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13/07/2011

BlackFin Capital Partners raises EUR220m

The private equity investment firm BlackFin Capital Partners on Tueday, 12 July announced that it has raised EUR220m for its fund dedicated to financial services.On 30 June, BlackFin Capital Partners finalised its closing of the BlackFin Financial Services Fund, with commitments on the past of its investors – European institutionals and family offices – of EUR220m. The closing followed an initial closing in December 2009 at EUR60m, a statement says.The investment strategy for the fund is to take up influential stakes in SMBs in the financial sector (intermediation, asset management, electronic finances, distribution of financial products and insurance, service providers, etc), in France and continental Europe. Three investments have already been undertaken, at Owliance, a leader in services to insurance companies; Moneo, a leader in electronic wallets and multi-services; and Applicam, a provider of pre-paid card services.A fourth investment is underway, pending approval from regulatory authorities. BlackFin, with other investors, has announced that it is taking up a minority stake in Kepler Capital Markets, in order to finance its development.
13/07/2011

Aberdeen takes over two more Credit Suisse funds

In a SEC filing dated 1 July, Credit Suisse Capital Funds announced that the boards of directors and trustees for the equities funds Credit Suisse Large Cap Blend I and II on 30 June approved a “reorganisation” of the funds, which will become the Aberdeen US Equity I and II. The decisions still need to be approved by an extraordinary general shareholders’ meeting.Credit Suisse Asset Management states that the funds sold to Aberdeen no longer fit in with its overall strategy.
13/07/2011

Banque Postale adds to range with launch of two new funds

La Banque Postale announced on Tuesday, 12 July that it is adding to its range of funds with the release of two new equities mutual funds: LPBAM Multi Actions Emergents, and LBPAM Actions Euro Flex.The former is a multi-management equities fund which invests in emerging markets via funds which are invested mostly in third-party mutual funds, in order to profit optimally from growth potential on emerging markets, and investment in local busineses, a statement says.The second fund, LBPAM Actions Euro Flex, is a flexible fund, whose objective is to capture rising trends on euro zone equities markets, while seeking to amortise falls on the markets when they occur.CharacteristicsName: LBPAM Multi Actions Emergents RISIN code: FR0010547117Subscription commission: maximum 2.5% TTC per yearManagement fee: maximum 3% TTCExit fee: noneinitial net asset value per share: EUR1,000Minimal subscription: EUR1,000 from CIF; none from life insurance policiesBenchmark: MSCI Emerging MarketsType of subscribers: AllName: LBPAM Actions Euro FlexISIN code: FR0011051689Subscription commission: maximum 2.5% TTC per yearManagement fee: maximum 2% TTC Initial net asset value: EUR1,000Minimal subscription: EUR1,000
13/07/2011

Dalton hard-closes its European absolute returns fund

The Luxembourg-registered, UCITS-compliant fund Melchior Selected Trust European Absolute Return (MSTEARF), launched on 2 February 2010, now has USD600m in assets. Dalton Strategic partnership has announced a hard closing, following a soft closing at USD500m in early June. Citywire reports that the additional USD100m represent additional net subscriptions form investors who were already clients of the fund.As usual in cases of this type, the manager says that the hard closing of the absolute returns fund, managed by Leonard Charlton, David Robinson and Benjamin Millard, aims to protect performance, which might be diluted as a result of the arrival of further subscriptions.
13/07/2011

BayernInvest launches an emerging markets debt fund

The Bavarian firm BayernInvest on 6 July launched an emerging markets debt fund for institutional investors. It is legally a “semi-passive” open-ended, UCITS-compliant fund, whose benchmark index is the J.P. Morgan EMBI Global Diversified Index, using the stratified sampling method, so that representative issues of the index represent only 50% of the portfolio. The management team will focus on heavyweights of the index, and will optimise the process with a per-country allocation. Currencies exposure corresponds to bonds denominated in US dollars, but there are also share classes hedged for currency risks in US dollars and euros, and a non-hedged class in euros.CharacteristicsName: BayernInvest Emerging Markets Select Bond FondsISIN codes: DE000A1C78A0 (USD)DE000A1C778CE (EUR-hedged)DE000A1C78D4Front-end fee: 5% maximum (currently 3%)Redemption commission: 5% maximum (currently 3%)Management commission:USD: 0.40%EUR-hedged: 0.43%EUR-unhedged: 0.40%Depository banking commission: 0.05%Minimal subscription: EUR25,000Daily liquidity
13/07/2011

ETF Securities lists a copper ETC on the Frankfurt stock exchange

The British management firm ETF Securities (ETFS) has listed a German-registered ETC denominated in euros and trading in copper (DE000A1K3AZ2), which charges fees of 0.69%, on the Xetra platform of the Deutsche Börse.The fund is the ETFS Physical Copper (acronym PHCU), which invests in physical metal stored at the London Metal Exchange (LME). Annual insurance contribution is 0.12%. The benchmark is the price of copper on the LME (cash settlement).
13/07/2011

US government debt: Pimco returns to full speed ahead

Bill Gross, manager of the Pimco Total Return Fund (USD244bn), in June increased its exposure to US government bonds for the second consecutive month, as investors sought safety in Treasuries, the Financial Times reports. Allocation to these securities has become neutral, and the duration of the portfolio has been adjusted since the end of May to more closely resemble the Barclays Aggregate Bond index.
13/07/2011

New head of strategy at Crédit Agricole S.A.

Crédit Agricole S.A. on Thursday, 11 July announced the arrival of Julien Fontaine as director of strategy. He will report to Michel Mathieu, deputy CEO of Crédit Agricole S.A., in charge of central funds of the group, insurance, and asset management. Fontaine will begin in his new position on 1 September 2011.Fontaine, 39, was previously at McKinsey & Company, where since 2009 he had been associate director in charge of financial services.
13/07/2011

Carmignac Gestion modifies governance

Agefi reports that Eric Le Coz, a member of the investment committee and supervisor of the risk, reporting and product engineering departments at Carmignac Gestion since 2007, has been appointed as deputy CEO.Le Coz will coordinate the management team, alongside Edouard Carmignac, founder and president of the firm, and will work to define performance objectives and improve risk analysis methodology for products, but will not influence the strategies and convictions of the managers, the firm says.The promotion of Le Coz may also reassure observers who were concerned that the management firm had become too dependent on its president, the newspaper notes. At 63, Carmignac is co-manager of Carmignac Patrimoine, and the sole manager of Carmignac Investissement, the firm’s two largest funds. The management firm has suffered from a fall in returns for its flagship funds, and in first half 2011 saw outflows of EUR4.67bn from French-registered funds.
13/07/2011

Zencap AM planning a new fund for 2012

As the first fund from Zencap AM, an affiliate of the OFI group (see Newsmanagers of 12 July) which primarily invests in over-the-counter structured products from banks which aim to meet regulatory capital requirements, has been closed to subscriptions, the OFI AM affiliate is now planning to create at least one new vehicle in 2012, Agefi reports.The new product could involve long/short strategies. “When we are more sure of slightly higher prices on the market and a slightly more advanced stage in the credit cycle, it will be time to seek coverage with short positions on other types of assets,” Richard Jacquet, president of Zencap AM, explains to the newspaper.
13/07/2011

UniCredit picks an Austrian as director of its private banking activities

The board of directors at UniCredit on 12 July appointed the Viennese Helmut Bernkopf as head of its private banking division. He will begin in his new position on 1 August in Milan, and will report to CEO Roberto Nicastro. He will be a member of the business executive management committee, the Italian group announced on Monday.Bernkopf, who joined Bank Austria in 2004, has spent his entire career at the group. Since September 2008, he has been a member of the board of directors at bank Austria Creditanstalt, as head of corporate and investment banking Austria.The UniCredit private banking division serves about 235,000 clients, and manages about EUR167bn in assets.
13/07/2011

Bankinter doubled the volume of third-party funds intermediated in 2010

Last year, third-party funds intermediated by the Bankinter network totalled EUR1.2bn, compared with EUR600m as of the end of 2009, Funds People reports. The third-party fund selection team, led by Raúl Moreno, has been detached from Bankinter Gestión de Activos, and instead attached to the global analysis department. A partnership agreement has recently been signed with Allfunds Bank.As of the end of June 2011, Bankinter Gestión had assets fo EUR3.8bn, in 95 funds and funds of funds, which may also invest in third-party funds.
13/07/2011

Aviva Investors planning to develop institutional client base in Asia

The British asset management firm Aviva Investors has recruited Lim Ben-Eu in Singapore as director of development for institutional clients, a newly-created position. He will work to place alternative products to institutional investors in Asia, and will report to Erich Gerth, CEO global business development in London, as well as to Tahnoon Pasha, CEO of Aviva Investors Singapore.
13/07/2011

29 funds had more than EUR100m in inflows in January-June

On the basis of statistics from the Inverco association of Spanish asset management firms, Funds People has found that 29 funds posted net subscriptions of over EUR100m in first half. Among these “super-sellers” in January-June, Santander had two funds (Santander Select Prudente, with EUR487m, and Santander Select Moderado, with EUR329m), while BBVA had the Solidez IX BP (EUR278.3m), and Sabadell had the BS Garant. Fija 8 fund with EUR249.67m.However, the best-performing management firm in this area was La Caixa, with three products: Foncaixa Estabilidad (EUR2.55bn), Foncaixa Estabilidad Plus (EUR527.2m), and Foncaixa Asegurado (EUR398.85m).In total, Spanish funds in first half had net redemptions of over EUR3bn. Of the 25 best sellers, 20 were guaranteed funds, 19 of them bond funds.
13/07/2011

Ossiam lists four ETFs in London

Ossiam, an affiliate of Natixis Global Asset Management, has become the 20th provider to list its UCITS-compliant ETF products for trading on the London Stock Exchange (LSE). The French asset management firm is now offering four Luxembourg-registered equities ETFs in London (alongside 4 listings in Frankfurt and 6 in Paris): Ossiam iSTOXX Europe Minimum Variance, US Minimum Variance, EURO STOXX 50 Equal Weight and STOXX 600 Equal Weight (see Newsmanagers of 28 June and 5 July).
13/07/2011

Fidelity launches an offshore version of its emerging Asia fund

In the United Kingdom, Fidelity UK has launched an onshore version of its Emerging Asia fund, launched in April 2008 (USD687m). The product, with 80-120 positions on equities from emerging Asian markets, uses the SCI Emerging Asia Composite Index as its benchmark, and is managed by Tera Chanpongsang.Front-end fee and management commission, respectively, are 3.5% and 1.5%, and minimal subscription is set at GBP2,500.
13/07/2011

Ecostamp.de conducts a survey of the sustainability characteristics of equities funds

The sustainable development website ecostamp.de on the morning of 12 July concluded a survey of internet users and savings investors about sustainable investment criteria which they feel equities funds and products worthy of a sustainable investment label should have. It will take at least a few days to process the results.The idea was to gather responses not only from promoters of products about their conception of SRI and sustainable development, but also to ask “real people” who would be buying shares in the funds, since the market lacks both transparency and standards.The website ecostamp.de is seeking to create a dialogue between investors/consumers and producers of these products.
13/07/2011

Aegon AM becomes Kames Capital

Andrew Fleming, CEO of Aegon Asset Management UK plc (EUR55bn in assets) on 12 July announced that from 1 September 2011, the firm will become known as Kames Capital, and that he will remain as its director. Sarah Russell, who is head of asset management at the Aegon group (EUR200bn) says that asset management activities in the UK will continue to serve insurers, but that the name change is a sign of the firm’s desire to concentrate on its specialty of serving external, third-party clients, independently of life insurance and retirement activities.The move aims to foreground well-performing ranges of bond and UK equities funds, multi-asset class products, and real estate funds.The asset management activities of Aegon in the United States and the Netherlands concentrate on the management of Aegon accounts to develop unit-linked products and investment solutions. In the UK, activities are focused on unit-linked investments, the Aegon UK service, and mandates from third parties.
13/07/2011

Hedge funds attracted USD75bn in January-May

According to statistics from BarclayHedge and TrimTabs Investment Research, hedge funds in May posted net subscriptions of USD8.1bn, or 0.5% of their assets, of which USD4.5bn were for commodity trading advisors (CTAs), equivalent to 1.4% of assets, while USD2.6bn (1.2%) were for multi-strategy products.May was the fifth consecutive month of net inflows, while inflows have been positive in seven out of the last eight months. However, total assets remain virtually unchanged, as USD1.79trn.In the first five months of the year, net subscriptions totalled USD75bn, their highest level since 2007, although performance was modest (2.1% for the BarclayHedge index).
13/07/2011

Hedge funds lost 1.20% in June

According to the Hennessee index, hedge funds have lost 1.20% in June, following losses of 0.64% in May. They still show gains of 1.45% for first half as a whole.In the major categories, long/short equity and event-driven/arbitrage lost 1.08% last month, while global macro strategy lost 1.58%. The top two in January-June showed respective gains of 2.63% and 1.79%, while global macro lost 1.63%.For first half as a whole, the distressed strategy shows returns of 4.41%, while emerging markets funds have lost an average of 0.20%.
13/07/2011

Un nouveau directeur de la distribution institutionnelle pour Ökorenta

Le responsable de la distribution de fonds fermés pour la plate-forme eFonds 24, Tim Helm a rejoint début juillet le gestionnaire ISR allemand Ökorenta. Il sera directeur de la distribution de fonds fermés auprès des investisseurs institutionnels et des grands comptes (key accounts). De plus, il participera au développement de nouveaux «concepts» de fonds.
13/07/2011
Fonds

BayernInvest lance un fonds de dette émergente

Le bavarois BayernInvest a lancé le 6 juillet un fonds de dette émergente pour les investisseurs institutionnels. Il s’agit juridiquement d’un fonds coordonné offert au public «semi-passif» dont l’indice de référence est le J.P. Morgan EMBI Global Diversified Index en utilisant la méthode du «stratified sampling» . De fait, les émissions «représentatives"constituant l’indice ne représentent que 50 % du portefeuille. L'équipe de gestion se focalise sur les «poids lourds» de l’indice et optimisent le processus au moyen d’une allocation par pays. L’exposition devises correspond à des obligations libellées en dollars, mais il existe également une classe couverte du risque dollars en euros et une classe en euros non couverte.Caractéristiques Dénomination: : BayernInvest emerging Markets Select Bond FondsCodes Isin : DE000A1C78A0 (USD)/DE000A1C778CE (EUR-hedged)/DE000A1C78D4Droit d’entrée : 5 % maximum (actuellement 3 %Commission de rachat : 5 % maximum (actuellement 3 %Commission de gestionUSD : 0,40 %EUR-hedged : 0,43 %Eur6unhedged : 0,40 %Commission de banque dépositaire : 0,05 %Souscription minimale : 25.000 eurosLiquidité journalière
Fonds
13/07/2011
Fonds

ETF Securities fait coter un ETC sur le cuivre à Francfort

Le britannique ETF Securities (ETFS) a fait admettre à la négociation sur la plate-forme Xetra de la Deutsche Börse un ETC en euros de droit allemand sur le cuivre (DE000A1K3AZ2) chargé à 0,69 %. Il s’agit du ETFS Physical Copper (acronym PHCU), avec nantissement en métal physique stocké au London Metal Exchange (LME). La cotisation annuelle d’assurance est de 0,12 %. La référence est le prix du cuivre sur le LME (cash settlement).
Fonds
13/07/2011
Fonds

Ossiam fait coter quatre ETF à Londres

Filiale de Natixis Global Asset Management, Ossiam est devenu le 20ème promoteur à faire admettre ses ETF coordonnés à la négociation sur le London Stock Exchange (LSE). Le gestionnaire français propose en effet désormais à Londres (après 4 produits à Francfort et 6 à Paris) quatre ETF d’actions, de droit luxembourgeois : Ossiam iSTOXX Europe Minimum Variance, US Minimum Variance, EURO STOXX 50 Equal Weight et STOXX 600 Equal Weight (lire nos articles des 28 juin et 5 juillet).
Fonds
13/07/2011
Fonds

Fidelity lance une version offshore de son fonds Asie émergente

Au Royaume-Uni, Fidelity UK vient de lancer une version «onshore» de son fonds Emerging Asia lancé en avril 2008 (687 millions de dollars). Ce produit de 80-120 actions de pays émergents asiatiques utilise comme référence le SCI Emerging Asia Composite Index et il est géré par Teera Chanpongsang.Le droit d’entrée et la commission de gestion ressortent à respectivement 3,5 % et 1,5 % et la souscription minimale est fixée à 2.500 livres.
Fonds
13/07/2011

Aegon AM deviendra Kames Capital

Andrew Fleming, CEO d’Aegon Asset Management UK plc (55 milliards d’euros d’encours) a annoncé le 12 juillet qu'à compter du 1er septembre 2011 la société prendra le nom Kames Capital, et qu’il continuera de la diriger. Sarah Russell, qui dirige la gestion d’actifs du groupe Aegon (200 milliards d’euros) a précisé que l’activité de gestion d’actifs au Royaume-Uni continuera de servir la compagnie d’assurances, mais que le changement de nom marque la volonté de se concentrer sur sa spécialité au profit également de clients externes, indépendamment de l’activité vie et retraite. Il s’agit de mettre en avant les gammes performantes de fonds obligataires et d’actions britanniques, les produits multi-classes d’actifs et les fonds immobilier.L’activité de gestion d’actifs d’Aegon aux Etats-Unis et aux Pays-Bas se concentre sur la gestion des comptes d’Aegon pour développer les produits en unité de compte et les solutions d’investissement. Au Royaume-Uni, l’activité s’est focalisée sur les investissements en unités de compte, sur le service à Aegon UK et sur les mandats pour le compte de tiers.
13/07/2011

UniCredit choisit un Autrichien pour diriger son activité de banque privée

Le conseil d’administration d’UniCredit a désigné le 12 juillet le Viennois Helmut Bernkopf comme patron de la division banque privée. Il prendra son nouveau poste le 1er août à Milan et sera subordonné au directeur général Roberto Nicastro. Il sera membre du business executive management committee, a annoncé lundi le groupe italien.Entré chez Bank Austria en 2004, Helmut Bernkopf a fait toute sa carrière dans le groupe. Depuis septembre 2008, il faisait partie du directoire de Bank Austria Creditanstalt en tant que head of corporate and investment banking Austria.La banque privée d’UniCredit dessert environ 235.000 clients et gère quelque 167 milliards d’euros.
13/07/2011
Fonds

Aberdeen reprend deux autres fonds Credit Suisse

Dans une notification à la SEC datée du 1er juillet, Credit Suisse Capital Funds indique que les board of directors/trustees des fonds d’actions Credit Suisse Large Cap Blend I et II ont approuvé le 30 juin la «réorganisation» de ces fonds qui deviennent les fonds Aberdeen US Equity I et II. Ces décisions doivent encore être entérinées par une assemblée générale extraordinaire des actionnaires.Credit Suisse Asset Management précise que les fonds cédés à Aberdeen ne cadrent plus avec sa stratégie d’ensemble.
Fonds
13/07/2011
Fonds

BlackFin Capital Partners lève 220 millions d'euros

La société de gestion de capital investissement BlackFin Capital Partners a annoncé mardi 12 juillet qu’elle lève 220 millions d’euros pour son fonds dédié aux services financiers.Le 30 juin, BlackFin Capital Partners a finalisé le closing de son fonds BlackFin Financial Services Fund avec des engagements de la part de ses investisseurs - institutionnels européens et family offices - à hauteur de 220 millions d’euros. Ce closing a fait suite à un premier closing en décembre 2009 à 60 millions d’euros, souligne un communiqué. La stratégie d’investissement du fonds est de prendre des participations influentes dans des PME du secteur financier (intermédiation, gestion d’actifs, monétique, distribution de produits financiers etd’assurance, prestataires de services, ...), en France comme en Europe continentale. Trois investissements ont déjà été réalisés, chez Owliance, leader de la prestation de services pour le compte de compagnies d’assurance, Moneo, leader du porte‐monnaie électronique et multiservices et Applicam, prestataire de services dans le secteur des cartes prépayées. Un quatrième investissement est en cours, sous réserve de l’agrément des autorités de tutelle. BlackFin, accompagné par des co‐investisseurs, a annoncé la prise d’une participation minoritaire au sein de Kepler Capital Markets pour en financer le développement.
Fonds
13/07/2011
Fonds

Pimco lance un fonds obligataire qui cherche à minimiser le risque de taux

La société de gestion Pimco vient de lancer le Pimco GIS Diversified Income Duration Hedged Fund, dont l’objectif est de fournir aux investisseurs un support permettant de mieux gérer la hausse des taux d’intérêt tout en offrant une exposition diversifiée aux marchés internationaux du crédit.Le PIMCO GIS Diversified Income Duration Hedged Fund adopte une approche flexible qui lui permet d’investir dans de nombreux segments du marché obligataire, notamment les obligations d’entreprises investment grade et à haut rendement, la dette des pays émergents, les prêts bancaires, les obligations convertibles, les obligations municipales et les titrisations. Il cherche à minimiser le risque de taux d’intérêt en privilégiant les titres à taux flottant et variable, les titres à duration courte et une combinaison de titres à taux fixe et d’instruments dérivés, précise un communiqué.Le fonds est géré par Eve Tournier, executive vice president et gérante spécialisée dans les obligations d’entreprises et les prêts bancaires. La gérante pilote également le Pimco GIS Diversified Income Fund, lancé en juin 2005. Ces deux fonds utiliseront des processus d’investissement similaires en termes d’allocation sectorielle et d’exposition au crédit. Le nouveau fonds cherchera cependant à réduire systématiquement le risque de taux d’intérêt, voire à le couvrir. Caractéristiques : Nom : PIMCO GIS Diversified Income Duration Hedged Fund Codes Isin : IE00B529XP53 (Part I)/ IE00B5MZQB05) (Part P)
Fonds

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