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26/09/2013

T. Rowe Price also wants to launch non-transparent ETFs

On 23 September, T. Rowe Price Associates and T. Rowe Price Equity Series asked the SEC to be exempted from a requirement to comply with the Investment Company Act of 1940, so as to be able to launch active strategy ETFs for which it would be allowed not to publish the lines of the portfolio on a daily basis.This is the same request made recently by Eaton Vance, which submitted an application for a license to be permitted to launch exchange-traded managed funds, or ETMFs (see Newsmanagers of 16 September).
26/09/2013

iShares introduces corporates ETF hedged for IR risks

The iShares $ Corporate Bond Interest Rate Hedged UCITS ETF fund has been registered in France. It is a physical replication product, which offers exposure to government bonds and edging of interest rate risks through the sale of futures on government bonds with an ex ante duration equal to zero.The new iShares ETF is designed for investors seeking additional returns, but who are concerned about the impact of the evolution fo returns from government bonds on bond prices, as these returns are currently rising due to uncertainty surrounding the monetary policies of central banks.CharacteristicsName: iShares $ Corporate Bond Interest Rate Hedged UCITS ETFISIN code: IE00BCLWRB83Ticker: LQDHBenchmark: iBoxx USD Liquid Investment Grade IR Hedged IndexTotal expense ratio: 0.25%
26/09/2013

Allianz GI launches Allianz Global Small Cap Equity fund in France

Allianz Global Investors (AllianzGI) has announced the launch of the Allianz Global Small Cap Equity fund in France, for both institutional and retail investors. The fund aims to attract long-term capital growth and to outperform the MSCI World Small Cap Total Return index. The portfolio includes four allocations dedicated to geographical regions (North America, Europe, Japan and Asia), with each zone having the same weighting as the index. The principal manager, Andrew Neville, will aim to regain a neutral geographical allocation, adjusting the four underlying security selection strategies. The Global Small Cap portfolio reflects the best ideas of the four Small Cap portfolios from Allianz Global Investors. The fund invests in nearly 190 small businesses selected by local experts for their attractive risk/return profile. It privileges capitalisations of at least USD400m. AllianzGI has been managing Small Cap funds for 14 years in Japan, for 15 years in Asia Pacific and for 30 years in the United States. The fund is registered in several European markets: Austria, Finland, Germany, Luxembourg, Netherlands, Norway, Sweden, and the United Kingdom. It is domiciled in Luxembourg.
26/09/2013

Henderson closes German logistical real estate fund

In cooperation with the real estate specialist Palmira Capital Partners, UK-based Henderson Global Investors (HGI) has raised EUR230m from German and Austrian institutional investors for its German real estate fund (Spezialfonds) Henderson German Logistics Fund. With leverage, the volume total EUR350m, which was the initially projected amount.This is the second German real estate Spezialfonds from HGI. The product, for which Palmira advises Henderson for the entire investment process, aims for returns of 8% per year. It is administered on the IntReal International Real Estate KAG platform.The portfolio, managed by Thorsen Kiel, will invest for the long term in high-quality and well-located logistical properties. Currently, it includes six logistical properties located in Bad Dürkheim, Bruchsal, Winsen an der Luhe and Herrenberg (Stuttgart), while other acquisitions are in preparation.
26/09/2013

Catella creates a real estate fund aimed at charities

With the German-registered fund Catella Multitenant Stiftungsfonds, Catella Real Estate has created a real estate fund aimed particularly at charities. The portfolio will be invested exclusively in A and B class shares in the centre of German cities, with a predilection for office and commercial properties as well as parking facilities, with a total unit value fo EUR10m to EUR30m. The objective to raise about EUR150m. The first investment was made in late July in Frankfurt (Reuterweg 47) in an office property of 2,500 square metres.Catella aims for annual distributions of 4-5%, and the investment process is largely dedicated to sustainable development, with valuation of assets from this point of view undertaken in cooperation with J. Safra Sarasin bank.CharacteristicsName: Catella Multitenant StiftungsfondsISIN code: DE000A1J3MZ0Minimal subscription: EUR100,000Management commission: 0.75% of assets invested in real estateSustainable development commission: 0.10% of the avg market value of the properties
26/09/2013

Hauck & Aufhäuser becomes depository for Max Hotte fund

Shortly after announcing that it is taking over from SEB the depository banking functions for seven Ampega funds (see Newsmanagers of 3 September), the Frankfurt-based firm Hauck & Aufhäuser Privatbankiers has announced that it will also serve as depository bank for the Ampega fund launched to exploit the ideas of Professor Max Otte, a fund which is advised by Neuer Vermögen, for which Otte himself is the principal adviser.The allocation product, the Max Otte Vermögensbildungsfonds AMI, was launched on 1 July.CharacteristicsName: Max Otte Vermögensbildungsfonds AMIISIN code: DE000A1J3AM3Front-end fee: 4%Management commission: 1.44%Advisory commission: 0.36%Minimal subscription: EUR500
26/09/2013

Mandarine to launch a multi-asset class fund

Mandarine Gestion is planning to launch a multi-asset class fund by the end of this year, Citywire reveals. The Luxembourg-registered product will invest in equities, bonds and currencies orldwide. It will be managed by Françoise Rochette, Ludovic Dufour and Thomas Vlieghe.
26/09/2013

Two new horizon ETFs at Guggenheim

Guggenheim Investments (USD151bn in assets) on 24 September launched two new ETFs, bringing the number of corporate high yield fixed maturity ETFs under the BulletShares brand (USD1.9bn, +107% YTD) to 18.The new funds are the Guggenheim BulletShares 2019 High Yield Corporate Bond ETF (NYSE Arca ticker: BSJJ) and the Guggenheim BulletShares 2020 High Yield Corporate Bond ETF (BSJK). The two new products charge fees of 0.24%.
26/09/2013

Lyxor launches ETF based on new European quality equity index

Lyxor Asset Management is this Thursday launching an ETF on the French market, the Lyxor Ucits ETF SG European Quality Income, dedicated to equities which offer quality income, based on a new index launched the same dat, the SG European Quality Income index (SGQE), with a selection of non-financial European companies chosen for their solidity and their potential to generate income. The new index is an applied subset for Europe of the global index, the SG Global Quality Income Index, which was launched in October, and which was also used for an ETF fund, the Lyxor ETF SG Global Quality Income, whose assets under management most recently totalled EUR550m.
26/09/2013

Oddo AM launches flexible bond fund

Oddo AM has launched Oddo Optimal Income, a flexible bond fund which also offers moderate exposure to equities. The flexibility of the investment strategy of the fund on bond markets (Investment Grade, High Yield and unrated) aim to allow for opportunities for returns which are still present to be seized, while seeking to protect the portfolio from a potential rise in interest rates. It is also an opportune time to begin increasing exposure to equity markets again, with particular attention to managing volatility, Oddo AM adds. Oddo Optimal Income invests in two asset classes with a target allocation of the portfolio of 75% (+/-5%) to European corporate bonds, and 35% (+/-5%) to European equities. Exposure to fixed income and equity markets may be partially or entirely hedged. The fund is managed by Alain Krief, as head of the Fixed Income team, Elodie Lehmann for the equity portion, and Laurent Denize as head of investment solutions. General characteristics ISIN code: FR0011540525
26/09/2013

Pimco launches its GIS Capital Securities Fund in Europe

Pimco on 24 September announced the launch of the PIMCO GIS Capital Securities Fund, a fund which is based on an international approach to subordinate debt instruments issued by banks, insuers and other specialist financial companies. The fund is managed by Philippe Bodereau, managing director and head of analysis of financial institutions worldwide at the London offices of Pimco. Bodereau has since July 2011 been managing assets in the strategy, which has posted annual returns of 12.29% ince its launch, an outperformance of 11.92% compared with the benchmark index. The fund offers investors strategic long-term allocation to the international financial sector, largely through subordinate, hybrid and contingent convertible bonds. It is able to invest in the entire capital structure, on the basis of an evaluation of risks and relative value carried out by Pimco. The fund comes as an addition to the Global Investor Series (GIS) range from Pimco, which complies with UCITS regulations. The Dublin-registered range now includes 47 sub-funds, with over USD130bn in assets under management as of the end of August 2013.
26/09/2013

European equity funds regain popularity with investors

Inflows to equity funds worldwide have risen in the past few months. This trend is particularly marked in the category of European equity funds, the financial ratings agency Fitch Ratings reports in its most recent study of the European equity sector. Inflows have been rising since May to over EUR12bn in August, a level not seen in six years.
26/09/2013

RBC Investor & Treasury Services dominates rankings of fund administration services

The specialist affiliate of the Royal Bank of Canada, RBC Investor & Treasury Services, tops the 2013 rankings of fnud administrators, carried out by R&M Fund Services. The rankings, based on a survey of over 100 fund managers and promoters throughout the world, place RBC at the top of the six service categories reviewed in the survey, including administration, valuation, communication and the quality of personnel. HSBC Securities Services takes second place in the general rankings, followed by JP Morgan, State Street, Société Générale Securities Services, BNP Paribas securities Services and Northern Trust. The rankings by country find that Société Générale Securities Services tops the rankings in France, and takes second place for continental Europe after RBC, and ahead of BNP Paribas Securities Services and JP Morgan.
26/09/2013

RDR leaves its mark on Lighthouse results

RDR regulations have left their mark on the quarterly results at Lighthouse group. The firm has reported pre-tax losses for the first half of 2013 of GBP232,000, while the first six months of 2012 brought pre-tax profits of GBP59,000, according to figures released on 25 September.This development is attributed largely to the introduction of RDR regulations, which led to an 18% decline in the number of advisers, from 608 at the end of June 2012 to about 500 one year later. Income also fell 14% to GBP23.4m. The decline was limited by a 3% increase in income per adviser to GBP80,000 per year.
26/09/2013

Schroders adds to global economy team

Craig Botham, who was recruited in June 2013 by Schroders to monitor and analyse emerging economies, has been appointed as emerging market economist in the global economics team at the asset management firm. He will report to Keith Warde, head economist.Botham had previously been a member of the macro-prudential analysis team at the Prudential Regulatory Authority (PRA), with the mission of analysing country risks. He served in the same role at the Financial Services Authority (FSA).
26/09/2013

Schroders adopts Control platform from Milestone

According to Das Investment, Schroders may soon be able to automatically verify the net asset value of its approcimately 1,400 funds within 45 minutes, instead of manually reporting them in spreadsheets. To achieve this, the British asset management firm will use the pControl platform from the software provider Milestone, which allows it to automate the task. Schroders will thus come into compliance with new regulatory requirements.
26/09/2013

Head of UK institutional development at BNP Paribas IP

Roger Price-Haworth, the head of institutional development at BNP Paribas Investment Partners in the United Kingdom, has left the firm, Financial News reports. He joined the firm in February 2011. He will be joining Pictet.
26/09/2013

New rumours of an acquisition of SWIP by Aberdeen

According to new rumours overheard by Bloomberg and relayed by Investment Week, Aberdeen Asset Management is reportedly in talks to acquire Scottish Widows Investment Partnership (SWIP) from Lloyds Banking Group. The two parties have declined to comment, but Bloomberg emphasizes that if the transaction goes through, it will create the largest publicly-traded fund management firm in Europe, with assets of about GBP350bn.
26/09/2013

Wealth management: Barclays pulls out of 100 markets

Barclays will be withdrawing from 100 markets and cutting staff for its wealth management activity, in order to boost the weak profitability of the unit, the Financial Times reports. The number of markets in which the UK bank offers asset and wealth management services will be reduced from 200 to 70 by the end of 2016.
26/09/2013

Major banks improve their Basel III ratios

Major banks are continuing to improve their fulfilment of capital requirements introduced as part of banking reforms known as Basel III, according to a study released on 25 September by the Basel Committee of the Bank for International Settlements (BIS). As of 31 December 2012, major banks active internationally still needed to raise EUR115bn to reach their owners’ equity requirement of 7%, according to the report, on the basis of data collected from 101 major banks which are present internationally. The Basel committee says that the gap has been reduced by EUR82.9bn comared with June 2012. In order to put this figure in perspective, the Basel committee points out that total pre-tax profits and redistribution to shareholders totalled EUR419.4bn in 2012 at the banks under review. In the report, the Basel committee also observed that the hard proprietary capital level averaged 9.2% for the major banks, compared with 8.5% at the previous study, published in March. The study also focused on the Liquidity Coverage Ratio (LCR), which was revised in January 2013, and will come into effect on 1 January 2015. This averaged 119% for major banks, compared with 85% at the time of the previous study, on the basis of the old ratio. The Basel Committee report echoes a study undertaken separately by the European Banking Authority (EBA), which claims that the 42 major European banks still need EUR70.4bn to comply with a 7% capital requirement.
26/09/2013

BNP Paribas Wealth Management: EUR2bn in SRI

BNP Paribas Wealth Management has nearly EUR2bn in socially responsible investment, the bank’s website indicated, meaning that assets of this type have doubled in the space of one and a half years.
26/09/2013

H2O AM wants to focus on French clients

After three years in existence, H2O Asset Management has built up a largely institutional and international client base. The asset management firm, co-founded and led by Bruno Crastes, has the unique quality of having attracted inflows largely from Asia and Australia in its first three years. Now, 80% of its EUR3bn in assets under management are from abroad, of which 70% are from Asia. In the future, the firm, which is part of the boutique multi-galaxy from Natixis, would like to give more weight to the French market, which accounts for 20% of total assets. Crastes considers this market “a domestic market,” although the firm is based in London.In order to give France a larger weight in terms of assets, while continuing to grow abroad, by 2015 H2O would like to “be more present commercially serving French investors, or to gain new clients. I would like to foreground our product range with the help of the sales teams from Natixis Global Asset Management and its international distribution platform,” says Crastes, who is counting on the entry of the funds from the range into various product rankings once they have a 3-year track record. Institutionals will of course be targeted, and H2O would also like to strengthen its client base among private banks, family offices and independent managers.
26/09/2013

La Francaise AM teams up with Morgan Stanley in alternative management

La Francaise AM has formed a partnership with Morgan Stanley and its FundLogic Alternatives platform, to offer investors access to alternative management vehicles that comply with UCITS regulations. The alliance also incluces Longchamp AM which will have a distribution role.The plans aim to create a fund of funds, LFP Global Absolute Return, which would invest in five hedge funds. Three funds had previously been selected and seeded by La Française AM: the MS Turner Spectrum UCITS Fund, MS Dalton Asia Pacific UCITS Fund and MS TCW Unconstrained Plus Bond Fund. The fund, which will have assets of EUR100m, will be targeted at French and international large institutionals.The fund comes as an addition to the alternative multi-management range from La Française AM, which already includes three products.
26/09/2013

Swisscanto appoints new manager for EM fund

Jan Peterhans will now serve as lead manager for the Swisscanto (CH) Equity Fund Emerging Markets fund, finews reports. The lead manager who had previously been responsible for the fund, Chi Tran Brändli, left the firm in July, according to information from Citywire reported by finews. Peterhaus is also the manager of two other emerging market funds, including the Swisscanto (CH)IF – Equity International AST BVG.
26/09/2013

Principal GI adds to its sales team

The asset management firm Principal Global Investors, based in Hong Kong, has recruited Jane Fung as head of fund distribution in Asia, Asian Investor reports. Fung previously worked at Old Mutual Global Investors (OMGI) as head of distribution. Fung will begin on 3 October, and will aim to offer the full product range from the asset management firm, including UCITS funds domiciled in Dublin, on the distribution platforms of wholesalers and private banks in the region. It will initially concentrate on Hong Kong and Sinagpore, and will then cover Chile, Indonesia, Korea, Malaysia, Taiwan and Thailand in the next few months. The fund is also interested in a market covered by the programme reserved for foreign qualified institutional investors in renminbi (RQFII) and the project to recognize cross-border mutual fund trades between Hong Kong and continental China.
26/09/2013

GAM appoints head of distribution for Asia-Pacific

The wealth management firm GAM Holding Group (GAM) a spin-off from Julius Baer, on 26 September announced that it has appointed Henry Choon as head of distribution and marketing activities in the Asia-Pacific region, from 4 November. The new head, who had previously worked at Lazard Asset Management, will join the Hong Kong team, currently composed of 45 employees, the group says in a statement.
26/09/2013

Barclays confirme réduire la voilure dans la banque privée

Barclays cessera de proposer des services de gestion de fortune dans 130 pays environ d’ici 2016, a confirmé la banque dans un communiqué. «Cela s’inscrit dans notre nouvelle stratégie, qui tend à réduire la complexité et à agir là où nous pouvons gagner, a dit un porte-parole. Nous ne pensons pas que nos effectifs globaux changeront beaucoup mais certains postes n’existeront plus en conséquence d’une nouvelle segmentation et des investissements technologiques». Barclays avait annoncé en avril un plan de restructuration de la gestion de fortune, destiné à mieux l’intégrer avec les divisions banque de détail et corporate banking.
26/09/2013

La baisse du crédit au privé continue en zone euro

La baisse du crédit au secteur privé dans la zone euro s’est poursuivie en août, le montant global des prêts accordés par les banques diminuant de 2,0% sur un an, comme attendu, montrent les statistiques mensuelles de la Banque centrale européenne (BCE). La croissance de la masse monétaire M3 s’est parallèlement légèrement accélérée à 2,3% en rythme annuel, alors que les économistes et analystes interrogés par Reuters prévoyaient un chiffre de 2,2%, semblable à celui de juillet.

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