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02/07/2010
Fonds

Duet lance un hedge fund matières premières

Duet Asset Management, une société de gestion alternative basée à Londres et gérant 2,3 milliards de dollars, est en train de lever des capitaux pour un nouveau hedge fund qui sera dirigé par deux des traders en matières premières les plus expérimentés au monde, rapporte le Financial Times. La société a recruté Tony Hall, un ancien de Credit Suisse-Glencore, et Arno Pilz, un ancien d’UBS et Lehman Brothers, pour gérer ce Duet Commodities Fund.
Fonds
02/07/2010

Omam se sépare du responsable des ventes retail pour le Royaume-Uni

Selon Fund Strategy, Old Mutual Asset Managers (Omam) vient de remercier Mark Allpress, responsable des ventes retail au Royaume-Uni, à la suite d’une réorganisation de la société.Au 30 avril dernier, les actifs sous gestion d’Omam s'élevaient à 4,4 milliards de livres.
02/07/2010

La Commerzbank vend deux filiales à RHJ

Jeudi soir, la Commerzbank a annoncé avoir vendu ses activités Kleinwort Benson au capital-investisseur RHJ International. Il s’agit de sociétés de gestion de fortune et de fiducie Channel Islands Holdings Limited et Kleinwort Benson Private Bank Limited. Leur encours en gestion de fortune représentait fin 2009 un montant de 5,6 milliards de livres (6,3 milliards d’euros). Elles emploient environ 600 personnes.
02/07/2010

Allianz constitue AGI Capital

Les trois sociétés de gestion NFJ Investment Group, Nicholas-Applegate Capital Management et Oppenheimer Capital sont désormais fondues en une seule entité qui prend le nom d’Allianz Global Investors Capital, avec un encours «unifié» de 48 milliard de dollars. Pimco conserve en revanche son identité.Cela posé, les stratégies mises en œuvre par Nicholas-Applegate et Oppenheimer seront «rebrandées» AGI Capital tandis que le nouvel ensemble conservera la marque NFJ pour les actions value gérées à Dallas.Marna Whittington et Horacio Valeiras sont respectivement CEO et CIO d’AGI Capital, dont le management board comprend également Barbara Claussen, Ben Fischer et Geoff Mullen.
02/07/2010

BBVA Patrimonios launches a second SIL

Diversity Inversiones (ES0126908039) is a “free investment company,” or SIL, and is the second hedge fund aimed at high net worth private clients from BBVA Patrimonios. The product will be managed by the alternative management affiliate Omega Gestión. The objective is to generate annual performance of 9-12%, with ex ante volatility of 10%, through investments of at least 35% of assets in 8 to 20 Spanish-registered hedge funds (FIL), funds of FIL funds, feeder funds, or commodities ETFs. The product, which offers monthly liquidity, requires a minimal initial subscription, as required by law, of EUR50,000. BBVA Patrimonios charges fees of EUR7,512 per year, plus a commission of 0.3% on assets.
02/07/2010

Assets in Spanish funds still falling

The decline in assets in Spanish securities funds in June slowed to about EUR0.4bn (to a total of EUR152.7bn), from EUR5.2bn in May (see Newsmanagers of 2 June), but net redemptions increased to EUR3.33bn, from EUR3.16bn. According to the Inverco association of management firms, these are the worst results since November 2008. And in first quarter, net outflows totalled EUR11.3bn. According to statistics from Ahorro Corporación, net redemptions totalled as much as EUR4.5bn, the highest since October 2008.
02/07/2010

Credit Suisse adds to ETF team

The head of institutional distribution at ComStage ETF (Commerzbank), Levente Kulcsar, on 1 July became director and head of ETF activities for Germany and Austria at Credit Suisse. Meanwhile, Annabelle Wegner is leaving RBS/ABN Amro, where she worked in the structured products team, to join the ETF division of Credit Suisse. ETF assets at Credit Suisse represent CHF12bn, or EUR8.4bn. The ETF product range from Credit Suisse currently includes 31 funds with a sales license in Germany.
02/07/2010

SGCIB extends range of ETF services for institutionals

Société Générale Corporate & Investment Banking announced on Thursday that it has added to its range of ETF services for European institutional investors, extending its ETF lending and borrowing service, and acting as market maker for five new series of options based on French-registered ETF funds from the Société Générale affiliate Lyxor Asset Management. The funds concerned are Lyxor ETF DJ Stoxx 600 Banks, Lyxor ETF DJ Stoxx 600 Oil & Gas, Lyxor ETF DJ Stoxx 600 Basic Resources, Lyxor ETF DJ Stoxx 600 Telecommunications and Lyxor ETF China Enterprise.
02/07/2010

DJE Kapital enlarges board

Six months after the appointment to the managing board of Jan Ehrhardt, head of research and portoflio design activities, and son of founder Jens Ehrhardt, DJE Kapital on Thursday announced that Ulrich Kaffarnik and Peter Schmitz have been promoted to become members of the board. Kaffarnik will be head of investment funds, institutional and retail clients, while retaining his position as head of the Luxembourg affiliate DJE Investment. Schmitz, an economist, will become head of finance, administration, and service center. With Eberhard Winberger, the board includes five members.
02/07/2010

JPMAM focuses on insurers

Dirk Popielas, co-head of the pensions & insurance advisory group at the JP Morgan investment bank, has been appointed as head of insurance solutions for the Europe, Middle East and Africa (EMEA) region at JPMorgan Asset Management. Popielas will be based in Frankfurt, and will report directly to Jamie Broderick, CEO of JPMAM for Europe, who is based in London.
02/07/2010

LaSalle IM recruits a manager from ING REIM

Kai Brunko has left ING Real Estate Investment Management Germany, to take on the newly-created position of asset manager for the retail sector at LaSalle Investment Management in Munich, from 1 July.
02/07/2010

Neuberger Berman launches a global equities fund

Fund Strategy reports that Neuberger Berman has launched a global equities fund with no constraints, entitled Global Thematic Opportunities, which replicated the strategy of the Global Opportunities fund. The new UCITS III-compliant fund is domiciled in Dublin, and will be managed by MLG Group (which is owned by Neuberger Berman). Minimal initial investment has been set at USD10,000. Management fees are 2% per year for retail investors. The fund will initially be available in US dollars and Euros.
02/07/2010

Premier Capital Solidaire makes its first investments

Two months after its launch, the Mandarine Capital Solidaire FCPR fund, whose portfolio is composed of 40% non-publicly traded shares issued by solidaristic organisations, has announced its first two investments in solidaristic organisations: Autonomie et Solidarité, and Habitats Solidaires. Autonomie et Solidarité is a cooperative company with variable capital, specialised in solidaristic investments to finance businesses in the process of creation, acquisition, or development of their activities. Habitats Solidaires is a cooperative collective interest company with variable capital, which aims to improve the housing placement conditions for individuals and families excluded from housing in the Paris region for economic or social reasons.
02/07/2010

Traditional managers look to hedge fund managers

Benjamin Phillips a partner at the New York firm Casey & Quirk & Associates, says traditional asset managers are looking for simple ways to bank profits, independently of the prevailing trends on equities and bond markets, Handelsblatt reports. Kevin Packenham, CEO of Jefferies in London, says that more than half of the 41 mergers and acquisitions this year (January-May) involved alternative managers. Jamie Broderick, CEO of JPMorgan AM for Europe, also in attendance at the Monaco Fund Forum, predicts that the number of transactions will increase, as banks and insurers are seeking to unload their asset management affiliates, and may now be able to do so at a more attractive price than last year. Kevin Pakenham estimates that the number of deals in 2010 will not rival the 140 deals signed last year, but Martin Gilbert, head of Aberdeen, thinks this number will be exceeded.
02/07/2010

Fitch confirms Asset Manager rating of M1 for Alcentra

The Fitch Ratings agency on 1 July announced that it is confirming its Asset Manager rating of M1 for the management firm Alcentra (Bank of New York Mellon) for its European management activities. The decision reflects the stable track record of activities at Alcentra (CLO), and efforts at diversification which have been embarked on, into areas including special situations and structured funds.
02/07/2010

Barclays reimburses a client

Fund Strategy reports that the British financial mediation service has asked Barclays to reimburse GBP17,192 to a prudent client who was led to invest in a high-risk fund. The bank has also apologised to the client for the delay in addressing her claim. The client, Sue Murton, initally invested GBP52,000 in April 2007, in a fund (Aviva Global Balanced Income) which then changed formats and moved into the high-risk category; but the client was never informed. In response to an initial claim, Barclays offered compensation of GBP8,374, though in March 2009, the value of the client’s investment had fallen by GBP21,000.
02/07/2010

Allianz creates AGI Capital

The three asset management firms NFJ Investment Group, Nicholas-Applegate Capital Management and Oppenheimer Capital have now been merged into a single entity, which will be known as Allianz Global Investors Capital, with “unified” assets of USD48bn. Pimco will, however, retain its identity. The strategies pursued by Nicholas-Applegate and Oppenheimer will be “rebranded” as AGI Capital, while the new merged entity will retain the NFJ brand for value equities managed in Dallas, Texas. Marna Whittington and Horatio Valerias will serve as CEO and CIO of AGI Capital, respectively. The board also includes Barbara Claussen, Ben Fischer and Geoff Mullen.
02/07/2010

US firm Gramercy recruits two former JP Morgan managers

The US management boutique Gramercy, a specialist in emerging markets, has announced the recruitment of Jeffrey Grills and Gunter Heiland, both formerly of JP Morgan AM, to launch new strategies focused on emerging market debt. The two new recruits, who previously were co-heads of the emerging markets team at JP Morgan AM, and who managed as much as USD12bn, yesterday launched three funds focused on emerging markets. The first of these is focused on US dollar government debts in emerging markets; the second, on emerging market debt in local currencies; and the third on corporate debt from the same markets. Assets under management at Gramercy total USD2.6bn.
02/07/2010

Morningstar France finalises acquisition of Seeds Group

Morningstar France Holding on 1 July announced that it has finalised its previously announced acquisition of Seeds group, a financial investment advising and research firm specialised in French OPCVM funds. The acquisition price has not been disclosed. Seeds Finance, an affiliate of Seeds Group, provides investment advising to institutional investors, management firms, and banks. In addition to investment advising, Seeds Group also operates Multiratings.com, a website providing analysis of mutual funds and financial training to independent financial advisers and institutional investors.
02/07/2010

Spanish government hopes to convince Pimco to invest in its bonds

José Manuel Campa, Spanish secretary of state for the economy, on Monday held a meeting with “some of the main investors” in his government (banks, fund managers, and hedge funds) to explain to them “the reality of the Spanish economic situation, and to attempt to dispel the unfounded negative sentiment which is currently prevailing,” Expansión reports. On Thursday, the day after meeting the New York Times, Bloomberg, and the Financial Times in New York, he was to meet heads at Pimco, including Bill Gross, who manages the largest bond fund in the world, with USD464bn in assets. Gross has been one of the charpest critics of Spain in recent months.
02/07/2010

Duet launches a commodities hedge fund

Duet Asset Management, the USD2.3bn London-based alternative asset manager, is raising money for a new hedge fund to be headed by two of the world’s most senior commodities traders. The firm has hired Tony Hall, who worked at Credit Suisse-Glencore, and Arno Pilz, from UBS and Lehman Brothers, to manage the new Duet Commodities Fund.
02/07/2010

Net inflows in May at their lowest in 18 months

The recent turbulence on the markets has left its mark on funds. According to statistics from the British investment management association (IMA), net inflows in May fell below GBP1bn, to GBP948m, down 56% from April. This is the first time since November 2008 (18 months previously) that this variable has fallen below the GBP1bn mark. In May 2009, net inflows totalled GBP2.84bn. Assets under management as of the end of May totalled GBP492.6bn, down 3.5% from their peak in April (GBP510.6bn), but up 25% compared with their levels in May 2009. The most popular sector was absolute returns, with net inflows of GBP181m. This category, introduced in April 2008, has been in the top fifth of all strategies in 21 months out of 26. Distribution platforms have increased their market share to 39%, an increase of 1% compared with April, and 5% compared with January.
02/07/2010

New Star European Growth fund made part of Henderson Horizon and changes names

Henderson Plc on Thursday, 1 July announced that it the Irish-registered OEIC fund New Star European Growth has been integrated into the Luxembourg Sicav Henderson Horizon, as of 18 June. The fund will now be known as the Henderson Horizon European Growth Fund. The mutual fund, managed by Richard Pease and Simon Rowe, has assets of EUR84.2m. The operation follows the acquisition of New Star Asset Management by the Henderson Plc group in 2009. Characteristics Name: Henderson Horizon European Growth Fund Structure of the fund: Complex UCITS III SICAV Currency of the fund: EUR Minimal subscription: EUR2,500 or USD2,500 for retail share class Front-end fee: Maximum 5% Management commission: 1.75%
02/07/2010

Threadneedle fills vacancies left by departures to RWC

Threadneedle has appointed Quentin Fitzsimmons as lead manager for two bond funds, the Threadneedle Absolute Return Bond and Target Return funds, previously managed by Peter Annwright and Stuart Frost, who have recently left the firm to join RWC. Fitzsimmons, who has been head of government bonds since 2003, made significant contributions to the growth of absolute return strategies, and it would be an exaggeration to attribute the success of these strategies solely to the two managers who have moved to RWC, Threadneedle says in a statement. Assets in the two funds concerned totalled over EUR2.3bn as of the end of March, within fixed income (EUR22bn in assets under management in total). Threadneedle has also recruited Vladimir Gerasimia, who will join the team specialised in emerging market debts, a,dn who previously worked at Fortis Investments. Another new arrival, Richard Stevens, previously of Old Mutual Asset Managers, joins the government bond team.
02/07/2010

Head of marketing appointed at Gartmore

Gartmore on 30 June announced the appointment of Charolotte Gibson as head of marketing. Gibson, previously of JP Morgan AM, will join Gartmore in mid-July. She will report to Richard Pursglove, head of UK retail. Gibson will lead a team of 12 people in charge of advertising, client relationships, and other elements of the distribution chain.
02/07/2010

Omam fires head of UK retail sales

Fund Strategy reports that Old Mutual Asset Managers (Omam) has dismissed Mark Allpress, head of UK retail sales, in a reorganisation of the firm. As of 30 April this year, assets under management at Omam totalled GBP4.4bn.
02/07/2010

Commerzbank sells two affiliates to RHJ

On Thursday evening, Commerzbank announced that it has sold its Kleinwort Benson activities to the private equity investor RHJ International. These include the wealth and fiduciary management firms Channel Islands Holdings Limited and Kleinwort Benson Private Bank Limited. Their assets in wealth management as of the end of 2009 totalled GBP5.6bn (EUR6.3bn); the firms have about 600 employees.
02/07/2010

PGGM seeking a manager for responsible equities portfolio

The Dutch pension fund PGGM, which manages about EUR80bn in assets, is seeking a senior manager or director of investments for its portfolio of responsible equities, Responsible Investor reports. The team which manages the fund already has nine members. PGGM, which dedicated EUR1bn to this strategy in 2008, would like to increase assets in the fund to EUR2.2bn during 2010. PGGM has also announced that it has decided to exclude the Indian mining firm Vedanta Resources from its investment portfolio.
02/07/2010

Spanish tax amnesty offer is a total washout

The Spanish finance ministry has suffered a setback. The Spanish tax authorities had offered to regularise the situation of Spanish holders of 3,000 offshore accounts in Switzerland, which would have represented the largest tax amnesty in Spain since the restoration of democracy. However, according to sources familiar with the matter, Expansión reports, not a single one of the individuals concerned took the Spanish authorities up on the offer before the deadline passed on 30 June, though they had all been directly contacted by the tax authority.
02/07/2010

Credit Suisse renforce son équipe ETF

Responsable de la distribution institutionnelle chez ComStage ETF (Commerzbank), Levente Kulcsar est devenu au 1er juillet directeur et responsable de l’activité ETF pour l’Allemagne et l’Autriche de Credit Suisse.D’autre part, Annabelle Wegner quitte RBS/ABN Amro, où elle travaillait dans l'équipe produits structurés, pour rejoindre la division ETF de Credit Suisse.L’encours des ETF de Credit suisse représente 12 milliards de francs suisses ou 8,4 milliards d’euros. Pour l’instant, la gamme d’ETF de Credit Suisse bénéficiant d’un agrément de commercialisation en Allemagne comporte 31 fonds.

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