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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

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

German institutional investors prefer platforms

Of 127 German institutional investors with a total of EUR740bn in assets under management surveyed by the consulting form Kommalpha, 60.3% already use platforms for their investments in open-ended funds. 58.9% say they rely on the services of a KAG (German-registered collective investment firm), while 28.8% say they rely on their house bank, while only 9.7% invest directly.The 24-page survey by Kommalpha finds that the selection of funds on a platform is the decisive criterion in the choice for more than 90% of the institutionals surveyed, while 73% like the flexibility (meaning the moderate cost levels) afforded by this support.The most frequently-used platforms are the Metzler Fund Exchange, Frankfurter Fondsbank, dws, Augsburger Aktienbank and DAB Bank, which are cited by more than 33% of respondents each, while the last two on the list are CortalConsors (which is considered the most inexpensive by the most respondents, at 34%), and comdirect, with less than 23% mentions each.
24/10/2011

Assenagon releases a credit fund

The German BaFin and the Austrian FMA on 18 October approved the Assenagon Credit Debt Capital fund for sale in Germany and Austria. The fund, with EUR93m in assets, currently aims for returns 450 basis points higher than the Euribor 3-month (after fees), regardless of the evolution of equity and bond markets. Assenagon Asset Management, the German asset management firm which manages the Source line of ETFs (see Newsmanagers of 30 June), says that the portfolio will be managed primarily so as to exploit valuation spreads between bonds and equities from the same issuer. The management team (Jochen Felsenheimer and Wolfgang Klopfer) are able to use a full range of instruments in structuring its capital. Credit, interest rate and forex risks will largely be neutralised through the use of appropriate hedging instruments. Characteristics Name: Assenagon Credit Debt Capital ISIN codes: LU0644385733 (P, retail share class)LU0644384843 (I, institutional share class)Front-end fee: maximum 3% (P share class only)Management commission1% (P share class)0.50% (I share class)Withdrawal penalty:1% until 29 September 20120.5% from 230 September 20120.25% between 30 September 2013 and 20 September 20140% thereafterPerformance commission: 20% of performance exceeding the hurdle rate, Euribor 3-month
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

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

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

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

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

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

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
Gestion d'actifs

La Carpa de Paris s'intéresse aux placements en accord avec la déontologie de l'Ordre des avocats

La caisse des règlements pécuniaires des avocats (Carpa) de Paris est la plus grande Carpa de France mais aussi la première historique. Ainsi, son flux tourne dans l’année, autour de sommes considérables : entre 10 et 11 milliards d’euros. Sur ces fonds, 900 millions d’euros sont investis sur des placements long terme ne pouvant excéder cinq ans, en raison des contraintes de ces institutions dont l’une des principales missions est de sécuriser les fonds des tiers transitant entre les mains des avocats. Outre ces placements longs, 150 millions d’euros sont investis sur des actifs monétaires pour assurer les besoins en trésorerie de l’institution. Dominique Basdevant, secrétaire général de la Carpa de Paris précise : Nous ne faisons jamais de placements à risques sur le capital car si nous n’avions pas un capital garanti, nous commettrions vraisemblablement un délit pénal. C’est un aspect fondamental, nous choisissons des placements qui correspondent à notre déontologie car nous ne sommes pas des spéculateurs. Ainsi, la Carpa investit sur des obligations issues notamment de financières, des certificats de dépôt, des placements auprès de compagnies d’assurance avec l’exigence que le remboursement du capital soit garanti. Enfin, pour l’an prochain, ses objectifs sont de maintenir une rentabilité moyenne comme l’explique son secrétaire général : En 2009, nous avions un rendement autour de 3,5% qui est plutôt à 3% aujourd’hui, sur l’ensemble des placements. Certains sont encore très élevés mais ils arrivent à terme et nous sommes à la recherche des meilleurs placements possibles combinant l’absence de risques et le taux d’intérêt, ce qui est un peu aujourd’hui, une quadrature du cercle !.
Gestion d'actifs
24/10/2011

La hausse de la collecte du Livret A faiblit en septembre

Toujours en progression, mais moins forte en septembre qu’en août, la collecte du Livret A s’est établie à 1,13 milliard d’euros le mois dernier, selon les données publiées par la Caisse des dépôts. Le Livret de développement durable (LDD, ex-Codevi) a en revanche accusé un flux négatif de 0,38 milliard d’euros, ramenant son encours total à 68,7 milliards.
24/10/2011

Un nouvel incident technique perturbe le CAC 40

Nyse Euronext a connu vendredi à la mi-séance un incident qui a entraîné la suspension de la diffusion des indices CAC 40 et BEL 20 pendant vingt minutes, portant à sept le nombre de problèmes techniques rencontrés par l’opérateur boursier depuis le mois de juin.
24/10/2011

La BCE reporte le lancement de la plate-forme de marchés T2S

La Banque centrale européenne a décidé de reporter de neuf mois supplémentaires le système paneuropéen de transactions d’actions qu’elle prévoit de créer, et qui serait donc actif à partir de la mi-2015. Ce projet de plate-forme, Target 2 Securities (T2S), doit à terme offrir un système unique de règlement des transactions de valeurs, et ce en plusieurs devises.
24/10/2011

Une recrue de poids pour Fortress

Reuters assure de sources proches que Fortress Investment Group a recruté David Dredge en tant que coresponsable de la gestion d’un de ses pôles d’activité (Convexity Strategies). La nouvelle recrue du groupe de gestion alternative travaillait précédemment comme gérant au sein d’Artradis Fund Management, un fonds basé à Singapour ayant fermé ses portes cette année.

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