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07/09/2009

Delta Lloyd releases an SMB fund

TheNetherlands-based asset management firm Delta Lloyd Asset Management hasobtained permission to release the Luxembourg-registered fund DeltaLloyd L European Participation fund, launched on 1 April, in Germany.The fund invests in up to 35 small and mid-sized businesses whichappear in the portfolios of the Delta Lloyd Europees DeelnemingenFonds and Delta Deelnemingen Fonds, with the proportion ofNetherlands shares limited to 25%. One of the characteristics of theproduct is that it takes stakes of at least 5% in the businesses inthe portfolio.CharacteristicsNameDelta Lloyd L European Participation FundISIN codeLU0408576568Front-end fee5.00%Management fee1.25%Performance commission10% of performance exceeding the REX 1 index
07/09/2009

Target-date funds losing their appeal

J.P. Morgan Asset Management at the beginning of the month closed five target date funds with horizons up to 2035, as their respective assets totalled between EUR6m and EUR7m, the Frankfurter Allgemeine Sonntagszeitung reoprts. DWS (Deutsche Bank) will close its three “Zukunftsfonds” on 27 November; in total, these funds had less than EUR10m under management. Marc Lederer, an investment advisor at Hesse + Partner, says the phenomenon is a result of the fact that Germans are rushing to buy products which benefit from government assistance, but target-date funds are not subsidized. Werner Hedrich (Morningstar) claims that the largest problem for target-date funds is distribution, as advisors at banks have nothing to gain from promoting these products: they earn a commission, and then the client, who does not need any other products, generates no further commissions. Thomas Wiesemann, CEO of Allianz Global Investors (AGI), says that there are no plans to close target-date funds, although the largest of these funds at the management firm has only EUR7m in assets. The same is true at Deka (savings banks), where Steffen Selbach points out that low volumes are not a problem, as these funds are coupled to other products. Fidelity, which imported the concept of the target-date fund to Germany, is the largest promoter of these funds, with assets of EUR50m or more.
07/09/2009

Two appointments at OppenheimerFunds

OppenheimerFunds on 2 September announced the arrival of William Carey as head of distribution and Martha Willis as Chief Marketing Officer. Carey will begin in his new job on 21 September, while Willis will start on 1 October. The firm is also planning to develop its distribution strategy and continue to improve the circulation of information within the firm, and to restructure its distribution and marketing activities for the various professions. Carey previously worked at Bank of America, while Willis was at Fidelity.
07/09/2009

AIG sells off less than 20% of asset management operations

On Saturday, American International Group (AIG) announced that it has sold a part of its investment advisory and asset management business for about USD500m to Bridge Partners, an affiliate of Pacific Century Group (PCG) of Hong Kong. Of this sale price, AIG will receive USD300m in cash at the conclusion of the transaction. The activities being sold are located in 32 countries and represent assets of about USD88.7bn, or 15.6% of the total, managed for both institutional and retail investors, using a variety of strategies including private equity, funds of hedge funds, publicly traded equities, and bonds. Win J Neuger will remain CEO of the firm, and the management team will remain in place. AIG will retain its in-house investment operation, which represents assets of about USD480bn, under the direction of senior vice president and CIO Monika M. Machon.
07/09/2009

Inflows on the rise

In August, investment funds sold in Italy attracted EUR2.83bn in investments, compared with EUR2.07bn in July, which has reduced net redemptions since the beginning of the year to EUR9.48bn, according to statistics from Assogestioni. Assets are up 1.25%, to EUR418.08bn as of the end of August, compared with EUR412.9bn one year previously, while market effects accounted for EUR3.11bn arithmetically, and represented one and a half times total subscriptions. Aside from hedge funds, which underwent net outflows of EUR127m, all the major categories of funds saw inflows in August. However, since the beginning of the year, only equities and money market funds have posted net subscriptions, totalling EUR1.22bn and EUR1.93bn, respectively. Overall, Italian-registered funds posted net outflows of EUR1.46bn in August, and net outflows of EUR11.4bn in the first eight months of the year, while foreign-registered funds saw inflows of EUR1.37bn last month, and EUR1.92bn since the beginning of the year.
07/09/2009

CalPERS board member under investigation

Charles “Chuck” Valdes, a longtime board member at CalPERS (USD194bn), is under investigation for taking campaign contributions from executives at a placement agent that works for CalPERS, says Pensions & Investments reports.
07/09/2009

Roadmap for banking sector regulations takes form at G20 meeting

At a meeting of G20 finance ministers this Saturday in London, the ministers did not go so far as to back all the proposals being touted by France, L’Agefi reports. However, a consensus began to take form over regulations of the banking sector. The Council’s report on financial stability will present proposals to the G20 on policy related to banking sector bonuses, the newspaper states. The United States would like to see increased owners’ equity requirements for financial establishments.
07/09/2009

IOSCO publishes final recommendations on securitisations and CDS markets

Despite the complexity of the issues related to the markets, the International Organisation of Securities Commissions (IOSCO) has concluded that regulation could play a role in some areas on securitisation and CDS markets, in order to contribute to a return of investor confidence in these markets. The recommendations of the IOSCO working group on unregulated products and financial markets encourages initiatives on the part of the industry to improve the functioning of the securitisation and CDS markets but admits that these initiatives would be limited. The IOCV points out in a statement that neither the industry’s own initiatives nor the discipline of the market prevented the malfunctions on these markets which served to exacerbate the financial crisis. “As a result, these initiatives will need to be completed and supported, if necessary, by regulation.”
07/09/2009

First funds denominated in Chinese renminbi launched

An affiliate of the Swiss private bank Bank of Cina (Suisse) SA, BOC (Suisse) Fund Management SA, has obtained permission from the Swiss market supervisory authority FINMA (Autorité fédérale de surveillance des marchés) to launch 24 classes of shares in its BOCS Fund, some of which will be denominated in Chinese renminbi. This complete range of Swiss-registered funds includes 12 sub-funds with 24 classes of shares, half of which are invested in equities and the other half in bonds. Each of the 12 sub-funds is available in two difference currencies, with the major innovation being that most of them offer a class of shares denominated in Chinese renminbi, the first time in the world that such a product has been offered, a statement from the firm points out. Chinese investors will be able to invest in international financial markets without exposing themselves to currency risks, and international investors will be able to subscribe to regulated investment products registered in Switzerland providing strategic exposure to the Chinese currency and to Chinese markets. Another major innovation, according to the statement, is that the BOCS Fund brings the Bank of China group expertise and products in total return styles of management, which come as additions to the group’s range of tracker and benchmarked products.
07/09/2009

Jupiter appoints a sales director for Asia

Jupiter Asset Management has appointed David Conway to the newly-created position of Sales Director, Asia Pacific. He joins Jupiter in October from Royal Skandia, where he worked in a number of roles over several years in Asia. In his new position at Jupiter, David will principally be responsible for developing Jupiter’s business with private banks, life companies and key wealth management institutions in Singapore and Hong Kong, as well as building on the relationships already established in Asia.
07/09/2009

Bids roll in for Asian AIG operations

L’Agefi reports that a source familiar with the matter revealed to Reuters on Saturday, 5 September, that Chinatrust Financial, the largest issuer of credit cards in Taiwan, has offered USD2.4bn for Taiwan Nan Shan Life, an affiliate of AIG, outstripping rival bids including one from Primus Financial.
07/09/2009

Investor participation in general assemblies increases

Voting turnout by investors at European companies’ annual general meetings has risen above 50% for the first time in the year to the end of July, the Wall Street Journal reports, citing figures from Manifest. In 2007, the percentage was only 40%. This trend is thought to be related to the financial crisis.
07/09/2009

Jean-Paul Gauzès appointed as reported for AIFM directive

At a meeting of the economic and monetary affairs committee of the European Parliament held on 1 September, MEP Jean-Paul Gauzès was appointed as reporter for a project to create a directive on alternative management (AIFM), and went on to create an informal working group to assist the reporter. The international alternative management association (AIMA) welcomed the appointment in a statement, and noted that several elements in the Commission’s draft directive (leverage, depositories, and marketing) need to be fundamentally reconsidered.
07/09/2009

Bridgewater favourite hedge fund firm of institutionals

A survey of institutional investors by AR Magazine has found that Bridgewater Associates (USD37bn in assets) is perceived as the best large hedge fund manager (of the “billion dollar club”) on the basis of six criteria: performance, infrastructure, “alignment of interests,” independent surveillance, liquidity, and transparency. The next four asset management firms in the rankings are Tudor Investment, Paulson & Company (USD27.2bn), Highbridge Capital Management and Davidson Kempner Advisors.
07/09/2009

Banks restrict access to external management providers

In the current recession, many banks are putting the emphasis on in-house funds, in an attempt to keep all possible earnings from selling funds in-house, the Financial Times reports. This is leading asset management firms without a distribution network to revise their policies. Investec Asset Management has decided to concentrate its sales efforts on fund of fund managers and banks which are looking for sub-advisors in asset classes in which they cannot hope to earn top returns. Banks are now expecting their partners to provide not only long-term performance, but also the ability to explain all the characteristics of the product to potential clients, particularly in terms of risk and volatility. Paradoxically, this approach may work to the advantage of managers with an institutional mindset, rather than specialists in retail products.
04/09/2009
Fonds

Bancomer lance un ETF de droit local

Sous la forme de Certificados Bursátiles Fiduciarios (CBUR) de droit mexicain, le BBVA Bancomer a lancé l’ETF Mextrac qui réplique l'évolution de l’indice Dow Jones Mexico Titans 20, rapporte Funds People. L’indice est ajusté trimestriellement au flottant (free float) et la pondération des titres est plafonnée à 10 % par émetteur.
Fonds
04/09/2009
Fonds

Jon Moulton jette l'éponge

Jon Moulton, l’une des grandes figures du private equity en Europe, a annoncé qu’il quitte avec 13 mois d’avance le capital-investisseur Alchemy Partners qu’il avait fondé, à cause d’un désaccord avec son probable successeur, Dominic Slade, qui est l’un des quatre autres associés d’Alchemy. Devenu managing partner voici deux ans, rapporte The Wall Street Journal, Dominic Slade souhaite spécialiser Alchemy sur les services financiers et lui faire abandonner sa focalisation sur les redressements d’entreprises en difficultés dans plusieurs secteurs.
Fonds
04/09/2009

SEI développe ses activités avec Edgewood Management

SEI vient de renforcer ses liens avec Edgewood Management en fournissant à la société des services d’externalisation (administration de comptes, calcul de performances, reporting, réconciliation, entrepôt de données) qui vont s’appliquer à tous les produits d’investissement d’Edgewood, selon Hedge Week.SEI travaille avec Edgewood depuis 2006.
04/09/2009

Les Cosmen et CVC surenchérissent pour National Express

Jeudi, les Cosmen et le capital-investisseur CVC Capital Partners ont bonifié leur offre sur les 84,1 % de National Express que la famille asturienne ne détient pas à 500 pence par action contre 450 pence. Ils précisent qu’il s’agit là d’une offre qui ne sera plus révisée à la hausse. Elle valorise l’entreprise à quelque 765 millions de livres ou 876 millions d’euros et le montant total de la transaction, si elle aboutissait, serait proche de 2,1 milliards d’euros, dette comprise.
04/09/2009

Axa Framlington recrute Mark Beveridge

Depuis août, Mark Beveridge, qui était depuis 2004 associété gérant, directeur de la gestions actions globale chez Goldman Sachs Asset Management à Londres, a rejoint le groupe Axa Investment Managers (Axa IM) en tant que global head d’Axa Framlington. Il prend ainsi le tête du pôle intégré de gestions actions qualitative, résultat du regroupement des équipes dédiées de Paris et de Londres. La nomination de Mark Beveridge «souligne la volonté d’AXA IM d’accélérer le développement de sa franchise de gestion qualitative, comme elle l’a fait avec AXA Rosenberg, son expertise de gestion quantitative», indique Axa IM. Basé à Londres, l’impétrant est rattaché à Stephane Prunet, global head of equities d’Axa IM. Chez GSAM il avait la responsabilité de la gestion d’environ 20 milliards d’euros. Par ailleurs, le groupe annonce le départ en retraite, en fin d’année, de Robert Kyprianou, directeur d’Axa Framlington Londres.
04/09/2009

Julius Baer se renforce sur le marché britannique

Selon L’Agefi suisse, Julius Baer envisage de lancer l’an prochain un nouveau véhicule de multigestion, d’abord réservé au marché britannique, ensuite commercialisé à plus grande échelle. Le directeur du développement britannique, Rainer Gruenig, estime que la tendance est à ce type de produits, et que Julius Baer a «clairement la capacité d’en gérer un».Ce type de structure consiste à rassembler les gérants les plus spécialisés sur un marché dans un fonds de fonds, avec rendement absolu, détaché des performances des marchés, avec un objection à 6% plus l’inflation. Ce véhicule de multigestion sera basé sur les offres institutionnelles de Julius Baer, telles que Institutional Flexible et JB MultiStrategy
04/09/2009
Fonds

Elbit radiée du portefeuille du Fonds de pension gouvernemental, Thales y revient

Le ministère des Finances norvégien a exclu la société israélienne Elbit Systems du portefeuille du Government Pension Fund - Global sur la base d’une recommandation du Conseil éthique. En effet, un investissement dans Elbit (le Fonds détenait pour 35,4 millions de couronnes d’actions) est considéré comme un risque inacceptable de contribution à de sérieuses violations des critères éthiques fondamentaux, compte tenu du fait que l’entreprise est entièrement intégrée dans la construction du mur de séparation entre Israël et les territoires palestiniens.En revanche, le ministère des Finances s’est rangé à la recommandation du Conseil éthique de réintégrer les actions de Thales SA et de DRD Gold Ltd dans la liste des titres éligibles pour le fonds. Ces valeurs avaient été radiées respectivement en 2005 et en 2007, et elles obtiennent leur réintégration parce que les entreprises ne sont plus impliquées dans les activités qui avaient motivé leur exclusion, respectivement la fabrication de bombes à sous-munitions (cluster bombs) et des dégâts environnementaux importants en Papouasie-Nouvelle Guinée.
Fonds

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