis, Deutsche Bank has considerably reduced its proprietary trading activities. The credit desk has been closed, and the allocation to equities trading has been reduced by 90%. The head of proprietary equities trading, Pablo Calderini, has also left the bank to join a hedge fund.
16/07/2010

SG Private Banking appoints a CEO for China

Société Générale Private Banking on 16 July announced the appointment of Mrs. Hsiao-Yun Lee as CEO of Société Générale Private Banking in China. Mrs. Lee will aim to promote the products and services range of the private bank to high net worth clients in China. She joined Société Générale Private Banking (Asia Pacific) in Hong Kong in 1997, to develop a wealth management product range aimed at Chinese high net worth clients, and was subsequently appointed head of Private Banking China in Shanghai in 2007.
16/07/2010

Michel Longhini joins UBP

On Thursday, Union Bancaire Privée announced that it has recruited Michel Longhini, CEO of the international private bank at BNP Paribas since 2008, as CEO for its private banking division. Longhini will begin in his new position in early September, and will take a seat on the executive board at UBP. Longhini’s close ties to the Asia-Pacific region, where he worked for many years, are considered a prime advantage by his new employer, which is in the process of developing its activities in emerging markets with a central axis in growth strategy. He will primarily aim to open new markets in Asia, the Middle East and Eastern Europe.
16/07/2010

Fitch confirms M2+ rating for Man Investments

The Fitch ratings agency announced on 15 July that it has confirmed its M2+ rating for Man Investments for its alternative multi-management activities. The rating reflects the stabilisation of multi-management activities by the firm in the wake of its restructuring. The agency also notes that multi-management activities have largely not been affected by the acquisition of GLG, but that cross-border functions such as sales, risk, and middle office will need to be integrated.
16/07/2010

Prudential and Mubadala launch a joint venture

Prudential Real Estate Investors (Prei) and Mubadala Development Company have announced that they have signed an agreement to create a joint venture to raise capital from investors, with the objective of investing in real estate projects in Abu Dhabi and other international markets. The joint venture is entitled Mubadala Pramerica Real Estate Investors. As of 31 March this year, gross real estate assets at PREI totalled about USD43.8bn (USD22.8bn net).
16/07/2010

Mutual funds raised nearly USD167bn in first quarter

According to estimates by Morningstar, US mutual funds posted net subscriptions in June of USD13.5bn, compared with net redemptions of USD13.2bn in May (see Newsmanagers of 14 June). Net inflows in January-June totalled USD166.7bn, 24% more than in the corresponding period of last year. Despite a decline for the MSCI EAFE index and concerns due to falling foreign equities markets, international equities funds posted net subscriptions of USD19.6bn in first half, while US equities funds saw net outflows of nearly USD17bn. Morningstar points out that alternative mutual funds, many of which have been launched since the credit crisis, have posted record net inflows, such as the Pimco Fundamental Advantage Total Return, which took in more than USD3.3bn in the 12 months to the end of June. However, money market funds lost USD790.5bn in assets in the 12 months to the end of June, of which nearly 80% of outflows were from institutional share classes. For ETFs, net subscriptions in June (USD9.9bn) brought total net inflows since the beginning of the year to USD34bn. Two two funds with the strongest net subscriptions in June were the SPDR S&P 500 SPY, with USD2.6bn, and the SPDR Gold Shares GLD, with USD2.1bn. Morningstar points out that aside from the MSCI Germany Index EWG and the iShares FTSE/Xinhua China 25, which were apparently used by investors repositioning themselves in view of the looming government debt crisis in Europe, the vast majority of single country ETFs saw net outflows in June.
16/07/2010

CalPERS announces 11.4% returns for 2009-2010

The California pension fund CalPERS has reported estimated returns of 11.4% for the 2009-2010 fiscal year, ending on 30 June 2010. As of 30 June last year, the market value of the fund’s assets totalled USD200bn. “Excepting real estate, all asset classes earned positive returns this year,” sayd Joe Dear, chief investment officer at CalPERS, adding that an overhaul of investment policies, processes and strategies is on course. It has allowed CalPERS to save USD100m in fees to external managers, to remove the least well-performing funds from its portfolio, and to develop new risk management tools. In the various asset classes, fixed income has gained 19.5% in the fiscal year, private equity has gained 30.9%, and equities are up 14.4%. However, real estate was down 37.1% as of 31 March, and valuations as of the end of June have not yet been completed.
16/07/2010

Investors turn their backs on FoHFs

According to a survey by the consulting firm Preqin in June, more than one third of institutional investors in funds of hedge funds are planning to withdraw their money from the sector to reallocate it to single hedge funds, the Financial Times reports. Preqin finds that 80% of investors who have already withdrawn their money from funds of hedge funds did to after the beginning of the financial crisis in 2008. The most frequently cited reason for the withdrawals is high levels of fees.
16/07/2010

Management roles reassigned at Swip

Fund Strategy reports that Scottish Widows Investment Partnership (SWIP) has reassigned five of its funds to new managers following the departure of the heads of emerging markets and developed market equities. Ian Fulton, manager of the Swip Global fund, has replaced Kim Catechis, formerly head of emerging markets, as manager of the Swip Emerging Markets fund. Johnny Russell has taken over sole management of the Swip SRI fund, following the departure of Ian Vose, head of developed market equities. Ken Adams becomes sole manager of the Clerical Medical Adventurous fund. Jeff King, head of diversified funds, has pulled out of the co-management of the fund. Following the resignation of Chris Bamberry, Gregor McDonald becomes the sole manager of the Swip UK Smaller Companies fund, while Guy Skinner has been appointed lead manager of the Clerical Medical International fixed Income fund.
16/07/2010

Threadneedle recruits head of investment grade credit from GSAM

In October, Jim Cielisnki, who has spent 12 years at Goldman Sachs Asset Management (GSAM), most recently as managing director and head fo global investment grade credit, will join the management team at Threadneedle as head of the fixed income desk, a team with 38 investment professionals, on 31 March. As of the end of March, the team managed GBP22.6bn in assets.
16/07/2010

González Delgado family looks to British real estate

According to reports in Cotizalia, the González Delgado family has asked the Knight Frank consulting firm to reinvest the remaining capital gains on the sale of its 6% stake in El Corte Inglés for EUR500m in the British real estate market. Through its portfolio management firm Hemera Capital, the family has already bought the Fortis Bank headquarters in calle Serrano in Madrid (3,300 square metres) from Standard Life Investments, and another property in Madrid, located on Arturo Soria avenue.
16/07/2010

Appointment at Fidelity

Fidelity has appointed Pete Burtonshaw has head of platforms, including FundsNetwork and platforms dedicated to defined contribution programmes. Burtonshaw, who has been at Fidelity since 2008, will begin in his new role in August, replacing his predecessor as head of FundsNetwork, david Dalton-Brown, who left last October.
16/07/2010

Record fine of USD550m for Goldman Sachs

The Securities and Exchange Commission (SEC) on 15 July announced that Goldman Sachs will pay a fine of USD550m and will modify its practices. The SEC says in a statement that it is the largest fine ever paid by a Wall Street firm. The SEC opened an investigation into transactions at Goldman Sachs related to sales of a sub-prime structured product related to real estate (CDO), at a time when the US real estate market was collapsing. It accused Goldman Sachs of concealing the role of the speculative fund Paulson & Co. in the selection of assets in the CDO, created in early 2007, from investors. Goldman Sachs ultimately admitted that information given to clients was incomplete.
16/07/2010

Bond funds regaining popularity, according to Robeco

The BSI index of investment adviser morale, undertaken by TNS Infratest for Robeco Deutschland, has slipped by 0.2 points in second quarter compared with January-March, to 100.1. Robeco Germany observes that the opinions of professionals as to sales of bond funds have returned to a near-normal level, with 17% satisfied, compared with 10% in first quarter. For the next six months, 13% of advisers (compared with 12%) predict that sales will increase. Among the other findings of the survey of 350 client advisers at commercial banks, savings banks and co-operative banks in Germany are that 35% of specialists are optimistic about the evolution of sales of open-ended funds by the end of December (compared with 36%), and that 46%, compared with 45%, are convinced that sales of equities funds will increase. However, advisers’ estimation of sales of money market funds in second quarter fell to all-time low levels, with only 13% satisfied. And for the next six months, only 7%, as in first quarter, are optimstic.
16/07/2010

DWS adds to British product range

DWS Investments has released three new funds domiciled in Luxembourg on the British retail market: DWS Invest Top Dividend, Diversified Fixed Income Strategy, and Global Thematic, according to Fund Strategy. DWS returned to the British market last year with a series of regional and thematic funds, after withdrawing from the market five years ago with the sale of its full range to Aberdeen Asset Management. To strengthen its coverage of the British market, DWS has also appointed Stephen Moore as head of sales for the United Kingdom. Moore was previously at Julius Bär Asset Management.
16/07/2010

Deka Immobilien earns gains in London

The German management firm Deka Immobilien has announced that it resold the office property St. James House in London to Standard Life on 1 July for EUR53.5m. The 3,317 square metre property was purchased for EUR45.5m in March 2003 for an institutional fund from Deka Immobilien; it is wholly leased to Jeffries International Ltd. It becomes the third property to be sold above market value by the management firm in three months (the first two were in Korea and Germany).
16/07/2010

The Hartford slashes fees for 36 funds

From 1 July, management commissions have been reduced for 36 products from The Hartford Mutual Funds (USD95.8bn as of 31 March). The asset management subsidiary of The Hartford has reduced fees for institutional, retirement and retail shares in the Diversified International, Fundamental Growth, Global Research, International Growth, International Opportunities and Value funds by 30 basis points. The objective is to put these funds in the foreground compared with their peers in their respective Morningstar categories, Keith Sloane, senior vice president at The Hartford Mutual Funds, announced on Wednesday. Fees have also been reduced by 15 basis points for institutional and retirement share classes in 30 other funds, with the goal of increasing institutional market share by targeting consultants and IFAs.
16/07/2010

ABP coverage ratio down 9 points

For January-June, the ABP pension fund for about 2.8 million public sector employees and teachers in the Netherlands has posted returns of 4.6%, and its assets as of 30 June totalled EUR218bn, compared with EUR208bn at the end of 2009, the Wall Street Journal reports. Gains are largely due to investments in corporate and government bonds, emerging markets equities, private equity and hedge funds. However, the coverage ratio for the fund has fallen to 95% at the end of June, compared with 104% at the end of December, while the legal minimum is 105%. This decline is largely due to historically low long-term interest rates.
16/07/2010

OMAM registers Old Mutual Dublin Funds with CNMV

On 9 July, the CNMV registered the Irish-domiciled Sicav Old Mutual Dublin Funds Plc from Old Mutual Asset Management (OMAM), including its sub-funds Global Bond Fund (bonds), Global Equity Absolute Return Fund, UK Dynamic Equity Fund and UK Select Smaller Companies Fund (equities). The products are available on the Allfunds Bank platform.
16/07/2010
Fonds

DWS va liquider son dernier hedge fund local

Le 29 octobre 2010 et le 16 juin 2011, DWS Investments liquidera respectivement le DWS Hedge L/S Global Macro et le DWS Hedge L/S Currency, ses deux derniers hedge funds de droit allemand, a confirmé jeudi soir à Newsmanagers le gestionnaire d’actifs de la Deutsche Bank.De fait, le site de DWS précise que la date limite d’acceptation des dernières souscriptions pour le DWS Hedge L/S Global Macro, lancé le 1er août 2005, était le 30 juin et que l’encours se limite à présent à 0,01 million d’euros. La performance a été de 1,90 % par an depuis le lancement.En revanche, la date de retrait du DWS Hedge L/S Currency que publie la Frankfurter Allgemeine Zeitung n’est pas encore mentionnée sur la fiche du fonds (lancé le 1er juillet 2004), qui affiche un encours de 10,42 millions d’euros. La performance s’est établie à 3,58 % par an.DWS Investments avait déjà liquidé le DWS Invest Dynamic l’an dernier, puis -fin avril 2010- le DWS Hedge L/S Equity Opportunistic et le DWS Hedge L/S Market Neutral. Comme d’autres maisons allemandes, DWS tire la conséquence d’une législation qui complique la commercialisation (avertissement sur les documents, pas d’appel public à l'épargne pour les single hedge funds). De plus, les hedge funds ne jouissent pas d’une bonne image en Allemagne, depuis la controverse sur les «sauterelles».
Fonds
16/07/2010
Fonds

AGI liquide un fonds Pimco de € 130 millions

Au 31 juillet 2012, Allianz Global Investors fermera le fonds Allianz Pimco Genussscheinfonds (anciennement cominvest Genusscheinfonds), qui a été lancé le 16 juillet 2001 et dont l’encours de situe à plus de 130 millions d’euros. De toutes façons, les souscriptions et rachats pour ce fonds de bons de jouissance étaient gelées depuis le 3 mars 2009. Compte tenu de la liquidité très limitée du segment de marché, une dispersion des actifs du fonds ne serait pas possible à des prix convenables tandis qu’une réouverture du guichet des remboursements se traduirait probablement par des rachats supérieurs aux liquidités du fonds. La date de liquidation a été fixée en fonction de l’arrivée à échéance de la plupart des titres figurant encore dans le portefeuille.
Fonds
16/07/2010
Fonds

Santander AM lance un fonds coordonné de hedge funds

Le Santander Absolute Strategy, que Santander Asset Management fait enregistrer par la CNMV est le premier newcits de ce gestionnaire. Il s’agit d’un fonds à liquidité journalière investissant dans 15 à 25 hedge funds au format OPCVM III. Il sera disponible sur la plate-forme d’Allfunds Bank et conseillé par Allfunds Alternative, précise Funds People. L’objectif est une performance annuelle nette de 5-7 % avec une volatilité de 3-8 %.
Fonds
16/07/2010
Fonds

OMAM fait enregistrer Old Mutual Dublin Funds par la CNMV

Le 9 juillet, la CNMV a enregistré la sicav de droit irlandais Old Mutual Dublin Funds Plc d’Old Mutual Asset Management (OMAM), avec les compartiments Global Bond Fund (obligataire), Global Equity Absolute Return Fund, UK Dynamic Equity Fund et UK Select Smaller Companies Fund (actions). Ces produits sont disponibles sur la plate-forme d’Allfunds Bank.
Fonds
16/07/2010
Fonds

Inversis lance un produit structuré sur le Carmignac Patrimoine

L’espagnol Inversis Banco est en pleine commercialisation d’un produit structuré émis par Morgan Stanley et utilisant le fonds Carmignac Patrimoine comme sous-jacent, rapporte Funds People. Ce produit garantit au bout de quatre ans le remboursement de 100 % du capital investi plus 80 % de la performance du fonds Carmignac Patrimoine durant cette période. La souscription minimale est fixée à 20.000 euros et la commission de distribution s'élève à 3 %. Inversis Banco est le distributeur exclusif de ce produit jusqu'à la fin du mois.
Fonds
15/07/2010

Fund assets down in May

According to statistics from the CSSF published on Tuesday, total net assets in collective investment organisms and specialised investment funds (SIFs) format as of the end of May totalled EUR1.99241trn, compared with EUR2.01289trn as of 30 April, which represents a decline of EUR20.47bn, or 1.02%, in one month. However, over one year, assets under management have increased by slightly over 23%. EUR5.62bn of the decline in assets in May is due to negative market effects, and EUR14.86bn is due to net redemptions.
15/07/2010

Pimco launches indices of GDP-weighted govies

The US management firm Pimco (Allianz Global Investors) on Tuesday unveiled the government bond indices PIMCO Global Advantage Government Bond (GLADI Government) and PIMCO Global Advantage – European Government Bond, calculated by Markit. The unique aspect of the new indices is that they are weighted by GDP and not according to market capitalisation, which would make countries with large quantities of debt the most heavily weighted. The GLADI Government index covers all international investment-grade rated government bond markets, while the PIMCO Global Advantage – European Government Bond index covers government bonds issued by Euro zone member states.
15/07/2010

Sarah Russell prend la tête de Aegon AM

Le groupe Aegon a annoncé le 13 juillet la nomination de Sarah Russell en qualité de CEO de son activité de gestion d’actifs Aegon AM qui représente quelque 200 milliards d’euros d’actifs sous gestion.Sarah Russell, précédemment CEO d’ABN Amro AM, prend la succession de Erik van Houvelingen, qui souhaite poursuivre d’autres intérêts. Elle prendra ses fonctions le 1er août.
15/07/2010
Fonds

Les hedge funds à la peine au premier semestre

Depuis le début de l’année, les hedge funds ont affiché en moyenne des rendements quasi nuls, selon le cabinet spécialisé Eurekahedge. Les fonds spécialisés dans les obligations ou les dettes «en détresse» ont toutefois tiré leur épingle du jeu.Sur le premier semestre, les fonds spécialisés dans le recyclage des actifs en «détresse» – comme des dettes supposées irrécouvrables – ont ainsi réussi à gagner 6,42%. Les fonds obligataires n’ont également pas déçu, avec un gain de 3,73%. En revanche, les fonds dits «macro» n’ont pratiquement rien gagné cette année et les fonds «long short» ont perdu 1,75%.Par ailleurs, selon Eurekahedge, les hedge funds asiatiques hors Japon ont reculé de 3,13% sur le premier semestre. La plus mauvaise performance de tous les indices régionaux alors que l’indice global marque est resté pratiquement inchangé à -0,02%. Selon Hedge Fund Research, ce sont les fonds latino-américains qui ont enregistré la plus mauvaise performance avec un recul de 3,67% contre une baisse de 2,41% pour les fonds asiatiques hors Japon. A noter aussi que les indices hedge funds de Newedge se sont tous orientés à la baisse au mois de juin. L’indice CTA a perdu 19% en juin mais affiche un gain de 1,75% depuis le début de l’année.
Fonds
15/07/2010
Fonds

Global X et HSBC lancent des ETF sur le Brésil

Le gestionnaire new-yorkais Global X Funds a lancé le 8 juillet sur la plate-forme Arca du NYSE le Global X Brazil Consumer ETF (acronyme: BRAQ) qui se veut le premier ETF fournissant un accès ciblé aux valeurs du secteur brésilien des biens de consommation. Il réplique le Solactive Brazil Consumer Index dont les trois composantes les plus importantes sont AmBev, JBS et natura Cosmeticos. La gamme d’ETF brésiliens de global X comprend cinq autres produits. Le nouveau produit affiche une commission de gestion de 0,77 %.Pour sa part, HSBC ETF Plc a lancé le 13 juillet le fonds coordonné de droit irlandais HSBC MSCI BRAZIL ETF (IE00B5W34K94), un ETF à réplication physique assorti d’un TFE (TER) de 0,60 %. Comme son nom l’indique, le nouveau produit réplique l’indice MSCI Brésil. ; coté en dollars, il bénéficie d’un agrément de commercialisation au Royaume-Uni.
Fonds

Sujets d'actualité

Tous les sujets