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14/06/2013

Wellington s'enregistre en Espagne

Le 31 mai, La CNMV a enregistré la sicav irlandaise Wellington Management Portfolio (Dublín) Plc de Wellington Management. Le gestionnaire américain devient ainsi la cinquième maison étrangère à se faire référencer par le régulateur espagnol depuis le début de cette année, après J. Chahine Capital, Ellipsis AM, Oaks Field Partners et Larrain Vial.
14/06/2013
Fonds

Santander élargit sa gamme prudente avec les fonds passifs Cumbre

La CNMV a délivré son agrément de commercialisation aux fonds Santander Cumbre 2018 y Santander Cumple 2018 Cumbre Plus, les deux premiers fonds passifs avec objectif de rendement lancés par Santander Asset Management, rapporte Funds People.Le premier produit vise une performance de 2 % annuels et investira uniquement en obligations du royaume d’Espagne, tandis que le second peut aussi investir en obligations d’organismes officiels ou de communautés autonomes ayant la même note que l’Etat espagnol. Il vise 2,3 % par an pour les parts B et 2,45 % pour les parts C.
Fonds
14/06/2013

TCW renforce ses effectifs commerciaux en Asie

Dans le sillage de l’acquisition auprès de Société Générale en février dernier de TCW par le management de la société et le groupe Carlyle, la société de gestion américaine se renforce en Asie avec le recrutement de commerciaux à Hong Kong, rapporte Asian Investor.TCW, qui n’a pas l’intention, en tout cas dans l’immédiat, d’installer des équipes d’investissement en Asie, va d’abord distribuer ses fonds auprès des investisseurs à Hong Kong et dans la région. Tous les produits au format Ucits seront enregistrés à Hong Kong, Singapour et Taïwan.
14/06/2013

Les femmes sous-représentées dans la gestion d'actifs britannique

Seulement 5% des fonds retail sont gérés ou co-gérés par des femmes outre-Manche, selon un sondage réalisé par Bestinvest, rapporte Fund Web.Au sein des cinq grands secteurs de l’IMA (Association britannique des gestionnaires d’actifs), le pourcentage des fonds confiés à des femmes varie de 2% pour le secteur UK Equity Income à 7% pour le secteur UK All Companies.
14/06/2013
Fonds

Loomis Sayles va lancer une version Ucits d’un crédit long/short

La société de gestion américaine Loomis Sayles va lancer le 1er juillet une version Ucits de son fonds crédit long/short, Loomis Sayles Credit Long/Short fund, grâce à un partenariat avec Deutsche Asset & Wealth Management, rapporte Citywire Global. Le fonds sera enregistré sur la plate-forme dbalternative Platinum.
Fonds
14/06/2013

HVB vend son private equity

Coller Capital, Axa Private Equity et AlpInvest Partners se disputent l’acquisition des activités de private equity d’HypoVereinsbank, filiale allemande du groupe italien UniCredit, selon Financial News qui cite trois personnes proches du dossier. L’opération pourrait rapporter plus de 600 millions d’euros.
14/06/2013

La gamme de fonds de Sal. Oppenheim sera sévèrement amputée

Filiale de banque privée de la Deutsche Bank, Sal. Oppenheim est destinée à devenir un pur gestionnaire de fortune et ne conservera que moins d’une dizaine de fonds, rapporte Fondsprofessionell.Les fonds de la filiale allemande de gestion Oppenheim Kapitalanlagegesellschaft (OKAG), avec 3,6 milliards d’euros d’encours, seront soit transférés à Deutsche Asset & Wealth Management (DeAWM), fusionnés avec des fonds DWS ou liquidés.Sal. Oppenheim conservera cependant les produits blancs de sa filiale luxembourgeoise, qui représentent un encours compris entre 3,5 milliards et 4 milliards d’euros.bm
14/06/2013
Fonds

Algebris lance un fonds de financières à bas coût

Algebris Investments, le hedge fund basé à Londres géré par Davide Serra, s’apprête à lancer un nouveau fonds long only investi dans des actions et des obligations financières mondiales présentant de faibles frais, rapporte le Financial Times. « Il est temps d’investir dans les financières. La crise est terminées. Les financières seront les principaux bénéficiaires de la hausse des taux dans les 3 à 5 prochaines années », a confié Davide Serra au FT. Le nouveau fonds, qui facturera des frais annuels de 0,9 %, verra le jour en août et sera lancé en septembre. La société a déjà recueilli des engagements de plus de 100 millions de dollars.
Fonds
14/06/2013

Old Mutual GI renforce son équipe de distribution européenne

Kirk Hotte, European business director chez Investec Asset Management après avoir travaillé pendant douze ans chez Axa IM en dernier lieu comme director, global distributors, a rejoint Old Mutual Global Investors comme European sales director. Basé à Londres, il est subordonné à David Aldred, head of European distribution.
14/06/2013

Mandat australien pour Henderson dans l'immobilier

Le fonds de pension AsutralianSuper (60 milliards de dollars australiens) a confié à Henderson Global Investors ou HGI (68,9 milliards de livres) un mandat de gestion pour des investissements dans l’immobilier commercial britannique.Le portefeuille immobilier d’AustralianSuper représente au total environ 4,6 milliards de dollars australiens et le fonds de pension a récemment annoncé son intention d’investir à l’international pour se diversifier. Pour sa part, HGI affiche 12,7 milliards de dollars d’actifs immobiliers, dont 7,4 milliards dans le secteur commercial.
14/06/2013
Fonds

UBP lance une nouvelle stratégie actions

La société de gestion suisse UBP lance une nouvelle stratégie «Equity Flex» qui permet d’avoir une exposition actions, tout en contrôlant les risques. «Dans un contexte où la volatilité fait peur avec des risques de drawdowns importants, cette stratégie offre une exposition au marché actions européen mais avec un moteur de gestion des risques pour gérer la volatilité», a souligné le 13 juin à Paris Bernard Kalfon, responsable stratégies de volatilité et de gestion du risque du groupe Union Bancaire Privée (UBP), à l’occasion d’une présentation à des investisseurs.L’objectif de la stratégie est d’offrir un profil de rendement asymétique positif sur un horizon d’investissement long terme. Les moyens mis en œuvre pour atteindre cet objectif sont originaux. En effet, la stratégie combine deux expertises du groupe. Tout d’abord, une stratégie long only avec une exposition directe aux actions au travers du fonds UBAM-Europe Equity. Ensuite, un «overlay» dynamique sur la gestion du risque. L’objectif de beta du portefeuille est compris entre 50% et 100% des actifs sous gestion.Cette stratégie, «qui permet de revenir sereinement sur les actions avec un produit dynamique» selon Bernard Kalfon, est d’ores et déjà disponible sur le marché irlandais. Il devrait être accessible aux investisseurs français à la rentrée, probablement en septembre.
Fonds
14/06/2013

Intégration réussie dans GAM pour l'ex-Arkos Capital

Les actifs sous gestion du gérant de hedge funds GAM Investment Management, connu sous le nom d’Arkos Capital avant son rachat en février 2012 par le groupe de gestion d’actifs GAM, ont dépassé le milliard pour atteindre près de 1,3 milliard d’euros contre 550 millions lors de l’annonce de la transaction, indique dans un entretien à L’Agefi suisse Gianmarco Mondani, fondateur de Arkos, actuellement CEO et Chief Investment Officer (CIO) de GAM Investment Management. «Un signe positif de l’apport de la nouvelle marque GAM ainsi que des ressources de distributions supplémentaires», se félicite Gianmarco Mondani.
14/06/2013

Union resells property at La Défense

P { margin-bottom: 0.08in; } After a 13 years tenure, the German firm Union Investment Real Estate (UIRE) has resold the Le Wilson office property (14,767 square metres) for EUR67.2m to a fund of the Perial group.Reinhard Kutscher, chairman of the executive committee at UIRE, has estimated that the deal is another success for the open-ended real estate fund UniImmo: Deutschland, as the property has always been fully occupied and the expert valuation of the property has increased by EUR10.7m.
14/06/2013

Loomis Sayles to launch a UCITS version of a long/short credit fund

P { margin-bottom: 0.08in; }A:link { } The US asset management firm Loomis Sayles will on 1 July launch a UCITS version of its long/short credit fund, Loomis Sayles Credit Long/Short fund, through a partnership with Deutsche Asset & Wealth Management, Citywire Global reports. The fund will be registered on the dbalternative Platinum platform.
14/06/2013

Wellington registers in Spain

P { margin-bottom: 0.08in; }A:link { } On 31 May, the CNMV registered the Irish Sicav Wellington Management Portfolio (Dublin) Plc from Wellington Management. The US asset management firm becomes the fifth foreign asset management firm to register with the Spanish regulator since the beginning of this year, after J. Chahine Capital, Ellipsis AM, Oaks Field Partners and Larrain Vial.
14/06/2013

UBP launches new equity strategy

P { margin-bottom: 0.08in; }A:link { } The Swiss asset management firm UBP is launching the new “Equity Flex” strategy, which provides exposure to equities, while controlling risks. “In a context in which volatility causes fear with significant drawdown risks, this strategy offers exposure to the European equity market, but with a risk management engine to manage volatility,” Bernard Kalfon, head of volatility and risk management strategy at the Union Bancaire Privée (UBP) group, said in Paris at a presentation to investors.The objective and strategy are to offer a positive asymmetrical risk profile for a long-term investment horizon. The means used to achieve this objective are original. The strategy combines two areas of expertise of the group: firstly, a long-only strategy with direct exposure to equities via the UBAM-Europe Equity fund; and then, a dynamic risk management overlay. The beta objective of the portfolio is a total of 50% to 100% of assets under management.This strategy, which “makes it possible to serenely return to equities with a dynamic product,” says Kalfon, is already available on the Irish market. It will be available to French investors in autumn, probably in September.
14/06/2013

Fund range from Sal. Oppenheim to be severely amputated

P { margin-bottom: 0.08in; }A:link { } Sal. Oppenheim, a private banking affiliate of Deutsche Bank, will become a pure wealth management firm, and will retain only less than 10 funds, Fondsprofessionell reports.Funds from the German asset management affiliate Oppenheim Kapitalanlagegesellschaft (OKAG), with EUR3.6bn in assets, will be transferred to Deutsche Asset & Wealth Management (DeAWM), and merged with DWS or liquidated funds.Sal. Oppenheim will, however, retain the white-label products from its Luxembourg affiliate, which have total assets of EUR3.5bn to EUR4bn.
14/06/2013

TCW adds to sales staff in Asia

P { margin-bottom: 0.08in; } In the wake of the acquisition by TCW last year of the Carlyle company and group from Société Générale, the US asset management firm is recruiting in Asia with the recruitment of sales personnel in Hong Kong, Asian Investor reports. TCW, which has no immediate plans to install investment teams in Asia, will initially distribute funds to investors in Hong Kong and the region. All products in UCITS format will be registered in Hong Kong, Singapore and Taiwan.
14/06/2013

Swedes have a strong appetite for equities

P { margin-bottom: 0.08in; } In the next 12 months, 71% of Swedes would like to invest in equities or equity funds, according to a study by Schroders cited by Dagens Industri. Emerging market equities are the most often cited, followed by global and European equities. Swedish investors have earned an average return of 6% since the financial crisis in 2008, the highest level of any of the 10 European countries studied by Schroders. This undoubtedly explains their appetite for risk.
14/06/2013

Women under-represented in British asset management

P { margin-bottom: 0.08in; } Only 5% of retail funds are managed or co-managed by women in the United Kingdom, according to a survey completed by Bestinvest,Fund Web reports. In the five major IMA (Investment Management Association) IMA sectors, the percentage of funds managed by women varies from 2% for the UK Equity Income sector to 7% for the UK All Companies sector.
14/06/2013

Australian mandate for Henderson in real estate

P { margin-bottom: 0.08in; }A:link { } The pension fund AustralianSuper (AUD60bn) has awarded a mandate to Henderson Global Investors (HGI, GBP68.9bn) a management mandate for UK retail real estate investments.The real estate portfolio of AustralianSuper represents a total of about AUD4.6bn, and the pension fund has recently announced plans to invest internationally in order to diversify. For its part, HGI has USD12.7bn in real estate assets, of which USD7.4bn are in the retail sector.
14/06/2013

Old Mutual GI adds to European distribution team

P { margin-bottom: 0.08in; } Kirk Hotte, European business director at Investec Asset Management, after working for 12 years at Axa IM, most recently as director, global distributors, has joined Old Mutual Global Investors as European sales director. He will be based in London and will report to David Aldred, head of European distribution.
14/06/2013

Neuberger Berman offers flexible fund investing primarily in equities

P { margin-bottom: 0.08in; } With the Neuberger Berman Flexible Select Fund, the New York-based Neuberger Berman Group (USD216bn in assets as of the end of March) has launched a flexible fund in the United States investing in all cap sizes, with the objective of generating attractive risk-adjusted returns with lower volatility than that of the US equity market.The product is managed by 17 to 20 teams, with strategies used for high net worth retail clients. The long-only portfolio may also be invested in cash and bonds if necessary, depending on the allocation of assets to various portfolio management teams.The selection, monitoring, appreciation of risk and rebalancing of weight between the various teams will be led by an investment committee headed by Joseph Amato, chairman and CIO of Neuberger Berman.
14/06/2013

Santander extends prudent range with Cumbre passive funds

P { margin-bottom: 0.08in; }A:link { } The CNMV has issued a sales license for the Santander Cumbre 2018 and Santander Cumple 2018 Cumbre Plus funds, the first two passive funds with a performance objective launched by Santander Asset Management, Funds People reports.The first product aims for returns of 2% per year and will invest solely in bonds from the kingdom of Spain, while the second may also invest in bonds from official bodies or autonomous communities with the same rating as Spanish government bonds. It aims for 2.3% per year for the B share class, and 2.45% for C class shares.
14/06/2013

HVB sells private equity operations

P { margin-bottom: 0.08in; } Coller Capital, Axa Private Equity ad AlpInvest Partners are vying for the acquisition of the private equity activities of HypoVereinsbank, the German affiliate of the Italian UniCredit group, according to FinancialNews, citing three people familiar with the matter. The operation may bring in as much as EUR600m.
14/06/2013

Investors in local currency EMD suffer most

P { margin-bottom: 0.08in; }A:link { } Investors in emerging market bonds denominated in local currencies are among the biggest losers from recent sales which have affected emerging market assets, the Financial Times reports. On average, funds denominated in local currencies have lost 7.8% since the beginning of May, according to Lipper, while funds of emerging market debt in hard currencies have lost 6.1%, and emerging market equity funds have lost 6.7%.
14/06/2013

Andrew Baker to leave as head of AIMA at end 2013

P { margin-bottom: 0.08in; }A:link { } Andrew Baker, who since 2007 has been deputy CEO and then CEO of the Alternative Investment Management Association (AIMA), has announced that he will be leaving the position at the end of this year. However, to ensure a smooth transition, he will retain his position until his successor can be recruited and take over his responsibilities.AIMA has more than 1,300 member businesses in 50 countries.
14/06/2013

Better performance for UCITS hedge funds in May

P { margin-bottom: 0.08in; }A:link { } The UCITS Alternative Index Global of UCITS-compliant hedge funds calculated by the Swiss firm Alix Capital in May posted returns of 0.53%, compared with 0.21% in April, bringing gains in the first five months of the year to 2.34%. The UCITS Alternative Index Funds of Funds has posted its fifth consecutive monthly increase, up 0.65% in May, compared with 0.22% in April. It shows a gain of 3.14% since the beginning of the year.Only two strategies show losses for single hedge funds in May: CTA has lost 1.34%, and volatility, 0.12%. The only stand-out gain is for long/short equity, with 1.53%, allowing this fund category to lead for the first five months of the year, with returns of 4.77%.Total assets in UCITS-compliant single hedge funds as of the end of May totalled EUR161bn, compared with EUR160bn one month earlier. They totalled EUR147bn at the end of March, EUR143bn at the end of February, and EUR141bn at the end of January.Currently, the UCITS Alternative index includes 860 hedge funds and funds of hedge funds.
14/06/2013

Algebris launches low-fee financial sector fund

P { margin-bottom: 0.08in; }A:link { } Algebris Investments, the London-based hedge fund led by Davide Serra, is preparing to launch a new low fee long-only fund which invests in global financial sector equities and bonds, the Financial Times reports. “It is time to invest in the financial sector. The crisis is over. The financial sector will be the primary beneficiary of increases in interest rates in the next 3 to 5 years,” Serra tells the FT. The new fund, which will charge annual fees of 0.9%, will be created in August and released in September. The firm has already received commitments for over USD100m.
14/06/2013

DeAWM offers bond fund with semiannual coupons

P { margin-bottom: 0.08in; }A:link { } The CNMV on 17 May registered the DWS Cesta Bonos 2017 fund from Deutshe Asset & Wealth Management (DeAWM), which the firm has begun to offer for sale in Spain. The fund, with a semiannual distritbution in the form of shares in the DWS Fondepósito Plus Classe A fund, will be 73% invested in governmment bonds, while the remainder will be placed in cedulas hipotecarias (covered bonds) and marginally in Spanish corporate bonds.All securities are rated at least BBB-, and the asset management firm explicitly aims for “non-guaranteed” returns of 2.9% per year in the period from 7 June 2013 to 10 November 2017.CharacteristicsName: DWS Cesta Bonos 2017ISIN code: ES0127100008Subscription fee: 1.75%Ongoing fees: 0.57%Penalty for early withdrawal: 1.5%

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