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17/08/2012
Fonds

Frankfurt Trust commercialise un fonds patrimonial

Le gestionnaire allemand Frankfurt Trust a décidé de distribuer en Allemagne le fonds luxembourgeois BHF Flexible Allocation FT lancé le 10 octobre 2007, qui était exclusivement réservé aux clients de la BHF-Bank, la maison-mère de Frankfurt Trust, et dont l’encours se situe à 92 millions d’euros.Ce produit, qui bénéficie de cinq étoiles Morningstar, est géré par BHF Trust, un spécialiste de l’allocation d’actifs. Il s’agit d’un fonds patrimonial dont l’exposition au marché d’actions peut varier en fonction de l'évolution du marché, de manière à profiter des hausses et à minimiser les pertes.CaractéristiquesDénomination : BHF Flexible Allocation FTCode Isin : LU0319572730Droit d’entrée 3 %Commission de gestion 1,50 %
Fonds
17/08/2012
Fonds

iShares lance six ETF supplémentaires à Francfort

Le 16 août, iShares a introduit sur le segment XTF de la plate-forme électronique Xetra (Deutsche Börse) six nouveaux ETF de droit allemand dont quatre de matières premières avec roulage dynamique des positions sur des indices S&P GSCI, chargés chacun à 0,45 %, et deux produits obligataires avec un TFE de 0,50 %. Désormais, la cote du segment XTF comprend 997 ETF.Le promoteur d’ETF du groupe BlackRock avait également lancé le 23 juillet neuf fonds obligataires de droit allemand, dont sept sur les obligations du Trésor de pays de la zone euro, chargés à 0,20 % et un sur les obligations d’entreprises de pays émergents. La liste de tous ces fonds est disponible en annexe.
Fonds
17/08/2012

Deka crée une chaire de finance durable à Francfort

L’Université Wolfgang Goethe de Francfort a créé le 15 août une chaire de finance et banque durable qui est parrainée par DekaBank, le gestionnaire central des caisses d'épargne allemandes (165 milliards d’euros d’encours). Selon les initiateurs de ce projet qui s’inscrit dans le cadre de la House of Finance, il s’agit de la première chaire de ce type en Allemagne. La chaire est confiée à Reint Gropp, jusqu'à présent professeur de financial economics & taxation à l’Université EBS de Wiesbaden. L’intéressé a également travaillé à la Banque centrale européenne, où il a été directeur adjoint de la recherche financière.
17/08/2012
Fonds

Rétrécissement du marché des fonds "produits blancs"

D’après l'étude trimestrielle de la banque privée Hauck & Aufhäuser, l’encours des fonds à la marque du distributeur ou private label funds couvrait au 30 juin 915 produits pour un encours total de 44,9 milliards d’euros contre 936 fonds et 46,9 milliards trois mois plus tôt, rapporte Fondsprofessionell. Actuellement, le montant moyen par fonds se situe à 49,1 millions d’euros contre environ 50,2 millions au premier trimestre. L’encours le plus élevé pour un de ces produits se situe aux alentours de 2,7 milliards d’euros.Les deux premiers acteurs sur le marché sont IPConcept/DZ Bank, avec 14,2 milliards d’euros répartis sur 117 fonds, et Universal-Investment avec 6,2 milliards d’euros sur 184 produits. Parallèlement, les plus importants gestionnaires de ces fonds à la marque du distributeur sont DJE Kapital (4,5 milliards d’euros), Flossbach von Storch (3,3 milliards) et Ethna (3,2 milliards).
Fonds
17/08/2012

Hedge fund seeks stricter rules for banks

Paul Singer, the billionaire hedge fund manager and influential donor to the Republican party, is putting pressure on United States presidential candidate Mitt Romney to toughen regulations on banks and go beyond the Dodd-Frank rule, the Financial Times reports. Instead of this law, which he claims is “misconceived,” Paul Singer is calling for stricter owners’ equity requirements and a regulatory framework which would require large banks to be more transparent concerning their liabilities and off-book instruments.
17/08/2012

Libor: Seven banks subpoenaed

The US states of New York and Connecticut have subpoenaed seven banks as part of their investigations into manipulation of interest rated used to compose Libor, according to reports published concurrently by several news agencies. Among the banks are UBS, JPMorgan Chase and Barclays. Citigroup, HSBC, Royal Bank of Scotland and Deutsche Bank are among the banks which prosecutors from the two states have asked to provide documents under the investigation, a source claims. At this time, the authorities have demanded documents, but have not sought hearings with the directors of the banks concerned. The two US states are seeking in part to uncover any communications between the management of the banks which may suggest that there was an illicit pact, or any other behaviour which may have been tied to this suspected manipulation of Libor.
17/08/2012

AFME releases a guide to FTT

More than 120 asset managers, investment banks and trading firms have signed a guide issued by the Association of Financial Markets in Europe (AFME) to taxation of financial markets introduced in France on 1 August this year. The 18-page document specifies the range of companies concerned, and proposes a standardised approach to the new tax.
17/08/2012

iShares lists six more ETFs in Frankfurt

On 16 August, iShares launched six new German-registered ETFs on the Xetra electronic trading platform (Deutsche Börse), including four commodity funds with dynamic rollover of positions on S&P GSCI indices, each with fees of 0.45%, and two bond products with a TER of 0.50%. The ETF provider of the BlackRock group also on 23 July released nine German-registered bond funds, including seven based on bonds from euro zone treasuries, each of which with fees of 0.20%, and one fund based on emerging market corporate bonds. A list of all of these funds is available as an attachment.
17/08/2012

Frankfurt Trust releases a wealth management fund

The German wealth management firm Frankfurt Trust has decided to release the Luxembourg-registered fund BHF Flexible Allocation FT, launched on 10 October 2007, and which had previously been available only to clients of BHF-Bank, the parent company of Frankfurt Trust, with assets of EUR92m, in Germany.The product, which has a five-star rating from Morningstar, is managed by BHF Trust, an asset allocation specialist. It is a wealth management fund, whose exposure to the equity market may vary, depending on the evolution of the market, so as to maximise gains and minimise losses.CharacteristicsName: BHF Flexible Allocation FTISIN code: LU0319572730Front-end fee: 3%Management commission: 1.50%
17/08/2012

iShares lists six more ETFs in Frankfurt

On 16 August, iShares launched six new German-registered ETFs on the Xetra electronic trading platform (Deutsche Börse), including four commodity funds with dynamic rollover of positions on S&P GSCI indices, each with fees of 0.45%, and two bond products with a TER of 0.50%. Xetra now lists 997 ETF on its XTF segment. The ETF provider of the BlackRock group also on 23 July released nine German-registered bond funds, including seven based on bonds from euro zone treasuries, each of which with fees of 0.20%, and one fund based on emerging market corporate bonds. iShares ETF ISIN TFR iShares S&P GSCI Dynamic Roll Commodity Swap DE000A1J0ZC7 0,45% iShares S&P GSCI Dynamic Roll Agriculture Swap DE000A1J0ZD5 0,45% iShares S&P GSCI Dynamic Roll Energy Swap DE000A1J0ZE3 0,45% iShares S&P GSCI Dynamic Roll Industrial Metals Swap DE000A1J0ZF0 0,45% iShares Barclays Capital EM Asia Local Govt Capped Bond DE000A1J0ZB9 0,5 % iShares Markit iBoxx $ High Yield Capped Bond DE000A1J0ZA1 0,5 % iShares ETF ISIN TFR iShares Barclays Austria Treasury Bond ETF DE000A1J0BA2 0,20% iShares Barclays Belgium Treasury Bond ETF DE000A1J0BB0 0,20% iShares Barclays Finland Treasury Bond ETF DE000A1J0BC8 0,20% iShares Barclays France Treasury Bond ETF DE000A1J0BD6 0,20% iShares Barclays Germany Treasury Bond ETF DE000A1J0BE4 0,20% iShares Barclays Italy Treasury Bond ETF DE000A1J0BF1 0,20% iShares Barclays Netherlands Treasury Bond ETF DE000A1J0BG9 0,20% iShares Barclays Spain Treasury Bond ETF DE000A1J0BH7 0,20% iShares Morningstar $ Emerging Market Bond ETF DE000A1J0BJ3 0,50%
17/08/2012

Assets under management up, but profits down at VZ Holding

Assets under management at the wealth management firm VZ Holding as of 30 June this year totalled CHF9.15bn, compared wih CHF8.43bn as of the end of December 2011, according to a statement released on 16 August. Net inflows in first half totalled CHF0.6bn, compared with CHF528m in first half 2011. VZ Holding has earned a net profit for first half down 5.1%, to CHF23.8m, while operating costs increased by 5.5% to CHF40.9m.
17/08/2012

Assets under management at BCV up 4%

The Banque Cantonale Vaudoise (BCV) on 17 August announced that its assets under management had increased 4%, or CHF2.9bn, in first half, to a total of CHF80bn. Net inflows totalled CHF372m. The bank explains that funds from private clients, SMEs and pension funds contributed to inflows (totalling a net CHF1bn), while short-term funds from large businesses brought in slightly over CHF600m, due to “deliberately low” remuneration on these deposits. Earnings at the bank increased 1%, to CHF508m, while gross profits improved by 4%, to CHF242m, and net profits rose 2%, to CHF157m.
17/08/2012

Swiss Life : AUM up 5% in first half

The assets under management (AUM) of the Investment Management division of Swiss Life increased 5% in the first half of 2012 at CHF141.07bn. Third party AUM were up CHF2bn at CHF18.5bn, with CHF1.6bn net new money and CHF0.5bn market movements, the company said on Friday.Investment Management also made a larger contribution to profits: thanks to increases in assets under management and corresponding growth in asset management fee revenues, profits rose by 7% to CHF61m.Results were down at Swiss Life International and AWD. Swiss Life International incurred a loss of CHF3mi due to negative currency effects and higher costs. AWD, on the other hand, posted a slightly higher operating result than in the first half of 2011 (EUR22.4m / +3%). However, due to EUR 9.3m in provisions for litigation, AWD’s contribution to Group earnings declined to EUR 13.1m (HY 2011: EUR21.8m).
17/08/2012

Flossbach von Storch develops in Switzerland

Bernhard Utiger, head of CRM for independent wealth management clients, banks and insurers in Zurich for JPMorgan Asset Management, has been recruited by the Swiss affiliate of the German firm Flossbach von Storch as director of relations with Swiss distribution partners and institutional clients.Kurt von Storch, chairman of the board of directors at Flossbach von Storch Switzerland, states that the firm is now planning to develop outside the area of private clients, and to enter the open-ended fund segment, releasing products to independent wealth management firms, family offices, banks and insurers.For five years, Flossbach von Storch had specialised in wealth management in Switzerland, with eight staff for that activity in Zurich.
17/08/2012

Brummer & Partners hires a fund manager

Brummer & Partners has hired Michael Falken as manager for its new hedge fund Carve Capital, according to the Swedish website Realtid.se. He had previously worked at Öhman, as a fixed income specialist manager.
17/08/2012

Departure of a co-founder of Brevan Howard

Christopher Rokos, co-founder of Brevan Howard, will be leaving the hedge fund firm, the Financial Times reports. Sources familiar with the matter have told the newspaper that his departure was a “natural evolution” of his career. Rokos is one of the best-known hedge fund traders in the industry, and was one of the wealthiest individuals in the United Kingdom before moving to Geneva with Brevan in 2010.
17/08/2012

Pioneer recruits a head of EMEA sales

Pioneer Investments has recruited Marc Robinson has head of sales for the Europe, Middle East and Africa (EMEA) region, Fund Web reports. Robinson, who previously worked at Amundi, will be in charge of developing strategic long-term partnerships with international distribution companies.
17/08/2012

Martin Currie adopts a double-headed management structure

The Edinburgh-based asset management firm Martin Currie has appointed two members to the board to co-chair it, following the retirement of chairman Balcolm Gourlay, who has been in the role for seven years, Fund Web reports. Rich DeMartini and David Shearer have been appointed as co-chairmen of Martin Currie, which has also announced that Alex Rose, Graham Thomas and Carol Sergeant have been appointed to the board.
17/08/2012

James Hambro & Partners merges with Calkin Pattinson

The British wealth management firm James Hambro & Partners is merging with the financial planning specialist Calkin Pattinson to form a group with assets under advising, management and administration expected to total about GBP1bn, Fund Web reports. Products from the new group will be sold under the brand name James Hambro & Partners.
17/08/2012

“White label” fund market shrinking

According to a quarterly study by the private bank Hauck & Aufhäuser, assets in white label or private label funds as of 30 June included 915 products with total assets of EUR44.9bn, compared with 936 funds and EUR46.9bn three months earlier, Fondsprofessionell reports. The average amount in each fund now stands at EUR49.1m, compared with about EUR50.2m in first quarter. The highest asset levels for one of these funds is about EUR2.7bn.The top two players in the market are IPConcept/DZ Bank, with EUR1.42bn in 117 funds, and Universal-Investment with EUR6.2bn in 184 products. Meanwhile, the largest managers of these white-label funds are DJE Kapital (EUR4.5bn), Flossbach von Storch (EUR3.3bn) and Ethna (EUR3.2bn).
17/08/2012

Several hedge funds back Mitt Romney

Several big names in alternative management are campaigning for Republican candidate Mitt Romney, the website Absolute Return + Alpha reports. John Paulson, Robert Mercer and Julian Robertson have each donated USD1m to the pro-Romney group “Restore Our Future.” According to the Center for Responsive Politics, 70% of donations from the hedge fund sector have so far gone to the Republicans. In 2008, the Democrats received 67% of donations from the sector. Among the hedge funds which are supporting Romney’s candidacy are Alex Sloane (A.J. Sloan Capital), Alex Robertson (Tiger Management), Anthony Scaramucci (SkyBridge Capital), Dan Loeb (Third Point), John Griffin (Blue Ridge Capital), and Paul Singer (Elliott Management).
17/08/2012

BlackRock recruits a former Putnam manager

BlackRock has recruited Bartlett G. Geer from Putnam Investments to build up its active equity management team, Reuters reports. Geer, who was manager of the Equity Income Fund, with USD2.5bn in assets, at Putnam, will be joining the asset management giant in September, according to a spokesperson cited by the news agency.
17/08/2012

Bridgewater moves and announces ambitions

The alternative management firm Bridgewater Associates is planning to move from Westport, Connecticut, to Stamford, in the same state, which is offering it a tax credit of USD115m to assist it with these plans, the website boston.com reports. Bridgewater is planning to carry out the plans, which represent an investment of USD750m, by 2017. The firm is planning to move all of its 1,225 personnel, who are currently distributed over several buildings in Westport, to the new location. Bridgewater is also planning to recruit 1,000 people in the next 10 years. Assets under management at Bridgewater total about USD130bn.
17/08/2012

Korean sovereign fund hopes to double assets in five years

The Korean sovereign fund Korea Investment Corporation (KIC) is hoping to double its assets under management to USD100bn in the next five years, Asian Investor reports. Asstes at KIC are expected to reach USD50bn by the end of the year, compared with USD47bn currently. With this in mind, the sovereign funds, which has personnel of 130, has already recruited 20 professionals (analysts and traders) since the beginning of the year. The sovereign fund is working to maintain and improve its returns. Exposure to alternative strategies may increase from 15% currently to 20% or 25% in the next five years.
17/08/2012

Myflow named as Innovative Start-up

The asset allocation assistance platform serving IFAs Myflow on 16 August announced that it has been granted status as an Innovative Start-up (JEI) by the French ministry of finance and research. “The status of Innovative Start-up is attractive because it allows us to qualify for tax breaks,” says Frédéric Picard, founder of MyFlow. “With lower taxes, we can more calmly consider hiring young engineers to develop our activities.”
17/08/2012

CalPERS invests EUR530m in Asian real estate funds

The California Public Employees’ Retirement System (CalPERS) on 16 August announced a USD530 million investment commitment to two new real estate funds that will target investments in China.CalPERS will invest USD480 million to the ARA Long Term Hold Fund sponsored by ARA Asset Management, a member of the Cheung Kong Group. The pension fund will also invest USD50 million in ARA’s Dragon Fund II. The first fund will target investments in high quality office buildings in central business districts and retail malls in well-located, densely populated suburbs in the first and second tier cities in China and Hong Kong. The second one will primarily focus on retail, office and residential property investment in key cities of China, Singapore Hong Kong, and Malaysia.CalPERS previously invested USD500 million to ARA Dragon Fund I in 2007. The investment earned the pension fund a 19.2 percent return for the one year period ended March 31, 2012, and an annual 8.4 percent return over the last three years through March 31, 2012.
17/08/2012

Deka endows a chair in sustainable finance in Frankfurt

Wolfgang Goethe University in Frankfurt on 15 August created a chair in sustainable finance and banking, sponsored by DekaBank, the central asset management firm for the German savings banks (EUR165bn in assets). According to the initiators of the project, part of the House of Finance, this is the first chair of its type in Germany. The chair has been given to Grant Gropp, previously a professor of financial economics and taxation at EBS University in Wiesbaden. Gropp has also worked at the European Central Bank, where he most recently was deputy director of financial research.
17/08/2012

HFRX hedge fund indices dedicated to Asia down in second quarter

The HFRX index dedicated to Japan has lost 1.5% in second quarter, whereas it had gained 5.2% in first quarter. In the same period, Japanese equities lost more than 10%. The HFRX index dedicated to China finished second quarter down 1.6%, while the HFRX Asia including Japan index shed 2.4%. Hedge funds investing in other Asian emerging economies suffered even more marked declines, with HFRX indices dedicated to India and Korea losing 8.4% and 10.8%, respectively. The latter two indices had gained 19.2% in the first case, and 6.3% in the second, in first quarter.
17/08/2012

Threadneedle releases a fund in Sweden

Threadneedle Investments is releasing the Threadneedle (Lux) US contraraian core equities fund in Sweden, Privata Affärer reports. The fund is managed by Guy W. Pope, who buys up shares in which the market has abandoned all hope. “This fund is based on pessimism: we look for businesses which have been rejected due to pessimism about their future,” the manager explains.
17/08/2012

Bankinter launches its first sustainable development fund

As part of its sustainable development programme, Bankinter is releasing the Bankinter Sostenibilidad fund, which will invest at least 75% of its assets in equities from companies included in sustainable development indices. The remainder will be placed directly or indirectly in corporate bonds which are also included in these indices, and in short-term debt of EU governments, Funds People reports.Management commission is 1.60%, while the depository banking commission is 0.15%. Minimal subscription is set at EUR60.

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