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06/01/2011

HSBC Global AM promotes Rudolf Apenbrink

p { margin-bottom: 0.08in; } Effective from 1 January, Rudolf Apenbrink has been appointed chairman of the executive board at HSBC Global Asset Management (Deutschland), where he will report to Carola, Countess von Schmettow, a member of the board at HSBC Trinkhaus & Burkhardt (global markets and asset management). In addition, he becomes CEO for the global asset management division of the HSBC group for Europe, the Middle East and Africa.Apenbrink, who joined the bank in 1993, was since 2007 CEO of Asia-Pacific at HSBC Global Asset Mangement (Hong Kong). HSBC Trinkhaus & Burkhardt currently has EUR110bn in assets under management or administration.Christiane Lindenschmidt has also recently been appointed chief technology and services officer at HSBC Trinkhaus & Burkhardt, where she will report to Paul Hagen, a member of the board in charge of accounting, controlling, personnel, credit, operation, business process development and IT. In addition, she also becomes head of HSBC Securities Services Germany. Until October 2010, Lindenschmidt was chairwoman of the executive board of the asset management affiliate INKA Internationale Kapitalanlagegeselleschaft mbH, where she becomes a member of the supervisory board.
06/01/2011

Morgan Stanley continues recruitment drive in Switzerland

p { margin-bottom: 0.08in; } Agefi Switzerland reports that Morgan Stanley, which last year recruited 41 new employees, will continue the campaign this year. With CHF12bn to CHF15bn in assets under management by 170 employees in Geneva (with 50) and Zurich, the private bank is also preparing two moves in 2011. The Geneva office will soon be moving from its location on the place de la Fusterie to a new office space twice as large, also located in the centre of Geneva. In Zurich, growth will also require a move to a larger space.
06/01/2011

Insch moves to Zug

p { margin-bottom: 0.08in; } Hedgeweek reports that the currencies specialist management firm Insch Capital Management has moved a large part of its activities to Lugano in Zug, where it has opened a new office. Wealth management and asset management services will also be moved to Zug. Insch Quantrend, the group’s quantitative and research analysis entity, will remain in Lugano.
06/01/2011

Lloyds Private Bank transfers its back office

p { margin-bottom: 0.08in; } Agefi Switzerland reports that Lloyds Private Banking, which has been in a cost reduction phase for two years, will move all of its back office, now based in Geneva, to a new office location near Nyon. The front office will remain in Geneva. The gradual transfer of support functions will be completed in 2012. “The transfer of the back office remains good news for the financial markets in Geneva, as these activities will continue to develop in the French-speaking Swiss region. The natural attractiveness of the Geneva market remains for private banking, trading, and hedge funds,” says Steve Bernard, of Genève Place Financière.
06/01/2011

Natixis AM creates a unit dedicated to training

p { margin-bottom: 0.08in; } Natixis Asset Management has created an affiliate dedicated to training in financial instruments and markets, entitled Natixis Formation Epargne Financière. The new structure, which is registered as a training organism, is aimed at employees at all entities of the BCPE group, including the networks of the Banque Populaire and savings banks, Natixis, Crédit Foncier and Banque Palatine. It has three objectives, according to a press statement: to verify the knowledge of employees and offer internal personnel a “professional certification as market actors,” which is required by the French market regulator, the AMF, since 1 July 2010; to develop expertise through a program centred on pedagogy focused on the client relationship, as well as on regulatory aspects and knowledge of products; improve the protection of savings investors by ensuring that the clients’ interests are taken as a first priority, by developing exchanges between the businesses of the BPCE group and the control and regulatory powers. Natixis Formation Epargne Financière relies on a team of 10 instructors.
06/01/2011

Promotion at Ökorenta

p { margin-bottom: 0.08in; } Gerold Schmidt, CEO of the affiliate Ökorenta Service GmbH, was on 22 November appointed a member of the board at Ökorenta AG (SRI fund distributor and closed fund manager), from 1 January 2011. He will assist Tjark Goldenstein, founder and sole member of the board, who becomes chairman of the board, and who will remain head of marketing, distribution and external relations.
06/01/2011

Retirement products: AGI, DWS/DB Advisors, Union, Fidelity and Deka lead market

p { margin-bottom: 0.08in; } German specialised institutional investors (insurers, pension funds, etc.) as well as asset management firms surveyed by the Kommalpha agency of Hanover favour the same five promoters of retirement planning products. The order of the top two actors in the rankings has been reversed, with 53.9% of investors feeling that Allianz Global Investors (AGI) is the leading actor in this area, compared with 46.2% for DWS/DB Advisors (Deutsche Bank group), while 70.5% of providers place DWS/DB Advisors at the top, while only 53% vote for AGI. Clients and providers alike place Union Investment (co-operative banks), Fidelity and Deka (savings banks) next in the rankings.The survey, undertaken in September 2010 by Kommalpha, who spoke to 35 investors and 201 asset managers (management firms, banks, etc.), reveals that 48.5% of respondents estimate that they invest a lot to very much in retirement planning issues: in addition, 46.4% of managers, compared with 39.8% in 2009 say that they offer custom products, while 35.9% say they do not offer them. 9.9% of respondents say that they are planning to launch such products, compared with 21.8% in 2009.The study undertaken by the Hanover-based agency also reveals that institutional investors are betting largely on time savings retirement accounts and contractual trust agreements, while asset managers prefer corporate retirement savings plans and insurance portfolios.
06/01/2011

Less than 7% of promoters of Riester plans ban cluster bomb manufacturers

p { margin-bottom: 0.08in; } According to a non-representative online survey undertaken by Finanztest, a publication of the consumer protection foundation Stiftung Warentest, about 75% of 3,500 readers responding to the survey are of the opinion that promoters of Riester life insurance plans should immediately divest any shares in companies involved in the production of cluster bonds, which is forbidden by German criminal law since 1 August 2010.The Finanztest survey of promoters of Riester plans finds that 68 out of 86 banks surveyed have no comment on the subject, along with half of insurers.Of the 174 firms which responded to the survey, only 12 had taken measures to avoid such investments. They include Union Invesment (co-operative banks) and DWS (Deutsche Bank). Among insurers who do not allow investors investments of this type are Axa, Debeka, oecocapital and Zurich, as well as AachenMünchener et CosmosDirekt, two affiliates of Generali. Raiffeisenbank Rastede is also on the list. In addition, Ethikbank, the Bank für Kirche and Caritas also forbid any investment in weapons at all.Some management firms says that the do not invest in makers of cluster bombs, but are unable to provide proof of this.Surveys have found shares in makers of cluster-bombs in products from Deka (savings banks) and Allianz Global Investors (AGI). The first says that it decides on investments in shares on a case-by-case basis, while the second had no comment, adding that it no longer offers new Riester unit-linked retirement accounts.
06/01/2011

Carmignac strengthens expertise in emerging markets

Carmignac Gestion has hired Alan Gao as Asian analyst, who will focus on China. Before joining the French asset manager, Gao was a credit analyst at the alterantive management firm CQS, where he was in charge of Asian equity and bond markets.With the arrival of Gao, Carmignac Gestion continues to strengthen its emerging markets equities team, which already includes four people, led by Simon Pickard. In the team, Xavier Hovasse is analyst for Latin American, African and Middle Eastern markets, and will also co-manage the Carmignac Emerging Discovery fund with Simon Pickard. David Park, previously an Asian analyst, will focus on India, Korea and the markets of South-East Asia.Meanwhile, the European equities team will also be strengthened, with Jordan Cvetanovski relinquishing his role as co-manager on the Carmignac Emerging Discovery fund, in order to focus on the European equities range, including management of the Euro-Entrepreneurs fund and co-management of the Carmignac Grande Europe fund, to which Samir Essafri has contributed since his arrival in November.
06/01/2011

Chinese fund market shrank in 2010

p { margin-bottom: 0.08in; } According to the estimates of Z-Ben Advisors,total assets in Chinese investment funds as of 31 December 2010 will total about CNY2.49trn, which represents a 4.49% increase over the end of September. This increase is largely due to market appreciation, with the CSI 300 index up 6.56% in fourth quarter.Not counting the impact of the traditional increase in assets in money market funds at the end of the year for window dressing purposes, assets probably fell by 0.98% in fourth quarter, due to redemptions from already established products, while new funds continued to attract new investments.For the year as a whole, assets under management fell by 6.58%, while net subscriptions to new funds (CNY310bn) were also more than offset by net outflows from existing products.The largest actor in the sector remains China AMC, with a market share of 9.01%, followed by Harvest (a partnership with Deutsche Bank), which accounts for 6.43%, and E-Fund, in third place with 5.83%. However, for the year, China AMC, an affiliate of Citic Securities, has seen a steep erosion of its market share, due to the regulator (CSRC) forbidding it until further notice from new product launches, until it has brought itself into compliance with the law (see Newsmanagers of 18 October).The three asset management firms which gained market share in 2010 were Haushang (1.17%), Harvest (0.57%), and Yinhua (0.63%).
06/01/2011

BBVA launches two inverse ETFs

p { margin-bottom: 0.08in; } On 1 December, BBVA Asset Management launched two ETFs which inversely reproduce the evolution of the Ibex 35 (ES0105305009) and Markit iBoxx Eurozone 3-5 years Total Return (ES0142446006) indices. The new products were registered by the CNMV on 23 December, making it possible to play falling Spanish and Euro zone sovereign debt markets. They charge fees of 0.40% and 0.14%, respectively, in addition to which there is a depository banking commission of 0.05%. In both cases, tracking error is not to exceed 2%.
06/01/2011

Popular launches a Middle East and Africa fund of funds

p { margin-bottom: 0.08in; } On 30 December 2010, Popular Gestión registered the Eurovalor África y Oriente Medio fund, a Spanish Middle East/Africa/CIS equities fund, which will invest at lesat 75% of its assets in equities, and the remainder in bonds, with the CNMV. The prospectus for the fund states that it will invest up to 100% of its assets in investment funds. The recommended investment duration is 3-4 years.The fund has no benchmark or performance objective. The portfolio will be actively, dynamically and proactively managed, which will result in a high turnover.CharacteristicsName: Eurovalor África y Oriente MedioISIN code: ES0133444002Management commission: 1.35%Performance commission: 9%Minimal subscription: EUR600
06/01/2011

A minority of funds account for lion's share of inflows in 2010

p { margin-bottom: 0.08in; } Citywire reports that global statistics from the research and consulting firm Strategic Insight reveal that most of long-term flows, amounting to nearly USD800bn, were invested in only 350 products, out of a total of about 60,000 funds available worldwide. 95% of flows last year went to only 0.5% of funds. Among the most popular vehicles with investors are the Pimco Total Return, Templeton Global Bond, Carmignac Patrimoine, Pictet Local Emerging Market, and Schroders ISF Euro Corporate Bond. According to Strategic Insight, the decision on the part of distributors to reduce the number of managers and funds with which it works has resulted in a phenomenon of concentration over the past few years, which accelerated in the wake of the financial crisis. The best-selling strategies in 2010 were international strategies, emerging markets, Asia-Pacific, diversified, and absolute return funds. Since the financial crisis, however, three quarters of flows have gone to bonds. Strategic Insight estimates that demand will now concentrate on flexible solutions which combine security and returns, with a prudent return to equities.
06/01/2011

Hedge funds betting on a better year in 2011

After one of their most disappointing years, hedge fund managers are hoping for a better 2011 with less macroeconomic volatility and more corporate events, such as takeovers, the Financial Times writes.As of the end of November, the average hedge fund had gained just over 7 per cent for the year, according to Hedge Fund Research.
06/01/2011

ETFs expected to grow by 20% in 2011

p { margin-bottom: 0.08in; } After passing the USD1trn asset threshold in the United States in 2010 in assets under management, and pulling close up on USD300bn in Europe, ETFs are expected to grow by 20% in 2011 and maybe in subsequent years, says Deborah Fuhr, global head of ETF research at BlackRock, cited by Il Sole – 24 Ore. She explains that use of ETFs is expanding for large funds, institutional investors and smaller clients.
06/01/2011

Planned accounting standards for rentals may cause development in the market

p { margin-bottom: 0.08in; } Planned IFRS accounting standards for rentals laid out by the architect of international accounting standards, the IASB, of which a final version is expected to be published in mid-2011, could include significant modifications on the rental market, according to a study by Deutsche Bank research published in mid-December. As a part of the accounting for rentals under IFRS standards, there will no longer be a distinction between simple and financial rentals. Lessors will sign a rental agreement which would require that the property not be listed as an asset on the balance sheet, and the tenants also agree to list payments on their balance sheet. Deutsche Bank Research says that the accounting changes could lead to a reduction in the number of transactions. It may also accentuate a trend by which contracts become shorter, which could lead to increased frequency of rental cycles.
06/01/2011

UBS Global AM launches a Swiss equities fund

p { margin-bottom: 0.08in; } BaFin in early January issued a sales license for the Swiss Opportunity sub-fund of the Luxembourg Sicav UBS (Lux) Equity, managed by Stefan Bohren. The portfolio of the conviction-managed fund, launched on 16 November 2010, will include about 20 to 40 positions, with weightings of 2-7%.The fund will invest in a very different manner in the benchmark index, the Swiss Performance Index (SPI), in which Nestlé, Novartis and Roche weigh in at more than 50%. It will be diversified both in terms of sectors, with a current overweight position in industrials and an underweight position in health and consumer goods sectors and capitalisations, with more small and midcaps than in the SPI.The objective of the UBS Global AM fund is to generate outperformance of 400 basis points compared with the SPI over a complete market cycle.CharacteristicsName: UBS (Lux) Equity SICAV – Swiss OpportunityISIN codes: LU0546265769, share class in CHF; LU0546268359, share class in EURTER: 1.50%
06/01/2011

Global X launches an aluminium ETF

p { margin-bottom: 0.08in; } As the SEC was notified on 30 April 2010, the New York-based firm Global X Funds (USD1bn in assets) on 5 January 2011 finally launched the first-ever aluminum ETF, the Global X Aluminum ETF (acronym ALUM), which is part of a range of seven ETFs announced in late April. It follows the Global X Copper Miners ETF.The new product replicates the Solactive Global Aluminum Index, which includes the most liquid shares in mining companies in the aluminium sector, of which the largest three are Rio Tinto, Alcoa and Norsk Hydro.Management commission is set at 0.69%.
06/01/2011

ProShares launches two volatility ETFs

p { margin-bottom: 0.08in; } ProShares on Tuesday, 5 January announced the launch on NYSE Arca of two ETFs. The products offer exposure to the VIX index, which measures the volatility of the S&P 500. Management fees for the ProShares VIX Short-Term Futures fund (NYSE Arca VIXY code) and the VIX Mid-Term Futures (VIXM) total 0.85%
06/01/2011

CB Richard Ellis Investors sells Copernic II building in Noisy-Le-Grand

p { margin-bottom: 0.08in; } The real estate investment fund management firm CB Richard Ellis on 5 January announced the sale of the Copernic II office building (30,300 m2) to SCPI Opera Rendement, managed by BNP Paribas Real Estate Investmnt Management (Reim), and the Cardif life insurance company as major shareholder. Copernic II had been held by the CB Richard Ellis Strategic Partners Europe Fund III, a pan-European investment fund managed by CBRE Invesrtors. Copernic II, inaugurated in June last year, is a certified High Quality Environmental (HQE) building, which carries a Very High Energy Performance (THPE) certification. The complex is located on the Boulevard du Mont d’Est in Noisy-Le-Grand (Marne-la-Vallée), in the center of the tertiary unit of the Eastern stretches of Paris. Copernic II is now 85% occupied.
06/01/2011

Galleon trials: phone talks may be used as evidence

Federal prosecutors can use secretly recorded telephone conversations of ex-Galleon Group employee Zvi Goffer and other defendants in the insider-trading case, a federal judge has ruled, The Wall Street Journal writes.Last month, another judge ruled that prosecutors can use recordings of thousands of talks by Galleon founder Raj Rajaratnam in his criminal trial.
06/01/2011

BNP Paribas SA appoints a referent for professional equality

p { margin-bottom: 0.08in; } As a part of its struggle against discrimination and promoting diversity, BNP Paribas SA on 5 January announced the appointment of Bernard Villatoux as referent for professional equality. The group thus establishes a nationwide facility for examining individual cases of employees who claim that they have been discriminated against in their professional situation, and whose position is therefore not satisfied, at the discretion of the Human Resources office of the management firm concerned. Villatoux, who was appointed head of Individual Group Careers Management after the merger of BNP Paribas, in 2007 became head of the Human Recources Management, Leadership and Services Group. “The policy of BNP Paribas in relation to diversity within the business is a part of a global desire to play an important role in favour of insertion, equal opportunity and the struggle against all forms of discrimination,” BNP Paribas says in a statement. In France, BNP Paribas signed the Diversity Charter in 2004, and was one of the first seven French businesses to receive the Diversity label in 2009.
06/01/2011

Patrick Parent takes charge of accounting affairs at French regulator

p { margin-bottom: 0.08in; } The French financial market authority AMF on 5 January announced the appointment of Patrick Parent as director of accounting affairs, effective 3 January. He succeeds Sophie Baranger, who becomes director of investigations and market surveillance at the AMF. Parent will represent the AMF in the College of the Authority for Accounting Standards (ANC), the High Council of the Account Commissariat (H3C) and in permanent groups which handle accounting standards and audit at ESMA and the OICV. Parent, who entered the COB in 2003, spent four years as director in charge of accounting doctrine. In that role he participated as OICV representative in meetings of the IFRS Interpretation Committee (formerly known as IFRIC, the committee in charge of interpretation of IFRS accounting standards, and the XBRL Advisory Council (XAC),
06/01/2011

BaFin investigates role of Southeastern in ACS takeover bid for Hochtief

p { margin-bottom: 0.08in; } According to Handelsblatt, the “last hope” for Hochtief is that the German regulator, BaFin, will refuse permission for a takeover bid by the Spanish firm ACS, Cotizalia reports.BaFin has announced that it has opened an enquiry into the role of the US management firm Southeastern Asset Management in the deal. It is a shareholder in both ACS and Hochtief, and played a decisive role in accepting to sell a 2.6% of capital in the German construction group to ACS.
06/01/2011

Swiss & Global AM builds presence in UK

p { margin-bottom: 0.08in; } Money Marketing reports that the affiliate of GAM Holding SA, Swiss & Global Asset Management, has appointed Keith Rumbelow and Hugo Wheeler as a part of its distribution team in the United Kingdom. Keith Rumbelow, who will take over as head of the London team, will concentrate his efforts on multi-managers, funds of funds, insurance companies, and wealth management firms. He was previously at Marlborough Fund Managers. Wheeler, previously of Highland Capital Partners, will promote the firm’s product range to British investors.
06/01/2011

Cazenove reopens the Absolute UK Dynamic Fund

p { margin-bottom: 0.08in; } Cazenove Capital Management on 4 January announced its decision to reopen its Absolute UK Dynamic fund to new subscriptions. The fund, managed by Paul Marriage, was closed only one week after its launch in September 2009. The fund had then attracted GBP123m. The fund will have supplemental capacity of GBP60m. The fund has gained 5.5% since its launch, and is expected to earn returns of over 10% per year. As of 30 November 2010, assets under management at Cazenove totalled GBP4.2bn.
06/01/2011

Fund merger at Henderson

p { margin-bottom: 0.08in; } Henderson Global Investors is planning to merge its British and European opportunistic funds, Money Marketing reports. The British opportunistic fund with GBP87m in assets, will be integrated into the GBP327m British alpha fund, while the European opportunistic fund (GBP209m) will be merged into the GBP755m European growth fund. Henderson, which says that its mergers are subject to the approval of shareholders, will merge other funds as part of its strategy of rationalisation of the range.
06/01/2011

Assets in retail funds up 20% in 2010

p { margin-bottom: 0.08in; } According to a survey by Fund Strategy, retail assets at the 96 largest fund management firms in Britain increased from GBP294bn at the beginning of 2010 to GBP353bn at the end of December, an increase of 20%, while the FTSE 100 index gained only 6%. The largest 30 management firms which scored particular success if they promoted top-rated aggressive equity or emerging market products under a well-known banner. However, only 13 of the 30 largest management firms posted a higher-than-average increase to their assets. Invesco Perpetual had only a 12% increase, despite having the most prominent equity income franchise int eh industry and one of the best names in bonds. The 13 fastest-growing management firms were First State, Investec, HSBC, Neptune, M&G, Fidelity, St James’s Place, Schroders, BlackRock, Axa, Aviva Investors, BNY Mellon and Capita.
06/01/2011

Primonial fait deux acquisitions

Primonial, groupe de gestion de patrimoine dirigé par Patrick Petitjean, vient d’acquérir deux sociétés. Il s’agit de Sportinvest, société de gestion de patrimoine spécialisée sur le segment des sportifs de haut niveau et des particuliers à très hauts revenus, et de Lonlay & Associés, un cabinet indépendant de gestion de patrimoine implanté à Paris et en région composé de 50 chargés de clientèle privée.Ces deux acquisitions permettent à Primonial de franchir le seuil des 2,7 milliards d’euros d’encours conseillés pour le compte de près de 30.000 clients, contre 2,4 milliards fin octobre 2010. Sur ce total, 1 milliard est géré par Primonial Asset Management. De plus, André Camo, président de Primonial, table sur une collecte consolidée de l’ordre de 800 millions d’euros en 2011, contre 600 millions d’euros en 2010. Créé en octobre 1989, le groupe Primonial est détenu à hauteur de 75 % par son management (depuis peu) et accompagné à hauteur de 25 % par Nexicap Partners, filiale de Natixis.
06/01/2011

Natixis AM crée une filiale dédiée à la formation

Natixis Asset Management vient de créer une filiale dédiée à la formation aux instruments et marchés financiers, appelée Natixis Formation Epargne Financière. Enregistrée en tant qu’organisme de formation, la nouvelle structure s’adresse aux collaborateurs de l’ensemble des entités du groupe BCPE et notamment les réseaux Banque Populaire et Caisse d’Epargne, Natixis, le Crédit Foncier et la Banque Palatine. Son objectif est triple, d’après un communiqué de presse : vérifier les connaissances des collaborateurs en proposant un dispositif interne de «certification professionnelle des acteurs de marché», exigé par l’AMF depuis le 1er juillet 2010 ; développer les compétences grâce à un programme axé sur la pédagogie appliquée à la relation client, tant sur les aspects réglementaires que sur la connaissance des produits ; améliorer la protection des épargnants en veillant à la primauté de l’intérêt du client et en développant les échanges entre les entreprises du Groupe BPCE et les instances de contrôle et de régulation. Natixis Formation Epargne Financière s’appuie sur une équipe d’une dizaine de formateurs.

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