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16/06/2010
Fonds

East Capital ferme son fonds immobilier russe

East Capital a fermé son fonds East Capital Russian Property Fund, qui avait été lancé en juillet 2008 pour investir dans l’immobilier commercial des grandes villes de Russie. En raison de la crise financière mondiale, la société de gestion suédoise, spécialiste des marchés émergents, avait pris la décision de ne pas investir dans l’attente de la stabilisation de la chute des prix. Après la crise, elle n’a pas non plus réussi à procéder à des investissements dans un délai raisonnable. Aucun investissement n’a donc été effectué dans le cadre du fonds. East Capital a donc préféré fermer le fonds et rembourser les investisseurs.
Fonds
16/06/2010

Reyl obtient une licence à Singapour

Selon L’Agefi suisse, Reyl Singapore PTE. LTD., la nouvelle filiale de droit singapourien du Groupe Reyl, a obtenu la licence Capital Markets Services (CMS) of Fund Management délivrée par l’Autorité Monétaire de Singapour (MAS). Elle sera dirigée par Charles Bok, membre du comité de direction de Reyl & Cie.
16/06/2010
Fonds

Andbanc fait enregistrer trois fonds en Espagne

Le 11 juin, la CNMV a enregistré pour la commercialisation en Espagne trois premiers fonds luxembourgeois de l’andorran Andbanc. Il s’agit des fonds Andbanc Investments FCP Money Market, Diversified Equities et Bonds. La commercialisation de ces produits est confiée à Banco Inversis.
Fonds
16/06/2010
Fonds

Le BBVA lance un fonds garanti référencé à trois grandes capitalisations

BBVA Asset Management a enregistré le 11 juin auprès de la CNMV le fonds à garantie partielle BBVA Destacados BP (ES0113279006) qui a été lancé le 21 mai. L'échéance de ce produit à l’origine obligataire est fixée à 10 septembre 2013. L’investisseur récuperera 100 % de son investissement initial ou la valeur liquidative au 13 août 2010 moins la dépréciation de celle des trois actions (Santander, Inditex et Repsol) qui aura perdu le plus. Dans tous les cas, ce versement s’accompagnera d’une rémunération comprise entre 0 et 9,2 % de l’investissement initial.Caractéristiques : Résultat au 10 septembre 2013 compris entre une perte maximale de 1,65 % et une performance maximale de 8,93 %. Droits d’entrée : 5 %Pénalités de sortie : 5 % Commission de gestion : de 0,1 % jusqu’au 13 août 2010 à 1,4 % au-delà. Commission de banque dépositaire (Banco Depositario BBVA) : 0,05 %.
Fonds
16/06/2010
Fonds

Skandia confie à Old Mutual un mandat retiré à Mirabaud

Mardi, Skandia Investment Group (SIG) a annoncé avoir sélectionné Old Mutual Asset Managers UK (OMAM) pour gérer un mandat de 95 millions de livres en actions britanniques qui était auparavant confié à Mirabaud. Ce mandat sera géré par Richard Watts, qui fait partie de l'équipe petites et moyennes capitalisation britanniques d’OMAM. Il sera utilisé dans plusieurs fonds SIG, dont le Diversified fund et la gamme Spectrum.De fait, Richard Watts et son équipe gère depuis le lancement une poche du Skandia UK Best Ideas Fund ; ils ont aussi récemment obtenu un mandat au sein du Skandia Global Best Ideas Fund. Le Groupe Old Mutual est actionnaire de Skandia à 100 %.
Fonds
16/06/2010

RWC Partners recrute chez JP Morgan AM

RWC Partners vient de recruter John Bennett en qualité de responsable des ventes intemédiées outre-Manche. John Bennett travaillait précédemment chez JP Morgan Asset Management où il est resté pendant une quinzaine d’années et où il s’occupait dans un premier temps de la distribution auprès des conseillers indépendants (IFA).
16/06/2010

Barings recrute chez Schroders

Andrew Benton, qui était head of UK institutional sales chez Schroders depuis 2005, vient de rejoindre Baring Asset Management à Londres comme head of UK & international institutional sales and business development sous les ordres de George Harvey, head of sales, business development & client service.Il sera ainsi responsible de toutes les activités de vente institutionnelle basées à Londres, qui représentent 18 milliards de livres d’encours.
16/06/2010
Fonds

Chris Hohn (TCI) sur la défensive

En 2008, le hedge fund The Children’s Investment Fund (TCI) de Chris Hohn a perdu 43 % et il est resté dans le rouge en 2009 alors que les autres fonds alternatifs faisaient de bonnes affaires.A présent, Chris Hohn est sur la défensive pour une autre raison, souligne le Handelsblatt : selon un rapport officiel, TCI a transféré 500 millions de livres ces deux dernières années à la Children’s Investment Fund Foundation (CIFF), une organisation caritative qui s’occupe des enfants du Tiers-Monde. La CIFF a peut-être amassé 1,5 milliard de livres, mais les mêmes documents officiels montrent qu’elle n’a versé que 30,6 millions de livres à des projets d’assistance pour les 12 mois à fin août 2008 et même 17,9 millions pour les 12 mois à fin août 2009.L’un des administrateurs de la fondation, Gerry Elias, justifie la disproportion des sommes par le fait que la CIFF cherche à transposer des méthodes de l’entreprise au monde de l’aide au développement. Elle exige donc de chaque projet qu’elle soutient une efficacité sociale clairement mesurable, ce qui engloutit du temps et des ressources.
Fonds
16/06/2010

Le prix de l’action Jupiter AM fixé à un faible niveau

Selon le Financial Times, qui cite des personnes proches du dossier, le prix des actions de Jupiter Asset Management, qui doit s’introduire en Bourse, a été fixé à 165 pence, ce qui correspond à la zone inférieure de la fourchette de prix (150-210 pence).
16/06/2010
Fonds

ALPS lance un ETF

La déclaration «form N1-A» à la SEC concernant le nouveau Alerian MLP ETF ne comporte pas encore le taux de frais, mais il précise que ce nouveau produit d’ALPS Advisors aura Arrow Investment Advisors comme sub-advisor.L’ETF s’efforcera de répliquer l’Alerian MLP Infrastructure Index, MLP signifiant Master Limited Partnership. Cet indice suit la performance globale des MLP américaines dans le domaine des infrastructures énergétiques et le fonds investira en période normale au moins 90 % de ses encours dans les titres composant l’indice.
Fonds
16/06/2010

Une fusion de type CAAM-SGAM souhaitée en Italie

Il Sole – 24 Ore s’interroge sur l’avenir de la gestion d’actifs en Italie, et la possibilité d’une fusion de type CAAM-SGAM. Une union de Pioneer, la société de gestion du groupe UniCredit, et d’Eurizon Capital, chez Intesa Sanpaolo, serait bien vue, voire souhaitée, par la Banque d’Italie, qui d’un côté appelle de ses vœux la séparation entre la production et la distribution en matière de gestion d’actifs, et de l’autre cherche à contrôle le destin des actifs italiens, commente le quotidien. Pour le moment, toutefois, on est loin de se diriger dans une telle direction, même si chacun des deux groupes bancaires italiens compte se désengager progressivement de la gestion d’actifs.
16/06/2010
Fonds

Mediolanum inclut trois gestionnaires supplémentaires dans son offre Best Brands

L’italien Banca Mediolanum a annoncé la conclusion récente de nouveaux partenariats avec DWS Investments (Deutsche Bank), Franklin Templeton Investments et Pimco (Allianz). Ces gestionnaires rejoignent dans l’architecture ouverte de Mediolanum les sociétés de gestion BlackRock, JPMorgan Asset Management et Morgan Stanley Investment Management.DWS Investments fournira un fonds de fonds actions «méga-tendances», le Mediolanum DWS MegaTrend Selection, tandis que Franklin Templeton contribuera à l’offre par un fonds de fonds diversifiés spécialiste des marchés émergents. Enfin, le produit spécifique créé par Pimco sera multi-classes d’actifs et de performance absolue, avec une forte proportion d’obligataire, «pour combattre le prochain futur ennemi de l'épargne, l’inflation».
Fonds
16/06/2010

Bons résultats pour EFA en 2009

Le spécialiste de l’administration de fonds EFA (European Fund Administration) a réalisé l’an dernier un chiffre d’affaires de 63 millions d’euros, en hausse de 2,5 % d’une année sur l’autre, le résultat avant impôts s’inscrivant à 5,1 millions d’euros. Au 31 décembre 2009, EFA administrait un total de 83,2 milliards d’euros d’actifs nets, détenus par 2.450 fonds pour le compte de 226 clients. «La hausse de 13,6% du nombre de clients témoigne de la bonne progression de la commercialisation des services de EFA et de la marque EFA», souligne la société dans un communiqué.Outre l’activité importante apportée par les clients des banques actionnaires, le chiffre d’affaires généré par les clients directs de EFA a progressé de 15%. Fin 2009, ces derniers représentaient 29% du chiffre d’affaires et 41% du nombre total de clients. EFA travaille désormais en collaboration avec 86 banques dépositaires et 8 prime brokers. Présent en France depuis trois ans, EFA a proposé l’an dernier des services allant du «middle office» transactionnel au back office pour un total de 72 fonds représentant plus de 3 milliards d’euros d’actifs au 31 décembre 2009. EFA France a poursuivi la diversification de son activité sur le segment alternatif en renforçant sa capacité à gérer des fonds hedge et des fonds de capital-investissement et a réussi à acquérir 4 nouveaux clients.EFA précise dans son communiqué que le changement capitalistique intervenu récemment ne devrait pas affecter le modèle et le positionnement stratégique de EFA. Le 21 mai 2010, le groupe KBC a conclu un accord avec Hinduja Group sur la cession de sa filiale KBL European Private Bankers (KBL), l’un des trois actionnaires de EFA.
16/06/2010
Fonds

ETF Securities lance 22 ETC sur devises

ETF Securities a annoncé le lancement de 22 ETC sur devises, y compris la première cotation en Europe de devises des marchés émergents.Ces produits seront tous cotés à la Bourse de Londres. ETF Securities a drainé quelque 200 millions de dollars d’actifs depuis le lancement en novembre dernier de son premier ETC sur devises.
Fonds
16/06/2010

investtor.de launches a fund with a portfolio determined by subscribers

Michael Thaler, son of the founder of the independent wealth management firm Top Vermögen AG, with the help of the management firm Axxion, has launched the Luxembourg fund Multi-Structure Investtor Aktien global. A sales license for Germany is expected next week. The product allows investors who have subscribed for at least 80 shares, or EUR4,000, to vote on the investtor.de platform to determine the composition of the portfolio of up to 40 positions (from a list of 200 global large caps), and on the weighting of each share and the exposure of the fund to equities, Die Welt reports. Subscription pledges for EUR1.2m have already been received from 30 investors. The fund is intended to earn a profit with volume of EUR10m or more. On Tuesday, its first day, the fund had 37 equities in its portfolio, with the largest weightings, in decreasing order, China Mobile, Deutsche Telekom and Bilfinger Berger.
16/06/2010

Andbanc registers three funds in Spain

On 11 June, the CNMV registered the first three funds from the Andorran firm Andbanc in Spain. They are the Andbanc FCP Money Market, Diversified Equities and Bonds funds. Sales of the products will be handled by Banco Inversis.
16/06/2010

BBVA launches a guaranteed fund linked to performance of three large caps

BBVA Asset Management on 11 June registered the partially-guaranteed fund BBVA Destacados BP (ES0113279006), which was launched on 21 May, with the CNMV. The originally bond product will mature on 10 September 2013. Investors will recuperate 100% of their initial investment, or its net asset value as of 14 August 2010, minus the depreciation of the one of three large caps (Santander, Inditex, or Repsol) which has lost the most value. In any event, the payment will involve a total remuneration of 0% to 9.2% of the initial investment. The minimal rate guaranteed as of 10 September 2013 will range from a maximal loss of 1.65% and a maximal performance of 8.93%. Front-end fee and penalty for withdrawal are set at 5%, while management commission is 0.1% until August 2010, and 1.4% after that date. Depository banking commission (Banco Depositario BBVA) is 0.05%.
16/06/2010

Franklin Templeton only foreign firm in top ten for inflows

In January-April, Allianz Global Investors (AGI) was the German asset management firm whose net subscriptions were strongest, with nearly EUR4.9bn for its affiliate Pimco Europe, and EUR1.77bn in direct inflows, the Kommalpha agency reports. In second place is Deutsche Bank, whose ETF brand db x-trackers attracted EUR1.62bn, while the real estate management firm RREEF raised EUR1.07bn, and DWS Luxembourg drew EUR875m. At the top of the rankings, in addition to RREEFs, there are two other real estate fund managers: Union Investment Real Estate (with EUR990.2m) and Deka Immobilien (890,8m), while Universal-Investment, the Master-KAG specialist, in eighth place with EUR770.4m. The only foreign manager among the top ten by inflows in the first four months of the year is the Luxembourg management firm Franklin Templeton Investment Funds (FTIF), with EUR635m. In tenth place is Frankfurt Service KAG, with EUR623.5m.
16/06/2010

Good results for EFA in 2009

The fund administration specialist EFA (European Fund Administration) last year posted earnings of EUR63m, a 2.5% increase year on year, while pre-tax profits totalled EUR5.1m. As of 31 December 2009, EFA administered a total of EUR83.2bn in net assets, in 2,450 funds, on behalf of 226 clients. “A 13.6% increase in the number of clients is a sign of good progress in the sales of EFA services and the EFA brand, the firm says in a statement. In addition to significant amounts of business from clients of shareholder banks, earnings generated by direct EFA clients are up 15%. As of the end of 2009, these repersented 29% of earnings and 41% of the total number of clients. EFA is now working in collaboration with 86 depository banks and 8 prime brokers.
16/06/2010

ETF Securities launches 22 currency ETCs

ETF Securities has announced the launch of 22 ETC currency funds, including the first European listing of an emerging markets currencies product. The products will all be listed on the London stock exchange. ETF Securities has attracted about USD200m in assets since its launch, last November, of its first currency ETC.
16/06/2010

Mediolanum includes three more managers in Best Brands product range

The Italian Banca Mediolanum has announced that it has recently concluded new partnerships with DWS Investments (Deutsche Bank), Franklin Templeton Investments, and Pimco (Allianz). The managers will join the open architecture platform from Mediolanum, alongside the management firms BlackRock, JPMorgan Asset Management and Morgan Stanley Investment Management. DWS Investments will provide a “mega-trend” equities fund of funds, the Mediolanum DWS MegaTrend Selection, while Franklin Templeton will contribute to the range with a diversified fund of funds specialised in emerging markets. The product created especially by Pimco will be a multi-asset class absolute return product, with a high exposure to bonds, “to combat the likely next enemy of savings, inflation.”
16/06/2010

Euronext lists three more Amundi ETFs

On Tuesday, NYSE Euronext announced that its ETF segment now lists 533 listings for 485 ETFs, replicating 300 indices, after the introduction of three new products from Amundi. Since the beginning of the year, 36 ETFs have been admitted to trading. The three French-registered products are the Amundi ETF S&P 500 (FR0010892224) with a TER of 0.15%, Nasdaq 100 (FR0010892216), with a TER of 0.23%, and FTSE MIB (FR0010892208), with a TER of 0.18%.
16/06/2010

ALPS launches an ETF

The N1-A form to the SEC for the new Alerian MLP ETF does not yet state the fees the fund will charge, but it does state that the new product from ALPS Advisors will have Arrow Investment Advisors as its sub-advisor. The ETF will aim to replicate the Alerian MLP Infrastructure Index, in which MLP stands for Master Limited Partnership. The index tracks the global performance of US MLPs in the areas of energy infrastructure, and the fund will invest at least 90% of its assets, in normal market conditions, in shares of the index.
16/06/2010

Hedge fund performance could turn down

Typical annual returns of hedge funds would drop to 10 per cent – or less – if funds became too defensive as the economic environment turned increasingly challenging, according to Byron Wien, the vice-chairman of Blackstone’s advisory group and former chief investment strategist at Pequot Capital. According to the Financial Times, he told the GAIM conference in Monaco: “The concept of hedge funds was to produce equity-like returns with bond-like volatility. The danger is we get bond-like returns with equity-like volatility.”
16/06/2010

East Capital closes its Russian real estate fund

East Capital has closed the East Capital Russian Property Fund. The fund was launched in July 2008 to invest in the fast growing commercial real-estate sector in Russian larger cities. Due to the subsequent financial crisis, East Capital’s team decided to stay out and wait until price fall would stabilize. In this post crisis environment, despite intensive efforts, it proved impossible to realize the initial investment strategy within a reasonable time frame. As a result, no investments were made. Acting in the best interests of its investors, East Capital has taken the decision to close the fund and to return capital to investors at this time.
16/06/2010

Harewood to join BNP Paribas IP

According to information obtained by Newsmanagers, Harewood Asset Management, a wholly-owned subsidiary of BNP Paribas, which currently operates as a part of the investment bank, will be merged into BNP Paribas Investment Partners, the asset management unit of the French banking group. More specifically, the Harewood team will be merged with Sigma (an acronym for structured, index-linked and multi-alpha generation), which includes structuring, index-based management, active guaranteed management, risk allocation, and multi-strategy overlay at BNP Paribas Asset Management. Sources familiar with the matter suggest to Newsmanagers that the new ensemble will be led by Gilles Guérin, who has left GDF Finance, where he was vice president. According to its website, Harewood AM, a specialist in systematic management, structured management and alternative management, had EUR4.2bn in assets under management as of 31 December 2009, of which 64% was managed on behalf of institutional investors, and 36% for distribution clients. The firm has 25 management professionals, according to the website. The Sigma team at BNP Paribas AM, for its part, has 67 specialists.
16/06/2010

ERAFP launches request for proposals for renewed equities mandates

The French pension fund for public sector employees Etablissement de retraite additionnelle de la fonction publique (ERAFP) has launched a restricted request for proposals for renewed financial management mandates for “mid- and large cap publicly traded equities in Euro zone businesses” and diversification of its asset allocation. The request for proposals is composed of four rounds (corresponding to four types of mandates, respectively): a round for small and midcap publicly-traded shares in Euro zone businesses, with index-based management, and three rounds of publicly-traded Euro zone mid and large caps, the first of which will involve index-based management, the second will use active benchmarked management, and the third will be unbenchmarked. The mandates will be for an initial three-year term, and may be renewed once, for a new three-year term. In keeping with the 100% SRI investment policy of the pension fund, the new mandates will integrate the SRI regime, adapted to each case.
16/06/2010

Musical chairs on HSBC board

A desire on the part of Caroline Brousse, CEO of HSBC Global Asset Management Europe and director of asset management at HSBC France to advance her career, while remaining within the group, and the decision of Pierre Séquier, CEO and director of research and management activities at Sinopia, to continue his career outside the HSBC group, are the cause of a redistribution of responsibilities on the HSBC board. Laurent Tignard, currently CEO of Halbis Capital Management (France), will succeed Brousse. He becomes director of asset manaegement for France, and joins the executive baord of HSBC France, while Guillaume Rabault, deputy CEO of Halbis Capital Management (France), is appointed CEO of Halbis Capital Management (France). Philippe Giomard, CEO of HSBC Global Asset Management (France) replaces Séquier as CEO of Sinopia, and will retain his current responsibilities. Jean-Charles Bertrand, head of bond and absolute return management, is appointed director of research and management activities at Sinopia. Bertrand will be assisted by Jean-François Schmitt, deputy director of research and management activities, in addition to his role as CEO of Sinopia Asset Management (UK), a statement from the bank says. Pending the approval of the regulatory authorities, the appointments will take effect on 7 June for Sinopia, and 30 June for the profession in France. Brousse will retain responsibility for HSBC Global Asset Management Europe until 1 September 2010.
16/06/2010

Marc Renaud (Mandarine Gestion): “Thank you, Edouard Carmignac!”

In an interview with Das Investment, Marc Renaud says that he has thanked Edouard Carmignac for opening up a new front which has benefited all boutiques, in the highly rigid and bank-dominated world of distribution. The founder of Mandarine Gestion says that he can only hope that Carmignac’s success will continue, as major errors in decision-making would work against all small boutiques. When asked if his investment method designed for a European framework can be extrapolated and used globally, including in emerging markets, Renaud replies in the affirmative, but emphasizes that it must be placed in the hands of another manager: for 20 years, he has been working with European businesses, and it would not be judicious to enlarge its spectrum. He does not feel qualified to evaluate political and fiscal situations in Brazil or China. However, the businesses of the Stoxx 50 do earn at least 45% of their revenues and profits outside Europe. Renaud can easily envision a time when there is a global equities product in the Mandarine range, but the firm would need a real expert for that universe.
16/06/2010

Skandia withdraws a mandate from Mirabaud and awards it to Old Mutual

On Tuesday, Skandia Investment Group (SIG) announced that it has selected Old Mutual Asset Managers UK (OMAM) to manage a mandate of GBP95m in UK equities, which was previously awarded to Mirabaud. The mandate will be managed by Richard Watts, who belongs to the UK small and midcaps team at OMAM. It will be used in several SIG funds, including the Diversified fund and the Spectrum range. Watts and his team have managed a portion of the Skandia UK Best Ideas fund since its launch; they have also recently been awarded a mandate from the Skandia Global Best Ideas Fund.

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