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23/03/2011

Markit launches an iTraxx SovX Latin America index

The index provider Markit on 22 March announced the launch of the Markit iTraxx SovX Latin America index, an addition to the family of country CDS indices. The new index is equally-weighted, and includes the most liquid Latin American sovereign entities, on the basis of data provided by the DTCC Trade Information Warehouse. The index currently includes Argentina, Venezuela, Brazil, Chile, Colombia, Panama, Peru and Mexico. The index is currently calculated on a theoretical basis, and will be made tradeable only if investors warrant it.
23/03/2011

Man Group sells off its stake in BlueCrest

Man Group on 22 March sold off the 25% stake which it had held in the Guernsey-based hedge fund manager BlueCrest, for USD633m, back to BlueCrest Capital Management. The transaction will generate pre-tax profits of about USD250m. The proceeds of the sale will increase the regulatory capital surplus at Man Group by more than USD500m, from a level of about USD300m at the end of 2010.
23/03/2011

Two sales staff cover French market for F&C

At the end of last year, Aurélien Lafaye left F&C, leaving the Paris representative office of the British asset management firm unoccupied (see Newsmanagers of 6 December 2010). The asset management firm is not giving up on the French market yet. Institutional investors will now be served by Michel Bernard, who is based in London. “Wholesale” clients (funds of funds, etc.) have been taken over by James Beddall, in the sales department at Thames River Capital, the firm acquired by F&C in 2010, who served the French market from Luxembourg. The division of institutional and wholesale clients corresponds to a Europe-wide decision following the acquisition of Thames River by F&C.
23/03/2011

Jamie Stuttard leaves Schroders

Jamie Stuttard is leaving Schroders «to pursue other opportunities». Following this departure, the fund management company announces that Philippe Lespinard, fixed income chief investment officer and also lead manager of the Global Multi-Strategy team, will take over responsibility for the UK and Euro Aggregate portfolios, that is to say the Schroder ISF Euro Short Term Bond, the Schroder ISF Euro Bond, the Schroder Special Situations Fund Sterling Broad Market Libor and the Schroder Institutional Sterling Broad Market. Wes Sparks, head of US Fixed Income, continues as co-fund manager for Global Credit portfolios (Schroder ISF Global Credit Duration Hedged and Schroder ISF Global Corporate Bond) but his remit has expanded beyond his current focus on the US component of the strategy to include the asset allocation process for the broader strategy.
23/03/2011

M&G recruits a bond manager

M&G Investments has hired James Tomlins from Cazenove Capital Management to join its retail fixed income investment team.James Tomlins, deputy fund manager of the Cazenove Strategic Bond Fund, will work alongside Stefan Isaacs and Richard Woolnough. He has worked previously for Merrill Lynch Investment Managers (now Blackrock) and KBC Alternative Investment Management before signing up with Cazenove Capital Management in February 2006. He will join M&G on 20 June.
23/03/2011

db x-trackers launches a real estate ETF

With the db x-trackers FTSE EPRA/NAREIT Global Real Estate ETF, db x-trackers on 22 March launched an ETF on the London Stock Exchange (LSE) which invests in publicly-traded real estate worldwide, via REITS or stocks from publicly-traded realty firms. The new fund, which charges fees of 0.6%, replicates the FTSE EPRA/NAREIT Global Real Estate index.
23/03/2011

Bancaja launches a fund portfolio management service

Clients of Ibercaja Patrimonios with at least EUR20,000 in assets may use a new discretionary fund portfolio service, Funds People reports. The offer includes three profiled portfolios, one “balanced,” with 0-20% equities, one “growth” portfolio (20-60% equities), and on e”dynamic” (50-100% equities). The products will invest exclusively in inhouse funds (Ibercaja Gestión, EUR4.5bn in assets in 73 products).The new service is exempt from management fees until the end of the year, and Ibercaja will charge only a half-yearly performance commission.
23/03/2011

State Street announces an increase in dividends and share buybacks

State Street has recently announced a 0.17% increase in its quarterly dividends, from USD0.01 to USD0.18 per share. The dividend will be paid on 15 April to shareholders registered on 1 April.The group has also announced that its management committee has granted permission for a share buyback program totalling USD675m in 2011.
23/03/2011

Dimitri Boismare joins Groupama AM

According to information obtained by Newsmanagers, Dimitri Boismare has left Rothschild & Cie Gestion, where he was a fund analyst, to join Groupama Asset Management. Boismare was previously at FundQuest.
23/03/2011

Putnam releases a range of absolute return funds for retirement

With 75 million American baby boomers reaching the age of 65 this year, at a rate of about 7,000 per day, Putnam Investments has created a range of three absolute return income funds, with three risk profiles: Putnam Retirement Income Fund Lifestyle I, Putnam Retirement Income Fund Lifestyle 2, and Putnam Retirement Income Fund Lifestyle 3.The first and most conservative of the funds, the former Putnam RetirementReady Maturity Fund, combines the Putnam Absolute Return 100, 300 and 500 funds, the Putnam Asset Allocation: Conservative Portfolio and the Putnam Money Market Fund.The second, balanced portfolio, will be a new fund combining the Putnam Absolute Return 100, 300, 500 and 700, US and global equities, convertibles, and bonds.The third and most dynamic fund is the former Putnam Income Strategies Fund, which will be modified to include a combination of the Putnam Absolute Return 700, US and global equities, convertibles, and bonds.The funds will be managed by Jeffrey L. Knight, head of global asset allocation at Putnam, Robert J. Kea and Robert J. Schoen.
23/03/2011

Polaris launches an ETF dedicated to China

The asset management firm from Taiwan Polaris Securities Investment Trust, which has recently been granted a license to invest as a qualified foreign institutional investor (QFII), is planning to launch its first onshore ETF dedicated to China, which will give retail investors direct access to the Chinese equities market, Asian Investor reports. The new vehicle will replicate the Shanghai Stock Exchange 50 Index.
23/03/2011

German multi-managers prefer equities funds from industrialised countries

The 2011 survey by Pioneer Investments Germany of 20 major German multi-managers has revealed that these specialists this year are preferring equities funds focused on industrialised countries, particularly Germany. Commodities funds are increasingly occupying the attention of fund selectors, and global emerging markets funds have become a core element in portfolios, though they are not presently on the list of priorities.Aside from these three major trends, the survey has also found that 25% of multi-managers are already using UCITS-compliant hedge funds, and that a growing number of them are planning to use them, but for “conservative” investments.Two multi-managers out of three have no ETFs in their portfolios, while others use the products as hedge for their core portfolio. In addition, some multi-managers feel that ETFs include hidden costs in their spreads, and that the tactic of rapid buying and selling of ETFs could lead to an increase in volatility. According to Evi Vogl, CEO of Pioneer Investments Deutschland, a growing number of managers admit that ETFs are not the panacea that they had been thought to be, and that they only serve to achieve limited objectives.The survey has also found that sustainable investments play virtually no role for multi-managers, at least aside from dedicated mandates. Only a minority of respondents estimate that the theme will gain importance in the next few years.
23/03/2011

Franklin Templeton development in Italy in high gear

In January, Franklin Templeton had net inflows in Europe of EUR2.6bn, while the industry took in EUR23.1bn, Bluerating reports. Italy contributed EUR653m to this result. In 2010, Italian inflows totalled EUR9bn, which brought assets at the firm in the country to EUR15bn.
23/03/2011

European money market funds selectively extend their maturity dates

In its most recent report on European money market funds (“European Money Market Funds – Sector Update,”) the ratings agency Fitch Ratings reports that money market funds are selectively extending their maturity dates, but that they remain prudent about peripheral European countries, while maintaining a minimal exposure to interest rate risks. In fourth quarter 2010, assets under management in the broader universe of European money market funds fell for the second consecutive month, by 2.7%, to EUR1.18trn as of the end of December, not only due to low interest rates, but also to increasing appetite for risk and increased competition from banks in search of savings deposits.
23/03/2011

Robeco still on the cutting edge as a responsible manager

Robeco, which has been highly active for several years in sustainable development, will soon offer transparent reporting on the political group’s political engagement, with quantitative figures on the subject, Ali Ould Rouis, chairman of Robeco Gestions, announced on 22 March at a presentation of the Robeco Global Consumer Trends Equities fund. The thematic fund is constructed entirely around three major long-term trends: rising buying power of populations in emerging countries, e-commerce and digital technologies, and lastly, development of “green” consumer markets. Companies with a SAM rating of less than 40 out of 100 cannot be included in the portfolio. The fund, whose assets under management as of the end of February totalled about EUR380m, has earned annualised returns of over 15% in the past three years, compared with 4.03% for the benchmark MSCI World Consumer Discretionary index. Last year, the fund earned returns of 38.47%, compared with 19.53% for the benchmark index.
23/03/2011

Threadneedle recruits a head of products for Asia

Threadneedle has appointed Andrew Chan as head of product and business development for Asia Pacific, as the firm continues to expand its Asian team in order to drive regional growth. In this new role, Andrew Chan will oversee the development and delivery of client-focused product and service solutions to meet the needs of investors in a range of Asian markets. He will report to Asia Pacific Chairman Raymundo Yu and will be based in Threadneedle’s Singapore office. Supporting Andrew Chan, Threadneedle has also recently appointed Tony Poon, head of client service and business manager, North Asia, and Harry Tan, head of client service and business manager, South Asia.
23/03/2011

Swiss banker Hans J. Bär dies

The Zurich banker Hans J. Bär died on 21 March, aged 83, the banking group Julius Bär announced on 22 March. Between 1947 and 1996, Bär occupied a variety of positions at the family business: a partner from 1960, CEO from 1975 to 1993, and chairman of the board of directors for three years, until his retirement. Among the great moments of his career were the bank’s IPO, and the opening of offices in New York and London, the bank says in an obituary of the deceased. Bär was also a member of the Volcker commission in charge of investigating Jewish assets held at Swiss banks.
23/03/2011

ETFlab launches a bond ETF

The 804th ETF to be listed on the XTF segment of the Zetra electronic platform is the ETFlab iBoxx € Liquid Non-Financials Diversified, a German-registered physical replication product (DE000ETFL383) which charges fees of 0.20%, and tracks the Markit iBoxx € Liquid Non-Financials Diversified index.As its name indicates, the fund invests in corporate bonds from non-financial sectors. The index includes up to 40 positions, bonds issued by companies whose main headquarters are located in the Euro zone, in Denmark, the UK, Norway, Sweden, or Switzerland, with minimal volume of EUR750m. The limit for each position is set at 7.5%, and the portfolio may not include more than two issues from the same company.
23/03/2011

FSA publishes business plan for 2011-2012

The British financial market regulatory authority (FSA) on 22 March published a roadmap which sets out its priorities for 2011-2012, and their implications on the FSA’s budget. Ahead of its restructuring, slated for late 2012 or early 2013, the FSA plans to participate and contribute to major European regulatory projects underway (Basel III, Solvency II), and to introduce national initiatives to improve consumer protection, including the RDR (Retail Distribution Review).
23/03/2011

Deux commerciaux ont repris les clients français de F&C

En fin d’année dernière, Aurélien Lafaye quittait F&C, laissant le bureau de représentation parisien de la société de gestion britannique inoccupé (lire article du 6 décembre 2010). La société de gestion n’abandonne pas pour autant le marché français. Les investisseurs institutionnels sont ainsi désormais couverts par Michel Bernard, qui est basé à Londres. La clientèle «wholesale» (fonds de fonds…) est quant à elle reprise par James Beddall, le commercial de Thames River Capital, la société rachetée par F&C en 2010, qui s’occupait du marché français depuis Luxembourg. Ce découpage de la clientèle entre institutionnels et «wholesale» correspond à ce qui a été décidé à l’échelle européenne après le rachat de Thames River par F&C.
23/03/2011
Fonds

Procimmo Swiss Commercial Fund réalise une nouvelle opération

Le fonds de placement indépendant spécialisé dans l’immobilier commercial, Procimmo Swiss Commercial Fund, basé à Lausanne, a inauguré, mardi 22 mars l’extension de son centre commercial de Villeneuve, où il accueille deux locataires, Interio et Pfister.Le fonds compte aujourd’hui 35 biens, répartis principalement en Suisse romande, mais également dans la région zurichoise. L’encours est de l’ordre de 453 millions de francs suisses pour un capital propre de 309 millions de francs, indique un communiqué. A noter que les six bâtiments acquis au cours du semestre écoulé affichent un rendement moyen pondéré de 6.62%.
Fonds
23/03/2011

Décès du banquier suisse Hans J. Bär

Le banquier zurichois Hans J. Bär est décédé le 21 mars à l'âge de 83 ans, a annoncé le 22 mars le groupe bancaire Julius Bär. Il était le père de Raymond J. Bär, l’actuel président de l'établissement.Entre 1947 et 1996, Hans J. Bär a occupé diverses fonctions dans l’entreprise alors contrôlée par la famille : associé dès 1960, directeur général de 1975 à 1993, et président du conseil d’administration pendant trois ans jusqu'à son départ en retraite. Parmi les grandes étapes de sa carrière figure l’entrée en Bourse, ainsi que l’ouverture de succursales à New York et à Londres, rappelle la banque dans la nécrologie du défunt. Hans J. Bär a aussi été membre de la commission Volcker chargée d’enquêter sur les fonds juifs en déshérence dans les banques suisses.
23/03/2011
Fonds

ETFlab lance un ETF obligataire

Le 804ème ETF coté sur le segment XTF de la plate-forme électronique Xetra est le ETFlab iBoxx € Liquid Non-Financials Diversified, un produit à réplication physique de droit allemand (DE000ETFL383) chargé à 0,20 % qui réplique l’indice Markit iBoxx € Liquid Non-Financials Diversified.Ce fonds investit comme son nom l’indique dans des obligations d’entreprises des secteurs non financiers. L’indice couvre au maximum 40 lignes, des obligations émises par des sociétés dont le siège principal est situé dans la zone euro, au Danemark, au Royaume-Uni, en Norvège, en Suède ou en Suisse, avec un encours minimal de 750 millions d’euros. Le plafond pour chaque ligne est fixé à 7,5 % et le portefeuille ne peut comporter plus de deux émissions de la même société.
Fonds
23/03/2011

Jones Lang LaSalle recrute chez Unibail

Joné Manuel Llovet, qui vient de passer 12 ans chez Unibail Rodamco et justifie d’une grande expérience dans la gestion d’actifs de centres commerciaux, a été nommé directeur de l’activité retail dans le département d’investissement de Jones Lang LaSalle en Espagne.
23/03/2011

Atlas Capital acquiert une participation dans la chaîne Tino González

Pour sa première incursion dans le commerce de détail en Espagne, Atlas Capital Private Equity va prochainement acquérir à la faveur d’une augmentation de capital entre 40 et 49 % de la chaîne de magasins de chaussures «low cost» Tino González, pour un montant compris entre 10 millions et 15 millions d’euros, rapporte Expansión.En 2010 Tino González a réalisé un chiffre d’affaires supérieur à 30 millions d’euros et vendu 2,5 millions de paires de chaussures, soit 20 % de plus qu’en 2009. L’objectif est d’ouvrir entre 15 et 20 magasins supplémentaires dans des centres commerciaux pour atteindre les 150 magasins en 2014.
23/03/2011

Ibercaja lance un service de gestion de portefeuille à base de fonds

A partir de 20.000 euros, les clients d’Ibercaja Patrimonios peuvent accéder à un nouveau servive discrétionnaire de portefeuilles de fonds, indique Funds People. L’offre couvre trois portefeuilles profilés, un «équilibré» avec 0-20 % d’actions, un «croissance» (20-60 % d’actions) et un «dynamique» (50-100 % d’actions). Ces produits seront exclusivement investis en fonds maison (Ibercaja Gestión, 4,5 milliards d’euros d’encours répartis sur 73 produits).Le nouveau service est exonéré de frais de gestion jusqu'à la fin de l’année. Ibercaja n’appliquera qu’une commission de performance semestrielle.
23/03/2011

Franklin Templeton se développe fortement en Italie

En janvier, Franklin Templeton a enregistré en Europe des souscriptions nettes de 2,6 milliards d’euros, alors que le marché collectait 23,1 milliards d’euros, rapporte Bluerating. L’Italie a contribué à ce résultat à hauteur de 653 millions d’euros. En 2010, la collecte italienne était ressortie à 9 milliards d’euros, ce qui a porté les encours de la société à plus de 15 milliards dans le pays.
23/03/2011
Fonds

LBO: les fonds battent les industriels sur les prix

Pour la première fois depuis 2005, les fonds se révèlent meilleurs payeurs que les industriels, rapporte Les Echos. A fin décembre 2010, ils offraient une valorisation de 6,7fois l’excédent brut d’exploitation des PME européennes contre 6,6 fois pour les seconds, selon l’indice Argos Soditic portant sur 147 ventes d’entreprises ayant impliqué des prises de participations majoritaires de 15 à 150 millions d’euros de fonds propres.
Fonds
23/03/2011
Fonds

Les fonds monétaires européens étendent leurs maturités sélectivement

Dans son dernier point sur les fonds monétaires européens («European Money Market Funds – Sector Update»), l’agence de notation Fitch Ratings indique que les fonds monétaires étendent leurs maturités sélectivement mais restent prudents face aux pays périphériques européens tout en maintenant une exposition minimale au risque de taux d’intérêt.Au quatrième trimestre 2010, les actifs sous gestion de l’univers au sens large des fonds monétaires européens s’est replié pour le septième trimestre consécutif, de 2,7% à 1.180 milliards d’euros à fin décembre, en raison non seulement du bas niveau des taux d’intérêt, mais aussi d’un appétit croissant pour le risque et d’une concurrence accrue de la part des banques en quête de dépôts.
Fonds
23/03/2011
Fonds

IndexIQ lance son premier ETF agriculture

Le gestionnaire américain IndexIQ a annoncé le lancement le 22 mars sur la plate-forme NYSE Arca de son premier ETF sur l’agriculture, le IQ Global agribusiness Small Cap ETF (acronyme CROP), qui est chargé à 0,75 %.Ce nouveau produit propose une exposition à des petites capitalisations du monde entier dans les domaines des machines agricoles, de l'élevage, de la production agricole, de biocarburants et des énergies alternatives en répliquant avant frais la performance du IQ Global Agribusiness Small Cap Index. Pour figurer dans l’indice, les sociétés doivent afficher une capitalisation minimale moyenne de 150 millions de dollars pour les 90 jours précédant leur admission, un volume de transactions minimum d’un million de dollars par jour.
Fonds

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