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18/03/2011

Credit Alpha Fund from Henderson arrives in Spain

p { margin-bottom: 0.08in; } Following the German BaFin and the Swiss Finma (see Newsmanagers of 11 January and 25 February), the Spanish CNMV has granted permission for sales of the British UCITS-compliant fund Henderson Credit Alpha, which aims for returns 500 basis points higher than the Libor 3-month, with VaR of 3-6%.
18/03/2011

Mirabaud Finance and Aviva Investors France register funds in Spain

p { margin-bottom: 0.08in; } On 11 March, the CNMV granted a sales license for Spain to two French-registered funds, Mirabaud Euro Actions (C, D and I shares) and Aviva Investors Obligations Variables (E shares). The products will be offered by Mirabaud Finanzas and the Spanish branch of Aviva Investors Global Services, respectively.
18/03/2011

DJ Credit Suisse hedge fund index up 1.38% in February

p { margin-bottom: 0.08in; } The DJ Credit Dow Jones Credit Suisse hedge fund index finally posted gains of 1.38% in February, with eight out of ten strategies showing positive results.Convertible arb earned the best returns, with gains of 2.90%.
18/03/2011

Inflows to hedge funds continued in January

p { margin-bottom: 0.08in; } According to a joint study by TrimTabs Investment Research and BarclayHedge, hedge finds in January posted net subscriptions of about USD2.9bn, corresponding to 0.2% of their assets, for a sixth consecutive month of net inflows.Sol Waksman, founder and president of BarclayHedge, says this result is highly encouraging for the sector, insofar as January is traditionally marked by heavy redemptions. However, February is usually a month of very large inflows, meaning that the authors of the study predict net subscriptions for the month of about USD10bn.Although funds of hedge funds have seen net outflows of USD3.6bn (0.7% of their assets) in January (3rd consecutive month of net redemptions), commodities funds (CTAs) attracted USD2.8bn (1% of their assets), and macro funds attracted USD1.2bn (1.2% of their assets).Overall, the six equities strategies all saw net redemptions, and emerging markets equities saw their first net outflows since July, while bond funds received net subscriptions of USD3.5bn (2% of assets), their strongest inflows since February 2008.
18/03/2011

Frankfurt tops 800 ETFs

p { margin-bottom: 0.08in; } Amundi has listed three more French-registered ETFs for trading on the XTF segment of the Xetra electronic platform from Deutsche Börse, Amundi ETF AAA Govt Bond EuroMTS (FR0010930636), which charges fees of 0.14%, Amundi ETF MSCI Europe Energy (FR0010930644), which charges 0.25%, and Amundi ETF MSCI Emerging Markets (FR0010959676), which charges 0.45%.Thus, the XTF segment now lists 801 ETFs.
18/03/2011

UIRE freezes a fund with high exposure to Japanese real estate

p { margin-bottom: 0.08in; } The German management firm Union Investment Real Estate (UIRE) has announced that until further notice, subscriptions are frozen from 17 March for the open-ended real estate fund UniImmo: Global (DE0009805556), which had EUR2.34bn in assets as of the end of October. The net asset value of the fund had already been lowered by 4.45% recently (see Newsmanagers of 3 March), due to the depreciation of three properties in Tokyo.Now, the suspension is explained as a result of the fact that seven Tokyo properties in the portfolio represent 14% of total assets for the fund. The other real estate funds from UIRE are also invested in Tokyo, but to a lesser extent, and consequently none of them have been frozen for the moment.
18/03/2011

Rupert Murdoch accused of nepotism by funds

p { margin-bottom: 0.08in; } The Financial Times reports that Amalgamated Bank of New York, which acts as a trustee for several funds, and the Central Laborers Pension Fund, have filed a suit in a Delaware court against News Corp. They accuse Rupert Murdoch of “nepotism” in his acquisition of Shine Group, a filmmaking firm, from his daughter Elizabeth, with the sole objective of allowing her to profit from the wealth of the group and to strengthen the family’s influence on the board of News Corp. Murdoch’s daughter has been offered a seat on the board in addition to USD675m paid for her business.
18/03/2011

100 IPOs to be added to Russell Global Index

p { margin-bottom: 0.08in; } Russell Investments has announced plans to add 100 new shares from recent IPOs in first quarter 2011 to its global Russell Global Index as of 31 March. Of the shares, 18 will also be added to the Russell 3000 index of US equities. Of the remaining 82, 30 will be added to the Russell Greater China Index (China, Hong Kong and Taiwan), while 12 will be added to the Russell Europe Index. The Brazilian and Indian indices will gain 6 stocks each.
18/03/2011

SEB launches its first ETFs

p { margin-bottom: 0.08in; } The Swedish bank SEB has entered the ETF business, the website Privata Affarer reports. Up to now, the Swedish ETF market has been dominated by Handelsbanken, with its XACT Fonder company.The first ETFs from SEB are three products - SpotR, SpotR Bull and SpotR Bear – based on the OMXS30 index, the benchmark index of the Swedish market. The first ETF simply tracks the index; the second has leverage of two, and the third has inverse leverage of two.
18/03/2011

Squadron Capital recruits a head of investor relations

p { margin-bottom: 0.08in; } The private equity fund of fund specialist firm Squadron Capital has recruited Chau Ly for the newly-created position of director of investor relations and development. She will be based in Hong Kong, and will report directly to the head of Squadron Capital, David Pierce.Chau previously worked in New York for the private equity fund of funds Siguler Gulf.
18/03/2011

Squadron Capital recruits a head of investor relations

p { margin-bottom: 0.08in; } The private equity fund of fund specialist firm Squadron Capital has recruited Chau Ly for the newly-created position of director of investor relations and development. She will be based in Hong Kong, and will report directly to the head of Squadron Capital, David Pierce. Chau previously worked in New York for the private equity fund of funds Siguler Gulf.
18/03/2011

Number of public pension funds investing in hedge funs up by half

p { margin-bottom: 0.08in; } The number of open-ended pension funds worldwide investing in hedge funds has risen from 196 in 2007 to 295 currently, and average allocation in this asset class in the same time has risen from 3.6% to 3.6%, according to the most recent study by the consultant Preqin. In other terms, this exposure is now one percentage point higher than allocation by these investors to private equity funds.In general, the authors of the study continue, pension funds expect returns of 6.1% from hedge funds, which is lower than the expectations of other hedge fund clients, who look for 7%.Funds of hedge funds are in particular demand by pension funds, as 80% of these in who invested for the first time in hedge funds in 2010 did so through multi-management allocations, and 70% of pension funds investing in hedge funds have shares in funds of hedge funds in their portfolios.Preqin also points out that the 10 largest public pension funds investing in hedge funds allocated a total of USD836bn to this asset class.The report may be found at http://www.preqin.com/docs/newsletters/HF/Preqin_Hedge_Fund_Spotlight_M….
18/03/2011

Three quarters of US financial advisers predict double-digit growth in 2011

p { margin-bottom: 0.08in; } Financial advisers in the United States are optimistic. According to the most recent quarterly survey by Russell Investments (“Financial Professional Outlook,”) 31% of respondents among 800 financial advisers surveyed predict growth in their overall activities of 10% to 14%, and 44% say they are expecting to see growth of 15% or more.
18/03/2011

GAM recruits a salesperson for French market

In January, GAM, one of the two management firms owned by the Swiss group GAM Holding, an arm of Julius Baer, recruited Jan Hein Alfrink as director of clients, to cover the French market. Alfrink, who was previusly at Dexia Asset Management, is based in London. The Dutchman speaks fluent French. GAM had previously had a salesperson for France, but the position had stood vacant for about one year.Alfrink’s objective will be to continue to sell the GAM range on the French market, where product offerings are expected to be widened in the next few months, with the addition of a UCITS III fund of funds. The director of clients would like ot foreground the GAM Star range, a UCITS III platofrm offering several types of management, and funds of hedge funds, his major specialty.The product range from the Zurich-based firm is largely focused on absolute returns (27% of assets, which total CHF53.8bn) and funds of hedge funds (23%). But the firm is also active in equities management (15%) and fixed income (15%).
18/03/2011

Jean-Noël Vieille leaves KBL Gestion

p { margin-bottom: 0.08in; } Jean-Noël Vieille, director of management at KBL Gestion, left the firm on Friday, 11 March. Vieille, who co-managed a fund with Roland Fernet, is replaced by Pascal Bernachon, from the KBL bank executive team.According to reports received by Newsmanagers, Vieille disagreed in significant ways with the management of the businesses, who are said to have accused him of wanting to develop his own business to the detriment of management at KBL Gestion.The information obtained by Newsmanagers suggests that Vieille has joined Ycap Asset Management.
18/03/2011

New CEO for Rainier IM

p { margin-bottom: 0.08in; } Following the resignation of Len Brennan, who for five years was president and CEO of Rainier Investment Management (USD18.8bn in assets as of the end of December), the firm has announced the promotion of James M. Ridgeway, director of sales & client services in the Taft-Hartley client services team at the firm, as acting president and CEO.Meanwhile, Kurt Polk, head of institutional sales & client service team, becomes global head of distribution.
18/03/2011

A good fiscal year in 2010 for La Banque Postale AM

p { margin-bottom: 0.08in; } La Banque Postale announced on Thursday, 17 March that its 2010 results show consolidated net profits of EUR5.215bn (up 4.2%). Consolidated operating profits total EUR719.5m (+15.2%), and net profits of the group come to EUR651.3m (+10.8%).Inflows to savings and bank savings accounts increased moderately, by +0.8%. In life insurance, assets total EUR108.3bn, also a slight increase. The year 2010 was particularly marked by the good sales of the unit-linked life insurance policies Cachemire and Toscane Vie (launched in September 2010). Overall, assets in savings and deposits total EUR283.5bn as of the end of 2010, a statement says.La Banque Postale Asset Management also posted a net inflow of EUR1.1bn, bringing assets under management as of the end of December 2010 to nearly EUR126bn, up 4%. Tocqueville Finance, an affiliate dedicated to portfolio management and specialised in value management, 75% controlled by La Banque Postale, had EUR1.435bn in assets under collective management as of the end of December 2010.
18/03/2011

EUR1bn in convertible bonds at Ofi AM

p { margin-bottom: 0.08in; } At the Forum GI, Gilbert Généré, head of convertibles at Ofi AM, announced that the management firm’s convertible bond management has topped EUR1bn in assets.
18/03/2011

Schroders launches a second low-cost fund

p { margin-bottom: 0.08in; } Schroders on 17 March announced the launch of a second actively-managed low cost fund. The Schroder QEP Global Core fund, with a TER limited to 40 basis points, aims for 1% outperformance of the MSCI World index or equivalent indices. The fund is the second in this category to be launched in March.
18/03/2011

Fidelity adds to FAST range

p { margin-bottom: 0.08in; } Fidelity International has launched a long/short fund of UK equities for Aruna Karunathilake, as an addition to its Fidelity Active Strategy (FAST) range, Investment Week reports. The fund, FAST UK, will be similar to the UK Aggressive fund in terms of stock-picking, but may invest in short positions with up to 30% of its portfolio.
18/03/2011

ECB: hedge funds to back Draghi

p { margin-bottom: 0.08in; } The Frankfurter Allgemeine Zeitung reports that at a conference in London, representatives of RAB Capital, Sturgeon Capital and Signet Group have announced their support for Mario Draghi, governor of the Bank of Italy, as successor to Jean-Claude Trichet as chairman of the ECB. Draghi did a convincing job as president of the Financial Stability Forum.
18/03/2011

Net inflows of CHF3.1bn at LGT Group

p { margin-bottom: 0.08in; } LGT Group posted net inflows last year of CHF3.1bn. However, assets under management, which were penalised by currency effects, fell 3% to CHF86.1bn, the group announced on 17 March in a statement.The group earned net profits of CHF148m for the 2010 fiscal year, an increase of 40% year on year.“In terms of the proposed acquisition of BHF-Bank, negotiations with Deutsche Bank are proceeding as expected,” the statement from the CEO of the bank, S.A.S. Prince Max von und zu Liechtenstein, says.
18/03/2011

Schroders renforce ses équipes LDI et strategic solutions

Le 17 mars, Schroders a annoncé le recrutement de Mike Hodgson comme head of structured solutions et de Kathleen Broekhof comme LDI Solutions managers pour son équipe d’investissement sous contrainte de passif (liability-driven investment ou LDI). Le premier était responsable de l’activité funds derivatives trading & structuring chez The Royal Bank of Scotland NV (anciennement ABN Amro Bank) tandis que la seconde était director dans l'équipe institutionnelle de HSBC Global Asset Management, avec la responsabilité de développer et d’entretenir les relations avec les plans d'épargne retraite d’entreprises.L'équipe «strategic solutions» britannique sera renforcée avec l’arrivée en avril de Diane Ramsay, qui arrive du financial strategy group de chez Mercer, où elle était consultant senior. D’autre part, Alistair Jones rejoint une équipe de 6 spécialistes des solutions stratégiques chargée de fournir du conseil stratégique et sous contrainte de passif à la clientèle. Il était auparavant chez Aon Hewitt comme investment consultant.
18/03/2011

Very good annual results for Legal & General AM

p { margin-bottom: 0.08in; } Legal & General Investment Management (LGIM) last year earned net profits of Gbp206m, up 20% compared with the previous year.Gross inflows totalled GBP33.1bn, compared with GBP31.5bn the previous year. As of 31 December 2010, assets under management have totalled GBP354bn, compared with GBP315bn as of the end of 2009.LDI funds under management rose 36% to GBP41bn. Index-based funds have posted net inflows of GBP2.9bn, which contributed to a 10% increase in assets under management, to GBP229bn.
18/03/2011

F&C opposed management more often in shareholder votes in 2010

p { margin-bottom: 0.08in; } In 2010, F&C exercised its voting rights on 72,000 resolutions at more than 5,7000 businesses in 63 countries, an increase of 20% over 2009, which is due to an increase in participations held by clients. The asset management firm, which has recently published its annual report on responsible investment, voted in favour of 72% of the proposals of corporate management, compared with 78% reflecting a stricter attitude to the composition and effectiveness of boards of directors.Votes opposing management increased to 18%, from 10% in 2009. F&C opposed pay scales at the majority of US, British, and continental European banks, which took the percentage of proposals in the area of pay supported below the 70% mark. Among the subjects which also attracted the attention of F&C in 2010 were health and safety in dangerous industries such as mining.In 2011, environmental and social challenges which the management firm will address are related to China, climate change, the lessons to be drawn from recent disasters, and supplies of natural resources.
18/03/2011

Schroders recruits four for management teams

Schroders has appointed four new senior positions within its LDI and UK Strategic Solutions teams. This follows significant growth in both the traditional LDI and UK Strategic Solutions teams. Mike Hodgson becomes Head of Structuring. He joins from The Royal Bank of Scotland NV (previously ABN AMRO Bank N.V) where he had been responsible for Fund Derivatives Trading and Structuring.Kathleen Broekhof becomes LDI Solutions Manager, LDI. She was previously a Director in the institutional team at HSBC Global Asset Management where she was responsible for developing and maintaining relationships with UK corporate pension schemes. Dianne Ramsay will be joining the UK Strategic Solutions Team next month, from the Financial Strategy Group (FSG) at Mercer where she was a senior consultant.Alistair Jones, joins a team of 6 strategic solutions specialists, responsible for the provision of strategic and liability led input to clients. Prior to joining Schroders, Jones worked at Aon Hewitt for over 5 years as an Investment Consultant.
18/03/2011

Assets and profits up at LGIM

p { margin-bottom: 0.08in; } Legal & General Investment Management has seen an increase in its profits to GBP206m in 2010, compared with GBP172m in 2009. The increase comes at a time when assets under management have risen from GBP315bn to GBP354bn, an increase of 12%.
18/03/2011

Eduardo Suárez becomes deputy CEO at Banif

p { margin-bottom: 0.08in; } The largest private bank of the Santander group, Banif, will soon have a new deputy CEO, replacing José Manuel Maceda, who has been in the position since December 2007. Eduardo Suárez has 20 years of experience at the group, and led the integration of the asset management firms of BCH and Santander (to create Santander AM), and for the past two years has been head of investors relations of the Santander group in charge with the major investors.
18/03/2011

Alberto Cejudo leaves Rothschild for Merrill Lynch

p { margin-bottom: 0.08in; } Alberto Cejudo Podio, senior manager and head of advising to high net worth Spanish clients at Banque Privée Edmond de Rothschild, and previously senior advisor for high net worth Spanish and Portuguese investors at Sarasin Alen, has joined Merrill Lynch Wealth Management as a financial advisor for management and investments to high net worth clients. He will be based in Madrid, and will report to Rafael Ximénez de Embún, head of Merrill Lynch Wealth Management Iberia.
18/03/2011

SSgA adds to equities management in Australia

p { margin-bottom: 0.08in; } Olivia Engel, who was most recently a portfolio manager in charge of all Australian equities portfolios as GMO Australia, has joined State Street Global Advisors (SSgA) as head of active Australian equities. She will report to Marc Reinganum, global head of active equities, developed markets.The recruitment will allow SSgA to strengthen its active and quantitative investment unit for the Australian market, which has been Engel’s specialty for 14 years.

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