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03/11/2011
Fonds

Vanguard lance deux fonds obligataires avec des parts ETF

L’américain Vanguard a déposé auprès de la SEC une demande d’agrément pour les fonds d’obligations internationales Vanguard Total International Bond Index Fund et Vanguard Emerging Markets Government Bond Index Fund.Le Vanguard Total International Bond Index Fund s’efforcera de répliquer la performance du Barclays Global Aggregate ex-USD Float Adjusted Index (Hedged) et utilisera ainsi des techniques de couverture du risque de change.Ce produit entre dans la gamme des produits Vanguard Total qui pèsent environ 300 milliards de dollars d’encours.Pour sa part, le Vanguard Emerging Markets Government Bond Index Fund suivra le Barclays Emerging Markets Sovereign Index (USD). Le portefeuille sera investi exclusivement en obligations d’Etats émergents libellées en dollars, ce qui élimine le risque de change pour l’investisseur basé aux Etats-Unis.Vanguard proposera pour les deux nouveaux fonds tant des parts traditionnelles (Investor, Admiral et Institutional) que des parts ETF. Ces dernières seront chargées à respectivement 0,30 % pour le Total International Bond Index Fund et 0,35 % pour le Emerging Markets Government Bond Index Fund.
Fonds
03/11/2011
Fonds

OSS Capital Management va fermer son hedge fund

Oscar Schafer a l’intention de liquider dans les six mois qui viennent son hedge fund logé au sein d’O.S.S. Capital Management, d’après des proches du dossier cités par The Wall Street Journal. Ce fonds n’a pas réussi à récupérer les fortes pertes subies en 2008 et ses encours à fin août étaient tombés à 500 millions de dollars contre un pic de plus de 2,5 milliards au cours des années précédentes.
Fonds
03/11/2011

Assets down for Chinese funds in third quarter

As of the end of September, assets in Chinese funds totalled CNY2.1trn, which represents a 9.8% contraction in one quarter, largely due to a negative market effect of CNY251bn, the highest since second quarter 2010, according to Z-Ben Advisors.With the exception of money market funds, all segments have seen losses in July-September, with a decline of 11.76% for equity funds, and 22.4% for QDII funds.Meanwhile subscriptions have fallen to an average of less than CNY1bn, and the number of new fund launches has fallen to 58, from 63 in the previous quarter.Organic outflows have fallen to CNY27.25bn from CNY61bn in April-June, probably because the CSI index has lost 15.2% in third quarter, which would have motivated retail investors to hold off on redemptions.
03/11/2011

Bonuses: French banks aim for sensible and moderate distribution

French banks are planning to continue “a sensible and moderate distribution policy,” as it has done in the past, setting aside a very small portion of their profits, the French banking federation announced in a statement on 2 November, following a meeting of the major French banks at Matignonn the Prime Minister’s office.French banks “strictly apply the European directive of 2010,” which resulted in “moderation of variable pay scales” as reported in the international media. “The same will be true in 2011, which, due to the market environment, will represent a significant decline compared with 2010,” the professional federation writes.French banks have also reaffirmed that they are planning to continue to increase their owners’ equity, in keeping with the new requirements of the European Banking Authority and with the intent of applying the new Basel 3 solvency requirements from 2013.Banks have confirmed to the French prime minister, François Fillon, that they are increasing their owners’ equity on their own, without government intervention. In order to achieve that, they are working closely with the Governor of the Bank of France.
03/11/2011

UAE expats may have to save for retirement

Expats working in the United Arab Emirates may have to contribute to a retirement system whose primary objective is to build a local asset management industry and to strengthen equity and bond markets, according to Financial Times Fund Management. The assets which the pensions savings would represent are estimated to total in the hundreds of billions of dollars, according to Nigel Sillitoe, chief executive of Insight Discovery. That represents a massive opportunity for international and local asset management firms.
03/11/2011

Commerzbank sells former headquarters of Dresdner Bank

Commerzbank at the end of last week sold the “silver tower” in Frankfurt for an undisclosed amount which is rumoured to be about EUR400m, to a consortium led by a fund from IVG Immobilien AG, in which eight investors hold 90% of shares. According to the local press, the fund contributed EUR200m, while IVG kicked in EUR20m.The skyscraper (166 metres) was once the headquarters of Dresdner Bank, and is wholly leased to Deutsche Bahn. With the associated buildings, the transaction includes a total of 72,000 square metres.External financing was made available by “a major complementary retirement institution” from south Germany, for a ten-year period.
03/11/2011

Strong inflows to emerging market ETFs in October

ETFs dedicated to emerging markets have posted a net inflow of USD3.8bn in October, a total not seen since the beginning of this year, according to statistics from TrimTabs.The research agency finds, however, that ETFs dedicated to emerging markets are often attracting capital in fourth quarter. The MSCI Emerging Markets index has also been oriented upward in this period.ETFs dedicated to China attracted USD1bn in October, but investors are continuing to avoid other markets in Asia and Latin America.ETFs based on European equities posted net inflows of USD134m last week, the first inflows observed since June this year.
03/11/2011

L&G to sell funds in Asia

Legal & General will sell funds from its management firm, LGIM, in Asia, the Financial Times reports, citing Tim Breedon, CEO. The activity will be fully operational by next year.
03/11/2011

Goldman Sachs AM to scale up money market unit in Asia

Kathleen Hughes, managing director of money market products at Goldman Sachs Asset Management (GSAM), has told Asian Investor that the firm plans to develop the unit’s activities in Asia.Goldman Sachs AM currently has a sales force of four people in the Asia-Pacific region dedicated to money market products, as well as two portfolio managers based in China and Australia.Hughes would like to strengthen money market activities in China, Korea and India.Money market assets under management at GSAM represent about USD240bn worldwide, about one third of the group’s total assets under management.
03/11/2011

Royal London Asset Management recruits one

Royal London Asset Management (RLAM) has announced the recruitment of Grant Hadland as head of consultant relations in its Institutional Business Development team. He had previously served in a similar position at Fidelity International.
03/11/2011

Threadneedle toughens SRI policy

The British asset management firm Threadneedle Investments (EUR76.2bn in assets as of the end of June) on 2 November announced that, in keeping with the United Nations convention on cluster bombs, which came into force on 1 August 2010, it will no longer invest in shares in firms which produce “controversial” weapons. This will extend not only to cluster bombs, but also to land mines, chemical weapons and depleted Uranium.The decision comes as a part of Threadneedle’s socially responsible investment (SRI) policy, and respect for environmental, social and governance (ESG) criteria. However, Threadneedle has not ruled out short positions on these assets.The British asset management firm points out that its SRI policies were developed internally, and are based on the best international practices, including the United Nations Principles for Responsible Investment (UN PRI), the UN Global Compact, and the UK Stewardship Code.
03/11/2011

Standard Life to pull out of funds of hedge funds

Standard Life Investments is planning to close its fund of fund boutique Aida Capital, acquired last year, according to reports in Financial News. Assets at the structure have reportedly not boomed.
03/11/2011

Schroders closes a fund to new subscriptions

Schroders will soft close its European Alpha Plus fund, managed by Leon Howard-Spink, Investment Week reports. Schroders has confirmed the information to Newsmanagers. The firm has contacted its major investors to inform them that it is in their interest no longer to put money in the fund, Robin Stoakley, managing director, has told the website.
03/11/2011

Appointment at Henderson GI

Henderson Global Investors has hired Ilna Patel as assistant portfolio manager for its Central London office funds (CLOF I and CLOF II). Working alongside fund managers Clive Castle and Nick Deacon, she will be based in Henderson’s London office where she will support new business initiatives and investment activity as well as focusing on the fund’s current major projects which include Smithfield, the Soho Estate, Regent Quarter and the Leadenhall Triangle.Ilna Patel joins Henderson from the DTZ Central London valuation team.
03/11/2011

St James's Place posts strong inflows

UK-based asset management firm St James’s Place has reported net inflows in third quarter of GBP800m.In an interim report published on 2 November, the asset management firm adds that despite significant subscriptions, assets under management have fallen 8% in the same period, to a total of GBP26.7bn, largely due to negative market effects.
03/11/2011

Heavy fall in inflows at Royal London AM

Net inflows to Royal London Asset Management (RLAM) in the first nine months of the year totalled GBP218m, compared with GBP649m in the corresponding period of 2010, the firm announced on 2 November.The UK asset manager has announced that retirement plans and life insurance policies, however, have posted net inflows of GBP2.59bn in nine months, up 12% compared with the corresponding period of 2010.
03/11/2011

John Chatfeild-Roberts steps down as manager of Jupiter Global Managed Fund

John Chatfeild-Roberts, chief investment officer at Jupiter, will step down as the manager of the GBP256m Jupiter global managed fund and will hand responsibility to Simon Somerville. He will become deputy manager on the fund and will continue to provide input to the Fund’s asset allocation strategy.Simon Somerville, who has worked as deputy manager on the fund since September 2010, will take over the fund from John Chatfeild-Roberts with effect from 14 November 2011. He will remain lead manager of the Japan funds (the GBP478m Jupiter Japan Income Fund and the GBP51m Jupiter Japan Select fund) , supported by Dan Carter, who has been appointed deputy manager for both portfolios. John Chatfeild-Roberts, chief investment officer at Jupiter, said: “With my role having expanded since I became CIO last year, I feel the time is right to hand over full-time responsibility for this portfolio to Simon. It is also pleasing to be able to appoint Dan as deputy manager on both our Japan funds. He has worked hard and deserves greater responsibility.”
03/11/2011

Axa IM recruits a head of sales for UK institutionals

AXA Investment Managers has announced the appointment of Madeline Forrester as head of institutional sales UK. She will report to Irshaad Ahmad, head of UK and Nordics and member of the AXA IM executive committee. She will be responsible for the ongoing development and promotion of AXA IM’s proposition for the institutional market in the UK and will lead the sales efforts across this key channel.Madeline Forrester joins from Threadneedle where she had direct responsibility for building the UK Institutional Business.
03/11/2011

DWS offers a closed hydroelectric fund

With the DWS Access Wassercraft, DWS is offering a closed fund which will invest in a decentralised manner in small and mid-sized hydroelectric centres in Europe. The fund management firm is DWS Access Wasserkraft Alpha GmbH & Co (this German format does not require an ISIN code), and the target volume for the fund is about EUR83m in orders equity, plus 2% agio. The product will be available to investors for a minimal investment of EUR25,000.The subscription commission is set at 4% (on 30 November 2011 and 29 February and/or 29 June 2012), while annual commission will be 0.55% per year for the first seven years.The management of the assets will be outsourced to the Austrian enso hydro GmbH, while enso GmbH & Co KG will contribute about EUR30m to the fund.The first distribution is planned for the 2015-2016 fiscal year, and the duration of the fund is undetermined, with the first exit opportunity for investors on 31 March 2029. The overall performance objective is 180% if the fund is liquidated after 7 years.DWS says that the product is aimed at retail investors who do not need regular revenue, and who can sustain a total loss of their investment without severe economic consequences.
03/11/2011

Three new ETFs from Pimco

Pimco has announced the launch of the ETF Pimco Australia Bond Index Fund for US investors. The fund will be managed by Rob Mead. The asset management firm has also confirmed the forthcoming launch of two more ETFs to invest in bonds from countries with good financial health. These include an ETF based on Germany, the Pimco Germany Bond Index Fund, managed by Lorenzo Pagani, and the Pimco Canada Bond Index Fund, managed by Ed Devlin.
03/11/2011

Oddo AM selects BNY Mellon for a new hedge fund

For its new hedge fund, Orsay Merger Arbitrage, Oddo Asset Management has selected BNY Mellon as its administrator and custodian. The fund was launched in June 2011, with seed capital of EUR100m.
03/11/2011

American Century launches three alternative strategies

The American Century Investments group has announced the launch of three alternative strategies, Core Equity Plus, Disciplined Growth Plus and Market Neutral Value.The three strategies will use short-selling techniques, but in different proportions, and using different investment strategies.The new range comes as an addition to the strategies already available, which include Real Estate, Global Real Estate, Global Gold, Strategic Inflation Opportunities and Equity Market Neutral.“These new strategies are there to meet the constantly changing needs of our clients, who in addition to long-only strategies, are looking for new sources of returns,” says American Century chief investment officer Scott Wittman.
03/11/2011

OSS Capital Management to close hedge fund

Oscar Schafer is planning to liquidate his hedge fund at O.S.S. Capital Management in the next six months, sources familiar with the matter have told the Wall Street Journal. The fund did not manage to make back the heavy losses it suffered in 2008, and its assets as of the end of August fell to USD500m, compared with a peak of over USD2.5bn.
03/11/2011

Vanguard launches two bond funds with ETF share classes

The US firm Vanguard has filed with the SEC for two international bond funds, Vanguard Total International Bond Index Fund and Vanguard Emerging Markets Government Bond Index Fund.The Vanguard Total International Bond Index Fund will aim to replicate the performance of the Barclays Global Aggregate ex-USD Float Adjusted Index (Hedged) and will thus use currency hedging techniques.The product will be a part of the Vanguard Total product range, which has about USD300bn in assets.The Vanguard Emerging Markets Government Bond Index Fund will track the Barclays Emerging Markets Sovereign Index (USD). The portfolio will invest exclusively in emerging market government bonds denominated in US dollars, which eliminates currency risks for investors based in the United States.Vanguard will offer both traditional share classes for the two new funds (Investor, Admiral and Institutional), and ETF share classes. The latter will cost 0.30% for the Total International Bond Fund, and 0.35% for the Emerging Markets Government Bond Index Fund.
03/11/2011

Henderson sees net outflows in third quarter

Henderson has undergone net outflows of nearly GBP2bn between June and September 2011. In detail, the UK asset management firm saw net outflows of GBP692m from Henderson retail and GBP254m from Gartmore retail and GBP1.0bn net outflows from institutional clients spread evenly between Henderson and Gartmore. The net outflows during the period include GBP224m of previously notified Gartmore redemptions from the time of the acquisition announcement in January 2011. In this environment, and due to unfavourable market and FX movements, total assets under management at Henderson decreased by GBP9bn, to GBP65.4bn. This decline also includes the sale of GBOP1.1bn in assets from New Star Institutional Managers. Henderson has also announced that the integration of Gartmore is now largely complete. «The integration of Gartmore continued through the period with the rebranding of the Gartmore funds to Henderson and the merger of 13 funds in the UK fund range. (...) Gartmore outflows since the acquisition announcement to the end of the period, net of previously notified redemptions and excluding market movements, were GBP2.1bn resulting in 87% of the assets being retained».
03/11/2011

BNP Paribas IP: Outflows of EUR22.5bn in 9 months

The Investment Partners unit at BNP Paribas saw net outflows of EUR22.5bn in the first nine months of the year, according to quarterly results from the bank, published on Thursday. Outflows affected all asset classes, particularly money market funds, the firm says. These redemption demands were only partly offset by inflows in private banking, insurance and Personal Investors. Overall, the Investment Solutions unit at BNP Paribas saw net outflows of EUR7.9bn in nine months. With the addition of the steep decline of equity markets, assets under management by the unit have fallen 5.5% in nine months, to EUR851bn. In this environment, revenues from asset management fell from EUR825m in third quarter 2010, to EUR804m in third quarter 2011. The unit as a whole has seen an increase in its revenues of 2.5%, to EUR1.551bn. Pre-tax income for institutional and private management are also down from EUR250m to EUR195m year on year. For the Investment Solutions unit as a whole, income are down heavily, by 46.4%, to EUR266m.
03/11/2011

La Française AM recruits a legal director

La Française AM has appointed Karina Perwald-Leroy as group legal director. Perwald-Leroy will report to Jérôme Coirier, director of the organisation and group partnerships, and will be in charge of legal management and administration of the group’s companies, clients, partners and distribution platforms, as well as monitoring M&A’s internal and external operations. Before joining La Française AM, since November 2007 Perwald-Leroy had been head of the legal service at State Street France, and a member of its board of directors.
03/11/2011

FSA launches a consultation on structured products

The British Financial Services Authority (FSA) on 2 November published new recommendations submitted for consultation which are aimed at firms seeking to offer structured products to consumers. At a time when the popularity of structured products is set to grow, “firms tend to privilege their commercial interests over the needs of consumers,” the FSA says in a statement. Most of the recommendations are also valid for other retail products, the statement says.Providers of structured products need to identify their target clients, in order to offer them well-adapted products. New products should be subject to preparatory tests before being submitted for a robust approval procedure. Lastly, the provider of the product should monitor the evolution of the product throughout its life cycle.These recommendations and other proposals are up for consultation until 11 January 2012. The FSA states that it is still far from completing its investigation of structured products, and will continue that project in 2012.
03/11/2011

Le spread OAT-Bund bat un nouveau record

L’écart de rendement entre les taux longs à dix ans français et allemand a atteint hier un nouveau sommet depuis la création de la zone euro, jusqu’à 129 points de base en matinée, avant de refluer en fin d’après-midi vers les 125 pb. Après le sommet européen de la semaine dernière, le spread était revenu dans la zone des 90 pb.
03/11/2011

Foncière Paris France se sépare d’Invest Securities

Foncière Paris France (FPF) a annoncé avoir résilié son contrat de liquidité avec Invest Securities pour en ouvrir un avec Kepler Capital Markets. Le groupe justifie ce changement pour de simples raisons techniques. Pourtant, une note d’analyse d’Invest Securities de cet été avait fortement critiqué le projet de rachat de FPF par Foncière des Régions, provoquant la colère des dirigeants de FPF.

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