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09/05/2012
Fonds

Arrow lance un ETF répliquant un nouvel indice Dow Jones

Arrow Investment Advisors a fait admettre à la négocation le 8 mai sur la plate-forme NYSE Arca son premier ETF ArrowShares, le Arrow Dow Jones Global Yield ETF (acronyme : GYLD), qui réplique le nouveau Dow Jones Global Composite Yield Index. Cet indice est destiné à réduire le risque de concentration en suivant cinq paniers correspondant chacun à un sous-indice de 30 valeurs censées fournir une exposition équipondérée à des sources de revenus traditionnelles ou alternatives sur plusieurs classes d’actifs. Ce produit est chargé à 0,75 %.Les cinq sous-indices sont : Dow Jones Global Equity Yield Index, Dow Jones Global Real Estate Yield Index, Dow Jones Global Alternative Yield Index ainsi que Credit Suisse Yield Enhanced Global CorporateIndex et Credit Suisse Yield Enhanced Sovereign Index.
Fonds
09/05/2012
Fonds

Louis Gallois va rejoindre le conseil d'administration du FSI

A peine un an après son arrivée au sein du conseil d’administration du Fonds stratégique d’investissement (FSI), Denis Ranque va abandonner son poste d’administrateur indépendant pour mener à bien un projet personnel, rapporte Les Echos. Selon le quotidien, Louis Gallois, directeur général exécutif d’EADS, devrait lui succéder.
Fonds
09/05/2012
Fonds

Van Eck prépare deux ETF sur les actions saoudiennes

Le 3 mai, Van Eck a notifié à la SEC (form N-1 A) son projet de lancer le Market Vectors Saudia Arabia ETF et le Market Vectors Saudi Arabia Small-Cap ETF, des fonds spécialistes des actions saoudiennes et répliquant des indices calculés par Structured Solutions AG. Aucun acronyme et aucun TFE ne sont indiqués.
Fonds
09/05/2012
Fonds

Les investisseurs contraignent SEB AM à liquider le fonds ImmoInvest

Le fonds immobilier offert au public SEB ImmoInvest*, dont les remboursements étaient gelés depuis presque deux ans, sera liquidé d’ici au 30 avril 2017, en accord avec la BaFin, a annoncé lundi l’allemand SEB Asset Management. En effet, les demandes de remboursements accumulées depuis le 25 avril ont dépassé les liquidités disponibles et les ordres correspondants n’ont donc pas été exécutés (lire Newsmanagers du 2 mai). Les porteurs ont donc décidé en connaissance de cause la disparition de ce produit, le gestionnaire leur ayant clairement donné le choix entre la liquidation et le passage sous le régime de la nouvelle loi sur la protection des investisseurs.SEB AM indique qu’il va procéder à des remboursements semestriels, le premier, correspondant à 20 % de l’encours (6,35 milliards d’euros en dernier lieu) devant être effectué en juin 2012. Le montant des versements ultérieurs dépendra des liquidités tirées des cessions d’actifs.Le gestionnaire précise que le portefeuille comporte 132 immeubles dans 18 pays et 64 villes. La performance depuis le lancement en mai 1989 a été de 219,7 % ou de 5,2 % par an.Barbara Knoflach, directrice générale de SEB AM, a indiqué que les investisseurs ayant opté pour un remboursement se divisent en deux catégories : d’une part, ceux pour lesquels l’horizon d’investissement est arrivé à son terme durant les deux années écoulées et qui doivent à présent disposer de leur mise ; de l’autre, les investisseurs très préoccupés par l’environnement économique et financier ainsi que par les turbulences qu’ont traversées les fonds immobiliers offerts au public.*DE0009802306
Fonds
09/05/2012

East Capital signe un accord de distribution en Italie

La société suédoise East Capital, spécialisée sur les marchés émergents, vient de signer un accord de distribution avec la banque privée italienne Ubi Private Banking, rapporte Bluerating. La structure italienne distribuera ainsi les compartiments East Capital (Lux) Russian Fund et East Capital (Lux) Eastern European Fund, de la Sicav East Capital Lux.
09/05/2012

iShares et la banque privée d’UniCredit s’associent

iShares, la structure du groupe BlackRock dédiée aux ETF, s’est associée à UniCredit Private Banking afin de donner naissance à Green, une gestion de portefeuilles à garantie individuelle utilisant des ETF et un mécanisme dynamique de protection. Ce mécanisme adapte quotidiennement la part des investissements à l’évolution des marchés.L’investisseur, avec l’appui de son banquier privé, établit en fonction de ses exigences, attentes et profil de risque, un niveau de garantie compris entre 80 et 90 %. L’équipe de spécialistes de la Global Investment Strategy d’UniCredit Private Banking investira en conséquence l’argent du client, en définissant la composition optimale de son portefeuille entre une ligne conservatrice et une ligne active, en utilisant comme supports d’investissements les ETF d’iShares, indique un communiqué de presse diffusé lundi en Italie."La nouveauté est que contrairement aux produits garantis traditionnels, Green est gérée pour chaque client, qui à tout moment peut augmenter ou diminuer les investissements, modifier le niveau de la garantie ou sortir sans frais. En outre, la valeur de la garantie est liée à l’évolution de la gestion et peut uniquement croître. Et si la gestion devait être inférieure au niveau de garantie, UniCredit intègre la différence en deux jours sur le compte du client», explique Andrea Lacalamita, responsable Global Marketing d’UniCredit Private Banking.Cette offre est lancée dès aujourd’hui sur le marché italien. Elle sera aussi disponible auprès de la clientèle allemande et autrichienne.
09/05/2012
Fonds

Source propose un Exchange Traded Certificate sur le Brent

Avec le Source Brent Crude Enhanced T-ETC (acronyme : BOIL), Source lance un exchange traded certificate qui permet selon l'émetteur «de s’exposer de manière optimisée au pétrole brut Brent» au travers de l’indice S&P GSCITM Brent Crude Enhanced Total Return.Le Source Brent Crude Enhanced T-ETC est sécurisé par du monétaire et notamment par des bons du Trésor américain. Il est coté à la bourse suisse (SIX Swiss Exchange) et négocié en dollars américains. Il est autorisé à la commercialisation en Suisse, en Autriche, en Belgique, au Danemark, en Finlande, en France, en Allemagne, en Irlande, en Italie (pour les investisseurs institutionnels uniquement), au Luxembourg, aux Pays-Bas, en Norvège, au Portugal, en Espagne, en Suède et au Royaume-Uni.CaractéristiquesDénomination : Source Brent Crude Enhanced T-ETCCode Isin : XS0766094972 Domiciliation : Irlande Devise de base et de négociation USD / USD Commission de gestion : 0.49%
Fonds
09/05/2012
Fonds

Jupiter lance une réplique européenne de son Strategic Fund

Le 8 mai, Jupiter a annoncé le lancement du Jupiter Dynamic Bond, compartiment de la sicav luxembourgeoise Jupiter Global Fund, disponible en parts retail et institutionnelles en euros, dollars, livres et francs suisses. C’est la réplique annoncée (lire Newsmanagers du 28 février) du fonds britannique Jupiter Strategic Fund (921 millions de livres) que gère également Ariel Bezalel depuis juin 2008 et qui a affiché pour les trois ans au 30 avril 2012 une performance de 65,5 % contre 41,3 % pour la moyenne sectorielle IMA des fonds Sterling Strategic Bonds. Le fonds britannique a également surperformé de 28,4 points de pourcentage le iBoxx Stg Non-Gilts All Maturities Index.Le portefeuille comportera en règle générale entre 60 et 80 lignes, mettant en œuvre une stratégie souple couvrant l’ensemble du spectre obligataires, des régions et des catégories de notations.La monnaie de base est l’euro. Pour les parts euros, les valeurs en autres devises seront couvertes du risque de change à 80 %.Il est prévu des distributions trimestrielles, la première étant programmée pour le 30 septembre 2012.Le fonds dispose d’un agrément de commercialisation au Royaume-Uni, à Hong-Kong, Singapour, à Jersey, en Suède, en Autriche, en Finlande, en France, en Allemagne, au Portugal, à Guernesey et aux Pays-Bas. L’agrément a demandé pour la Belgique et la Suisse.Caractéristiques: Dénomination: Jupiter Dynamic BondIndice de référence: Barclays Capital Euro – Aggregate Corporate IndexDroit d’entrée: 5 %Commission de gestion:parts L: 1,25 %parts I: 0,50 %Souscription minimale initialeparts L: 1.000 euros/dollars/livres/francs suissesparts I: 10 millions euros/dollars/livres/francs suisses
Fonds
09/05/2012
Fonds

Threadneedle commercialise un hedge fund obligataire coordonné

Le britannique Threadneedle a entamé la commercialisation de son nouveau hedge fund coordonné Threadneedle (Lux) Global Opportunities Bond Fund lancé le 24 août 2011.Le portefeuille de ce produit obligataire géré par James Cielinski est scindé en deux parties : le «liquidity & carry portfolio», qui pourra représenter entre 10 et 70 % de l’encours, sera investi en obligations bien notées et en dérivés de crédit à échéance courte tandis que la partie active utilisera plusieurs stratégies avec des positions longues et courtes sur l’ensemble de l’univers obligataire.L’objectif consiste à surperformer le taux de dépôt à 1 mois en dollars de 450 points de base par an.Caractéristiques :Dénomination : Threadneedle (Lux) Global Opportunities Bond FundCode Isin : LU0640495429Commission de gestion : 0,65 %Commission de performance : 15 % avec high watermark
Fonds
09/05/2012

iShares compte profiter de la RDR

iShares (BlackRock) compte gagner une part plus importante du marché des fonds britanniques suite à la RDR (retail distribution review) qui va interdire le paiement des commissions aux conseillers financiers à partir de 2013, prédit Joe Linhares, responsable de la zone EMEA, interviewé dans le Financial Times Fund Management. Il pense que ce type de réforme va finir par toucher d’autres pays d’Europe.
09/05/2012

Gavin Launder promu chez LGIM

Le britannique LGIM vient de promouvoir Gavin Launder, jusqu’ici gérant d’actions européennes, au poste de responsable des actions européennes pour le groupe.Dans ses nouvelles fonctions, Gavin Launder remplace Ian King, qui a quitté LGIM le mois dernier pour donner un nouveau tour à sa carrière.
09/05/2012

Le patron d'Aviva poussé à la démission

Andrew Moss, le directeur général de l’assureur britannique Aviva, est devenu hier la troisième victime outre-Manche de la colère d’actionnaires, mécontents que la rémunération des dirigeants ne soit pas alignée avec la performance de leur groupe, rapporte Les Echos. Son départ intervient alors que près de 6 actionnaires sur 10 du numéro deux britannique du secteur avaient rejeté le plan de rémunération du management présenté jeudi dernier lors de son assemblée générale. Andrew Moss rejoint Sly Bailey et David Brennan, respectivement de Trinity Mirror et du géant pharmaceutique AstraZeneca, poussés vers la porte par leurs actionnaires
09/05/2012

Louis Gallois to join board at FSI

Barely one year after joining the board of directors at the strategic investment fund (FSI), Denis Ranque will be leaving his job as an independent administrator to undertake a personal project, Les Echos reports. The newspaper states that Louis Gallois, executive CEO of EADS, will succeed him.
09/05/2012

Arrow launches an ETF replicating a new Dow Jones index

Arrow Investment Advisors on 8 May admitted its first ArrowShares ETF to trading on the NYSE Arca platform. The Arrow Dow Jones Global Yield ETF (acronym: GYLD) replicates the new Dow Jones Global Composite Yield index. The index aims to reduce concentration risks by following five baskets of investments, each of which corresponds to an index of 30 shares which aim to provide an evenly-balanced exposure to traditional or alternative sources of revenues from several asset classes. The five sub-indices are: Dow Jones Global Equity Yield Index, Dow Jones Global Real Estate Yield Index, Dow Jones Global Alternative Yield Index, Credit Suisse Yield Enhanced Global CorporateIndex and Credit Suisse Yield Enhanced Sovereign Index.
09/05/2012

Van Eck preparing two ETFs of Saudi shares

On 3 May, van Eck filed with the SEC in a form N-1A its plans to launch the Market Vectors Saudi Arabia ETF and Market Vectors Saudia Arabia Small-Cap ETFs, funds specialised in Saudi equities which will replicate indices calculated by Structured Solutions AG. No acronym nor TER have yet been announced for the products.
09/05/2012

Election of François Hollande will not have an immediate impact on France's credit rating, says S&P

The financial ratings agency Standard & Poor’s, which in January withdrew France’s maximal credit rating of AAA, on 7 May announced that the election of François Hollande as president of the country will not have an “immediate impact” on the country’s credit rating or its outlook. “Standard & Poor’s does not take a political position on individual candidates or the outcomes of any elections as such,” the ratings agency says in a statement. France’s credit rating, currently AA+ for its long-term debt, has a negative outlook, which means that there is a “one in three chance” that the rating will be lowered this year or in 2013. The agency states that “the policy of a government has a direct impact on its credibility in terms of debt.” “Our sovereign (credit) ratings thus take into account our opinion of the likely consequences of policies chosen by elected political leaders on the structure of sovereign debt.” “We will analyse the political decisions of the president-elect of France and the new government, and take into account the results of the legislative elections in June,” Standard & Poor’s states.
09/05/2012

Investors require SEB Am to liquidate ImmoInvest

The open-ended real estate fund SEB ImmoInvest (DE0009802306), whose redemptions had been frozen for nearly two years, will be liquidated by 30 April 2017, in accordance with BaFin requirements, the German asset management firm SEB Asset Management announced on Monday. Redemption demands which had accumulated since 25 April exceeded available liquidity, and the corresponding orders were therefore not processed (see Newsmanagers of 2 May). Shareholders have thus voted with their feet in favour of a closure of the product, as the management firm had clearly given them a choice between a liquidation and a transition to protection under the new investor protection regime.SEB AM has announced that it will make half-yearly redemption payments, with the first, corresponding to 20% of assets (EUR6.35bn as of the most recent report) to be made in June 2012. Total subsequent payments will depend on liquid proceeds from sales of assets.The asset management firm states that the portfolio includes 132 properties in 18 countries and 64 cities. The performance of the fund since its launch in May 1989 was 219.7%, or 5.2% per year.
09/05/2012

Hedge funds lost 1% in April

The hedge fund sector lost 1% in the month of April, due to ongoing concerns about the euro zone debt crisis and the likelihood of a slowdown in global growth, according to estimates by the Bloomberg agency. In the first four months of the year, hedge funds gained 3.4%, compared with growth of 11% for equities with dividends reinvested. Multi-strategy hedge funds lost 0.9% in April, which limited gains in the first four months of the year to 0.9%. Long/short equity strategies lost 0.6% in April, but have gained 3.1% since the beginning of the year. Macro funds lost 1.2% in April, but have still gained 1.7% in the first four months of the year.
09/05/2012

Source releases an Exchange Traded Certificate on Brent

Source is launching the Source Brent Crude Exhanced T-ETC (acronym: BOIL), which the issuer says allows investors to adopt “optimised exposure to Brent crude oil,” via the S&P GSCITM Brent Crude Enhanced Total Return index.The Source Brent Crude Enhanced T-ETC is secured with money market instruments including US Treasury bonds. It is listed on the SIX Swiss Exchange, in US dollars. It is authorised for sale in Switzerland, Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy (only for institutional investors), Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden and the United Kingdom.CharacteristicsName: Source Brent Crude Enhanced T-ETCISIN code: XS0766094972Domicile: IrelandBase and trading currency: USD/USDManagement commission: 0.49%
09/05/2012

Assets under management at Dexia AM up

As of 31 March 2012, assets under management at Dexia Asset Management totalled EUR79.3bn, compared with EUR78bn at the end of 2011. Assets under management enjoyed positive market effects totalling EUR3.1bn in first quarter 2012, and positive cash inflows from institutional mandates and third parties, retail and private banking (excluding a planned outlfows of EUR2.6bn from an affiliate sold in 2010). Investor Services activities show an increase in assets under administration of 4% compared with fourth quarter 2011, to EUR2.148trn. This increase, which was sligthly slowed by unfavourable currency effects, is related to organic growth, the acquisition of new clients, and the evolution of major financial markets in which RBC Dexia Investor Services operates. The number of funds under administration, for its part, increased by nearly 3% in the same period.
09/05/2012

New members at French association of asset managers

Thierry Callaut has been replaced by Isabelle Habasque of OFI Asset Management on the board of directors of the French association of asset managers AFG from 19 April 2012. The companies Altimeo AM, Flornoy & Associés Gestion, Montmartre AM and Swell AM have also joined the association, while the companies AM Fine Services & Software, Ernst & Young, Société d’Avocats - Lefevre Pelletier & Associés and PCI-Procédures & Contrôle Interne have become correspondent members of the AFG.
09/05/2012

AFG releases a standardised request fro proposal questionnaire

The French financial management association (AFG) has released a standardised questionnaire designed as a reference tool for requests for proposals, the association has recently announced. The questionnaire was developed by an AFG working group in the commercialisation commission. French as well as foreign investors, especially institutionals, are incrasingly frequently asking asset management firms to present their activities in a questionnaire that treats the firm itself and/or the fund or its management expertise, the AFG explains. This is generally an advance investment audit procedure or an update to information for relationship management. The practice is particularly formal in the case of requests for proposals. Most of the information necessary for an investor to appraise an asset management firm is included, and possible additional questions are limited and much more targeted.
09/05/2012

Oswald Grübel joins Mead Park Management

Seven months after resigning from his position as CEO of UBS (see Newsmanagers of 26 September 2011), Oswald Grübel is joining the new New Yokr-based firm Mead Park Management, founded by four former investment bankers from Credit Suisse, Jack DiMaio, David Moffitt, Chriss Ricciardi, and Edward Dale, finews reports, relaying reports in Asset Backed Alert.Mead Park Management plans to invest up to USD2bn in troubled financial sector businesses, or to acquire them.
09/05/2012

Most asset management firms are inefficient

38% of asset management firms have spare capacity, according to a survey by Investit of 37 players representing GBP4trn in assets under management, cited by Financial Times Fund Management. This spare capacity estimate is based on announcements by managers of asset management firms, who say that they could manage 38% more assets on their current platforms and with current staff. Only 28% of asset management firms are efficient, which is to say that they have a cost/income ratio of less than 55%, the study finds.
09/05/2012

MSCI and Barclays offer ESG bond indices

The index provider MSCI has teamed up with Barclays to offer a series of co-branded ESG (environmental, social and governanc) bond indices. The indices are co-branded and distributed independently by the two firms. Institutional clients may use them to create tracker products such as ETFs, managed accounts, or structured products. MSCI and Barclays will launch a consultation to determine the most relevant ESG strategies for investors, and to define the methodologies for the new indices.
09/05/2012

Jupiter launches a European copy of its Strategic Fund

On 8 May, Jupiter announced the launch of the Jupiter Dynamic Bond fund, a sub-fund of its Luxembourg Sicav Jupiter Global Fund, which is available in retail and institutional share classes denominated in euros, US dollars, pounds sterling and Swiss francs. As announced (see Newsmanagers of 28 February), the fund is a copy of the British Jupiter Strategic Fund (GBP921m), which is also managed by Ariel Bezalel since June 2008, and which in the three years to 30 April 2012 has earned returns of 65.5%, compared with 41.3% for the sectoral IMA average of Sterling Strategic Bond funds. The British fund has also outperformed the iBoxx Stg Non-Gilts All Maturities Index by 28.4 points. The portfolio will generally include 60 to 80 holdings, foregrounding flexible strategies covering the full range of bonds, regions and ratings categories. The base currency is the euro. For shares in euros, holdings in other currencies will be hedged for currency risks at 80%. The fund will offer quarterly distributions, with the first scheduled for 20 September 2012. The fund has a sales license in the United Kingdom, Hong Kong, Singapore, Jersey, Sweden, Austria, Finland, France, Germany, Portugal, Guernsey, and the Netherlands. A license has been applied for in Belgium and Switzerland. Characteristics Name: Jupoter Dynamic Bond Benchmark index: Barclays Capital Euro – Aggregate Corporate Index Front-end fee: 5% Management commission: L share class: 1.25% I share class: 0.50% Minimal initial subscription: L share class: EUR/USD/GBP/CHF1,000 I share class: EUR/USD/GBP/CHF10m
09/05/2012

Threadneedle releases a UCITS-compliant hedge fund

The British asset management firm Threadneedle has released its new UCITS-compliant hedge fund Threadneedle (Lux) Global Opportunities Bond Fund, launched on 24 August 2011.The portfolio of the bond product, managed by James Cielinski, is divided into two parts: a “liquidity & carry portfolio,” which will account for 10% to 70% of assets, which will invest in high-rated bonds and credit derivatives with a short duration to maturity, while the active portion will use several strategies with long and short positions on the entire bond universe.The objective is to outperform the 1-month savings rate in US dollars by 450 basis points per year. CharacteristicsName: Threadneedle (Lux) Global Opportunities Bond FundISIN code: LU0640495429Management commission: 0.65%Performance commission: 15% with high watermark
09/05/2012

Banif introduces custody duties on funds it sells

From 1 April, Banif (an affiliate of Santander) has begun charging custody duties on shares in funds held by its clients, Funds People reports. The fees will be 0.18% per half for funds, ETFs and Sicav funds sold by Banif, and 0.24% for other funds, ETFs and Sicavs not distributed by Banif but held in custody at the request of clients.Currently, Banif advises assets totalling EUR33.5bn for private banking clients (with at least EUR300,000 in financial savings).
09/05/2012

iShares teams up with UniCredit private bank

iShares, the company of the BlackRock group dedicated to ETFs, has teamed up with UniCredit Private Banking to create Green, an individually guaranteed portfolio management service based on ETFs and a dynamic protection mechanism. The mechanism adjusts exposure to investments on a daily basis according to the evolution of the markets. With the help of a private banker, investors determine requirements, expectations and risk profiles, and a total guarantee level between 80% and 90%. The Global Investment Strategy specialist team at UniCredit Private Banking then invests the client’s money, defining the optimal composition of the portfolio between a conservative and an active allocation, using ETF investments from iShares as a basis, a press statement released on Monday in Italy explains. “The novelty is that unlike traditional guaranteed products, Green is managed for each client, who may increase or decrease investments, modify gurantee levels or withdraw at no cost at any time. The value of the guarantee is tied to the evolution of management and can only increase. If management is expected to fall below the guarantee level, UniCredit will cover the difference, into the client’s account, in two days,” explains Andrea Alcalamita, head of Global Marketing at UniCredit Private Banking. The product range will be available on the Italian market from today. It will also be available to German and Austrian clients.
09/05/2012

East Capital signs a distribution agreement in Italy

The Swedish company East Capital, a specialist in emerging markets, has signed a distribution agreement with the Italian private bank Ubi Private Banking, Bluerating reports. The Italian structure will distribute the East Capital (Lux) Russian Fund and East Capital (Lux) Eastern European Fund sub-funds of the East Capital Lux Sicav.

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