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18/12/2012

Lansdowne Partners remporte un mandat de gestion

Le trust d’investissement britannique Witan vient d’attribuer un mandat de gestion au spécialiste de la gestion alternative Lansdowne Partners, rapporte Investment Week.Lansdowne aura la responsabilité d’un mandat d’une trentaine de millions de livres dans un premier temps pour la gestion d’un portefeuille d’actions internationales. Lansdowne devrait appliquer pour ce portefeuille une stratégie long only sur les marchés développés mise en place récemment.
18/12/2012
Fonds

Morgan Stanley ferme aux nouveaux souscripteurs son fonds Global Brands

Morgan Stanley a fermé aux investisseurs particuliers son fonds Global Brand de façon à préserver la performance du portefeuille, rapporte Investment Week. Le fonds, investi sur des marques mondiales, est géré par Peter Wright, William Lock. L’OEIC Global Brands a 500 millions de livres d’actifs, tandis que la Sicav affiche 9 milliards de livres d’encours.
Fonds
18/12/2012
Fonds

Progression de 0,64% de l'indice DJ Credit Suisse des hedge funds en novembre

L’indice Dow jones Credit Suisse des hedge funds a terminé le mois de novembre sur une hausse de 0,64% après un recul de 0,18% en octobre. Depuis le début de l’année, l’indice affiche une progression de 6,10%. Toutes les stratégies entrant dans la composition de l’indice ont contribué à la hausse du mois de novembre, à l’exception de la stratégie dedicated short bias qui accuse un recul de 0,43%. Parmi les plus fortes hausses figurent notamment les stratégies emerging Markets avec un gain de 1,10%.
Fonds
18/12/2012

Bankinter achète la licence de Van Lanschot Luxembourg

L’espagnol Bankinter, désireux d’améliorer la qualité de son service aux grandes fortunes espagnoles, a acheté l’infrastructure et la licence bancaire de la filiale luxembourgeoise du néerlandais Van Lanschot, rapporte Funds People.L’encours de Bankinter en banque privée est actuellement de 11 milliards d’euros, ce qui représente une part de 6 % du marché de la banque privée en Espagne. L’objectif est de porter cette part à 8 % en deux ans.
18/12/2012

Le Santander absorbera le Banesto et Banif

Le 17 décembre, le régulateur espagnol CNMV a suspendu pour quelques heures la cotation du Santander après l’annonce que le groupe compte absorber d’ici à mai 2013 ses filiales Banesto (banque des entreprises) et Banif (banque privée), rapporte Funds People.Dans le détail, le Santander propose aux minoritaires du Banesto une prime de 24,9 % sur le cours de clôture du 14 décembre au moyen d’un échange contre des actions provenant de l’autocontrôle du Santander.Le groupe envisage de fermer 700 agences pour réduire le réseau total à 4.000 succursales. L’objectif consiste à réduire l’effectif de la manière la plus indolore possible, avec des reclassements dans d’autres filiales du groupe Santander en Espagne et à l'étranger, en utilisant l’attrition naturelle et en versant des aides au départ. Les synergies au bout de la troisième année devraient être de 520 millions d’euros.Banif gère 36,9 milliards d’euros et le Banesto administre en direct 4,22 milliards d’euros dans des sicav, mais partage avec le Santander les capacités de gestion de Red Santander (14,89 milliards). Les fonds Banif sont gérés directement par Santander Asset Management (19,02 milliards d’euros fin octobre)
18/12/2012

BlackRock lays out proposals for money market funds

BlackRock has sent regulators a letter laying out its proposals for reforms to money market funds, the news agency Bloomberg reports. In its report to the Financial Stability Oversight Council, BlackRock claims that a floating net asset value will not protect investors in the event of massive demands for redemption, and that the requirement for additional capital would destroy the product. BlackRock proposes a commission of 1% on withdrawals during periods when liquidity falls below a certain level.
18/12/2012

Two hedge fund managers found guilty of insider trading

Two former hedge fund managers have been found guilty of insider trading in the United States, the Financial Times reports. Anthony Chiasson, co-foundel of Level Global, and Todd Newman, a former manager at Diamondback Capital, are accused ot trading shares in Dell and Nvidia after obtaining insider information about results at these businesses through a circle of friends. They become the 70th and 71st individuals to be found guilty of insider trading since October 2009 in the US.
18/12/2012

Morgan Stanley closes Global Brands fund to new subscribers

Morgan Stanley has closed its Global Brand fund so as to preserve the performance of the portfolio, Investment Week reports. The fund, which invests in global markets, is managed by Peter Wright, William Lock. The Global Brands OEIC has GBP500m in assets, while the Sicav has GBP9bn in assets.
18/12/2012

Germans handle exotic ETFs with caution

A study by the private economics university WHU has shown that German retail investors tend to use leveraged and inverse ETFs with much more circumspection than had previously been thought, Das Investment reports.On average, they hold leveraged ETFs for only 62 days, and inverse ETFs for 79 days, compared with 139 days for traditional ETFs.And the average portfolio is limited to EUR15,000 for leveraged ETFs, compared with EUR25,7000 for inverse ETFs, and EUR27,400 for “normal” ETFs.WHU also notes that average volatility for “normal” ETFs is 13.4%, compared with 13.2% for short ETFs, and 16.7% for leveraged funds.
18/12/2012

Assets under management up 21% at top 100 hedge funds

Assets under management at the top 100 hedge funds, measured by US equity assets, increased by nearly USD43bn in third quarter, or slightly over 8%, according to the Top 100 U.S. Equity Hedge Fund rankings by HedgeTracker. In the first nine months of the year, assets at these funds increased by 21% to a total of USD571bn. 21 hedge funds included in the rankings have seen increases in their assets of over USD1bn in the quarter. 47 hedge funds with assets of USD100m to USD1bn posted increases in their assets. Among the top gainers in the quarter were AQR Capital Management, with an increase in assets of USD2.75bn, Och-Ziff Capital Management, with USD2.42bn, and Soros Fund Management, with USD2.38bn. Dominant strategies included long/short equity and multi-strategy, with assets of USD84bn and USD139bn, respectively. Value hedge funds have USD66bn under management, while event-driven, deep value and distressed value strategies have a total of USD43.5bn.
18/12/2012

Lyxor lists two more ETFs in Frankfurt

Since 17 December, the listings on the XTF segment of the Xetra electronic platform (Deutsche Börse) includes 1,006 ETFs, where it had had 1,009 as of 28 November. The new total reflects the admission to trading of two Luxembourg-registered ETFs from Lyxor Asset Management (Société Générale group), one of them an equity fund, the other a volatility product.CharacteristicsName: Lyxor ETF SG Global Quality Income NTR Share Class D-EURISIN code: LU0832436512Benchmark index: SG Global Income NTR IndexTotal expense ratio: 0.45%Name: Lyxor ETF S&P 500 VIX Futures Enhanced RollISIN code: LU0832436512Benchmark index: S&P 500 VIX Futures Enhanced Roll IndexTotal expense ratio: 0.60%
18/12/2012

Union acquires a Barceló hotel in Hamburg

Union Investment Real Estate (UIRE) has acquired the Barceló Hamburg hotel, which will join the EUR1.6bn hotel property portfolio of the German asset management firm. The total purchase price has not been disclosed.The Barceló Hamburg hotel was completed in March 2012; it has 15 squites and 179 rooms, a restaurant, a conference centre and parking spaces. The UniImmo: Deutschland fund already owns a Mariott and a Scandic hotel in the important Hanseatic city. UIRE is preparing to acquire the Barceló Raval hotel in Barcelons in March; it will be added to the portfolio of the open-ended real estate fund UniImmo: Europe, and will be the first Spanish hotel investment for the fund. The total purchase price has not been disclosed.
18/12/2012

Hedge funds face custody risk

Hedge funds are not adequately transparent about restitution of assets under custody in the event of default by a custodial establishment, the website prohedge reports. Many fund managers are not adequately informed on the subject, often under the assumption that custodians represent no risk, the chairman of Odey Asset Management, David Fletcher, claims. “Even though the custody model is more safe than the traditional prime brokerage model, it is not completely solid, for reasons of fraud or problems emanating from other departments at the custodian. For example, think about assets under custody for clients at Legman, Peregrine Financial and MF Global,” says Fletcher. Segregated client assets have often been used by banks as collateral during times of crisis, and asset lending also represents a serious challenge for managers who would like to recuperate their money in times of stress. “Not having access to these assets for several months would be destructive for most hedge funds. The largest counterparty risk we have is to our custodian, but at the same time, that’s where problems have the most likelihood of appearing,” Fletcher says. Fletcher also claims that fund managers and custodians need to work together more closely to better protect client assets under custody agreements. If it is not possible to discontinue these agreements, supervisory authorities should prepare to make a clear response in the event of a default of a custodian, and not to leave problems for liquidators to handle alone.
18/12/2012

Uncertain future awaits custodian banks

The way custodian banks operates needs a complete overhaul, Financial Times Fund Management argues, as the fall in revenues and sombre conditions on the markets are wrecking business models at State Street, Bank of New York Mellon and other major players in the sector. A quick glance at the balance sheets of firms reveals their problems. They have more depository cash than previously, but weak interest rates are cutting into their margins. Revenues from securities lending are also falling. The industry also needs to face several legal actions.
18/12/2012

Edhec: Two hedge fund strategies show losses in November

Except for CTA Global, which lost an average of 0.08%, and dedicated short bias, with losses of 1.57%, the other 11 hedge fund strategies regularly monitored by the Edhec Risk-Institute posted gains in November, with the strongest performance (1.02%) going to merger arbitrage.Since the beginning of the year, CTA Global and dedicated short bias have also posted losses, of 2,9% and 16%, respectively. However, the distressed securities strategy gained 10.7%, and convertible arbitrage gained 8.3%.
18/12/2012

Vanguard has already cut TER for 40 ETFs

The US asset management firm Vanguard has announced that it reduced total expense ratios for 40 of its ETF funds between December 2011 and 29 May 2012, while the rates for eight other funds were raised in December 2011 (see attached list). Vanguard insists that, unlike some of its competitors, its TER reductions are neither a marketing ploy nor a loss-leader to stimulate sales of other products.
18/12/2012

SEC approves JPMorgan copper ETF

The Securities and Exchange Commission has approved an ETF by JPMorgan backed by physical copper, despite vocal opposition from users of the metal and some politicians, the Financial Times reports. Senator Carl Levin argues that the ETF will lead to an increase in copper prices and volatility. A copper ETF from iShares (BlackRock) is also expected to be licensed soon.
18/12/2012

Assets in Arden mutual fund total USD700m

The multi-hedge mutual fund recently launched by Arden Asset Management has posted inflows of over USD700m as of 17 December 2012, according to a statement released that day by the alternative management specialist firm. The new fund, Arden Alternative Strategies Fund, which invests in nine hedge fund management firms, including Chilton Investment, Jana Partners and York Capital Management, offers investors access to dedicated hedge fund strategies, and aims for capital increase. Assets under management at Arden Asset Management total about USD7.5bn.
18/12/2012

Nine new firms granted QFII licenses

Harvest Global Investments (HGI) is one of nine firms which last month were granted the status of Qualified Foreign Institutional Investor (QFII) by the China Securities Regulatory Commission (CSRC), Asian Investor reports. The increase is part of a move to ease regulations, including barriers to entry for asset management firms. The oher financial establishments which were granted QFII status last month are: APS Asset Managaement, JP Morgan Asset Management Taiwan; Aegon USA Investment Management; CDH Investment Advisory; Skandinaviska Enskilda Banken AB; Greystone Managed Investments; Uni-President Asset Management Corporation; and Daiwa SB Investments. As of the end of November, the CSRC had awarded 201 QFII licenses. Overall, USD36bn in QFII quotas have been awarded to 165 license holders.
18/12/2012

Santander to absorb Banesto and Banif

On 17 December, the CNMV suspended trading of shares in Santander for a few hours, following the announcement that the group is planning to absorb its affiliates Banesto (corporate banking) and Banif (private banking) by May 2013, Funds People reports.In detail, Santander, which is offering minority shareholders in Banesto a premium of 24.9% over the closing share price as of 14 December, via an exchange of shares originating from Santander holdings of its own shares.The group is planning to close 700 branches, to reduce the total network to 4,000 locations. The objective is to reduce staff as painlessly as possible, with reclassifications of other affiliates of the Santander group in Spain and abroad, using natural attrition and paying severance aid. Synergies after the third year are expected to total EUR520m. Banif has EUR36.9bn in assets under management, and Banesto directly administers EUR4.22bn in Sicav funds, but shares the management capacities of Red Santander (EUR14.89bn) with Santander. Banif funds are managed directly by Santander Asset Management (EUR19.02bn as of the end of October).
18/12/2012

CalSTRS reduces investment in arms following gun spree in US

The Californian teachers’ pension fund CalSTRS has decided to revise a USD500m investment in Cerberus Capital Management, since the latter owns a weapons manufacturer whose weapons were used in a gun spree in Newton, Connecticut, Remington Outdoor, the Wall Street Journal reports. CalSTRS has invested USD461m thus far of its USD500m commitment to the Cerberus fund which owns the weapons manufacturer.
18/12/2012

Outflows continue from US equity funds

Outflows from U.S.-stock funds are on pace to surpass 2008’s record outflow of USD96.7 billion, according to the most recent estimates by Morningstar. The asset class shed another USD14.1 billion in November, with particularly strong outflows from growth-oriented offerings. Meanwhile, investors continued to shift assets to fixed-income funds, as open-end taxable-bond funds and municipal-bond funds collected USD17.9 billion and USD5.2 billion, respectively. Investors redeemed USD3.6 billion from high-yield bond funds in November, a category that has seen inflows of USD24.4 billion year to date Although inflows to emerging-markets bond funds slowed to USD882 million in November, the category has taken in USD20.0 billion for the year to date in 2012, an impressive sum considering that it began the year with assets of just USD46.3 billion. In the month under review, PIMCO took in USD6.7 billion to top all fund families in terms of November inflows, but Vanguard, with inflows of USD86.2 billion, leads in the year-to-date tally behind the strength of its index fund lineup.
18/12/2012

BNP Paribas Aqua awarded Lux FLAG label

The socially responsible investment promotion agency LuxFLAG on 17 December announced that the BNP Paribas Aqua fund has received a LuxFLAG environmental label, certifying that assets in the fund are related to environmental and socially responsible sectors. Six environmental funds have so far been awarded the LuxFLAG label, totalling about USD558m in assets under management. They are the BNP Paribas Aqua, Green for Growth Fund, Southeast Europe SA, Living Planet Fund – Global Environment, Lux-Equity Eco Global, Parvest Environmental Opportunities and Parvest Global Environment. LuxFLAG has also awarded its microfinance label to 21 microfinance investment vehicles with cumulative assets under management of USD3.83bn.
18/12/2012

Carlyle may get bogged down in TCW acquisition

According to a document intended for bank lenders to TCW, which Reuters has seen, an acquisition of 60% of TCW may be less lucrative for Carlyle, due to the fact that a considerable part of the asset management firm’s earnings may escape, casting the financial balance of the transaction in doubt, writes L’Agefi. EIG Global Energy Partners, a private equity lender specialised in energies, founded a joint venture with TCW, managed by EIG. The joint venture pays commissions back to TCW. The two partners have been in conflict since the announcement that the Société Générale affiliate will be sold to Carlyle. TCW has signed a non-competition agreement with EIG in energies, as Carlyle has funds dedicated to this sector. EIG is thus threatening to block the sale. The 16% loss in profitability would noticeably affect TCW’s ability to bring in returns to cover Carlyle’s proposed LBO acquisition.
18/12/2012

Bankinter buys license from Van Lanschot Luxembourg

The Spanish firm Bankinter, which has ambitions to improve the quality of its services to Spanish high net worth clients, has acquired the infrastructure and banking license of the Luxembourg affiliate of the Netherlands firm Van Lanschot, Funds People reports.Private banking assets at Bankinter currently total EUR11bn, which represents a 6% share of the private banking market in Spain. The objective is to increase this share to 8% in two years.
18/12/2012

Asset management firm CEOs in danger of being personally sued

The CEOs of UK asset management firms operating in the UK face increased risk of personal lawsuits for activities they are not aware of, says Simon Morris, a specialist lawyer cited in Financial Times Fund Management. The claims follow a “Dear CEO” letter sent by the British regulator, the Financial Services Authority, demanding that directors personally attest that their business manages conflicts of interest in compliance with FSA regulations.
18/12/2012

Ashcourt Rowan appoints a head

The British firm Ashcourt Rowan has appointed Emily Morris as head of marketing for the group, Fundweb reports. Morris previously worked at Rathbone Brothers.
18/12/2012

Lansdowne Partners wins an asset management mandate

The British investment trust Witan has awarded an asset management mandate to the alternative asset mangement specialist Lansdowne Partners, Investment Week reports. Lansdowne will be responsible for a GBOP30m mandate, initially to manage a portfolio of international equities. Lansdowne will apply a long-only strategy to the portfolio, which has recently been deployed for developed markets.
18/12/2012

Fidelity recruits a US equity manager

Fidelity Worldwide Investment has announced the appointment of Peter Kaye as US Equity portfolio manager. He will join the company during the first quarter of 2013 from Dalton Strategic Partnership LLP, where he currently manages two North American equity funds. On arrival Peter Kaye will take over the management of the USD1.6 billion Fidelity Investment Funds (FIF) American Fund from Aris Vatis, the current manager who has resigned and will leave the company on 21 December. In the interim, the FIF American Fund will be managed by Adrian Brass pending the arrival of Peter Kaye. Adrian Brass will continue to run the Fidelity Funds America Fund; however he will hand over responsibility for FIF American Special Situations to Angel Agudo. This will allow Adrian Brass to launch a new US equity fund during the first half of 2013. In addition, in a further expansion of the US equity portfolio management team, Aditya Khowala will take responsibility for the Fidelity Funds American Growth Fund, currently managed by Aris Vatis.
18/12/2012

Vanguard AM launches an educational ETF website

Vanguard Asset Management has launched a new educational ETF microsite - Vanguardlearning.co.uk - designed to help advisers develop their knowledge of the exchange traded fund (ETF) market ahead of December’s RDR deadline. As of December 31st 2012, all investment advisers are required by the FSA to complete at least 21 hours of structured Continuing Professional Development (CPD) each year.Ands adviser businesses look for ways to keep client costs down and increase investment control, many will increase client exposure to low-cost passive products, including ETFs, according to Vanguard.

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