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19/06/2012

Chinese regulator planning huge wave of liberalisation

The Chinese securities commission (CSRC) has announced that it is planning to liberalise access to Qualified Foreign Institutional Investment (QFII) licenses, which would involve lowering the required operational experience for insurance companies and pension funds with long-term investment plans from five years to two years. According to Z-Ben Advisors, the CSRC is also said to be planning to extend eligibility to the inter-bank bond market, index futures and margin trading.The regulator is also planning to relax the requirements for mutual fund sales licenses; it is planning to restitute sales licenses previously issued to certain firms which no longer are licensed due to administrative sanctions against them in the past three years.The CSRC is planning to launch a consultation with professionals in the sector on reforms to regulations applicable to fund management firms: it is hoping to incite managers to launch more fixed income products, in order to increase the proportion of total assets in the industry in these funds to 50%.
19/06/2012

Hedge fund closures at their highest levels in two years

In first quarter, 232 hedge funds were liquidated, according to statistics from Hedge Fund Research. This is the highest level observed since first quarter 2010, when 240 hedge funds were closed down.The trend has been compensated by an increase in new fund launches (304), which have brought assets in the sector to USD2.13trn.Hedge Fund Research has also recorded 64 closures of funds of hedge funds, and 34 creations.In the first five months of the year, the HFRI Fund Weighted Composite index has gained 2.54%.
19/06/2012

Barclays reshuffles European fund range

Barclays has announced an overhaul of its range of European funds, under the UCITS IV directive. French Premier Barclays clients will have an extended range of investments available to them, including all GlobalAccess sub-funds of the Irish SICAV Barclays Multimanagers, and some sub-funds of the Luxemburg Sicav Barclays Funds. Some management expertise will also be grouped together through mergers and absorptions of French-registered funds into sub-funds of the Barclays Funds Luxembourg Sicav, with the objective of offering investors a unified product range throughout Europe, with larger portfolio sizes, mutualising total costs for sub-funds, and authorising better management of them. These operations will proceed from 13 to 20 July 2012.Aside from its range of French-registered funds, developed for local and specific solutions, Barclays is making two international Sicav funds available to its French Premier clients (Global Access, an Irish Sicav, and Barclays Funds, a Luxembourg Sicav), offering 40 sub-funds denominated in GBP, USD, JPY and EUR, which are actively managed and cover the major international asset classes.
19/06/2012

GLG releases a UCITS-compliant financial sector hedge fund

The British firm GLG Partners, an affiliate of Man Group, has obtained a sales license from the Irish central bank to release GLG Financials Alternative, a sub-fund of the Sicav GLG Investments VI plc, launched on 30 March 2012, but which continues a long/short financial sector strategy launched in May 2002 with an absolute return objective and returns of 9.71% per year, at a time when the MSCI World Financials index has lost 2.6%, to retail and institutional clients.The fund is managed by David Sanders, with the assistance of Stephen Holliday and Erkin Adylov. The fund is now also available in Germany and Austria.CharacteristicsName: GLG Financials AlternativeISIN codes:Retail: IE00B73DP106Institutional EUR: IE00B771GJ57Minimal subscription:Retail: EUR1,000Institutional: EUR100,000AMC (retail): 2.75%Performance fee: 20%
19/06/2012

Losses in May for several alternative strategies

Of 13 hedge fund strategies regularly monitored by the Edhec-Risk Institute, 10 saw losses in May, with the heaviest lsoses (5.83%) for funds specialised in emerging markets. However, funds specialised in short-selling earned returns of 7.23%, but they were the only ones, along with emerging markets (-0.4%) to post a loss for the first five months of the year (-5.9%). The largest gains in January-May were for distressed securities (4.6%) and convertible arbitrage (4.2%).
19/06/2012

GLG plans to close down European equity long/short strategy

GLG is planning to close the GLG European Equity Alternative fund to new investors, Investment Week reports. The fund, launched barely one year ago, at last reading had assets of USD760m, compared with USD735m at the end of May (see Newsmanagers of 11 June 2012). The fund will undergo a soft closing when it reaches USD1bn, and will then be closed more definitively at USD1.25bn.
19/06/2012

BBVA AM gets back Mar Matilla from Efama

After three years as a senior adviser at the European fund and asset management association (EFAMA), Mar Matilla is rejoining the asset management unit of BBVA as head of innovation and product management, in charge of product development for various BBVA fund sales networks, Funds People reports. She previously worked at Quality Funds, a BBVA entity. She now joins the product team led by Maria Taboada Fernandez de Navarrete.
19/06/2012

UBP AM launches dividend fund in Italy

UBP Asset Management, which belongs to Union Bancaire Privée, has launched its new European equity fund, UBAM – Europe Equity Dividend Plus+, a sub-fund of the Luxembourg Sicav UBAM, in Italy, FondiOnline reports.
19/06/2012

Felix Ronner (ex UBS) joins Reuss Private

The independent wealth management firm Reuss Private has announced that Felix B. Ronner, former CEO of UBS, has become a senior partner and head of products at the firm.
19/06/2012

Private investments highly sought after in times of turbulence

Professional investors are increasingly seeking investments in the private market segment, meaning private debt, private equity, direct investment in real estate and investment in infrastructure, the Swiss Funds Association (SFA), the organisation representing the Swiss investment fund and asset management sector, reports. “Currently, volumes in private markets represent, in the private debt segment alone, more than 30% of the approximately EUR160bn invested in third-party capital,” the association reports in a statement published on 18 June.Swiss and German investors are nonetheless increasingly moving into investment portfolios composed of mortgages and corporate debt from top-calibre businesses. According to the SFA, this development is due to the fact that government bonds and investments in financial sector businesses, once considered safe, are increasingly risky.Hans-Jörg Baumann, chairman and CEO of Swiss Capital Alternative Investments, and also president of the commission which includes promoters of alternative investments within the SFA, says that the government bond and financial sector investment segments have the highest growth rates over time periods of more than 10 years, but that they are currently undergoing some re-rating.
19/06/2012

Julius Bär confirms interest in BofA private banking operation

Julius Baer on 19 June confirmed in a statement that it is in talks to acquire the private banking activities of Bank of America (BofA) outside the United States. The division, inherited from the Merrill Lynch investment bank taken over by BofA at the height of the financial crisis, manages USD90bn ina ssets.Due to the early stage of talks, the outcome is still entirely open, the bank says in a statement.According to some sources, UBS, Credit Suisse and Wells Fargo are also said to be interested in the acquisition.
19/06/2012

TCI calls for conversion of Lloyds cocos

The Children’s Investment Fund has called on regulators to require Lloyds Banking Group to strengthen the bank’s capital reserves, the Financial Times reports. The fund’s CEO, Christopher Hohn, has written to the British Financial Services Authority to call on it to require Lloyds to replace GBP10bn in coco bonds with ordinary shares.
19/06/2012

Man appoints a new CFO

Kevin Hayes, who joined Man Group plc as finance director in 2007, is leaving the company to pursue other professional and personal interests. Jonathan Sorrell, currently Man’s head of strategy and corporate finance, is taking over as finance director with immediate effect.
19/06/2012

UBS launches first ETF of US infrastructure firms

SIX Swiss Exchange has announced that UBS has become the first Swiss asset management firm to launch an ETF of shares in US infrastructure companies, replicating the MSCI USA Infrastructure index.The Irish-domiciled, physical replication product, whose base currency is the US dollar, is available in an A (retail) distribution share class (US dollars and Swiss francs), and an I (institutional and ultra-high net worth private client) share class in US dollars. The market makers are UBS and Commerzbank.CharacteristicsName:UBS (Irl) ETF plc - MSCI USA Infrastructure (USD) A-disUBS (Irl) ETF plc - MSCI USA Infrastructure (USD) A-disUBS (Irl) ETF plc - MSCI USA Infrastructure (USD) I-dTER: 0.65%
19/06/2012

UBS Global AM lists four more ETFs in Germany

Deutsche Börse has announced that it has admitted four ETFs from UBS Global Asset Management to trading on the XTF segment of its Xetra electronic trading platform, which replicate strategy indices developed by Hedge Fund Research. The Irish-registered products track the Equity Hedge, Event Driven, Macro CTA and Relative Value Arbitrage indices. With these funds, the XTF segment now lists 983 products.Characteristics Name: UBS ETFs plc – HFRX Equity Hedge Index SF (EUR) A-accISIN code: IE00B76VD289TER: 1.50%Name: UBS ETFs plc – HFRX Event Driven Index SF (EUR) A-accISIN code: IE00B76VD396TER: 1.50%Name: UBS ETFs plc – HFRX Macro CTA Index SF (EUR) A-AccISIN code: IE00B76VD404TER: 1.50%Name: UBS ETFs plc – HFRX Relative Value Arbitrage Index SF (EUR) A-AccISIN code: IE00B76VD511TER: 1.50%
19/06/2012

Edrim releases Millésima 2018 in Spain

The CNMV has announced that on 15 June it issued a sales license for Spain to the French-registered fund EdR Millésima 2018 from Edmond de Rothschild Investment Managers (see Newsmanagers of 12 June). It is a target-date bond product which aims to capture the potential offered by the credit markets currently.
19/06/2012

IIF calls for new approach to shadow banking

The Institute of International Finance (IIF) on 18 June issued a report “Shadow Banking”: A Forward-Looking Framework for Effective Policy” calling for a new policy approach to non-bank financial activities sometimes described as “shadow banking”. The IIF focused on the potential benefits and risks of these activities and the most appropriate use of risk mitigation tools. The IIF Report suggests that any policy framework be based on three stages of action: first, the identification of relevant activities and collection of relevant information about them, second, an assessment of whether they could pose systemic risk, and third, if risks are identified, the use of risk mitigation tools.
19/06/2012

JP Morgan head plans to launch a hedge fund

Deepak Gulati, currently head of proprietary international equity trading activities at JP Morgan, is planning to leave the group and launch a hedge fund, the news agency Bloomberg reports. According to Bloomberg, Gulati is not expected to launch his project before next year. Gulati is said to be leaving the firm with at least part of his team, which includes 20 traders.
19/06/2012

MFS develops abroad

At a presentation of its new logo on 18 June, CEO Robert Manning has announced that the US asset management firm MFS Investment Management (USD280bn in assets) is planning to open two new fund management centres, one in Hong Kong, and one in São Paulo, Funds People reports. The firm is also planning to open a sales office in Australia.
19/06/2012

S&P cuts ratings for AllianceBernstein

The ratings agency Standard & Poor’s (S&P) on Friday announced that it is lowering the long-term and short-term ratings for AllianceBernstein (USD400bn as of the end of May) to A+ and A-1, respectively, from AA- and A-1+, with a negative outlook.The ratings downgrade is due partly to ongoing net redemptions, which have reduced operating revenues, and on the other hand to distortion of portfolios, with bond assets representing more than half of the total, so that they would be at risk if debt markets were to deteriorate. The negative outlook is due to the disappointing performance of large cap products, which may lead to a continuation of outflows.However, S&P recognizes that the financial risk profile of AllianceBernstein is healthy.
19/06/2012

Trian fund acquires 5.1% stake in Lazard bank

The US investment fund Trian Fund Management on 18 June announced that it has amassed a stake of about 5.1% in the French-American bank Lazard, to become one of the bank’s largest shareholders. Trian, which has acquired 6.3 million ordinary shares in Lazard, claims in a statement that the bank is a top-calibre global financial services business with a high-value brand. The Lazard model, based on commissions, is positioned to naturally profit from long-term financial market trends. Trian supports the new strategic plan at Lazard, unveiled on 27 April, which focuses on increasing margins, and estimates that Lazard shares are significantly undervalued.
19/06/2012

KKR acquires Prisma Capital Partners

Agefi reports that the private equity firm KKR is acquiring the fund of hedge fund management firm Prisma Capital Partners, for an undisclosed amount. Prisma CP, founded by three partners from Goldman Sachs, has USD7.8bn in assets under management, 90% of them institutional. The acquisition is a symptom of a larger desire on the part of private equity firms to diversify their activities, the newspaper remarks.
19/06/2012

Swedish asset management firms count cost of funds

Several Swedish asset management firms have decided to calculate the “Normanbeloppet,” or the cost of a fund in Swedish crowns for an investor who saves SEK1,000 per month for ten years, Dagens Industri reports. Amf Fonder, Folksam LO Fond, Handelsbanken Fonder, Nordea Fonder, SEB Fonder and Skandia Fonder have done so. However, East Capital Asset Management and Carnegie Fonder have no plans to do so. The “Normanbeloppet” is intended to provide some transparency about the cost of a fund, and to allow comparison. But many asset management firms think the figure is unuseful and tends to confuse matters.
19/06/2012

Asset management firms court Scandinavian markets

The Scandinavian savings market, which represents nearly EUR1trn, including sovereign funds, insurers and pension funds, is a choice target for international asset management firms that manage to penetrate it, Financial News reports in an article dedicated to Northern Europe. But the barriers to entry are considerable, and are becoming steadily higher.
19/06/2012

LRI Invest launches a securitisation platform

The Luxembourg firm LRI Invest has announced that in June it opened a securitisation platform via LRI Invest SA and LRI Invest Issuance SA. The objective is to offer originators and investors custom solutions for fully structured products, which carry no issuer risks. LRI Invest is in a position to combine these new services with a Luxembourg special investment fund (SIF) formula, CEO Markus Kierke says.LRI Invest has 90 employees, and manages or administers 230 funds with total assets of EUR8bn.
19/06/2012
Gestion d'actifs

L'IRCANTEC annonce les résultats de son appel d'offres sur l'ISR

Au terme d’un appel d’offres européen lancé en décembre 2010, l’Institution de retraite complémentaire des agents non titulaires de l'État et des collectivités publiques (IRCANTEC), dont la gestion est assurée par la Caisse des Dépôts, a indiqué avoir sélectionné sept sociétés de gestion auxquelles elle a attribué 10 mandats de gestion financière. Ces sociétés ont été sélectionnées en intégrant notamment des critères ISR. Les actifs de l’institution seront intégralement investis dans 10 FCP. Ce marché se décomposait en 4 lots : Le lot 1, composé de 2 FCP investis en actions, est attribué à Allianz GI et Edmond de Rothschild AM. Le lot 2, composé de 3 FCP investis en obligations à taux nominal, est attribué à Amundi AM, Dexia AM et Natixis AM. Le lot 3, composé de 3 FCP investis en actifs financiers diversifiés, est attribué à Allianz GI, BNP PAM, et CPR AM. Le lot 4, composé de 2 FCP investis en obligations à taux indexés sur l’inflation, est attribué à BNP PAM et Natixis AM. La démarche de l’Institution, pilotée par les services financiers de la direction des retraites et de la solidarité de la Caisse des Dépôts, poursuivait deux objectifs : d’une part, appliquer une nouvelle allocation stratégique cible comprenant 29 % d’actions, 20 % d’obligations indexées sur l’inflation, 46 % d’obligations nominales ainsi que 5 % d’immobilier; d’autre part, appliquer des critères ISR à l’ensemble de ses actifs. Auparavant, l’Ircantec avait sélectionné une agence de notation sociétale, Vigeo, pour l’appuyer dans le contrôle du respect des critères environnementaux, sociétaux et de gouvernance (ESG) imposés aux entreprises qui ont concouru à cet appel d’offres.
Gestion d'actifs
19/06/2012

Eaton Vance acquires 49% of HexaVest

The US firm Eaton Vance Corp (USD197.5bn in assets as of the end of April) has announced an acquisition of a 49% stake in the Canadian firm Hexavest Inc (USD9.9bn as of 31 May), based in Montreal, which will continue to be controlled and managed by shareholder employees. The amount of the transaction, which will be completed in cash, has not been disclosed.Hexavest provodes discretionary management of equity and tactical allocation portfolios for some 100 institutional clients in Canada.When the transaction is completed, Eaton Vance will take over development of activities at Hexavest outside Canada. In addition, the US asset management firm is planning to launch a new range of mutual funds on United States and international markets, which will be sub-advised by Hexavest.
19/06/2012
Gestion d'actifs

Réunica joue les marchés émergents au travers de valeurs des pays développés

La réglementation financière du portefeuille de Réunica limite fortement la capacité d’exposition directe aux marchés émergents. « L’investissement dans les valeurs des pays développés exposées aux marchés émergents nous permet de combiner notre vision macro-économique avec les exigences de la réglementation », explique Géraldine Brasseur, responsable des placements à long terme chez Réunica dans un article paru sur le site de bfinance. « En s’exposant aux marchés émergents via des entreprises issues de pays développés, nous obtenons un niveau de transparence supérieur à celui qu’on obtiendrait en investissant dans des sociétés locales », précise-t-elle. Réunica a sélectionné une gestion focalisée sur la zone euro, « la majorité des fonds analysés couvraient la zone Europe », note Géraldine Brasseur. La qualification AMF « actions pays zone euro » donne toutefois la possibilité au gérant d’investir une partie de l’actifs du fonds dans d’autres zones géographiques. « Il s’agit d’un investissement zone euro avec une volatilité d’un fonds zone euro. La corrélation de la performance du fonds avec un indice émergent n’augmente pas le risque », estime Géraldine Brasseur.
Gestion d'actifs
18/06/2012

L’UE songerait à doubler la durée de ses prêts à l'Irlande

Les créanciers internationaux de l’Irlande songent à porter de 15 à 30 ans la durée moyenne d’une partie des 85 milliards d’euros de prêts consentis à la République d’Irlande, a rapporté la chaîne de télévision publique RTE, citant des sources proches des créanciers. La prolongation ne concernerait que les fonds prêtés par l’Union européenne, précise RTE, et pas ceux alloués par le FMI. Une telle décision aurait pour objectif de faciliter le retour de l’Irlande sur les marchés du financement à long terme avant que le plan d’aide ne soit épuisé, fin 2013. Un tel projet a toutefois été démenti par un porte-parole du président de la Commission européenne.

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