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07/02/2012

European pension funds flee hedge funds

The European hedge fund industry appears to be the big loser of the rush by pension funds to absolute return multi-asset class products, Financial Times Fund Management observes. In the United States, however, this trend has played in favour of hedge fund firms, according to statistics from MandateWire. This is due to the strong presence of traditional asset management firms such as Standard Life Investments, Baring AM and Buffer in multi-asset class investment.
07/02/2012

T. Rowe Price recruits a manager from Fidelity

Selina Pattyranie, sales manager at Fidelity International in charge of wealth management clients, is joining T. Rowe Price as client relationship manager for Northern Europe, Investment Europe reports. Pattyranie had previously been in charge of relationships with institutional investors and external managers in Scandinavia, particularly Sweden. She will report to Jan Eggerstein, director and head of client relationship management, northern Europe.
07/02/2012

Renaissance AM recruits Barbara Rupf Bee as CEO

Renaissance Assset Managers, an asset management firm specialised in investments in the countries of emerging Europe, Russia, Turkey and the African frontier markets, is reshuffling its management. The asset management affiliate of the Russian Renaissance group, which has recently acquired three emerging Europe funds from Griffin Capital Management, on Monday announced the recruitment of Barbara Rupf Bee as CEO. She had previously been head of sales to institutional clients at HSBC Global Asset Management, and will be responsible for 30 people and will oversee USD2.8bn in assets. Before her recruitment, Peter McNulty, head of administration and budget, had served as interim CEO at Renaissance AM. As part of the reshuffle, Plamen Monovski becomes chairman of the asset management firm. He will continue to serve as a manager, particularly for the Emerging Europe fund and Renaissance Eastern Europe, and as chief investment officer for Renaissance Asset Managers.
07/02/2012

Pioneer recruits a head of institutional business for Northern Europe

Pioneer Investments has recruited Michel von Mazijk as head of institutional business for the Netherlands and Scandinavia. He will be based in Amsterdam, and will report directly to Fabien Madar, head for Western and Northern Europe.Von Mazijk previously worked at ING Investment Management, where he had been head of development for the Netherlands institutional market. He had previously been in charge of relationship management and development of the institutional market for Northern Europe at Vanguard Investments Europe in Amsterdam.The Amsterdam office of Pioneer was opened in 2007, in order to offer services to institutionals in the Netherlands and to Nordic clients. The region has been overseen by Madar since last year, following the departure of Jilert Blom, who had been head for the Netherlands and Scandinavia.
07/02/2012

Amundi plans to release ETFs in Spain

The French asset management firm Amundi is studying the possibility of releasing ETF funds in Spain, so as to be present in the country with all of its active and passive funds, Funds People reports.The Spanish offices of Amundi managed EUR3.16bn as of the end of September, the most recent statistics available. The ETF arm of Amundi, for its part, has 103 funds with assets of EUR6.5bn as of the end of December.
07/02/2012

Brussels to publish white paper on pensions

The European Commission has announced that it is planning to publish a white paper on retirement in mid-February, probably on 14 February. This text is anxiously awaited as its publication has already been postponed several times. The document will deal with the major issues identified in a consultation launched in July 2010 of European retirement systems.
07/02/2012

Major inflows for UBS in 2011

UBS on 7 February announced a net profit of CHF4.2bn for the 2011 fiscal year, compared with CHF7.5bn the previous year, with net inflows coming from wealth management activities totalling CHF35.6bn. Cost reductions totalled CHF2.1bn, while bonuses were reduced by 40% compared with the previous year.The Wealth Management business unit earned pre-tax profits of CHF2.7bn, up 16% year on year. The Wealth Management Americas unit, meanwhile, continued to recover, with pre-tax profits of CHF504m, following losses of CHF130m in 2010.Invested assets totalled CHF2.167trn as of 31 December 2011, up 7% compared with the previous quarter, largely due to the positive performance of the market. CHF750bn were attributable to Wealth Management, CHF709bn to Wealth Management Americas, and CHF574bn to Global Asset Management.
07/02/2012

Résultats annuels stables pour Julius Baer

Le groupe Julius Baer a fait état pour 2011 d’une performance opérationnelle stable dans un contexte rendu difficile par la volatilité des marchés, le niveau du franc face à l’euro et au dollar ainsi que la problématique fiscale, pour l’essentiel avec les Etats-Unis). Les actifs sous gestion sont restés pratiquement inchangés à 170 milliards de francs. La collecte nette s’est élevée à 10 milliards de francs, ce qui correspond à la marge de croissance visée de 4 à 6% par an. Cette collecte a compensé le recul des marchés et l’impact négatif des taux de change. La marge brute est demeurée pour l’essentiel stable à 104,5 points, tandis que le ratio coûts/revenus a légèrement augmenté à cause du franc, à 68%. Le bénéfice net, hors éléments exceptionnels, soit un paiement de 65 millions de francs aux autorités allemandes, s’inscrit à 452 millions de francs suisses, contre 594 millions en 2010.
07/02/2012

Chinese sovereign fund CIC invests in energy sector

EIG Global Energy Partners (EIG) has signed a definitive agreement with the Chinese sovereign fund CIC, by the terms of which the sovereign fund will buy a minority stake in the asset management firm specialised in the energy and infrastructures sectors, the SWF Institute reports. EIG, which became independent in January 2011, had previouusly been the Energy and Infrastructures group within TCW.
07/02/2012

Asset management at Lazard losing momentum

Earnings for the asset management unit of the Lazard business bank in 2011 fell 20% to USD204m. Assets under management were down 9%, to USD141bn. For the year, net profits for the bank have remained stable at nearly USD175m, while revenues are down slightly.
07/02/2012

Robeco cuts back money market management in France

The French firm Robeco Gestions, the centre of money market expertise for the Robeco group (see Newsmanagers of 7 December 2010), will be severely affected by the redeployment of the Dutch group. With EUR1.2bn in assets (half of which are managed for the group), the operation has not reached critical mass to sell its money market products in Europe and worldwide. Therefore, the head office in Rotterdam has decided to close all of its moneyu market funds, as part of its strategic plan for 2012-2014.The closure of the funds will result in a two-thirds reduction in staff in Paris. This is not the end of the Robeco name in the French capital, however: “The firm will concentrate on its sales activities in France, which at this stage in the project, has 10 employees, including sales, sales support and marketing,” Ali Ould Rouis, chairman of Robeco Gestions, has told Newsmanagers.In terms of equity management and multi-management, which manage a total of less than EUR200m, several options are being explored: merger, transfer, or closure.In the distribution department, which will be retained, “Robeco Paris has critical size, with a volume of intermediated assets of over EUR3bn in more than 10 strategies,” the chairman of Robeco Gestions says.
07/02/2012

SG Private Banking continues regional expansion

Société Générale Private Banking, the wealth management arm of the Société Générale group, on 6 February announced that it is scaling up its regional presence, with the deployment of teams in Nantes, Nice and Toulouse.Société Générale Private Banking will offer executives, entrepreneurs and those in the liberal professions assistance in the sale and transmission of their businesses, and in all investment phases and strategic development of their businesses. Clients will also receive access to the full range of custom investment and financial products and services from the private bank.The bank points out that wealth management team in Nantes, Nice and Toulouse will rely on the knowledge of the local economic fabric of partners at the Société Générale retail bank, in partnership with whom the private bank has been developing its activities since 2008.Teams at Nantes, Nice and Toulouse will report respectively to the regional centres in Rennes, Marseilles and Bordeaux.Société Générale Private Banking is also present in Bordeaux, Lille, Lyon, Marseilles, Paris, Rennes and Strasbourg.
07/02/2012

CalSTRS bets USD500m on infrastructure

The California State Teachers’ Retirement System (CalSTRS) is planning to invest USD500m in the Global Infrastructure Fund, a portfolio of assets located in North America and Europe managed by the Australian firm Industry Funds Management Pty Ltd (IFM, USD342bn in assets, of which USD10bn are in infrastructures), the Wall Street Journal reports.CalSTRS is the second-largest public pension fund in the United States, with assets of USD145bn.
07/02/2012

Major inflows to US ETFs

Last month, ETFs in the United States posted record net subscriptions for any month of January, with USD28bn, according to esitmates by Deutsche Bank, reported by Handlesblatt. This is the fifth-highest net inflow since statistics began in 1993. Most subscriptions went to equity ETFs.
07/02/2012

Assets in Portuguese funds contract by one quarter in 2011

As of 31 December, total assets in Portuguese securities investment funds totalled EUR10.82bn, which represents a 1.8% increase compared with the end of November, and a decline of 23.9% compared with the level observed twelve months previously, the Portuguese association of asset management firms APFIPP reports.December was the first month in a year and a half in which net subscriptions (of EUR67.8m) were observed.
07/02/2012

Emerging markets equity funds doing well

Asset classes that promise above-average returns attracted investors in the final days of January, with exceptional subscriptions to emerging markets equity funds, municipal bond funds, and high yield bond funds. Money market funds, however, have seen their largest outflows since August.According to statistics from EPFR Global, emerging markets equity funds finished the week ending on 1 February with net outflows of USD3.5bn, bringing total subscriptions since the beginning of the year to USD11.3bn.Equity funds overall have seen net inflows of USD1.28bn, while subscriptions to emerging markets equity funds were partly offset by redemptions from Japanese, European and US equity funds.Municipal equity funds attracted USD1.67bn in the week to 1 February, their best results in five years, while high yield bond funds have seen net inflows of USD2.7bn.
07/02/2012

Strong growth in assets at Universal Investment

The German fund of fund administration and white-label fund specialist Universal Invesmtent has seen a large increase in its assets, which now total EUR130bn under management compared with nearly EUR50bn three years earlier.The Luxembourg affiliate of the firm, for its part, has doubled its assets in the past three years, to EUR9bn.
07/02/2012

Major gorwth in assets under custody at V-Bank

In 2011, the Munich-based V0Bank has posted an increase of EUR1.5bn in its assets under custody, which totalled EUR4.6bn as of the end of December, and at the beginning of February 2012 topped EUR5bn.The firm, which concentrates on serving independent wealth management firms, last year also managed to recruit 48 new clients, for a total of 215. The objective is to reach EUR10bn in assets under custody by the end of 2014.V-Bank now has 42 employees. It is 49.99% owned by the insurer Wüstenrot und Württembergische AG, while wealth management firms which are independent of banks own 34.6%. Management and employees control the remaining 15.4%.
07/02/2012

Progression de 9% des actifs des fonds souverains en 2011

Malgré la nouvelle baisse des marchés en 2011, les actifs des fonds souverains ont progressé de 9%, à 4.800 milliards de dollars, selon une étude sponsorisée par Invesco et émanant de TheCityUK, un des lobbys de la place de Londres, rapporte Les Echos. Si leurs rentrées d’argent ont diminué depuis la crise, elles sont loin d'être taries. Les troubles politiques qu’ont connus certains pays arabes n’ont touché que quelques fonds souverains (Libye...), qui représentent de dollars d’actifs, soit 4% du total des actifs de ce secteur. Les Etats-Unis restent aussi leur destination préférée avec un investissement sur cinq entre 2005 et 2011. Ils sont suivis de près par la Grande-Bretagne. La France, la Suisse et l’Allemagne ont attiré chacune autour de 25 milliards de dollars d’investissement sur la période. Toutefois, depuis 2010 et la crise de la zone euro, les fonds souverains s’intéressent davantage à l’Afrique et aux marchés émergents en général.
07/02/2012

Raiffeisen CM and M&G Investments register funds in Spain

On 3 February, the CNMV granted a sales license for Spain for the Raiffeisen-GlobalAllocation-Strategies Plus fund from the Austrian asset management firm Raiffeisen Capital Management (RCM) and the M&G Global Macro Bond Fund from the British firm M&G Investments.
07/02/2012

db ETC launches a product investing in metals and energy

db ETC Index plc, an affiliate of Deutsche Bank, has added a new ETC product to trading on the Xetra electronic platform from Deutsche Börse which, like all previous products from this issuer, is backed by bars of physical gold.The new ETC fund replicates the evolution of the db Metals and Energy Booster Euro Unhedged Index, which covers 13 commodities in precious metals sectors and industries as well as energy.The ETC segment in Frankfurt now lists 235 products.CharacteristicsName: db Metals & Energy Booster ETC (EUR)ISIN code: DE000A1NY0U7TER: 0.45%
07/02/2012

State Street lists another SPDR fund in Frankfurt

From 6 February, the XTF segment of the Xetra electronic platform (Deutsche Börse) is listing its 923rd ETF. It is an Irish-registered bond product from State Street Global Advisors (SSgA), the SPDR Barclays Global Euro High Yield Bond ETF, which replicates the high yield bond index Barclays Capital Liquidity Screened Euro High Yield Bond Index.CharacteristicsName: SPDR Barclays Capital Euro High Yield Bond ETFISIN code: IE00B6YX5M31TER: 0.45%
07/02/2012

SEC may amend regulations for money market funds

If at least three of the five SEC commissioners support the proposal, which does not yet appear to be the case, the US regulator may propose measures to stabilise money market funds, the Wall Street Journal reports. The objective would be to reduce losses to subscriptors to a minimum if another wave of panic strikes the markets.The proposals would affect fund managers on the one hand, who would be required to increase their reserve levels, and investors on the other, as those who want to withdraw all of their investment would receive only 95% of their investment immediately, and the remaining 5% would be repaid only 30 days later.
07/02/2012

Select Sector SPDR lowers management fees

The Select Sector SPDR Trust has announced that its nine ETF funds covering the sectors of the S&P 500 in 2001 posted an average increase of 32% in their assets, to about USD44bn, and that average management commissions had been lowered to 0.18% as of 31 January, commpared with 0.20% one year earlier.The largest increases in assets were for the Utilities fund (acronym XLU), which gained 106%, to a total of USD7.7bn as of the end of December, Consumer Stables (XLP), which gained 87%, to USD5.8bn, and Technology (XLK), with 40% growth, to USD8.1bn.
07/02/2012

Pioneer to recruit four bond professionals

Pioneer Investments is preparing to recruit four people for its high yield and emerging market bond team, based in London and led by Gregorio Saichin, according to reports in Bluerating. So far, the team includes five professionals. It will eventually include 11 to 12 professionals. The new recruits will handle Asia and emerging market corporates.
07/02/2012

TCI loses another partner

The Children’s Investment Fund has lost another of its star managers to the hedge fund Thélème Partners, the Financial Times reports. Oscar Hattink, who had been a portfolio manager and partner since 2008, left the activist investment firm in August, and joined Thélème as a partner. The firm was launched two years ago by Patrick Degorce, one of the co-founders of TCI, following a disagreement with Christopher Hohn, the head of the firm. Since then, five others have left TCI to join the rival.
07/02/2012

M&G invests in prime real estate

M&G has spent GBP1bn to acquire prime real estate properties, such as high-quality supermarkets, offices and hotels, since the beginning of the financial crisis, the Financial Times reports. The asset management firm is hoping to meet growing demand on the part of sovereign funds, pension funds and other insurers who would like to diversify their assets.
07/02/2012

Source launches a volatility ETF with JP Morgan

The Irish-registered fund J.P. Morgan Macro Hedge US TR Source ETF, designed for professional investors, a fund which may use leverage of up to 200%, is beginning to be offered for sale by Source and JP Morgan. The product, which complies with UCITS regulations, replicates the J.P. Morgan Macro Hedge US TR Index, and was admitted to trading on the London Stock Exchange on 2 February.Another fund in the same series may soon be licensed for sale, entitled J.P. Morgan Macro Hedge Dual Enhanced TR Source ETF, which may invest on futures contracts on volatility of European equities, with the use of moderate leverage.CharacteristicsName: J.P. Morgan Macro Hedge US TR Source ETFISIN code: IE00B3P1F038Management commission: 0.25%
07/02/2012

Seven IM launches CF 7IM Unconstrained Fund

Seven Investment Management (7IM) has announced the launch of a non-UCITS retail scheme (NURS). The CF 7IM Unconstrained Fund will be managed by Alex Scott and Camilla Ritchie, and may invest in many asset classes, and in active or passive funds. Exposure to cash may vary from 0% to 100%, Fund Web notes.
07/02/2012

GAM and Barclays Capital launch a multi-asset class fund

The multi-management specialist GAM has teamed up with Barclays Capital to launch a tracker fund that offers dynamic exposure to several asset classes, FundWeb reports. The GAM Star Barclays Dynamic Multi-Index Allocation fund aims for returns that are uncorrelated to all market investments.The fund, in UCITS IV format, is managed by GAM, which uses active allocations via a series of quantitative indices from Barclays Capital which offer access to multi-strategy and multi-asset class investments.Minimum investment is set at USD10,000, and annual management commission is 1.2%.

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