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09/10/2012
Fonds

MainFirst lance son premier fonds obligataire

Le 12 octobre, l’allemand MainFirst Asset Management lancera son premier fonds obligataire, un produit de dette émergente corporate domicilié au Luxembourg, le MainFirst Emerging Markets Corporate Bond Fund Balanced. Ce produit a obtenu l’agrément de commercialisation de la BaFin (Allemagne), de la FMA (Autriche) et de la Finma (Suisse).Le portefeuille, géré par Thomas Rutz et Cornel Bruhin, sera investi en émissions d’entreprises d’Amérique latine, d’Europe de l’Est, d’Afrique et d’Asie. Le fonds sera «équilibré» parce qu’il sera placé en titres à haut rendement mais aussi en obligations de qualité investissement et parce que la pondération par pays sera plafonnée, de même que le poids de chaque ligne (à 3 %).Le risque de change est ciouvert pour toutes les parts, qu’elles soient en dollars, en euros ou en francs suisses.CaractéristiquesDénomination : MainFirst Emerging Markets Corporate Bond Fund BalancedCodes Isin RetailParts A (en USD) : LU0816909013Parts A1 (en CHF) : LU0816909286Parts A2 (en EUR) : LU0816909369Souscription minimale : 2500 USD/CHF/EURCommission de gestion 1,2 %InstitutionnelsParts C (USD) : LU0816909955Parts C1 (CHF) : LU0816910292Parts C2 (EUR) : LU0816910375Souscription minimale : 500.000 USD/CHF.EURCommission de gestion : 0,8 %
Fonds
09/10/2012

Sal. Oppenheim devient conservateur de fonds fermés

Selon Sal. Oppenheim, il s’agirait de la première application en Allemagne des dispositions de la directive européenne AIFM qui doivent entrer en vigueur à partir de juillet 2013 : la banque privée allemande a annoncé que KGAL, promoteur de fonds fermés, lui a confié la conservation de tous ses nouveaux fonds fermés dédiés par exemple à l’acquisition d’avions ou d’infrastructures de production d’électricité sur la base d’énergies renouvelables .Sal Oppenheim se targue d’être déjà le leader sur le marché allemand des banques dépositaires pour les fonds immobiliers institutionnels avec un encours sous conservation de quelque 15 milliards d’euros.
09/10/2012

RBC IS décroche un mandat en Italie

Le fonds de pension des salaries de la Banque de Legnano (Fondo Pensione per il Personale della Banca di Legnano) indique avoir confié à RBC Investor Services un mandat de conservation, de valorisation des portefeuilles et de banque dépositaire.
09/10/2012
Fonds

Lyxor réduit les frais de son ETF monétaire

Lyxor AM réduit pour la troisième fois en moins de deux mois les frais de gestion de son ETF monétaire, le Lyxor ETF Euro Cash, à 0,065 %. La société avait déjà abaissé la commission de 0,15 % à 0,085 % le 1er août, et à 0,075 % le 3 septembre.
Fonds
09/10/2012
Fonds

Fidelity souhaite fusionner deux fonds de multigestion

Fidelity Worldwide Investments se propose de fusionner deux fonds de multigestion, le Fidelity MultiManager Balanced Portfolio et le Fidelity MultiManager Income Porfolio, rapporte Fund Web.Plus précisément, le premier fonds, dont les actifs sous gestion s'élèvent à 3 millions de livres, sera intégré dans le second dont les actifs sous gestion s'élèvent à 106 millions de livres. Le véhicule issu de la fusion changera d’indice de référence. Il prendra celui déjà utilisé par le Fidelity MultiAsset Strategic fund qui est constitué d’une exposition à 50% aux actifs de croissance (actions, matières premières et immobilier) et à 50% à des actifs value (obligations). La fusion doit encore être approuvée par les actionnaires et l’autorité de tutelle.
Fonds
09/10/2012

Natixis GAM recrute deux personnes

Natixis Global Asset Management a recruté deux personnes pour son pôle produits internationaux, rapporte Investment Europe. James Beaumont vient de Standard Life Investment et il est nommé head of product consulting and solutions, durable portfolio consultant. Catherine Morat vient de Wellington Management. Elle devient responsable de l’équipe marketing produits. Ils seront basés à Londres
09/10/2012

LGIM recrute une directrice de la conformité

Teresa Poy, qui était directrice de la conformité pour l’Europe et l’Amérique du Nord chez TT International, rejoint Legal & General Investment Management (LGIM) comme chief compliance officer. Elle sera surbordonnée à Paul Sweeney, head of legal & regulatory affairs. Teresa Poy est diplômée de criminologie de l’Université Victoria de Wellington (Nouvelle-Zélande).
09/10/2012
Gestion d'actifs

Swiss Life sélectionne 3 gérants pour le lancement d'un fonds de fonds à destination des institutionnels

La société de gestion Swiss Life AM qui concourt au sein des mandats d’amLeague s’est impliquée dans la mise en place de portefeuilles investissables à destination des investisseurs institutionnels et a, pour ce faire, reçu l’agrément de l’Autorité des marchés financiers le 4 juillet, dernier. Le fonds de Swiss Life AM se réfère à un indice - l’indice SL amLeague actions euro TOP3 - qui est composé de trois asset-managers dont la gestion sous amLeague a été retenue et agrégée. En fonction des préférences de Swiss Life AM, une pondération fixe est attribuée à chacune des trois sociétés retenues : 4/9 pour la mieux considérée, 3/9 pour la suivante et 2/9 pour la dernière. Le trio est revu chaque fin de mois. Pour octobre, par ordre de préférence, Allianz GI, Dexia AM et Ecofi Investissements sont les trois sociétés retenues par Swiss Life AM.
Gestion d'actifs
09/10/2012

Russell closes 2 ETFs earlier than contemplated

On August 20th, Russell Investments announced that its full suite of 25 US domiciled, passively managed ETFs would be liquidated by October 9th (see Newsmanagers of August), but the company on October 5th gave a new closure date for the Russell Low P/E ETF and Russell Small Cap Contrarian ETF. Actually, the Russell Low P/E ETF was closed to new investment October 4, 2012 and October 4, 2012 was the last day the Russell Low P/E ETF was traded on the NYSE Arca. The Russell Small Cap Contrarian ETF was closed to new investment effective on October 5th, which has been the last day the Russell Small Cap Contrarian ETF has been trading on NASDAQ. The new closure dates are the result of the in-kind redemption of all outstanding shares of these funds. Unless there is an earlier redemption of all of the outstanding shares of any of the remaining 23 funds, those funds will be closed to new investment on October 9, 2012. The last day of trading for the remaining funds will be October 16, 2012 and full liquidation of those Funds is intended to be completed by October 24, 2012.
09/10/2012

Hedge funds up 2.9% in third quarter

The HFRI Fund Weighted Composite hedge fund index has gained 1.1% in the month of September, putting gains for third quarter at 2.9%, according to statistics from HFR.In the first nine months of the year, the index shows gains of 4.7%.In September, strategies related to equities generally progressed well, with the HFRI equity hedge index showing gains of 1.94%, and positive contributions from both growth and value strategies. The HFRI emerging markets index, for its part, earned returns of 3.1% in September.The Lyxor hedge fund index, for its part, has posted gains of 0.2% in September, while 11 Lyxor strategy indices finished the month with gains.
09/10/2012

Natixis GAM recruits two

Natixis Global Asset Management has recruited two people for its international products unit, Investment Europe reports. James Beaumont joins from Standard Life Investment, and becomes head of product consulting and solutions, durable portfolio consultant. Catherine Morat joins from Wellington Management. She becomes head of the product marketing team. Both will be based in London.
09/10/2012

Source nabs Samaran from Man Investments

A senior member of the product structuring and financing group at Man Investments in Switzerland, Nicolas Samaran, has been appointed head of investment content at Source (EUR11.5bn in AUM at end-September).Samaran will have responsibility for the search and selection for new and innovative investment content from external providers and report to Peter Thompson, head of distribution and strategy.
09/10/2012

Rathbones acquires 20% stake in a financial adviser

Rathbone Brothers has acquired a 19.9% stake in Vision Independent Financial Planning, a financial advising company, and its sister company, Castle Investment Solutions, for GBP2m. The specialist in wealth management is planning to acquire all of the two entities by 2015, Investment Week reports.
09/10/2012

Paradigm launches asset management operation

The Paradigm group is planning to launch an asset management operation which will include the fund product range from Paradigm, discretionary fund management services, and model portfolios.The firm is currently in the process of recruiting an investment team to manage third-party fund mandates.
09/10/2012

PriorNilsson launches Swedish equity fund

PriorNilsson Fonder, a Swedish asset management firm which manages two hedge funds, is launching a Swedish equity fund, Fondbranschen reports. The management firm is hoping to attract investors with active management and competitive fees (1% management fees).
09/10/2012

Cyrille de Montgolfier appointed head of European and institutional affairs at AXA

AXA on 8 October announced the appointment of Cyrille de Montgolfier as director of European and institutional affairs for the group. De Montgolfier, previously head of the Central and Eastern European region, replaces Jérôme Hamilius, who has decided to leave the group. In his new role, he will report to Denis Duverne, deputy CEO of the Axa Group.Jef Van In is taking over as director of the Central and Eastern European region. These new responsibilities come in addition to his current responsibilities as CEO of AXA Bank Europe. In both cases, he reports to Jacques de Vaucleroy, CEO for the Northern, Central and Eastern European region, and international head of life, savings, retirement and health insurance activities.The two appointments will take effect from 15 October 2012.
09/10/2012

BNY Mellon builds up in Asia

BNY Mellon on Monday announced it has appointed Navin Suri as Asia-Pacific (APAC) Head of Intermediary Distribution to spearhead the expansion of the company’s distribution partnerships in the region. He will be responsible for developing and managing the build out of the APAC intermediary sales strategy and distribution channel network and relationships, mainly new partnerships with consumer banks, private banks and family offices, insurance and pension providers, securities companies, IFAs and other financial intermediaries.Based in Hong Kong, Suri will report into Alan Harden, CEO for BNY Mellon’s APAC investment management business, and to PeterPaul Pardi, BNY Mellon’s head of global distribution, based in London. Suri joins BNY Mellon’s APAC Investment Management Executive Committee and BNY Mellon’s APAC Operating Committee.Suri joins BNY Mellon from ING Investment Management where he was MD and CEO for the firm’s business in India.
09/10/2012

Alfred Berg takes over management of funds of funds

On 15 November, the Swedish group Länsförsäkringar, specialised in insurance, will be outsourcing the management of its funds of funds to Alfred Berg, the Scandinavian affiliate of BNP Paribas. These activities represent assets of SEK4.8bn. The fixed income and asset allocation team, led by Stefan Gothenby, will be responsible for managing the funds.
09/10/2012

BGAM launches platform to accomodate UCITs hedge funds

HedgeWeek reports that Bryan, Garnier Asset Management (BGAM) has recently launched the Bryan Garnier Umbrella Fund SICAV plc domiciled in Malta and managed by Paris-based BGAM. This platform aims to introduce a range of US hedge funds into the UCITS universe. The first US sub-fund to join the platform is Denver-based Madison Street Partners (USD175m in AUM), an equity long/short shop
09/10/2012

Investec opens office in Singapore

Investec Asset Management has opened an office in Singapore and installed Tobie van Heerden as head of institutional sales for South-East Asia and Korea, Asian Investor reports.
09/10/2012

SSgA Jacqueline Pang as head of CM for SPDR ETFs

State Street Global Advisors (SSgA) announced it has appointed Jacqueline Pang as the Head of Capital Markets for SPDR ETFs, Asia Pacific.Based in Hong Kong, Pang will be responsible for overseeing and driving SSgA’s exchange traded funds (ETF) global capital markets’ group activities.
09/10/2012

RBC IS gets mandate from Italian PF

The Fondo Pensione per il Personale della Banca di Legnano, the pension fund of Banca di Legnano’s staff, announced it has recently awarded a custody, portfolio valuation and depositary bank mandate to RBC Investor Services.
09/10/2012

AIFM: Netherlands becomes first country to adopt directive

The Netherlands became the first country to implement the AIFM directive, after approval of the law by Parliament, IPE.com reports. “With the new legislation, asset management firms based in the Netherlands may optimally apply a relaxation of tax rules in order to reduce unnecessary costs in existing fiscal and legal structures,” says Marco Frikkee, of KPMG.
09/10/2012

CNMV issues round of licenses

On 5 October, the CNMV issued sales licenses for Spain to the Bankinter Renta Fija Jade Garantizado, Ibercaja BP High Yield 2015-2 and Taltrack Alternative Investment funds.The Spanish regulator also issued licenses to the foreign-registered products Amundi Treso 3 mois and Treso Eonia ISR, to several sub-funds from iShares Germany (iShares Dax, Divdax, Dow Jones-UBS commodity Swap, EB Rexx Money Market, MDax, Stoxx Europe 600, and TecDax) , to Julius Baer Special Funds and to the LFP Credit Flexible International and LFP Rendement 2017 funds.
09/10/2012

Dutch pension funds will have to reduce benefits

More than 80% of pension funds based in the Netherlands will have to reduce their payments to pensioners for the first time from April next year, unless they can improve their financial situation by then, Financial Times Fund Management reports. The Netherlands central bank is requiring assets at pension funds to represent at least 105% of liabilities by the end of 2013. In order to achieve that objective, 81% of them will have to reduce benefits to current pensioners, according to the most recent available figures.
09/10/2012

ETF price war: European retail market will be largely unaffected

If the ETF price war kicked off in the United States by management commissions being cut at Vanguard (which has also negotiated a reduction in index costs by leaving MSCI) ever crosses the Atlantic, it will be at the initiative of BlackRock, which is now in a comfortable position with MSCI, says Detlef Glow, of Lipper, cited in Handelsblatt. And if BlackRock manages to get MSCI to lower its prices, all European promoters who use indices from this provider will profit.However, there should be few illusions: retail investors in ETFs in Europe should hardly hope to profit in the near future from the price war now raging in the United States. Even if promoters manage to get a reduction in the fees charged by purveyors of indices, retail investors may never profit at all, as promoters are not obliged to pass on cost savings.
09/10/2012

Lyxor cuts fees for money market ETF

Lyxor is for the third time in less than two months reducing management fees on its money market ETF, the Lyxor ETF Euro Cash, to 0.065%. The firm had already lowered its commission by 0.15% to 0.085% on 1 August, and to 0.075% on 3 September.
09/10/2012

AGI single-handedly posts inflows twice higher than the industry

In January-August, asset management firms belonging to the German BVI association for the sector posted net subscriptions of EUR7.85bn for their security funds. With EUR12.35bn going to Pimco, the Allianz Asset Management group alone posted inflows of EUR15.41bn.The other big winner in the first two thirds of the year is Union Investment (Co-operative banks), with net subscriptions of EUR2.37bn.However, the other two top actors in the sector show outflows, with net redemptions of EUR3.57bn for Deka (savings banks) and EUR3.82bn for Deutsche Bank.ETFs posted outflows, aside from products from ETFlab (Deka group), which posted net inflows of EUR427.6m: the other three major promoters belonging to the BVI have seen outflows of more than EUR800m each: EUR879.7m from iShares (BlackRok), EUR807.8m from db x-trackers (Deutsche Bank), and EUR802.2m from ComStage (Commerzbank).
09/10/2012

Record AUM for German asset management industry

As of the end of August, assets under management by companies belonging to the German BVI trade group totalled a new record of EUR1.93698trn, compared with EUR1.92624trn as of the end of July, and EUR1.76221trn one year previously.Net subscriptions totalled EUR4.39bn in August, compared with EUR6.69bn the previous month, to a total of EUR48.99bn in the first eight months of the year, compared with EUR13.13bn in January-August 2011.However, in the first eight months of the year, open-ended equity funds underwent net outflows of EUR5.9bn, while net redemptions total EUR3.72bn for garanteed funds and EUR1.73bn for money market funds. Open-ended bond funds, however, benefited from net subscriptions of EUR18.44bn.Institutional funds had inflows of a net EUR40.375bn, compared with EUR20.379bn for the corresponding period of last year. Mandates managed outside funds underwent net redemptions of EUR1.81bn in January-August, compared with EUR3.64bn in the first eight months of 2011.
09/10/2012

Internal promotions at Tressis

Following the departure of Ángel de Molina (see Newsmangers of 4 October), Tressis has promoted Javier Monjardin as director of analysis, and Montserrat Formoso as director of management, thus dividing the responsibilities of the outgoing man, who has joined Santander Asset Management as director of market intelligence.

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