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11/12/2009
Fonds

Aegon AM arrive en Suisse avec des fonds obligataires

Selon L’Agefi suisse, le pôle gestion d’actifs du groupe d’assurances Aegon, présent surtout au Royaume-Uni, aux Pays-Bas et aux Etats-Unis, vient de faire son entrée sur le marché suisse. La première tranche autorisée comprend des fonds en obligations. Une petite équipe se partage la gestion des quatre fonds distribués en Suisse, soit David Roberts (Investment Grade Global Bond et Strategic Global Bond), Phil Milburn (High Yield Global Bond et Strategic Global Bond) et Euan McNeil (Euro Bond). Le Strategic Global Bond peut investir dans des obligations investment grade (dont la part a été poussée jusqu’à 90% il y a six mois, se situant actuellement à environ 70%), mais également ajouter des dettes spéculatives comme des titres indexés sur l’inflation. Il vise ainsi à créer sa performance à partir de six sources : l’allocation d’actifs, la gestion des durations, le positionnement sur la courbe de rendements, l’allocation sectorielle, la sélection de titres et les préférences de notation.
Fonds
11/12/2009

Le juriste Urs Rohner sera le prochain président de CS Group

Selon L’Agefi suisse, l’avocat d’affaires Urs Rohner, 50 ans, vice-président de CS Group depuis ce printemps, a été désigné pour succéder à la présidence (actuellement Hans-Ulrich Doerig) du Conseil d’administration du groupe à partir de 2011. Une nomination qui vise à assurer «la continuité et un transfert ordonné des responsabilités», facteurs jugés «décisifs pour le succès du groupe», selon le conseil d’administration.
11/12/2009

En Belgique, objectif deux fois plus pour BNP Paribas

Présente seulement en gestion privée à Anvers et Bruxelles, BNP Paribas va ouvrir 35 centres supplémentaires à travers la Belgique en s’appuyant sur le réseau de Fortis pour constituer sa base de clientèle, indique la Tribune. Actuellement, la banque de la rue d’Antin y compte 42 milliards d’euros d’actifs sous gestion. Son objectif est de doubler de taille à moyen terme, avec dès 2012, un montant de 50 milliards d’euros pour Fortis Private Banking.
11/12/2009

En Belgique, objectif deux fois plus pour BNP Paribas

Présente seulement en gestion privée à Anvers et Bruxelles, BNP Paribas va ouvrir 35 centres supplémentaires à travers la Belgique en s’appuyant sur le réseau de Fortis pour constituer sa base de clientèle, indique la Tribune. Actuellement, la banque de la rue d’Antin y compte 42 milliards d’euros d’actifs sous gestion. Son objectif est de doubler de taille à moyen terme, avec dès 2012, un montant de 50 milliards d’euros pour Fortis Private Banking.
11/12/2009
Fonds

UBS lance deux fonds ISR

Le 4 décembre, UBS a obtenu l’agrément de commercialisation en Allemagne des compartiments Climate Change P-acc et Sustainable Global leaders (EUR) P-acc de sa sicav luxembourgeoise UBS (Lux) Equity lancé le 27 novembre et assortis d’un «all-in fee» de 2,04 %.Le premier investira dans des entreprises des secteurs énergies renouvelable et alternatives ainsi que de l’efficience énergétique, mais aussi du transport de l'énergie, de la gestion d’immeubles à faible consommation énergétique et du développement de formes d'éclairage économisant de l'énergie. Son portefeuille comprendra entre 40 et 70 lignes sur un univers de 500 valeurs dans le monde.Le fonds Sustainable Global Leaders, avec 40-60 lignes sur un univers de 1.000 sociétés, investira principalement sur quatre thématiques : le changement climatique (38 %), la démographie (25 %), le développement (25 %) et l’eau (12 %).
Fonds
11/12/2009

F&C achèterait C-Quadrat

Selon l'édition de «Format» à paraître ce vendredi, F&C serait sur le point d’acquérir la majorité dans l’autrichien C-Quadrat, rapporte Fondsprofessionell. Le gestionnaire britannique reprendrait les participations des deux principaux actionnaires particuliers, Alexander Schütz et Thomas Riess, respectivement 23,6 % et 23,3 % ainsi que celles d’AvW-Gruppe (32,6 %) qui ont dû être transférées à Capital Bank lorsqu’AvW a connu des difficultés financières. Ces participations vaudraient environ 35 millions d’euros.
11/12/2009

Goldman Sachs renforce son maillage en Asie

Selon Asian Investor, Chris Keogh quitte Pékin pour s’installer à Tokyo en tant que co-responsable de Goldman Sachs Asset Management, une nouvelle responsabilité qui comprend la coordination des activités entre le Japon, la Corée du Sud et la Chine.L’intérêt de la clientèle pour l’intégration de ces marchés est à l’origine de la décision de Goldman Sachs, selon Oliver Bolitho, dont la fonction de managing director responsable de l’Asie hors Japon comprend désormais le Japon. Oliver Bolitho, qui va contrôler l’activité de Chris Keogh, relève notamment une augmentation des flux d’investissement et d’affaires entre le Japon et la Corée du Sud.Chris Keogh était précédemment conseiller du président chez Goldman Sachs Gao Hua Securities à Pékin.
11/12/2009
Fonds

Les Suédois privilégient toujours les fonds actions

En novembre, les fonds commercialisés en Suède ont enregistré des souscriptions nettes de 11,4 milliards de couronnes suédoises (1,1 milliard d’euros), selon les dernières statistiques de l’association suédoise des fonds, fondbolagens förening. Comme pour les mois précédents, les investisseurs ont privilégié les fonds actions, qui ont vu rentrer en net 4,6 milliards d’euros. Depuis le début de l’année, c’est cette catégorie de fonds qui tire la collecte, avec 84,7 milliards de couronnes d’entrées nettes sur des souscriptions nettes de 98 milliards de couronnes pour l’ensemble du secteur. Au mois de novembre, toutes les catégories ont enregistré des souscriptions nettes à l’exception des hedge funds (-0,6 milliard).
Fonds
10/12/2009

SEB Immoinvest takes delivery of two real estate properties

On Wednesday, the German management firm SEB Asset Management announced that its open-ended real estate fund SEB Immoinvest (EUR6.2bn in assets) has taken delivery of the completed Werfthaus building in Frankfurt/Main (14,000 square metres), and of the Kop van Zuid tower in Rotterdam (38,000 square metres). The former required an investment of EUR69.5m, while the latter cost EUR162m. The Werfthaus is 85% leased, with a 5-year guarantee from the vendors (Groß & Partner Grundstücksentwicklungsgesellschaft mbH and OFB Projektentwicklung GmbH) on the remaining 15%. The 44-story Kop van Zuid skyscraper, meanwhile, is fully leased for 10 years.
10/12/2009

New gold fund launched

Patrick Pittaway, manager of the future URAM Gold Allocator fund, which will invest in gold ETFs and shares in the gold industry, says the recent downturn in the price of gold is welcome, but that USD2,000 remains a reasonable target for gold prices in the long term, Citywire reports. The new product, a SICAV sub-fund, will be a copy of a Cayman Islands-registered offshore URAM fund launched last year.
10/12/2009

Franklin Mutual Series replaces two departing managers

Peter Langeman, president and CEO of Mutual Series Group, will take over the management of the Franklin Mutual Global Discovery Fund with immediate effect, replacing Anne Gudefin and Charles Lahr, who left the firm on 4 December to join Pimco (Allianz). His co-manager will be Philippe Brugère-Trélat, who manages the Franklin Mutual European Fund. The departure of Gudefin will also affect the Franklin Mutual Beacon Fund, which will now be co-managed by Steve Segal and Deborah Turner.
10/12/2009

France still lags behind in Islamic finance

Les Echos reports that the first French sukuk may be issued in 2010, according to Thierry Dissaux, known within the French government as “Monsieur Islamic Finance,” speaking yesterday at the French Islamic finance forum. Initially, a private business would be created to launch the sukuk. A public issue would come only later. The announcement did not reassure actors in the sector, and the Franco-Arab Chamber of Commerce, co-organizer of the event, publicly expressed regrets that France is still “behind” in the development of this type of finance.
10/12/2009

SEC investigates several acquisitions

The acquisition of Wyeth by Pfizer and of Schering-Plough by Merck are two of at least nine transactions which are being scrutinised by the Securities and Exchange Commission as part of an investigation into possible insider trading, sources familiar with the matter have told the Wall Street Journal. The newspaper last week revealed that the regulator had sent dozens of subpoenas to hedge funds and brokers to ascertain whether advisors to financial operations and traders were illegally sharing insider information.
10/12/2009

Omega Capital to increase liquidity frequency for its funds

Alberto Ruiz, director of Omega Gestión de Inversiones, the Spanish affiliate of Omega Capital, has announced that from early 2010, the Cerrado fund will change from annual liquidity to monthly liquidity. The Fractal and Turaco funds will move from a quarterly liquidity window to a monthly opening, Funds People reports. Ruiz says Omega will seek to avoid if at all possible any investments in funds which use side pockets, as this type of activity is often destructive. However, he understands perfectly that fund managers may use gates to protect investors. Omega Gestión de Inversiones was issued a license in October 2006 by the CNMV to manage Spanish hedge funds. It launched two products, including the Laredo Inversión Libre, whose performance on one year totals 8.20%, and Alphaville, which was released on the market in October.
10/12/2009

Merchant Capital to launch a dedicated UCITS platform for hedge fund managers

Merchant Capital is planning to launch a UCITS III fund structure which will provide an appropriate and effective vehicle for hedge fund managers to manage their own UCITS III funds, Hedge Week reports. It will take three to six months to construct and launch the fund product on the market. For funds which use the Merchant Capital platform, the delay will vary from four to six weeks, with a significant reduction in costs as a result. Hedge fund managers will not have to pay a front-end fee, and will also benefit from reduced administrative and legal costs.
10/12/2009

Hedge fund assets top USD2trn

According to statistics by HedgeFund.net, published on Tuesday, 8 December, assets in hedge funds increased by 3.39% in November to over USD2trn, a level not seen since November 2008. The increase in assets is due to performance effects and to new inflows. Returns on assets are responsible for an increase of USD40.5bn in assets, while investors allocated USD26.3trn to funds of this type. The HedgeFund.net study also found that November was the 7th consecutive month in which hedge funds posted net subscriptions. In this period, USD119.91bn were allocated to hedge funds. Lastly, the performance of hedge funds was positive in November, led by strategies focused on base materials and emerging markets. Long/short equity strategies, for their part, underperformed the S&P 500 index by more than 450 basis points.
10/12/2009

HFRI Fund Weighted Composite Index gains 1.75% in November

Hedge funds are looking set to celebrate their best year of the decade, Hedge Week reports. In November, according to data from Hedge Fund Research, the HFRI Fund Weighted Composite index gained 1.75%, putting its performance at 18.8% since the beginning of the year. The Macro strategy earned the strongest performance (+2.54%), compared with gains of 0.73% for relative value strategies, the weakest result in November.
10/12/2009

Yves Robert-Charrue becomes director of Investment Solutions group at Julius Baer

The board of directors at the Banque Julius Baer on Wednesday appointed two new executve board members, effective from 1 January. Giovanni Flury will succeed Bernard Keller as market director for the Ticino region of Switzerland and Italy, while Yves-Robert Charrue will become director of the Investment Solutions group at the bank. He succeeds Boris F.J. Collardi, CEO of the Julius Baer group, who reorganized this “major activity” at Bank Julius Baer and directed it through the year 2009. Robert-Charrue joined Julius Baer early in 2009 as director of management for funds and products, in charge of management for the full range of investment funds worldwide. He “acquired solid experience at Credit Suisse” before joining the firm, the press release says.
10/12/2009

Brain drain from Allianz Capital Partners

According to reports in Handelsblatt, two general directors of Allianz Capital Partners (ACP), Matts Lundgren and Stefan Sanne, are about to leave the firm, following the departures of the CIO, Boris Bernstein, and the head of the private equity fund of funds activity (Allianz Private Equity Partners, APEP), Jonny Maxwell. The brain drain is said to be due to the fact that Allianz this summer called off plans to spin off its private equity affiliate. The founder of ACP, Thomas Pütter, moved to London in late July, and is provisionally serving only as head of the investment committee. However, officially, Allianz is continuing to project growth at ACP, and is even aiming to double assets to EUR15bn in five years.
10/12/2009

BlackRock reveals size of German empire

Following disclosures yesterday of its stakes in Allianz SE, SAP, RWE, Adidas and K+S (see report in yesterday’s Newsmanagers), BlackRock’s stakes in several other German companies were announced in market statements from these businesses on Wednesday. The management firm, which has recently acquired Barclays Global Investors (BGI) as of 1 December owned 5.45% of Lufthansa, 5.40% of BASF, 10.07% of GEA Group, 4.80% of E.On, 4.58% of Munich Re, 7.01% of MTU Aero Engines, 4.55% of MAN, and 3.90% of Daimler.
10/12/2009

Pimco will soon have the largest fund in the world

According to Morningstar, the Total Return Fund from Pimco (Allianz Global Investors) will beat the all-time record of USD202.3bn (EUR137bn) in assets set in 2007 by the Growth Fund of America, by the end of the month. The Morningstar figures are reported in the Frankfurter Allgemeine Zeitung, relaying Bloomberg. In the first eleven months of the year, bond funds have seen net subscriptions of USD297bn, compared with USD12bn for equities funds. As of the end of November, assets in the Total Return Fund, managed by Bill Gross, totalled USD199bn, compared with USD153bn for the Growth Fund of America.
10/12/2009

FRR appoints bond managers

The French national pension fund, the Fonds de réserve pour les retraites (FRR), on 9 Deccember announced the appointment of six management firms to new bond management contracts as part of a revision of its bond management. The mandates are for investment grade bonds denominated in Euros totalling an estimated EUR1bn for a five-year period. The management firms selected were AXA IM Paris, BNP Paribas AM, Halbis Capital Management (HSBC), La Banque Postale AM, Quoniam AM and Standard Life Investments. The selection process continues for the third round of calls for tenders (investment grade credit denominated in US dollars, for active management). Results for the first round of the call for tenders (inflation-linked bonds denominated in Euros) were announced on 16 November.
10/12/2009

Schroders: Hardeep Dogra to assist Clive Dennis

Schroders has announced that Hardeep Dogra, a partner at Goldman Sachs International in London and head of the fixed income, currencies and commodities sectors, will join Clive Dennis has co-manager of the Global Managed Currency global currencies fund, launched in June. The product is a sub-fund of the Luxembourg Sicav Schroder ISF (see newsmanagers of 9 June). The British manager has also announced that two new classes of Euro-hedged shares will be available to German and Austrian investors. Minimal subscription is set at EUR1,000, and management commission is 1%, while the front-end fee is a maximum of 5%.
10/12/2009

Blue Rice launches an absolute returns strategy

The former head of the sovereign investment fund Korea Investment Corporation (KIC), Guan Ong, has launched a new product in Singapore, Asian Investor reports. His firm, Blue Rice Investment Management (BRIM), offers an absolute returns product, the Brim Asian Credit Fund. He hopes that the fund will manage USD40bn to USD50bn in assets by early 2010. Its capacity will be approximately USD1bn. The fund will focus primarily on Asian corporate bonds denominated in US dollars and other international currencies. Guan says that he is deliberately avoiding local currencies in order not to run currency risks in addition to credit risks. He prefers the investment paper category and avoids special situations. His prime broker is Credit Suisse, while administration services are handled by Deutsche Bank. The fund, which may use leverage of up to a factor of 2, is aiming for returns of 10% to 15% in 2010.
10/12/2009

Sail Advisors opens an office in New York

The fund of hedge funds Sail Advisors, based in Hong Kong, has decided to open an office in the United States, in New York, Asian Investment reports. The local team will consist of Jeff Tomlinson, Chris Solarz and Shaunak Amin, who will provide analysis of hedge funds in the Big Apple. The activity will be launched in January 2010. Mike Tomlinson will join his colleagues in New York in March 2010. All four are former members of the ING fund of hedge fund team.
10/12/2009

T. Rowe Price to launch actively-managed ETFs

Mutual Fund Wire reports that T. Rowe Price on Friday submitted an exemptive relief application to the SEC to be permitted to issue actively-managed ETFs based on US and international equities as well as bonds.
10/12/2009

Maif, Macif and Matmut found second-largest French mutual insurer

Les Echos reports that Maif, Macif and Matmut yesterday unveiled Sferen, their joint mutual insurance group (SGAM), which was officially founded on Tuesday evening. The three mutuals have created the second-largest French mutual entity, after Covéa. They will now appoint a CEO for their SGAM. The partners have identified seven top-priority activities (insurance for lenders, life insurance, reinsurance, purchasing in external professions related to insurance, asset management, and personal services). Macif and Matmut, which are partners in OFI AM, are also considering centralising their asset management, though they are hesitant to “put all their eggs in one basket,” says the president and CEO of Matmut, Daniel Havis. Maif is an “observer” in that area, he adds.
10/12/2009

Losses at Hennessy Advisors

For the fiscal year to 30 September, Hennessy Advisors Inc. has announced a net loss of USD195,349, compared with net profits of more than USD1.61m in the twelve months to the end of September 2008, on revenues of USD5.81bn, compared with USD10.27bn. Although assets increased by 5.4% to USD923.4m as of the end of September, compared with USD876m twelve months earlier, the decline in assets under management has weighed down results, as assets fell to USD475m in March. The manager says that in the past fiscal year it has acquired four mutual funds, with assets of USD232m. It has also launched the Hennessy Select Series mutual funds, actively-managed products which are contracted out to selected “highly-qualified” sub-advisors.
10/12/2009

Eight gold funds and two China funds are best performers in Germany since Lehman

As of 30 November 2009, the top ten funds on sale in Germany by performance since 15 September 2008 ranged, in decreasing order, from 124.3% to 67.3%, far outstripping the performance of their nearest rival, Carmignac Investissement, with gains of 23.2%. However, the Berenberg Emerging Ukraine and the Julius Bär Black Sea funds posted the heaviest losses, totalling over 60%, Das Investment adds. Of the top funds, the Earth Gold Fund UI, managed by Joachim Berlenbach, is the fund which has earned 124.3%; it places ahead of two China funds, Henderson China (+87.8%) and GAM Star China Equity USD (+86.8%), while the seven remaining funds in the top ten are gold funds, led by the LODH World Gold Expertise (USD).

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