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05/03/2013

SSgA nomme Maria Dwyer en tant que chief risk officer

State Street Global Advisers a annoncé le 4 mars la nomination avec effet immédiat de Maria Dwyer en qualité de chief risk officer.Maria Dwyer travaillait précédemment en tant que chief regulatory officer chez MFS Investment Management.
05/03/2013

Hess changes strategy under pressure from Elliott Management

P { margin-bottom: 0.08in; } The Wall Street Journal reports that as John Hess is saying that his activist alternative asset management firm has missed the train, Hess Corp is in the process of changing tracks though, after Elliott management sent the CEO a message asking him to restructure the firm. There will be a reshuffle on the board of directors, which will affect six of its 14 seats, and sales of assets to increase dividends, along with a USD4bn equity repurchase programme, equivalent to 18% of the market capitalisation of Hess.However, John Hess does not accept Elliott’s primary demand, which is to break up the group into a Bakken company and an international oil firm whose survival may be at risk. This may spell the end for Hess, a difficult scenario to accept for a CEO whose company is named after him.
05/03/2013

Principal Global Investors acquires 55% of Liongate Capital Management

Principal Global Investors, a global asset manager and a member of the Principal Financial Group, on March 4 announced an agreement to acquire a 55 percent stake in Liongate Capital Management, an alternative investment boutique based in London and New York focused on managing portfolios of hedge funds. Founded in 2003, Liongate has approximately USD2.1 billion in assets under management across a range of commingled funds and dedicated client portfolios. Its client base includes many of the world’s leading pension funds, insurance companies and sovereign wealth funds.The Liongate partners will retain a 45 percent share and will manage Liongate within their current roles.
05/03/2013

Strong growth in assets at GAM

P { margin-bottom: 0.08in; } Assets under management at the Swiss firm GAM as of the end of 2012 totalled CHF116.2bn, compared with CHF107bn at the end of 2011, according to a statement released on 5 March. Net inflows last year totalled CHF2.4bn, after outflows of CHF3.8bn in 2011. The wealth management firm last year earned operating profits of CHF161m groupwide, down 2% year on year.
05/03/2013

Credit Suisse in talks with Morgan Stanley

P { margin-bottom: 0.08in; } It appears that Morgan Stanley is planning to sell its wealth management activities in Europe (excluding Switzerland), which are experiencing a sensitive period, and finews reports that, according to financial news, Credit Suisse is interested in the acquisition and has already begun studying the case.Wealth management at Morgan Stanley in Europe, the Middle East and Africa has assets of USD18bn.
05/03/2013

Good start to the year for FoHFs

P { margin-bottom: 0.08in; } Funds of hedge funds started 2013 well, with returns of 2.10% in January, according to the most recent edition of the Hedge Fund Spotlight published by Preqin. This is the best result in more than two years. Last year, funds of hedge funds posted returns of 4.62%, with returns of over 7% for the best, and even over 24% for the most profitable vehicle.The performance of funds of hedge funds, however, remains modest over the long term, with annualised rates of 1.79% over three years, and -0.25% over five years. This may explain the steep fall in assets under management, which, after peaking at USD1.2trn in 2008, last month stood at USD810bn.In Europe, funds of hedge funds have seen an increase in their assets from USD375bn at the end of 2011 to USD280bn in December 2012. North America is the only region of the world where assets under management increased, from USD485bn as of the end of 2011 to USD508bn in December 2012. Funds of hedge funds with exposure to North America also posted better returns than those exposed to Europe in 11 out of 12 months of 2012.Creations of funds of hedge funds also fell sharply. There were 59 in 2012, a level not seen since 2000, compared with 79 the previous year, and 142 in 2010, according to statistics from Preqin.According to Preqin, 65% of investors have funds of hedge funds as part of their allocation to hedge funds, but only 12% of them are planning to increase their allocation to funds of hedge funds in 2013, while 53% are planning to maintain their exposure. Of the 35% who are planning to reduce their exposure, more than half cite performance problems as the reason for their decision.
05/03/2013

Oliver Clasen joins Long-Term Investing Research

P { margin-bottom: 0.08in; } Oliver Clasen, CEO of Allianz Global Investors KAG from 2007 to 2011, and then an independent consultant for real estate, venture capital and questions related to capital markets, Oliver Clasen is joining Long-Term Investing Research AG, based in Karlsruhe, as a managing board member.Clasen was also a board member at the German BVI association of asset management firms, where he represented AGI KAG.
05/03/2013

IOSCO publishes principles on management of mutual fund liquidity risks

The International Organization of Securities Commissions published on March 4 the final report on Principles of Liquidity Risk Management for Collective Investment Schemes, which contains a set of principles against which both the industry and regulators can assess the quality of regulation and industry practices concerning liquidity risk management for collective investment schemes (CIS).Since the outbreak of the global financial crisis, the issue of liquidity has been a major concern for regulators. However, the discussions on regulatory reform have tended to focus more on the importance of liquidity in the banking sector than in other sectors. These principles have been designed to address the specificities of liquidity risk management in the context of the operation of a CIS.To deal with the exceptional circumstances where a liquidity problem may lead a CIS to temporarily suspend all investor redemptions, IOSCO has published, in January 2012, a report on Principles on Suspensions of Redemptions in Collective Investment Schemes.
05/03/2013

Source retains UBS as an authorised participant for Man GLG Europe Plus ETF

P { margin-bottom: 0.08in; } Source on 4 March announced that UBS has been named as an authorised participant (AP) and swap counterparty for the Man GLG Europe Plus ETF (MPFE SW), a single product which invests in European equities, listed in London (LSE), Switzerland (SIX), and Germany (Xetra). With this sixth partner, Source ETF further strengthens the diversification of its swap counterparties. With assets under management of USD950m, the Man GLG Europe Plus Source fund is one of the most successful Source equity ETFs. Its objective is to outperforme the European equity markets overall, through investent recommendations from brokers. Man GLG exploits the best investment ideas from nearly 65 major brokerage firms to create a liquid and highly diversified European long only equity index. In 2012, the index outperformed the MSCI Europe index by 5.34% Due to the size and the growth of MPFE, supplementary trading resources are necessary to continue to ensure its development.
05/03/2013

FSA to impose fines for payments by asset management firms for access to CEOs

P { margin-bottom: 0.08in; } The Financial Services Authority is preparing to crack down on asset management firms which use investors’ money to pay for access to corporate CEOs, the Financial Times reports in its UK edition. Ed Harley, head of supervision for asset management at the FSA, has said that fines of up to several million pounds are possible. The comments come after the Financial Times wrote in an article on Monday that asset management firms were paying their brokers as much as GBP20,000 per hour to meet the CEOs of their client businesses.
05/03/2013

LGT nabs team of advisers from Sal. Oppenheim

P { margin-bottom: 0.08in; } The Liechtenstein bank LGT is reported to have recruited a team of 15 client advisers from Sal. Oppenheim in Zurich, which is owned by Deutsche Bank. Advisors may account for up to half of the CHF7bn which Sal. Oppenheim Switzerland has under management, according to the website Paradeplatz. The arrival of the advisers at the Liechtenstein bank is connected with the transfer of Hanspeter Oes, who in April last year moved from his positoin as chief financial officer at Sal. Oppenheim to LGT Bank (Switzerland). For Deutsche Bank, which took over Sal. Oppenheim in 2010, the loss of the adviers represents a serious setback, according to the website. The German firm iN December completed its integration of Sal. Oppenheim Switzerland into the Swiss affiliate of Deutsche Bank. A bonus programme was then offered to client advisers at Sal. Oppenheim in order to retain them. It wasn’t enough for some, and Deutsche Bank is expected to confirm the departure of seven of them. Inside Paradeplatz cites a Zurich source as saying that the Liechtenstein bank guaranteed the Sal. Oppeheim client adviers high salaries and a set first bonus. The annual salary is said to be CHF250,000, and the bonus is expected to be an equivalent sum. Assets under managemet at the LGT group in mid-2012 totalled CHF94.7bn.
05/03/2013

Madrid extends range of eligible investments for PFs

P { margin-bottom: 0.08in; } Following Spanish royal decree 4/2013 of 22 February, which modifies the pension fund law, Funds People reports, Spanish pension funds are now authorised to invest in securities listed on the Mercado Alternativo Bursátil (MAB), in Sicav funds, private equity firms, Socimi (real estate investment companies), and in securities which will be listed on the future Mercado Alternativo de Renta Fija (MARF) which the Spanish government is preparing.Pension funds have assets of EUR86.5bn.
05/03/2013

Baillie Gifford closes a fund to new investors

P { margin-bottom: 0.08in; } Baillie Gifford has decided to close its Diversified Growth fund to new investors, in order to preserve the performance of the fund, following a rise in inflows in the past twelve months, Investment Week reports. Assets in the fund, managed by Patrick Edwardson and Mike Brooks, are flirting with the GBP3bn barrier, while they had totalled less than GBP900m one year ago. The fund has earned returns of nearly 26% over a three-year period.
05/03/2013

Swedish investors prefer Swedish equity funds

P { margin-bottom: 0.08in; } Swedish equity funds are the most popular equity funds with Swedish investors, even though Sweden represents only a small part of the global economy, the Swedish newspaper Dagens Industri reports on its website. About SEK327bn have been invested in Swedish equity funds, equivalent to 29% of total assets in equity funds. This is also the largest category of funds.
05/03/2013

Diapason launches oil derivatives fund

P { margin-bottom: 0.08in; } Funds People reports that Lausanne-based Diapason Commodities Management has launched a Luxembourg-registered SIF, the Diapason Relative Value Pertroleum Industry fund, a sub-fund of Diapason Funds, which deploys a relative value strategy via oil derivatives. The fund is managed by Sean Corrigan, aims for absolute returns (10-12%), with total ex ante volatility of 6% to 7%.In Spain, Diapason is represented by Atrium Portfolio Managers.
05/03/2013

Schroders preparing unconstrained bond fund

P { margin-bottom: 0.08in; } With the Global Unconstrained Bond fund, Schroders will be offering a new bond sub-fund of its Luxembourg Sicav Schroder International Selection Fund (Schroders ISF) from this April, which may invest unconstrained and globally, and whose outperformance objective is 4-5% above the benchmark per year, over a full interest rate cycle.The benchmark index will be the Barclays Capital Glboal Aggregate Bond USD Hedged Index over a sliding 3 to 5-year period. Management will be assumed by the global multi-sector team, which includes 100 investment professionals worldwide. The team is led by Bob Jolly, head of global macro, and Gareth Isaac, bond fund manager. They will use a top-down, diversified approach, and will work to generate stable returns by exploiting the potential offere dby a wade range of sources of outperformance.The new product, which is not yet licensed for sale in France, will be managed with the same approach as the existing Schroder ISF Global Bond, ISF Strategic Bond and Schroder GAIA Global Macro Bond portfolios.
05/03/2013

Assets in investment funds in Europe up more than 12% in 2012

In 2012, investment fund assets in Europe increased by 12.4 percent to EUR 8,944 billion, according to the European Fund and Asset Management Association’s latest quarterly statistical release. Overall, net assets of UCITS increased by 11.7 percent to EUR 6,295 billion. Net assets of non-UCITS increased by 14.1 percent to EUR 2,649 billion.Net Sales of UCITS reached EUR 201 billion: net sales of UCITS returned to positive territory in 2012 after recording net outflows of EUR 97 billion in 2011. Long-term UCITS recorded net inflows of EUR 239 billion in 2012, after registering net outflows of EUR 64 billion in 2011. Bond funds made up the lion’s share of net inflows (EUR 203 billion), eclipsing the net inflows into equity funds (EUR 2 billion) and suggesting investors remained risk-averse and cautious about the economic outlook almost until the end of 2012. Money market funds continued to suffer from a low interest rate environment: they recorded net outflows of EUR 39 billion, up from EUR 33 billion in 2011. Net sales of non-UCITS increased in 2012, up from EUR 99 billion in 2011. Special funds (funds reserved to institutional investors) attracted EUR 112 billion in net new money, compared to EUR 94 billion in 2011.Buoyant cross-border fund business dominated by two countries, according to the EFAMA. The market share of Luxembourg and Ireland in the UCITS assets increased to 47.2 percent at end 2012, compared to 45.8 percent a year earlier. Total net sales of UCITS in these countries reached EUR 187 billion or 93 percent of total UCITS net sales in 2012.
05/03/2013

Net inflows to ETPs slow in February

P { margin-bottom: 0.08in; } According to initial estimates by the BlackRock Institute, th 4,798 ETPs worldwide at the end of February (compared with 4,793 at the end of January) posted inflows of USD10.6bn last month (compared with USD37bn in January, USD38.7bn in December, and USD15.6bn in February 2012).Year to date, net inflows have totalled USD47.6bn, of which USD37.7bn have been in the United States, and USD7.9bn in Europe.As of 28 February, assets were down by USD7bn in one month, to USD2.037trn, but remain higher than USD1.944trn in assets as of the end of December, and USD1.720trn as of the end of February 2012.
05/03/2013

ETP activity on Euronext Europe rises month to month

P { margin-bottom: 0.08in; } The average daily trading volume for on-book ETP transactions on the European markets of NYSE Euronext increased in February by EUR252m, which represents a 14.9% increase over the EUR228m announced for January, while the total volume has fallen 3.6% compared with January, to EUR5.05bn.The volume of block trades in February increased by one third compared with January, to EUR1.12bn.The median trade spread has fallen to 24.4 basis points, compared with 25.1 in January.
05/03/2013

Bill O'Neill joins UBS

P { margin-bottom: 0.08in; } Bill O’Neill has left Merrill Lynch Global Wealth and Investment Management to join UBS, Investment Week reports. O’Neill, most recently chief investment officer for the EMEA region at Merrill Lynch, has joined UBS as managing director in charge of the chief investment office of wealth management research UK.
05/03/2013

Standard Life Investments recruits for EMD team

Kieran Curtis joins Standard Life Investments as investment director for EMD having previously held the role of director, head of local currency emerging market bonds at Aviva Investors since 2005.He will report to Richard House, head of EMD at Standard Life Investments, and will be responsible for research and development into emerging market local currency debt. Kieran Curtis’ appointment will further bolster the existing 26 strong fixed income team, who currently manage in excess of GBP72bn as of September 30 2012. The EMD team has grown to four members.
05/03/2013

Pre-tax profits at HSBC private bank up 4.9%

P { margin-bottom: 0.08in; } The private bank of the HSBC group in 2012 earned pre-tax profits of USD1.91bn, up 4.9% compared with the previous year, according to statistics released on 4 March. The group has also reported net profits down 17% to USD13.5bn, as pre-tax profits are down 6% to USD20.6bn. Results were affected largely by a loss of USD5.2bn for the bank on the value of its own debt. HSBC has also had to make provisions for abusive sales practices in the United Kingdom.
05/03/2013

Barings hires Sophie Dupré from Schroders

P { margin-bottom: 0.08in; } Sophie Dupré, head of investment risk framework for the past three years at Schroders, has been recruited by Baring Asset Management to the newly-created position of head of organisational risk in London. The appointment is effective immediately. Dupré will report to Chris Biggins, head of organisational risk & compliance. Before Schroders, her employers were Citigroup, BNP and Société Générale.
05/03/2013

SIX and Julius Baer launch a new trading segment

SIX Swiss Exchange launches a segment for Sponsored Funds. The first sponsor and market maker for over 250 products is Bank Julius Baer., according to a press release published on March 4.With this new segment, investors in traditional mutual funds can trade funds like shares. Thanks to the continuous pricing and instant order execution, investment decisions in fund trading can now be implemented immediately and at known prices. The segment for Sponsored Funds is another service that SIX Swiss Exchange is launching as part of its «Over the Exchange» initiative.
05/03/2013

Retail net subscriptions down in January, IMA says

P { margin-bottom: 0.08in; } According to the Investment Management Association (IMA), net sales of shares in retail funds domiciled in the United Kingdom in January fell to GBP567m, compared with USD1.2bn in December, which is the worst result since August 2012.However, Daniel Godfrey, CEO of the IMA, says that these fugres represent a continuation of the decline in net subscriptions to bond funds observed since summer (they have undergone their first net outflows since October 2008), while net sales of shares in equity funds have increased for the fifth consecutive month.Institutional funds have seen net outflows of GBP79m, while funds domiciled abroad posted net inflows of GBP191m, their strongest since September 2012.Assets in retail funds as of 31 January set a new record at GBP688bn, comapred with GBP659bn one month earlier. Compared with the end of January 2012, the increase totals 16%.
05/03/2013

Axa IM launches volatility fund

AXA Investment Managers has announced the launch of AXA WF Equity Volatility «offering institutional investors cost efficient, positive exposure to the implied volatility of major equity markets», according to a press statement. AXA WF Equity Volatility, managed by Laurent Ramsamy, seeks to capture significant increases in equity volatility in the European and/or US equity markets while partially mitigating the cost of carry of this exposure. The fund achieves this by building a long position in implied volatility of the S&P 500 index and/or the Euro Stoxx 50 index through derivatives. In order to mitigate the cost of carry of this long position, the fund has the flexibility to opportunistically take short positions on the near term implied volatility through the use of indices futures.
05/03/2013

OFI prend 10% de BlueOrchard

Le groupe de gestion OFI a pris, à travers sa holding historique Ofivalmo Partenaires, une participation minoritaire de 10 % dans la société de gestion suisse BlueOrchard Finance afin de renforcer son expertise dans les investissements socialement responsables (ISR). Suite à l’acquisition de cette part minoritaire dans BlueOrchard Finance, Ofivalmo Partenaires sera représenté au conseil d’administration de la société genevoise, dont les encours s'élèvent à 620 millions de dollars (476 millions d’euros).
05/03/2013

PAI Partners investit dans ADB

Le groupe de private equity a fait l’acquisition d’ADB, le leader mondial du balisage aéroportuaire, auprès de Montagu Private Equity. Les termes de la transaction n’ont pas été révélés. Racheté en 2009 par Montagu à Siemens, ADB réalise un chiffre d’affaires annuel de 160 millions d’euros, dont 45% dans les pays émergents.
05/03/2013

Deux filiales d’Ameriprise sanctionnées

La Financial Industry Regulatory Authority (Finra) a infligé une amende civile de 750.000 dollars à deux filiales d’Ameriprise Financial pour ne pas avoir mis en place de systèmes adéquats pour superviser des transferts de fonds. L’affaire est liée au détournement par un courtier de fonds appartenant à la clientèle.

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