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05/02/2013

iShares launches first range of minimum volatility ETFs in France

iShares, the exchange-traded fund (ETF) platform from BlackRock, on Tuesday, 5 February announced that it has registered four ETF funds in France replicating minimum volatility indices. The funds aim to offer reduced volatility compared with traditional indices. iShares points out in this regard that the MSCI Europe index posted daily fluctuations of +/- 2% more than three times per month on average, while over the past three years, that has occurred only about five times per year. “Many investors have ceased taking positions on equity markets due to this accentuated volatility,” a statement says.The four new Irish-domiciled ETFs, which use optimised physical replication, are the iShares MSCI Europe Minimum Volatility (TER : 0.25%), the iShares MSCI World Minimum Volatility (0.30%), the iShares MSCI Emerging Markets Minimum Volatility (0.40%), and the iShares S&P 500 Minimum Volatility (0.20%). They are the first ETFs domiciled in Europe based on their respective indices.
05/02/2013

Single managers post EUR7.7bn in inflows to UCITS-compliant hedge funds

UCITS hedge funds have posted further subscriptions in fourth quarter 2012, with inflows of EUR0.6bn for single mangers and EUR0.1bn for funds of funds, according to statistics released by MondoAlternative. For the year 2012 overall, products from single managers posted inflows of EUR7.7bn, while funds of funds underwent outflows of EUR121.1m. Bonds are largely responsible for growth in the sector, with inflows of EUR5.9bn for the year as a whole. Statistics from MondoAlternative show that funds with over EUR2.5bn in assets posted inflows of EUR3.6bn in 2012, while smaller funds attracted EUR2.7bn over the year, and start-ups showed net subscriptions totalling EUR1bn.
05/02/2013

Threadneedle offers a dividend strategy for Asian equities

Threadneedle on 4 February announced the launch of the Threadneedle (Lux) Asian Equity Income Fund, a Luxembourg Sicav which comes as an addition to the firm’s range of funds focused on dividends, and which responds to demand on the part of investors for return strategies. The fund, a conversion of the Threadneedle (Lux) Asia Fund, aims to earn returns and capital appreciation by investing in high-quality companies operating in Asia which offer attractive dividends and sustainable growth. Primary characteristics of the fund Benchmark: MSCI AC Asia Pacific ex Japan Outperformance objective: 3% per year Number of positions: 50 to 60 Structure: Luxembourg Sicav Management fees: net 1.5% per year for retail share class
05/02/2013

Renaissance closes a sub-Sahara fund to new investors

Renaissance Asset Managers (RAM) is planning to close a fund dedicated to sub-Saharan African markets to new investors, due to strong inflows since last year, Asian Investor reports. Assets under management in the fund, launched in October 2010, total USD120m, while the capacity of the fund had been USD150m. The fund, which has doubled in size since the end of July 2012, invests in countries such as Kenya, Nigeria and Zimbabwe, and aims for average returns of 15% per year, with a diversified portfolio of 60 to 70 positions.
05/02/2013

Ireland enacts AIFM directive

Ireland has become the first country in Europe to propose detailed measured to apply the AIFM directive, following the publication by the Irish central bank of its updated guide for alternative investment funds, according to a statement released on 4 February by the Irish Funds Industry Association (IFIA).The authorisation procedures and processes in the directive will be in place by the end of first quarter, well ahead of the deadline for full enactment of the directive, set for 22 July 2013, the Irish professional association states.In this enviroment, Marc Saluzzi, chairman of the Luxembourg investment fund association, defends himself in the pages of FTfm, the Financial Times weekly supplement dedicated to asset management, against accusations that he is seeking to claim market share from the financial centre’s Irish rival. “We share the same objectives as the Irish, and there is more than enough activity to share between the two markets,’ Saluzzi says. A proposed application of the directive is currently being examined by the Luxembourg parliament. The proposed legislation may be passed by the end of first quarter, Saluzzi says.
05/02/2013

EII launches an international sustainable real estate fund

European Investors Incoporated (EII, USD11bn in assets as of the end of October), via Warburg Invest, is releasing a German-registered real estate fund, EII Global Sustainable Property Fund, which invests worldwide, and whose equity selections are made in cooperation with the green ratings agency oekom research, based in Munich. The portfolio, managed by a team based in New York, Singapore and Amsterdam, is at least 51% invested in securities from companies whose activities are compatible with sustainable development and conservation of the environment, which respect minimal standards for human rights, and which militate for acceptable working conditions, and which respect the principles of good governance. It may also invest up to 40% in money market instruments and/or bank savings accounts, and invest up to 10% of its assets in other UCITS-compliant funds. Characteristics Name: EII Global Sustainable Property Fund ISIN code: DE000A0RHE36 Management commission: Currently 0.95% (1.35% according to KIID)
05/02/2013

German asset managers “push” equity products

According to a survey by the Börsen-Zeitung, German asset managers are this year planning to place “high dividend” funds with clients who are hesitant to invest in equities, (this is the case at DWS), or else savings plans based on shares in equity funds (Union Investment). Professionals will also offer diversified funds, funds of funds, and guaranteed funds. Clients of savings banks and co-operative banks continue to show high remand for open-ended real estate funds.
05/02/2013

Record subscriptions to US mutual funds in January

In January 2013, US mutual funds specialised in equities and diversified funds attracted about USD51bn in net subscriptions, the highest level in over a decade, not counting inflows to equity ETFs, Strategic Insight has concluded on the basis of statistics from the Investment Company Institute and its own study of the major distributors and asset management firms.Bond mutual funds showed inflows of over USD40bn, far more than the USD27bn per month observed on average in 2012.Overall, net inflows were thus considerably higher than the previous record, set in January 2004, with USD58bn.
05/02/2013

FRM Capital invests in an Asian hedge fund

FRM Capital Advisors has invested USD25m in a hedge fund dedicated to Japan, Arena Capital, managed by a former Highbridge manager, Tony Bartlett, Asian Investor reports.
05/02/2013

Asian high net worth clients avoid hedge funds

Asian high net worth clients have not made major modifications to their asset allocations since 2008, with one significant exception: they are reducing their exposure to hedge funds, family office heads have stated at a round table held by Asian Investor. However, it has been observed that a minority of high net worth clients, while avoiding hedge funds, are not hesitating to invest in club deals, venture capital and private equity, which are not risk-free investments by any means.
05/02/2013

Credit strategies in the age of alpha

Credit investment strategies will need to adapt to less direectional credit markets, and exploit carry and relative value potential, while managing duration and liquidity risks, the financial ratings agency Fitch Ratings finds in a new study published on 4 February. In this environment, flexibility will need to occupy a more important place for investors, including fund selectors, the agency claims. “After four years of significant compression of returns and massive inflows, an increasing level of repricing risks has been observed for nominal returns and withdrawals of liquidity,” says Manuel Arrive, senior director in the Fund and Asset Manager team at Fitch. “As a result, funds which offer flexibility in the allocation of risks (to manage beta) and selectivity (to generate alpha) both over the long and short term will need to gain traction.” The soveregn component of credit returns are at all-time highs, while the spread component is at or slightly below long-term levels (16 years) of 135 basis points, and 630 basis points for the high yield and investment grade categories. This leaves traditional long-duration credit portfolios more exposed to an increase in nominal interest rates than credit spreads.
05/02/2013

First State launches a Global Credit Income fund

First State Investments has launched a Global Credit Income fund for the British market, in order to target wealth managers and discretionary investors, Investment Week reports. The fund is a mirror of the Australian Global Credit Income fund, with GBP2.7bn in assets.
05/02/2013

Kneip appoints exec

Kneip, a provider of services to the asset management sector, on 4 February announced the appointment of Renaud Oury to the position of head of sales.In his new role, Oury will be responsible for developing Kneip’s services for asset managers, administrators, and jurists.Renaud Oury had previously worked at CetrelSecurities as managing director.
05/02/2013

Vontobel alumn joins Bellerive as CIO

Thomas Steinemann, ancien directeur de la stratégie et directeur des produits multi classes d’actifs du groupe Vontobel, a été recruté au poste de CIO de la banque privée suisse Bellerive, rapporte Finews. Il s’agit d’une création de poste.
05/02/2013

UBS posts net inflows of over CHF26bn in 2012

Wealth management at UBS in 2012 posted net inflows of CHF26.3bn, considerably more than in 2011, according to statistics released by the group on 5 February. Sustained inflows to funds from Asia-Pacific, emerging countries, and from high net worth clients worldwide continued. Wealth Management Switzerland posted net inflows of CHF4.2bn, up by CHF1.8bn. Wealth management activities last year posted pre-tax profit of CHF2.9bn, up 1.8%.Wealth Management Americas has posted record pre-tax profits of USD873m, up 40%, and has posted net inflows of USD22.1bn of new money, up by USD8bn.The Global Asset Management unit, for its part, has posted a pre-tax profit up 19% to CHF544m, due to improved returns which benefited clients. In addition to excellent performance in real estate and alternative investment activities, UBS repotts that 62% of collective management funds posted returns which ranked in the first or second quartile in their class for the year.In 2012, UBS, which has reduced its performance premium pool by 7% to CHF2.5bn, has also announced a new remuneration model, in order to better reconcile the interests of employees and shareholders. The changes will place the emphasis on the mid- and long-term performance of employees, offer employees an opportunity to profit from the long-term success of the business, and simplify the UBS remuneration system, while rendering it more transparent.
05/02/2013

Invesco Switzerland appoints a relationship manager

Invesco Switzerland has appointed Stefan Mosberger as Senior Relationship Manager, the affiliate of the independent wealth management firm Invesco announced on 4 February. Before being appointed to his current position, Mosberger had been a senior consultant at Ecofin Investment Consulting, and before that, was a specialist in alternative investments and deputy head of the investment firm Adavis.
05/02/2013

OFI REIM invests in Paris, Marseille and Nice

OFI REIM has acquired a real estate portfolio composed of 4 office and commercial buildings with a total area of 16,000 square metres, two of which are located in Paris, and the other two in the central business districts of Marseille and Nice, for one of the investment funds it manages in partnership with F&C REIT, for EUR77m. The transaction brings real estate assets in the fund, launched in 2010, to EUR350m, a statement says.
05/02/2013

S&P exposed to lawsuits in the United States

US authorities are planning to launch civil proceedings against the ratings agency Standard & Poor’s (S&P) for its poor evaluation of the risks presented by certain assets before the financial crisis, the ratings agency S&P announced on 4 February. The agency calls the accusation “unjustified.” These will be the first Federal legal proceedings againt a major ratings agency for illicit behaviour which is claimed to be tied to the financial crisis. The civil division of the US Department of Justice (DoJ) has informed the firm that it is planning to file a lawsuit against S&P, and concentrate on the 2007 ratings of certain US bonds backed by CDOs.
05/02/2013

Natixis defines perimeter of Vega IM

Natixis last week provided a few details on its website concerning Vega Investment Managers .The asset management firm, which was unveiled in late December as the Natixis expert unit for multi-management and fund selection under open architecture, dedicated to all clients of the firm (retail, institutional, corporate), is also specialised in investment solutions aimed at wealth management clients.The asset management firm is a joint venture controlled 60% by Banque Privée 1818, and 40% by Natixis Asset Management, with EUR6.5bn in assets under mangement. Marc Riez is its CEO, and Isabelle Reux-Brown, deputy CEO, is responsible for management and due diligence, a statement says.Vega IM has 45 fund managers in the areas of collective management (equities, fixed income, multi-management), mandated management, advising and fund selection under open architecture. It aims to meet the needs of wealth management clients of the Banque Populaire and Caisse d’Epargne networks (BPCE) for portfolio construction and the selection of investment supports.
05/02/2013

OFI InfraVia plans to close its second FCPR fund soon

“EUR200m from the first FCPR are invested. We are aiming for EUR400m for the second (OFI InfraVia European Fund II), an objective which me might achieve in six to nine months, since EUR200m in commitments have already been received. This success is certainly due to our good execution and the fact that we receive quality assistance from OFI,” Vincent Levita, chairman and chief investment officer at OFI Infravia, an asset management firm specialised in infrastructures, in which OFI controls a 40% stake, has told Newsmanagers.For the first FCPR, “We attracted a dozen insurers as investors. For the second, launched in spring 2012, we are planning to double the number of subscribers, while retaining existing ones and extending the circle to pension funds and other European institutionals. One third of our fundraising will involve Swiss, German, Dutch, British and Scandinavian organisations,” the manager adds.When asked about personnel, Levita states that the team currently has 10 members, and is expected to have “15 members by the end of this year, plus one person to manage existing portfolios.”“Not only is the asset class now better known, but results have been good. In 2012, the top fund brought in cash returns for investors of 6%,and performance was a net 12%. We are aiming for the same type of results for the number two fund, with total leverage of 50% to 60%, the head of OFI InfraVia states.
05/02/2013

BlackRock sued by US pension funds

BlackRock is being sued by two US pension funds, who accuse it of systematically “looting” revenues from lending the securities of investors, Financial Times Fund Management reports. The lawsuit claims that several iShares ETFs listed in the United States had a commission model which allowed an affiliate, the BlackRock Institutional Trust Company, to retain 40% of revenues generated by securities lending. It claims that BlackRock, iShares and nine administrators systematically violated their fiduciary duties by establishing the remuneration structure.
05/02/2013

Dell chooses Fidelity for its 401(k)

Fidelity Investments has announced that it has been selected by Dell as a provider for its defined-contribution plan. Since 8 January, the Boston-based asset management firm has become the data collector for the 401(k) plan, which has about 50,000 members, and whose assets under administration total about USD3.4bn. In a statement, Fidelity pledges to provide assistance and online and telephone advising, as well as Internet seminars. Affiliates at Dell will also have access to 180 Fidelity investment centres in the United States, as well as the NetBenefits guidance resource from the asset management firm.
05/02/2013

Contrasted evolution of ETF volumes on NYSE Euronext

In January 2013, the daily trading volume for on-book ETF trades on European markets of NYSE Euronext totalled EUR228m, 18.07% higher than in December (EUR193.1m), but 13.98% less than in the corresponding month of last year.Total on-book trades last month came to EUR5.24bn, 29.31% more than in the previous month, and 10.07% less than in January 2012.Block trades volumes contracted by 30.71% compared with December, to EUR0.84bn.NYSE Euronext states that the median spread improved last month to 25.1 basis points, which represents a 21% decline compared with December, and a decline of 37% compared with January 2012.
05/02/2013

F&C recruits founder of Goodheart Partners

F&C has recruited Ben Fox, founder of Goodheart Partners, as future head of its multi-alternative activity, ahead of the departure of its current director, Ken Kinsey-Quick, Citywire reports. As a part of the appointment, F&C will take over the flagship fund from Fox, the Goodheart Partners Horizon Fund – Target Return Fund. Alex Jones of Goodheart will also join the firm.
05/02/2013

Schroders releases a wealth management fund

Schroder Investment Management on 4 February announced the release of Wealth Preservation USD, a wealth management sub-fund of its Luxembourg Sicav Schroders International Select Fund (ISF), which is no longer available in France, but which is available elsewhere in four share classes (A, C, E and I).The multi-asset class fund was launched on 30 January 2013. The “all-weather” portfolio is managed by Malcolm Melville, and is aimed at retail investor as well as high net worth private clients. The manager will use no short positions, leverage or complex derivatives. He will focus on in-depth research on countries and commodities to identify investments which are likely to generate returns which are “comfortably” above inflation.CharacteristicsName: Schroder ISF – Wealth Preservation USDISIN codes:LU0877817550 (A share class)LU0877817717 (C share class)LU0877818012 (E share class)LU0877818285 (I share class)Front-end fee:4% (A share class)1% (C and E share classes)0% (A share class)Management commission:1.90% (A share class)1.05% (C share class)0.68% (E share class)0.17% (I share class)
05/02/2013

Recomposition du capital en vue pour Maisons du Monde

Apax et LBO France ont mandaté la banque Lazard et la société de conseil Messiers Maris & Associés pour céder leur participation de 70% dans l’enseigne d’ameublement et de décoration, ont indiqué à Reuters des sources proches du dossier. Le processus de vente pourrait être enclenché dès la fin du mois de février. L’enseigne serait valorisée à au moins 700 millions d’euros.
05/02/2013

Les acteurs du private equity en manque de munitions

40% des sociétés d’investissement françaises disposent désormais de moins de 19% des fonds qu’elles gèrent pour investir dans de nouvelles entreprises. C’est ce qui ressort de la première étude menée par l’Association Française des Investisseurs pour la Croissance (AFIC) sur le volume des capitaux disponibles pouvant être investis dans de nouvelles entreprises (« dry powder »). Une autre population, représentant aussi 40% des acteurs, ne dispose que de 30% de ses fonds disponibles.

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