Alain Massiera rejoint le collège des associés et le directoire de Rothschild & Cie Gestion en tant que responsable du métier de la banque privée au sein de Rothschild & Cie Gestion, a indiqué la société le 3 octobre dans un communiqué. « Son expérience exceptionnelle en matière de banque privée, de banque d’investissement et sa carrière internationale, seront au coeur des nouvelles fonctions d’Alain Massiera», a déclaré Jean-Louis Laurens, président du directoire et associé gérant de Rothschild & Cie Gestion, cité dans le communiqué. Alain Massiera avait été nommé en décembre 2010 responsable mondial du métier Banque privée du groupe Crédit Agricole S.A. à Paris.

Désormais, la plupart des fonds d’InverCaixa afficheront trois classes de parts, annonce Funds People. La première classe concerne les souscriptions entre 600 euros et 50.000 euros, la deuxième couvre la gamme 50.001- 300.000 euros et la troisième, dite Premium, s’applique aux investissements supérieurs à 300.000 euros. Chaque classe de parts est assortie d’un taux de commission différent.Selon les dernières statistiques de la CNMV, le système des classes de parts multiples, autorisé en Espagne depuis deux ans et demi, ne s’est pas encore popularisé. Seuls 129 fonds comportent au total 300 classes de parts. InverCaixa est la dernière en date à s’associer au mouvement.

Le 29 septembre, Aviva Gestión a fait enregistrer par la CNMV le fonds Aviva Renta Variable Zona no Euro qui, comme son nom l’indique, investira au moins 75 % de ses encours dans des actions de sociétés hors zone euro, ou dans d’autres fonds investis hors zone euro, y compris dans les pays émergents. La moitié du portefeuille au moins sera placée dans un minimum de quatre fonds externes ou internes. Ce fonds a été créé le 15 juin 2011.L’indice de référence se compose à 60 % du S&P 500 Total Return, et à 10 % chacun pour le Topix Total Return, le FTSE 100 Total Return, le MSCI Emerging Markets Total Return et l’EONIA 7 jours.La part non investie en actions sera affectée à des obligations de qualité moyenne de pays de l’OCDE mais pourra en partie être placée aussi en actions de la zone euro. La duration moyenne du portefeuille obligataire ne dépassera pas deux ans. L’exposition au risque devises peut aller de 0 à 100 %.Le produit est commercialisé principalement au travers d’Allfunds Bank CaractéristiquesDénomination : Aviva Renta Variable Zona No Euro, FICode Isin : ES0112186004Commission de gestion indirecte : 2,25 %Commission de gestion directe : 0,1 %Commission de banque dépositaire indirecte : 0,2 %Commission de banque dépositaire directe : 0,04 % Souscription minmale initiale : 10 euros

Selon une analyse de l’agence de notation de fonds Scope, les fonds immobiliers offerts au public qui ont suspendu leurs remboursements mettent en danger les fonds de fonds, note le Handelsblatt. Lorsque les fonds immobiliers vont rouvrir le guichet des remboursements, il y a un risque que les fonds de fonds réclament tout de suite leur argent.Scope a passé au scanner des fonds de fonds d’un encours de 3,1 milliards d’euros, et constaté que 60 % de leur portefeuille est constitué de parts de fonds immobiliers. Dans trois cas, des fonds de fonds eux-mêmes fermés aux remboursements ont entre 70 et 90 % de leur encours gelés dans des fonds immobiliers fermés. Le Handelsblatt cite le cas récent du fonds de fonds Premium Management Immobilien-Anlagen, dont Allianz Global Investors a annoncé mi-août la liquidation (probablement ce mois-ci) et le versement de 500 millions d’euros, soit 19 euros pour une part, aux porteurs. Ce qui représente une perte sensible pour ces derniers.Beaucoup de fonds de fonds sont investis dans le Morgan Stanley P2 Value, qui va être liquidé. Les prochains fonds qui doivent rouvrir d’ici à la mi novembre sont le Axa Immoselect et le DEGI International (Aberdeen). Si l’opération échoue, ils devront aussi être liquidés...

Fonds Professionell rapporte qu’Evelyn Muth, promue en novembre 2010 Head of Global Relations Central Europe de Fidelity Allemagne, quittera la société officiellement en fin d’année, mais qu’elle a pris congé le 30 septembre. Elle était depuis 1995 dans le groupe.Rappelons que, fin juin, Fidelity avait recruté Kerstin Behnke, managing director et head of Norther Europe, Germany, Austria, Switzerland and Luxembourg chez Gartmore comme directrice de la distribution pour l’Allemagne (lire notre article du 17 mai). A l'époque, il avait été annoncé qu’Adam Lessing abandonnait la direction de la distribution en Allemagne pour se focaliser sur l’Autriche et l’Europe centrale…

Le gestionnaire britannique Schroders, qui a déjà lancé la commercialisation de son fonds GAIA CQS Credit en France (lire notre article du 11 juillet) et en Espagne (Newsmanagers du 31 août) va désormais présenter ce hedge fund coordonné aux investisseurs allemands et autrichiens durant ce mois d’octobre, rapporte Investment Europe. Ce produit affiche un gain de 6,8 % depuis son lancement en avril, et son objectif est une performance supérieure au Libor 3 mois.

Un nouveau compartiment a rejoint le 3 octobre la sicav luxembourgeoise de Sparinvest. Initialement appelé Atrium Value Partner SICAV European Small Cap, le fonds a été lancé le 22 juin 2006 par Atrium Asset Management, société de gestion danoise spécialiste de l’investissement «value» acquise par Sparinvest en mars 2011. Désormais rebaptisé Sparinvest European Small Cap Value, le fonds conserve son code ISIN (LU0256591552) et son équipe de gestion. Cette dernière est formée de Karsten Løngaard et Lisbeth Søgaard Nielsen, qui continuent de gérer conjointement le «nouveau» fonds dans le cadre de l’équipe Actions Value de Sparinvest composée de dix membres. Le fonds intègre la sicav avec un historique long de cinq ans.Si Sparinvest est spécialisé dans l’investissement à long terme et ne croit pas aux vertus du «market timing», la société considère toutefois les perspectives actuelles du fonds comme excellentes, du fait des tendances au désengagement massif constatées récemment sur les marchés boursiers européens. En raison de la crise de l’euro, les petites sociétés basées en Europe ont toutes été dépréciées sans distinction et constituent maintenant un terrain de chasse prospère pour les investisseurs à l’affût de bonnes occasions. Le fonds Sparinvest European Small Cap Value a pour objectif de réaliser des performances positives à long terme en utilisant la stratégie en actions « value » 100 % bottom-up de Sparinvest, en dénichant des opportunités d’investissement « value » dans le segment des petites et micro capitalisations (tel que défini par MSCI) des marchés boursiers des pays membres de l’UE, plus la Norvège et la Suisse. Caractéristiques du portefeuille lors de son lancement :Code ISIN : LU0256591552 RDate de lancement : 22 juin 2006Commission de souscription : 3 %Cinq premières positions : Aareal Bank AG 6,1 %, Wash Tec AG 5,3 %, Wolford AG 4,8 %, Derby Cycle AG 4,8 %, Haldex Group AB 4,6 %Ventilation géographique : Pays de la zone euro 74,2 %, pays étrangers à la zone euro 25,5 %, Europe de l’Est et émergente 0 %Trois premiers secteurs : Biens de consommation 32,5 %, Matériaux industriels 27,5 %, Services aux entreprises 10,3 %Taille : 3,31 millions d’euros

La première table ronde Newsmanagers-amLeague depuis la rentrée qui s’est tenue mercredi 28 septembre a été, dans un premier temps, l’occasion pour les gérants présents de revenir sur les comportements des marchés et de leurs portefeuilles. Directeur de la gestion Actions à Haut Rendement du Dividende chez ING IM, Nicolas Simar a relevé que la zone euro a connu une augmentation très forte de la corrélation entre titres et que la sélection de valeurs n’a eu que très peu d’impact sur la performance finale. Des secteurs traditionnellement défensifs ont sans doute obtenu un petit peu mieux, mais des secteurs comme les télécoms ou les utilities qui traditionnellement en font partie ont souffert d’une manière tout à fait comparable au reste du marché. Avec des corrélations très fortes et un style «value» qui a sous-performé, les sociétés bon marché qui avaient déjà intégré («pricé») une bonne partie des risques de ralentissement de l'économie se seraient mieux comportées. «Or, on a vu le contraire», note Nicolas Simar qui saisit progressivement des opportunités dans le portefeuille. Y compris dans des secteurs comme la technologie qui ont fortement souffert. A noter, selon le directeur de la gestion Actions à Haut Rendement du Dividende d’ING IM, que certaines valeurs cycliques, comme celles des secteurs de l’acier, du transport ou de la construction, ont déjà pris en compte, dans leur cours actuel, un sérieux risque de ralentissement. De son côté, Vincent Sallé, gérant Actions et diversifiés chez CAM Gestion, admet avoir un biais cyclique mis en place depuis plusieurs semaines avec une stratégie un peu cyclique et assez défensive. Nous avons joué les deux extrêmes. En vain. Etre cyclique et défensif n’a pas forcément aidé pour les performances, explique le gérant. «Nous en tirons plusieurs enseignements», explique-t-il : «tout d’abord, dans les marchés, il y a eu des mouvements d’allègement de positions, peut-être amplifiés par des éléments plus techniques d’ETF ou d’autres. En outre, le critère défensif n’a pas «joué». A l’arrivée, on n’a pas pu bénéficier de l’effet matelas qu’on avait imaginé entre valeurs cycliques et défensives» constate Vincent Sallé. Egalement présent, Jean-Louis Nakamura, chief investment officer, Asset Allocation Group chez Lombard Odier IM, est revenu sur sa gestion risk parity. Il s’agit de portefeuilles équilibrés en risques équi-répartis entre les différents constituants de l’ensemble. La définition des constituants et des risques peut varier d’un univers à un autre. Sur l’Europe et sur l’Euro, ces facteurs de risques sont légèrement biaisés en faveur d’une famille de facteurs particuliers, en l’occurrence la famille valorisation. Malheureusement en termes de timing, le mandat a débuté fin mars.Interrogé à son tour, Michael Degouve, directeur de la stratégie d’investissement et gestion actif-passif, responsable de portefeuille Epargne, Retraite collective à la CNP, a rappelé qu’en matière de flux d’investissements, en tant qu’investisseur structurel, la CNP essaie de gérer le «timing». Avec une position d’attente cet été judicieuse... Enfin, concernant la stratégie que Michael Degouve entend suivre pour les flux que sa maison enregistre dans les mois à venir, le professionnel admet que les liquidités ne rapportant plus rien, «il faut donc se lancer». Il compte ainsi regarder le marché du crédit sur lequel il y a eu des écarts de spreads très violents. Du côté des actions, l’environnement devant rester volatil, la CNP va privilégier des types de gestion plutôt défensifs ou asymétriques. «Et également les convertibles, qui peuvent présenter de l’intérêt en affichant des niveaux de valorisation intéressants», relève Michael Degouve. Interrogé par ailleurs, Jean Eyraud, chef de la division Gestion d’Actifs chez EDF, a confirmé à Newsmanagers la grande prudence dont il s’entourait en matière d’investissements. «Nous nous sommes concentrés sur nos meilleurs paris», a expliqué le responsable, «et avons décidé de ne pas être agressifs, sur aucun marché compte tenu des risques de remontée des taux à venir et des risques des marchés d’actions. Car nous craignons la volatilité des marchés», ajoute le professionnel... Enfin, concernant le scénarios des mois à venir, Nicolas Simar a précisé que sa société de gestion a été fortement pondérée sur les cycliques en début d’année, mais qu’elle a plutôt tendance à revenir en position neutre de manière sélective. Vincent Sallé rappelle pour sa part que son scénario table à trois mois sur une hausse de 10% des cours actuels. Pour autant, les politiques budgétaires sont plus que contraintes, ajoute-t-il, et elles s’auto-contraignent. Le thème de la déflation doit émerger de nouveau, note t-il. Quant à Jean-Louis Nakamura, il fait preuve d’un certain pessimisme et met en garde un positionnement trop prématuré sur des valeurs cycliques...L’intégralité de la table ronde figure en pièce jointe et les tableaux de performances peuvent être consultés sur le site http://www.am-league.com/en/rankings

Qatar Holding, an arm of the Gulf state’s sovereign fund, is planning to create an independent investment vehicle to acquire stakes in or buy up gold mining companies, the Financial Times reports. According to several sources familiar with the matter, the fund is planning to invest about USD10bn in gold or metal mining businesses, of which USD5bn will be placed in gold mining investments via a new vehicle entitled Qatar Gold.

AXA Investment Managers has announced the appointment of Francisco Arcilla as global head of AXA Funds of Hedge Funds (AXA FoHF) effective 3 October, 2011. He will be responsible for the overall leadership of AXA IM’s FoHF platform and accelerate its development as a provider of tailor made investment solutions in the hedge fund space. Francisco will be based in London and report to Thibaud de Vitry, global head of AXA IM’s Investment Solutions business and member of the AXA IM Management Board. Francisco Arcilla will be a member of the AXA IM executive committee.

Alain Massiera is joining the college of partners and the board at Rothschild & Cie Gestion, as head of the private banking unit at Rothschild & Cie Gestion, the firm announced in a statement on 3 October. “His exceptional expertise in private banking and investment banking and his international career will be at the core of the new responsibilities of Alain Massiera,” Jean-Louis Laurens, chairman of the board and managing partner at Rothschild & Cie Gestion, says in a statement. Massiera was appointed in December 2010 as global head of the private banking profession at the Crédit Agricole S.A. group in Paris.

“Assets under management related to the deployment of the international product range represent about 25% of total assets,” says Mandarine Gestion, whose total assets under management as of the end of August totalled EUR1.6bn. The firm has chosen once again this autumn to announce its exposure to international business, with an added reminder that this products are now available in five European countries outside France (see Newsmanagers of 30 August): Germany, Luxembourg, Austria, Spain, and Italy.In Italy, the Mandarine Valeur and Mandarine Unique funds were registered in July. In Spain and Italy, the management firm is present through a partnership with La Française AM, which has offices in Madrid and Milan. In addition, Mandarine has an office in Frankfurt, and uses the services of First Quant in Vienna.Mandarine also manages assets from Switzerland (a market it entered in 2008), Luxembourg (2008), Ireland (2011) and the United Kingdom (2009). These markets are handled by the sales team bases in Paris.

In a filing released on 3 Ocotber, the Austrian oil group ÖMV announced that it has been informed by the International Petroleum Investment Company (IPIC, an affiliate of the Abu Dhabi sovereign fund), that the latter firm has increased its stake in the capital of ÖMV to 24.9%, from a previous level of 20.9%. IPIC now owns 81.49 million shares in ÖMV, and its most recent acquisition is valued at EUR320m.The holding company ÖIAG, which controls the Austrian government’s investments, remains the largest shareholder in ÖMV, with about 31.5% of the firm.

Axa Investment Managers is adding to its Optimal Investments range with the launch of the Axa WF Optimal Absolute fund, which will aim to earn positive returns every year, regardless of the direction of the markets. It joins the two flexible funds AXA Optimal Income and AXA WF Optimal Income, which have over EUR1bn in assets under management as of the end of July 2011. “Axa WF Optimal Absolute is an opportunistic fund which offers a way to take long or short positions on a wide variety of assets. These positions may be realised directly through indices, financial sector shares, equities and bonds, or via derivatives,” explains Serge Pizem, manager of the fund and head of the Optimal Investments team at Axa IM. He will be assisted by Laurent Talon, who joined Axa IM in July this year. The fund may invest in developed and emerging markets, and will include liquid asset classes in variable proportions depending on the evolution of the markets. It combines a macro and bottom-up approach in order to limit the correlations between its various investments. “Currently, the portfolio is invested primarily in money markets, as volatility is high and the correlations between the various asset classes are unstable. In addition, the impact of policy decisions on the markets is very high. These points have compelled us not to engage too much capital in this environment,” Pizem says. The fund has a wealth management approach, and is aimed primarily at distributors (private banks), funds of funds, IFA networks, and wealth management advisers, among whom absolute return strategies are currently in high demand.

DoubleLine Capital, the asset management firm founded by Jeff Gundlach and several former employees of TCW (Société Générale), has announced that DoubleLine Funds Trust on 30 September launched the bond product DoubleLine Low Duration Bond Fund, with two no-load share classes. The I share class carries a commission of 0.47%, while the N share class carries a commission of 0.72%. Minimal initial subscription is set at USD100,000 for I shares, and USD2,000 for N shares.It is the fifth fund of the DoubleLine range.The managers of the portfolio are Philip Barach, Luz Padilla and Bonnie Baha. The effective duration of the new fund will be a maximum of 3 years under ordinary conditions.

The British asset management firm Schroders, which has already released its GAIA CQS Credit fund in France (see Newsmanagers of 11 July) and in Spain (see Newsmanagers of 31 August) will now make a roadshow for the UCITS-compliant hedge fund for German and Austrian investors in the month of October, Investment Europe reports. The product has gained 6.8% since its launch in April, and its objective is returns higher than the Libor 3-month.

Most funds from InverCaixa now offer three share classes, Funds People reports. The first class is for subscriptions varying from EUR600 to EUR50,000; the second covers the range from EUR50,001 to EUR300,000, and the third, entitled Premium, is for investments of over EUR300,000. Each share class charges a different commission level.According to the most recent statistics from the CNMV, the system of multiple share classes, which has been allowed in Spain for two and a half years, is not yet common practice. Only 129 funds now have a total of 300 share classes. InverCaixa has become the most recent firm to participate in the movement.

The US asset management firm State Street Global Advisors (SSgA) has announced that the new SPDR S&P® Aerospace & Defense ETF (XAR), SPDR S&P Health Care Services ETF (XHS) and SPDR S&P Software & Services ETF (XSW) funds were admitted to trading on the NYSE Arca platform on 29 September. They replicate the sectoral sub-indices of the S&P Select Industry Indices range, and each charge fees of 0.35%.Assets in ETFs of the SPDR range as of the end of June totalled over USD266bn.

On 29 September, Aviva Gestión registered the Aviva Renta Variable Zona no Euro fund with the CNMV. As its name indicates, the fund will invest at least 75% of its assets in equities in companies outside the euro zone, or in other funds which invest outside the euro zone, including in emerging countries. At least half of the portfolio will be placed in at least four third-party or in-house funds. The fund was created on 15 June 2011.The benchmark index is composed 60% of the S&P 500 Total Return, and 10% each of the Topix Total Return, FTSE 100 Total Return, MSCI Emerging Markets Total Return, and EONIA 7-day.The portion of the fund not invested in equities will be placed in moderate-quality bonds from OECD countries, but will also be partly invested in euro zone equities. The average duration of the bond portfolio will not exceed two years. Exposure to currency risks may vary from 0 to 100%.The product will be available primarily via Allfunds Bank.CharacteristicsName: Aviva Renta Variable Zona No Euro, FIISIN code: ES0112186004Indirect management commission: 2.25%Direct management commission: 0.1%Indirect depository banking commission: 0.2%Direct depository banking commission: 0.04%Minimal initial subscription: EUR10

Allianz Global Investors is launching its second renminbi fund, Allianz RMC Renminbi Currency Fund, a fund domiciled in Luxembourg, which offers investors exposure to the expected appreciation of the Chinese currency, Investment Week reports. The fund will be managed by Helen Lam, who has been working in the regional team dedicated to bonds since 1999, and who since May has been managing the firm’s first fund denominated in renminbi. According to Lam, the appreciation of the renminbi will range from 4% to 7% per year. “Despite the recent market volatility, the renminbi has appreciated more rapidly since August, which shows that the Chinese authorities have decided to take measures to improve the convertibility of the Chinese currency, with the ultimate objective of internationalising it.” The first fund, whose assets total EUR450m, was closed to new investors in August.

On 3 October, Chi-X Europe, an alternative trading platform specialised in pan-European equities, and Russell Indices, an index provider affiliate of Russell Investments, unveiled their new range of pan-European indices: Chi-X Europe Russell Indexes (CHERITM). The new range was designed especially to bring users of pan-European and euro zone indices “high quality, tradeable” products. The two firms announced an alliance in this area slightly over five months ago (see Newsmanagers of 30 March).Currently, the new family of indices includes the Chi-X Europe Russell PanEurope Index (CHERI PanEurope), a large and highly liquid index of large caps from developed European markets (216 shares from 14 countries, in 5 currencies).Another CHERITM product is the Chi-X Europe Russell Eurozone Index (CHERI Eurozone), with 130 highly liquid shares form 1 countries, in a single currency.Chi-X and Russell have also launched the Chi-X Europe Russell PanEurope 60 Index (CHERI 60), a sub-index of the CHERI PanEurope, with the 60 largest caps of the general index, from 8 countries, denominated in 3 currencies. Lastly, the Chi-X Russell Europe Eurozone 40 Index (CHERI 40), a subset of the CHERI Eurozone index, includes only the 40 largest caps of the general index, from 8 countries, in a single currency.

On 3 October, a new sub-fund joined the Luxembourg SICAV from Sparinvest. The fund, initially entitled Atrium Value Partner SICAV European Small Cap, was launched in June 2006 by Atrium Asset Management, a Danish asset management firm specialised in value investments, which was acquired by Sparinvest in March 2011. The fund is now renamed as Sparinvest European Small Cap Value, and will retain its ISIN code (LU0256591552) and management team. The team consists of Karsten Løngaard and Lisbeth Søgaard Nielsen, who will continue to jointly manage the “new” fund as a part of the value equities team at Sparinvest, which is composed of 10 members. The fund thus joins the SICAV with a five-year track record. Although Sparinvest is specialised in long-term investment and does not believe in the virtues of market timing, it nonetheless considers the current prospects for the fund excellent, due to the massive divestment recently affecting the European stock markets. Due to the euro crisis, small companies based in Europe have all indiscriminately been devalued, and now represent a promising hunting ground for investors seeking opportunities. The Sparinvest European Small Cap Value index aims to earn positive returns over the long term, using Sparinvest’s value equities strategy a 100% bottom-up approach, which seeks out value investment opportunities in the small and micro-cap segments (as defined by MSCI), on stock markets of EU member countries plus Norway and Switzerland. Characteristics of the portfolio at launch: ISIN code: LU0256591552 R Launch date: 22 June 2006 Size: EUR3.31m Subscription commission: 3% Top five positions: Aareal Bank AG 6.1%, Wash Tec AG 5.3%, Wolford AG 4.8%, Derby Cycle AG 4.8%, Haldex Group AB 4.6% Top three sectors: Consumer goods 32.5%, industrial materials 27.5%, corporate services 10.3%.

The JO Hambro Capital Management group has launched two Asian equity funds, Investment Week reports. The funds are the JOHCM Asia ex Japan fund, a fund investing in all cap sizes which will be managed by Samir Mehta, and the JOHCM Asia ex Japan Small and Mid Cap fund, a small and midcaps fund which will be managed by Cho-Yu Kooi. The two managers are both veterans of the Singapore-based management boutique Silver Metis Capital Management, which was acquired a few months ago by JO Hambro Capital Management. The fund, which will be available to institutional and retail clients, will be available in Dublin in shares denominated in pounds Sterling, US dollars, and euros. Front-end dees are 5%, while management fees are 1.50% per year, and performance commission is 15%.

Louis N. Cohen, managing director of the global fixed income division of the New York firm MacKay Shields (USD56bn in assets), on a visit to Paris to present the US Corporate Bond Fund (LU0458979746), a sub-fund of the Nordea 1 Sicav, to investors, said a few words in praise of US investment grade corporate bonds, whose potential is at least as solid as that of high yield bonds, he says.The fund, whose assets as of the end of September totalled USD1.252bn, up from USD978m at the end of December, has not seen redemptions since the beginning of this year. Cohen’s confidence is partly due to the fact that he does not believe there will be a recession, but is still expecting a slow growth rate of 2% for the United States. This is in line with the results of a survey by Russell Investments published on 29 September, in which 79% of US asset managers predict that there will not be a double-dip recession. In addition, the profit situation for surviving US businesses has improved considerably, and US banks are not as vulnerable as they were in 2008. The “Twist” operation initiated by the Fed aims to dissuade banks from converting the maturities of their bonds to invest in Treasuries, but to convince them instead to “pump credit into the system.” For investors, the returns on investment grade corporate bonds is highly attractive, with spreads of 225 basis points. The Nordea fund invests 60% of its assets in BBB-rated bonds, 10% in BB bonds, and 25% in A-rated papers. The portfolio has about 225 positions, with a low turnover rate.

Cormac Sheedy, head of sales at SHUAA Capital, an investment bank based in the United Arab Emirates, has been recruited as senior executive officer for Middle East & Africa at RBC Dexia Investor Services. He will be in charge of directing the development of the business in the Middle East from the Dubai office of RBC Dexia, and will report to Simon Shapland, managing director of UK, Ireland and Middle East.

In the context of the sovereign debt crisis and global economic recession, investors are turning to hedge funds which aim to protect them from extreme risks, the Financial Times observes. Among the funds which are benefiting from the trend are tail-risk funds from Bennelong Asset Management, 36 South and Saba. All of them have seen increases in their assets of 10% in August and September, according to JP Morgan. Funds managed by Man Group, Capula and Universa also posted subscriptions.

In 2011, hedge funds are set to invest as much as USD2.09bn to IT stocks, equivalent to about 9 basis points as a proportion of their assets under management, according to a study by Citi Prime Finance covering hedge funds based in the United States and Europe. Hedge funds with assets under management of over USD5bn will spend an average of USD7.9m in 2011, 13 times the amount estimated for funds with assets under management of less than USD500m.

In third quarter overall, redemptions affected most investment categories monitored by EPFR Global. Funds dedicated to emerging market equities saw net outflows of USD23.32bn in third quarter and USD36.33bn in the first nine months of the year. Funds dedicated to equities in developed markets, for their part, saw net outflows of USD77.37bn in third quarter, and USD51.31bn over three months. For bonds, however, emerging market funds posted record inflows of USD4.83bn in third quarter, and nearly EUR20bn in nine months. US bond funds attracted USD3.57bn in third quarter and USD39.6bn in the first nine months of the year. European bond funds finished the quarter with outflows of USD5bn, and ended the nine-month period with outflows of USD21.1bn. For bond funds overall, third quarter brought net outflows of USD8.3bn, but for the nine month period, the category shows net inflows of USD77.15bn. Money market funds finished third quarter with outflows of USD51.2bn, while the outflows for the first nine months of the year totalled over USD151bn. In the same period in 2010, redemptions were close to USD508bn. In the week ending on 28 September, money market funds posted net inflows of USD8.8bn. In the same period, bond funds posted net inflows of USD4.3bn, while equity funds saw redemptions of USD8.9bn. Sectoral analysis reveals that commodity funds have posted net inflows of USD4.13bn in third quarter, and USD11.85bn over nine months. Another big winner is utilities funds, which have seen inflows of over USD1bn in third quarter, and of USD1.7bn in the first nine months of the year. However, funds dedicated to financials finished the quarter with outflows of nearly USD2bn, and the first nine months of the year with outflows of USD3.33bn.

According to an analysis by the ratings agency Scope, open-ended real estate funds which have suspended their redemptions are endangering funds of funds, Handelsblatt reports. Once real estate funds reopen their redemption windows, there is a danger that funds of funds will call in their money immediately.Scope analysed funds of funds with assets of EUR3.1bn, and found that 60% of their portfolios are composed of shares in real estate funds. In three cases, the funds of funds themselves which were closed to redemptions had 70% to 90% of their assets frozen in closed real estate funds. Handelsblatt cites the recent case of the Premium Management Immobilien-Anlagen fund of funds, which Allianz Global Investors announced in mid-August would be liquidated (probably this month), with EUR500m, or EUR19 per share, to be paid out to subscribers. This represents a considerable loss for clients.Many funds of funds are invested in the Morgan Stanley P2 Value fund, which will be liquidated. The next funds to reopen, in mid-November, will be the Axa Immoselect and the DEGI International (Aberdeen). If the re-opening is a failure, these funds will also have to be liquidated.

InvestmentEurope reports that Martin Currie has decided to close two funds, the Pan European Alpha and Global Financials. The first of these funds is to be closed due to the departure of its co-manager, Eric Woehrling, while the second is being closed because its net asset value has fallen below USD10m.