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12/11/2013

HFRI hedge fund index up 1.5% in October

The HFRI benchmark index of hedge funds gained 1.5% in October, for its tenth gain in the past 12 months, with positive contributions from all strategies. Since the beginning of the year, the HFRI index has gained 7.2%, the best since 2009 over nine months. The Equity Hedge and Event-Driven strategies have continued to drive performance in the sector, with gains of 1.8% and 1.55%, respectively, on one month, and 11.3% and 10% on nine months. Macro strategies ended five months of losses with gains of 1.1%, bringing performance since the beginning of the year to 0.9%. The HFRI hedge fund index has also done well, with gains of 1.5% in October, bringing performance in the first nine months of the year to 6.6%.
12/11/2013

ProShares offers bond ETF with hedging for interest rates

The alternative ETF provider ProShares on 7 November announced the launch of a new ETF, the ProShares Investment Grade-Interest Rate Hedged, which is presented as the first investment-grade ETF to offer integrated hedging as interest rates rise. The new vehicle aims for a duration of zero via short-selling of Treasury futures. ProShares this year already launched a similar hedging strategy for high yield bonds.
12/11/2013

Franklin Templeton bets on Ukrainian debt

Franklin Templeton acquired Ukrainian international bonds for a total of nearly USD5bn at the end of August, one fifth of the total international government debt from the country in circulation, the Financial Times reports. The investments were led by Michael Hasenstab, who was also the architect of the massive redemptions of Irish debt, which helped to calm the markets in the country in the wake of the financial crisis. This Irish bet paid off for the asset management firm. But the Ukrainian investment is potentially more risky, the FT comments.
12/11/2013

MSCI willing to sell ISS

In a statement dated 31 October, proxy advisor Institutional Shareholder Services (ISS) announced that the board of directors at its parent company, MSCI Inc., has authorized it to explore all strategic options concerning its future, and that this may include a total separation of the two entities.
12/11/2013

Rachel Lord replaces Joe Linhares as head of EMEA at iShares

Rachel Lord, global head of corporate derivatives at Citigorup, has been recruited as head of iShares for the Europe/Middle East/Africa region, replacing Joe Linhares, who is returning to the United States as head of the Platinum Programme from BlackRock, Money Marketing reports.
12/11/2013

Fidelity Switzerland replaces head

A spokesperson for Fidelity Worldwide Investment has confirmed to finews.ch that Alfred Strebel, country head for Switzerland since 2007, will be leaving the business in 2014 to “take on other professional challenges” in asset management.His position will be taken over by Adam Lessing, head of Austria & Eastern Europe since 2010. Lessing will add these responsibilities as head for the Swiss market to his current role.
12/11/2013

Lehman trustee sues Credit Suisse

The team responsible for liquidating the business bank Lehman Brothers has filed a lawsuit in New York bankruptcy court against Credit Suisse, according to the news agency Dow Jones. It accuses the bank of having inflated the losses undergone due to the bankruptcy of the US bank. The trustee is asking for the USD1.2bn sought by Credit Suisse in damages and interest to be lowered by more than USD1bn. He claims that the initial amount is exaggerated and that the claims of Credit Suisse are valid only for about USD75m. He also claims that Credit Suisse owed him CHF150m for international transactions.
12/11/2013

Janet Squitieri joins Van Eck as head of compliance

Janet Squitieri, chief compliance officer and senior vice president for North America at HSBC Global Asset Management from August 2010 to September 2013, has been appointed as vice president, global head of compliance at Van Eck Global.In this role, she succeeds Joseph McBrien, who has been appointed as senior vice president & chief legal counsel.
12/11/2013

Danièle Nouy candidates for banking regulatory body

The council of governors of the European Central Bank (ECB) has presented two candidates to take over as head of the future euro zone banking supervisory body, the French Danièle Nouy and the Dutch Jan Sijbrand, the Süddeutsche Zeitung reports. The ECB will ask the European parliament to select one of these two candidates, who are currently active as banking supervisors in their respective countries, the German newspaper continues.
12/11/2013

“Alternative management has not yet won back the trust of investors in France”

Aberdeen AM France has had an equity type alternative multi-management mutual fund under management for five years, and has a similar “global” fund managed in London, but not on sale in France. Despite the interest for these funds by competitors, their assets are low... The deputy CEO of Aberdeen France in charge of investment, Sandra Craignou, analyzes investors' reticence, and the means that the firm is using to win them back.
12/11/2013

Oddo AM launches European large caps fund in Italy

Oddo Asset Management has obtained permission to sell the Oddo Equity Large Cap Europe, a fund which invests in European large cap equities, on the Italian market, Bluerating reports. The number of funds from the French asset mangement firm licensed for sale in Italy thus totals 18.
12/11/2013

WisdomTree offers Korea ETF hedged for currency risks

Riding on the success of the WisdomTree Japan Hedged Equity Fund (ticker: DXJ), which has USD10.6bn in assets, largely due to USD9bn in inflows since the beginning of this year, Wisdomtree on 7 November launched the WisdomTree Korea Hedged Equity Fund (DXKW).The new ETF replicates the WisdomTree Korea Hedged Equity Growth Index; it invests in quality South Korean equities, but hedges currency risks against the won by shorting with futures contracts.The total expense ratio is 0.58%.
12/11/2013

FactSet integrates Market Vectors ETF from Van Eck

The financial data provider FactSet has announced that it has joined the Market Vectors ETF platform from Van Eck. Market Vectors ETFs and indices will be available on SPAR (Style Performance and Risk) and FactSheet Portfolio Analysis, a tool which allows portfolio managers to study the performance, composition and characteristics of a portfolio on an absolute basis or compared with an index. In an initial phase, bond ETFs from Van Eck covering international credit, investment grade, and high yield, will be integrated, as well as municipal bonds. Equity ETFs will be taken next.
12/11/2013

Global X launches next emerging and frontier equity ETF

On 7 November, Global X Funds listed the Global X Next Emerging 7 frontier ETF (ticker: EMFM) for trading on the NYSE Arca platform, with fees of 0.58%. It replicates the Solactive Next Emerging & Frontier Index from the German firm Solactive AG (basis of 100 for 22 October 2013).“Next emerging markets” exclude the BRIC countries, as well as the most developed emerging countries, which currently include South Korea and Taiwan. The index includes 21 frontier and 14 emerging countries.The underlying is composed of equities, ordinary shares, either ADR and GDR, from a selection of businesses worldwide which are domiciled in these countries, or which have their primary listing or derive more than 50% of their revenues from these countries. The equities selected have been chosen from among the largest caps on the basis of publicly-traded capital, and their weighting is then a function of liquidity.
12/11/2013

Vanguard leads for ETP subscriptions YTD

Worldwide, in the first ten months of the year Vanguard was the ETP promoter which posted the most net inflows, totalling USD51.6bn, ETFGI reports. In second place is iShares, with USD51.3bn.These actors are far ahead, as the third-largest promoter by net subscriptions was WisdomTree with USD12.8bn, just ahead of PowerShares, with USD12.6bn. In fifth place is SPDR (State Street Global Advisors) with USD9.5bn.
12/11/2013

Four Frenchies in the global top 20 asset management firms

Axa, in sixth place with USD1.47457trn in assets, BNP Paribas, in ninth place with USD1.30399trn, Amundi, in 14th place, with USD961.24bn), and Natixis, in 18th, with USD6779.32bn, are cited by Pensions & Investment and Towers Watson in their rankings of the 500 largest asset management firms in the world as of the end of 2012, published on 11 November.The two world leaders remain unchanged compared with the end of 2011: BlackRock, with USD3.79159trn, and Allianz, with USD2.44782trn. But Vanguard, with USD2.21522trn, has stolen third place from State Street, which falls to fourth, with USD2.08622trn.Total assets as of the end of 2012 came to USD68trn, up by 8.2% year on eyar, after a decline of 3% in 2011. They are now near an all-time record of USD69trn as of the end of 2007.The study also finds that since 2002, passively-managed assets have increased by 13% per year, while the market as a whole gained only 6%.
12/11/2013

Proposals to reform Norwegian fund

A committee appointed by the Norwegian government recommends that decisions by the Norwegisn sovereign fund (USD800bn in assets) to exclude companies or sectors for ethical reasons will be taken by the central bank of the country, the Financial Times reports. It is currently the Norwegian finance minister who takes these decisions, on the advice of an ethical board composed primarily of Norwegian professors. This system has sustained cirticism, since it leads to slow decision-making processes.
12/11/2013

Macquarie to make cash offer for SWIP

Macquarie Group will make a cash offer of GBP500m for Scottish Widows Investment Partnership in the next two weeks, in order to push the other suitor, Aberdeen Asset Management, out of the running, the Wall Street Journal reports, citing sources familiar with the matter.Aberdeen AM emerged two weeks ago as the favourite for the acquisition of the Lloyds asset management affiliate. But plans by the Scottish firms to issue shares to Lloyds to finance the acquisition reduced the attractiveness of the offer, and the British banking group is continuing talks with Macquarie for a cash offer.Sources familiar with the matter say that Lloyds will take a decision on the sale of SWIP by 22 November.
12/11/2013

Newton veteran joins Quilter Cheviot

Quilter Cheviot has recruited Matthieu Duncan as chief operating officer, Fund Web reports. Duncan had previously been head of strategy at Newton Investment Management and chief investment officer at Cambridge Place Investment Management.
12/11/2013

Two former Cazenove employees found Sanditon AM

According to reports in Investment Week, Chris Rice, who managed European equity funds at Cazenove, has founded Sanditon Asset Management with his predecessotr Tim Russell, who left Cazenove in July 2011. Pending approval by the FCA, they are planning to launch a long-only fund and a long/short UK equity fund in second quarter 2014, managed by Tim Russell, as well as a long-only fund and a European long/short equity fund managed by Chris Rice.
12/11/2013

UBS launches family office operation in Australia

The UBS group has announced the launch of a new family office activity in Australia in order to assist with the needs of high net worth clients in Australia, according to reports in several Australian publications. The initiative will include the merger of investment banking and wealth management activities at UBS in Australia, in order to cover existing clients of the bank and other prospective clients among the 50 most wealthy families in Australia.
12/11/2013

Latin American fund of fund and pension fund sector growing

The Latin American region’s mutual fund industry has seen a 21.3% five-year compound annual growth rate between 2008 and 2012, ending 2012 with USD 1.1 trillion in assets under management, according to new research from Cerulli Associates covering Brazil, Mexico, Chile, Colombia, Peru, and Argentina.On the pension side, the region has seen a 15.1% increase in assets under management between 2011 and 2012. Similar growth has been seen in each of the major markets in this region, according to Cerulli. In Brazil, mutual fund assets grew 15.6% from 2011 to 2012, and the Mexican mutual fund industry closed 2012 with a 13.9% increase over 2011. In Colombia, the mutual fund industry has averaged growth of more than 20% annually for the last five years, as has the pension fund industry, while the Chilean compulsory and voluntary pensions’ assets under management rose 10% year-over-year. Ninca Czarnowski, senior analyst at Cerulli, says that there are thriving opportunities for global managers wishing to expand into the region, as both mutual funds and pension funds have been increasing allocations to cross-border vehicles, in particular to ETFs.
12/11/2013

Un dirigeant de Fortress veut créer sa propre société

Adam Levinson, le directeur des investissements des fonds Asia Macro de Fortress Investment Group, est en négociations avec son employeur en vue de lancer sa propre société, rapport Hedge Week, qui cite Bloomberg. Aucune décision n’a encore été prise et le «spinoff» (essaimage) ne devrait pas intervenir avant début 2015, indique une personne proche du dossier. Cela serait la première fois que Fortress (58 milliards de dollars d’encours) finance la société de l’un de ses collaborateurs.
12/11/2013

Pimco voit sortir près de 30 milliards d’euros au troisième trimestre

Le géant obligataire Pimco a accusé des rachats nets (hors groupe) de 29 milliards d’euros au troisième trimestre dans ses produits obligataires traditionnels, montrent les résultats de sa maison mère, Allianz. Il y a un an, sur la période correspondante, le groupe avait enregistré des souscriptions nettes de 30,9 milliards d’euros, rappelle Financial News. Les encours sous gestion hors groupe de Pimco sont ressortis à 83,9 milliards d’euros au 30 septembre, contre 85,6 milliards d’euros au 31 décembre.
12/11/2013

BPI AM voit partir un sélectionneur de fonds

Le sélectionneur de fonds Vasco Nuno Jesus a décidé de quitter le groupe portugais BPI Asset Management après avoir passé six ans dans la société, est en mesure de révéler Citywire Global. Il quittera le groupe le 11 novembre et n’a pas encore dévoilé ce qu’il ferait après son départ. BPI affiche un encours sous gestion de 18 milliards d’euros.
12/11/2013
Fonds

Tikehau IM lance un fonds de prêts à l'économie

La société de gestion Tikehau IM vient de lancer le FCT Tikehau Corporate Leveraged Loan Fund, conseillé par Gide Loyrette Nouel..Ce fonds, constitué le 6 novembre 2013 à l’initiative de Tikehau IM, est l’un des premiers fonds de prêts à l'économie (FPE), créé en application du décret du 2 août 2013 modifiant certaines règles d’investissement des entreprises d’assurance.Ce fonds a vocation à participer au financement des entreprises, cotées ou non, situées dans l’Union Européenne, en souscrivant à des émissions d’obligations ou en acquérant des créances de prêts dans le cadre d’opérations d’acquisition d’entreprises pour un montant de 250 millions d’euros.
Fonds
12/11/2013
Fonds

WisdomTree propose un ETF Corée couvert du risque de change

Surfant sur le succès du WisdomTree Japan Hedged Equity Fund (code mnémonique DXJ) qui affiche 10,6 milliards de dollars d’encours grâce notamment aux quelque 9 milliards collectés depuis le début de cette année, WisdomTree a lancé le 7 novembre le WisdomTree Korea Hedged Equity Fund (DXKW).Ce nouvel ETF réplique le WisdomTree Korea Hedged Equity Growth Index ; il investit en actions sud-coréennes de qualité mais couvre le risque de change sur le won en «shortant» par le biais de contrats à terme.Le taux de frais sur encours se situe à 0,58 %.
Fonds
12/11/2013

MSCI est disposé à vendre ISS

Dans un communiqué daté du 31 octobre, le «proxy advisor» Institutional Shareholder Services (ISS) a indiqué que le conseil d’administration de sa maison-mère, MSCI Inc, l’a autorisé à explorer toutes les options stratégiques concernant son avenir et que cela pourrait déboucher sur une séparation totale des deux entités.
12/11/2013

Global Prime Partners choisit BNY Mellon

Spécialiste des gestionnaires «émergents», nouveaux entrants sur le marché, Global Prime Partners (GPP) a sélectionné BNY Mellon Broker-Dealer Services comme fournisseur de services de compensation et de conservation.BNY Mellon commencera la mise en œuvre de ce partenariat en apportant ses prestations auc clients de GPP dont les transactions sont réglées sur Euroclear. Ultérieurement, le service sera étendu à toutes les régions géographiques dans lesquelles GPP fournit des prestations de courtage principal à ses clients.
12/11/2013

ING Parcom: ING cherche un ou plusieurs partenaires

Selon L’Agefi qui cite des sources institutionnelles, ING a mandaté Lazard pour élargir à un ou plusieurs partenaires sa filiale française de capital-investissement ING Parcom Private Equity. Les contacts pris avec plusieurs investisseurs sont à un stade avancé, ajoute le quotidien. ING Parcom PE est détenu à 100% par Parcom Capital, entité qui porte les investissements du pôle assurance d’ING dans le non-coté. ING Parcom PE a la particularité de dépendre exclusivement de sa maison-mère. Or, le groupe doit notamment se séparer de ses activités d’assurance en échange de l’aide publique reçue pendant la crise.

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