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06/03/2013

Le patron de Lansdowne Partners sur le départ

Sir Paul Ruddock, patron et co-fondateur de la société de gestion alternative Lansdowne Partners, devrait démissionner de ses fonctions en juin prochain.Le financier britannique souhaite abandonner le secteur de la gestion d’actifs pour se consacrer à ses activités philanthropiques. Les actifs sous gestion de Lansdowne, désormais à la recherche d’un successeur, s'élèvent à environ 12,4 milliards de livres après avoir culminé il y a deux ans à 16 milliards de livres. Son fonds phare, le Developed Markets fund, a dégagé l’an dernier une performance de 18% et affiche depuis le début de l’année une progression de 7,6%.
06/03/2013

Azimut lance un pôle conseil

La société de gestion italienne Azimut a présenté un nouveau pôle, Azimut Global Advisory, qui se concentrera sur le conseil financier payant, rapporte Bluerating. Le projet, mené en architecture ouverte, sera dirigé par les frères Alberto et Alessandro Parentini.
06/03/2013
Fonds

Lyxor ferait enregistrer en Espagne l’ETF de govies MTS Spain

Selon les informations de Funds People, Lyxor Asset Management aurait déjà déposé la demande d’agrément de commercialisation en Espagne du Lyxor ETF MTS Spain Government Bond All-Maturity qu’il vient de faire admettre à la négociation du Euronext Paris. Ce produit sur la dette souveraine espagnole est destiné aux investisseurs qui misent sur une convergence des différentiels entre le rendement de la dette publique espagnole et celui des bunds. Ce serait le deuxième ETF que le gestionnaire français ferait coter en Espagne depuis le début de cette année, le premier ayant été le Lyxor ETF MSCI ACWI Gold.
Fonds
06/03/2013
Fonds

Union acquiert un hôtel Barceló

Pour 37 millions d’euros, l’allemand Union Investment Real Estate (UIRE) a acquis l’hôtel quatre étoiles Barceló Raval de Barcelone (186 chambres) qui est loué pour 20 ans renouvelables à la troisième chaîne hôtelière espagnole, Barceló. Cet actif est affecté au portefeuille du fonds immobilier offert au public UniImmo: Europa.Le portefeuille hôtelier d’UIRE, qui comprend déjà le Barceló de Hambourg, comprend 22 enseignes et représente un volume de 1,7 milliard d’euros dont 400 millions investis ces trois dernières années.
Fonds
06/03/2013
Fonds

Nord LB AM lance un fonds pour les institutionnels ecclésiaux

Conjointement avec la coopérative de crédit évangélique (EKK), Nord LB Asset Management a lancé le 1er mars un fonds destiné aux investisseurs institutionnels du monde ecclésial, le KVV-Fonds - EKK pour lequel la souscription minimale est fixée à 100.000 euros.L’essentiel du portefeuille sera constitué d’obligations libellées en euros émises par les plus grandes signatures tandis que l’allocation aux actions est plafonnée à 20 %. L'équipe d’investissement peut aussi investir en fonds immobiliers offerts au public et en fonds de performance absolue coordonnés.CaractéristiquesDénomination : KVV-Fonds - EKKCode Isin : DE000A1J3WM7Commission de gestion : 0,35 %
Fonds
06/03/2013
Fonds

Allianz restreint l'accès à un fonds RMB onshore

Allianz Global Investors a décidé de restreindre l’accès des investisseurs à son fonds Allianz Renminbi Fixed Income Onshore peu de temps après son lancement en raison de l’appétit croissant des investisseurs pour cette stratégie, rapporte Citywire.Le fonds domicilié au Luxembourg avait été lancé le 31 janvier dernier. Il avait été présenté comme le premier fonds de ce type à proposer un accès au marché du renminbi onshore et la possibilité d’investir directement dans les obligations souveraines chinoises. A fin février, les actifs du fonds s'élevaient à près de 34 millions d’euros. Selon un porte-parole d’Allianz GI, «la demande a été telle que le fonds a été soft closé début février, quelques jours seulement après son lancement le 31 janvier, les actifs ayant atteint le quota autorisé par les régulateurs chinois». Le fonds Onshore RMB vient s’ajouter à deux autres fonds, Allianz Renminbi Fixed Income (Offshore) et Allianz Renminbi Currency. Le fonds Offshore, lancé en juin 2011, avait été fermé en août 2011 après une collecte de 450 millions d’euros en l’espace de deux mois. Il a été rouvert en août 2012.
Fonds
06/03/2013

La collecte de Royal London AM fait un bond de 66% en 2012

Royal London Asset Management (RLAM) a annoncé le 5 mars une collecte de 2,3 milliards de livres au titre de l’exercice 2012, en progression de 66% d’une année sur l’autre. La collecte dans les fonds obligataires a représenté 88% du total, précise la société de gestion dans un communiqué.A fin décembre, les actifs sous gestion de RLAM s'élevaient à 47,6 milliards de livres, en hausse de 8% par rapport à fin décembre 2011.
06/03/2013

Mini-remaniement au fonds souverain de Singapour

Le fonds souverain de Singapour GIC, dont les actifs sous gestion s'élèvent à quelque 220 milliards de dollars, a annoncé la nomination de Jeffrey Jaensubhakij en tant que responsable de ses activités de gestion d’actifs logées dans GIC Asset Management.Il prend la succession de Lim Chow Kiat, nommé le mois dernier chief investment officer pour le groupe. Jeffrey Jaensubhakij va en conséquence abandonner ses fonctions actuelles en Europe et quitter Londres pour s’installer à Singapour. Il devrait prendre ses nouvelles fonctions le 1er avril.
06/03/2013

UCITS-compliant hedge fund returns down in February

P { margin-bottom: 0.08in; } According to statistics from the Swiss firm Alix Capital, UCITS-compliant hedge funds in February posted average returns of 0.14%, compared with 1.03% in January, or 1.17% since the beginning of the year. UCITS-compliant funds of hedge funds had 0.23%, compared with 1.31% the previous month, for a total of 1.54% for the first two months.Three strategies showed losses in February: CTA (-0.80%), commodities (-0.40%), and event-driven (-0.04%). The strongest gains were for FX (+0.56%) and long/short equity (+0.40%)As of the end of February, total assets in UCITS-compliant hedge funds totalled EUR143bn, for the 870 funds of the UCITS Alternative Index, compared with EUR141bn for 880 products as of the end of January.
06/03/2013

Marshall Wace and GaveKal end joint venture

P { margin-bottom: 0.08in; } The hedge fund firm Marshall Wace and the Asian financial group GaveKal Holdings have decided to dissolve their joint venture, founded in June 2008, Financial News reports. The two parties found that there was a lack of synergy. Marshall Wace will absorb the long/short funds from the joint venture, and GaveKal will take over management of the long-only funds.
06/03/2013

EU corners UK on bonus limits

P { margin-bottom: 0.08in; }A:link { } Finance ministers from the 27 EU countries meeting in Brussels on 5 March supported a compromise proposal advanced last week by the European Parliament for legislation to apply the rules of Basel III to Europe, including new bonus limits, Les Echos reports. No formal decision has been taken, but Ireland, which holds the EU presidency this half, observed at the conclusion of the meeting that a vast majority supported the compromise proposal. The United Kingdom is now completely isolated on the issue of limits for bonuses paid to bankers, with no way to prevent the equivalent of this legislation being passed elsewhere in the world. In the future, variable pay scales may not exceed those for the fixed portion of salary, except if shareholders decide to raise the limit to up to twice the annual salary.
06/03/2013

Assets up by EUR13bn at La Banque Postale AM

P { margin-bottom: 0.08in; } Net inflows at La Banque Postale Asset Management last year totalled EUR3.5bn, up EUR2.8bn compared with 2011, according to statistics released on 5 March by La Banque Postale.The effect, associated with improved returns, have resulted in growth of EUR13bn in assets, to EUR137.5bn, largely in the bond (+EUR9.5bn) and money market (+EUR3.4bn) asset classes.Profits for the asset management unit have been maintained due to good cost-control. Net banking proceeds are stable at EUR120m. Operating costs for the sector are under control and are virtually stable compared with 2011, at EUR68m. The cost/income ratio for the asset management affiliates is identical to 2011, at 54.7%.Net profits for the part of the La Banque Postale group rose 39.3% last year to EUR574m, with net banking proceeds of EUR5.24bn (+2.5% excluding one-time elements).La Banque Postale has also announced that it will be continuing to develop its wealth management affiliate. Since October 2012, La Banque Postale has been in exclusive negotiations with Crédit Mutuel Arkéa to acquire all capital in the Banque Privée Européenne (BPE). Final agreements are expected to be signed on 2 April 2013, La Banque Postale states.La Banque Postale will then have a complete platform of the products, resources, tools and expertise necessary to offer a dedicated product range to its 500,000 wealth management clients, with the support of a dedicated network.
06/03/2013

OFI acquires 10% stake in BlueOrchard Finance

P { margin-bottom: 0.08in; } The OFI Group, via its longstanding holding company Ofivalmo Partenaires, on 5 March announced that it has acquired a minority stake of 10% in the Swiss microfinance specialist BlueOrchard. The strategic planned investment was announced in January by OFI (see Newsmanagers of 25 January 2013).BlueOrchard Finance S.A., the European leader in the management of micro-credit, was founded in 2001. For eleven years, BlueOrchard Finance S.A. has been able to increase not only its assets under management, which now total USD620m, but also its product range, to meet demand from institutional and private investors seeking to combine financial returns and social impact.Following the acquisition of the minority stake in BlueOrchard Finance S.A., Ofivalmo Partenaires will be represented on the board of directors of the Geneva-based firm.Assets under management at the OFI group totalled EUR53.5bn as of the end of January 2013.
06/03/2013

SEI wins mandate from Sciens Alternative Investments

P { margin-bottom: 0.08in; } SEI has been selected by Sciens Alternative Investments, an entity of the Sciens Capital Management group, to provide administration services for its managed account platform. SEI will also provide collateral management services to the Sciens middle office.
06/03/2013

Oppenheimer recruits from Columbia

P { margin-bottom: 0.08in; } From 11 March, OppenheimerFunds has announced, Laton Spahr is becomgina portfolio manager for the Oppenheimer Value Fund, Oppenheimer Select Value Fund and Oppenheimer Small- & Mid- Cap Value Fund, as well as for all associated strategies. He will also be co-portfolio manager of the Oppenheimer Equity Fund.Spahr will be responsible for a team of three people, who like him are employed by Columbia Management Investment Advisors (an afiliate of Ameriprise Financial, like the British firm Threadneedle): Eric Hewitt, Kyle Bergacker and Daniel Hozan. At Columbia, Spahr was a senior portfolio manager for value and income strategies, for institutional and retail products.Since 28 February, John Damian and Mitchell Williams “are no longer the portfolio managers of their respective products,” while Levine is interim portfolio manager for the strategies concerned until 11 March.For its part, Columbia has announced that it has recruited Jeffrey L. Knight as head of global asset allocation. He had most recently been manager of several mutual funds and institutional strategies, also as head of global asset allocation, at Putnam Investments.
06/03/2013

Falling interest rates aggravate shortfalls for major pension funds

P { margin-bottom: 0.08in; }A:link { } Since 2008, falling discount rates have, despite four years of good performance for investments, provoked a rise of about USD84bn in the coverage shortfalls for the 19 US pension funds with liabilities of over USD20bn, according to a study by Russell Investments. The funds taken by themselves represent nearly 40% of assets and liabilities for all US publicly-traded companies. They finished 2012 with a net shortfall of USD220bn, compared with USD182bn one year earlier.
06/03/2013

Lyxor registers MTS Spain govies ETF in Spain

P { margin-bottom: 0.08in; }A:link { } According to reports in Funds People, Lyxor Asset Management is said to have already submitted an application for a license to sell the Lyxor ETF MTS Spain Government Bond All-Maturity in Spain, following its recent introduction on Euronext Paris. The product, investing in Spanish government debt, is aimed at investors betting on convergence of the spread in returns between Spanish public debt and German bunds. It is the second ETF which the French asset management firm has listed in Spain since the beginning of the year; the first was the Lyxor ETF MSCI ACWI Gold.
06/03/2013

Union acquires hotel in Barcelona

P { margin-bottom: 0.08in; } The German firm Union Investment Real Estate (UIRE) has acquired the four-star Barceló Raval hotel in Barcelona (186 rooms), which is leased for a renewable 20-year term to the third-largest Spanish hotel chain, Barceló, for EUR37m. The property will be added to the portfolio of the open-ended real estate fund UniImmo: Europa.The hotel portfolio of UIRE, which already includes the Barceló hotel in Hamburg, covers 22 properties, and has a volume of EUR1.7bn, of which EUR400m have been invested in the past three years.
06/03/2013

BlackRock offers EM long/short strategy

P { margin-bottom: 0.08in; } At the end of 2012, BlackRock launched an absolute return fund which deploys a long/short strategy on emerging market equities, the Emerging Markets Absolute Return sub-fund of its BlackRock Strategic Funds Sicav. The Luxembourg-registered product uses top-down and bottom-up approaches to achieve a net exposure to -10% to +20% to the market, with 20 to 35 positions, as well for long and for short.CharacteristicsName: BlackRock Strategic Funds Emerging Markets Absolute ReturnISIN code: LU0852332542Management commission: 1%Performance commission: 20%Hurdle rate: Libor 3-month
06/03/2013

FBI helps SEC to combat high-frequency trading abuses

P { margin-bottom: 0.08in; }A:link { } The FBI has teamed up with a new unit at the Securities and Exchange Commission (SEC), Quantitative Analytics Unit, which examines hedge funds and other companies that use transaction strategies with algorithms, the Financial Times reports. The structure seeks to identify abuses which may result from the emergence of high-frequency trading companies and the use of dark pools.
06/03/2013

Vanguard limits access to two funds and slashes TER for eight ETFs

P { margin-bottom: 0.08in; } Subscriptions to the diversified fund Vanguard Wellington TM Fund (USD68bn) and the municipal bond fund Vanguard Intermediate-Term Tax-Exempt Fund (USD39bn) have been closed to new clients since 28 February, including financial advisers and institutional investors. Vanguard is seeking to slow the pace of subscriptions, which continue to be possible for these two categories of clients so long as they have already purchased shares in the fund. For the moment, retail investors can continue to subscribe for new shares, and open new accounts for the two products.Vanguard has also announced a new round of cuts to the total expense ratios (TER) for its ETF products. Eight funds are included, in addition to the emerging market fund Vanguard FTSE Emerging Markets Index ETF (VWO), for which the cut was previously announced (see Newsmanagers of 4 March).This time, the eight funds concerned are as follows, according to Mutual Fund Wire and Index Universe:Reductions of 0.03 percentage points:FTSE All-World ex-US, to 0.15%FTSE All-World ex-US Small-Cap, to 0.25%Global ex-US Real Estate, to 0.32%High Dividend Yield, to 0.10%Reductions of 0.02 percentage pointsMSCI Europe, to 0.12%MSCI Pacific, to 0.12%Total International Stock, to 0.16%Total World Stock, to 0.19%
06/03/2013

William Blair releases EM small cap fund

P { margin-bottom: 0.08in; } The US firm William Blair has launched an emerging market small cap fund to exploit growth shares from emerging countries.The William Blair Emerging Market Small Cap Fund, which comes as an addition to the Sicav range, will invest in 80 to 120 companies whose market capitalisation is below USD5bn. The fund may invest both in emerging and in frontier markets.The fund will be co-managed by Todd McClone and Jeff Urbina.
06/03/2013

Allianz GI distances itself from equities and bonds

P { margin-bottom: 0.08in; } Elizabeth Corley, CEO of Allianz Global Investors, is pessimistic about equities and bonds, Financial Times Fund Management reports this week. The affiliate of the German firm is encouraging invetors to focus on other aset classes, such as convertible bonds, index products, commodities and infrastructure. AGI has also created a renewables team, and is planning to launch a fund dedicated to this theme covering Europe, and potentially other developed countries. Corley also thinks that Asian high yield bonds denominated in local currencies offer “real opportunities.”
06/03/2013

Temasek buys Repsol's own shares

P { margin-bottom: 0.08in; } The CNMV on 4 March published a notification from the oil firm Repsol stating that the Singapore sovereign wealth fund Temasek (EUR115bn in assets) has acquired the remainder of the Spanish group’s holding in its own shares, equivalent to 5.04% of capital, for EUR1.036bn (64.7 million shares, at EUR16.01 each). Temasek now has a 6.3% stake in Repsol.
06/03/2013

AUM at BPER group up 5.4%

P { margin-bottom: 0.08in; }A:link { } Assets under management at the Banque Privée Edmond de Rothschild group (BPER group) last year rose 5.4% to CHF101.6bn. Net inflows totalled CHF2.5bn, a press release says.Net profits, however, rell to CHF66.4m, compared with CHF125.1m in 2011. This decline is largely due “to a decline in returns on savings, reduced client activity, an unfavourable evolution of the asset mix, and a reduced contribution from fund activities, which weighed heavily on our revenues.” The group was also obliged to bear one-time restructuring costs, as well as significant investment to establish a platform in Hong Kong and to modernise IT systems.The group emphasizes that it has pledged to deploy a strategic plan that will be focused on a number of priority actions, “such as capitalisation around a strong Edmond de Rotschild brand, and confirmation of engagement in the private banking and asset management professions, in Europe and internationally, voluntaristicly and pragmatically.”
06/03/2013

M&G Investments opens an office in Geneva

P { margin-bottom: 0.08in; }A:link { } M&G Investments, which has been present on the Swiss market for seven years, has opened an office in Geneva, and is adding to its local team with the recruitment of a new employee, Agefi Switzerland reports. M&G Investments is hoping to meet growing demand on the part of its clients in French-speaking Switzerland. Valentine Bugeja has been appointed as head of sales for development of the family office and independent financial adviser segments in French-speaking Switzerland. She began in her new role in February 2013.
06/03/2013

New head for dark pool at UBS

P { margin-bottom: 0.08in; } Richard Semark is expected to become head of the UBS MTF platform, one of the largest dark pools in Europe, the Financial Times reports. Semark succeeds Robert Barnes, who is reported to be preparing to leave his position after more than 18 years at the group. UBS has declined to comment on the reports.
06/03/2013

World's 20 largest hedge funds making less than before

P { margin-bottom: 0.08in; }A:link { } The 20 largest hedge funds in the world made USD32.4bn for their investiors last year, less than one fifth of the USD172bn the industry made overall, the Financial Times reports, citing figures from LCH Investments (Edmond de Rothschild group). In the past, the 20 largest hedge funds made nearly half of all the profits in the industry.
06/03/2013

Morningstar hedge fund index up 1.9% in January

P { margin-bottom: 0.08in; } The Morningstar hedge fund index, the Morningstar MSCI Composite Hedge Fund Index, gained 1.9% in the month of January, and has gained 6.3% in the past twelve months. Virtually all components of the index remained positively oriented in January, exepting short bias and systematic trading strategies. Among the notable results of the month, the Morningstar MSCI Small Cap Hedge Fund Index posted gains of 3.9%, and the Morningstar MSCI Emerging Markets Hedge Fund Index has gained 3%.
06/03/2013

Nord LB AM launches fund for ecclesiastical institutions

P { margin-bottom: 0.08in; }A:link { } In conjunction with the evangelical credit cooperative (EKK), Nord LB Asset Management on 1 March launched a fund aimed at institutional investors in the religious world, the KVV-Fonds – EKK, for which the minimal subscription is set at EUR100,000.Most of the portfolio will be composed of bonds denominated in euros from the largest issuers, while allocation to equities is limited to 20%. The investment team may also invest in open-ended real estate funds and in UCITS-compliant absolute return funds.CharacteristicsName: KVV-Fonds – EKKISIN code: DE000A1J3WM7Management commission: 0.35%

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