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24/10/2011

Vontobel releases a sustainable emerging markets equity fund

The Swiss private bank Vontobel has received sales licenses from Geramny’s BaFin and Austria’s FMA for the Global Responsibility Emerging Markets Equity fund, a new sub-fund of the Luxembourg Sicav Vontobel Fund, which was launched on 15 July.The new sustainable development equities product will be managed by Stephen Tong, who is also manager of the Global Responsibility Asian ex Japan Equity fund. The construction of the portfolio will be based exclusively on stock-picking based on financial stability and sustainable characteristics of companies, unconstrained by the benchmark, the MSCI Emerging Market TR net.The regional Global Responsibility fund range also includes four other products.CharacteristicsName: Vontobel Fund - Global Responsibility Emerging Markets EquityISIN code: LU0571085413 (B share class)Front-end fee: Maximum 5%Management commission: 1.65%
24/10/2011

PGGM buys a minority stake in SPH

As of 1 January 2012, PGGM (EUR103bn), the parent company of PFZW, a pension fund for the health care professions, will acquire an initial minority stake in DPFS, the operational entity for the pension fund for general practitioners, Stichting Pensioenfonds voor Huisartsen (SPH, EUR7bn).SPH says in a statement that the capital operation will be complemented by a partnership in fund administration and asset management.PGGM and DFPS also say that they are planning to extend their cooperation to other pension funds.
24/10/2011

Sail Advisors recruits a former Lyxor manager

The Hong Kong-based fund of hedge funds Sail Advisors has appointed Sjef Pieters as head of sales and distribution for Europe, particularly the Benelux countries, Asian Investor reports. Pieters will be based in London, and will report to the head of sales and marketing at the firm, Gunther Jost. Pieters previously worked at Lyxor as head of activities for Benelux.
24/10/2011

BlueBay launches an emerging market bond range

BlueBay Asset Management is preparing to launch a new fund which will invest in emerging market high yield corporate bonds, IPE.com reports. The move follows the creation of an emerging market investment grade corporate bond fund in March.
24/10/2011

Inflows for Italian real estate funds

The 163 real estate funds active in Italy in first half had net inflows of over EUR1.5bn, according to the most recent study from Assogestioni, the Italian asset managers association, undertaken in partnership with IPD. Assets in the industry increased by 9.8%, to EUR24.3bn. Of 163 real estate funds on the books as of the end of first half, 140 are reserved for institutional clients, and 23 are dedicated to retail clients. The former category represents EUR18.89bn, compared with EUR5.5bn for the latter, Assogestioni reports.
24/10/2011

BNY Mellon wins a mandate from China's ICBC bank

BNY Mellon has been selected by the Industrial and Commercial Bank of China (ICBC) for an international custody mandate to manage a fund reserved for qualified domestic institutional investors (QDII). The new fund, harvest Gold Fund, was launched in July 2011 by Harvest Fund Management. According to the head of BNY Mellon Asset Servicing for Asia, Chong Jin Leow, the number of QDII funds has risen 50% in the first seven months of the year. Leow predicts that the number of QDII funds approved by the regulator may double by the end of 2011.
24/10/2011

Fifth consecutive month of losses for hedge funds

For September, the Hennessee hedge fund index, an equally-weighted index of over 3,500 hedge funds, shows a loss of 3.78%, following losses of 3.34% in August. This is the fifth consecutive month of declines for the general index, which showed gains in each fo the first four months of the year.In the first three quarters of the year, hedge funds have lost an average of 5.53%. The heaviest losses since the beginning of the year were for funds specialised in the financial sector (-13.45%) and emerging markets funds (-11.75%).Among the strategies that show gains is short bias, with gains of 9.73%, as well as high yield and market neutral, with returns of 3.80% and 2.92%, respectively.
24/10/2011

Dutch pension funds in big trouble

The health of pension funds in the Netherlands is continuing to deteriorate. Of the 460 pension funds in the Netherlands, 200 were in a precarious situation as of September, Les Echos reports. The possibility of cutting benefits is no longer taboo. ABP, the largest pension fund in the kingdom, has already threatened such a move, due to a lack of improvement in short-term conjuncture. A reevaluation at the end of the year will be decisive as to whether benefits will be reduced from 2013. Due to negative conditions, the objectives of a recovery plan for the sector imposed by the Netherlands central bank (DNB) for 2013 are now out of reach.
24/10/2011

Amundi recruits for sales in Germany

Dennis Korrell, sales executive at Franklin Templeton Germany since 2004, and Patrick Sobotta, sales executive at Threadneedle Germany since 2009, have joined Amundi Deutschland as senior client relationship manager and client relationship manager, respectively.They will be in charge of developing distribution activities in Germany, and will report to Axell Ullmann, head of distribution.
24/10/2011

Natixis GA recruits a big name from Allianz GI

The head of product sales support in the group market management department (Vertriebsunterstützung) at Allianz Global Investors (Allianz GI), Cora Gibbons, has joined Natixis Global Associates (NGA) has head of international product group, also in Frankfurt. NGA is an affiliate of Natixis Global Asset Management (NGAM, EUR533bn in assets as of the end of June).Gibbons will report to Fabrice Chemouny, vice president and head of international marketing and strategy at Natixis Global Associates International.In her new role, Gibbons will contribute to the strategic positioning of the global product range from NGAM and will work with NGA development teams worldwide.
24/10/2011

New head of marketing for BlackRock in Germany

The head of marketing at Fidelity International for Germany and Austria, Alexander Barion, has been recruited by BlackRock as head of marketing for Germany, Austria and Eastern Europe. He will report to Dirk Klee, country director for those regions.Barion will work in close cooperation with Candida de Silva, head of retail marketing for the Europe, Middle East and Africa region, and Ralph Blöcher, director of marketing for iShares in Germany and Austria.
24/10/2011

Musical chairs for Russell managers

Albert Jalso, who had been manager of the RIC Strategic Bond Fund (USD4.8bn) in Seattle, was transferred to London in August to take over the management of the RIC Global Fund (USD2.59bn), and five other bond funds from Russell Investments, Fundweb reports.Citywire reports that his five other portfolios are the RIC 2 Global Bond, Russell OpenWorld Global Dynamic Bond fund, Multi Style Multi Managed (MSMM) Global Bond, RIML International Bond – Australia, and RIJ International Bond – Tokyo.The products had been managed until recently by Gerard Fitzpatrick, who has been transferred from London to Seattle, to manage the RIC Strategic Bond Fund.Russell says the two transfers are part of a “cross-pollination” effort to share ideas between management teams worldwide.
24/10/2011

Phil Wagstaff joins Skandia IG as CEO

The former head of international distribution at Gartmore, Phil Wagstaff, will join Skandia Investment Group as chief executive officer. Marc Bulstrode, who is currently serving as interim CEO, will return to his role as chief operating officer once the appointment is approved.
24/10/2011

JP Morgan Worldwide Securities Services selected by Cerberus

JP Morgan Worldwide Securities Services has announced in a statement that it has been selected by Cerberus Capital Management. JP Morgan will provide Cerberus with administrative services for its funds, with total assets of over USD23bn.
24/10/2011

Janus Capital posts decline in assets

Janus Capital Group has posted net profits for third quarter of USD27.4m, compared with USD41.9m in second quarter, and USD32.5m in the corresponding quarter of last year.As of 30 September, assets under management at Janus Capital totalled USD141.1bn, compared with USD169.8bn as of 30 June, and USD160.8bn as of 30 September 2010. The decline in assets in third quarter is due to a negative market effect of USD26.5bn. Net outflows totalled USD2.4bn.
24/10/2011

Margin up for asset management at Raymond James

For the fiscal year ending on 30 September 2011, pre-tax profits from asset management at Raymond James Financial rose 41% to USD66.18m, on earnings up 15%, to USD226.51m in 2009-2010.Assets in non-money market funds fell by 12%, to USD31.1bn, compared with USD36.6bn as of the end of June, but were 3.7% higher than the USD30bn recorded on 30 September 2010.Raymond James Financial has reported a 22% increase in its net profits, to USD278.4m.
24/10/2011

Dog days for big bond managers

Times are tough for star bond managers, the Wall Street Journal reports. Bill Gross, manager of the Total Return Fund from Pimco (USD242bn), and Dan Fuss, co-manager of the Loomis Sayles Bond Fund (USD19.1bn), were caught off guard by the rally in Treasurys. Meanwhile, Michael Hasenstab, manager of the Templeton Global Bond Fund from Franklin Templeton, was back-footed by the sell-off in emerging market bonds in third quarter.The result is that in the 12 months to last Wednesday, the funds managed by Gross and Fuss showed returns of only 1.68% and 3.12%, respectively, while the Barclays Capital U.S. Aggregate Bond Index had gained 6.95%. Hasenstab’s fund has lost 0.61%, while its benchmark index, the Citigroup World Government Bond Index, has gained 6.95%.
24/10/2011

Global bond mega fund from Russell has a new manager

According to reports in Citywire, Albert Jalso became the manager of the Global Bond fund at Russell Investments (USD2.59bn in assets) at the beginning of September. He replaces the former manager, Gerard Fitzpatrick, who will now handle the funds previously managed by Jalso. Fitzpatrick has also taken over the management of 5 other bond funds, Citywire reports.
24/10/2011

Barings wins a mandate from Volkswagen

Baring Asset Management (Barings) has been selected by the Volkswagen pension fund to manage a GBP23m mandate for the Baring Multi Asset fund. The Barings fund aims for long-term returns equivalent to inflation +4%, but with highly limited risk, through dynamic allocation, and the ability to rely on all asset classes, including alternative investments (gold, real estate). Assets under management by the multi-asset class team at Barings totalled GBP5.4bn as of 30 September this year.
24/10/2011

Former Pioneer CEO joins Prelios SGR

Dario Frigerio, former CEO of Pioneer Global Asset Management, has been appointed CEO of Prelios SGR, an Italian asset management firm specialised in real estate funds, with EUR6bn in assets under management. Frigerio left the asset management affiliate of UniCredit in late 2009, and then joined Citigroup, where he was a senior adviser, in early 2011. The appointment comes as Prelios SGR has recently changed its board of directors. Paolo Ferro-Luzzi and Valter Lazzari have been elected as chairman and vice-chairman of the Italian asset management firm, respectively.
24/10/2011

Fortress planning to launch an Asian hedge fund in 2012

The US asset management firm Fortress Investment Group is planning to launch a second hedge fund dedicated to Asia next year, says the chief investment officer at Fortress Asia Macro Funds, Adam Levinson, the news agency Reuters reports. The hedge fund will reportedly be dedicated to volatility trading, and will aim to protect investors from extreme risks. The firm’s first hedge fund dedicated to Asia is the Fortress Asia Macro Fund, which has seen limited losses of 1.23% since the beginning of the year. Assets under management at Fortress, which will open an office in Singapore next year, total about USD44bn.
24/10/2011

Le nombre de family offices devrait tripler en Asie

Le nombre de family offices en Asie devrait tripler au cours des sept à 10 prochaines années, selon Hedgeweek, qui cite un article de Bloomberg se basant sur des déclarations de Richard Strauss, responsable Asie Pacifique pour les family offices et institutionnels de Citigroup. De 500 unités, les family offices devraient atteindre 1.500 dans la région, estime-t-il. Actuellement le monde compte environ 6.000 structures de ce type. L’Asie est donc une région à fort potentiel de développement, juge Richard Strauss.
24/10/2011
Fonds

Fortress envisage de lancer un hedge fund asiatique en 2012

L’américain Fortress Investment Group envisage de lancer un deuxième hedge fund dédié à l’Asie l’an prochain, a indiqué le chief investment officer des Fortress Asia Macro Funds, Adam Levinson, rapporte l’agence Reuters.Ce hedge fund serait spécialisé dans le trading de la volatilité et viserait à protéger les investisseurs des risques extrêmes. Le premier hedge fund investi sur l’Asie est le Fortress Asia Macro Fund, qui affiche un recul limité à 1,23% depuis le début de l’année. Les actifs sous gestion de Fortress, qui a ouvert un bureau à Singapour l’an prochain, s'élèvent à environ 44 milliards de dollars.
Fonds
24/10/2011
Fonds

Schroders fait absorber deux compartiments

Le conseil d’administration de la sicav luxembourgeoise Schroders Strategic Solutions a estimé que les compartiments Aggressive Growth Portfolio et Growth Portfolio, avec respectivement 5,6 millions et 12 millions d’euros d’encours, ne sont pas viables. Ils seront dès lors absorbés par le compartiment STS Schroder Global Diversified Growth A1 T (LU0314807958) qui affichait 182,2 millions d’euros d’actifs sous gestion à fin août. Ces trois compartiments sont gérés par Schroder Investment Management Limited.Si la commission de gestion du Global Diversified Growth (1,50 %) est supérieure à celles des deux compartiments qui doivent être absorbés, son TFE est inférieur, avec 2,36 %, précise le communiqué relayé par fondsweb.Quant au profil de risque, il est identique à celui de Growth Portfolio et inférieur à celui du Aggressive Growth Portfolio.
Fonds
24/10/2011

L’ancien CEO de Pioneer rejoint Prelios SGR

Dario Frigerio, l’ancien directeur général de Pioneer Global Asset Management, vient d’être nommé directeur général de Prelios SGR, une société de gestion italienne spécialisée dans les fonds immobiliers gérant 6 milliards d’euros.Il avait quitté la filiale de gestion d’actifs d’UniCredit fin 2009 puis avait rejoint Citigroup début 2011 où il était conseiller senior.Cette nomination intervient alors que Prelios SGR a renouvelé son conseil d’administration. Paolo Ferro-Luzzi et Valter Lazzari ont été confirmés respectivement à la présidence et à la vice-présidence de la société de gestion.
24/10/2011
Fonds

Les fonds immobiliers italiens collectent

Les 163 fonds immobiliers recensés en Italie ont enregistré au premier semestre des souscriptions nettes de plus d’1,5 milliard d’euros, selon la dernière étude d’Assogestioni, l’association italienne de la gestion d’actifs, réalisée en partenariat avec IPD. Dans ce contexte, les encours du secteur ont augmenté de 9,8 % à 24,3 milliards d’euros. Sur les 163 fonds immobiliers enregistrés à la fin du premier semestre, 140 sont réservés à des clients institutionnels et 23 sont dédiés aux particuliers. La première catégorie représente 18,8 milliards d’euros, contre 5,5 milliards pour la seconde, précise Assogestioni.
Fonds
24/10/2011

Chassé-croisé de gérants chez Russell

Albert Jalso, qui gérait de Seattle le RIC Strategic Bond Fund (4,8 milliards de dollars), a été muté en août à Londres pour prendre en charge la gestion du RIC Global Fund (2,59 milliards de dollars) et de cinq autres fonds obligataires de Russell Investments, rapporte Fundweb.Ces cinq autres portefeuilles, selon Citywire, sont le RIC 2 Global Bond, le Russell OpenWorld Global Dynamic Bond fund, le Multi Style Multi Managed (MSMM) Global Bond, le RIML International Bond – Australia, et RIJ International Bond – Tokyo.Ces produits étaient gérés jusque récemment par Gerard Fitzpatrick, qui est pour sa part transféré de Londres à Seattle pour gérer le RIC Strategic Bond Fund.Les deux mutations sont présentées par Russell comme faisant partie de la démarche de «pollinisation croisée» des idées entre équipes de gestion dans le monde.
24/10/2011
Fonds

BlueBay lance une offre obligataire émergente

BlueBay Asset Management s’apprête à lancer un nouveau fonds investi dans les obligations d’entreprises à haut rendement des marchés émergents, rapporte IPE.com. Cela fait suite à la création d’un fonds d’obligations d’entreprises «investment grade» sur les émergents en mars.
Fonds
24/10/2011

Phil Wagstaff rejoint Skandia IG en tant que CEO

L’ancien patron de la distribution internationale chez Gartmore, Phil Wagstaff, va rejoindre Skandia Investment Group en qualité de chief executive officer.Marc Bulstrode, qui assure actuellement l’intérim, devrait ainsi retrouver ses fonctions de chief operating officer dès que la nomination est approuvée.
24/10/2011
Fonds

Les fonds de pension néerlandais en grande difficulté

La santé des fonds de pension néerlandais ne cesse de se dégrader. Sur les 460 fonds que comptent les Pays-Bas, 200 se trouvaient dans une situation précaire en septembre, rapporte Les Echos. Le sujet d’une amputation des retraites n’est plus tabou. ABP, le plus gros fonds de pension du royaume, a déjà brandi cette menace faute d’amélioration à court terme de la conjoncture. Un état des lieux prévu à la fin de l’année sera décisif pour sauter le pas vers une baisse effective des prestations de retraite dès 2013. Face à ces vents contraires, le plan d’assainissement du secteur à l’horizon 2013, comme l’a imposé la banque centrale néerlandaise (DNB), est de nouveau hors d’atteinte.
Fonds

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