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19/09/2012

Le CIO de Sloane Robinson fait une pause

Sloane Robinson, un hedge fund qui a vu ses encours chuter de plus de 80 % depuis 2008, a annoncé à ses investisseurs que Richard Chenevix-Trench prévoit de démissionner de son poste de directeur des investissements, rapporte Financial News. Il va faire une pause de six mois. Ed Butchart, le responsable de la stratégie et du risque, va devenir CIO en son absence.
19/09/2012
Fonds

Finance SA lance un fonds actions "ressources naturelles"

La société de gestion Finance SA vient d’annoncer le lancement de Expert Ressources Naturelles, un fonds actions thématique investi dans les ressources naturelles. Conforme à la directive européenne UCITS IV, le fonds est géré par Pierre Bertolis qui a rejoint Finance SA en 2012 après 30 ans de carrière à la Société Générale et dans le Groupe CCF puis HSBC, précise un communiqué. Expert Ressources Naturelles est investi à l’international, dans tous types de capitalisations et se porte sur différentes activités. Pour débuter, le fonds dont l’objectif est de surperformer l’indice MSCI World Materials, surpondère l’or et les métaux, la pétrochimie et souspondère les engrais où subsiste un risque de régulation.Caractéristiques : Code ISIN : FR0011288471
Fonds
19/09/2012

Nelson Peltz voudrait démanteler Legg Mason

Les malheurs de Legg Mason ne sont pas terminés avec la démission récente de son CEO, Mark Fetting : Mutual Fund Wire rapporte en effet que, selon le Baltimore Sun, Nelson Peltz, l’actionnaire activiste qui a fondé le gestionnaire alternatif Trian Fund Management et qui détient 10,9 % de Legg Mason, aurait l’intention de démanteler le groupe et de vendre ou d’essaimer quelques une des neuf filiales de gestion, dont Western Asset Management. Le départ de Mark Fetting laisse le champ libre à Nelson Peltz pour prendre le contrôle de Legg Mason.
19/09/2012

Haspa launches a forex fund focused on non-euro securities

The Hamburg-based savings bank Hamburger Sparkasse, or Haspa, has joined forces with Universal-Investment to launch the Währungsfonds UI, a currency fund investing in government and corporate bonds as well as covered bonds (Pfandbriefe) from countries that do not belong to the euro zone, and which satisfy the Maastricht criteria (maximal debt to GDP ratio of 60%, budget deficit of 3%), unlike the countries of the euro zone.These investment-grade securities will be denominated in eight to ten currencies. Exposure will be actively-managed. Initially, the fund is invested in Norwegian and Swedish kroner, Chinese yuan and Australian, New Zealand and Canadian dollars. Maturities are short to medium, in order to avoid solvency and interest rate risks.CharacteristicsName: Währungsfonds UIISIN code: DE000A1JZLD5 (retail shares)Front-end fee: 2.5% maximumManagement commission: currently 1%
19/09/2012

Hauck & Aufhäuser launches an absolute return fund

The Munich-based Hauck & Aufhäuser Asset Management, aimed primarily at institutional investors, has launched the absolute return fund H&A Absolut Return Global, whose portfolio will be constructed on the basis of independent and quantitative strategies, and which will invest in global equity markets, government bonds and commodities, and which uses liquid instruments such as ETFs and futures.The Luxembourg-registered product has been developed with the US partner DPT Capital Management, led by professor John Mulvey of Princeton University, the CEO of H&A AM, Wolfgang Kirschner has announced. The fund is availabe in three share classes: B (LU0762080348), C I (LU0762088838) and C II (LU0762092947).
19/09/2012

Threadneedle releases a multi-asset class absolute return fund

Threadneedle Investments (Threadneedle) has launched the Threadneedle (Lux) Multi Asset Target Alpha Fund managed by Head of Multi Asset Allocation Toby Nangle, with Head of Interest Rates and Currency Matthew Cobon as Deputy Manager. The fund is a mixed asset absolute return fund offering global exposure across a range of asset classes with the aim of producing positive returns in all market environments. The fund will use active allocation decisions with an unconstrained, high conviction, flexible approach to exploit pricing differences between asset classes whilst seeking to contain downside risks. The fund will invest in traditional securities like equities, bonds and currencies worldwide and may also gain indirect exposure to commodities, property or other assets through other funds or by using derivatives. It will also have the ability to make use of short selling and leverage. The fund’s target return is 3 month USD LIBOR + 5% per annum. The fund also aims to reduce downside risk and control volatility to an absolute target of 6-10% annualised. The fund has been registered for public offer with immediate effect in Austria, France, Germany, Luxembourg, The Netherlands, Spain, Sweden, Switzerland and the UK. Approval is pending in other jurisdictions.
19/09/2012

EUR33bn in net inflows to euro zone mutual funds in July

In July 2012, securities issued by non-money market mutual funds in the euro zone were EUR201bn higher than in June 2012. This development is largely due to an increase in the value of securities, according to monthly statistics from the European Central Bank.Assets in shares issued by non-money market mutual funds in the euro zone were up to EUR6.267trn in July 2012, from EUR6.065trn in June 2012. In the same period, assets in securities issued by money market mutual funds in the euro zone fell to EUR965bn from EUR969bn.Net subscriptions to shares in non-money market mutual funds in the euro zone totalled EUR33bn in July 2012, while money market mutual funds posted net redemptions totalling EUR15bn.The annual growth rate for issues of non-money market mutual funds in the euro zone, calculated on the basis of net subscriptions, was 0.6% in July 2012. For money market mutual funds, the annual variation rate came to 4.3%.
19/09/2012

Nordea va lancer un fonds avec Jeff Gundlach

Nordea Asset Management va lancer la semaine prochaine un fonds obligataire coordonné à rendement absolu qui sera géré par Jeffrey Gundlach, selon les informations de Citywire Global. Le gérant, qui pilotera le produit depuis Los Angeles, est le fondateur et le CIO de la société américaine DoubleLine (il était précédemment chez TCW, ndlr.).
19/09/2012

Lyxor AM extends its ARMA range

Lyxor AM has announced the launch of the Lyxor Quantitative Fund ARMA 8, which stands for Absolute Return Multi Assets 8, a new absolute return fund which will be based on an actively-managed long-only diversified strategy, and which uses the investment process for the Lyxor Quantitative Fund – Absolute Return Multi Assets (ARMA) fund. The objective for the fund is to offer returns of 6% to 10% above the Eonia each year, with an average annualised volatility level of under 8%, a statement says. The ARMA 8 strategy pursues a more ambitious performance objective than the ARMA fund, with a higher risk budget. For its part, the ARMA fund offers annualised performance of 2.9%, with volatility of 2.4% since its inception in May 2010.
19/09/2012
Gestion d'actifs

La MIF compte investir sur la dette émergente en devise locale d'ici la fin de l'année

Alexandre Piazza, Responsable des investissements de la Mutuelle d’Ivry la Fraternelle (MIF) : Il y a un sujet encore vague, le financement d’infrastructures par de la dette. Nous nous posons des questions, sur la forme et le bon timing. Cela reste dans notre logique d’investissement. Je pense que nous pourrions le faire soit à travers des project bonds. Nous n’avons pas de calendrier prévu pour investir cette classe d’actifs. La dette émergente nous intéresse aussi, toujours dans un souci de diversification du portefeuille et tant que cela reste dans une petite proportion. Je pense que d’ici la fin de l’année nous investirons dans la dette émergente en devise locale, mais probablement pas en direct. Les marchés des émergents requièrent une vraie expertise fiscale, et géopolitique, que nous n’avons pas en interne.
Gestion d'actifs
19/09/2012
Gestion d'actifs

Le FRR annoncera les résultats de l'appel d'offres " Actions Europe ISR " fin octobre

Selon nos informations, le FRR communiquera fin octobre le résultat final de l’appel d’offres marché public portant sur le renouvellement des mandats « Actions Europe ISR » constitués en 2006 et arrivés à échéance en décembre 2011. Sur la quarantaine de dossiers reçus, 10 sont encore en lice pour le lot 1 (mandats de fonds collectifs thématiques pour 150 millions d’euros) et 6 pour le lot 2 (mandats de gestion active Actions Europe, nouvelle croissance durable pour 200 millions d’euros).
Gestion d'actifs
19/09/2012

Alix Capital launches six new investable alternative UCITS indices

Geneva-based Alix Capital, provider of the UCITS Alternatives Index family of indices, on Tuesday announced the launch of six new single strategy UAIX indices, expanding its range to 11. The UAIX indices are constructed following a proprietary systematic model developed by Alix Capital with the aim of outperforming the respective UCITS Alternative Index benchmark.The new indices are as follows: * UAIX Emerging Markets *UAIX Event Driven * UAIX Equity Market Neutral * UAIX FX * UAIX Macro* UAIX Multi-StrategyAccording to Alix Capital’s release, UAIX indices comprise six to 15 UCITS hedge funds selected from the UCITS alternatives hedge fund universe using Alix Capital’s proprietary model, and are rebalanced quarterly. In order to be included, constituent funds have to be part of the UCITS Alternative Index broad universe, have at least EUR30m in AUM and be open to new investments. UAIX indices are built using a UCITS compliant methodology, are investable and offer weekly pricing.The UAIX indices may be licensed by financial institutions for the creation of index based financial products.
19/09/2012

Stoxx releases north of 1,200 new indices

Zurich-based Stoxx Limited, on September 18th announced the expansion of the Stoxx Global Index family with the launch of more than 1,200 supersector, size, regional and total market indices covering global equity markets. Furthermore, the STOXX China A-shares Total Market, STOXX China B-shares Total Market, STOXX China H-shares Total Market, STOXX China Red Chips Total Market indices were also released on Tuesday.The Stoxx Global Index family consists of total market, broad and blue-chip indices for the regions Americas, Europe, Asia, and Pacific, and sub-regions Latin America and BRIC (Brazil, Russia, India and China), as well as global markets. All broad regional indices, as well as a number of country indices, can also be broken down into a comprehensive set of supersector indices. Furthermore, a large number of regional indices that exclude certain supersectors, regions or countries is available, the company said in a press release.
19/09/2012

Sloane Robinson CIO takes a break

Sloane Robinson, a hedge fund whose assets have fallen by more than 80% since 2008, has announced to its investors that Richard Chenevix-Trench is planning to resign from his position as chief investment officer, Financial News reports. He will be taking a six-month break. Ed Butchart, head of risk strategy, will become CIO in his absence.
19/09/2012

Nelson Peltz wants to dismantle Legg Mason

The troubles are not over for Legg Mason, following the recent resignation of its CEO, Mark Fetting: Mutual Fund Wire reports that, according to the Baltimore Sun, Nelson Peltz, the activist shareholder who founded the alternative asset management firm Trian Fund Management, and who owns 10.9% of Legg Mason, is planning to dismantle the group and sell off or spin off some of its nine asset management affiliates, including Western Asset Management. The departure of Fetting leaves the way open for Peltz to take control of Legg Mason.
19/09/2012

Standish's HY team joins Alcentra

Just a few days after having merged two of its subsidiaries, with Insigiht Investment Management taking over Pareto Investment Management (see Newsmanagers of September 14th), BNY Mellon on Tuesday announced today that the High Yield bond team of Standish Mellon Asset Management Company will become part of Alcentra NY, effective January 1, 2013. As a result, the Alcentra Group, which is 97.2% owned by BNY Mellon, is expected to have approximately USD23bn under management, against USD15.2bn now, split between its US and European businesses. Paul Hatfield, CIO, is relocating to New York as president and head of Alcentra’s US operations, which will be based in New York and Boston. Hatfield will continue to report to David Forbes-Nixon, chairman and CEO of Alcentra, BNY Mellon said.Standish will continue to leverage the HY team for its Multi-sector mandates through dual officer arrangements. Standish will also seek to leverage Alcentra’s bank loan capabilities for its Multi-sector and opportunistic clients.
19/09/2012

EUR2bn objective for Seeyond

At a presentation of the volatility management and structured product expertise unit to be known as Seeyond yesterday, Emmanuel Bourdeix, who will lead the unit, has announced that his ambition is to take on an additional EUR2bn by 2016. This would bring the overall total to EUR16.7bn.Natixis AM has big ambitions, particularly in the area of smart beta, one of its main areas of expertise, where the firm is hoping to compete with minimum variance funds from the Swiss firm Unigestion.
19/09/2012

Head of SRI has left Financière de l'Echiquier

According to information received by Newsmanagers, Marie-Ange Verdickt has left Financière de l’Echiquier, the Paris-based asset management firm where she had served as director of research and socially responsible investment (SRI). Her departure from the firm came at the end of June. Verdickt left Financière de l’Echiquier in order to pursue new professional projects, the asset management firm says. Verdickt has been replaced in her position by Marie-Christine Korniloff, former deputy director of sustainable development at the BPCE group.
19/09/2012

Janus recruits for credit research team

Janus Capital Group Inc. announced three appointments that enhance the fundamental research capabilities of its fixed income investment team. Janus manages approximately USD29 billion in global fixed income and multi-asset strategies for institutional and intermediary clients globally, up from $7.8 billion just four years ago.Craig Klein has joined Janus’ fixed income investment team as a Global Credit Analyst. Prior to joining Janus, Klein served as executive director in the Special Situations Group at UBS Securities. Jason Brooks has been appointed Global Securitized Products Analyst, a new position on the fixed income team. Prior to joining Janus, Brooks served as director of commercial mortgage-backed securities research at TIAA-CREF and in mortgage research roles at both TIAA-CREF and Gramercy Capital Corp. Corinna Lyon has joined Janus’ fixed income team as a Portfolio Information Analyst, a new position, in which she is a member of the risk team that developed and continually enhances Quantum, Janus’ proprietary risk management system. Lyon also focuses on client portfolio reporting. She formerly served as a Project Communications Specialist on Janus’ sales and marketing team.
19/09/2012

CM-CIC Securities and EFA create Global Distribution Solution

CM-CIC Securities and European Fund Administration (EFA), a specialist in administrative management and accounting for investment vehicles on the Luxembourg fund administration market, have teamed up to create the Global Distribution Solution. The objective for the partnership is to offer support services for international distribution of French-registered mutual funds, a statement says. Global Distribution Solution, which is operating in a context of gradual rollout of the UCITS IV directive, will allow client asset management firms of CM-CIC Securities or EFA to strengthen their European visibility and sell their French funds abroad. Global Distribution Solution will also give French asset management firms a way to distribute their funds in more than 50 countries in Europe, Latin America and Asia, via a Luxembourg transfer agent and registrar platform combined with the services of a French paying agent.
19/09/2012

US “fiscal cliff” replaces EU sovereign risk as top global concern

On average, the 253 panelists with USD681bn of AUM participating in the Bank of America Merrill Lynch fund manager survey from 7 September to 13 September now consider the U.S. “fiscal cliff” to be the top tail risk, replacing the EU sovereign debt crisis at the greatest threat... and the upcoming election is putting these fears into sharper focus.Asset allocators have taken an overweight position in eurozone equities for the first time since February 2011. And as Europe becomes less unloved, investors appear to be moderating their bullish view of U.S. equities and have turned more bearish on Japan.
19/09/2012

State Street targets operational needs of management boutiques

State Street Corporation has announced the launch of a range of investment operation services, aimed at small and mid-sized asset management firms. These services include transaction management, account maintenance, transaction processing for the firm, data management, bank reconciliation, establishment of prices and transmission of information. State Street says there is a real need for assistance from asset management boutiques, which need operational assistance. In a recent State Street survey of more tan 160 asset management boutiques worldwide undertaken by the Economist Intelligence Unit (EIU), one third of managers say they need to improve their operational and IT strucures, while 21% say these structures which could be improved may prevent them from achieving strategic objectives in the next two years. 42% of boutiques surveyed estimate that achieving critical mass for their internal systems is a major challenge in terms of data management, while 22% of them claim that they need to improve their gathering and reporting of regulatory data. The survey has been released as the latest Vision publication from State Street, entitled “Empowering Boutiques: The Rise of the Specialist Manager,” and is available as an attachment.
19/09/2012

Safra controls 94.5% of voting rights at Sarasin

According to finews.ch, more than 80% of retail shareholders in the Basel-based Bank Sarasin have redeemed their registered shares as part of a takeover bid by JSH, an affiliate of the Brazilian firm Safra. Combined with the shares that firm already controlled, Safra now owns 90.5% of capital and 94.5% of voting rights in Sarasin.
19/09/2012

SLI appoints a head of global equities

Standard Life Investments has promoted Mikhail Zverev as head of global equities. Zverevhas been manager of the Global Equity Unconstrained fund from the Scottish asset management firm since July 2010. He joined the business in 2007, after working at First State Investments, Schroder Salmon Smith Barney (Citigroup) and Trigon Capital.
19/09/2012

RWC takes over Hermes activist funds

The three investment teams responsible for managing the three Hermes Focus Funds will join RWC on 1st October. The teams of twelve investment and support staff currently manage assets in excess of USD800m for a range of institutional clients. The Focus Funds, which use a «constructive activist» approach to investing, will continue to be managed by the investment teams in their roles at RWC and will be re-named the RWC Focus Funds. The heads of the investment teams will become Partners of RWC.The funds are the European Focus Fund, managed by Maarten Wildschut and Petteri Soininen, the Specialist UK Focus Fund, managed by Paul Harrison, Nigel Davies and Phil Harris, the Japan Stewardship Fund managed in collaboration with Nissay Asset Management advised by Corinna Arnold and Michael Connors. This deal expands the offer of RWC which is already responsible for USD4.1bn of assets and manages a range of active equity and bond strategies for institutional and intermediary clients. Saker Nusseibeh, chief executive officer and head of investment, Hermes Fund Manager, said: “It is now important to concentrate our business on the areas where our core strengths most clearly meet investor demand, which is why we have sold the Focus Funds business to RWC. Whilst we believe in activist funds, this business provides niche strategies and no longer fits with our core offerings.
19/09/2012

Arca Sgr changes governance structure

The Italian asset management firm Arca Sgr on 17 September announced that it is reorganizing its shareholder structure. No single shareholder will now hold more than 20% of capital. UBI Banca, which controls 26.71% of the firm, is withdrawing from its capital. Banco Popolare and Banca Popolare dell’Emilia Romagna will both reduce their stakes to 19.9%. However, Veneto Banca and Banca Popolare di Vicenza are increasing their stakes to 19.9% each. Banca Popolare di Sondrio is increasing its stake from 5.87% to 12.9%.
19/09/2012

Virtu Financial buys Nyenburgh Holding

On September 14th, Virtu Financial announced it has acquired the European ETF Market Maker assets of Netherlands-based Nyenburgh Holding B.V. Terms of the transaction were not disclosed.Nyenburgh currently acts as official market maker for multiple ETF issuers and provides liquidity to many brokers and professional investors across Europe. Virtu is a registered investment firm and maintains direct membership in most European exchanges and multilateral trading facilities including LSE, NYSE Euronext, NASDAQ OMX, Xetra, SIX Swiss, Borsa Italiana, BATS/Chi-X Europe, Turquoise, Eurex, and NYSE Liffe.
19/09/2012

Nordea AM to launch a strategy managed by Jeffrey Gundlach

Nordea Asset Management is to launch a US bond strategy which will be managed by Jeffrey Gundlach, founder and CEO of DoubleLine, and previously CIO of TCW, a US asset management firm which has recently been sold to Carlyle by Société Générale. The product will replicate the DoubleLine Total Return Bond strategy, whose assets under management total over USD30bn. According to Citywire Global, it will be integrated into a UCITS-compliant fund. DoubleLine, founded in 2009 and owned by its employees, many of whom come from TCW, now manages over USD40bn in various investment strategies, mortgage-backed securities (MBS), and private or government bonds issued by developed and emerging countries, US government bonds, including Treasury bonds and bonds issued by other Federal agencies, commodities and equities. The managers at DoubleLine have been working together for an average of more than 17 years.
18/09/2012

Londres pourrait changer le calcul de l'inflation

Le bureau national de la statistique britannique ouvrira le 8 octobre une consultation pour réformer le calcul de l’un des deux indices d’inflation outre Manche, le retail prices index (RPI). Plusieurs options sont à l'étude, pour diminuer l'écart avec l’autre indice, le CPI. La consultation s’achève fin novembre et la Banque d’Angleterre devra ensuite donner son feu vert. La réforme entrerait alors en vigueur en mars 2013. Un alignement du RPI sur le CPI diminuera le rendement nominal des obligations indexées sur l’inflation, un point positif pour le Trésor britannique mais négatif pour les investisseurs (lire aussi L’Agefi Quotidien du 17 septembre).
18/09/2012

La Russie efface la dette nord-coréenne

Moscou a accepté d’effacer 90% de la dette de 11 milliards de dollars due par la Corée du Nord, prévoyant de réinvestir le solde dans des projets en lien avec l’éducation, l’énergie ou l’aide au développement. Cette décision marque une relation plus étroite avec le régime dictatorial, désormais entre les mains de Kim Jong-un. La dette encore redevable par la Corée du Nord sera gérée par la banque publique Vnesheconombank.

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