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02/06/2010
Fonds

Woori et Fullerton lancent un fonds de fonds asiatique

Selon Asian Investor, Woori Absolute Partners, la filiale du coréen Woori Investment & Securities, va lancer un fonds de hedge funds international centré sur l’Asie. Le fonds, le Woori Absolute Return Investment Strategies, doté d’un capital de départ de 30 millions de dollars, sera conseillé par Fullerton Fund Management (propriété du fonds souverain de Singapour, Temasek).
Fonds
02/06/2010

Terence Lim rejoint Goldman Sachs AM en Corée

Selon Asian Investor, Terence Lim va rejoindre Goldman Sachs Asset Management (GSAM) à Séoul au poste nouvellement créé de co-chief executive pour mener l’offensive auprès de la clientèle «retail». GSAM est déjà bien connue auprès des investisseurs institutionnels pour qui elle gère de gros portefeuilles.Terence Lim travaillait précédemment chez Sofaer Capital en qualité d’associé et de gérant du hedge fund Sofaer Capital Pacific depuis août 2008. Terence Lim était précédemment chez Goldman Sachs en Asie.
02/06/2010

AXA IM créé un poste de responsable des ventes pour l'Asie

Selon Asian Investor, Terence Lam, qui vient de quitter BNP Paribas Investment Partners, va rejoindre Axa Investment Managers le 2 juillet prochain pour s’installer à Hong Kong en qualité de directeur des ventes et du marketing pour la zone Asie-Pacifique.Le poste a été créé avec l’objectif de développer la présence d’Axa IM dans la région.
02/06/2010
Fonds

Un associé de TPG lance son fonds

Weijian Shan quitte TPG Capital, dont il était associé et spécialiste de la Chine, pour lancer un fonds sur l’Asie, rapporte le Financial Times. Il restera néanmoins conseiller senior de TPG pendant un temps.
Fonds
02/06/2010

Permira, CVC et PAI ont cautionné le licenciement d'un cinquième de l'effectif de Cortefiel

Cotizalia rapporte que les capital-investisseurs Permira, CVC et PAI, qui détiennent Grupo Cortefiel, ont imposé un régime draconien à la chaîne de magasins de vêtements, qui a licencié 1.570 personnes ou 20 % de son effectif durant l’exercice clos le 28 février. Cortefiel a notamment licencié 300 personnes au Maroc.Le chiffre d’affaires avait chuté de 7,3 % à 1,05 milliard d’euros pour l’exercice précédent. Parallèlement, le nombre de magasins a augmenté en un an de 22 unités, à 1.578 fin février 2010. Les actionnaires justifient les licenciements et les délocalisations en Asie à des conditions de marché difficiles. Cela a permis avec d’autres mesures non détaillées d'économiser 48 millions d’euros sur l’année.
02/06/2010
Fonds

Intermoney prend en charge les fonds de Cajamar

Comme annoncé en février, Intermoney Gestión a repris à son compte la gestion et l’administration des six fonds d’investissement de Cajamar Gestón à la demande de cette dernière. L’autorisation correspondante a été délivrée le 28 mai par la CNMV. L’encours concerné représente 165 millions d’euros environ. Intermoney, ou sa maison-mère CIMD, n’acquièrent pas les fonds mais partageront les commissions avec la caisse d'épargne rurale.
Fonds
02/06/2010
Fonds

L'hémorragie des fonds s'est poursuivie en mai

Selon les données provisoires de l’association espagnole Inverco des sociétés de gestion, les fonds de valeurs mobilières espagnols ont subi en mai une baisse de 5,18 milliards d’euros de leur encours, à 153,1 milliards d’euros au 31 mai, la contraction imputable aux remboursements nets se situant à plus de 3,16 milliards d’euros. La baisse de l’encours en mai représente 3,3 %, et le recul des encours depuis le début de l’année est déjà supérieur à celui de 5,08 milliards d’euros constaté pour l’ensemble de 2009.Les calculs d’Ahorro Corporación montrent de leur côté que l’encours aurait baissé de 5,5 milliards à 159,7 milliards d’euros, ce qui porte la diminution depuis le début de l’année à 6,3 %. Quant aux sorties nettes de mai, elles auraient représenté 3,9 milliards d’euros.
Fonds
02/06/2010

Nelson Peltz monte à environ 6 % de Legg Mason

Dans une notification à la SEC (SEC Form 4), le milliardaire activiste Nelson Peltz a indiqué que son Trian Fund Management a acheté le 25 mai quelque 144.600 actions supplémentaires du gestionnaire Legg Mason pour environ 4,06 millions de dollars.Cela porte désormais la participation de Trian à plus de 10,08 millions de titres ou environ 6 % des actions Legg Mason en circulation.
02/06/2010
Fonds

DoubleLine lance son troisième mutual fund

Jeff Gundlach, l’ancien CIO révoqué par TCW (Société Générale), a lancé mardi le troisième mutual fund de sa nouvelle société, DoubleLine Capital, comme annoncé par The Wall Street Journal (lire notre dépêche du 17 mai).Le DoubleLine Core Fixed Income Fund, un produit multisectoriel dans le domaine obligataire, est disponible selon Mutual Fund Wire en deux classes de parts. Les parts I sont assortis de 0,49 % de frais tandis que les parts N sont chargées à 74 points de base.
Fonds
02/06/2010
Fonds

Les conseillers en gestion de patrimoine se détournent des fonds

Selon Mutual Fundwire, les conseillers en gestion de patrimoine ont vendu en 2009 moins de mutual funds qu’avant. C’est ce qui ressort d’une enquête menée par Financial Research Company auprès de 758 conseillers aux Etats-Unis. 17 % des sondés indiquent faire moins confiance aux gérants de fonds en cas d’environnement économique difficile. La majorité des personnes interrogées préfèrent se tourner vers des investissements alternatifs ou des ETF. Seuls 35 % ont renforcé leur exposition aux obligations.
Fonds
02/06/2010

Ethos prend 20 % du capital de Proxinvest

La Fondation Ethos à Genève a annoncé mardi 1er juin avoir pris une participation de 20 % au capital du français Proxinvest. Les deux institutions qui sont spécialisées dans l’analyse de l’ordre du jour, la formulation de recommandations et l’assistance dans l’exécution des votes vont mettre en commun leur expertise en matière de services de vote pour les investisseurs. Par ce rapprochement, les deux institutions qui sont membres de l’European Corporate Governance Services (ECGS), un réseau européen d’analyse d’assemblées générales de sociétés cotées en Europe, veulent renforcer leurs positions de leaders sur les marchés suisse et français dans le domaine de l’analyse des assemblées générales d’actionnaires de sociétés cotées. «Ce rapprochement permettra également de dégager des synergies dans le développement de nouveaux produits, ainsi qu’en matière informatique à travers la mise à disposition de plateformes clients plus efficaces», précise le communiqué de la Fondation Ethos.
02/06/2010

Steffen Koop joins Frankfurter Fondsbank

Steffen Koop, senior sales manager at Fondsdepot Bank, has been recruited as director of distribution at Frankfurter Fondsbank (FFB). More specifically, he will be responsible for development of and assistance to the IFA client base. He will report to Stephan Sorber, director of marketing, sales and product development.
02/06/2010

Carmignac Gestion announces strong increase in inflows in 2009

At a general shareholders’ meeting for Carmignac Gestion, held on Monday, 31 May to approved the accounts for the year 2009, the president of the firm, Edouard Carmignac, announced inflows of EUR15.5bn, “a strong increase over the previous fiscal year.” The total amount of assets under management came to EUR32.8bn as of the end of 2009.Consolidated net profits for the year to 31 December 2009 totalled EUR318.59m. The general shareholders’ meeting approved the distribution of a dividend of EUR64 per share.
02/06/2010

Claude Tiramani leaves BNP Paribas AM

Claude Tiramani, a manager at BNP Paribas Asset Management who has been at the firm since 1990, is joining Lutetia Capital to launch a range of emerging markets products. At BNPP AM, Tiramani managed global emerging markets funds (Parvest Emerging Europe, and the China and Russia allocations of the Parvest BRIC fund), and country specialist funds (Parvest Chian, Shinhan BNP Paribas Bonjour China, Parvest Russia). Tiramani, considered one of the best French specialists in China and Eastern Europe, has won numerous awards over his career for his management, and is rated A by Citywire, putting him in the top 10% of managers in France, Germany, Austria, the Netherlands, Spain, Sweden and Switzerland, for his performance in this strategy. “After 20 years at the BNP Paribas Asset Management group, where I helped to create and develop emerging markets management, I wanted to join an independent management firm which is ambitious and innovative. The choice of Lutetia Capital was fairly natural; there, I will develop an original range of emerging markets funds, and will be free to fully apply my convictions, beginning with the first: it is now shares driven by domestic demand and consumer spending in emerging markets which should form the focus of investment,” Tiramani says in a statement.
02/06/2010

Nelson Peltz increases stake in Legg Mason to about 6%

In a Form 4 notification to the SEC, the activist billionaire Nelson Peltz has announced that his firm, Trian Fund Management, on 25 May acquired about 144,600 new shares in the management firm Legg Mason, for about USD4.06m. The incrase brings Trian’s stake to over 10.08 million shares, or about 6% of all Legg Mason shares in circulation.
02/06/2010

GAIA index performs better than non-ESG counterparts

Although the time period under review remains relatively short, the Gaia index of midcaps that respect ESG criteria, created by EthiFinance and IDMidCaps earlier this year, has performed better than its non-ESG counterparts, Agefi reports. Since its inception, the Gaia Index has outperformed its benchmark index, the CMS 190. Its volatility is also lower than those of the CAC 40 and the CMS 190. While the CAC 40 gained nearly 9% one month, and then less than 1% the following month, the Gaia index earned nearly 7%, and then 4%, in the same period.
02/06/2010

Skandia awards an equities mandate to Dirk Enderlein at Wellington

On Tuesday, Skandia Investment Group (SIG) announced that it has awarded a GBP50m European equities mandate to Wellington Asset Management, as part of the Skandia Global Dynamic Equity Fund (GDE). The decision is related to the recruitment by Wellington of Dirk Enderlein, whose departure from Allianz RCM in September caused SIG to withdraw the mandate which had been awarded to that management firm by the GDE. The European growth equities fund which Enderlein managed at RCM lost about 35-40% of its assets following his departure, but has since made up lost ground, and even taken on more than before. SIG has already granted several bond mandates to Wellington AM.
02/06/2010

Martin Currie acquires a hedge fund

On Tuesday, the Scottish asset management firm Martin Currie Investment Management announced the acquisition of the European long/short equity management activities of Sofaer Capital, which represents assets of about USD280m, of which USD140m are managed in the Sofaer Capital European Hedge Fund, and USD140m in two mandates. The two principals, Michael Browne and Steve Frost, who have managed the fund since 1 January 2001, will join Martin Currie on 1 July 2010, while Charlotte Dagg, an analyst who works for the fund, will be recruited by Martin Currie later this year. The acquisition price has not been disclosed. The Sofaer Capital European Hedge Fund will be managed by Martin Currie from 1 July. Sofaer Capital, for its part, will retain some research activities in London, but will rely on its Hong Kong offices, where Michael Sofaer has been managing hedge funds since 1983, for the remainder of its activities. In other words, Asian and global hedge funds will be managed and administered from Hong Kong.
02/06/2010

Hedge fund directive needed to protect investors, study finds

As regulation of the hedge fund industry moves closer, and negotiations begin over the character of the Directive on Alternative Investment Fund Managers (AIFM), a new research from the European School of Management & Technology (ESMT), in collaboration with the Rotterdam School of Management, highlights serious worry over hedge funds and the risks to investors. Results raise serious concerns about investors’ ability to make the right investment choices – meaning that increasing investor protection and curbing unnecessary risks should be a priority for regulators. «Investors naïvely chase performance at all costs, irrespective of the risk of different hedge fund investment styles», says the research. Style volatility, and investors’ inability to time switching in and out of different investment styles, exposes them to unforeseen risk.
02/06/2010

Deka launches a new range of multi-asset class profiled funds

The asset management firm for the German savings banks, DekaBank, announced on Monday that it has overhauled the Deka-Treasury Total Return fund to create the and Deka-Wertkonzept fund. The product, with a risk cushion of 5%, was launched in 2006 for the German savings banks and institutional investors, and was later opened to retail clients in September 2008. The fund will now serve as the basis for a new Deka-Wertkonzept product range, aimed at retail investors, which includes a defensive fund, Deka-Wertkonzept defensiv, with a risk cushion of 3%, and a dynamic fund, Deka-Wertkonzept offensiv, with a risk cushion of 10%. By ‘risk cushion,’ Deka means the percentage of loss compared with the previous peak level which is tolerated by the subscriber before managers should roll the portfolio over into lower-risk instruments. CharacteristicsName: Deka-WertkonzeptISIN: CF(T) shares: DE000DK1A4U6 TF(T) shares: DE000DK2CDL5Front-end fee: CF(T): 3.0%; TF(T): 0.0%Management commission: CF(T): 1.0 %; TF(T): 1.3%Other fees: 0.16%Performance commission: 10% on performance exceeding the Euribor 3 month + 100 basis pointsName: Deka-Wertkonzept defensivISIN: CF(T) shares: DE000DK2CC59TF(T) shares: DE000DK2CC67Front-end fees: CF(T): 3.0 %; TF(T): 0.0 %Management commission: CF(T): 0.85 %.; TF(T): 1.15 %Other fees: 0.16%Performance commission: 10% of performance exceeding the Euribor 3 month + 50 basis points Name: Deka-Wertkonzept offensivISIN: CF(T) shares: DE000DK2CC34TF(T) shares: DE000DK2CC42Front-end fees: CF(T): 3.0%; TF(T): 0.0%Other fees: 0.16%Performance commission: 10% of performance exceeding the Euribor 3 month + 200 basis points
02/06/2010

Allianz RCM Europe Equity Growth Equity fund makes a comeback

At the end of September, Dirk Enderlein quit as manager of the European growth equities fund from RCM (Allianz group), which resulted in the withdrawal of 35%-40% of the EUR2.1bn in assets in the strategy, his successor, Thorsten Winkelmann, explains. Since then, he says, assets have climbed back to EUR2.2bn, due both to net subscriptions and to performance which, as of the end of May, came to about 13% over eight months. In these conditions, it is understandable that RCM is making an effort to introduce its manager to major clients, as it did earlier this week in Paris. In total, the European growth equities strategy adds up to about EUR1.6bn, subdivided into mandates and two funds (a Luxembourg-registered fund with EUR475m, and a German fund with EUR700m), while the Euro zone represents EUR600m, of which EUR200m are in a German retail fund, EUR200m in a Luxembourg institutional fund, and EUR200m in an institutional mandate. The Europe and Euro zone strategies respectively have 64 and 51 positions, with a highly reliable turnover rate (30% in 2009 for Europe). In 2010, there have been two exits and two new entries to the portfolio, while in 2009 there were six exits and six entries. The management team consists of four people, and relies on a European equities research service composed of 32 people based in Frankfurt and London. The benchmark index selected is the S&P Europe Large & Midcap Growth.
02/06/2010

Ethos buys 20% stake in Proxinvest

The Ethos Foundation in Geneva announced on Tuesday, 1 June that it has bought a 20% stake in the French firm Proxinvest. The two institutions are both specialised in the analysis of the agendas for general shareholders’ meetings, the formulation of recommendations, and assistance in the execution of voting rights, putting their expertise in voting services at the service of investors. The merger will allow the two institutions, both members of European Corporate Governance Services (ECGS), a European network of analysts of general shareholders’ meetings at European publicly-traded companies, to strengthen their positions as leaders in the Swiss and French markets for analysis of general shareholders’ meetings at publicly traded companies. “The merger will also allow the firms to realise synergies in the development of new products, and in IT, through the more effective delivery of platforms to clients,” the Ethos foundation says in a statement.
02/06/2010

New head of equities brokerage appointed at Vontobel

The Vontobel group has announced the appointment of Peter Romanzina as head of equities brokerage, effective from 1 September this year. In this position, Romanzina replaces Eugen Brenner, who announced in February that he would like to step down from his management responsibilities and reduce his professional engagements. Romanzina previously served in a comparable role at Kepler Capital Markets in Zurich.
02/06/2010

Commerzbank sells Singapore affiliate to Trident Trust

Commerzbank International Trust Singapore (CITS), an affiliate of Commerzbank Singapore, was sold on Tuesday for an undisclosed amount to Trident Trust Group. CITS is a fund and fiduciary management firm for retail investors and businesses, with seven employees. Its assets under administration totalled EUR930m as of the end of 2009. The other activities of Commerzbank in Singapore are not affected by the transaction.
02/06/2010

Woori and Fullerton launch an Asian fund of funds

Asian Investor reports that Woori Absolute Partners, an affiliate of the Korean Woori Investment & Securities, will launch an international fund of hedge funds focused on Asia. The fund, the Woori Absolute Return Investment Strategies, will have initial capital of USD30m, and will be advised by Fullerton Fund Management (which is owned by the Singapore sovereign fund, Temasek).
02/06/2010

Fund outflows continue in May

According to provisional statistics from the Spanish Inverco association of asset management firms, Spanish securities funds in May saw outflows of EUR5.18bn from their assets, to a total of EUR153.1bn as of 31 May, with the contraction due to net redemptions totalling over EUR3.16bn. The decline in assets in May represents 3.3%, while the decline in assets since the beginning of the year is already more than the EUR5.08bn observed in all of the year 2009. Figures from Ahorro Corporación reveal that assets fell by EUR5.5bn, to EUR159.7bn, bringing the decline since the beginning of the year to 6.3%. Net outflows in May are estimated to have totalled EUR3.9bn.
02/06/2010

IFAs turn their backs on funds

Mutual Fund Wire reports that independent financial advisers in 3009 sold fewer shares in mutual funds than in the past, according to a survey by the Financial Research Company of 958 advisers in the United States. 17% of respondents say they have less confidence in fund managers in a difficult economic environment. Most of those surveyed preferred to invest in alternative investments or ETFs. Only 35% increased their exposure to bonds.
02/06/2010

DoubleLine launches its third mutual fund

Jeff Gundlach, former CIO of TCW (Société Générale), on Tuesday launched the third mutual fund by his new firm, DoubleLine Capital, as announced by the Wall Street Journal (see Newsmanagers of 17 May). Mutual Fund Wire reports that the DoubleLine Core Fixed Income Fund, a multi-sectoral fixed income product, is available in two share classes. I shares carry 0.49% fees, while N shares charge 74 basis points.
02/06/2010

AXA IM creates a position for a head of sales for Asia

Asian Investor reports that Terence Lam, who has left BNP Paribas Investment Partners, will join Axa Investment Managers on 2 July and will move to Hong Kong to take up a position as director of sales and marketing for the Asia-Pacific region. The position was created with the objective of developing Axa IM’s presence in the region.
02/06/2010

Intermoney takes charge of Cajamar funds

As announced in February, Intermoney Gestión has taken over the management and administration of six investment funds from Cajamar Gestión, at the request of the latter firm. The necessary authorisation was granted by the CNMV on 28 May. The assets concerned total about EUR165m. Intermoney, or its parent company, CIMD, will not acquire the funds, but will share the commissions with the rural savings bank.

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