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30/10/2013

KGAL redeploys distribution

In order to better serve institutional investors, family offices and charities, KGAL (EUR25.1bn invested as of the end of 2012) is founding a dedicated affiliate, KGAL Capital GmbH & Co KG. The creation of the wholly-owned entity in Grünwald, near Munich, meets the requirements of the new German investment law (KAGB).KGAL Capital will be headed by Markus Müller, assisted by Thomas Krützmann and Florian Martin. These three MDs have long experience as executives at KGAL.For its part, KGAL, whose owners’ equity totals EUR6.4bn, is a joint venture of Commerzbank, BayernLB, the Hamburg saivngs bank (Haspa) and Sal. Oppenheim.
30/10/2013

H2O launches multi-asset class fund

With the H2O MultiReturns, H2O AM, an affiliate of Natixis Global Asset Management (NGAM), has launched a fund domiciled in the United Kingdom investing in equities, bonds and currencies, Fundweb reports.The new product will be managed by Vincent Chailley, the CIO of H2O, and Jeremy Touboul.
30/10/2013

BNY Mellon puts Liquidity Aggregator online

BNY Mellon’s Liquidity Direct portal has just received the addition of a new service, Liquidity Aggregator, which has been created to help clients gain a new level of insight into their investments, across all across all US and Non-US Domiciled Funds in their portfolios. The system is designed to help clients actively monitor and help to control liquidity risk exposures and manage funding needs, taking into account security types; country and region of exposure; country and region of risk; weighted average yields and maturities.
30/10/2013

Fidelity creates platform for alternative investment

Fidelity Institutional, the division of Fidelity Investments that provides clearing, custody and investment management products to registered investment advisors (RIAs), broker-dealers, family offices and banks, announced the launch of a new comprehensive and streamlined solution for accessing alternative investments. Fidelity’s platform will provide research, education and third-party due diligence, as well as access to a wide range of alternative investment products for all Fidelity Institutional clients.Through this new platform, financial advisors and family office professionals will have access to a variety of alternative investment products, including hedge funds, private equity funds and ’40 Act mutual funds. The platform will also provide access to research and third-party due diligence reports through strategic alliances with leaders in the space, including CAIS, Goldman Sachs Asset Management (GSAM) and Morningstar, which will distinguish it from other firms that only offer access to alternative products. In addition, through Fidelity’s Alternative Investments Network, financial advisors and family office professionals will have access to a list of alternative investment funds from third-party sponsors with reduced custody fees.
30/10/2013

Carmignac does not plan to launch new products in 2014

“We have no plans to launch new products in 2014. We are concentrating our efforts on a restricted and coherent range of 17 funds, which meet the requirements of investors. We are convinced that this is the key to our success,” a spokesperson for Carmignac Gestion says in an interview with Bluerating. Carmignac Gestion also says that it is planning to grow in Switzerland, with the opening of a new office in Zurich.
30/10/2013

"Introduction” website for HF investors launches in North America

New York-based Digital Direct Marketing has announced the launch of Hedgez (http://www.hedgez.com ), a website which aims to identify and connect high net worth investors with hedge funds that correspond to their profiles. The initiative has been made possible by a recent ruling by the Securities and Exchange Commission (SEC) that from 23 September allows hedge funds to advertise to attract new investors.The new website matches up information about investors with a constantly-updated database of over 6,000 hedge funds, a statement says. Investors are asked to answer a series of questions to allow the search engine to identify hedge funds which would be likely to interest them. The investor can also search manually for vehicles corresponding to their strategy.According to the founder and CEO of Hedgez, Jeffrey Schwartz, “it is surprising to note that there are a lot of qualified investors who know very little about investment in hedge funds. Many of them have never had the idea that a hedge fund could have a place in their portfolio or even that they were qualified to invest in hedge funds. A good portion of active hedge funds, more than 10,000, are looking to increase their assets under management. They have exceptional track records and don’t know how to find new investors. One of the reasons for this situation is that just two weeks ago, they were still not allowed to advertise.”
30/10/2013

International equities become the third pillar at Comgest

The asset management firm Comgest on 29 October announced that the global strategy now constitutes the third pillar of its activities. With assets under management of near EUR1.5bn (as of the end of September 2013), the global strategy, led by Céline Piquemal-Prade, has become the third area of activity for Comgest, alongside emerging market equities (EUR8.6bn under management) and European equities (EUR4.5bn under management).Although the global strategy represented 4.3% of total assets under management in 2008, this figure has risen to nearly 10% of total assets, which totalled EUR15.6bn as of 30 September 2013. In the past two years, assets in the Comgest global strategy have virtually doubled in size.
30/10/2013

UBS Global AM releases target-date fund in Spain

The CNMV has granted a sales licence in Spain for the UBS Emerging Markets Bonds 2017 fund from UBS Global Asset Management, an emerging market debt fund maturing in August 2017, for which subscriptions will be closed on 12 November, Funds People reports.The portfolio is invested in a diversified basket of 35 positions in government, quasi-government and corporate bonds. UBS Global AM has limited the capacity of the fund to EUR160m.
30/10/2013

Harcourt launches two UCITS funds

The alternative management affiliate of the private bank Vontobel, Hracourt Investment Consulting, on 29 October announced the launch of two UCITS-compliant funds, the Vontobel Fund-Pure Momentum Strategy and Vontobel Fund-Pure Dividend Strategy.The two funds are part of a new family of products, Research-Driven Strategies, which includes a third strategy that will be offered at a later date.The two new funds are actively-managed, on the basis of very strict methodologies which allow for alternative risk premiums to be captured.Management commissions have been set for the two funds at 1.50% for private investors, and 0.75% for institutionals. For the Pure Momentum strategy, the outperformance commission is set at 10% of relative performance commpared with the index (Libor three-month).ISIN codes for the Vontobel Fund-Pure Momentum StrategyB: LU0971937973I: LU0971938195H-CHF: LU0971938278HI-CHF: LU0971938351H-EUR: LU0971938435HI-EUR: LU0971938518ISIN codes for the Vontobel Fund – Pure Dividend StrategyB: LU0971937114I: LU0971937205H-CHF: LU0971937387HI-CHF: LU0971937460H-EUR: LU0971937544HI-EUR: LU0971937627
30/10/2013

UK regulator to crack down on commissions charged by asset management firms

Martin Wheatley, head of the Financial Conduct Authority (FCA) in the United Kingdom, will on Wednesday announced at a conference that he plans to reform the way in which asset management firms pass on their costs to clients, after discovering failures in the current system, the Financial Times predicts. Today, asset management firms can include the cost of external research, which the FCA estimates at GBP3bn for last year, in commissions. Some would like to see asset management firms pay these fees out of their own resources, rather than clients’ money. The FCA will start a consultation next month to study ways of reforming this system, particularly defining permitted costs for research.
30/10/2013

SAC Capital Advisors to plead guilty

SAC Capital Advisors will plead guilty to securities fraud as part of an agreement with US Federal prosecutors which will be announced next week, the Wall Street Journal reports, citing sources familiar with the matter. The exact timing for the agreement has not yet been set, but it may be revealed by the end of the week. SAC will also agree to stop managing money coming from outside, and to pay penal fines of about USD1.2bn. This will be the largest fine ever paid. SAC had previously denied all accusations and claimed that Steve Cohen had done nothing.
30/10/2013

DEGI International distributes 20% of its assets

Aberdeen Asset Management Deutschland on 29 October announced that shareholders in the open-ended retail real estate fund DEGI International (ISIN code: DE0008007998) will receive EUR6 per share on 30 October, which represents a total of EUR215.8m, or about 20% of net residual asset of EUR1.079bn (as of 30 September).The liquidation of the fund as of 15 October 2014 was decided on 25 October 2011. At the time, DEGI International had assets of about EUR1.5bn.The manager states that since the beginning of 2013, the fund has sold eight properties or realty firms.The next payment is scheduled for April 2014. The previous one, at EUR3.50 per hsare, or EUR125.9m in total, took place on 25 April.
30/10/2013

Azimut launches five funds

The Italian asset management firm Azimut has launched three Luxembourg-registered funds: Asset Timing, Top Rating and BtPortfolio, and has unveiled two new UCCITS IV produts: Lira Plus and Global Sukuk, Bluerating reports. Asset Timing is a systematic fund which may invest in funds, equities, bonds and derivatives, depending on market phases. Top Rating is a fund which invests in bonds with an investment grade rating. PTPortfolio has been designed for institutional investors and invests only in securities issued by the Italian treasury denominated in euros. Lir Plus is exposed to Turkish short-term rates, and Global Sukuk is invested in sukuks.
30/10/2013

EstCapital launches a renewable energies real estate fund

The Italian asset management firm EstCapital has launched the closed real estate fund Alps Energy Re, which will invest in renewable energy production units, Bluerating reports. Fundraising, which began in July, has brought in EUR10m. The objective is to raise EUR30-50m.
30/10/2013

Results at Lloyds bank boosted by sale of stake in SJP

The British banking group Lloyds Bank has reported a pre-tax profit for the first nine months of the year of GBP1.7bn, compared with a loss of GBP607m in the corresponding period of 2012, according to figures released on 29 October.Results over nine months were boosted by the sale of stakes in the asset management firm St. James’s Place. Results for the nine months include an additional charge of GBP750m to cover redemption demands related to forced sales of PPI with insurance policies. The total provisions to meet these redemptions now totals GBP8bn.
30/10/2013

Michael Rosenthal joins Signia Wealth

The British wealth management firm Signia Wealth has recruited Michael Rosenthal as head of investments in hedge funds.Rosenthal had previously worked at Amundi Asset Management, where he served as co-chief invesment officer for hedge funds and head of the London office.
30/10/2013

New CEO at Öhman Fonder

Lars Melander has been promoted to CEO of the Swedish asset management firm Öhman Fonder. He had previously been administrative head of the structure, which he joined in 2011. He succceeds Johan Malm, who has recently been appointed as CEO of the Öhman group.Öhman has assets under management of SEK25bn, or nearly EUR3bn.
30/10/2013

Franklin Templeton posts EUR4.8bn in inflows in Italy

In the first eight months of the year, Franklin Templeton has recorded net inflows of EUR4.8bn in Italy, Bluerating reports. This means that the US firm now has assets in Italy of EUR28bn, making it one of the top foreign asset management firms in the country, according to Sergio Albarelli, senior director for Southern Europe and Benelux at Franklin Templeton Investments.
30/10/2013

Fewer new hedge funds, but larger

Only 86 European offshore hedge funds were launched in 2012, the lowest number of new funds since 2000, FinancialNews reports, citing EuroHedge magazine. But those which did start up are larger than before. The average size of new funds was USD100m, compared with less than USD50m 10 years ago, EuroHedge reports.
30/10/2013

Norwegian sovereign fund predicts correction on equity markets

Yngve Slyngstad, CEO of Norges Bank Investment Management (NBIM), has announced that he predicts a correction in equity prices, Handelsblatt reports. That explains the fact that allocation to equities by the Government Pension Fund – Global (GPFG, EUR586bn), formerly known as the Oil Fund, managed by NBIM under an outsourcing contract from the Bank of Norway, has not been increased since the beginning of the year, despite the rising stock prices.Inflows were not allocated to the purcase of equities, but instead to investments in bonds, or have been retained in cash. “We would prefer to invest more in real estate, but that takes time,” the CEO of NBIM says.He adds that in general, he feels that market corrections are more of an opportunity than a danger. “When they happen, we feel that it is a positive sign.”
30/10/2013

Apex Fund Services ouvre un bureau à Tokyo

L’administrateur de fonds indépendant Apex Fund Services vient d’annoncer l’ouverture d’un bureau au Japon. L’entité japonaise sera pilotée par Hideki Hashiguchi, qui a précédemment travaillé pour HSBC, Credit Suisse et BNY Mellon au Japon.Les actifs sous administration d’Apex, qui dispose désormais de 34 bureaux dans le monde, s'élèvent à quelque 25 milliards de dollars.
30/10/2013
Fonds

Azimut lance cinq fonds

La société de gestion italienne vient de lancer trois fonds de droit luxembourgeois – Asset Timing, Top Rating e BtPortfolio – et a présenté deux nouveaux produits Ucits IV – Lira Plus et Global Sukuk, rapporte Bluerating. Asset Timing est un fonds systématique qui peut investir en fonds, actions, obligations et dérivés, en fonction des phases de marché. Top Rating est un fonds investi dans des titres obligataires ayant une notation investment grade. BTPortofolio a été conçu pour les investisseurs institutionnels et est investi uniquement dans des titres émis par le Trésor italien et libellés en euros. Lira Plus est exposé aux taux court terme de la Turquie et Global Sukuk est investi dans des sukuks.
Fonds
30/10/2013
Fonds

Le DEGI International distribue 20 % de son encours

Aberdeen Asset Management Deutschland a annoncé le 29 octobre que les porteurs du fonds immobilier offert au public DEGI International* percevront le 30 octobre 6 euros par part, ce qui représente au total 215,8 millions d’euros ou environ 20 % de l’encours net résiduel de 1.079 millions d’euros (au 30 septembre).La liquidation du fonds au 15 octobre 2014 a été décidée le 25 octobre 2011. A l’époque, le DEGI International affichait un encours de l’ordre de 1,5 milliard d’euros.Le gestionnaire précise que, depuis le début de 2013, le fonds a vendu huit immeubles ou sociétés immobilières.Le prochain versement est prévu pour avril 2014. Le précédent, de 3,50 euros par action, soit 125,9 millions d’euros, avait eu lieu le 25 avril.* DEGI International : Code Isin : DE0008007998
Fonds
30/10/2013

KGAL redéploie sa distribution

Afin de mieux servir les investisseurs institutionnels, les family offices et les fondations, KGAL (25,1 milliards d’euros investis à fin 2012) crée une filiale dédiée, KGAL Capital GmbH & Co KG. La création à Grünwald, près de Munich, de cette entité contrôlée à 100 %, correspond en outre aux exigences de la nouvelle loi sur les investissements (KAGB).KGAL Capital sera dirigée par Markus Müller, assisté de Thomas Krützmann et de Florian Martin. Ces trois directeurs généraux justifient d’une longue expérience en tant que dirigeants de KGAL.Pour sa part, KGAL, dont les fonds propres se montent à 6,4 milliards d’euros, est une filiale commune de la Commerzbank, de la BayernLB, de la caisse d'épargne de Hambourg (Haspa) et de Sal. Oppenheim.
30/10/2013

Les résultats de Lloyds Bank gonflés par la cession de parts dans St James's Place

Le groupe bancaire britannique Lloyds Bank a a fait état pour les neuf premiers mois de l’année d’un bénéfice avant impôts de 1,7 milliard de livres, à comparer à une perte de 607 millions de livres pour la période correspondante de 2012, selon les chiffres publiés le 29 octobre.Le résultat sur neuf mois a été gonflé par la cession de participations dans la société de gestion St James’s Place. Le résultat des neuf mois comprend toutefois une charge supplémentaire de 750 millions de livres destinée à couvrir les demandes de remboursement liées aux ventes forcées de contrats d’assurance PPI. Les provisions totales pour faire face à ces remboursements s'élèvent désormais à 8 milliards de livres.
30/10/2013
Fonds

H2O lance un fonds multiclasses d’actifs

Avec le H20 MultiReturns, H2O AM, filiale de Natixis Global Asset Management (NGAM) vient de lancer un fonds domicilié au Royaume-Uni et investissant en actions, en obligations et en devises, rapporte Fundweb.Ce nouveau produit sera géré par Vincent Chailley, le CIO de H2O, et Jeremy Touboul.
Fonds
30/10/2013

Michael Rosenthal rejoint Signia Wealth

Le gestionnaire de fortune britannique Signia Wealth a recruté Michael Rosenthal en qualité de responsable de l’investissement dans les hedge funds.Michael Rosenthal travaillait précédemment chez Amundi Asset Management, où il occupait les fonctions de co-responsable de l’investissement dans les hedge funds et responsable du bureau de Londres.
30/10/2013
Fonds

Kempen Capital Management restructure son offre de fonds

Kempen Capital Management N.V. (KCM) a annoncé le 29 octobre avoir fusionné deux de ses fonds phares investis dans des actions de petites capitalisations européennes et domiciliés aux Pays-Bas avec des fonds de droit luxembourgeois. Cette procédure vise à simplifier l’offre de compartiments de Kempen Capital Management et à développer sa plateforme au Luxembourg. La fusion, qui a eu lieu le 23 octobre dernier, concerne des fonds actuellement disponibles aux clients institutionnels de KCM en France: le Kempen (Lux) European Smallcap Fund et le Kempen (Lux) Sustainable Smallcap Fund. Ces fonds sont des compartiments de la SICAV Kempen International Funds. “Cette fusion permet à Kempen Capital Management de renforcer la gamme de ses fonds domiciliés au Luxembourg, et partant, de répondre aux besoins de ses clients. Ces derniers affichent une nette préférence pour les fonds de droit luxembourgeois” déclare Vuk Srdanovic, Manager international business development pour la France chez Kempen Capital Management, cité dans un communiqué. Les deux fonds concernés sont : Le Kempen European Smallcap Fund N.V. fusionné avec le Kempen (Lux) European Smallcap Fund Le Kempen SeNSe Fund N.V. fusionné avec le Kempen (Lux) Sustainable Smallcap Fund
Fonds
30/10/2013
Fonds

Les nouveaux hedge funds sont moins nombreux mais plus gros

Seulement 86 hedge funds européens offshore ont été lancés en 2012, soit le plus faible nombre de nouveaux fonds depuis 2000, rapporte Financial News, citant le magazine EuroHedge. Mais ceux qui ont décollé sont plus gros qu’avant. La taille moyenne des nouveaux fonds était de 100 millions de dollars, contre moins de 50 millions il y a 10 ans, toujours selon EuroHedge.
Fonds

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