La société de gestion britannique Argonaut Capital Partners vient de se séparer d’Ignis Asset Management qui assurait jusqu’ici l’administration de sa gamme de fonds, rapporte Money Marketing. C’est IFDS qui prend le relais d’Ignis en tant qu’administrateur.En août 2011, Argonaut avait pris son indépendance opérationnelle d’Ignis en portant sa participation dans la co-entreprise avec Ignis de 50% à 60%, Ignis ramenant la sienne à 40% contre 50% précédemment. IFDS doit assumer ses nouvelles fonctions d’administrateur à compter du 16 juillet. A noter aussi que plusieurs fonds communs à Argonaut et Ignis changent de dénomination. Ignis Argonaut European alpha fund, dont les actifs sous gestion s'élèvent à 269 millions de livres, devient IM Argonaut European alpha fund, Ignis Argonaut European income fund (292 millions de livres) devient IM Argonaut European income fund, Ignis Argonaut European enhanced income fund (57 millions de livres) devient IM Argonaut European enhanced income fund et Ignis Argonaut European absolute return fund (7,5 millions de livres) devient IM Argonaut European aboslute return fund. Les actifs sous gestion d’Argonaut s'élèvent à 1,1 milliard de livres.

Le fournisseur de produits structurés SIG (Sutructured Investment Group) vient de lancer une nouvelle offre à destination des intermédiaires, rapporte Money Marketing.SIG a constitué un comité d’investissement de quatre spécialistes des hedge funds et du marché des produits structurés qui se proposent d’identifier des stratégies d’investissement à destination des gestionnaires de fortune et du marché du conseil. La société, qui envisage de proposer un véhicule d’investissement structuré de rendement, un autre de croissance, a aussi la capacité de créer des produits structurés sur mesure.

La BaFin a délivré son agrément de commercialisation en Allemagne pour le fonds Oddo Haut Rendement 2017 dont la souscription est ouverte jusqu’au 30 novembre (lire Newsmanagers du 10 mai et du 6 juin).Oddo précise que le fonds Oddo Rendement 2017 lancé en septembre affichait au 15 juin une performance de 8 % et un encours de 548 millions d’euros collectés durant la période de souscription.

La Française AM a annoncé le 21 juin qu’elle s’associait à l'équipe Global Markets Intelligence (GMI) de S&P Capital IQ, l’un des principaux fournisseurs de données, de recherche et d’analyse multi-classes d’actifs, pour développer une expertise de crédit mondial et répondre ainsi aux besoins des investisseurs.Dans le cadre de cet accord exclusif et du lancement prochain d’un fonds Global Credit de droit luxembourgeois, La Française AM mettra à profit la méthodologie propriétaire Risk-to-Price (R2P) de S&P pour guider sa sélection des actifs et ses décisions d’allocation. La méthodologie R2P calcule dans quelle mesure le rendement des obligations d’entreprise rémunère les créanciers pour leur exposition aux risques de crédit et de marché sous-jacent. Dans le cadre de ce partenariat, GMI fournira des services de conseil en investissement non discrétionnaires à l'équipe de gestion obligataire de La Française AM.

Société Générale Securities Services (SGSS) a annoncé le 21 juin deux nominations afin de renforcer sa présence commerciale sur certains marchés clés et accompagner le développement de ses clients.Michael Le Garignon a rejoint SGSS en qualité de directeur commercial, responsable du développement et des relations clients – Royaume-Uni. Il est rattaché à Mathieu Maurier, directeur commercial et des relations clients de SGSS. Ce recrutement est effectif depuis le 1er mai 2012. Michael Le Garignon occupait précédemment les fonctions de directeur exécutif du développement de l’activité Sociétés de gestion et Compagnies d’assurance pour la zone Europe/Moyen-Orient/Afrique (EMOA) au sein de J.P. Morgan Ltd. Andrew Duffin, qui a rejoint SGSS en 2007, est nommé directeur commercial Marchés émergents, également rattaché à Mathieu Maurier. Cette nomination prendra effet le 1er juillet 2012. Andrew Duffin occupait précédemment les fonctions de responsable senior au sein de la Direction commerciale et des Relations clients de SGSS.

Des données de marché laissent penser que JPMorgan a soldé cette semaine une partie des positions que sa direction des investissements a prises à Londres sur le marché des dérivés de crédit, rapporte L’Agefi. Une exposition mal maîtrisée qui a contraint le groupe à avouer en mai une perte provisoire de 2 milliards de dollars dans cette activité. Selon Bloomberg cité par l’Agefi, la banque aurait débouclé ses positions par l’intermédiaire du hedge fund BlueMountain, cofondé en 2003 par Andrew Feldstein, qui a participé dans les années 90 à la création du marché des CDS au sein de JPMorgan.

Afin de répondre aux besoins de sa clientèle internationale en développement, Carmignac Gestion étend le nombre de parts mises à leur disposition. En plus des parts existantes, ils auront désormais accès à des parts de capitalisation libellées en francs suisses (CHF) et en dollars (USD), et à des parts de distribution en EUR. Carmignac précise que les parts libellées dans une devise autre que l’euro sont systématiquement couvertes contre le risque de change.Les nouvelles parts de capitalisation libellées en CHF et USD :Carmignac PatrimoineCarmignac Patrimoine A CHF acc FR0011269596Carmignac Patrimoine A USD acc FR0011269067Carmignac Euro PatrimoineCarmignac Euro Patrimoine A CHF acc FR0011269547Carmignac Euro Patrimoine A USD acc FR0011269158Carmignac InvestissementCarmignac Investissement A CHF acc FR0011269190Carmignac Investissement A USD acc FR0011269554Carmignac EmergentsCarmignac Emergents A CHF acc FR0011269380Carmignac Emergents A USD acc FR0011269364Carmignac Court TermeCarmignac Court Terme A CHF acc FR0011269323Carmignac Court Terme A USD acc FR0011269331Carmignac SécuritéCarmignac Sécurité A CHF acc FR0011269091Carmignac Sécurité A USD acc FR0011269109De nouvelles parts de distribution libellées en EURCarmignac Patrimoine D EUR inc FR0011269588Carmignac Euro Patrimoine D EUR inc FR0011269406Carmignac Investissement D EUR inc FR0011269182Carmignac Emergents D EUR inc FR0011269349Carmignac Sécurité D EUR inc FR0011269083Les parts A EUR existantes des fonds suivants sont renommées en A EUR acc :Carmignac Euro Patrimoine A EUR acc FR0010149179Carmignac Euro-Entrepreneurs A EUR acc FR0010149112Carmignac Investissement Latitude A EUR acc FR0010147603Carmignac Profil Réactif 50 A EUR acc FR0010149203Carmignac Profil Réactif 75 A EUR acc FR0010148999Carmignac Profil Réactif 100 A EUR acc FR0010149211Carmignac Court Terme A EUR acc FR0010149161Carmignac Sécurité A EUR acc FR0010149120Les parts A EUR / E EUR existantes des fonds suivants sont renommées en A EUR acc / E EUR acc :Carmignac PatrimoineCarmignac Patrimoine A EUR acc FR0010135103Carmignac Patrimoine E EUR acc FR0010306142Carmignac Investissement Carmignac Investissement A EUR acc FR0010148981 Carmignac Investissement E EUR acc FR0010312660Carmignac EmergentsCarmignac Emergents A EUR acc FR0010149302Carmignac Emergents E EUR acc FR0011147446

C’est le nouvel accessoire à la mode chez les gérants de hedge funds : le fonds masqué. Bridgewater Associates a choisi «ZQPGGAV00000,» John Paulson, «Paulson Fund 1" et Cliff Asness (AQR Capital Management) préfère «805-1355888867."Ces noms mystérieux permettent aux gérants de hedge funds de cacher l’identité de leurs fonds aux régulateurs et autres tiers dans les documents déposés auprès de la Securities and Exchange Commission, analyse The Wall Street Journal. Environ 150 sociétés de gestion ont choisi de masquer les vrais noms de leurs fonds. Cette pratique autorisée suscite la colère de certains investisseurs et conseillers. Les gérants expliquent qu’elle leur permet de garder secret le nom d’un client s’ils investissent pour un seul individu. Cela permet aussi de protéger des informations sur leur stratégie d’investissement.

Warren Tonkinson a été recruté en tant que responsable mondial de la distribution de la société issue du rapprochement entre les deux filiales de gestion du groupe Old Mutual, Skandia Investment Group et OMAM (UK), selon un communiqué du 21 juin. Warren Tonkinson vient d’UBS Global Asset Management où il a passé 10 ans et était dernièrement managing director.Il remplace Rob Williams côté SIG et Simon Wilson côté OMAM. La fusion des deux sociétés de gestion du groupe Old Mutual avait été annoncée fin avril (lire article du 27 avril 2012). Dirigée par Julian Ide, le CEO d’OMAM (UK), la nouvelle entité n’a pas encore été renommée. Côté encours, OMAM (UK) gère 4 milliards de livres et SIG totalise 8,7 milliards de livres et supervise une large part des 54 milliards de fonds sous gestion dans les activités de gestion de fortune – Skandia UK, International et Europe.Ce rapprochement a par ailleurs conduit à la fermeture du bureau français de Skandia Investment Group (lire article de Newsmanagers du 3 mai 2012).

Natixis Asset Management et State Street Global Advisor vont gérer sur les trois prochaines années une partie des encours du fonds de pension des salariés de la Rai, la télévision publique italienne, pour un peu plus de 110 millions d’euros, rapporte le site italien Advisor Online.it. En tout, le fonds gère 219 millions d’euros. Natixis gérera pour sa part 57 millions d’euros.

Tove Bångstad a rejoint la structure nordique de Credit Suisse en tant que managing director et responsable de la gestion d’actifs, selon le journal en ligne suédois Realtid. Elle vient d’Aviva Investors, où elle a travaillé comme managing director en charge de la clientèle institutionnelle nordique. Avant, elle était chez SEB Wealth Management.

Emerging market debt is becoming an increasingly popular asset class with institutional investors. “Emerging market debt is a less and less exotic asset class, which currently offers premiums over corporate debt in US dollars,” says Erick Muller, senior product specialist for bond products at JP Morgan Asset Management. In the bond product range from JP Morgan, emerging market debt now accounts for a growing proportion. Assets as of the end of April totalled about USD21bn, with a marked rising trend, Muller says, due to strong demand from institutional investors. The process is at its very beginnings, but from his point of view, it is a structural trend, which will drive institutionals to increasingly opt for strategic allocation to emerging markets, where they had previously been inclined to limit themselves to tactical allocations to these markets. The cause of this development is a need for diversification in an environment in which the quest for returns is becoming increasingly difficult in the sphere of sovereign debt. The fundamentals of emerging markets, however, are highly attractive: stronger growth than in developed countries, budgetary control, money market policies which still offer room to manoeuvre, relatively low default rates, growth and recovery rates largely similar to those observed in the developed world, and lower volatility. The emerging market debt market is increasingly consistent, with a volume of issues of about USD200bn per year, and assets of about USD800bn, which is not at all ridiculous, given that US high yield assets weigh in at about USD1.2trn. However, the universe of companies is still limited by problems with transparency, which are becoming less severe as international growth inevitably implies an approach to international standards and practices. The rise of emerging market corporate debt as a part of institutional portfolios nonetheless looks set to continue. In this environment, could passive management be considered, as some are already doing? Muller says the answer is unambiguous: passive management involves too much dispersion; it magnifies the faults of issues, while active management can reduce them. The emerging market debt market is growing fast, but it is still young.

Daniel J. Rice, co-manager of USD4.4bn in assets invested in the energy sector at BlackRock, will be leaving the firm at the end of this year, the Wall Street Journal reports. The departure comes at a time when the newspaper had recently reported on potential conflicts of interest between private investments in the energy sector by Rice’s family and the natural resources portfolios which he managed for clients of the asset management firm. Rice Drilling, an affiliate of the Rice family company, founded a joint venture in 2010 with Alpha Natural Resources, a coal and natural gas company which later became one of the largest positions in the main fund by the manager. The fund’s losses on Alpha Natural Resources recently exceeded USD100m, or more than 20% of its decline in performance over the past year.

The German asset management firm Union Investment (co-operative banks) claims that the proposed financial transaction tax could be in violation of the principle of equal treatment for small savings investors. If the law were to be passed, Union would cease to launch new open-ended funds in Germany. “If the financial centres of London, Luxembourg and Ireland backed out and did not apply the tax, that would mean that the ones who caused the crisis were not participating in financing the cost of the crisis,” says Hans Joachim Reinke, chairman of the board at Union Investment, referring to a proposal by the German government to introduce the tax in only nine EU countries. Although asset management firms are able to move, small German savings investors would be trapped into paying the tax. Union, which has EUR37bn in assets under management in open-ended funds, has calculated that the transaction tax would cut about 0.4% per year off the returns on its products, which would mean for subscribers, German savings investors, a cost of about EUR1.5bn over ten years, without taking into account the actual performance of the funds. The asset management firm claims that in these conditions, under its fiduciary obligation, it is required to protect its clients as well as possible against the unfair implications of the transaction tax. One solution would be not to launch open-ended funds in Germany.

MSCI will be adding the MSCI Greece Index to the list of country indices for potential reclassification to Emerging Markets as part of the 2013 Annual Market Classification Review."The MSCI Greece Index is structurally no longer in line with Developed Markets size requirements with only two index constituents. If these two remaining index constituents were to experience further decrease in size, MSCI may be forced to discontinue the calculation of the MSCI Greece Index. The weight of the MSCI Greece Index in the MSCI World Index has decreased from 0.16% in May 2010 to 0.03% in May 2012", explains the index provider.

Natixis Asset Management and State Street Global Advisors will manage a portion of the assets of the pension fund for employees of Rai, the Italian public television channel, for the next three years. The portion of the assets amounts to slightly over EUR110m, the Italian website Advisor Online.it reports. Overall, the fund has EUR219m in assets under management. Natixis will manage EUR57m.

The structured product provider SIG (Structured Investment Group) has launched a new product range aimed at intermediaries, Money Marketing reports. SIG has constructed an investment committee with four specialists in hedge funds and the structured products market, which will identify investment strategies for wealth managers and the advising market. The firm, which is planning to offer a value structured investment vehicle, and a growth vehicle, is also able to construct custom structured products.

Warren Tonkinson has been appointed global head of distribution at Skandia Investment Group and OMAM (UK) following the decision by Old Mutual Group to merge the two asset management businesses.Before joining the new business, he spent nearly 10 years at UBS Global Asset Management where he was most recently managing director.The new business – which is going through the merger process and has yet to be named – is headed by OMAM (UK) CEO Julian Ide.

The US asset management firm Muzinich has been selected by the UK Coal Staff Superannuation Scheme and the Mineworkers’ Pension Scheme to manage a joint mandate of GBP31m, in the area of global high yield, Investment Europe reports. The capital had previously been invested in British inflation-linked bonds.

Martin Gilbert, the CEO of Aberdeen Asset Management, has sold nearly one sixth of his stake in the company, Investment Week reports. He sold shares valued at GBP2.5m, out of GBP17m for his total stake at 248 pence per share. He now controls only 0.5% of the company. Anne Richards, CIO, has also reduced her stake. According to a spokesperson, the share sales are for fiscal reasons and to diversify portfolios.

Insurance, investment and retirement group LV= has appointed Wendy Mayall as chief investment officer.In her new role she will be responsible for all elements of LV='s investment strategy. She will provide advice and support to LV='s different business areas and will oversee the relationship with Threadneedle Investments, who manage the Society’s assets. Wendy Mayall will report into Philip Moore, Group Finance Director.Wendy Mayall spent 17 years at Unilever where she ran the biggest fund and was responsible for setting up the first multinational vehicle to pool funds globally, the hedge fund-of-funds and numerous equity multi-manager vehicles.

The British asset management firm Argonaut Capital Partners has parted ways with Ignis Asset Management, which had previously provided administration for its fund range, Money Marketing reports. IFDS will take over fro mIgnis as administrator. In August 2011, Argonaut became operationally independent from Ignis, as its stake in its joint venture with Ignis was raised to 60% from 50%, while Ignis’ stake was lowered to 40% from 50% previously. IFDS will assume its new role as administrator on 16 July. Several joint funds from Argonaut and Ignis will be changing names, as Ignis Argonaut European alpha fund, whose assets under management total GBP2169m, becomes IM Argonaut European alpha fund, Ignis Argonaut European income fund (GBP292m) becomes IM Argonaut European income fund, Ignais Wargonaut European enhanced income fund (GBP57m) becomes IM Argonaut European absolute return fund (GBP7.5m) becomes IM Argonaut Euoprean absolute return fund. Assets under management at Argonaut total GBP1.1bn.

Mary Shapiro, the chairman of the Securities and Exchange Commission, on Thursday called for reforms to the money market fund sector (USD2.6trn in assets), claiming at a Senate hearing that it continues to represent a risk to the financial system, the Wall Street Journal reports. She thinks the funds need to be behind additional firewalls, as investors can still massively flee them, which would lead to systemic instability.

BaFin has issued a sales license for Germany to the Oddo Haut Rendement 2017 fund, for which subscriptions will remain open until 30 November (see Newsmanagers of 10 May and 6 June). Oddo states that the Oddo Rendement 2017 fund, launched in September, as of 15 June posted returns of 8%, and assets of EUR548m, accumulated during the subscription period.

The new fashion accessory for hedge fund managers: funds with coded names. Bridgewater Associates has chosen “ZQPGGAV00000,” John Paulson, “Paulson Fund 1,” while Cliff Asness (AQR Capital Management) prefers «805-1355888867.» These mysterious names help hedge fund managers to conceal the identities of their funds from regulators and other third parties in documents submitted to the Securities and Exchange Commission, the Wall Street Journal writes. About 150 asset management firms have chosen to conceal the names of their funds. This legal practice has drawn the anger of some investors and advisers. Managers explain that the tactic allows managers to keep the names of clients secret, if they are investing for individuals. It also allows them to protect information about their investment strategy.

Carmignac Gestion is enlarging the number of share classes it offers its clients. In addition to existing shares, clients will now have access to capitalisation shares denominated in Swiss francs (CHF), US dollars (USD), and distribution shares in EUR. Carmignac states that shares denominated other than the euro will be systematically hedged against forex risks. The new capitalisation shares denominated in CHF and USD are as follows:Carmignac PatrimoineCarmignac Patrimoine A CHF acc FR0011269596Carmignac Patrimoine A USD acc FR0011269067Carmignac Euro PatrimoineCarmignac Euro Patrimoine A CHF acc FR0011269547Carmignac Euro Patrimoine A USD acc FR0011269158Carmignac InvestissementCarmignac Investissement A CHF acc FR0011269190Carmignac Investissement A USD acc FR0011269554Carmignac EmergentsCarmignac Emergents A CHF acc FR0011269380Carmignac Emergents A USD acc FR0011269364Carmignac Court TermeCarmignac Court Terme A CHF acc FR0011269323Carmignac Court Terme A USD acc FR0011269331Carmignac SécuritéCarmignac Sécurité A CHF acc FR0011269091Carmignac Sécurité A USD acc FR0011269109 The new distribution shares denominated in EUR are as follows:Carmignac Patrimoine D EUR inc FR0011269588Carmignac Euro Patrimoine D EUR inc FR0011269406Carmignac Investissement D EUR inc FR0011269182Carmignac Emergents D EUR inc FR0011269349Carmignac Sécurité D EUR inc FR0011269083Existing A EUR shares in the following funds are renamed as A EUR acc:Carmignac Euro Patrimoine A EUR acc FR0010149179Carmignac Euro-Entrepreneurs A EUR acc FR0010149112Carmignac Investissement Latitude A EUR acc FR0010147603Carmignac Profil Réactif 50 A EUR acc FR0010149203Carmignac Profil Réactif 75 A EUR acc FR0010148999Carmignac Profil Réactif 100 A EUR acc FR0010149211Carmignac Court Terme A EUR acc FR0010149161Carmignac Sécurité A EUR acc FR0010149120Existing A EUR / E EUR shares in the following funds are renamed as A EUR acc / E EUR acc: Carmignac PatrimoineCarmignac Patrimoine A EUR acc FR0010135103Carmignac Patrimoine E EUR acc FR0010306142Carmignac Investissement Carmignac Investissement A EUR acc FR0010148981 Carmignac Investissement E EUR acc FR0010312660Carmignac EmergentsCarmignac Emergents A EUR acc FR0010149302Carmignac Emergents E EUR acc FR0011147446

The research and data provider Morningstar on 21 June announced the publication of the Morningstar Analyst Rating and Global Fund reports, covering about 40 US hedge funds, representing about 75% of the hedge fund universe in terms of assets under management. In the next 12 months, Morningstar is planning to increase its coverage of the alternative universe to include about 100 funds. Morningstar intends the new range primarily as a comparison tool for alternative strategies which are often new and sometimes highly complex.

Stéphane Brunel in May 2012 joined the institutional team at Neuflize OBC Investissements, led by Robert Vela. Brunel previously spent two years at Neuflize Private Assets, a sister company of NOI in the ABN Amro group. His arrival comes not long after that of Olivier Maestracci, and comes at a time when Neuflize OBC Investissements is seeking to strengthen its presence serving institutional clients.

In order to further strengthen its commercial presence across certain key markets and accompany its clients in their growth and development, Societe Generale Securities Services has made several appointmentsMichael Le Garignon joins SGSS as head of sales, head of business development & relationship management – UK, reporting to Mathieu Maurier, global head of sales and relationship management at SGSS. The appointment took effect on 1st May 2012. He joins SGSS from J.P. Morgan Ltd, where he was executive director, business development Asset Managers & Insurance Companies EMEA. Andrew Duffin, who joined SGSS in 2007, is appointed head of sales for emerging markets, also reporting to Mathieu Maurier. The appointment will take effect on 1st July 2012.

La Française AM on 21 June announced that it is teaming up with the Global Markets Intelligence (GMI) team at S&P Capital IQ, one of the major providers of multi-asset class data, research and analysis, to develop an expertise in global credit, to meet the needs of investors. Under the exclusive agreement, with the launch of a forthcoming Luxembourg-registered Global Credit fund, La Française AM will use S&P’s proprietary Risk-to-Price (R2P) methodology to guide its selection of assets and its allocation decisions. The R2P methodology calculates the extent to which returns on corporate bonds bring returns to lenders for their exposure to credit risk and the underlying market. As a part of the partnership, GMI will provide non-discretionary investment consulting services to the bond management team at La Française AM.