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12/02/2013

Year starts well for Swedish funds

Funds on sale in Sweden posted net inflows in January of SEK8.2bn (EUR955m), according to the most recent statistics from the local investment fund association Fondbolagens Förening. Inflows were driven by equity funds, which took on SEK9.7bn, and more particularly Swedish equity funds (SEK2.4bn) and global equity funds (SEK2.7bn). Balanced funds also had a good month in January, with inflows of SEK3.4bn, while money market funds saw inflows of SEK1.4bn. However, bond funds saw outflows of SEK6.1bnbn, in a sign of uncertainty on the part of investors concerning a rate increase, says Fredrik Petersson, analyst in chief at Fondbolagens Förening. As of the end of January, Swedish funds represented assets of SEK2.115trn, or about EUR246bn, of which 54% are in equity funds.
12/02/2013

Returns of 1.03% for UCITS-compliant HFs in January

According to calculations by Alix Capital, the UCITS Alternative Index Global and UCITS Alternative Index Fund of Funds indices have posted respective gains of 1.03% and 1.31% in January. The only strategies to show losses, out of a total of eleven, were event-driven strategies, which show losses of 0.15%, and volatility funds (-1.41%).However, long/short equity, CTA and emerging markets have posted respective returns of 1.98%, 1.96% and 1.69%.Currently, UCITS Alternative indices include 880 UCITS-compliant hedge funds and funds of hedge funds. As of the end of January, assets in UCITS-compliant single hedge funds totalled EUR141bn, compared with EUR140bn as of the end of December. The strongest net subscriptions in January went to fixed income products, followed by multi-strategies and macro funds.
12/02/2013

Union and Deka sell properties in Germany

The central asset management firm for the German co-operative banks, Union Investment, has announced that its Hamburg-based affiliate, Union Investment Real Estate (UIRE) has sold the office and retail property E1, located in Mannheim, to an institutional fund from Axa Investment Managers Deutschland. The property had been in the portfolio of the open-ended real estate fund UniImmo: Europa since 1999. The sale price has not been disclosed, but UIRE says that it is in a favourable situation, with strong demand for core properties.For its part, Deka Immobilien has also sold an office property for an undisclosed amount to the life insurer Volkswohl Bund Lebensversicherung. The property measures 11,000 square metres and is located at Köthener Straße 4 in Berlin, and had been in the portfolio of the open-ended real estate fund WestInvest Interselect. The sale will allow Deka to continue to optimize its portfolio, which is now intended to focus on larger assets located in major European urban centres.
12/02/2013

German asset managers have launched a lot of diversified funds

According to a survey by the Berlin-based agency Scope, rolling returns on equity markets over the past seven years have reached particularly low levels in the past six years, compared with the MSCI World index, and German asset management firms have adapted to this development by releasing more asset allocation products, including diversified and wealth management funds.Scope reports that in the past three years, it has counted 254 new fund launches in these two categories, whose assets now total about 18% of all assets under management in funds licensed for sale in Germany.
12/02/2013

Lyxor hedge fund index up 1.6%

The Lyxor hedge fund index gained 1.6% in the month of January, supported by the good performance of high-risk assets. Twelve out of fourteen strategy indices finished the month in positive territory, with the best results for the Lyxor L/S Equity Market Neutral fund (+5.1%), Lyxor L/S Equity Long Bias (+3.7%) and Lyxor Special Situations (+2.6%). The only two strategies which lost ground were the Lyxor Fixed Income Arbitrage index, which lost 0.56%, and the CTA Short Term index, which was down by 0.31%.
12/02/2013

Source launches two smart beta products on Swiss stock exchange

Source on 11 February announced that it has released two of its flagship ETP products on the Swiss SIX stock exchange: the Man GLG Europe Plus ETF, a product which invests in European equities, and the ETF Source J.P. Morgan Macro Hedge Dual ETF, which provides exposure to volatility. The new products bring the Source range listed on the SIX to 32 products.
12/02/2013

BlackRock's size causes concern

If regulators approve the acquisition of the ETF activity of Credit Suisse, BlackRock would control 42.8% of the ETF market in Europe, Financial Times Fund Management reports. Some observers are expressing concern over this dominant position. Shiv Taneja, managing director of Cerulli Associates, says the expansion of iShares, the BlackRock affiliate dedicated to ETFs, “is definitely stifling competition.”
12/02/2013

Axa IM designs methodology for analysing countries according to ESG criteria

Axa Investment Managers has developed a methodology to analyse countries according to environmental, social and governance (ESG) criteria, the asset management firm announced on Monday. The new analytical model is based on four criteria: political engagement, environment, social and governance. Each of these criteria is composed of several indicators, which must be objective and measurable, reviewed at least once per year, have a track record of at least 10 years, be global and measure the effectiveness or the results of a policy. For example, for the social criteria, Axa IM has selected information from the United Nations human development index. For the environment, the firm compares CO2 emissions per inhabitant of a country and per purchasing power parity-adjusted GDP. The methodology may be used in two different ways, depending on the desire of investors. The first one aims to reduce reputation risks in a universe dedicated to government bonds. To that end, Axa IM recommends a negative filtering approach. The asset management firm cites the example of a pension fund which wanted to reduce its reputation risks for an existing portfolio of emerging market government debt, focusing on corruption, political stability, and offshore havens. On the basis of an initial universe of 57 EMBIG countries, the reputation risk tool identified 10 government issuers who present a high risk, or 9.7% of the market capitalisation of the universe. The second application is to integrate ESG criteria into an existing portfolio. In another practical example, Axa IM points out that an ESG approach respecting precise risk criteria has an impact on geographic allocation, but improves the ESG performance of a portfolio while having a limited impact on quality or duration.
12/02/2013

Vanguard and BlackRock retain their stakes in guns manufacturers

Vanguard has no plans to sell its stakes in guns manufacturers following a letter from Rahm Emmanuel, the mayor of Chicago, demanding that the asset management firms ban these firms from their portfolios, Financial Times Fund Management reports. Vanguard has a USD41.9m exposure to Smith & Wesson, and USD70.3m to Sturm, Ruger, primarily via its tracker funds. BlackRock is no longer planning to make changes to its investments, FTfm reports.
12/02/2013

Henderson Global Investors sells property in Paris

The Horizon French Property Partnership I.S.C.A. (HFPPI), with the assistance of the Henderson Global Investors company, on 11 February announced that it has sold the D-Light property, foremer headquarters of Prisma Press, located in the 17th district of Paris. The property, with nearly 6,500 square metres of useful area and 100 parking spaces, acquired in mid-2011 by the HFPPI fund dedicated to value-added operations from Pramerica, has undergone significant renovation, to bring it up to the most recent technical and environmental standards (HQE renovation).
12/02/2013

Lombard Odier plans hires in Zurich

In an interview with the Sonntagszeitung, Anne-Marie de Weck, partner, has announced that Lombard Odier is planning to increase its personnel in Zurich by 10% this year, finews reports.The private bank has posted double-digit growth in the past few years, both in its personnel and in its assets under management at its second-largest location after Geneva. Personnel total 120, while assets are currently over CHF10bn.
12/02/2013

Seven former UBS clients have case thrown out of California court

UBS has won another legal victory in the United States. On 30 January this year, a Federal judge in California rejected a lawsuit by former clients who had sued the major bank, as well as several other Swiss financial establishments, for fraud, professional negligence, and violation of fiduciary duties, La Tribune of Geneva reports. The verdict is important, as the lawsuit could have opened a breach into which other former clients may have rushed, the newspaper notes. The plaintiffs had accused UBS of being the cause of their problems with the US tax authorities, and were seeking damages and interest. They accused the bank of manipulating them and of giving their names to the US authorities, as part of an agreement signed with the US government in 2009. UBS rejected the claims, and asserted that its clients were perfectly aware.
12/02/2013

Swiss Funds Association announces priorities for 2013

The Swiss Funds Association (SFA), which in 2012 celebrated 20 years in existeince, on 11 February unveiled its priorities for the year 2013. The professional association will very closely monitor the enactment of partial revisions to the Swiss federal law on collective capital investments (LPCC), to take the interests of asset management more fully into account. The SFA is also planning to develop the strategy of Switzerland in asset management, and “position SFA as the representative of all interessts of all managers of collective capital investments.” The association is also planning simultenous regulatory and fiscal lobbying concerning planned legislation, particularly the law on the provision of financial services (LSF). The SFA states that as of the end of the past year, 7,500 collective capital investments, compared with 7,462 in 2011, were listed for sale to the public, of which 1,382 (1,403 as of the end of 2011) were registered in Switzerland, and 6,118 registered abroad (6,058 as of the end of 2011). the volume placed in funds authorised by Finma has increased by about 13%, to CHF712bn, from CHF631bn one year previously. The SFA had 179 members as of the end of December 2012.
12/02/2013

Nomura AM Germany recruits for wholesale distribution

Christin Helming, a member of the portfolio management team at Universal-Investment, in early February joined Nomura Asset management Deutschland as senior relationship manager. She will be more particularly responsible for assisting wholesale clients.Her appointment follows the recruitments of Ondrej Pecus for support functions, and Frank Appel (formerly of LGT CM, see Newsmanagers of 17 January) as senior relationship manager in charge of institutional clients.
12/02/2013

Investors call for more transparency for derivatives and hedging

The CFA Institute has published a study, entitled “User Perspectives of Financial Instrument Risk Disclosures Under IFRS Volume II- Derivatives and Hedging Activities Disclosures,” which deals with the broader use of derivatives for hedging operations and financial and non-financial sector establishments, and considers the transparency of financial connections surrounding these activities. The report finds that improving communications and information is essential. The study seeks to document the normalisation procedure, which is currently developing, for information to be provided in relation to derivative products, placing the emphasis on the point of view of users. It also aims to encourage businesses to release information which is not necessarily required, but which is useful. The use of derivatives in hedging operations is very widespread at financial and non-financial companies, and recent losses related to hedging operations show the extent to which declarations can be misleading. Following an examination of 30 annual reports from companies subject to IFRS standards and user feedback about the information, the CFA Institute recommeds that presentation be improved, that risks be more exhaustively quantitatively evaluated, and that communications about the use of derivatives and hedging strategies be improved. The study also recommends an improvement in communications on the subject of hedging activities related to financial condition, and estimates that reports should go beyond communicating information about accounting hedges, and provide information about all economic hedging.
12/02/2013

BIS holds consultation on mortgage insurance

The Joint Forum, a body which includes the Basel Committee, the International Association of Insurance Supervisors (IAIS) and the International Organisation of Securities Commissions (IOSCO), on 11 February published a consultation document on mortgage insurance issues (“Mortgage Insurance: market structure, underwriting cycle and policy implications.”) “The events of the past few years, particularly those which have occurred as part of the international financial crisis which began in 2007, indicate that mortgage insurance is subject to significant stress in the most severe tail events,” the BRI observes in a statement. The Joint Forum studies interactions between mortgage insurers, originators and subscribers, and proposes a series of recommendations, which may reduce the probability of periods of stress in mortgage insurance activities. The consultation will remain open until 30 April.
12/02/2013

ESMA to limit risks taken by HF managers

The European Securities Markets Authority (ESMA) on 11 February published its final recommendations on compensation for hedge fund managers (AIFM). The rules will apply to alternative investment fund (AIF) managers, including hedge funds, private equity funds, and real estate funds.Managers of hedge funds from outside the European Union who sell funds to European investors will also be subject to all rules, following a transitional period.Hedge fund managers will be required to introduce balanced and prudent remuneration policies and organisational structures to prevent conflicts of interest which may favour excessive risk-taking. ESMA points out that the recommendations clarify clauses already contained in the AIFM directive.The recommendations will come into force on 22 July 2013.
12/02/2013

Norwegian SWF makes first inroads in US real estate

The former Norwegian Petroleum Fund (Governement Pension Fund-Global) on 11 February announced that it has entered the United States real estate market, with a USD1.2bn transaction.For its first real estate deal outside Europe, the fund has acquired a 49.9% stake in five office properties in Washington, New York and Boston, as part of a new joint venture with the US pension fund TIAA-CREF, which retains the remaining 50.1%.The United States represent a significant part of the real estate portfolio of the fund, says Karsten Kallevig, a high-ranking exec at the Norwegian fund, which initially will invest in key cities on the east coast of the US.The Norwegian fund has since 2011 diversified into real estate, which will eventually represent 5% of its overall portfolio, compared with 0.3% as of the end of September.The Norwegian fund has already invested in real estate in London, Paris, Berlin and Frankfurt, also in partnership with other actors.
12/02/2013

GAM opens discretionary management to IFAs

The British asset management firm GAM on 11 February announced that it is extending its discretionary fund management (DFM) range to British independent financial advisers (IFAs), which will allow this category of clients access ot its asset allocation and manager selection expertise. The new product, Model Portfolio Service (MPS), consists of five profiled strategies according to the risk/return profile, ranging from capital preservation to total participation in equity markets. Investors can select volatility fields from personalised collective accounts (PCA), platforms and managed accounts. According to GAM, the PCA formula stands out from other existing multi-managed collective vehicles on the market as it offers cost-effective access to model portfolios in the form of funds, and uses a segregated portfolio without sacrificing detailed reporting. Additionally, the solution based on an account does not limit the possible number of portfolio readjustments for available asset classes; additionally, PCA is exempt from VAT.The MPS range is specifically designed to satisfy growing demand from IFAs for investment outsourcing products, following the introduction of the Retail Distribution Review (RDR). GAM has also added to its managed portfolio unit last year, with the recruitment of Charles Hepworth as investment director, and James McDaid as investment manager.See attached.
12/02/2013

A deal by BlackRock scrutinised by regulators

The sale by BlackRock of a stake in the Italian oil services firm Saipem has caught the attention of Italian and British regulators, due to suspicions of market abuse, the Financial Times reports, citing sources familiar with the matter. On 28 January, Bank of America Merrill Lynch sold 2.3% of capital in Saipem (EUR315m) for BlackRock. Less than 24 hours later, a profit warning wiped out nearly one third of the market capitalisation of the firm controlled by Eni.
12/02/2013

Morgan Stanley offers new fund on UCITS platform

Morgan Stanley has announced the launch of a new fund on its UCITS platform, which offers investors exposure to the Diversifed Program from Winton Capital Management, Hedgeweek reports. The strategy is the third in a series of four CTA strategies that Morgan Stanley is hoping to offer in UCITS-compliant format via its partnership with Equinox Fund Management, a multi-management firm specialised in the construction of CTA portfolios.
12/02/2013

Former hedge fund manager avoids prison

A hedge fund manager, Ali Far, who co-operated with a government investigation into insider trading, has avoided a prison sentence, the Wall Street Journal reports. His assistance resulted in the sentencing of at least five people, including Raj Rajaratnam.The former Galleon employee made 24 phone calls for the government, some of them with Rajaratnam.
12/02/2013

JP Morgan wealth management recruits in UK

JP Morgan has added to its wealth management unit in the UK with the arrival of seven bankers, five of which join from competing firms, the news agency Reuters reports. Rochard Cockburn, James Drace-Francis and Stefano Ferraiolo have been recruited as executive directors, from Société Générale, UBS and Crédit Suisse, respectively. Francesca Hall, who had previously worked at Coutts, the wealth management unit of RBS, has been recruited as vice president. The other three recruits join from JP Morgan: Aaron Georghiades as executive director, and Bambos Charalambous and Cliadhna Law as vice presidents. The recruitments are a sign of a desire on the part of the group to develop its wealth management activities in the United Kingdom, particulrly in the core millionaire segment of clients with total net worth of USD3m to USD25m. According to JP Morgan, clients in this category have far less complex needs than those in the “super-rich” segment, and can generate higher margins.
12/02/2013

Promotions at Schroders NorAm and in London

Massimo Tosato, executive vice-chairman, has announced that effective from 1 July, Schroders has promoted Karl Dasher to the postiion of CEO for North America, where 44% of the UK group’s fixed income assets originate. He will replace Jamie Dorrien Smith, who will be retiring from the business he joined 19 years ago.Dasher is currently head of fixed income, and Schroders has appointed Philippe Lespinard, CIO for fixed income, as co-head of fixed income and member of the group management committee, also from 1 July.
12/02/2013

Aberdeen head sells about GBP4m in shares

Martin Gilbert, the founder and head of Aberdeen, has sold 1 million shares in Aberdeen Asset Management, for a total of over GBP4m, Investment Week reports.The head of Aberdeen AM got a price of 403.5 pence per share for the sale last week. Gilbert still owns 5.45 million shares, representing about 0.4% of capital in the firm, as well as deferred bonuses totalling 2.37 million shares.Aberdeen shares have gained over 50% in the past year.
12/02/2013

Steep cut for CSM fees at ProShares

ProShares has reduced management fees for its 130/30 strategy dedicated to large caps (CSM) by more than 50%. The strategy now charges 0.45% per year, compared with 0.95% previously.ProShares has also changed the name of the fund, to better represent its interest in large caps. The ProShares Credit Suisse 130/30 ETF becomes the ProShares Large Cap Core Plus ETF.
12/02/2013

Frankfurt lists five more iShares ETFs

With the admission to trading of four equity ETFs and one fixed income ETF from iShares, the listings on the XTF segment of the Xetra electronic platform now include 1,025 products, Deutsche Börse announced on 11 February. The new products are all German-registered.CharacteristicsName: iShares MSCI Emerging Markets Minimum VolatilityISIN code: DE000A1KB2B3TER: 0.40%Benchmark index: MSCI Emerging Markets Minimum Volatility IndexName: iShares MSCI Europe Minimum VolatilityISIN code: DE000A1KB2C1TER: 0.25%Benchmark index: MSCI Europe Minimum Volatility (EUR)Name: iShares MSCI World Minimum VolatilityISIN code: DE000A1KB2D9TER: 0.30%Benchmark index: MSCI World Minimum Volatility IndexName: iShares S&P 500 Minimum VolatilityISIN code: DE000A1KB2E7TER: 0.20%Benchmark index: S&P 500 Minimum Volatility IndexName: iShares Global High Yield BondISIN code: DE000A1KB2A5TER: 0.50%Benchmark index: Markit iBoxx Global Dev High Yield Capped Index
12/02/2013

Burlington LM launches bid for SEB Immoinvest stake

Dublin-based Burlington Loan Management Ltd has launched a public takeover bid valid until 27 February for up to 2,855,000 shares in the open-ended real estate fund ImmoInvest (DE0009802306), which the Frankfurt-based firm SEB Asset Management decided to liquidate by 30 April 2017 (see Newsmanagers of 9 May 2012).The offered price is EUR26 in cash per share, which represents a total volume slightly over EUR75m for the takeover bid. But the premium is limited compared with the market price of the shares (EUR25.61 at noon on 11 February, according to Das Investment), and the offered amount may be lowered if the price falls by more than EUR2.60 per share.SEB Asset Management has also announced that it has signed a sale contract for the 5-star Grand Hyatt hotel in Berlin (342 rooms and suites) to the Qatari firm Al Rayyan Tourism and Investment (ARTIC), a firm to which it has also recently sold the Maritim hotel in Hamburg (see Newsmanagers of 7 January). The property also comes from the portfolio of the SEB ImmoInvest fund, and belonged to a group of 19 properties in the Potsdamer Platz district. The sale price has not been disclosed.
12/02/2013

US ETFs post inflows of nearly USD30bn in January

According to the SnapShot publication from State Street, net subscriptions to US ETFs totalled USD29.5bn in January, Mutual Fund Wire reports. Due to market effects, assets increased in total by USD67.7bn in the period under review, to a total of about USD1.4trn, in 1,239 funds.The market share for the top three players, BlackRock, State Street and Vanguard, totals 84%.
12/02/2013

Record assets for tracker funds, FoFs and ethical funds

As of the end of 2012, Daniel Godfrey, CEO of UK’s Investment Management Association (IMA) says, tracker funds, funds of funds and ethical funds have all posted record assets under management, with GBP57.4bn (compared with GBP42.3bn as of the end of 2011), GBP71.2bn (compared with GBP60.3bn), and GBP7.50bn (compared with GBP6.68bn), respectively.Retail net subscriptions last year totalled GBP3.4bn, compared with GBP5.2bn in 2011 for funds of funds, GBP1.5bn comapred with GBP2.1bn for tracker funds, and GBP0.02bn, compared with GBP0.2bn for ethical funds, which had their lowest inflows since 1992.

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