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14/05/2012
Fonds

Un fonds de Skandia IG attribue un mandat à BlackRock

Le fonds Skandia European Best Ideas Fund, un fonds de Skandia Investment Group regroupant les meilleures idées d’investissement de plusieurs gérants actions en Europe, a confié un mandat de 34 millions d’euros à Richard Plackett de BlackRock. Ce fonds de 340 millions d’euros, qui vient de fêter ses quatre ans, est géré par Lee Freeman Shor.
Fonds
14/05/2012

Hausse de l'encours d'Old Mutual au premier trimestre

Au 31 mars, l’encours de la division épargne long terme d’Old Mutal, qui comprend les actifs gérés par Skandia, ressortait à 116,1 milliards de livres, rapporte Fundweb. Les encours des fonds de droit britannique ont augmenté de 6 % sur fin décembre à 35,6 milliards de livres tandis que ceux des «platform funds» britanniques gonflaient de 8 % à 20,4 milliards.
14/05/2012
Fonds

Sept fonds collectent plus d’un milliard d’euros au premier trimestre

Sept fonds ont engrangé des souscriptions de plus de 1 milliard d’euros chacun au premier trimestre en Europe, selon Lipper. Et le trio de tête se compose de l’American Income Portfolio d’AllianceBernstein (2 milliards d’euros), du Pimco Global Investment Grade Credit (1,8 milliard d’euros) et du M&G Optimal Income (1,6 milliard d’euros).Les sociétés de gestion de ces trois fonds ont sans surprise aussi été les trois plus gros « collecteurs » du trimestre. Ainsi, Allianz/Pimco a enregistré des souscriptions nettes de 7,3 milliards d’euros, devant Axa/AllianceBernstein avec 5,7 milliards d’euros et M&G/Prudential (4,3 milliards d’euros).Globalement, les fonds européens ont affiché des entrées nettes de 87,4 milliards d’euros au premier trimestre 2012, soit la plus forte collecte sur un premier trimestre depuis 2007. Cet essor a été dopé par les fonds obligataires, qui ont enregistré leurs meilleures ventes en dix ans sur un premier trimestre (57,9 milliards d’euros).Hors fonds monétaires, la collecte sur les trois premiers mois de l’année ressort à 77,1 milliards, ce qui est mieux que 2007 (61,4 milliards d’euros) mais moins bien que 2010 (104,7 milliards). Le début d’année a été dominé par un intérêt pour les fonds haut rendement (les produits en dollars représentant 8,1 milliards d’euros sur un total de 17,4 milliards) et de dette émergente (11,6 milliards, dont 3,4 milliards dans les fonds devises locales). L’appétit pour les actions a ralenti en mars, mais le total du trimestre ressort tout de même à 12,2 milliards d’euros.
Fonds
14/05/2012

Credit Suisse à la recherche d'un nouveau directeur général

Le conseil d’administration du Credit Suisse cherche un nouveau directeur général pour remplacer Brady Dougan, sur la sellette, après la dégringolade de l’action en Bourse, selon le journal Der Sonntag.Citant un cadre dirigeant de la banque, le journal écrit que «que le conseil d’administration examine en priorité» la question du remplacement de Brady Dougan. L’action Credit Suisse a dégringolé de 57% au cours des trois dernières années, soit nettement plus que celle de sa concurrente UBS, qui n’a perdu «que» 34%.Parmi les «papabile», le journal avance les noms de Walter Berchtold, un Suisse en charge de la gestion de fortune auprès de la banque, ainsi que d’anciens cadres dirigeants de la banque comme Ulrich Körner, Leonhard Fischer et Hugo Bänziger.
14/05/2012

Les pros de la sélection s’organisent

Les spécialistes indépendants de la sélection de fonds veulent faire reconnaître le rôle de ce métier avec la création de l’APFI ou Association of Professional Fund Investors, rapporte l’Agefi Suisse. Les quatre co-fondateurs Mussie Kidane (responsable de la sélection de fonds de Pictet), Luca De Biasi (BSI), Carlos Fernandez (Inversis) et Roland Meerdter (Propinquity Advisors) ont souhaité en première intention créer un réseau de contacts mais l’association pourrait aussi constituer un vecteur décisif pour la reconnaissance de la profession. «Nous voulons faire entendre notre voix en tant qu’acheteurs. Personne d’autre ne connaît l’industrie des fonds de la même manière que les sélectionneurs», déclare le co-fondateur Roland Meerdter.
14/05/2012
Fonds

Anthony Bolton espère remonter la pente

Anthony Bolton éprouve un fort sentiment de responsabilité vis-à-vis de ses investisseurs et serait «très déprimé» s’il ne parvenait pas à redresser la performance de son fonds Chine dans les deux prochaines années, indique-t-il au Financial Times, qui consacre un très long article au gérant phare de Fidelity. Toutefois il ne regrette pas d’avoir tenté l’expérience. «Si cela ruine ma réputation, cela ne sera pas la fin du monde», confie-t-il. Depuis son lancement en 2010, le fonds China Special Situations a perdu 17 % de sa valeur liquidative, alors qu’Anthony Bolton avait dégagé un rendement de 147 fois pour ses investisseurs sur 28 ans au Royaume-Uni. Le FT rappelle qu’il y a quatre ans, Anthony Bolton était sur le point de partir à la retraite afin de se concentrer sur la musique classique après une carrière brillante. Mais après un séjour de trois mois au bureau de Hong Kong de Fidelity, il a décidé de tester son savoir faire en Chine.
Fonds
14/05/2012
Fonds

Un futur ancien de Deutsche Securities crée un fonds de CTA

Ryo Ishiyama, qui fait partie jusqu'à fin mai du personnel de Deutsche Securities Inc, a créé à Tokyo en octobre 2011 sa propre société de gestion, Steinberg Capital Co. Il a l’intention de lancer en juillet un fonds de CTA utilisant des programmes informatiques pour investir dans le monde entier sur des contrats à terme cotés portant sur les matières premières, rapporte Bloomberg, relayé par le Handelsblatt.Initialement, le fonds dispose de 300 millions de yen (2,9 millions d’euros), dont 200 millions apportés par Ryo Ishiyama, mais l’objectif est d’atteindre le milliard de yen en l’espace d’un an et de réaliser une performance annuelle de l’ordre de 20 %.
Fonds
14/05/2012

L'avenir de la gestion d'actifs de la Deutsche Bank reste ouvert

La Deutsche Bank et l’américain Gugenheim Partners n’ont pas réussi à s’entendre sur le rachat d’une partie de ses activités de gestion d’actifs. Selon un communiqué publié le 11 mai, les négociations ont pour l’essentiel échoué.Les négociations exclusives engagées en novembre dernier portaient notamment sur la partie américaine du gestionnaire de fonds DWS, sur l’activité de gestion d’actifs dédiée aux institutionnels DB Advisors ainsi que sur les sociétés d’assurances (Deutsche Insurance Asset Management). Ces activités n’intéressent pas finalement Guggenheim Partners qui ne serait plus attiré que par la gestion alternative logée dans RREEF spécialisée sur les placements dans l’immobilier.
14/05/2012

Redéploiement dans la distribution de BlackRock Allemagne

Après onze ans chez Fidelity International Allemagne, en dernier lieu comme head of retail banks, Alexander Koch rejoint BlackRock où il sera responsable régional de la distribution de fonds offerts au public par les banques, les assurances et les conseillers en gestion de patrimoine pour la Hesse, la Rhénanie-palatinat et la Sarre.L’impétrant remplace Meret Vetter, qui sera chargée dorénavant de la distribution auprès des fonds de fonds, des gestionnaires de fortune et des family offices.
14/05/2012
Fonds

Cheyne lance deux fonds Ucits IV

La société de gestion alternative britannique Cheyne Capital Management vient de lancer deux fonds au format Ucits IV - le Cheyne Global Credit Fund et le Cheyne European Real Estate Bond Fund - répliquant deux stratégies phare de la société.Le Cheyne Global Credit Fund est un fonds directionnel géré activement investi sur le crédit investment grade, principalement en Amérique du Nord et en Europe. Le Cheyne Real Estate Bond Fund est quant à lui centré sur les obligations adossées à de l’immobilier de grande qualité. Les deux produits offrent une liquidité hebdomadaire.Cheyne gère un total de 6,3 milliards de dollars dans le crédit d’entreprise, la dette immobilière, l’event driven, les obligations convertibles et les actions.
Fonds
14/05/2012

Baisse de la collecte d'Axa Wealth au premier trimestre

La collecte nette d’Axa Wealth, l’antenne britannique du groupe Axa, s’est inscrite à 845 millions de livres au premier trimestre, en recul de 11% par rapport au premier trimestre 2011, rapporte Fund Web.Les actifs sous gestion s'établissaient fin mars 2012 à 20,1 milliards de livres contre 18,6 milliards de livres au premier trimestre 2011.Les actifs de la plate-forme Architas ont progressé de 37% au premier trimestre à 10,7 milliards de dollars.
14/05/2012

Hedge fund inflows rebound in April

Investors facing persistent market volatility injected more capital into their hedge funds in April. According to estimates from the fund administrator GlobeOp, net inflows in April represented 1.24% of assets (about USD187bn) in funds monitored by the firm. This amount represents nearly five times the inflows the previous month, which totalled 0.27%, but which remain steeply down compared with positive flows observed in March (2.02%) and February (2.2%), or one year ago (2.41%).
14/05/2012

Inflows to hedge funds of USD2.3bn in March

The hedge fund sector in March posted net inflows of USD2.3bn, compared with USD6.8bn in February, according to statistics from TrimTabs and BarclayHedge. First quarter nonetheless finished with outflows of USD3.2bn. Performance in the quarter totaled 5.6%, compared with gains of 12% for the S&P 500. Some strategies are nonetheless continuing to attract investors, such as macro and fixed income strategies, which has posted significant inflows in the past three years.
14/05/2012

Inflows of over EUR1bn to seven funds in Q1

Seven funds in Europe attracted inflows of more than EUR1bn over the first quarter of the year, headed by AllianceBernstein’s American Income Portfolio (EUR2.0bn), PIMCO Global Investment Grade Credit (EUR1.8bn) and M&G Optimal Income (EUR1.6bn), according to Lipper. Not surprisingly, at group level, Allianz/PIMCO (EUR7.3bn), AXA/AllianceBernstein (EUR5.7bn) and M&G/Prudential (EUR4.3bn) generated the greatest net sales over the first quarter.Overall, the European funds industry enjoyed its greatest inflows over the first quarter of the year (EUR87.4bn) since the start of 2007 (EUR133.4bn), underpinned by the best sales of bond funds in an opening quarter (EUR57.9bn) for the decade.When money market funds are excluded in order to look at ‘long-term’ funds, the total for the past three months stands at EUR77.1bn, better than 2007 (EUR61.4bn), but lower than 2010 (EUR104.7bn). The start to the year has been dominated by interest in High Yield funds (with USD products accounting for EUR8.1bn of the EUR17.4bn total) and emerging market debt (EUR11.6bn, of which EUR3.4bn moved into local currency funds). Appetite for equities slowed in March, but the quarter total still stands at EUR12.2bn.
14/05/2012

Selection professionals unite

Independent fund selection specialists are seeking to make their profession more widely known with the creation of the Association of Professional Fund Investors (APFI), Agefi Switzerland reports. The four co-founders of the association, Mussie Kidane (head of fund selection at Pictet), Luca de Biasi (BSI), Carlos Fernandez (Inversis) and Rooland Meerdter (Propinquity Advisors) initially sought to create a contact network, but the association may also form a decisive vector for making the profession more widely known. “We want to make our voices heard as actors. Nobody else knows the fund industry the same way selectors do,” says co-founder Meerdter.
14/05/2012

Ignis seeks to demonstrate that govies are profitable

The British asset management firm Ignis Asset Management, still not widely known to French retail clients, has made a name for itself with inflows of EUR400m in one year, to a basic product, a government bond fund entitled Ignis Absolute Return Government Bond Fund, which has gained 7.4% in the 12 months to the end of March (compared with 0.8% for the Eonia), with an information ratio of 2.CIO Chris Fellingham explains to Newsmanagers: “We are adepts of real absolute returns. The Absolute Return Government Bond fund has target volatility of 4% to 6%, but in reality it is below this range, at 3.3%, with a low correlation with other asset classes, including govies. We see it as an alpha product, while most other managers consider absolute returns to come from beta: at the end of the day, those are long beta products.”The CIO goes on to explain the resources deployed to earn such high returns with a product investing in a relatively banal asset class. “We also rely on a cocktail of expertise, with macro analysis, which is indispensable in the govies markets, a quantitative team, and an exclusive piece of software (which is not a “black box”) that we have been developing internally since 2005, entitled ClearCurve. This tool decomposes and deconstructs the interest rate curve, which we have been able to use to generate stable performance gains.” In addition to this, the fund has a low management commission (0.30% for the institutional share class), “which reflects the confidence we have in our performance, since we charge a commission of 10% on performance exceeding the Eonia (with high watermark,)” says Chris Fellingham.
14/05/2012

BlackRock Germany redeploys distribution resources

After 11 years at Fidelity International Germany, most recently as head of retail banks distribution, Alexander Koch is joining BlackRock, where he will be regional head of distribution of open-ended funds to banks, insurers and IFAs in Hesse, the Palatinate region, and Saarland.Koch replaces Meret Vetter, who will now be in charge of distribution to funds of funds, wealth managers, and family offices.
14/05/2012

Future of asset management at Deutsche Bank remains uncertain

Deutsche Bank and the US firm Guggenheim Partners have failed to reach an agreement for an acquisition for a part of the asset management activities of the former. According to a statement released on 11 May, talks have essentially failed.Exclusive negotiations which began in November last year had dealt largely with the US portion of the asset management firm DWS, asset management activities dedicated to institutionals at DB Advisors, and the insurance firms (Deutsche Insurance Asset Management), These activities were not ultimately of interest to Guggenheim partners, who are reportedly interested only in the alternative management activities at RREEF, specialised in investments in real estate.
14/05/2012

Elliott heads for ultimatum on Greek debt

The hedge fund management firm Elliott Advisors is planning to require Greece either to repay EUR436m in debts maturing on 15 May, or to declare a default under international debt issuance standards, the Frankfurter Allgemeine Zeitung reports. In the former case, Elliott would win out. In the latter case, the asset management firm would seek to reclaim its money in the courts, as it has already done successfully in Peru and Panama in the past.
14/05/2012

Deutsche banker creates a CTA fund

Ryo Ishiyama, who until the end of May is a member of the team at Deutsche Securities Inc, in October 2011 founded his own asset management firm in Tokyo, Steinberg Capital Co. He is planning to launch a CTA fund in July, which will use software solutions to invest worldwide in publicly-traded commodity futures, Handelsblatt reports, relaying Bloomberg.The fund will initially have JPY300m in assets (EUR2.9m), of which JPY200m will be contributed by Ishiyama, but the objective is to achieve JPY1bn in the space of one year, with annual returns of about 20%.
14/05/2012

Ratings agencies look again at JPMorgan

The financial ratings agency Standard & Poor’s (S&P) on 11 May announced that it is cutting its outlook for the debt rating of JPMorgan Chase, following an announcement by the US bank of a trading loss of USS2bn. Fitch, for its part, has lowered its rating for the US bank. Its long-term debt issuer rating has been lowered to A+ from AA- previously, and the agency has also lowered its solidity rating to A+ from AA-, with a negative outlook on both these ratings.
14/05/2012

TCW reportedly in talks with SocGen about its future

The directors of TCW, an affiliate of SocGen, have begun preliminary talks with their parent company over an acquisition of the firm, Agefi reports, based on reports in Reuters. There is no formal sale process, and an acquisition of TCW by its directors is only one of several possibilities under consideration, one source says. SocGen denies all reports of a planned sale.
14/05/2012

Credit Suisse seeking a new CEO

The board of directors at Credit Suisse is seeking a new CEO to replace Brady Dougan, whose neck is on the chopping block following a slide in the company’s share price, the newspaper Der Sonntag reports. The newspaper reports, citing a top executive at the bank, “that the board of directors is urgently considering” the question of Dougan’s replacement. Shares in Credit Suisse have fallen 57% in the past three years, far more than its competitor UBS, which has lost only 34%. Among the candidates to replace Dougan, the newspaper names Walter Berchtold, a Swiss citizen in charge of wealth management at the bank, and other former senior executives at the bank such as Ulrich Körner, Leonhard Fischer and Hugo Bänziger.
14/05/2012

Inflows down at Axa Wealth in first quarter

Net inflows at Axa Wealth, the British arm of the Axa group, totalled GBP845m in first quarter, down 11% compared with first quarter 2011, Fund Web reports. Assets under management as of the end of March 2012 totalled GBP20.1bn, compared with GBP18.6bn in first quarter 2011. Assets on the Architas platform were up 37% in first quarter to USD10.7bn.
14/05/2012

Old Mutual assets up in first quarter

As of 31 March, assets in the long-term savings division of Old Mutual, which includes assets managed by Skandia, totalled GBP116.1bn, Fundweb reports. Assets in British-registered funds increased 6% compared with the end of December, to GBP35.6bn, while British platform funds gained 8%, to GBP20.4bn.
14/05/2012

Espirito Santo launches an equity/commodity fund

The Fortuny Valores Reales fund from Espirito Santo Gestión has received a sales license in Spain, Funds People reports. The product is an equity fund which invests in businesses worldwide active in the extraction, production, development and distribution of product and/or services related to commodities, and financial instruments based on commodities, or in commodities traded on regulated markets.The benchmark index is the Reuters/Jefferies CRB.CharacteristicsName: Fortuny Valores RealesManagement commission: 1.35%Performance commission: 9%Minimal subscription: EUR10
14/05/2012

Hedge fund assets in Asia up

Hedge funds focused on Asia have recuperated all the assets they lost in the poor performance of last year, even though the sector has underperformed local markets in first quarter 2012, according to statistics from Hedge Fund Research, cited by the Financial Times. Assets totalled USD86.7bn as of the end of March, compared with EUR83.4bn as of the end of 2010. China dominates the local sector, and now 30% of the world’s hedge funds are based in the country (including Hong Kong), putting it just behind the United States. However, most Asian, funds are much smaller than funds in the United States and other countries, and by volume, they represent only 4% of the USD2.13trn in assets in the sector.
14/05/2012

A fund from Skandia IG awards a mandate to BlackRock

Skandia Investment Group’s Skandia European Best Ideas Fund managed by Lee Freeman-Shor has awarded a EUR34m mandate to Richard Plackett of BlackRock. The move to bring in Placket coincides with the 4th anniversary of the EUR340m fund.
14/05/2012

Cheyne launches two UCITS IV funds

Cheyne Capital Management has announced the launch of two UCITS IV compliant funds: the Cheyne Global Credit Fund and the Cheyne European Real Estate Bond Fund. Their investment portfolios are based on those of two existing flagship Cheyne strategies.The Cheyne Global Credit Fund is an actively managed, directional UCITS IV compliant fund offering weekly liquidity. It positions investment grade and crossover credit, primarily in North America and Europe, where the team believes credit spreads are currently pricing in too much downside given the very robust fundamentals of most corporate balance sheets. Cheyne’s corporate credit team manages net assets of USD1.3 billion. The Cheyne Real Estate Bond Fund is a UCITS IV compliant fund focusing on high quality real estate-backed bonds offering weekly liquidity. Cheyne’s real estate debt team has also net assets under management of USD1.3 billion. The team has identified a compelling investment opportunity arising from the structural dislocation in Europe’s EUR1.4 trillion real estate debt market, offering attractive yields with strong downside protection.
14/05/2012

Arden AM appointed to manage transition at Massachusetts pension fund

The New York-based asset management firm Arden Asset Management will help the State of Massachusetts to transfer several hundred million US dollars invested in the portfolios of hedge fund managers. Reuters reports that Arden AM has won a transition manager mandate for the Massachusetts state pension fund, whose assets under management total about USD50bn. Capital invested in funds of funds will be moved to direct investments in a selection of hedge funds. The pension fund has about 10% of its assets invested in hedge funds. Assets under management at Arden AM total about USD6.5bn.

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